Browsing:Market

The DeFi ecosystem faced a significant setback as bad actors targeted the Zunami Protocol
9 months ago 2 mins read

Zunami Protocol Hack: $2 Million Lost, UZD Stablecoin Crashes 99% in Value

The DeFi ecosystem faced a significant setback on August 13th as bad actors targeted the Zunami Protocol, resulting in an estimated loss of $2.1 million. This attack, driven by price manipulation within the protocol’s Curve pools, highlights the vulnerabilities that persist within the DeFi space. Zunami Protocol, a decentralized revenue aggregator enabling users to stake stablecoins for yield, fell prey to a targeted exploit. The attackers capitalized on vulnerabilities within the protocol’s Curve pools, adding another name to the growing list of platforms affected by recent attacks on Curve Finance. The attack was promptly identified by blockchain security firm PeckShield,

Curve Finance has taken a step to reimburse users affected by a recent breach resulting in a substantial loss of $62 million.
9 months ago 1 min read

Curve Finance Pledges to Reimburse Users After $62 Million Breach

Curve Finance has taken a proactive step by announcing its commitment to reimburse users affected by a recent breach that resulted in a substantial loss of $62 million. Curve Finance has officially declared its intention to reimburse users who suffered losses due to the breach. An impressive 79% of the pilfered funds have already been successfully recovered, indicating substantial progress in the platform’s recovery efforts. The primary focus now lies on the equitable assessment of proportional portions for each affected user, highlighting Curve Finance’s dedication to ensuring fairness throughout the process. The breach, which occurred on July 30, involved malicious

SBF Bail Revoked by US Court, Incarceration Looms Before Fraud Tria
9 months ago 1 min read

SBF Bail Rejected, Marking Path to Jail Before Fraud Trial

A recent development in the case of Sam Bankman-Fried (SBF), the founder of the now-bankrupt FTX exchange, has taken the crypto community by surprise. U.S. Federal Judge Lewis Kaplan has made a significant decision to revoke SBF’s bail, leading to his immediate custody. As SBF awaits his impending criminal trial scheduled for October 2, the decision to revoke his bail raises questions and sparks discussions within the cryptocurrency ecosystem. During a recent hearing, Judge Kaplan opted to revoke SBF’s bail, a decision that caught the attention of both crypto enthusiasts and legal experts. As this news emerged, SBF’s legal team

Binance is making a significant move towards regulatory compliance by applying for registration under Taiwan's Money Laundering Control Act.
9 months ago 2 mins read

Binance Initiates Registration Process in Taiwan for AML Compliance, Insider Reports Say

Binance is making a significant move towards regulatory compliance by applying for registration under Taiwan’s Money Laundering Control Act. This development marks a pivotal step in aligning with local anti-money laundering (AML) regulations, as Taiwan remains one of the few countries to have introduced crypto-related regulations. Sources reveal that Binance is actively seeking registration for anti-money laundering compliance within the framework of Taiwan’s financial regulations. The Financial Supervisory Commission (FSC) conveyed this information during a closed-door meeting attended by numerous domestic crypto service providers. This move underscores Binance’s commitment to fostering a secure and compliant crypto ecosystem. Since the introduction

Trade BNT/USDT with up to 20x Leverage on Binance Futures
9 months ago 1 min read

Binance Futures Launches BNT/USDT Trading Pair with Leverage of up to 20x

Binance Futures, a prominent player in the cryptocurrency derivatives space, has unveiled an exciting development for traders and investors. The exchange has announced the launch of a new perpetual contract designed for the native token of Bancor Network, BNT. This latest addition to Binance’s trading offerings is set to provide enhanced opportunities for users to engage with the cryptocurrency market. The BNTUSDT perpetual contract is scheduled to debut on August 10, 2023, at 15:00 (UTC). This contract will empower traders with the ability to leverage their positions by up to 20 times, amplifying their potential gains in the market. Bancor

Federal Reserve's Plan for Supervising Cryptocurrencies Uncovered
9 months ago 1 min read

The US FED Introduces Crypto Regulatory Program

The US Federal Reserve has announced its plans to establish a comprehensive supervisory program aimed at overseeing financial institutions involved in various cryptocurrency-related activities. This development comes as the cryptocurrency landscape continues to evolve and regulatory authorities seek to strike a balance between promoting innovation and ensuring the stability of the financial system. The newly unveiled Federal Reserve supervisory program will specifically target financial institutions engaged in a range of crypto-related endeavors, including trading, custody, lending, and payments. Moreover, the program is set to encompass activities linked to blockchain technology and non-bank technology partnerships. One notable requirement outlined by the

The US SEC has taken a significant step by appealing Judge Analisa Torres' final decision in the SEC vs. Ripple case.
9 months ago 1 min read

SEC Appeals Judge Torres’ Ruling in Ripple Case: What You Need to Know

The US SEC has taken a significant step by appealing Judge Analisa Torres’ final decision in the SEC vs. Ripple case. This move has the potential to impact the ongoing legal battle between the regulatory body and Ripple Labs. Let’s delve into the details of this appeal and its implications for the crypto industry. According to court records, the SEC has formally expressed its intent to appeal Judge Torres’ summary judgment, a pivotal decision that took place on July 13, 2023. In a letter submitted to Judge Torres, the SEC revealed its plans to initiate an appeal under the legal

El Salvador Grants Binance Full Crypto Exchange License in Groundbreaking Move
9 months ago 2 mins read

Binance Becomes First-Ever Fully-Licensed Crypto Exchange in El Salvador

Binance, the leading global cryptocurrency exchange, has secured two crucial licenses in El Salvador, marking its status as the first fully licensed crypto exchange in the country. The announcement comes as El Salvador continues to make waves in the cryptocurrency world by recognizing Bitcoin as a legal tender, a historic step that sets a global precedent. Binance has solidified its position as a trailblazer in the crypto industry by obtaining not just one, but two pivotal licenses in El Salvador. The Bitcoin Services Provider license (BSP) and the Digital Assets Services Provider license (DASP) were granted by the Central Reserve

The Ponzi scheme centered around a crypto project named STA Crypto Token
9 months ago 2 mins read

Indian Authorities Arrest Masterminds of $120M Crypto Scheme

The Ponzi scheme centered around a cryptocurrency project named STA Crypto Token, exploited the allure of solar technologies and blockchain innovation. As reported by The Indian Express on Aug. 8, the fraudulent scheme revolved around the STA Crypto Token, which purported to merge the potential of solar technologies with the blockchain revolution. However, investigations reveal that the project was a smokescreen for a Ponzi scam that targeted unsuspecting investors. The scam’s success was staggering, with a reported theft of Rs 1,000 crore (10 billion rupees, or $120 million) from victims. Shockingly, around 200,000 individuals, including 10,000 from Odisha alone, fell

Binance has taken a significant step towards transparency by releasing its latest proof-of-reserves (PoRs) report on August 1st.
9 months ago 1 min read

Binance Shifts Holdings from USDC to BTC and ETH After Silvergate Bank Fallout

Binance has taken a significant step towards transparency by releasing its latest proof-of-reserves (PoRs) report on August 1st. While the audit reassures users of Binance’s robust crypto and cash holdings, the movement of its USD Coin (USDC) reserves during the tumultuous events surrounding Silvergate’s collapse has sparked intrigue and discussions in the crypto community. Binance’s newly unveiled reserve audit brings reassuring news for its users. The PoRs report highlights that Binance maintains an impressive over 100% ratio of net balances for all its assets, solidifying its position as a secure cryptocurrency exchange. This disclosure serves as a testament to Binance’s

Brazil Joins Global Trend with Central Bank Digital Currency
9 months ago 1 min read

Brazil’s Central Bank Introduces Its Own CBDC

In a significant digital milestone, Brazil’s central bank chose to reveal the moniker “DREX” for its impending CBDC during a live broadcast on the official YouTube channel. The broadcast, hosted by Fábio Araújo, the coordinator of the digital real initiative, and Aristides Cavalcante, deputy head of the Central Bank’s technology and information department, provided a glimpse into the innovative strides being made in the country’s financial sector. DREX is poised to make its debut with a range of capabilities designed to transform financial transactions. Among its initial functionalities, DREX will facilitate seamless buying and selling of public treasury bonds, marked

PayPal Introduces New Stablecoin for Seamless Payments and Transfers
9 months ago 2 mins read

PayPal Unveils Stablecoin Solution for Transactions

Global online payments giant PayPal is making waves in the cryptocurrency landscape with its latest announcement of the launch of its own stablecoin, PayPal USD (PYUSD). This move signifies PayPal’s commitment to diversifying its crypto offerings and providing its users with a wider range of choices within the digital financial realm. PayPal USD is backed by the reputable Paxos Trust Co., a regulated trust company known for its custodial services for digital assets. This stablecoin is meticulously designed to be fully collateralized and secure, with its value directly linked to the US dollar. It gains its stability through backing from

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