Another senior executive has left Binance, with Global Product Lead Mayur Kamat leaving the cryptocurrency exchange after almost 1.5 years. A representative issued a statement via email that read, “We can confirm that Mayur has resigned from his position as product lead.” “We thank him for helping us navigate Binance through some of our most

Unusual withdrawals from Stake included $9.8 million in ether and $3.9 million in tether, both of which were sent to an account with no prior activity. On September 4, $16 million was withdrawn from the cryptocurrency gaming site Stake in what the security firm Cyvers Alerts is referring to as “suspicious transactions.” Etherscan has tagged

With on-chain analyst Cyvers stating that $16 million has been withdrawn on the Ethereum network as a result of a “private key leak,” cryptocurrency casino Stake looks to have been the subject of an exploit. ZachXBT, a blockchain investigator, confirmed Cyvers’ assertion, claiming that $25.6 million had been stolen across Polygon and the Binance Smart

On Monday, SNX, the native token of decentralized liquidity platform Synthetix, increased by 12.5% as a result of substantial outflows from top digital asset exchange Binance.According to CoinMarketCap, volume over the last day has increased by more than 250% to $96 million. According to Lookonchain, one newly established wallet withdrew SNX tokens worth $7.7 million from Binance. Token outflows often indicate a purchasing pattern since traders desire to keep complete control of their assets so they may participate in governance or guarantee a yield.Along with SNX withdrawals, the wallet in question also made livepeer token (LPT) withdrawals totaling $3.9 million, which led to a 17.5% increase in each withdrawal’s value.The price increases of these two assets coincide with a general downturn in the bitcoin market.Following a week that saw $60 billion erased from cryptocurrency’s total market cap, bitcoin (BTC) and ether (ETH) continue to trade below range lows of $26,000 and $1,300, respectively.During these downturns, cryptocurrency trading pairs’ liquidity frequently contracts, resulting in a volatile environment. In this instance, LPT token’s 2% market depth on Binance is just $70,000 to the upside and $270,000 to the downside.By buying or selling those sums, a trade can change the asset’s price by 2%.Conversely, astute traders might also lure this recent buyer into their position by using the fact that the assets were bought in low-liquidity circumstances with considerable slippage, meaning pressure would be applied even with the smallest move to the downside.

The Senate Economics Legislation Committee of Australia rejected the “The Digital Assets (Market Regulation) Bill 2023″ proposed by opposition senator Andrew Bragg, urging the government to “continue to consult with industry on the development of fit-for-purpose digital assets regulation in Australia.” The committee’s report is partisan in nature.New South Wales representative Bragg slammed the decision, claiming that the Labor administration had “put regulating crypto in the slow lane.” The committee said the bill lacked detail and certainty and was at odds with the government’s approach. The bill was “not congruent with international regimes” and caused “genuine concern for regulatory arbitrage and adverse outcomes to the industry,” it said. The Treasury, under the leadership of Prime Minister Anthony Albanese, released a consultation paper on token mapping in February. It was intended to be followed up by a further consultation document in the middle of 2023, which would have proposed a licensing and custody framework for companies that provide services related to digital assets. “The Senate Committee was expected to report on this Bill over a

The former finance minister of Singapore and current head of the central bank, Tharman Shanmugaratnam, who has referred to cryptocurrencies as “purely speculative” and “slightly crazy,” was chosen to lead the nation on Saturday with 70.4% of the vote, succeeding Halimah Yacob, the nation’s first female president.Although the position is mostly ceremonial, the 66-year-old’s background may give him some sway in influencing legislation concerning the future of finance, including cryptocurrencies, central bank digital currencies (CBDCs), and other topics.After the collapse of local crypto darlings Terraform Labs and Three Arrows Capital while Shanmugaratnam was chairman of Singapore’s central bank, the Monetary Authority of Singapore (MAS), Singapore went from being an early adopter of cryptocurrency to a jurisdiction trying to find the right regulatory balance. The tenure of that position, which he held from 2011 to 2023, overlapped with his tenure as finance minister, which he served from 2007 to 2015.His career as an economist at the MAS began in 1982 after he earned a Bachelor of Science in Economics from the London School of Economics, a Master of Philosophy in Economics from the University of Cambridge, and a Master in Public Administration from the Kennedy School of Government at Harvard University.The International Monetary Fund (IMF) also placed him on its short list for the position of chief executive.Deputy Prime Minister, among other positions, were held by Shanmugaratnam throughout his 22 years in the legislature. Early on, Shanmugaratnam took a laissez-faire attitude toward cryptocurrencies.When he wrote in 2018, there was no need to outlaw cryptocurrency trading because it did not pose a threat to Singapore’s financial system. He reiterated that stance in 2023, saying at the World Economic Forum, that crypto is “inherently purely speculative and in fact slightly crazy.” While it should remain an unregulated market, he suggested authorities should provide “ultra clarity” on the risks associated with crypto because to “start getting into a game of regulating

Gala Games’ internal problems have come to light as a result of a recent lawsuit that was filed in the Utah District Court of the United States. On August 31, 2023, co-founders Eric Schiermeyer and Wright Thurston filed lawsuits against one another, accusing the other of stealing Gala tokens from the business. The Gala Games

The CEO of ARK Invest expresses her opinions on the relationship between artificial intelligence and bitcoin, focusing on the ramifications for the economy. Cathie Wood, the CEO of ARK Invest, recently stated her upbeat perspective on the nexus between bitcoin and artificial intelligence (AI) in an X (formerly Twitter) post. In the article, Wood made

The blockchain and cryptocurrency environment has seen OKX Wallet announce a number of integrations in the space of just one week that diversify its products and strengthen its position. According to press releases supplied with Blockchain.News by OKX, Oxalus, a specialised NFT social commerce platform, will be the newest addition to the ecosystem of OKX

Prior to the main cryptocurrency exchange’s collapse in November 2022, FTX debtors have published a number of financial statements that show transactions that benefited firm leaders.Several payments, specifically those made or property transfers made within a year prior to the collapse of FTX, were disclosed in a recent court filing with the United States Bankruptcy Court for the District of Delaware. These payments directly benefited senior company executives at FTX and Alameda Research. However, FTX debtors claim that there are no assurances as to the data’s completeness or correctness, and they disavow any responsibility for any mistakes or omissions. Sam Trabucco, a former Alameda Research co-CEO, benefited from a $2.51 million transaction that was made from the business to the American Yacht Group in March 2022.Trabucco tweeted about his resignation in August 2022, just a few months after this purchase, confirming that he was the owner of a boat.Caroline Ellison, who served as Trabucco and Alameda’s co-CEO during that time, responded to his post with well wishes and the wish that he enjoy more time on his yacht. Sam Bankman-Fried, Gary Wang, Nishad Singh, Darren Wong, and Constance Wang, all former FTX executives, received cash payments in the year before the company’s collapse, along with other former directors of engineering, chief marketing officers, and chief operating officers.It does point out that the disclosures only cover fiat money and how easily cryptographic transactions may be tracked. “Responses to this question do not currently include all transfers of cryptocurrency, other digital assets or other assets,” it stated. The document also noted the $35,185,242 purchase of Robinhood shares made in April 2022 by Bankman-Fried and FTX co-founder Gary Wang.In May 2022, they invested an additional $19.45 million to continue buying Robinhood.According to the information provided, Wang owned the remaining 10% of the corporation through their company, Emergent Fidelity Technologies, while Bankman-Fried retained 90% of the shares.The shares that belonged to Bankman-Fried and Wang were, however, confiscated by the US Department of Justice in January. According to a report dated August 31, Robinhood has bought back all the shares that FTX and Alameda Research had previously possessed.Robinhood announced in a statement that it had finished buying 55,273,469 shares for about $606 million.Jason Warnick, chief financial officer of Robinhood, stated the company’s delight with the outcome after the announcement of the purchase. “We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders.” He said.

Pro-XRP attorney John Deaton, who is defending several XRP token owners amid rumors of a possible resolution between Ripple and the US Securities and Exchange Commission (SEC), has laid out the potential stages the two sides might follow if they decide to settle. The importance of the ongoing Coinbase v. SEC lawsuit was emphasized by Deaton.He said it would mean that token sales on the exchange are exempt from U.S. securities laws if the Coinbase case judge granted the company’s move to dismiss.It wouldn’t, nevertheless, apply to cryptocurrency staking. “The only way Ripple and the SEC (could) settle before the end of the year is if Judge Failla grants the Coinbase motion to dismiss or partially grants it – finding token sales on an exchange in a blind bid/ask transaction do not fall under U.S. securities laws.” He explained. The SEC’s ability to pursue an appeal, should the petition to dismiss be granted, would be severely restricted, making a settlement an obvious choice.Deaton stressed that the agency’s authority would be reduced even if an appeal were feasible in this circumstance. Ripple stated in a document filed on September 1 that the summary decision did not address the interlocutory appeal’s legal foundation.It based its resistance on the claim that the agency had deviated from accepted legal doctrine, particularly in regards to the application of the Howey test to XRP token sales.In December 2020, the SEC filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and its co-founder Chris Larsen. As a result, XRP was removed from multiple exchanges to avoid any future legal issues.However, many exchanges announced their intention to relist the token after Judge Analisa Torres’ favorable verdict in July. In 2023, the SEC pursued a number of cryptocurrency companies, including Binance and Coinbase, on claims of securities breaches.Asset management Grayscale won a court case against the SEC on August 29 by requesting that its application for a spot Bitcoin exchange-traded fund be reviewed.

The cryptocurrency corporation Ripple argued in a fresh filing on Friday that the U.S. Securities and Exchange Commission (SEC) hasn’t presented a strong enough case to merit an appeals court’s involvement in its ongoing legal battle with Ripple.A federal judge’s decision that Ripple’s programmatic sales of XRP did not break the law on securities is being appealed by the SEC, and the judge has granted the SEC permission to do so.The SEC will have to persuade the Second Circuit Court of Appeals to take the case if Judge Analisa Torres of the Southern District of New York grants approval to the bid.Ripple stated in its petition on Friday that there are no relevant legal issues and that an appeal would not hasten the conclusion of the case as a whole. Both the SEC’s motion for an appeal and the judgment from July failed to “present a controlling question of law,” according to Ripple’s filing on Friday. The regulator also failed to demonstrate that an appeal would expedite the resolution of the case or that other judges might disagree with the decision, both of which are necessary conditions for the judge to approve an appeal, the filing added.In July, Judge Torres concluded that while Ripple had broken the law when selling XRP to institutions, it had not done so while making the cryptocurrency accessible to regular investors by listing it on exchanges. Judge Jed Rakoff, a separate judge in the same court, disapproved of Judge Torres’ conclusion in his own decision in the SEC’s lawsuit against Terraform Labs. The regulator raised this issue when it submitted the substantial portion of its appeal on August 18.In its petition on Friday, Ripple claimed that each case’s factual foundations were unique, which produced various rulings. “This Court’s summary-judgment ruling relied on record evidence that Ripple made no ‘promises or offers’ to purchasers in Programmatic Sales,” the filing said. “Terraform, by contrast, accepted the SEC’s allegations that Terraform and its founder promised all purchasers – those who bought directly from Terraform or from some other source – ‘rates

The so-called “whales” of the bitcoin (BTC) community didn’t appear intimidated by the recent price decline and significantly expanded their holdings.According to data from the cryptocurrency analytics company IntoTheBlock, addresses with at least 0.1% of the total supply of bitcoin, or more than $500 million, raised their holdings by a combined $1.5 billion in the final two weeks of August. The increase occurred while inflows into centralized exchanges were near zero, suggesting that “there is organic buying demand rather than just funds moving to exchange addresses,” Lucas Outumuro, head of research at IntoTheBlock, wrote in a report. Large-scale digital asset owners are known as whales.Because their purchases and trades have a significant impact on markets, cryptocurrency observers regularly monitor their conduct to foresee market changes.The transactions were made during a time when the price of BTC fell to a two-month low before briefly rising due to a significant court ruling in Grayscale’s effort to establish a spot bitcoin exchange-traded fund in the United States. According to IntoTheBlock statistics, large holders began to load up after Aug. 17, when BTC fell more than 10% to below $26,000, its lowest price since June.Additionally, they upped their shares earlier this week when fund management Grayscale defeated the Securities and Exchange Commission (SEC) in court.The regulator was directed to examine and overturn its decision to deny converting the $14 billion Grayscale Bitcoin Trust into a more desired spot bitcoin ETF by a federal appeals court. The court’s ruling was seen by analysts as a significant step towards the U.S. listing of the first spot BTC ETF, which would increase accessibility of the largest cryptocurrency for a new class of investors.Although BTC fell back below $26,000 on Friday, it has now recouped all of the gains from the brief rally sparked by the Grayscale decision. Despite the weak price action, the accumulation suggests that “institutional investors are getting optimistic

First UPI integration for the Indian retail CBDC, which has experienced a range of initiatives since its test debut in December, is found in the Yes Bank app. Yes Bank declared on August 30 that the digital rupee, the Reserve Bank of India’s (RBI) central bank’s digital currency, will have improved usage. This was made

The price of XRP may be affected by this action, according to rumours.The cryptocurrency tracking service Whale Alert has recently discovered a big purchase of Ripple’s XRP token. 66,666,659 XRP, or about $33,065,809, were reportedly transferred from Binance to an unidentified wallet, according to Whale Alert. The decision has spurred discussion about the possible effects

According to a report published last week by alternative asset manager Brevan Howard Digital, the market for stablecoins like tether (USDT) and USD Coin (USDC) is anticipated to expand to trillions of dollars in supply and hundreds of trillions of dollars in transaction value in the upcoming years as more and more people around the world use these cryptocurrencies to access U.S. currency.According to co-head of venture investments Peter Johnson and analyst Sai Nimmagadda, stablecoins will “increasingly provide financial services to the global unbanked and underbanked, provide an escape from high-inflation currencies, and ignite an explosion of innovation built upon these new global open-network money movement rails.” According to the investment manager, the recent launch of PayPal USD (PYUSD), the company’s own stablecoin, by the payments giant Paypal (PYPL), “highlights the opportunity in stablecoins” and has the potential to “upend global financial services.”Stablecoins are a particular class of cryptocurrency whose value is tied to another asset, usually the dollar. “In 2022, stablecoins settled over $11t on-chain, dwarfing the volumes processed by Paypal ($1.4t), almost surpassing the payment volume of Visa ($11.6t), and reaching 14% of the volume settled by ACH, and over 1% the volume settled by Fedwire,” the authors wrote. A specific kind of computerized bank-to-bank transfer used in the US is called an ACH payment.Fedwire is a central bank money settlement mechanism run by American Federal Reserve institutions. “It is remarkable that in just a few years, a

A lesser portion of the stablecoin market is tied to other currencies, despite the dominance of tokens backed by the dollar, such as tether (USDT) and USD Coin (USDC).The Turkish Lira (TRY), one of the world’s most volatile fiat currencies, is now used to back a stablecoin that isn’t tethered to the US dollar.Users can issue and redeem 1 TRYB for 1 TRY using the Ethereum-based TRYB stablecoin from Turkish fintech business BiLira.The stablecoin is fully backed, per the official website, by fiat reserves kept in Turkish banks. According to Coingecko data, TRYB’s market cap increased by 325% to $136.10 million in just three weeks.With a market cap of $224 million, Tether’s EURt, a stablecoin pegged to the euro, is the second-largest non-USD-pegged stablecoin in the world.The largest stablecoin in the world, dollar-pegged USDT, is likewise supported by tether and has a market valuation of approximately $83 billion. “Since the Turkish lira price has been very volatile and losing value against the U.S. dollar, the TRYB token is mostly a medium of exchange currency. Our customers have been using the TRYB token as a gateway to exchange their Turkish lira fiat into cryptocurrency and vice versa,” BiLira stated in an email.

A proposed $175 million agreement with the shuttered exchange FTX has drawn criticism from creditors of the insolvent cryptocurrency lender Genesis Global Capital (GGC), who are claiming that GGC used vote-buying to “manipulate” the bankruptcy procedure.The Thursday papers provide Genesis, which wants to finish up its business and start paying back former clients, yet another hardship. After declaring bankruptcy in January, GGC has been at odds with its parent company Digital Currency Group (DCG) about how to handle more than a billion dollars in debt, and the tentative agreement hasn’t been well received by all of the creditors. The two bankrupt firms entered into a new legal agreement in the middle of August that allows FTX’s Alameda Research to claim $175 million on the Genesis estate. This is a big decrease from the $4 billion that FTX had originally requested, but other creditors aren’t happy with that either. “[Genesis’] proposed settlement with FTX is an attempt to manipulate the plan voting process… a sweetheart pre-plan deal,” said a late Thursday night filing by crypto exchange Gemini, which is owed some $766 million by Genesis, adding that the proposal “cannot be accepted at face value.” Creditors are effectively charging Genesis with ballot-stuffing because bankruptcy plans must be approved by creditors in proportion to their claims. “[Genesis], by entering into the

Despite Beijing’s 2021 complete ban on cryptocurrencies, some Chinese courts have found that owners of virtual assets retain property rights. A report on the legality of virtual assets that examined the aspects of these digital assets that violated criminal law was published in China by a People’s Court. According to the court’s report, virtual assets

Sam Bankman-Fried, the creator of the now-defunct crypto exchange FTX, previously controlled $605.7 million in stock, which popular trading site Robinhood (HOOD) has agreed to purchase from USMS. Around the beginning of this year, the United States government seized the 55 million HOOD shares owned by Bankman-Fried and other FTX co-founder Gary Wang through Emergent

To improve the efficiency and security of the exchange of digital assets, Standard Custody & Trust Company, LLC has teamed up with GSR Markets Limited. Standard Custody, which is overseen by the New York Department of Financial Services, brings to the table its experience as an accredited custodian. GSR adds to this by providing reliable

Following the launch of Layer-2 solution Base by Coinbase, four security incidents occurred.Throughout the month of August, hacks and exploits cost cryptocurrency users a total of $15.8 million. A recent report from blockchain security company Immunfi states that a total of $23.4 million in cryptocurrency was lost due to hacking and fraud, which is a

In a filing on Wednesday, a New York judge dismissed a proposed class action lawsuit against prominent decentralized crypto exchange Uniswap and classed popular cryptocurrencies ether (ETH) and bitcoin (BTC) as “commodities”.A group of investors sued Uniswap and its founder Hayden Adams in April 2022 on the grounds that the DeFi platform had broken U.S. securities laws by failing to register as a broker-dealer or exchange and by offering and soliciting shares on an unregistered exchange.The lawsuit aimed to hold Uniswap liable for investors’ losses caused by “scam tokens” created and traded on the network. The Ethereum (ERC-20) tokens Bezoge (BEZOGE), Alphawolf Finance (AWF), and EthereumMax (EMAX) are among those mentioned in the lawsuit. The issuers of the alleged “scam tokens” were declared to be the real defendants in the case, not Uniswap, according to Wednesday’s decision to dismiss the lawsuit before it goes to trial.Judge Katherine Polk Failla of the Southern District of New York specifically referred to ETH as a commodity and declined to “stretch the federal securities laws to cover the conduct alleged” in the case against Uniswap, in contrast to Securities and Exchange Commission (SEC) Chief Gary Gensler who has so far refrained from referring to the cryptocurrency as a security. The court’s decision to dismiss the class action lawsuit may have an impact on future lawsuits brought against decentralized protocols and potentially even lawsuits claiming that U.S. securities laws have been broken.Additionally, Judge Polk Failla is in charge of the SEC’s case against Coinbase. According to Judge Polk Failla’s ruling published after the order on Wednesday, the decentralized architecture of the Uniswap Protocol rendered identifying scam token issuers “unknown and unknowable,” leaving no “identifiable defendant” in the case. In the absence of “actual issuers” of the “scam tokens,” the plaintiffs argued that Uniswap facilitated the trades at issue by “providing a marketplace and facilities for bringing together buyers and sellers of securities” for a transaction fee, “hoping that this Court might overlook the fact that the current state