Crypto News
Binance.US Remains Unaffected Amidst Legal Drama, CZ Steps Down
Binance.US took to X (formerly Twitter) to assure its community that it stands unaffected by the recent settlements. The official statement emphasizes the crypto exchange's commitment to operating independently and adhering to all U.S. rules and regulations. https://twitter.com/binanceus/status/1729530641526435859?s=46 Launched with the explicit goal of serving United States customers, Binance.US has clarified that it is not......
Binance CEO Reaches Out to Users With An Important Message
Richard Teng, the newly appointed CEO of leading cryptocurrency exchange Binance, laid out his vision and commitments in his first public address since taking the helm. Teng formally succeeded company founder Changpeng "CZ" Zhao shortly after CZ stepped down. In the open letter posted to Binance's blog, Teng underscored his core focuses as incoming chief......
Crypto Funds Witness $346,000,000 Inflows, Here’s Why
Crypto investment products saw record inflows of $346 million last week, marking the largest weekly inflows during the current 9-week run, according to the latest report from CoinShares. The combination of rising cryptocurrency prices and growing investor inflows has now pushed total assets under management (AuM) in these funds up to $45.3 billion, the highest......
Investors Caught in $15 Million Hong Kong Crypto Scam Say Warning Came Too Late
Several Hong Kong residents lost a total of nearly HK$120 million (US$15.4 million) in an alleged cryptocurrency investment scam, according to police reports. Many affected say warnings about the suspicious trading platform came too late, according to the South Morning China Post. The Securities and Futures Commission (SFC) added Hounax to its list of suspicious......
Justin Sun Announces Airdrop For HTX and Poloniex Users Following Exploit
Cryptocurrency exchange Poloniex and its native token HTX were the targets of hacker attacks earlier this month, prompting the platform to temporarily suspend deposits and withdrawals. Now, Poloniex's owner, Justin Sun, has announced plans to compensate affected users as services resume. https://twitter.com/justinsuntron/status/1728064872632795480 In a recent tweet, Justin Sun said Poloniex and HTX "approach opening deposit......
Terra Founder Do Kwon Faces Extradition to South Korea or U.S.
A Montenegro court has approved the extradition of Do Kwon, founder of the failed cryptocurrency Terra, to either South Korea or the United States once he finishes serving a four-month prison sentence in Montenegro. The final extradition decision will be made by Montenegro's Justice Minister. Kwon was arrested in March at Podgorica Airport in the......
South Korea to Launch CBDC Test With 100,000 Citizens
The Bank of Korea (BOK) has announced plans to launch a pilot program. The program will allow 100,000 Korean citizens to utilize a central bank digital currency (CBDC) by late 2024. The program comes on the heels of a visit from Agustin Carstens, general manager of the Bank for International Settlements. The current plans are......
Kraken Co-founder Jesse Powell Calls for Self-Policing Amidst Binance Turmoil
In the aftermath of Binance's $4.6 billion settlement and CZ's resignation, Jesse Powell, co-founder of crypto exchange Kraken, takes to X (formerly Twitter) to reflect on the challenges faced by the cryptocurrency industry. Powell discusses the ongoing struggles, the need for self-policing, and Kraken's commitment to the long game. Additionally, his remarks come on the......
Heco Bridge Exploited in Apparent $86.6 Million Crypto Heist
In one of the most recent updates, PeckShield spotted abnormal withdrawals from the Heco bridge, including over $19 million worth of Ethereum. Additional funds in Tether, Chainlink, and other tokens were also rapidly drained in what seems to be an attack exploiting the bridge's systems. https://twitter.com/PeckShieldAlert/status/1727286692489679360 PeckShield stated that the transactions were initiated by an......
Genesis Sues Gemini Seeking $689 Million in ‘Preferential Transfers’
Crypto lending firm Genesis Global Capital has filed a lawsuit against the Gemini crypto exchange. The lawsuit seeks the recovery of over $689 million in alleged "preferential transfers" made by Gemini amid market turmoil this year, court documents revealed on Tuesday. The lawsuit marks the latest twist in the bitter legal fight between the two......
Mt. Gox to Finally Commence Repayments in Cash to Creditors
Nearly a decade after its collapse, defunct crypto exchange Mt. Gox is gearing up to start compensating creditors after prolonged delays, according to an email sent to claimants this week. In an email to creditors on November 22, Mt. Gox rehabilitation trustee Nobuaki Kobayashi said efforts are underway “to commence repayments in cash within the......
Coinbase CEO Responds to Binance Charges, Sees Opportunity to Begin a New Chapter
With the stunning news that rival crypto exchange Binance has been hit with criminal charges in the U.S., Coinbase CEO Brian Armstrong sees vindication in his company's slower, compliance-focused approach. In a tweet shortly following the news regarding Binance CEO's departure on Tuesday, Armstrong laid out why he believes Coinbase's cautious strategy will pay off......
DOJ Brings Criminal Charges Against Crypto Exchange Binance
The U.S. Department of Justice (DOJ) announced criminal charges against cryptocurrency exchange Binance on Tuesday. The charges allege the firm conspired to launder money and violated U.S. sanctions law. The filings represent the culmination of a years-long federal investigation into the largest crypto trading platform globally in terms of volume. The charges specifically relate to......
Binance CEO Changpeng Zhao Resigns, Pleads Guilty
Binance CEO Changpeng Zhao (CZ) plans to step down from his leadership role. Additionally, he will plead guilty to criminal violations of U.S. anti-money laundering (AML) regulations, according to sources familiar with the matter shared with WSJ. CZ's guilty plea is part of a sweeping $4.3 billion settlement deal between global cryptocurrency exchange Binance and......
Department of Justice Seizes $9 Million Tether (USDT) Linked to Romance Scams
The U.S. Department of Justice (DOJ) announced on Tuesday that it has seized nearly $9 million worth of the stablecoin Tether associated with an international criminal network running romance scams and cryptocurrency investment schemes. Dubbed "Pig Butchering," these scams seek to gain a victim's trust before coercing them to make bogus crypto investments or directly......
Kraken Fires Back Against SEC Complaint, Vows to “Vigorously Defend” Its Position
The U.S. Securities and Exchange Commission (SEC) filed a complaint alleging that crypto exchange Kraken operates as an unregistered securities exchange, broker, and clearing house. Kraken strongly pushed back against the allegations, arguing that the claims are "factually incorrect" and have no legal basis. In the complaint, the SEC points to large transaction volumes on......
US DOJ Seeks Over $4 Billion From Binance For Settlement
The US Department of Justice is engaged in advanced negotiations with cryptocurrency exchange Binance over a proposed resolution to a multi-year investigation. The DOJ is seeking a settlement amount of over $4 billion from Binance, according to people familiar with the confidential talks shared with Bloomberg. Settlement discussions include potential criminal charges against Binance founder......
Tether, OKX, and US DOJ Freezes $225M USDT Linked to Human Trafficking
Stablecoin issuer Tether has frozen over 225 million USDT associated with an international human trafficking and money laundering operation in Southeast Asia. The freeze, conducted in collaboration with OKX and the United States Department of Justice (DOJ), represents the largest ever by Tether. Tether USDT utilized blockchain analysis from Chainalysis to identify and track the......
Mastercard Partners with AI Firm to Boost Crypto Fraud Detection
Mastercard has announced a new partnership with Feedzai, an artificial intelligence company, to enhance its capabilities to detect and prevent cryptocurrency fraud. The collaboration will allow Mastercard to access Feedzai's AI and machine learning technology to analyze crypto transactions in real time. Feedzai will integrate its platform directly with Mastercard's CipherTrace Armada system to enable......
SEC Delays Rulings on Spot Bitcoin ETF Applications from Global X, Franklin Templeton
The US Securities and Exchange Commission has postponed decisions on spot bitcoin exchange-traded fund (ETF) applications from Global X and Franklin Templeton. The latest update is according to a recent note released by the SEC and tweets from ETF analyst James Seyffart. The delays were expected by industry experts. https://twitter.com/JSeyff/status/1725615324144271446 On Friday, Seyffart tweeted that......
