Browsing:Crypto

Binance's native crypto BNB is gaining traction, Sui farming
12 months ago 2 mins read

Binance Launches SUI Farming Amid Market Retreat, BNB Bucks the Trend

As the crypto market retreats, Binance’s native cryptocurrency BNB is gaining traction, propelled by the latest Binance Launchpool project, Sui farming. On April 30, Binance announced that it was launching Sui as its 33rd project on Binance Launchpool. The incentive allows Binance customers to farm SUI tokens using staked BNB and TrueUSD (TUSD). The farming incentives began on May 1 and will run for two days, according to the announcement. Binance will list SUI when its liquidity meets the requirements, and four trading pairs will be available: SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB. SUI is a delegated proof of stake (DPoS)

$100M Lost in April Due to Security Breaches.
12 months ago 1 min read

$100M Worth of Crypto Stolen in April Due to Hacks and Exploits: Report

Crypto attacks in April exceeded $100 million, with DeFi platforms being the primary target. According to CertiK, a blockchain security company, hackers, and scammers managed to steal $103.6 million through various means like exploits, hacks, and exit scams. Flash loans were one of the most commonly used attack methods, resulting in a loss of $19.9 million. Exit scams cost victims $9.4 million, while exploits resulted in the most significant losses, with $74.5 million stolen this way. The biggest attack was on MEV Bots, which suffered $25.3 million in losses due to an exploit. Bitrue and GDAC were the next two

JPMorgan Chase to acquire troubled First Republic Bank assets in FDIC agreement
12 months ago 1 min read

JPMorgan moves to acquire troubled First Republic Bank

First Republic Bank (FRB) is set to be acquired by JPMorgan Chase after early efforts to rescue it failed. On May 1, the California Department of Financial Protection and Innovation closed FRB and entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) as the receiver. JPMorgan will assume all assets of FRB, including uninsured deposits, which currently amount to $229.1 billion in assets and $103.9 billion in deposits. In addition, a loss-sharing agreement was agreed upon between the FDIC and JPMorgan for residential and commercial loans acquired by the FRB. As part of the transfer, 84 locations of

Nigeria's SEC is considering licensing digital exchanges dealing in tokens backed by assets such as equity
12 months ago 1 min read

Nigeria considers allowing asset-backed tokens, but crypto still faces restrictions: Bloomberg

Nigeria’s Securities and Exchange Commission (SEC) is considering licensing digital exchanges dealing in tokens backed by assets such as equity, debt, and property, according to a report by Bloomberg. However, the country’s regulators have no immediate plans to permit crypto trading. Head of securities and investment services at the SEC, Abdulkadir Abbas, said that the agency prefers to start with a clear proposal before moving on to more complex ones. The SEC in Nigeria has already started processing applications for digital exchanges, but Nigeria’s central bank has been restricting crypto trading in the country. The SEC plans to register fintech

Binance CEO CZ has issued a warning to Justin Sun
12 months ago 1 min read

Binance Issues Warning to Justin Sun Over SUI Token Acquisition

Binance CEO Changpeng Zhao has issued a warning to fellow crypto mogul Justin Sun after he transferred over 115 million TrueUSD (TUSD) stablecoins on Binance. The tokens can be used to farm SUI, the native token of Mysten Labs’ Sui Network, but Zhao has stated that Binance would “take action against” Sun if he used the tokens to grab SUI tokens available via Launchpool. However, Sun has quickly clarified that the transfer was made to provide liquidity and that some of the stablecoins were inadvertently used to participate in exchange campaigns. Sun has since reversed the actions and apologized for

Shibarium Expands Its Platform, Poised for Rapid Adoption Growth
12 months ago 1 min read

Shiba Inu’s Shibarium is gearing up for its official launch with the beta testing phase

Shiba Inu’s latest project, Shibarium, is gearing up for its official launch with the beta testing phase in full swing. The platform has been gaining attention from crypto enthusiasts, particularly after LucieSHIB, a Shiba Inu community member, shared important information about the Shibarium bridge in a recent post. According to LucieSHIB’s post, the Shibarium bridge is currently partly functional and is expected to boost Layer 2 utility. The bridge will allow for bi-directional transactions between Shibarium and Ethereum, enabling users to transfer tokens between the two networks without any third-party risks or impact on market liquidity. The Shibarium documentation offers

Polygon-based lending protocol 0VIX fell victim to a flash loan attack
12 months ago 1 min read

Hackers Steal $2 Million from New Polygon (MATIC) DeFi Protocol

Polygon-based lending protocol 0VIX fell victim to a flash loan attack on April 28, 2023, resulting in a loss of approximately $2 million in crypto. The protocol’s oracles mechanism was exploited, allowing the attacker to manipulate the price of vGHST, a 0VIX token based on Aavegotchi’s GHST asset. The vulnerability in the oracles mechanism was identified by Peckshield, a leading Web3 cybersecurity expert. The attack began with the attacker depositing $24.5 million in USD Coins (USDC) as collateral and borrowing $5.4 million in U.S. Dollar Tether (USDT) and 720,000 USDC. They then leveraged their position by borrowing vGHST, causing the

The U.S. House will collaborate to create legislation that will oversee the crypto sector
12 months ago 1 min read

U.S. House Plans to Introduce Crypto Bill Within 60 Days

The U.S. House Financial Services Committee and House Agriculture Committee will collaborate to create legislation that will oversee the crypto sector in the “next two months.” This was announced by Rep. Patrick McHenry (R–N.C.), chair of the House Financial Services Committee, during CoinDesk’s Consensus 2023 event. The legislation will address both securities and commodities regimes and other issues that are hard to fix on either side. Sen. Cynthia Lummis (R-Wyo.), the other panelist during the session, said that she looks forward to coordinating with McHenry, adding that the House had a better chance than the Senate at getting legislation through

Cybercriminals have stolen over $4 million from crypto users through phishing sites promoted on Google Ads
12 months ago 1 min read

Crypto Scammers Reportedly Used Google Ads to Steal $4M from Investors

Cybercriminals have stolen over $4 million from cryptocurrency users in the latest wave of cybercrime. These thefts were conducted through phishing sites promoted on Google Ads that mimicked legitimate crypto platforms. The scammers tricked unsuspecting users into providing login credentials, private keys, and other sensitive information, which they then used to access users’ cryptocurrency wallets and steal their digital assets. According to anti-scam service provider ScamSniffer, many malicious advertisements for phishing websites are visible on Google Ads searches. Over the past month, these criminals saw a 276% profit from their illegal activities due to the number of users impacted and

Robinhood announced Robinhood Connect
12 months ago 1 min read

Robinhood Launches New Feature Allowing External Crypto Wallet Access

On April 27, Robinhood, the popular trading platform, announced a new feature called Robinhood Connect that will allow users to access its cryptocurrency features from external applications. This feature will first be added to two crypto wallets, Phantom and Exodus, with plans to expand to other applications in the future. According to Robinhood’s official press release, users will be able to fund their Web3 wallets without logging into their Robinhood Crypto account. This means that customers can access their Robinhood credentials and bypass additional steps. The Connect feature is expected to allow users to trade assets through Robinhood’s cryptocurrency exchange,

Creditors of Celsius Network LLC are seeking the assistance of a bankruptcy judge
12 months ago 1 min read

Celsius Network Requests Subpoena of FTX in Alleged Crypto Trading Scandal

Creditors of Celsius Network LLC are seeking the assistance of a bankruptcy judge to uncover the identities of FTX users involved in “questionable cryptocurrency transactions” that may have impacted the value of Celsius’ proprietary token. In a recent court filing, the creditors requested subpoenas to obtain information on 10 cryptocurrency wallets associated with suspicious trades of Celsius’ CEL coin. These trades were executed when the platform halted withdrawals and before filing for Chapter 11 bankruptcy. The creditors believe that obtaining information on the users involved in the trades is crucial to investigating if they manipulated the price of CEL, causing

The allegations stem from ten cryptocurrency wallets allegedly involved in suspicious trades of Celsius’ native token
12 months ago 2 mins read

Celsius Creditors Seek to Uncover FTX Users Involved in Crypto Trading Controversy

Celsius Network, a well-known cryptocurrency lending platform, is currently facing allegations of market manipulation by its creditors. The allegations stem from ten cryptocurrency wallets allegedly involved in suspicious trades of Celsius’ native token, CEL, between April and August of 2022. A committee representing Celsius creditors has requested a bankruptcy judge to subpoena FTX for information that could help identify users behind these wallets. The creditors suspect that these FTX users may have manipulated the price of CEL through these trades, which could have serious legal consequences. The committee has hired blockchain consultant Elementus Inc. to investigate the matter and determine

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