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Following a relatively quiet period, a trio of crypto hacks has hit the sector. Over the past 24 hours, lending platform Sonne Finance lost $20 million to a well-known attack vector, the bridge to ‘Bitcoin Layer 2’ ALEXLab was drained for $4.3 million, and crypto investment firm BlockTower Capital was found to have been hacked for an undisclosed sum. Sonne Finance hit via ’empty market’ bug Sonne Finance was hacked on Ethereum L2 Optimism via the ‘empty market’ bug in new markets — in this case, soVELO. The attack is ongoing and much bigger, an additional $17 million has been stolen and the total value loss is more than $20 million. @SonneFinance please take immediate action. https://t.co/k39W09J8Bd — Cyvers Alerts (@CyversAlerts) May 14, 2024 Read more: Compound Finance upgrade bug freezes $830M in crypto Sonne uses forked code from Compound, one of the first decentralized finance (DeFi) lending protocols. ‘Forking,’ or reusing, code from established ...

ALT token on Binance surged 5,380% from $0.006 to $0.3288 in minutes. AltLayer’s six-day farming schedule and airdrop preceded the explosive surge. Binance swiftly integrated ALT into Simple Earn and Convert, with plans for Margin, Futures, and Auto-Invest. In a staggering turn of events, AltLayer’s native token , ALT, witnessed an unprecedented surge on the Binance trading platform, skyrocketing by an astonishing 5,380% within minutes of its listing . This meteoric rise comes hot on the heels of a successful six-day farming schedule and a strategic airdrop, propelling AltLayer into the spotlight of the crypto world. The explosive rise of AltLayer (ALT) AltLayer’s ALT token, designed for decentralized rollups, opened for trading on Binance at a modest $0.006. However, the crypto asset defied all expectations, quickly reaching $0.3288 with a trading volume of $43.78 million in under one minute. Screenshot of AltLayer price on Binance ...

Binance saw its market dominance slip 5% in 2023 followning the impact of regulatory issues, including ex-CEO Changpeng Zhao’s resignation. A TokenInsight report however shows the exchange remains top by market share. Meme Moguls, on the other hand, is a new meme-backed trading platform seeing huge interest from crypto enthusiasts during its presale.  Binance remains the largest crypto exchange by market share, despite facing a 5% dip amid regulatory issues. A new TokenInsight report also highlights that the exchange’s market share rose steadily after dipping to around 32% in November. Meanwhile, Meme Moguls (MGLS), a new exchange bidding for dominance as the world’s first meme-based trading platform, continues to strengthen its future outlook amid huge interest in its presale. Report shows Binance market share dropped 5% in 2023 Binance’s place as the world’s largest crypto trading exchange by market share came under thr...

When Binance and its founder CZ pleaded guilty to a variety of crimes in Seattle last month, they agreed to allow the US government to appoint a monitor to surveil its business internally for three years . Bureaus of the Treasury will retain access to books, records, and systems of Binance for an additional two years . Binance’s lax anti-money laundering (AML), know your customer (KYC), and countering the financing of terrorism (CFT) procedures were particularly concerning. In the past, Binance and CZ have admitted that they committed crimes and agreed to disgorge billions in ill-gotten gains.  FinCEN, for example, alleged that Binance failed to report more than 100,000 suspicious transactions. Binance also admitted to helping sanctioned parties transact on its platform. Beyond Binance ’s record-setting $4.3 billion penalty – the largest in the history of the US Treasury – the most punishing part of Binance ’s settlement is its upcoming monitor ship. Many speculate that Bina...

Data aggregator DefiLlama showed that Binance’s crypto asset inflows in the last 24 hours have fallen by over $1 billion. As crypto exchange Binance and the departure of its CEO Changpeng “CZ” Zhao hit the headlines in the last 24 hours, the digital asset space went into a rollercoaster mode that saw the market liquidate close to $175 million for traders betting on long positions. On Nov. 21, developments in Binance and CZ’s case with the U.S. Department of Justice saw CZ announce he would plead guilty to violating Anti-Money Laundering requirements and step down as the CEO of Binance. In addition, the U.S. Justice Department also announced a $4.3 billion settlement with Binance, and the exchange appointed a new CEO. Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. Binance is no longer a baby...

The US Department of Justice is looking for $4 billion from Binance as settlement over the prolonged investigations against the crypto exchange. Bloomberg says in a report that talks between the DOJ and Binance have been ongoing for a while and could end within weeks. The US government is reportedly seeking over $4 billion from Binance , the world’s largest cryptocurrency exchange by trading volume, in order to settle the criminal investigation against it.  The US Department of Justice and Binance have held discussions over this, Bloomberg News said in a report published on Monday. The US Justice Department is seeking more than $4 billion from Binance as part of a proposed resolution of a years-long investigation into the world’s largest crypto exchange https://t.co/T3jDuKygLF — Bloomberg Crypto (@crypto) November 20, 2023 Per the report, the DOJ will want Changpeng Zhao’s crypto behemoth to pay the colossal amount as part...

Crypto exchange Binance said it plans to offer up to 100 tokens in Japan after announcing over a dozen new digital assets on its exchange including Arbitrum, Near and Optimism. The statement from Binance disclosed a basket of tokens scheduled for listing and spot trading on Nov. 27. 13 cryptocurrencies make up the list of Binance Japan’s latest offering at press time, taking the total number of tradable assets on the platform to 47. These coins qualify for the simplified assessment and listing process offered by the Japan Virtual and Crypto Assets Exchange Association, Japan’s self-regulating crypto watchdog.  The 13 new tokens as named by Binance include Hashgraph (HBAR), Near Protocol (NEAR), Optimism (OP), Immutable X (IMX), Arbitrum (ARB), The Graph (GRT), Render Token (RNDR), Decentraland (MANA), EOS (EOS), GALA (GALA), ApeCoin (APE), Klaytn (KLAY) and Lisk (LSK). According to the company, this is the largest assortment of digital currencies available on any crypto exch...

Binance CEO Changpeng Zhao announced plans to enhance the security and usability of defi wallet s, acknowledging current weaknesses and committing to future improvements. Binance CEO Changpeng Zhao, commonly referred to as CZ, talked about problems with defi wallet s at Binance Blockchain Week in Turkey. Zhao said they’re not safe enough and they’re tough to use. Zhao’s company has started to tackle these issues with their new web3 wallet , but the Binance head admits there’s much more work to be done. #Binance is now your one app for all things Web3. Our new Web3 Wallet lets you connect DeFi to CeFi in one click. Try it and let us know what you think. https://t.co/OoxJUABjzU pic.twitter.com/rK3ukNCy8l — CZ Binance (@cz_binance) November 8, 2023 You might also like: SEC sues Binance and CZ for securities violations Zhao outlined that Binance aims to make defi wallet s safer and easier to use. Defi has seen quick growth, but faces security is...

Trading volumes on the largest cryptocurrency exchange, Binance, fell from 74% in December 2022 to 50% in October 2023. Traders’ pullback from Binance was especially evident on October 23rd. While Bitcoin was rising, Binance’s market share fell to almost nothing, coinciding with Bitcoin’s rise to $34,000. In contrast, OKX’s market share has exceeded 50%, according to Kaiko. This is quite unusual. Source: The Block Binance personnel changes At least 16 top managers have already left Binance. According to The Block analysts, these personnel changes are just the beginning. Here is the full list of Binance employees who left the company in 2023 despite management positions: Stephanie Cabossioras , the chief executive of Binance France, left her position in October. Jonathan Farnell , the head of the UK branch of Binance, held his position for 2.5 years and vacated it in September. Brian Schroeder , the CEO of Binance.US, left the company in mid-Sept...

Binance Futures is set to introduce USDⓈ-M POLYX and GAS perpetual contract s on Oct. 25, providing traders with up to 50x leverage, a development that warrants a careful Analysis of its potential benefits and inherent risks. Today, Binance Futures is poised to release USDⓈ-M POLYX and GAS Perpetual Contracts, providing an option for up to 50x leverage. While this introduces additional tools for traders, it also provides potential risks and implications of these financial instruments. Perpetual contracts, differing from standard futures contracts, do not have an expiry date, allowing positions to be held indefinitely. This could potentially lead to prolonged exposure to market volatility. The settlement for these contract s will be conducted in USDT, with POLYX and GAS featuring tick sizes of 0.0001 and 0.001 respectively. While this precision allows for granular trading strategies, the 24-hour per day, 7 days per week availability of these contract s necessitates constant market ...

In an Oct. 16 update to Binance.US’s terms of service for the exchange, a clarification was made that digital assets do not qualify for FDIC insurance coverage. The update also specifies that users must convert U.S. dollars into stablecoins or other crypto currencies before making withdrawals. U.S. dollar funds to stablecoin As part of the update, users will note new additions under the section “BAM Fiat Wallet.”  Binance.US Terms of Use | Source: Binance.US Terms of Use | Source: Binance.US The exchange now states that all U.S. dollar funds associated with your BAM Fiat Wallet are not eligible for FDIC insurance protections. In the event a user wishes  to withdraw U.S. dollar funds from an account, they will have to convert such U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn. You might also like: SEC and Binance.US in legal dispute over customer asset management Following a consumer alert The update comes aft...

Cryptocurrency exchange Binance US has withdrawn FDIC insurance for user funds. The exchange faces regulatory heat from the US Securities and Exchange Commission (SEC). The SEC lawsuit ramifications are spilling over. In a significant policy change, Binance US, the American arm of the global cryptocurrency exchange Binance, has revoked FDIC insurance coverage for user funds. The move comes amid an ongoing legal battle with the US SEC, which has accused the exchange of violating federal securities laws. The FDIC insurance withdrawal Binance US users were previously covered by FDIC insurance , providing a level of protection for their cryptocurrency holdings. However, following an update in their terms of service, the exchange has informed users that their crypto deposits are no longer insured by the Federal Deposit Insurance Corporation (FDIC). The updated terms explicitly state, “Digital Assets are not legal tender, are not backed by any government,...

Israel ordered crypto exchange Binance to locate and shut down all the terrorist-related accounts on its platform, as Hamas is actively seeking funds. The cyber unit of Israel Police’s Lahav 433 has blocked crypto accounts belonging to Hamas a few days after the Palestinian militant group launched an attack in Israel, killing hundreds of civilians. According to The Times of Israel, a spokesperson for the cyber unit said that Hamas had been seeking fresh capital in crypto , calling for donations on social media since Oct. 7. Although no details were given, the report says Israel ordered crypto currency exchange Binance to locate and shut down the account s on its platform. Lahav 433 is also reportedly working with the UK police to freeze a Hamas-related account in Barclays Bank. You might also like: Crypto firms assemble aid fund amid Israeli-Hamas war The move comes shortly after Hamas launched its unprecedented assault over the weekend, killing hundreds of civilia...

If you’re old enough, it isn’t difficult to grasp why Michael Lewis got it so wrong in his book about Sam Bankman-Fried , called Going Infinite . It’s worth rehashing a very specific moment in time from two decades ago to get a deeper understanding. When the US made the decision to invade Iraq for… reasons — mostly imagined — there was a set of operating procedures for many US journalists: either you embed with US troops, or you’re on your own, and if you get killed, well, then I guess that’s that. It set an unfortunate precedent for journalism in a war zone: one couldn’t even attempt to report what the enemy was saying without putting oneself in grave danger and the end result was an obedient press corp. This is to say that most journalists weren’t about to report atrocities or discuss the severe character flaws of certain individuals if they were forced to rely on them for survival. The belief that the fifth estate would fall in line was correct, and coverage of...

Russian clients of Binance, following its exit from the region, are shifting to various platforms for crypto trading. However, it is emerging that CommEX, the company that acquired Binance’s Russian business, isn’t a preferred choice for many clients . Thus far, peer-to-peer (P2P) operations have fallen by between 10 and 30%, as noted by Satoshkin CEO Dmitry Stepanin. You might also like: CommEX, platform that acquires Binance Russia, will offer services in Crimea At the start of 2023, Binance had around 7,700 daily ruble P2P transaction ads according to P2P.Army data. By mid-year, this dropped to 6,300, and by the end of September, it was down to 3,400. As of October 3, there was no data available for ruble transactions on Binance. Many crypto traders have shifted to Bybit, mainly due to its active marketing efforts, while other exchanges similar to Binance, such as Huobi, Bitget, Kucoin, and Gate.io, have also seen increased activity. P2P.Army data shows that...

Circle has emphasized that assets linked to the U.S. dollar do not fall under the category of securities. This is primarily because those acquiring these assets do not anticipate any profits from their acquisition. Circle, the entity behind the USD Coin stablecoin, has weighed in on the legal dispute between the United States Securities and Exchange Commission (SEC) and the cryptocurrency exchange, Binance. In an official court filing, Circle has asserted that assets pegged to the U.S. dollar, such as Binance USD (BUSD) or USDC, do not qualify as securities because individuals purchasing these assets are not anticipating any financial gains. According to Circle’s perspective, payment stablecoins do not inherently possess the characteristics of an investment contract. On June 5th, the SEC filed a lawsuit against Binance, citing several alleged legal infractions. The regulatory body has brought forth a total of 13 charges against the cryptocurrency exchange. These allegations incl...

Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...

After 16 consecutive months of decline, the stablecoin market dominance has fallen to 10.3% of the total crypto market capitalization. The market capitalization of stablecoins has hit the lowest level since August 2021 coming on the back of 16 consecutive months of decline, a new report says. Cryptocurrency analytics platform CCData released a report on July 20 saying the stablecoin market cap fell 0.82% from the start of the month until July 17, taking the sector's market cap to $127 billion. Stablecoin market dominance took a slight fall and is currently at 10.3%, dropping from 10.5% in June. Our latest Stablecoins & CBDCs Report is now live! Key Highlights: ️16-month fall in stablecoin market cap, now at $127bn ️ $USDT at $0.73, $USDC at $0.82 on #Binance.US ️ $USDP's largest cap drop since 2020, now at $593mn Full Report https://t.co/A9rFx6pbJx — CCData (@CCData_io) July 20, 2023 Of the top ten stablecoins, Pax Dollar (USDP) was hit hardest, falling 43.1% to $56...

Binance Introduces New Address Feature Binance has responded to a user feedback and introduced a new feature that enables users to generate multiple deposit addresses for a single network. This development aims to cater to “airdrop hunters” and reinforce user privacy protection. advertisement Other CEXs like BitGet recently announced the multiple deposit address feature for a single network. Binance has also introduced a deposit address book function. This feature enables users to efficiently organize and keep track of their various deposit addresses, providing greater flexibility in managing their funds. Also Read: Celsius Sells Altcoins Worth $25 Million: LINK, BNB, BONE… Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...

Meanwhile, core developer Joint L1 Task Force (L1TF) awaits Google to update the Chrome extension as some CosmWasm components will not function and will impact dApps until Google applies their update. advertisement Also Read: Terra Classic ’s Biggest v2.1.1 Parity Upgrade Proposal Officially Passed, LUNC To $1 Binance Announces Support for Terra Classic v2.1.1 Parity Upgrade According to an official announcement on June 14, Binance will support Terra Classic ’s v2.1.1 upgrade. The Terra Classic network upgrade will happen at block height 13215800 , expected today at 14:00 UTC. The current data suggest the upgrade will happen before the expected time. Binance will suspend LUNC and USTC deposits and withdrawals through the Terra Classic (LUNC) network at 13:00 UTC. The trading activity will not get impacted during the network upgrade and users can continue to trade LUNC and USTC. Recommended Articles ...