The recent hacking incident involving Bybit, wherein a staggering $1.4 billion was stolen, has sent shockwaves through the cryptocurrency community. Bybit announced that its platform was not directly compromised; instead, the breach occurred due to a vulnerability in a developer’s machine associated with the Safe project. In an age where digital transactions are becoming increasingly
Exchanges
In the volatile world of cryptocurrency exchanges, the importance of trust and support among peers can never be overstated, especially during times of crisis. Bybit, a prominent player in the market, found itself in a precarious position recently due to a significant security breach. The incident saw around $1.4 billion being compromised, which prompted immediate
In a significant move to bolster its standing in the cryptocurrency market, OKX recently reached a monumental $500 million settlement with U.S. authorities. This outcome stems from the company’s admission of operating without the proper licensing across American borders, a violation that has raised serious compliance concerns. CEO Star Xu openly acknowledged the past shortcomings
In a significant move to strengthen its stance against Russian aggression amid the ongoing conflict in Ukraine, the European Union (EU) has expanded its sanctions to include Garantex, a Russian cryptocurrency exchange. This action is a part of the EU’s 16th sanctions package, which underscores the bloc’s commitment to countering Russian financial maneuvers, particularly those
Citadel Securities, a prominent player in traditional financial markets, is eyeing expansion into the realm of cryptocurrency market making. Reports from Bloomberg News on February 24 revealed that the firm aims to enhance liquidity on major cryptocurrency exchanges including Coinbase, Binance, and Crypto.com. This strategic pivot indicates Citadel’s intention to engage more actively in the
OX.FUN, a crypto derivatives exchange that has become intertwined with the infamous narrative surrounding Three Arrows Capital, has recently found itself engulfed in controversy. Linked to its co-founders—Su Zhu and Kyle Davies—this exchange faces serious allegations of financial misconduct that resonate deeply within the cryptocurrency community. The unfolding drama began with claims that OX.FUN withheld
In the wake of the FTX bankruptcy, a troubling reality has emerged for creditors worldwide. Sunil Kavuri, a representative for the FTX Creditors’ group, recently addressed the situation, indicating that there is a significant effort underway to explore repayment options for creditors belonging to various nations, including Russia, China, Egypt, Nigeria, and Ukraine. However, many
In a dramatic turn of events, ByBit, a prominent player in the cryptocurrency exchange sector, has fallen victim to a significant hack, resulting in the loss of approximately $1.5 billion worth of assets, particularly Ethereum (ETH). This incident ranks among the most substantial breaches in digital finance history. On February 21, ByBit took to social
In 2024, the cryptocurrency exchange Kraken has reported a notable surge in requests for user data from law enforcement and regulatory bodies. According to the latest transparency report, these requests have increased by 38.6%, reaching a total of 6,826 inquiries. This significant uptick underscores the growing scrutiny that cryptocurrency platforms face from authorities worldwide, particularly
In recent years, the crypto landscape has witnessed a surge in the popularity of memecoins, a category that often lures investors with its viral appeal and speculative nature. Memecoins, despite their whimsical branding, can be subjected to serious legal and ethical concerns, particularly surrounding the risk of insider trading. Brian Armstrong, the CEO of Coinbase,