Browsing:Crypto

Justin Sun confirmed the transfer of $100 million in USDC to Huobi exchange
1 year ago 1 min read

Justin Sun Transfers $100 Million USDC to Establish Huobi Liquidity Fund

Huobi, one of the leading cryptocurrency exchanges, has announced the creation of a $100 million liquidity fund to protect against significant drops of its HT token. This move comes in response to a sharp drop in HT’s value late Thursday U.S. time, which was caused by leveraged liquidation on the market. Justin Sun confirmed the transfer of $100 million in USDC to Huobi just after 04:25 UTC, or 11:27 AM Hong Kong time. The broader crypto market has also experienced a correction, with $307 million in positions across the market being liquidated as traders digest the impact of Silvergate’s exit

Proven, a Zero-Knowledge Crypto Startup
1 year ago 1 min read

Zero-Knowledge Crypto Firm Proven Raises $15.8M in Initial Funding Round

Proven, a zero-knowledge (ZK) proof developer for exchange and asset management clients, has secured $15.8 million in seed funding. Led by crypto-focused venture capital firm Framework Ventures, the round also saw participation from Balaji Srinivasan, Roger Chen, and Ada Yeo. The capital will be used to expand the Proven team and scale infrastructure. Proven’s technology leverages ZK proofs and quantitative solutions, enabling asset managers, stablecoin issuers, exchanges, and custodians to prove their assets and liabilities to potential customers and regulators without publicly disclosing sensitive information. The company’s “Proof of Solvency” can be run daily for increased transparency. Following a year

The price of the Huobi Token (HT) fell from around $4.70 to below $0.40 within minutes
1 year ago 1 min read

Huobi Token Plummets 93%, Justin Sun Points to Liquidations and Market Volatility

The Huobi Token (HT), the native token of the Huobi exchange, suffered a flash crash in the early hours of March 10. The price of HT fell from around $4.70 to below $0.40 within minutes, before recovering to around $3.95. The crash was attributed to a massive liquidation event that caused a cascade of forced liquidations in spot and contract HT markets. Despite the severity of the crash, Huobi advisor and TRON founder Justin Sun brushed it off as “market behavior.” Sun reassured users that the exchange and all funds were safe, and that Huobi would fully bear any losses

US Federal Reserve Takes Action with Launch of Crypto Team to Address Unregulated Stablecoins.
1 year ago 2 mins read

US Federal Reserve Forms Crypto Task Force to Address Unregulated Stablecoins

The US Federal Reserve has announced plans to create a new team of experts to keep up with developments in the cryptocurrency industry. The move comes amid concerns from the central bank about unregulated stablecoins. Speaking at the Peterson Institute for International Economics in Washington, Vice Chair for Supervision Michael Barr acknowledged that cryptocurrency could have a transformative effect on the financial system, but stressed the need for appropriate guardrails to be in place. Barr explained that the new crypto team will help the Federal Reserve keep abreast of new developments in the sector and ensure that appropriate regulations are

FTX Executive's $3.7 Million Island Retreat Confiscated by Authorities
1 year ago 1 min read

FTX Executive Forced to Relinquish $3.7 Million Island Retreat to Authorities

Nishad Singh, FTX’s former Lead Engineer, recently made headlines after his $3.7 million vacation home in the San Juan Islands was seized by the U.S. government. Singh purchased the property just two weeks before FTX filed for bankruptcy. Now, after pleading guilty to multiple charges related to his role at FTX, including wire fraud, money laundering, and campaign finance violations, he has been forced to forfeit the home. Located on a wooded hill, the six-bedroom home boasts a lap pool and a hot tub, making it the perfect getaway spot. However, Singh’s luxury lifestyle was funded by money from his

The U.S. DOJ has filed an appeal challenging the decision of a New York bankruptcy judge to allow Binance.US to acquire Voyager Digital
1 year ago 1 min read

U.S. Government Opposes Voyager’s Sale to Binance.US

The U.S. Department of Justice (DOJ) has filed an appeal challenging the decision of a New York bankruptcy judge to allow Binance.US to acquire the assets of bankrupt crypto lender, Voyager Digital. The appeal was filed by the U.S. Trustee’s Office, which oversees bankruptcies, just one day after Judge Michael Wiles approved the deal following a contentious, four-day-long hearing. Regulators, including the U.S. Securities and Exchange Commission (SEC), have opposed the acquisition, with the SEC arguing that Binance.US may be violating federal securities laws by operating an unregistered securities exchange in the U.S. However, Judge Wiles appeared unmoved by the

Hedera Mainnet Suffers Exploit and Loss of Service Tokens
1 year ago 1 min read

Hedera Network Confirms Security Breach and Service Token Theft

Hedera Hashgraph, the team behind the distributed ledger technology, has confirmed a smart contract exploit on the Hedera Mainnet that resulted in the theft of several liquidity pool tokens. The attacker targeted liquidity pool tokens on decentralized exchanges (DEXs) that derived their code from Uniswap v2 on Ethereum, which was ported over for use on the Hedera Token Service. The suspicious activity was detected when the attacker attempted to move the stolen tokens across the Hashport bridge, which consisted of liquidity pool tokens on SaucerSwap, Pangolin and HeliSwap. Operators acted promptly to temporarily pause the bridge. Hedera Hashgraph did not

Biden Administration Proposes 30% Tax on Crypto Mining and New Regulations to Combat Wash-Trading
1 year ago 1 min read

US Government to Impose 30% Tax on Crypto Miners

The Biden administration has proposed a 30% excise tax on cryptocurrency miners and plans to eliminate tax-deductible losses related to wash-trading of crypto tokens. The proposal, published in a U.S. Department of Treasury document, aims to address the negative environmental effects of the growing energy consumption associated with digital asset mining. The Treasury Department has stated that any company using computing resources to mine digital assets, whether owned or borrowed, will be subject to the tax. The tax is expected to be introduced over three years in 10% annual stages, beginning from December 31, 2023. According to the White House,

KuCoin in Trouble for Selling Unregistered Securities in New York
1 year ago 2 mins read

Crypto Exchange KuCoin in Hot Water for Sale of Unregistered Securities in New York

KuCoin crypto exchanges has found itself in hot water after being targeted by the New York State Attorney for engaging in unregistered activities. In a lawsuit filed by Attorney General Letitia James, KuCoin has been accused of selling and purchasing unregistered securities and commodities to users. The legal action also classifies Ethereum, the second-largest cryptocurrency, as an unregistered security. This marks one of the first times a regulator has claimed in court that ETH is a security. The Seychelles-based exchange has also been accused of issuing and selling its KuCoin Earn product, which the complaint labels a security, without registering

Attorneys representing Sam Bankman-Fried
1 year ago 1 min read

SBF Lawyers Request Postponement of October Trial Citing Need for More Evidence

Attorneys representing Sam Bankman-Fried, the founder of crypto exchange FTX, have suggested that a delay of his October 2 criminal trial may be necessary. The lawyers argued that additional time may be required to thoroughly review the evidence and prepare a defense for the upcoming trial. In a letter to U.S. District Judge Lewis Kaplan, Bankman-Fried’s lawyers said that they were still waiting for a “substantial portion” of evidence to be turned over to them and that additional charges had been filed against their client in late February. They noted that, depending on the volume of the additional discovery and

Binance Charity Donates $100,000 in Georgia to Empower Women through Web3 Education
1 year ago 3 mins read

Binance Charity Donates $100,000 in Georgia to Empower Women through Web3 Education

Tbilisi, Georgia, 8th March, 2023 In celebration of International Women’s Day,  Binance Charity,  the philanthropic arm of Binance, the world’s leading cryptocurrency and blockchain infrastructure provider, has announced a $100,000 donation to Georgia’s Innovation & Technology Agency (GITA) to support web3 education and training. As a result of the partnership, more than 100 women will be able to study professional courses in Web3 and get support to move into the job market.  “We’re proud of our new partnership with GITA, which aims to diversify the Web3 industry by removing financial barriers to study and developing new courses. In celebration of International

Coinbase Receives $200 Million Bitcoin Transfer from US Government, Blockchain Records Confirm
1 year ago 2 mins read

US Government Transfers $200 Million in Bitcoin to Crypto Platform, Coinbase

The US government has made a significant transfer of Bitcoin to Coinbase, according to data from the cryptocurrency’s blockchain. Around 49,000 BTC worth roughly $1 billion, from wallets related to seizures of the now defunct darknet marketplace Silk Road, have started moving. Of this amount, the government sent 9,826 BTC worth $217 million to Coinbase, while an additional 39,175 BTC worth $867 million was transferred to two new addresses that appear to be internally controlled and not linked to any exchanges. Silk Road, created by Ross Ulbrich in 2011, was shut down in 2013. Ulbrich is now serving a life

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