In July, the Indian cryptocurrency exchange WazirX faced a staggering blow when it suffered a $230 million hack that struck at the heart of its operations. This breach not only threatened the security of user assets but also put the platform’s reputation on thin ice. In the aftermath, WazirX found itself in a race against
Exchanges
As the cryptocurrency market blossoms, a plethora of exchange platforms has emerged to cater to the growing demand for trading digital assets. Newcomers and seasoned traders alike are constantly in search of a platform that not only provides favorable rates but also ensures a secure and user-centric experience. The right choice of exchange can significantly
In July, WazirX was struck by a staggering cyber heist that resulted in the theft of approximately $230 million. This breach not only compromised over 45% of the Indian cryptocurrency exchange’s reserves but also exposed significant vulnerabilities both in the exchange’s security infrastructure and in the broader landscape of cryptocurrency dealings. The hacker’s actions delineate
The rapid evolution of the cryptocurrency market across the globe presents an intriguing case study, particularly when examining the United Arab Emirates (UAE). Unlike many other countries where crypto adoption tends to fluctuate according to transaction size, the UAE has emerged as a remarkable anomaly. A recent Chainalysis report reveals that the UAE has successfully
In a bold move signaling its intent to capture a portion of the burgeoning cryptocurrency market, BNY Mellon has taken significant strides toward establishing itself in the crypto custody space. Following the recent exemption granted by the SEC from Staff Accounting Bulletin 121 (SAB 121), the banking giant is set to redefine its approach to
In a significant strategic move, Kraken has officially acquired Coin Meester (BCM), a well-established cryptocurrency broker in the Netherlands, as announced in a statement on September 24. This acquisition is not just a tactical business maneuver; it reflects Kraken’s ambition to solidify its foothold in the burgeoning Dutch cryptocurrency market. Coin Meester’s long-standing presence in
On September 20, 2023, the cryptocurrency exchange BingX made headlines after confirming a “minor asset loss” attributed to suspicious activity in one of its hot wallets. The Chief Product Officer, Vivien Lin, noted that the event occurred around 4:00 A.M. Singapore time and that the exact loss was still being determined. Initial estimates from blockchain
The legal feud between the U.S. Securities and Exchange Commission (SEC) and major cryptocurrency exchange Coinbase has captured considerable attention since it commenced in June 2023. The SEC’s allegations claim that Coinbase has been operating as an unregistered securities broker, offering digital assets that the agency deems to be unregistered securities in violation of U.S.
The American digital asset market is at a pivotal juncture, characterized by uncertainty and tension stemming from regulatory practices. Recently, Robinhood’s Chief Legal Officer, Daniel Gallagher, publicly criticized the U.S. Securities and Exchange Commission (SEC) for what he termed a “scorched earth” approach to crypto regulation, which has fostered a climate of confusion rather than
In a significant development in the cryptocurrency sector, Binance, the world’s largest exchange, has decided to publicly distance itself from WazirX, an Indian cryptocurrency exchange facing critical challenges. This undeniable schism comes in the wake of a $235 million hack that left many users reeling from financial losses. As the events unfold, it is essential