In a shocking development, ByBit, a prominent cryptocurrency exchange, has fallen victim to one of the most significant hacks in the history of digital finance. The breach, which occurred on February 21, 2023, resulted in the theft of a staggering 401,346.76 Ethereum (ETH), valued at approximately $1 billion. Analysts estimate that the total amount compromised,
Exchanges
The aftermath of FTX’s bankruptcy has triggered a chaotic scramble for reimbursement among its vast array of creditors, with representatives, like Sunil Kavuri from the FTX Creditors’ group, advocating for those left in financial limbo. As the exchange dissects its liabilities, it must navigate a tangled web of international laws and regulations, especially concerning creditors
In 2024, Kraken, a prominent cryptocurrency exchange, reported an astounding uptick in the volume of data requests it received from law enforcement and regulatory bodies. This increase reflects a broader trend within the cryptocurrency industry, where exchanges are under growing pressure to comply with regulations aimed at curbing money laundering and other illicit activities. The
In recent months, the cryptocurrency market has witnessed a surge in the popularity of memecoins—tokens often driven by internet culture and social media buzz. Although these digital assets can provide substantial returns for some traders, they also come with inherent risks, particularly when it comes to insider trading. Brian Armstrong, CEO of Coinbase, has publicly
In a momentous legal development, Nigeria’s Federal Inland Revenue Service (FIRS) has initiated legal proceedings against Binance Holdings Limited, seeking an astonishing $81 billion in alleged unpaid taxes and penalties. This monumental claim has sparked discussions within the financial and cryptocurrency sectors, highlighting the tension between regulatory bodies and cryptocurrency exchanges operating in various jurisdictional
In a landmark decision for its US customers, Binance.US has reinstated the ability to deposit and withdraw US dollars. This development, communicated on February 19, signifies a major transition from a prolonged period during which the platform operated solely as a cryptocurrency exchange. After months of navigating regulatory challenges and operational limitations, users can now
In the ever-evolving world of cryptocurrency, the innovative technologies and platforms designed for trading and investment often attract not only legitimate users but also skilled criminals. Recent warnings from Binance CEO Richard Teng highlight the emergence of a particularly insidious scam known as the “share-seed-phrase” scam. On February 18, Teng took to social media to
In recent times, XRP has emerged as a front-runner in the cryptocurrency trading landscape, eclipsing traditional favorites like Ethereum on U.S.-based exchanges. This trend has drawn attention from analysts and traders alike, particularly following insights from a recent Kaiko report. The comprehensive analysis revealed intriguing dynamics in trading volumes, liquidity rankings, and market behavior that
In a recent address to the crypto community, Changpeng Zhao, the founder and former CEO of Binance, responded to rumors suggesting the exchange was on the brink of selling itself. Addressing the swirling speculation, Zhao characterized these assertions as misleading narratives, allegedly crafted by a competing entity in Asia. This response, posted on February 17,
In a significant development for the cryptocurrency landscape, Bybit’s CEO Ben Zhou announced that the exchange has successfully emerged from the blacklist of France’s Autorité des Marchés Financiers (AMF). This milestone follows a rigorous two-year process of aligning the company with the regulatory requirements set forth by French authorities. Zhou took to social media on
