The bear market and the wave of bankruptcies in the crypto industry drained $116 billion from the pockets of founders and investors in the past nine months, according to recent estimates by Forbes. The loss represents the combined personal equity of 17 people in the space, with over 15 losing more than half of their fortunes since March. As a result, 10 names were removed from the crypto billionaires list. One of the major losses was attributed to Binance CEO Changpeng "CZ" Zhao. In March, his 70% stake in the crypto exchange was valued at $65 billion, but it is …

From Terra to FTX, 2022 has given us many weird crypto stories. While investors have been enduring a bear market that saw the crypto industry sink below the $1 trillion market capitalization mark, adoption in the space has been growing, and old mysteries were finally solved. From the incredible short squeeze of a bankrupt company’s token to old anti-crypto arguments used by a major central bank, we’re getting weird with five stories the best fiction writers couldn’t dream up. “Comedic rapper” charged over Bitfinex hack Back in 2016, popular cryptocurrency exchange Bitfinex suffered a major security breach that saw attackers …

From an outside perspective, 2022 has been a rollercoaster ride for crypto. The market reached a total valuation of $3 trillion during the bull market of 2021, only to scale back to its current level of around $810 billion. While this poor performance can be partly attributed to the pervading macroeconomic environment — compounded by rising inflation rates and the ongoing Ukraine-Russia conflict, among other factors — one cannot deny the role that the recent slew of insolvencies has had on the sector. That said, below is a list of arguably the most notable heroes and villains who have undeniably …

The world’s largest crypto exchange, Binance, has been dealing with a torrent of FUD (fear, uncertainty, and doubt) since the downfall of FTX. The firm is now fighting back with its latest blog post. On Dec. 22, Binance published a blog post in Chinese to address seven key issues the company wanted to clear up. At the time of writing, there was no English language version available. The first of which was the temporary suspension of USDC withdrawals earlier this month. It explained that this was done during a "token swap" conversion period with the exchange consolidating its stablecoin reserves …

Binance has joined the Chamber of Digital Commerce, a United States crypto industry lobbying group, according to a Dec. 20 press release from the exchange. The move comes after Binance has been criticized for allegedly being unregulated. Binance’s vice president of public affairs Joanne Kubba expressed hope that the partnership would help lead to clear regulations for the crypto industry in the U.S., stating: “As an organization at the crux of the industry's rapid growth and complex regulatory environment, working hand in glove with policymakers, regulatory bodies and industry groups like the Chamber is imperative for Binance. Such work is …

BNB (BNB), the native token of the Binance crypto exchange, is under threat of undergoing a significant price correction in the coming weeks, based on a mix of technical and fundamental indicators. BNB triangle breakdown continues From a technical perspective, BNB has entered the breakdown stage of its multi-month ascending triangle pattern, a trend continuation indicator. The breakdown could last until the price reaches the level that comes to be at the length equal to the triangle's maximum height. In other words, BNB's ascending triangle breakdown target is near $170, down about 30% from the current price levels, as shown …

Busan, the blockchain city of South Korea, has moved a step closer to forming a local crypto exchange, but it has dropped most of the global centralized exchange partners. The drastic decision comes in the wake of the recent colossal failure of centralized exchanges. The city announced the steering committee comprising 18 local blockchain experts but none of the five exchanges that had agreed earlier this year to assist the city in establishing its first official digital asset exchange. The five exchanges included Binance, Crypto.com, Gate.io, Huobi Global and FTX. The steering committee is a municipal advisory body tasked with …

According to a new press release published on Dec. 19, cryptocurrency exchange Binance.US will acquire assets of bankrupt crypto lender Voyager Digital for $1.022 billion. After a review of strategic options, the firm said that Binance.US represented the "highest and best bid for its assets." The $1.022 billion bid is comprised of the fair market value of Voyager's cryptocurrency portfolio at a to-be-determined date in the future, along with an additional consideration equal to $20 million of incremental value. "The Company's claims against Three Arrows Capital remain with the bankruptcy estate, and any future recovery on these and other non-released …

Kazakhstan, the world’s third-largest Bitcoin (BTC) mining hub after the United States and China, found feasibility in launching its in-house central bank digital currency (CBDC), a digital tenge. The National Bank of Kazakhstan (NBK) revealed the finding following the completion of the second phase of testing. In late October, Binance CEO Changpeng' CZ' Zhao announced that Kazakhstan's CBDC would be integrated with BNB Chain, a blockchain built by the crypto exchange. The country's primary motivation for conducting studies on CBDC was to test its potential to improve financial inclusion, promote competition and innovation in the payments industry and increase the …

The total cryptocurrency market capitalization dropped 8.1% in the past two days after failing to break the $880 billion resistance on Dec. 14. The rejection did not invalidate the 4-week-long ascending channel, but a weekly close below $825 billion will confirm a shift to the lower band and reduce the support level to $790 billion. The overall investor sentiment toward the market remains bearish, and year-to-date losses amount to 66%. Despite this, Bitcoin (BTC) price dropped a mere 2% on the week, down to the $16,800 level at 17:00 UTC on Dec. 16. A far different scenario emerged for altcoins …

As the FTX collapse highlighted the need for more transparency from centralized crypto exchanges, working with auditors has been the move by top crypto trading platforms to assure users that their assets are fine. However, two of the most prominent auditors have suddenly dropped their crypto auditing services, leaving exchanges hanging at a very crucial time. At the moment, the official website of the French auditing firm Mazars Group shows that its section, called Mazars Veritas, which is dedicated to crypto audits is now offline. The firm worked with several of the most prominent crypto exchanges including Binance, KuCoin and …

A decentralized social network project called Mithril (MITH) was recently delisted from Binance and in return, the crypto project asked for the 200,000 Binance Coin (BNB) it had to deposit as insurance for listing on the exchange. Binance CEO Changpeng Zhao aka CZ responded to MITH’s demand on Twitter with a screenshot of their contract that suggests if the listed token price falls below a certain threshold, the exchange has the right to deduct the insurance fund partially or fully as an additional fee. CZ said that the said project’s token price fell below the trigger threshold on multiple occasions …