The recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance has sparked a wave of concern within the crypto industry. As the case proceeds, the involvement of third parties through amicus briefs has become increasingly significant. In a notable move, crypto investment firm Paradigm has filed an amicus brief to support
Exchanges
Former engineer Aditya Baradwaj has shed light on the lax security practices that contributed to enormous losses, estimated at nearly $200 million, within the now-defunct Alameda Research company. These revelations unveil a troubling trend of prioritizing rapid expansion over crucial risk management protocols, which resulted in significant challenges for the firm. Baradwaj’s disclosure highlights the
The U.S. Securities and Exchange Commission (SEC) has received support from the North American Securities Administrators Association (NASAA) regarding its legal actions against Coinbase. NASAA acknowledges that there is nothing inherently fraudulent about cryptocurrencies. However, the sector has unfortunately attracted fraudsters who take advantage of investors’ fear of missing out and their vulnerable economic situations.
The recent trial involving Alameda Research has brought to light shocking revelations of fraud and deception. One pivotal moment during the trial was the testimony of Alameda Research CEO, Caroline Ellison, who admitted to committing fraud under the direction of Sam Bankman-Fried (SBF), the founder of Alameda Research. Ellison confessed to diverting billions of dollars
Cryptocurrency exchanges have become a prime target for hackers, and the recent data shared by UPbit, a prominent South Korean exchange, highlights the gravity of the situation. The exchange operator, Dunamu, revealed that UPbit experienced a staggering 159,061 hacking attempts in the first half of this year alone. This represents a massive increase from the
The US Consumer Financial Protection Bureau (CFPB) is taking a critical look at the application of the Electronic Fund Transfer Act (EFTA) to cryptocurrency platforms. The increasing number of significant hacks on platforms like Axie Infinity, Crypto.com, and FTX has highlighted the need for stronger consumer protections in the crypto market. In a conference organized
The cryptocurrency community has been rocked by the recent report released by whistleblower platform Crypto Leaks, which raises serious allegations against crypto intelligence firm Arkham Intelligence. According to the report, Arkham has been accused of exploiting vulnerabilities at major exchanges in order to reveal users’ personal information. This revelation has sparked a heated debate about
In a recent investigative report published by Forbes, it has been revealed that Binance, one of the leading cryptocurrency exchanges, may have overstated the success of its initial coin offering (ICO) for Binance Coin (BNB) back in 2017. This revelation brings into question the transparency and credibility of Binance and its founder and CEO, Changpeng
JPEX, a Hong Kong-based cryptocurrency exchange, has recently come under scrutiny for its decision to restrict user withdrawals. This move has caused a stir among users, as their balances have been converted to a non-withdrawable cryptocurrency called JPC, JPEX’s own token. The conversion has rendered users unable to access their funds, leading to frustration and
In a bid to combat cryptocurrency-related crimes, India is currently developing a comprehensive global database that will encompass all crypto exchanges, including those found on the dark web. The objective of this initiative is to equip law enforcement agencies with the necessary tools to track and compile data regarding illicit cryptocurrency activities. By doing so,