Author: Karikari Daniel

Article written by Karikari Daniel

UK FCA to Crack Down on Illegal Crypto ATMs

February 15, 2023 1 min read

The Financial Conduct Authority (FCA) is taking a hard line on unregistered cryptocurrency automated teller machines (ATMs) in the United Kingdom. The FCA and the cyber team at West Yorkshire Police have targeted several sites in and around Leeds city, which are suspected of illegally hosting crypto ATMs. The FCA emphasizes that none of the crypto ATM operators in the United Kingdom have registered with the FCA, and all crypto

GMX on Arbitrum Blockchain Overtakes Ethereum in Daily Fees

February 14, 2023 1 min read

GMX, a decentralized finance (DeFi) exchange, generated over $5 million in fees in a 24-hour period over the weekend, temporarily overtaking the Ethereum blockchain as the largest revenue generator in DeFi. The exchange has accrued over $120 million in total fees since September 2021. The fees are shared between GMX’s two tokens, gmx and glp, with gmx accruing 30% and glp accruing 70% of the generated fees. Some attributed a

3AC and CoinFLEX Unveil Website for Crypto Claims Trading

February 13, 2023 1 min read

A new crypto exchange project by 3AC and CoinFLEX is making waves in the crypto industry with the launch of its official website and waitlist on February 9. The exchange, named “Open Exchange (OPNX),” promises to be the world’s first public marketplace for crypto claims trading and derivatives. The project was born from the aftermath of the collapse of the crypto market and the bankruptcy of 3AC in July. The

US Government Using Banks to Crack Down on Cryptocurrency: Nic Carter

February 10, 2023 1 min read

The U.S. government is reportedly using the banking sector to crack down on the cryptocurrency industry, according to Nic Carter, co-founder of CoinMetrics. In a guest post for PirateWires, Carter claimed that the Biden administration is executing a coordinated plan to discourage banks from dealing with crypto firms, making it increasingly difficult for them to access onshore banking systems due to unfriendly regulations. This follows recent moves by banks to

Voyager Digital Issues Subpoena to FTX, Alameda, and SBF

February 8, 2023 1 min read

Bankrupt crypto lender Voyager Digital has issued subpoenas to several executives from FTX and its sister firm, Alameda Research. The subpoenas requested copies of documents related to communications between FTX, the SEC, and the Department of Justice. Additionally, the subpoena asked for proof of former CEO John Ray’s statements that FTX-Related Entities “used software to conceal the misuse of customer funds” and “did not keep appropriate books and records.” The

Aave’s CEO Shares Insights on the Future of Decentralized Finance

February 7, 2023 1 min read

Stani Kulechov, the founder and CEO of Aave, shared his insights on the DeFi space in a fireside chat with Alex Cohen at the StarkWare Sessions event during ETHTLV 2023 week in Tel Aviv, Israel. During the interview, Kulechov discussed the potential for wider adoption of DeFi and how it offers better risk management compared to traditional finance products. Kulechov believes that stablecoins and payments play a crucial role in

DeFi Hack Rocks Orion Protocol: $3M Loss in Detail

February 6, 2023 1 min read

Orion Protocol is the latest decentralized finance (DeFi) platform to fall victim to a malicious attack. The platform suffered a reentrancy exploit on February 2, resulting in the loss of approximately $3 million in ETH. Despite the setback, Orion CEO Alexey Koloskov was quick to reassure users that their funds were safe and that the damage was contained to an internal broker account. Over the weekend, Rekt published a post-mortem

South Korean authorities charge Bithumb owner with embezzlement

February 3, 2023 1 min read

The suspected real owner of South Korea’s largest cryptocurrency exchange, Bithumb, Kang Jong-hyun, has been arrested on embezzlement charges. Kang, who is the elder brother of the head of Bithumb affiliate Inbiogen, is accused of colluding with his brother to embezzle corporate funds and manipulate stock prices. The Seoul Southern District Court issued an arrest warrant for Kang on Jan. 25, charging him with dereliction of duty, market manipulation, and

Rally Digital Creator Platform Ends NFT Sidechain Support

February 1, 2023 1 min read

The Rally social platform has shut down its Ethereum NFT sidechain due to tough market conditions. The sidechain, which allowed users to create social tokens, was built in 2018 but was “expensive to maintain” according to the CEO. In an email sent to users, Rally explained that the challenges and macro headwinds in the crypto industry were too overwhelming to overcome. The shutdown caused a disruption in withdrawal services, making

Judge Orders Disclosure of Sam Bankman-Fried’s Bail Co-Signers

January 31, 2023 1 min read

A US federal judge has ruled in favor of news organizations and ordered the disclosure of the co-signers of Sam Bankman-Fried’s $250 million bail bond. Bankman-Fried, the founder of FTX, was arrested and charged with fraud and other crimes. The judge stated that the information sought, the names of the bail co-signers, is traditionally considered public information. The judge postponed his order until February 7th to allow for a possible

Report Reveals Aussie Regulator’s Worries on FTX Months Before Implosion

January 30, 2023 1 min read

FTX’s Australian subsidiary was flagged by Australia’s financial regulator, ASIC, as much as 8 months before the exchange went bankrupt. According to documents obtained by Guardian Australia, ASIC had concerns about FTX Australia’s operations and license obtained through a company takeover. FTX Australia acquired its license by taking over IFS Markets in Dec 2021 and began operations in Mar 2022, sidestepping the usual level of scrutiny for new licensees. ASIC

Saudi Arabia’s central bank studying CBDC

January 25, 2023 1 min read

The Saudi Central Bank (SAMA) is conducting research into Central Bank Digital Currencies (CBDCs) but has not yet announced any plans to deploy such a currency. In a recent statement, the bank stated that it is currently in the midst of a project that focuses on domestic wholesale CBDC use cases in collaboration with local banks and fintechs. However, the bank confirmed that no final decision has been made to