Day: November 21, 2023

dYdX founder blames V3 central components for ‘targeted attack,’ involves FBI

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Decentralized finance (DeFi) protocol dYdX founder Antonio Juliano took to X (formerly Twitter) to share some of the findings of the investigation into the loss of $9 million in insurance funds, in what many suspected was an exit scam that took place on Nov. 17. Juliano noted that the actual dYdX chain wasn’t compromised, and the insurance claims of $9 million took place on the v3 chain. The v3 insurance fund was used to fill gaps in liquidation processes in the YFI market. The protocol co-founder also stressed that dYdX…

Binance in Talks to Pay Over $4B to US Justice Department to End Ongoing Criminal Case but There’s Catch

Binance will reportedly pay no less than $4 billion in fines to keep operating in the United States. Binance Holding Ltd may have reportedly reached a settlement agreement with the United States Justice Department (DoJ). That is according to a recent report by Bloomberg. Citing sources with inside knowledge of the matter, the report claims that a resolution could be reached even as early as the end of this month. Per the agreement, Binance is expected to pay no less than $4 billion in fines as part of three conditions…

Bitcoin About To Smash The $38,000 Barrier

Bitcoin (BTC) price reclaimed $37,000 on Monday as the crypto market started the week strongly and with investors regaining confidence in the market. On-chain analysis identifies the key reasons that could propel BTC prices higher this week. Bitcoin was up 1.77% and was halfway to the vaunted $38,000 level at the time of writing, with its trading volume soaring 21% to a little over $14 billion. The recent gains in the crypto’s price have also helped it to erase some of its recent losses, as evidenced by a surge of…

SEC Charges Kraken Again for Unregistered Securities Trading and Commingling User Funds

The SEC has brought legal action against Kraken, this time accusing the exchange of mixing user funds, while unlawfully offering securities services. The United States Securities and Exchange Commission (SEC) has announced a lawsuit against San Francisco-based crypto exchange Kraken for allegedly operating an unregistered securities exchange. The SEC’s court complaint is also accusing Kraken of commingling up to $33 billion in user funds. SEC Accuses Kraken of Multiple Acts of Misconduct According to a Monday press release from the SEC, Kraken operates as an unlawful broker, dealer, and clearing agency. The Commission states…

Blockchain Association Offers Support to Lift Sanctions on Tornado Cash

Blockchain Association slammed the OFAC stating that the regulator should catch hold of individuals engaging in illicit activities instead of imposing the ban. The Blockchain Association has reiterated its support for six plaintiffs challenging the US Treasury Office of Foreign Assets Control (OFAC) over the sanctions imposed on Tornado Cash, a crypto mixer. In a recent amicus curiae brief to a US appellate court, the advocacy group argued that OFAC’s sanction on the privacy protocol was not only unlawful but also exceeded its statutory authority. The Blockchain Association claimed that…

Security firm dWallet Labs flags validator vulnerability that could affect $1B in crypto

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Blockchain security firm dWallet Labs recently disclosed a vulnerability that they claim could affect up to $1 billion worth of crypto, with assets such as Ether (ETH), Aptos (APT), BNB (BNB) and Sui (SUI) at risk. In a paper sent to Cointelegraph, dWallet Labs reported a potential vulnerability in validators hosted by an infrastructure provider called InfStones. According to dWallet Labs, they started a research paper on attacking blockchain networks and collecting private keys with Web2 attacks. During this research, dWallet Labs said, they discovered vulnerabilities in InfStones validators. They…

Nvidia (NVDA) Stock Rallies to New ATH amid High Impact News Including Today’s Q3 Earnings Release

Nvidia is expected to report revenue growth in the Q3 2023 earnings result today, thus boosting shareholders’ confidence amid high demand from AI companies. After getting trapped in a correction mode in the past two months, Nvidia Corporation (NASDAQ: NVDA) stock has set a new all-time high of around $504.09 after a 20 percent spike during the last four weeks. The American multinational tech company that has dominated the semiconductor chip industry amid the artificial intelligence (AI) revolution has attracted major investment in the past year to reach $1.22 trillion…

Spot Bitcoin ETF Is ‘A Buy The News’ Event: Pantera Capital CEO

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The potential approval of a spot Bitcoin ETF in the United States has stirred considerable attention in recent weeks. Dan Morehead, CEO and founder of Pantera Capital, has now shared valuable insights on this matter in his latest “Blockchain Letter”, emphasizing the unique circumstances surrounding this event. Morehead challenges the traditional Wall Street mantra, “Buy the rumor, sell the news,” questioning its relevance in the current spot ETF context. He reflects on how this adage played out historically, specifically citing the CME Futures launch and Coinbase’s public listing. Both instances…