Day: November 22, 2023

HECO Chain bridge compromised, over $86.6M sent to suspicious addresses

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Data shared by blockchain security platform PeckShield shows that more than $86.6 million in digital assets were transferred from the HECO Chain bridge to suspicious addresses. The security firm suggests that the bridge is compromised and an exploit is ongoing.  In response to the incident, Tron founder Justin Sun announced that HTX will fully compensate users for any losses incurred in the hack. The company has also temporarily suspended deposits and withdrawals as they investigate the incident. The executive said services will resume after the investigation is completed. HTX and…

Setting new standards for crypto exchanges in the post-FTX era: Report

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The year 2022 saw a historic breakdown of trust in exchanges and other crypto service providers. The collapses of Sam “SBF” Bankman-Fried’s FTX and Alex Mashinsky’s Celsius are still fresh in the community’s memory, with SBF’s criminal trial only recently concluding. These cases serve as a painful reminder that fraud and bad business practices can happen in corporations of any size and that crypto, as a nascent industry, is especially susceptible. A sleek website, high trading volume or primetime television ads are no guarantee that a customer’s savings will be safe. …

Binance to Maintain Global Dominance after Settlement with US Authorities 

Bernstein analysts are not the only experts who believe Binance will remain the world’s leading crypto exchange despite the recent settlement with the US authorities. In the aftermath of Binance’s recent settlement with the United States government, industry analysts at Bernstein are confident the company will continue to maintain its position as the leading global cryptocurrency exchange in the industry. According to a research report by Bernstein, despite facing minor outflows of less than $1 billion, Binance demonstrated resilience, with customers exhibiting minimal panic. Binance Shows Resilience in the Face…

CZ Released from Custody on $175M Bond after Guilty Plea

Besides the fines Changpeng Zhao will pay, Binance has also agreed to pay $4.3 billion to the United States Department of Justice (DoJ). Binance founder Changpeng Zhao (CZ) has been released from custody after agreeing to a personal recognizance bond of $175 million. Mr Zhao pled guilty to accusations by federal officials that he violated the Bank Secrecy Act. According to the prosecutors, Binance and CZ knowingly allowed US customers on the platform without conducting proper KYC and AML checks. While Binance and CZ previously rejected these allegations, filing a…

Crypto Exchange HTX and Heco Bridge Hacked Again for $110M

The crypto exchange HTX (previously known as Huobi) and the HECO chain are said to be hacked. The crypto exchange HTX (previously known as Huobi) and the HECO chain are said to be hacked. Though the information hasn’t been officially confirmed, possible losses may have reached over  $110 million. We are detecting multiple suspicious transactions on @HTX_Global hot wallets and on @HECO_Chain bridge that were probably executed by the same entity, total value of $100M. https://t.co/Q5pOfdRTcz — Meir Dolev (@Meir_Dv) November 22, 2023 It’s not the first time when HTX…

KPMG Canada Teams Up With Chainalysis to Fight Crypto Frauds and Exploits

Through the partnership, KPMG will aim to provide advanced blockchain monitoring, support, governance and risk management for its clients so that firms can adhere to evolving crypto regulations and advance their anti-money laundering compliance programs, according to a statement on Wednesday. “This collaboration will help to further solidify KPMG’s expertise in forensic investigations and cryptoassets and blockchain technology,” said Kunal Bhasin, partner and cryptoassets and blockchain co-leader at KPMG Canada. Source

DPRK hackers impersonate South Korean officials to steal crypto

According to South Korea’s National Police Agency, the hackers stole the information of 1,468 victims between March and October 2023. North Korean hackers are now trying to lure victims by pretending to be South Korean officials and journalists in a bid to steal crypto. According to a Korean local newspaper Korea JoongAng Daily, DPRK-linked cybercriminals stole the information of 1,468 victims between March and October 2023, including 57 incumbent or “retired government officials in diplomacy, military and national security.” The police say North Korea has doubled down on its efforts…

Genesis Sues Gemini Seeking Return of $689M in Preferential Transfers

Genesis claims that, as market volatility increased, Gemini made significant withdrawal demands that harmed other creditors. Genesis Global Capital, a cryptocurrency lender, has filed a lawsuit against the Gemini cryptocurrency exchange, seeking the return of over $689 million in alleged preferential transfers. The embattled companies have been embroiled in a legal battle since the collapse of the major cryptocurrency exchange FTX last November. Genesis claims that, as market volatility increased, Gemini made significant withdrawal demands that harmed other creditors. The lawsuit focuses on transactions that occurred in the 90 days…

Grayscale Holds Fresh Talks with US SEC Over Bitcoin ETF Approval

On November 20, an SEC memorandum revealed a meeting involving Grayscale CEO Michael Sonnenshein, legal chief Craig Salm, ETF head Dave LaValle, four other executives, and five representatives from the Davis Polk law firm. The discussions centered on NYSE Arca, Inc.’s proposed rule amendment to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E. Grayscale provided details about entering into a Transfer Agency and Service Agreement with BNY Mellon, as outlined in a filing shared by Bloomberg ETF analyst James Seyffart. The agreement designates…

Pro-XRP Lawyer Deaton’s Top 10 Crypto Picks for the Year Ahead

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In a recent post on X (formerly Twitter), noted XRP advocate and lawyer John Deaton shared his top 10 cryptocurrency picks for the next 12 months. His selection includes a mix of well-established and emerging digital currencies. He stated, “If you had to pick only 10 tokens to own for the next 12 months (as a trade) what are they? Here’s mine: BTC, XRP, ETH, QNT, RNDR, SOL, KAS, AVAX, HBAR, CSPR. What am I missing?” Analysis Of The Pro-XRP Lawyer’s Picks Bitcoin (BTC): Deaton likely selected Bitcoin due to…