Tag: Cash

KyberSwap hacker moves $338k into Tornado Cash

The KyberSwap hacker is moving funds into Tornado Cash, according to data from CertiK.  The KyberSwap hack saw the defi market maker lose $48.8 million in November. Earlier last week, the hacker sent $338,000 worth of BNB tokens to an externally owned account on the Polygon network. Today, those funds have been moved to decentralized cryptocurrency tumbler Tornado Cash.  The KyberSwap hack has been one of the most surprising exploits of the year, not because of the amount of funds compromised, but rather because of the unusual demands of the…

SEC likely to prioritize ‘cash create’ spot Bitcoin ETFs

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A Senior Bloomberg ETF analyst speculated that the Securities and Exchange Commission favors a particular redemption model and that could be a factor for which applications get approved. The U.S. Securities and Exchange Commission (SEC) may choose to first approve spot Bitcoin ETFs with a cash create redemption structure, according to ETF expert Eric Balchunas who said that such a decision remained unconfirmed by America’s securities regulator. Cash create differs from the alternative “in-kind” option since it requires issuers to hold the dollar equivalent of every Bitcoin (BTC) offered in…

Bitcoin Cash Price Pumps Over 10% But $255 Is The Key To More Gains

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Bitcoin Cash price rallied over 10% and broke the $245 resistance. BCH is now facing strong resistance near the $255 zone. Bitcoin cash price started a fresh surge above the $232 resistance. The price is trading above $245 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $225 on the 4-hour chart of the BCH/USD pair (data feed from Kraken). The pair could continue to move up if it clears the $255 resistance zone. Bitcoin Cash Price Rallies…

FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermute

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Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies. Blockchain analysis firm Spot On Chain found $10.8 million worth of cryptocurrencies being moved from FTX and Alameda Research accounts to various crypto exchanges. The firm estimated that the defunct entities transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens. #FTX and #Alameda moved out $10.8M worth of 8 assets to #Wintermute, #Binance, and #Coinbase in the past 11 hrs: 10M $GMT ($2.58M)407K $UNI…

Solomon Islands, Soramitsu team up for Bokolo Cash CBDC proof-of-concept

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The Central Bank of Solomon Islands has launched a proof-of-concept for a central bank digital currency (CBDC) called Bokolo Cash, with Japanese blockchain Soramitsu providing support. Bokolo Cash will be worth one Solomon Islands dollar. Project participants can use it in retail settings in the island nation’s capital, Honiara, and for person-to-person transfers. Wholesale transfers between commercial banks and simulated cross-border payments and remittances will also be tested. Users will undergo “two-tier” Know Your Customer verification, according to Soramitsu. Related: Small Islands, big problems: Can Bitcoin fix this? Cointelegraph Cape…

Tornado Cash token falls 57% after Binance announces delisting

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The governance token for crypto mixer Tornado Cash (TORN) has fallen by over 50% on Nov. 26-27, according to data from Coingecko. The crash came on the same day that crypto exchange Binance announced it was delisting the token. Tornado Cash 24-hour chart. Source: Coingecko. Tornado Cash is a cryptocurrency mixing protocol. Its token, TORN, is used to vote on proposals for upgrading the protocol. On Nov. 26-27, the token took a nosedive, falling from $3.90 to just $1.66, a decline of 57%. The price decline happened as the world’s…

Mt. Gox set to begin cash repayments to creditors ‘shortly’ in 2023

Creditors of Mt. Gox, a Bitcoin exchange that ceased operations after losing 850,000 BTC in a 2014 hack, have reportedly received an email indicating forthcoming repayments. On Nov. 21, Nobuaki Kobayashi, the trustee in charge of the Mt. Gox Bitcoin exchange’s estate, began issuing emails to rehabilitation creditors about the initiation of repayments, as reported by numerous sources on social media. The email allegedly sent by Kobayashi indicates plans to begin the first round of cash repayments to creditors in 2023. The trustee is expected to extend these repayments into…

Mt. Gox Finally Set to Begin Creditor Cash Repayments in 2023

Creditors will start receiving cash repayments from the Mt. Gox Trustee this year. These repayments are specified to be cash and may not include crypto. The defunct Japanese crypto exchange Mt. Gox is set to begin creditor repayments this year, about a decade after its collapse. Creditors of the exchange received an email on Wednesday where rehabilitation trustee Nobuaki Kobayashi stated that all persons whose repayment applications were approved would start receiving cash payments. The email notes that payments will begin sometime this year and continue until next year. However, it does…

Blockchain Association Offers Support to Lift Sanctions on Tornado Cash

Blockchain Association slammed the OFAC stating that the regulator should catch hold of individuals engaging in illicit activities instead of imposing the ban. The Blockchain Association has reiterated its support for six plaintiffs challenging the US Treasury Office of Foreign Assets Control (OFAC) over the sanctions imposed on Tornado Cash, a crypto mixer. In a recent amicus curiae brief to a US appellate court, the advocacy group argued that OFAC’s sanction on the privacy protocol was not only unlawful but also exceeded its statutory authority. The Blockchain Association claimed that…

Blockchain Association files support in suit to lift Tornado Cash sanctions

The Blockchain Association has thrown fresh support behind six plaintiffs suing the United States Treasury Office of Foreign Assets Control (OFAC) over its sanctions on the crypto mixer Tornado Cash. In a Nov. 20 amicus curiae brief to a U.S. appellate court, the crypto advocacy group argued OFAC’s decision to sanction the privacy protocol was not only unlawful but exceeded its statutory authority and was both “arbitrary and capricious” — contrary to the U.S. Constitution. It’s the second amicus brief filed by the Blockchain Association supporting a group of Tornado…