South Korea’s leading cryptocurrency exchange, Upbit, recently found itself embroiled in a fraudulent activities scandal involving counterfeit tokens. As a result, the exchange was forced to suspend all withdrawals and deposits of Aptos’ native token APT on September 24. The interruption also impacted the deposit return process for both the legitimate APT token and the
Exchanges
A recent class action suit has targeted Fenwick & West, a law firm that previously provided services to FTX. However, in response, Fenwick has filed a legal defense seeking to dismiss the lawsuit. Let us delve into Fenwick’s arguments and analyze the grounds on which they defend themselves. First and foremost, Fenwick contends that the
Crypto exchange Bybit recently announced its decision to leave the U.K. market in response to the upcoming implementation of new crypto marketing rules by the Financial Conduct Authority (FCA). This article examines the implications of these regulations on Bybit’s operations and the challenges faced by crypto companies in the U.K. Bybit’s announcement on September 22
In a recent development, the Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Bit Trade Pty Ltd, the provider for Kraken Crypto Exchange. ASIC alleges that Bit Trade’s margin trading product has caused losses of approximately $12.95 million to Australian customers due to non-compliance with local laws. ASIC’s case revolves around Bit
In a recent statement, Binance CEO Changpeng ‘CZ’ Zhao has vehemently refuted claims that he took a $250 million loan from BAM Management. The reports, which stem from a court filing by the Securities and Exchange Commission (SEC), have been dubbed as “wrong information” by CZ. The controversy was sparked by an article published by
The once-prominent cryptocurrency exchange, Binance.US, has experienced a significant decline in its weekly trade volume, dropping from nearly $5 billion to a mere $40 million, according to crypto data firm Kaiko. This precipitous decrease can be attributed in part to the legal troubles faced by the exchange, particularly the charges filed against it by the
Hong Kong police officers have taken influential crypto personality Joseph Lam Chok into custody for his involvement in promoting the JPEX crypto platform, as reported by the South China Morning Post on September 18th. The authorities interrogated Lam Chok and conducted a raid at his company’s location in the Entertainment building in Central. JPEX is
NFL quarterback Trevor Lawrence, alongside popular YouTube influencers Kevin Paffrath and Tom Nash, has reached a settlement in a lawsuit surrounding their endorsement of the now-defunct FTX cryptocurrency exchange. According to a court filing, the terms of the settlement remain undisclosed. This agreement marks the first resolution among the numerous celebrities and companies accused of
Binance CEO Changpeng ‘CZ’ Zhao has addressed the rumors surrounding the departure of Binance.US CEO Brian Schoder, emphasizing the need for new leadership in light of the current regulatory challenges faced by the exchange. According to CZ, the regulatory landscape in the United States is rapidly evolving and becoming increasingly hostile towards the cryptocurrency industry.
The cryptocurrency market has been plagued with volatility and regulatory challenges, causing many exchanges to face significant obstacles and decline in trading volume. However, amidst this chaos, Coinbase has managed to emerge relatively unscathed, maintaining a stable monthly trading volume since May. This article explores the strategic positioning of Coinbase and its potential impact on
Coinbase CEO Brian Armstrong recently spoke out against the United States Commodity Futures Trading Commission (CFTC), urging them not to take enforcement actions against decentralized finance (DeFi) protocols. Armstrong believes that it is highly unlikely that the Commodity Exchange Act applies to these protocols and suggests that the cases should be taken to court to
The recent hack of over $27 million on the cryptocurrency exchange CoinEx has sent shockwaves through the industry. The attack was recently attributed to the notorious North Korean Lazarus Group, as reported by the blockchain security firm SlowMist on September 13. This revelation sheds light on the increasing threat posed by state-backed actors in the
CoinEx, a cryptocurrency exchange, recently announced a security breach on September 12. The incident involved unauthorized transactions and withdrawals from the exchange’s hot wallets, affecting Ethereum (ETH), TRON (TRX), and Polygon (MATIC). While the exact value of the losses is yet to be determined, CoinEx assures its users that their assets are secure and promises
Coinbase, one of the leading cryptocurrency exchanges, has recently announced an increase in the interest rate for holding the USDC stablecoin. Users can now earn up to a 5% reward rate on USDC holdings, a significant improvement from the previous 4% rate introduced earlier this year. This update demonstrates Coinbase’s commitment to promoting stablecoin adoption