Category: Exchanges

Crypto exchange Upbit stems fake APT token flood, resumes services

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South Korea cryptocurrency exchange Upbit has resumed Aptos (APT) deposits and withdrawals again after fixing an issue that saw a scam APT token incorrectly recognized as the real deal. On Sept. 24, Upbit abruptly halted Aptos token services after noting an “abnormal deposit attempt,” prompting an inspection of the wallet system. The problem appears to have originated from a newly created fake APT token called “ClaimAPTGift.com” which had made its way to 400,000 Aptos wallets after its creation on Sept. 21. The fake token was likely part of a typical…

Distressed Debt Investors Pounce on $250,000,000 Worth of Bankrupt Crypto Exchange FTX’s Claims: Report

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Distressed debt investors are reportedly gobbling up hundreds of millions of dollars worth of bankrupt crypto exchange FTX’s claims. According to a new Bloomberg report, an analysis of their records indicates that investment firms such as Silver Point Capital, Diameter Capital Partners, Attestor Capital, Hudson Bay Capital Management and others have bought $250 million worth of FTX debts since the start of 2023. Bloomberg says that investors are operating in an unregulated bankruptcy claims market where debt contracts can be purchased for a fraction of what is owed. Thomas Braziel,…

Top US Crypto Exchange Coinbase Adds Trading Support for New Under-the-Radar Layer-1 Project

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Customers at Coinbase can now trade the native token of a nascent layer-1 project called Vara Network (VARA). The top US crypto exchange rolled out support this week for VARA, the native asset of Vara Network, which just celebrated its mainnet launch on Wednesday. The project is an independent decentralized layer-1 network that aims to enable “the best playground” for next-gen gaming and financial-based applications. It’s built on the Gear Protocol, a Substrate-based smart-contract platform. Says the Vara website, “Building on Vara Network is ideal for both developers already in…

A Game-Changer for Cryptocurrency Investors

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The cryptocurrency industry was buzzing with expectation and excitement as Ethereum, the second-largest blockchain by market capitalization, prepared for the Ethereum Merge. In this detailed article, we will look at the Ethereum Merge concept, its relevance in the crypto industry, the mechanics of this transfer, and the impact it had on cryptocurrency investors. Introduction Since its creation, Ethereum, also known as the backbone of the decentralized finance (DeFi) ecosystem and non-fungible tokens (NFTs), has used a proof-of-work (PoW) consensus mechanism. However, the scalability and energy efficiency of Ethereum have long…

Crypto Exchange JPEX Moves to Deregister Australia Entity, HK Blocks Access

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The troubles of the crypto exchange JPEX can be sensed from its latest move to deregister its local entity in Australia. According to a Cointelegraph report, Jieyi Chen, a Director of JP-EX Crypto Asset Platform PTY LTD (JPEX), has already filed a deregistration application with the Australian financial regulator. Although there is no official confirmation, the deregistration application reportedly claims that all members of the entity agreed to the move as the company is no longer conducting any business. Further, it highlighted that the Aussie entity has less than AU$1,000…

SEC Suffers Blow in Lawsuit Against Binance.US After Judge Denied Request To Probe Exchange’s Software: Report

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A US federal magistrate judge is reportedly choosing not to grant the U.S. Securities and Exchange Commission (SEC) permission to inspect the technological infrastructure of Binance’s American affiliate, a setback for the regulator. A new report from Bloomberg indicates the SEC asked Magistrate Judge Zia M. Faruqui on Monday for permission to search through Binance.US’s software, but Faruqui shot down the idea, saying he was not inclined to permit the inspection “at this time.” The judge told the regulator to come back with more specific requests, according to Bloomberg. The…

Troubled crypto exchange JPEX applies for deregistration in Australia

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Troubled Hong Kong crypto exchange JPEX has applied for deregistration in Australia. According to a filing seen by Cointelegraph on Sept. 20, Jieyi Chen, director of JP-EX Crypto Asset Platform PTY LTD (JPEX), has filed a deregistration application with the Australian Securities and Investment Commission. In the filing, JPEX claims that all members of the company agree to the deregistration, the company is no longer carrying business, its assets do not exceed $1,000 Australian dollars, and it carries no liabilities. On Sept. 13, during the Token2049 conference in Singapore, the…

SEC Pursuits of Crypto Exchanges for Violating Laws

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The U.S. Securities and Exchange Commission (SEC) is showing no signs of slowing down in its efforts to enforce securities laws within the cryptocurrency space, according to David Hirsch, the head of the agency’s Crypto Assets and Cyber Unit. Speaking at the Securities Enforcement Forum Central in Chicago, Hirsch emphasized the SEC’s commitment to scrutinizing crypto exchanges and decentralized finance (DeFi) projects, following the recent legal actions against Coinbase Inc. and Binance. Hirsch’s enforcement office has been unusually active, and he made it clear that they are actively investigating other…

Ethereum ICO Participant Moves $9,960,000 Worth of ETH to Crypto Exchange Kraken: On-Chain Data

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An original Ethereum (ETH) investor deposited 6,000 ETH worth $9.96 million to the crypto exchange Kraken on Monday, according to the crypto tracker Lookonchain. The whale participated in Ethereum’s 2014 initial coin offering (ICO), receiving 254,908 ETH when the second-largest crypto asset was only priced at $0.31. With ETH trading at $1,647 at time of writing, that means the value of that trove of 6,000 ETH shot up by a staggering 531,361% as it sat in the whale’s care for nine years. Blockchain-tracking service Etherscan indicates that the deep-pocketed investor…

Parents of Sam Bankman-Fried Sued by FTX Estate Over Allegedly Siphoning Funds From Crypto Exchange: Report

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The parental guardians of former FTX CEO Sam Bankman-Fried are reportedly being sued by the crypto exchange’s bankruptcy estate for allegedly misappropriating funds. According to a new article from the Financial Times, Joseph Bankman and Barbara Fried are being sued by the FTX estate over allegedly siphoning funds from the now-bankrupt exchange. Says prosecutors, “As early as 2018, Bankman described Alameda as a ‘family business’ — a phrase he repeatedly used to refer to the FTX Group.” However, Bankman and Fried’s lawyers say the allegation is “a dangerous attempt to intimidate…