Tag: Exchange

Gate.io Crypto Exchange Confirms its SFC Application

boss

Gate Group, the owner of the Gate.io crypto exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that…

Winklevoss Twins Loaned $100M to Their Crypto Exchange Gemini

boss

Tyler and Cameron Winklevoss loaned $100 million to Gemini Trust Co. when their crypto exchange facing setbacks from the broader market conditions, Bloomberg reported citing ‘two [unnamed] people familiar with the matter.’ The billionaire Winklevoss twins reached out to their pockets as Gemini failed to raise funds from outside investors. The exchange reportedly informally approached outside investors in recent months but could not seal an agreement. The crypto exchange, now planning for global expansion, will utilize the fresh loan proceeds for operations. Earlier, a media report revealed that Gemini is…

Coinbase head of exchange departs and plans to start new crypto project: Report

boss

Vishal Gupta, who has been the head of exchange at Coinbase, is reportedly leaving his position after more than two years at the United States-based cryptocurrency exchange. According to an April 10 Bloomberg report, Gupta planned to exit Coinbase but remain in the crypto space, suggesting he could be planning to start a new project focused on digital assets or blockchain. Prior to his time at Coinbase, Gupta was the head of USD Coin (USDC) for stablecoin issuer Circle as well as a vice president for Goldman Sachs. Former FTX…

$13,000,000 Vanishes After Korean Crypto Exchange GDAC Hacked

boss

South Korean cryptocurrency exchange GDAC has reported that hackers have stolen almost $13 million on Sunday, April 9. According to a GDAC support page, the hackers transferred approximately 23% of GDAC’s total custodial assets from the exchange’s hot wallet to an unidentified wallet, which included nearly $13,000,000 in Bitcoin (BTC), Ethereum (ETH), Wemix (WEMIX), and Tether (USDT). GDAC is currently working with several institutions to recover the funds and has notified authorities about the incident. The exchange has also suspended its wallet system and related servers and reported the event to…

Top Philippine Exchange Coins.ph Suspends XRP Withdrawals Due to Technical Issues

boss

Leading Philippines based crypto exchange company Coins.ph has announced that it is temporarily halting XRP withdrawals due to technical issues.  “Hi Coinmunity! Please be informed that XRP withdrawal services are currently disabled. We are already working closely with our technical team to resolve the issue as soon as possible…” the company stated through a Twitter post.  Users appear to be concerned, as some are inquiring about their unreceived deposits and inability to work on platforms like Binance. One user warned that there’s no update on the app and it should…

Binance.US Relying on Middleman To Store User Funds As Crypto Exchange Struggles To Find Banking Partner: Report

boss

The US arm of leading crypto exchange Binance is reportedly searching for a new banking partner after Silvergate Capital and Signature Bank collapsed last month. The Wall Street Journal reports that Binance.US is struggling to find a bank that will directly hold its customers’ cash following the failure of Signature and Silvergate, which were the two most widely used banks for US crypto firms. The exchange reportedly failed to establish direct banking relationships with New Jersey-based lender Cross River Bank, which accommodates crypto and financial technology firms, and Pennsylvania-based regional…

South Korean Crypto Exchange GDAC Loses 23% of Assets to Hackers

boss

Hackers have stolen approximately 23% of digital assets stored in GDAC’s hot wallet, the South Korea-based cryptocurrency exchange said on Monday. Seunghwan Han, GDAC’s Chief Executive Officer, confirmed the attack in a statement published on the firm’s website on Monday. In the statement, Han disclosed that the stolen custodial assets include 60.8 Bitcoin, 350.5 ETH, 10 million WEMIX tokens and 220,000 USDT. Based on the April 10, 2023, prices of the respective digital assets on CoinMarketCap, the amount of stolen digital assets were $1.7 million, $652.8 million, $11.8 million and…

South Korean crypto exchange GDAC hacked for nearly $14M

boss

South Korean crypto exchange GDAC has been hacked for approximately $13.9 million worth of crypto. The exchange has halted all deposits and withdrawals and is performing emergency server maintenance in response to the attack, according to an April 10 announcement from GDAC CEO Han Seunghwan. Notice on #GDAC Exchange Hack Alert⚠️ GDAC Exchange has officially announced that it has experienced a security breach Please refer to the official announcements made by the Exchange▶️GDAC Announcement: https://t.co/SNRFZTMEYg WEMIX Medium: https://t.co/7UIwyua72K — WEMIX (@WemixNetwork) April 10, 2023 According to the announcement, the attacker…

Crypto exchange Huobi returns to profitability in Q1 after restructuring

boss

According to an Apr. 10 post by Justin Sun, the de facto owner of cryptocurrency exchange Huobi Global, the firm recognized $150 million in revenue during Q1 2023 compared to $120 million in expenditures, resulting in a net income of $30 million. Sun says that “a large number of measures were taken to reduce costs and increase efficiency” during the quarter. For Q2 2023, he projects the exchange will bring $187 million in revenue and $76 million in expenses, with a net income of $110 million. Huobi was one of…