An address associated with the $50 million hack of South Korean crypto exchange, Upbit, has moved some of the stolen Ethereum (ETH) to Binance. The world's biggest exchange immediately froze these funds on its platform, and has initiated an investigation. On May 13, Whale Alert tweeted that a 137 ETH ($27,164) transaction was moving funds derived from hacked Upbit exchange to Binance. According to the transaction details, the transfer occurred at 12 p.m. EST. Less than one hour after the transaction was flagged, Binance CEO Changpeng Zhao, or CZ, stepped in to the tweet thread to report that the transferred …
Binance’s newly released Binance Cloud platform might be somewhat different from what the crypto industry expects the new feature to be. After Binance founder and CEO Changpeng Zhao (CZ) first hinted at the introduction of Binance Cloud on Feb. 8, the new service has been officially released on Feb. 17, targeting users willing to set up crypto exchanges, according to a blog post by Binance. All-in-one infrastructure for launching a crypto exchange According to the announcement, Binance Cloud will serve as an all-in-one infrastructure platform for customers and partners to launch digital asset exchanges based on Binance’s industry-leading technology, security, …
From the outside looking in, the United States seems to present a host of amazing financial opportunities. However, when it comes to launching cryptocurrency exchanges or altcoin trading platforms, these possibilities start to dwindle and fade quite rapidly. In this regard, over the past few years, the U.S. regulatory landscape has seemed so hostile toward the crypto industry that a number of prominent exchange operators have preferred not to serve U.S. citizens at all — a case in point being Bancor, a decentralized liquidity network, that recently decided to block American citizens from using its website to convert its tokens. …
Binance founder and CEO Changpeng “CZ” Zhao argues that “bad” crypto projects should be left to fail and not receive bailouts from crypto firms with healthy cash reserves. In a Thursday blog post, CZ said that firms that have been poorly operated, poorly managed or have released poorly designed products shouldn’t receive bailouts — and should instead be left to crumble: “In short, they are just ‘bad’ projects. These should not be saved. Sadly, some of these ‘bad’ projects have a large number of users, often acquired through inflated incentives, creative marketing, or pure Ponzi schemes.” “Further, in any industry, …
Two weeks after Binance initially pledged to develop a proof-of-reserve (PoR) mechanism in response to the FTX liquidity and bankruptcy fiasco, it published its official response. In an announcement on the Binance website, the exchange outlined how users can use the mechanism to verify its holdings. Currently, the only token available to verify through the Merkle Tree-based system is Bitcoin (BTC), though the announcement says additional coins will be added in the coming weeks. It also highlighted upcoming transparency updates which include the involvement of third-party auditors to audit its PoR results and implementation of ZK-SNARKs in its PoR methods, …