The landscape of cryptocurrency exchanges has become increasingly treacherous, with WazirX emerging as a notable case study in resilience and recovery mechanisms. Following a catastrophic hacking incident that resulted in the loss of over $230 million, WazirX now finds itself at a pivotal juncture. Creditors must make a significant decision soon: either accept a proposed
Exchanges
The cryptocurrency sphere has been rocked by dramatic shifts and high-stakes developments over the past year, particularly spotlighted by the fallout from the FTX exchange collapse. On February 18, 2024, FTX is set to initiate a distribution of funds to its smaller creditors, an action that signals important milestones in its ongoing bankruptcy proceedings. This
Recent investigations led by on-chain expert ZachXBT have unveiled staggering statistics regarding the financial losses experienced by Coinbase users, amounting to over $300 million annually due to social engineering scams. This startling figure gains gravity when viewed through the lens of user testimonials flooding social media, where numerous Coinbase patrons describe sudden account restrictions—compounding concerns
In a significant move that underscores its commitment to regulatory compliance and market expansion, Kraken has secured a Markets in Financial Instruments Directive (MiFID) license within the European Union. This acquisition, reported on February 3, comes as part of a strategic initiative to enhance its derivatives offerings across the continent. By purchasing a Cypriot investment
Recent statements from Bybit’s CEO, Ben Zhou, have sparked a controversy regarding the accuracy of reported liquidation numbers in the cryptocurrency market. While mainstream reports suggested that today’s liquidations stood at a modest $2 billion, Zhou challenged this assertion, proposing a far more alarming estimate of between $8 billion and $10 billion. His remarks were
In a significant turn of events, Kraken, a leading cryptocurrency exchange, demonstrated an extraordinary performance in 2024, achieving a staggering $1.5 billion in revenue. This marks a spectacular 128% increase compared to the previous year, showcasing not only resilience but a strategic overhaul that has proven fruitful. The exchange’s latest financial report sheds light on
In a significant development for the cryptocurrency industry, Kraken has announced the launch of a new on-chain staking product aimed at US clients. This initiative marks an important return to staking services across select states following a period of intense regulatory scrutiny. According to an announcement made on January 30, users across 37 states, along
In a significant and unexpected move, Gemini, one of the largest cryptocurrency exchanges in the United States, has declared a hiring freeze on Massachusetts Institute of Technology (MIT) graduates and interns. This decision stems from the university’s recent association with Gary Gensler, the former Chair of the U.S. Securities and Exchange Commission (SEC). Tyler Winklevoss,
The year 2024 has proven to be a pivotal one for centralized cryptocurrency exchanges, characterized by notable market shifts and evolving leadership dynamics. According to a comprehensive report from CCData, while established giants like Binance and OKX experienced market share declines, Crypto.com has made significant strides to enhance its position in the industry. This transformation
In a significant shift within the cryptocurrency landscape, Crypto.com has announced the removal of Tether’s USDT stablecoin from its platform by January 31. This decision is part of a broader strategy to align with the European Union’s Markets in Crypto-Assets (MiCA) regulation, a set of comprehensive legal frameworks designed to oversee digital asset operations within