Category: Exchanges

‘Big Short’ Investor Michael Burry Says Binance Crypto Exchange Audit Is Meaningless – Here’s Why

boss

Hedge fund manager Michael Burry, who is known for being one of the first investors to foresee and profit from the collapse of the housing market in 2007, says the recent audit on Binance’s proof of reserves carries zero weight. Following the high-profile implosion of FTX, centralized crypto exchanges have been scrambling to provide proof-of-reserves reports, which aim to confirm that a platform’s reserves match its clients’ assets. The Big Short investor tells his 1.2 million Twitter followers that crypto is a relatively new asset class and that auditors are…

Bitcoin Giant DCG Has Locked Nearly $300,000,000 in Crypto Amid Liquidity Issues, Says Dutch Exchange

boss

Dutch crypto exchange Bitvavo says that Digital Currency Group (DCG) is withholding hundreds of millions of dollars from it due to liquidity issues. In a recent company statement, Bitvavo says that DCG, which provides off-chain staking services to Bitvavo, is suspending repayments until the liquidity crisis it’s facing is resolved. Bitvavo says that DCG’s issues should have no impact on its platform. “DCG is currently experiencing liquidity problems due to the current turbulence in the crypto market. As a result, DCG has suspended repayments until this liquidity issue has been…

US Financial Regulators Urge Congress To Pass Cryptocurrency Spot Markets Legislation

boss

A council consisting of the US’s top financial regulators is urging Congress to regulate cryptocurrency spot markets. The Financial Stability Oversight Council, made up of the heads of the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and other top regulators, issued its annual report this week. The council says crypto assets that are not securities have limited federal regulations and urges Congress to rectify that. “As a result, those markets may not be subject to a regulatory framework designed to ensure…

Big Short Investor Michael Burry Says Audits of Crypto Exchanges Like Binance and FTX Are ‘Meaningless’ – Featured Bitcoin News

boss

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says the problem with auditing cryptocurrency exchanges, like Binance and FTX, is the same as when he started using a new kind of credit default swap. “Our auditors were learning on the job,” he described, adding that it’s “not a good thing.” Michael Burry on Audits of Crypto Firms Famous investor and founder of investment firm Scion Asset Management, Michael Burry, said Friday that proof-of-reserves (POR) audits of cryptocurrency exchanges, including Binance and the collapsed exchange FTX, are…

Crypto Billionaire Mike Novogratz: Not All Digital Asset Exchanges Are Run by Criminals Like FTX Was

boss

Crypto billionaire Mike Novogratz thinks it’s “really dangerous” to assume all digital asset exchanges are run like the now-imploded FTX. The Galaxy Digital chief executive says in a new interview with CNBC that he always encourages crypto investors to “sell something along the way” to prepare for inevitable volatility. Novogratz also discourages people from suspecting every player in the space operates like Sam Bankman-Fried, the disgraced former CEO of FTX. “It’s really dangerous to think that when you have one black swan, you’re going to see them everywhere. That you’re…

Solana-Based Raydium Exchange Victim of 10-figure Exploit

boss

Raydium, which allows users to trade between different cryptocurrencies without the use of an intermediary, is one of the premier platforms in Solana’s beleaguered decentralized finance (DeFi) ecosystem. According to its own numbers, Raydium has around $45 million locked in trading pools and facilitated around $4 million in trades in the past 24 hours. It is unclear whether that $4 million includes the improper withdrawals from the attacker. Source

Top US Crypto Exchange Coinbase Adds Little-Known Web3 Altcoin to Its Listing Roadmap

boss

Top US-based crypto exchange platform Coinbase is adding a little-known altcoin to its listing roadmap in anticipation of a future listing. Coinbase announced via Twitter on Wednesday that Axelar (AXL) is now officially being considered by the exchange for trading services. Axelar aims to deliver secure cross-chain communication for Web3 so that decentralized application (DApp) users can interact with different assets or applications on any blockchain. According to Axelar’s website, the project is backed by Coinbase Ventures, Coinbase’s venture capital arm. It also has support from industry heavyweights like Binance, Galaxy Digital…

Binance CEO Says the World’s Largest Crypto Exchange by Volume Holds Customer Assets One-to-One

boss

Binance CEO Changpeng “CZ” Zhao is fighting fear, uncertainty and doubt, saying assets held on the world’s largest exchange are one-to-one backed. In a new interview with CNBC Squawk Box host Aaron Sorkin, Zhao says they would not have a liquidity crunch covering any amount of customers’ withdrawals. “People can withdraw 100% of the assets they have on Binance. We will not have an issue on any given day. So 100% of users withdraw 100% of assets, we’d be fine. This is very different for traditional financial people to understand…