In November 2019, the South Korean cryptocurrency exchange Upbit fell victim to a catastrophic cyberattack, orchestrated by North Korean hackers. The breach involved the theft of a staggering 342,000 Ethereum (ETH), initially valued at approximately $41.4 million. Fast forward to today, these assets are now estimated to be worth over $1 billion, highlighting the volatile
Exchanges
In a significant strategic move, Coinbase has announced the removal of Wrapped Bitcoin (WBTC) trading pairs from its platforms, including Coinbase Prime, effective December 19. The decision, revealed in a statement on November 19, highlights Coinbase’s adherence to its listing standards, although the specifics of how WBTC failed to meet these criteria remain unclear. Nevertheless,
In a significant development within the cryptocurrency sphere, Binance has introduced BFUSD, a new yield-bearing stablecoin aimed at empowering futures and perpetual traders. Announced on November 18, this innovative financial instrument offers an impressive annual percentage yield (APY) of approximately 19.55%, creating a unique opportunity for traders looking to optimize their earnings without the typical
The announcement that Trump’s Media and Technology Group (TMTG) is in discussions to acquire Bakkt has sent ripples across both the media and cryptocurrency sectors. This potential acquisition, as reported by the Financial Times on November 18, marks a significant venture for TMTG, which aims to diversify its operations and make a bold entry into
In a significant development within the cryptocurrency sector, the South Korean government has exposed major Know-Your-Customer (KYC) violations on Upbit, the nation’s leading cryptocurrency exchange. The investigation, initiated by the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) during a routine review of Upbit’s business license renewal on November 14, has revealed alarming
The landscape of cryptocurrency trading is often fraught with complexities, especially when it comes to security issues. One such incident that has captured attention is the recent $235 million breach involving WazirX, a leading crypto exchange based in India. As the investigation unfolds, several key developments have arisen, shedding light on the individuals involved, the
In the wake of the recent US elections, Binance, one of the largest cryptocurrency exchanges globally, has experienced a remarkable influx of capital, totaling over $7 billion. This surge in activity, as reported on November 12, underscores a transformative period for the platform, especially following the electoral success of former President Donald Trump. With such
The recent uproar in the crypto community surrounding Binance’s listings of two Solana-based memecoins, The AI Prophecy (ACT) and Peanut the Squirrel (PNUT), reveals deeper concerns about market manipulation and investor protection. While these tokens experienced meteoric rises in value, allegations of “pump and dump” schemes have emerged, igniting an intense debate about the responsibilities
In an illuminating post on X, Coinbase’s CEO Brian Armstrong has recently thrown his weight behind Hester Peirce’s potential ascension to lead the Securities and Exchange Commission (SEC) under a possible second term for President Donald Trump. Armstrong’s praise for Peirce, calling her “smart, fair, and professional,” underscores a sense of optimism in the crypto
In the ever-evolving landscape of cryptocurrency exchanges, WazirX’s recent announcement to launch a decentralized exchange (DEX) marks a significant shift in its operational strategy. Following a staggering $235 million hack attributed to North Korea’s Lazarus Group, the urgency to enhance security protocols has never been more pressing. This incident, which exposed a vulnerability in WazirX’s
