MASAK seized Bankman-Fried's and affiliates
23 hours ago 2 mins read

Turkey seizes FTX assets in the country

Turkey’s Financial Crimes Investigation Board seized assets belonging to Sam Bankman-Fried following an investigation into FTX’s operations in Turkey. Turkey’s MASAK issued an official announcement outlining preliminary findings and actions taken against Bankman-Fried. On November 14, MASAK launched an investigation. The Turkish investigation found that FTX failed to securely store user funds, embezzled customer funds through shady transactions, and manipulated market supply and demand by allowing customers to buy and sell listed cryptos that were not backed by actual crypto holdings. Following these findings, MASAK seized Bankman-Fried’s and affiliates’ assets after determining strong “criminal suspicion” on the aforementioned points. The

Binance 1 billion recovery fund
24 hours ago 1 min read

Jump Crypto, Polygon Ventures, and GSR are among the companies that have contributed to Binance’s $1 billion recovery fund

Some of the early contributors include Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, and Kronos. Binance’s $1 billion industry recovery fund has already attracted some big names, including Jump Crypto, Polygon Ventures, and market maker GSR. Aptos Labs, Animoca Brands, and Kronos are among the other early contributors, according to CEO Changpeng Zhao. These companies contributed an initial total commitment of around $50 million to the recovery fund. Binance anticipates that more participants will join soon, as over 150 applications have already been received. The fund was announced last week to help mitigate the effects of FTX’s demise.

24 hours ago 1 min read

MakerDAO votes to remove renBTC from stablecoin collateral vaults.

MakerDAO, the Dai stablecoin issuer, passed a governance proposal to remove renBTC as collateral and reduce exposure to what the DAO considers a risky asset. RenBTC is a bitcoin-wrapped asset created by the Alameda Research-backed project Ren Protocol. Users can mint the dai stablecoin by depositing excess cryptocurrency collateral with MakerDAO. MakerDAO will allow users to deposit renBTC tokens in specialized “RENBTC-A” vaults and mint dai in December 2020. Alameda Research, the sister trading firm of the FTX exchange, acquired the Ren project earlier this year and has been funding its development quarterly. Following the bankruptcy of Alameda and the

1 day ago 1 min read

Singapore police say they are looking into crypto lender Hodlnaut on suspicion of fraud

According to a Nov. 23 statement on the Singapore police website, the white-collar crime unit is investigating Hodlnaut, a local cryptocurrency lender under court protection from creditors, on allegations of fraud. Between August and this month, the police Commercial Affairs Department, which handles white-collar crime, received multiple reports alleging Hodlnaut and/or its directors made false representations about the company’s exposure to an unspecified digital token. According to the statement, the police have launched an investigation into Holdnaut and its directors for possible cheating and fraud offenses under Sections 417 and 424A of the Penal Code 1871. Those who deposited digital

Bybit exchange
1 day ago 1 min read

Bybit exchange launches $100 million institutional support fund

The last two weeks have seen a complete shakeup in the cryptocurrency industry as a result of the FTX crisis. Since they were presented with financial and/or operational difficulties, both traders and organizations have suffered greatly. Bybit, a well-known cryptocurrency exchange, said it recognizes and empathizes with these challenges. Bybits claims to have worked hard to offer products, opportunities, and next-level dependability as part of its goal of becoming the world’s “Crypto Ark.” Bybit recently announced the establishment of its $100 million support fund, which will be used to help institutional traders weather the storm. This announcement was made with

Binance is not a Chinese company
1 day ago 1 min read

“Binance is not a Chinese company, we are not related to China at all,” says CEO CZ

Chengpang Zhao (CZ), the CEO of Binance, the largest crypto exchange in the world, stole the show on November 24, 2022. Basically, since CZ made a bid to acquire Voyager, the bankrupt U.S.-based company that specializes in lending and financing for cryptocurrencies, he has been inundated with inquiries. Following up, FTX and Binance each made a bid to buy Voyager’s assets. In these terms, the FTX platform outperformed Binance U.S. and managed to secure the bid. All of this happened before the tragic event of the FTX platform’s failure and collapse. As a result, now that FTX is entirely out

CZ CEO Binance
1 day ago 1 min read

CEO of Binance, CZ claims he should have tweeted about FTX issues sooner

Changpeng Zhao or CZ, CEO of Binance, expressed regret for not sending an earlier tweet that led to the demise of the crypto exchange FTX. The CEO of the largest crypto exchange in the world made the statement during a live interview on Bloomberg TV on November 24. CZ said, “I actually reflect on the FTX situation and I kind of blame myself for tweeting that too late. As an industry, we let FTX get too big before we started questioning some of those things.” On November 8, Zhao tweeted that Binance would destroy every single FTT token—native FTX’s token—on

Uzbekistan crypto license
1 day ago 1 min read

Two local crypto stores have received the first crypto licenses from Uzbekistan

The Uzbek regulators have begun issuing regulatory approvals to regional crypto service providers as they get ready for the country to adopt a new crypto framework in 2023. As a result, only authorized cryptocurrency companies will be permitted to offer Uzbek citizens crypto trading services beginning in January 2023. According to a declaration made public on November 17, Uzbekistan’s main cryptocurrency market regulator, the National Agency for Perspective Projects (NAPP), has granted the country’s first crypto licenses. The licenses formally permit two “cryptocurrency stores,” including Crypto Trade NET LLC and Crypto Market LLC, to provide services associated with cryptocurrencies. Both

FTX bankruptcy
2 days ago 2 mins read

Dubai cancels FTX MENA’s license following the collapse of the crypto exchange

No clients were exposed, according to Dubai regulators, as FTX MENA was still in the planning stages before receiving full operating approval. The Dubai Virtual Assets Regulatory Authority (VARA) has suspended the license that allows FTX to make plans to serve the local market following the collapse of the crypto exchange giant. In the announcement, VARA stated on its official website that it had revoked the license for FTX MENA’s Minimum Viable Product (MVP). VARA confirmed that the license of FTX MENA was suspended prior to any clients being made aware of it, citing the bankruptcy filing of FTX-related companies

CoinDCX Indian crypto exchange
2 days ago 1 min read

Indian crypto exchange CoinDCX reveals its proof of reserves with Shiba Inu as its 3rd largest holding

The cryptocurrency exchange in India, CoinDCX, published its proof of reserves on November 24, with Shiba Inu as its third-largest holding. With a comprehensive list of wallet addresses, the public can now access CoinDCX’s on-chain and off-chain assets, according to a company publication on CoinDCX holds Ethereum (ETH) as its largest holding followed by Bitcoin (BTC) as its second largest holding. Surprisingly, Shiba Inu, the second popular memecoin comes third on the list of the crypto exchange. On top of that, the Indian crypto exchange intends to publish monthly updates on the ratio of its reserves to liabilities. Sumit

Russia crypto exchange
2 days ago 1 min read

Russia wants to establish a government-run crypto exchange

A plan developed by Russian legislators could result in the establishment of a state-run cryptocurrency exchange. Members of the State Duma, the Russian parliament, have reportedly “started to develop a draft amendment” that calls for “creating a national crypto exchange in Russia,” according to Vedomosti. According to a “source close to the State Duma,” discussions about the exchange have been going on since “mid-November,” according to the media source. As per the sources, MPs “discussed” the issue with “market participants,” who are probably members of the Russian crypto industry. The discussion of the proposed amendment was confirmed by one of

Consensys collects MetaMask users IP and wallet addresses
2 days ago 1 min read

Blockchain firm ConsenSys announces it collects of IP addresses of MetaMask users through Infura

ConsenSys, a software company focused on Ethereum, announced it collects the IP addresses and wallet addresses of MetaMask users through the Infura blockchain infrastructure service. Both Infura and MetaMask are owned by ConsenSys. When users use their MetaMask wallets to make a blockchain transaction, Infura processes the transaction on the Ethereum blockchain. Through what is referred to as a “remote call procedure service,” MetaMask connects to Infura. Moving forward, ConsenSys said, “When you use Infura as your default RPC provider in MetaMask, Infura will collect your IP address and your Ethereum wallet address when you send a transaction.” ConsenSys further