Crypto News
India’s SEBI Recommends Multi-Regulator Approach for Crypto Oversight
The Securities and Exchange Board of India (SEBI) has recommended that multiple regulators should oversee various aspects of crypto trading in the country. This stance, revealed in documents seen by Reuters, marks the strongest indication to date that at least some Indian authorities are open to allowing the use of private virtual assets. Key points: …...
Binance Develops Algorithm to Combat Address Poisoning Scams
Binance has taken a major step towards combating the growing threat of address poisoning scams by developing an innovative algorithm. The exchange’s security team has created a unique method to identify and flag millions of poisoned crypto addresses. Key points: Also read: Tornado Cash Developer Appeals Money Laundering Conviction Scammers use address poisoning as a …...
Tornado Cash Developer Appeals Money Laundering Conviction
Alexey Pertsev, the Tornado Cash developer who was recently found guilty of money laundering by the s-Hertogenbosch court in the Netherlands, has filed an appeal against his conviction. The court spokesperson confirmed that Pertsev has submitted an appeal. However, it remains unclear whether the appeal has been approved at this stage. Key points: The appeal …...
Two Brothers Indicted for $25 Million Ethereum Blockchain Heist
Anton Peraire-Bueno, 24, of Boston, and James Pepaire-Bueno, 28, of New York, have been indicted on charges of conspiracy to commit wire fraud and money laundering. According to the DOJ, the brothers allegedly orchestrated a scheme that exploited the integrity of the Ethereum blockchain to fraudulently obtain approximately $25 million worth of cryptocurrency in just …...
North Korea Laundered $147.5 Million Via Tornado Cash: UN
United Nations sanctions monitors have revealed information about North Korea’s illicit financial activities in a confidential report that Reuters saw on Tuesday. The report, submitted to a U.N. Security Council sanctions committee on Friday, details how the nation laundered $147.5 million through Tornado Cash in March. Key findings from the report: Also read: Sonne Finance …...
Sonne Finance Falls Victim to $20M Hack, Forcing Protocol to Pause Operations
Lending protocol Sonne Finance has suspended its operations following a hack that resulted in the theft of $20 million worth of cryptocurrencies from the platform. The incident, which occurred on May 14 at approximately 10:30 p.m. UTC, was first detected by Web3 security firm Cyvers. The firm noted an ongoing attack targeting Sonne Finance’s USD …...
El Salvador Volcanic Bitcoin Mining Yields 473.5 BTC, Boosting Holdings to 5,750 Coins
El Salvador has mined 473.5 Bitcoin since September 2021 using geothermal energy from the Tecapa volcano. According to official data released by the country’s “Bitcoin Office” on Tuesday, this brings the government’s total Bitcoin portfolio to 5,750 BTC. Key points: Also read: Tornado Cash Developer Convicted Of Money Laundering, Sentenced To 64 Months In Prison …...
Tornado Cash Developer Convicted of Money Laundering, Sentenced To 64 Months in Prison
A Dutch judge at the s-Hertogenbosch court has found Alexey Pertsev, a developer of the cryptocurrency mixing platform Tornado Cash, guilty of money laundering. The court sentenced Pertsev to 64 months in prison, marking a shocking development in the ongoing legal battles surrounding the crypto mixer. Key points: Also read: Coinbase Investigates System-Wide Outage, Assures …...
Coinbase Investigates System-Wide Outage, Assures Users’ Funds Are Safe
Coinbase is currently grappling with a system-wide outage that has left users unable to access their accounts or conduct transactions. The company has announced that it is actively investigating the issue and working on implementing a solution to restore full functionality to its platform. Key points: Read more: Crypto Exchange Rain Allegedly Exploited For $14.8M: …...
Crypto Exchange Rain Allegedly Exploited for $14.8M: ZachXBT
In a recent revelation by on-chain investigator ZachXBT, the Bahrain-based crypto exchange Rain appears to have fallen victim to a significant exploit. The exploit has resulted in a loss of approximately $14.8 million. The alleged incident, which took place on April 29, 2024, was brought to light through a Telegram post by the renowned sleuth. …...
Crypto Funds See $130M Inflows, Ending 5-Week Outflow Streak
After five consecutive weeks of outflows, crypto investment products have experienced a notable turnaround, recording inflows totaling $130 million. However, despite this positive development, exchange-traded product (ETP) volumes continue to subside. They have recorded a weekly volume of $8 billion compared to the $17 billion average in April, according to a report by CoinShares. Key …...
Chinese Police Bust $296 Million Illegal Crypto-Based Underground Bank
Chinese authorities have uncovered and closed down an underground bank that exploited crypto to facilitate illicit currency exchange operations between the Chinese yuan and the South Korean won. The Public Security Bureau of Panshi City, Jilin Province, successfully arrested six suspects involved in the case. The suspects completed transactions amounting to approximately 2.14 billion yuan …...
Binance Registers With India’s Financial Intelligence Unit
The world’s largest crypto exchange, Binance, and its rival, KuCoin, have been registered with India’s Financial Intelligence Unit (FIU). This marks the first time that offshore crypto-related entities have been approved by India’s anti-money laundering unit. Key points: The registration of Binance and KuCoin with the FIU is a significant milestone for India’s crypto industry. …...
Kraken Fires Back at SEC, Arguing Agency’s Case Lacks Proper Wording
Kraken has intensified its legal battle with the United States Securities and Exchange Commission (SEC) by filing a reply to the agency’s April letter regarding the company’s motion to dismiss the case. Kraken argues in the latest development that the SEC has not identified any specific investment contracts traded, brokered, or settled on its platform. …...
Revolut Launches Standalone Crypto Exchange Called Revolut X
Revolut, a UK fintech company, has announced the launch of Revolut X, a standalone cryptocurrency exchange. Key features of the exchange: Revolut X aims to compete with other leading exchanges by offering easy on-and-off ramping, low fees, and a user-friendly interface. The platform is initially launching with a desktop version, enabling experienced crypto traders to …...
Binance Slapped with $4.3 Million Penalty by Canadian Regulator
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a substantial administrative monetary penalty on Binance. On May 7, 2024, FINTRAC issued a penalty of $4.3 million for Binance’s non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations. Key points: Also read: Consensys CEO Joseph …...
Consensys CEO Joseph Lubin Accuses SEC of Stifling Innovation Like Ethereum
Joseph Lubin, the co-founder of Ethereum and CEO of Consensys, has spoken out against the U.S. Securities and Exchange Commission (SEC). He alleged that the regulator is intentionally hindering innovation in the cryptocurrency industry to protect the existing financial landscape. In a candid discussion at FT Live’s Crypto and Digital Asset Summit in London shared …...
Binance Fires Employee Who Discovered Evidence of DWF Labs Market Manipulation
The Wall Street Journal has reported that cryptocurrency exchange Binance fired a member of its market surveillance team who had uncovered evidence of market manipulation by DWF Labs, a high-profile client. Key points: According to interviews with current and former Binance employees, documents, emails, and other industry participants, the market surveillance team had been tasked …...
Donald Trump Pledges to Accept Crypto Donations for Presidential Campaign
Former U.S. President Donald Trump has announced his intention to accept campaign donations in crypto. The speech came during a gathering organized by Trump to meet and dine with buyers of his “Mugshot Edition” non-fungible tokens (NFTs) on his day off from trial. Key points: Frank Degods, a prominent NFT creator and influencer, shared the …...
FTX Reveals Plan to Reimburse Creditors, Most Will Receive 118% of Claims
The cryptocurrency exchange FTX has announced a reorganization plan that aims to fully compensate its creditors. Surprisingly, most creditors stand to gain more than they initially lost. In a late Tuesday court filing, FTX estimated its debt to creditors to be around $11.2 billion. However, it has managed to secure between $14.5 billion and $16.3 …...
