Leading Bitcoin ATM manufacturer General Bytes reportedly encountered a security breach and the loss of BTC tokens worth $1.5 million stolen from several ATM outlets. Accordingly, the firm has reportedly shut down its cloud services due to concerns over the platform’s vulnerability after the latest exploits. The Exploit According to a recent blog post, the…
The central bank digital currency (CBDC) has continued to enjoy wide use in China as residents and companies in the Fujian Province reportedly processed nearly $22 billion in digital Yuan (e-CNY) transactions from last year to date. The Fujian Province was one of several districts added to the country’s CBDC pilot phase last year. Fujian…
Starting March 31, the DEX operating on Solana—Orca will prevent users located in the US from conducting trades on its web platform. The plan was revealed in an official announcement published on its website. On-chain platform DefiLlama disclosed that the exchange currently holds a total value of over $46 million locked in smart contracts of…
The biggest news in the DeFi space is the attack on Euler Finance, which resulted in a staggering $197 million exploit. However, recent developments suggest the situation may not be as dire as initially thought. According to reports, the hacker, whose identity is still unknown, might be having a change of heart and contemplating returning…
Circle has developed “enhanced relationships” with various banking partners, including BNY Mellon, to aid in the redemption of USDC. Bank of New York Mellon currently offers custody services to Circle’s reserves. It was a tumultuous weekend as Circle’s USDC stablecoin deviated from its peg to the US dollar. However, a sequence of actions taken by…
The regulatory authorities from the United States have continued pressurizing the crypto industry ever since its inception. However, their aggression has gone off the charts since the start of 2023. The regulatory authorities have started to launch scrutiny against the major crypto firms and the way they operate. They have kept scrutinizing the crypto firms…
The Central Bank of Russia has recently raised concerns over the potential impact of legalizing cryptocurrencies on the country’s financial system. In a statement to a popular media outlet, the Director of Financial Stability at the bank cautioned that the introduction of crypto into the financial system could pose certain fundamental risks. The Ministry of…
As per reports, the latest target of the Securities and Exchange Commission (SEC) is the issuer and owner of Binance USD (BUSD), the third-largest stablecoin in the market. The company has confirmed that the regulatory agency is planning on filing a lawsuit against Paxos Trust for violation of investor protection laws. The announcement Paxos announced…
The regulatory authorities have just gone after Paxos and the stablecoin that it reportedly issues. Paxos is known for the development of the BUSD stablecoin and the regulators are now going after it. Prior to the reports of scrutiny launched by the regulators, the trading price of Bitcoin (BTC) had hit a high of $22,000….
One of the biggest issues that the US happens to face in terms of cryptocurrencies, according to the Ripple CEO, is that regulation lacks clarity. The CEO of Ripple happens to be one of the very few executives who understand the importance of regulation in the crypto market. More specifically, he is a big supporter…
Sam Bankman-Fried lost almost everything when the FTX crashed in November, which caused the whole cryptocurrency market to fall. Since then, more exchanges and funds on the platforms, such as BlockFi, that were related to FTX have gone down. The group’s founder, Sam Bankman-Fried (SBF), was later jailed in the Bahamas. The government tried to…
A class-action lawsuit has been filed against Signature Bank, which is based in New York, which alleges that it facilitated activities of the FTX crypto exchange before it collapsed in November last year. The lawsuit was filed on Monday in the Southern District Court of New York by Statistica Capital, an algorithmic and investment trading…
Since the dawn of investment, people have been extremely cautious of where they put their money and how it behaves under a critical or hard environment, such as in times of inflation. The very purpose of investment is to make sure that once finance or money is not depreciating in value but sustaining its present…
The judge who is presiding over the bankruptcy case of the FTX crypto exchange has still not come to a decision about whether an independent examiner should be appointed or not. This was after a hearing that went on for four hours and also included testimony from the new chief executive of the crypto exchange,…