BitMEX, a crypto derivatives trading platform, is considering selling around $100 million worth of digital assets, including Tether (USDT) and Ethereum (ETH), from its insurance fund. This move is part of the exchange’s fund reallocation process, which is set to take place over the coming weeks. While BitMEX has not disclosed the details of its banking partners or the exact amount of funds to be reallocated, its insurance fund dashboard revealed that it currently holds $80.2 million worth of USDT and 12,751.1611 ETH as of September 27. Additionally, the exchange holds a substantial amount of Bitcoin (XBT), approximately 36,769.3244 XBT,
A bipartisan group of lawmakers, including Republican Reps. Mike Flood and Tom Emmer, along with Democratic Reps. Ritchie Torres and Wiley Nickel, are urging Securities and Exchange Commission (SEC) Chair Gary Gensler to promptly approve the listing of spot bitcoin exchange-traded funds (ETFs). In a letter sent on Tuesday, they argued that a regulated spot bitcoin ETF would enhance investor protection by offering transparent and secure access to bitcoin. The lawmakers emphasized Congress’s responsibility to ensure the SEC approves investment products that meet the legislative criteria, urging Gensler to greenlight spot-bitcoin ETFs without delay. Last month, Grayscale Investments achieved a
In the legal battle with the Securities and Exchange Commission (SEC), Binance has been granted an extension to respond to court orders. On September 26, the extension was approved by Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia. The SEC initiated the lawsuit back in August, targeting cryptocurrency exchange Binance Holdings Limited, its founder Changpeng Zhao, as well as two U.S.-based Binance entities, BAM Trading Services Inc. and BAM Management U.S. Holdings Inc. The SEC’s allegations revolve around the sale of digital asset securities without the necessary registration. The extension primarily concerns BAM Trading
In the fast-paced world of cryptocurrency, timely intervention is crucial when a hack occurs. Recently, HTX (formerly known as Huobi) reported a hack resulting in a loss of $8 million. To combat such cyberattacks, Binance CEO Changpeng “CZ” Zhao stepped in to offer the help of Binance’s security team in investigating the incident. The swiftness of addressing crypto hacks is essential, as hackers often try to cover their tracks by using mixers or converting stolen funds into private tokens. On September 24, blockchain analytics platform Cyvers detected a hack that drained 5,000 Ether (ETH) from one of HTX’s hot wallets.
Binance Japan is joining forces with Mitsubishi UFJ Trust Bank (MUTB) to create new stablecoins pegged to major currencies in Japan. These stablecoins will be tied to fiat currencies like the Japanese Yen and foreign currencies such as the U.S. Dollar. The foundation for these stablecoins will be Progmat Coin, an infrastructure platform owned by Mitsubishi, that complies with Japan’s Payments Service Act. Progmat Coin has garnered support from several major banks in Japan, including Mizuho Bank, SMBC, and SBI Holdings. In a statement released on September 26, both organizations announced the commencement of a collaborative study aimed at developing
The legal team representing Sam Bankman-Fried, the founder of FTX, a major cryptocurrency exchange, has once again requested his temporary release in the lead-up to his forthcoming trial. They argue that current confinement conditions make it extremely challenging to adequately prepare for the complex legal proceedings. In a recent court filing, Bankman-Fried’s defense emphasized the critical role he plays in reviewing extensive evidence, including thousands of pages of documents and financial records. To provide the best possible defense, his lawyers need substantial time to consult with him outside of formal court hours, which could be severely restricted if he remains
Hong Kong has decided to increase transparency by revealing the names of companies that have applied for retail crypto trading licenses. This move comes in response to the recent controversy surrounding the trading platform JPEX. The Securities and Futures Commission (SFC) announced that it will publish several lists, including licensed virtual asset trading platforms (VATPs), closing-down VATPs, and VATPs deemed licensed as of June 1, 2024. Additionally, a list of VATP applicants will be made public due to public demand. To enhance awareness and help the public identify suspicious VATPs in Hong Kong, the SFC plans to issue a dedicated
North Korean hacking group Lazarus Group is sitting on a substantial crypto stash worth $47 million, primarily consisting of Bitcoin, according to recent data. The information comes from an analysis by 21.co, the parent company of 21Shares, using Dune Analytics. The wallets associated with Lazarus Group hold about $42.5 million in Bitcoin, alongside $1.9 million in Ether, $1.1 million in Binance Coin (BNB), and approximately $640,000 in stablecoins, predominantly BUSD. Remarkably, the amount of cryptocurrency held by the group seems to have decreased from $86 million on September 6, shortly after the Stake.com hack in which Lazarus Group was implicated.
Alchemy Pay, a cryptocurrency payment gateway, is making strides in its global expansion efforts after successfully obtaining a substantial payment license in the United States. On September 20th, the company proudly announced that it had been granted a Money Transmitter License by the Arkansas Securities Department, conferring upon it the authority to engage in various financial activities. This newly acquired license empowers Alchemy Pay to offer services encompassing the issuance and sale of payment instruments, stored value, and prepaid access, as well as the transmission and reception of money, digital currency, or monetary value. Importantly, this achievement marks a momentous
Stablecoin company Tether is making a move into artificial intelligence chips and overseas Bitcoin crypto mining through a $420 million deal, according to Forbes’ report on September 20. While Tether has yet to officially announce the investment, Forbes gathered information from Northern Data and its executives. In this reported deal, Tether spent $420 million on 100,000 Nvidia H100 GPUs, accounting for roughly 2% of the 550,000 GPUs Nvidia plans to ship this year. Tether made this purchase on behalf of Northern Data, a German cryptocurrency mining firm. Northern Data aims to lease cloud access to these specialized chips to AI
PayPal has announced that its PayPal USD (PYUSD) stablecoin is now accessible to Venmo users, expanding the options for seamless transactions among peers. This move comes after the recent unveiling of the payment stablecoin. Initially, PYUSD will be available to “select users,” with plans to roll it out to all Venmo users in the coming weeks, as stated by PayPal. Venmo, a mobile payment app under the PayPal umbrella, will enable users to purchase and send PYUSD to fellow Venmo users and PayPal wallets. One notable feature highlighted by PayPal is that it offers free stablecoin transfers between PayPal and