In a shocking blow to the cryptocurrency community, ByBit, one of the leading exchanges, has confirmed a significant security breach leading to the theft of approximately $1.5 billion in Ethereum (ETH) and other digital assets. On February 21, the exchange took to social media platform X to announce the detection of unauthorized access linked to
Exchanges
The collapse of FTX in late 2022 was a watershed moment for the cryptocurrency industry, signaling a loss of faith in digital asset exchanges. Amid allegations of financial mismanagement and fraud, which resulted in the former CEO Sam Bankman-Fried receiving a 25-year sentence, the repercussions are widespread. As the bankruptcy proceedings unfold, a significant challenge
In the fast-paced landscape of cryptocurrency, few phenomena evoke as much excitement and volatility as memecoins. These digital assets, often birthed from internet culture and humor, have garnered a vast community of speculators eager for quick profits. However, amid the exhilarating highs, pressing concerns regarding insider trading have surfaced, prompting industry leaders to advocate for
In 2024, cryptocurrency exchange Kraken unveiled a startling uptick in data requests from law enforcement and regulatory authorities. Their latest transparency report indicated a staggering 6,826 inquiries in total, marking a 38.6% increase compared to the previous year. This exponential growth reflects a broader trend in the increasing scrutiny that cryptocurrency exchanges face as national
In a pivotal development for the cryptocurrency exchange, Binance.US has officially reinstated USD deposits and withdrawals for its American clientele. This announcement, made on February 19, marks a refreshing turnaround from its previous operation as a crypto-only platform, which had been in place since mid-2023. Customers can now conduct bank transfers (ACH) without incurring any
In a groundbreaking move, Nigeria’s Federal Inland Revenue Service (FIRS) has filed a legal challenge against Binance Holdings Limited, seeking a staggering $81 billion in unpaid taxes and associated penalties. This figure includes a significant portion—$79.5 billion—claimed as economic damages, alongside N231 million (approximately $153,223) attributed to Binance’s operations in the nation. Furthermore, the FIRS
In the ever-evolving digital landscape, scams continue to proliferate, with the cryptocurrency sector being particularly vulnerable. Recently, Binance CEO Richard Teng issued a cautionary statement regarding an emerging scam known as the “share-seed-phrase” scheme. This deception is not just a minor nuisance; it represents a significant threat to the integrity and financial security of crypto
The cryptocurrency landscape is witnessing a notable shift as XRP emerges as a frontrunner in trading volumes across U.S.-based exchanges. A recent analysis by Kaiko indicates a significant uptick in XRP trading activity, especially following its resurgence on platforms like Coinbase. This uptick is particularly striking as XRP has, for the first time, outstripped Ethereum
In a climate rife with speculation and rampant misinformation, Changpeng Zhao, widely known as ‘CZ’, the founder and former CEO of Binance, has taken a bold stance against recent allegations regarding the potential sale of the crypto exchange. On February 17, in a declarative social media post, he clarified that while there were no current
In a significant development for the cryptocurrency exchange industry, Bybit’s CEO, Ben Zhou, has announced that the platform has successfully been removed from the blacklist of the French financial regulator, the Autorité des Marchés Financiers (AMF). This milestone comes after an exhaustive two-year effort dedicated to addressing various compliance issues that had put Bybit’s operations