Category: Exchanges

AAX exec leaves the crypto exchange amid ongoing operational halt

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Weeks after the AAX exchange started halting its withdrawals, its vice president for global marketing and communications announced that he has resigned from his role at the cryptocurrency exchange.  In a Twitter thread, Ben Caselin confirmed that he has left the firm and highlighted reasons as to why he decided to leave his post at the crypto exchange. According to Caselin, despite his efforts in fighting for the community, the initiatives that they came up with were not accepted. The executive described that his role in communications became “hollow.” The…

Staggering $2,800,000,000 in Bitcoin (BTC) Has Exited Crypto Exchanges in Just One Month: Glassnode

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Leading analytics firm Glassnode reveals that crypto exchanges are witnessing a massive exodus of Bitcoin as BTC holders take the initiative to self-custody their coins. According to Glassnode’s Bitcoin exchange net position change metric, which tracks the 30-day supply held in exchange wallets, 179,250 BTC worth over $2.8 billion at time of writing has exited centralized crypto exchanges in the last month. Source: Glassnode Looking at Glassnode’s chart, the current rate of BTC leaving crypto exchange platforms is at its highest in over four years. Analytics firm Santiment is also…

Coinbase Launches New Initiative To Promote Crypto Exchange Transparency and On-Chain Accounting

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US crypto exchange giant Coinbase is launching an initiative to help encourage more transparency among firms in the industry, particularly in regard to proof of reserves. In a blog post, Coinbase says it’s exploring new ways to prove reserves using more crypto-native methods, plus announcing a $500,000 developer grant program to encourage others to do so as well. Coinbase says that following the collapse of crypto exchange FTX, investors in the space deserve assurance that they’ll have the ability to withdraw their funds after depositing to centralized platforms. The firm…

Kraken’s Jesse Powell Says He’ll Call Out Problems in Crypto, Weighs In on Exchanges Showing Proof of Reserves

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Kraken founder and former chief executive Jesse Powell says he’s looking to publicly point out problems in the crypto space, starting with the issue of exchanges sharing their proof of reserves. Following the high-profile collapse of FTX, crypto exchanges have been scrambling to provide evidence of a one-to-one ratio of reserves to investors’ assets in an effort to increase transparency. According to Powell, a proof-of-reserve audit is valid if it comes with proof of client balances and wallet control. “I said I was going to be more assertive with calling…

Canadian Crypto Exchange Coinsquare’s Client Data Breached; Assets Safe

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Coinsquare, one of Canada’s largest cryptocurrency exchanges, reported a breach of its client’s data and added the breached personal data may not have been seen “by the bad actor.” It confirmed the assets of customers are “secure in cold storage and are not at risk.” The update said an unauthorized third party accessed the customer database containing personal information including, “customer names, residential addresses, email addresses, phone numbers, dates of birth, device IDs, public wallet addresses, transaction history, and account balances.” Interestingly, the data breach happened on the platform a…

FTX Fallout: Indian Crypto Exchange CoinDCX Releases Proof-of-Reserves Details

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Indian crypto exchange CoinDCX has released the list of its on-chain and off-chain assets as part of proof-of-reserves (PoR). Last week, it released the reserves to liabilities (R2L) ratio for the top 10 assets. In an announcement on its site, CoinDCX has promised to provide monthly updates on its R2L ratio. Indian exchanges are hit by high taxation and a stringent regulatory environment, with the beginning of the current financial in April 2022. In particular, they suffered a drop in trading volume of up to 90% since July 2022 when…

Amazon Prime Video Commissions Eight-Episode TV Series on Embattled Crypto Exchange FTX: Report

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An eight-episode series based on the fall of Sam Bankman-Fried and his FTX crypto exchange is reportedly in the works at Amazon Prime Video. According to Variety, the online retail giant’s streaming service has tapped Joe and Anthony Russo’s production company, AGBO, to create the series about FTX’s implosion. The brothers are best known for directing four films in the Marvel franchise and could reportedly also direct the series. David Weil, the creator of Amazon’s Hunters series, is set to write the pilot episode. According to the report, the series…

IIROC-registered Canadian crypto exchange Coinsquare suffers data breach

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Just a month after becoming the first Canadian crypto trading platform to get registered by the Investment Industry Regulatory Organization of Canada (IIROC), Coinsquare suffered a data breach that compromised users’ personal information.  On Nov. 19, Coinsquare had to temporarily shut down operations to investigate an unusual activity on its platform. However, several days of proactive measures allowed Coinsquare to resume operations gradually. We will be re-enabling crypto deposits shortly after the maintenance window with crypto withdrawals to follow shortly after. — Coinsquare (@Coinsquare) November 22, 2022 In a follow-up…

Defunct Crypto Exchange FTX and Sam Bankman-Fried Facing Fraud Investigation in Turkey

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Bankrupt crypto exchange FTX and its co-founder Sam Bankman-Fried could face fraud charges overseas as Turkish officials probe the former CEO. According to a new announcement by Turkey’s Financial Crimes Investigation Board, Bankman-Fried and the crypto exchange are being investigated for fraud over its recent disintegration. Bankman-Fried is accused of mishandling billions of dollars worth of customer funds by loaning them out to Alameda Research, FTX’s quantitative trading branch. “On November 14, 2022, an investigation was initiated within the framework of the duties and authorities given to our Agency in…

Crypto Exchange Bitget Introduces Brazilian Real Trading Pairs

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Bitget, a cryptocurrency exchange now based in Seychelles, has introduced Brazilian real (BRL) trading pairs as the first batch of its new on-ramp fiat trading pairs for spot traders on its platform. Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments. Bitget announced on Friday that the new pairs includes USDT/BRL, ETH/BRL and BTC/BRL even as “the team is looking to roll out more fiat currency trading pairs on the plaform.” “The new…