Tag: Report

BitKeep exploiter used phishing sites to lure in users: Report

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The Bitkeep exploit that occurred on Dec. 26 used phishing sites to fool users into downloading fake wallets, according to a report by blockchain analytics provider OKLink. The report stated that the attacker set up several fake Bitkeep websites which contained an APK file that looked like version 7.2.9 of the Bitkeep wallet. When users “updated” their wallets by downloading the malicious file, their private keys or seed words were stolen and sent to the attacker. 【12-26 #BitKeep Hack Event Summary】1/n According to OKLink data, the bitkeep theft involved 4…

Italy to create the crypto art Renaissance: NFT market report

Italy is one of the cultural hubs of Europe, with centuries of history, art and culture. Now, it is also posed to create the crypto art Renaissance via its nonfungible token (NFT) market, says a new report. Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says the country is projected to have a growth of 47.6% in its NFT market by the end of 2022. This would make the Italian NFT market hover around a $671 million valuation. Moreover, over the next five years,…

Japan to lift the ban on foreign stablecoins like USDT in 2023: Report

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Japanese regulators are reconsidering some major cryptocurrency restrictions related to the use of stablecoins like Tether (USDT) or USD Coin (USDC). The Financial Services Agency (FSA) of Japan will lift the ban on the domestic distribution of foreign-issued stablecoins in 2023, local news agency Nikkei reported on Dec. 26. The new stablecoin regulations in Japan will allow local exchanges to handle stablecoin trading under condition of asset preservation by deposits and an upper limit of remittance. “If payment using stablecoins spreads, international remittances may become faster and cheaper,” the report…

Crypto billionaires lost $116M since March: Report

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The bear market and the wave of bankruptcies in the crypto industry drained $116 billion from the pockets of founders and investors in the past nine months, according to recent estimates by Forbes.  The loss represents the combined personal equity of 17 people in the space, with over 15 losing more than half of their fortunes since March. As a result, 10 names were removed from the crypto billionaires list. One of the major losses was attributed to Binance CEO Changpeng “CZ” Zhao. In March, his 70% stake in the…

2 executives of crypto exchange AAX arrested in Hong Kong: Report

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Hong Kong police arrested two executives of the crypto exchange AAX accused of fraud and misleading the police, according to local media reports.  Weigao Capital CEO Liang Haoming and former AAX CEO Thor Chan were arrested on Dec. 23. Local authorities accused them of claiming there was “system maintenance” as an excuse to delay customers from withdrawing assets amid liquidity issues. One of the executives also allegedly lied to the police about the timeline of his activities in the company, deliberately misleading law enforcement. Two bank accounts of AAX as…

Crypto Exchange OKX Releases Second Proof-of-Reserves Report

OKX said the report will be published on the 22nd day of each month and besides the latest version of the report, users will also be able to download past reports at their convenience. Digital currency trading platform OKX has released its second Proof-of-Reserve (PoR) report as it seeks to deepen the trust within its ecosystem with respect to the health of its financials. The released PoR aims to show the community and investors that the exchange has the number of deposits it said it has. This proof also shows…

10-Year Treasury Yield Inches Higher as Market Awaits Key Personal Consumption Expenditure Report

The 10-year Treasury yield was up 1 basis point in anticipation of the Fed’s next move regarding inflation.  The yield on the US 10-year Treasury note was marginally higher on Friday, December 23rd, as investors await critical inflation data. The markets are paying close attention to a key inflation metric for clues to the Federal Reserve’s next interest rate move. According to reports, the 10-year Treasury yield climbed by a basis point to 3.6856%. Meanwhile, the yield on the 2-year Treasury note remained unchanged at 4.2636% as of press time.…

OKX Unveils 2nd Proof-of-Reserves Report, Promises Monthly Publication

Proof of reserves is an audit method adopted by cryptocurrency exchanges in the aftermath of FTX’s collapse to prove that the custodian, in this case, OKX, isn’t lending out customer funds, as FTX did, and has the assets it claims to hold on behalf of its users. They have, nevertheless, been criticized for not providing information about liabilities and internal quality controls, a focal point in the crypto community. For instance, Binance’s recent proof of reserves report from French audit firm Mazars was criticized for lack of details about the…

FTX creditor committee hires Paul Hastings LLP for bankruptcy proceedings: Report

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After taking pitches from many law firms, the nine-member committee representing unsecured creditors of the disgraced crypto exchange FTX has decided on a legal adviser, the Wall Street Journal reported on Dec. 21.  Global law firm Paul Hastings LLP was hired to look after the interests of unsecured creditors in the bankruptcy case, including millions of FTX customers. According to the WSJ‘s sources, a process to select a financial adviser is also underway. The committee of FTX creditors was appointed on Dec. 16 by the United States Justice Department. Its…

SBF received special treatment inside Bahamian jail: Report

Former FTX CEO Sam Bankman-Fried, who was remanded to the notorious Fox Hill Prison in Nassau, Bahamas, pending an investigation into the collapse of his exchange, had a different experience than many other prisoners.  According to the Financial Times, Bankman-Fried was held in the sickbay where he had access to a toilet, running water, a TV, local newspapers, crossword puzzles, and many other perks, including vegan food. Anonymous prison officials disclosed that the former CEO spent his days watching the news and reading articles about himself. SBF’s prison experience appears…