A former security engineer, who stole digital assets valued at more than $12 million from two decentralized exchanges, has received a three-year prison sentence. In what has been characterized as the “first-ever” conviction for a smart contract hack, the U.S. Judge also ordered the ex-engineer to forfeit roughly $12.3 million. Ex-Engineer Sentenced to Three Years […] Source
A US hacker convicted of plundering more than $12 million worth of crypto assets from two decentralized exchanges (DEXs) was sentenced to three years in prison. In July 2022, Shakeeb Ahmed, a security engineer, used fake pricing data to generate approximately $9 million worth of inflated fees on an unnamed DEX, according to the U.S. Department of Justice. Ahmed then withdrew those fees in the form of crypto, but he agreed to return all of the stolen funds except for $1.5 million if the exchange agreed not to report the…
An altcoin project focused on digital commodities and artificial intelligence (AI) is witnessing volatility after a surprise listing on Binance. The top global crypto exchange says it’s officially rolled out trading services for Bittensor (TAO). The announcement triggered a 9% surge in the asset to a high of $627.52 on Wednesday, before the coin dropped to $548.20 following Bitcoin’s big pullback to as low as $65,771. Bittensor is a decentralized blockchain platform that focuses on machine learning and AI. The open-source project enables users to produce digital commodities in distinct…
One of the biggest centralized crypto exchange platforms in the world is planning on delisting a popular privacy-focused altcoin in two European nations in the coming months. In a new article, crypto exchange Kraken says it’s going to be delisting Monero (XMR), a blockchain focused on anonymity that launched in 2014, from Ireland and Belgium starting in June. According to Kraken, after June 10th, all remaining XMR on the crypto exchange will be automatically converted into Bitcoin (BTC), the top crypto asset by market cap. “We will be delisting Monero…
One of the biggest decentralized exchange (DEX) platforms says it is “fighting for DeFi” after receiving a Wells Notice from the U.S. Securities and Exchange Commission (SEC). In a new blog post, Uniswap (UNI) says it has recently received a Wells Notice from the SEC, meaning that the regulator is planning on taking enforcement actions against the DEX soon. However, UNI says the SEC’s actions appear political in nature, that it won’t be pulling any of its products off the market due to the notice, and that the decentralized finance…
Cryptocurrency exchange Luno has become one of the inaugural firms to secure a license from South Africa’s Financial Services Conduct Authority (FSCA), solidifying its status as a recognized financial services provider within the country. The granting of the financial services provider license to Luno comes in the wake of the FSCA’s classification of crypto assets as financial products under the Financial Advisory and Intermediary Services Act of 2002 (FAIS). Expressing enthusiasm about this milestone, Christo de Wit, Luno’s South Africa country manager, underscored the significance of being the premier licensed…
In a comprehensive analysis of the cryptocurrency market, the European Securities and Markets Authority (ESMA) has revealed the highly concentrated nature of crypto trading and the potential risks it poses to the broader financial ecosystem. The report, released on Wednesday, comes as the European Union prepares to implement the world’s first extensive regulatory framework for cryptoassets, dubbed MiCA. ESMA’s findings reveal that a mere ten exchanges oversee approximately 90% of all cryptocurrency trades, with Binance leading the pack with an astonishing 50% share in the market. The recent Finance Magnates…
David Pan, the founder of Ace Exchange in Taiwan, along with six other individuals, has been indicted by a Taiwanese court on April 8 on charges related to money laundering and cryptocurrency fraud involving digital assets valued at NT$340 million New Taiwan dollars ($10.7 million). The court ordered the confiscation of the defendant’s property and other assets worth $110,000. Pan is accused of defrauding at least 162 individuals by offering a fraudulent product through over-the-counter (OTC) exchanges and fake investment platforms. He allegedly created an offshore trading platform that included…
Uniswap Labs is facing a potential enforcement action from the Securities and Exchange Commission (SEC). The regulator is considering taking legal action against the company behind the popular decentralized finance (DeFi) exchange Uniswap. In a blog post published today (Wednesday), the company disclosed that it had been served a Wells notice by the SEC. A Wells notice is a letter issued by the regulator after concluding an investigation, indicating that it plans to pursue enforcement action against the recipient. Uniswap contends that its services are legal. The exchange has assured…
The Central Bank of Nigeria has barred the use of foreign exchange as collateral for local currency loans. In its April 8 letter addressed to banks, the CBN warned of severe consequences for banks that fail to comply with the latest directive. Halting the Slide of the Naira Hamstrung by ongoing shortages of U.S. dollars, […] Source