Crypto trading platform AscendEX suffered a loss of $77.7 million in a hot wallet compromise that allowed hackers to access and transfer tokens hosted over the Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (POLY) blockchains. Soon after realization, AscendEX proactively warned its users about the stolen funds, confirming that the hackers were not able to access the company’s cold wallet reserves. 22:00 UTC 12/11, We have detected a number of ERC-20, BSC, and Polygon tokens transferred from our hot wallet. Cold Wallet is NOT affected. Investigation underway. If any user’s funds are affected by the incident, they will be …

In the digital asset world, users may come across the concept of a “nested service” when using certain features of an exchange. This concept is not uncommon in the traditional or digital banking worlds and is often used to extend the features of a platform to a set of end-users. An example of this is where users gain access to additional trading pairs from another exchange, or if a bank operating in one country wants to extend their services into another region, a feature known as correspondent banking. Taking this concept one step further, entire nested cryptocurrency exchanges have emerged, …

Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks with Indonesia’s richest family, the Hartonos, to open a crypto exchange. As per a report published in Bloomberg, Binance Holdings Ltd. is looking to finalize a crypto venture with billionaire siblings Budi and Michael Hartonos-controlled PT Bank Central Asia (BCA), and Indonesia’s largest state-owned telecom firm PT Telkom Indonesia. The report also claimed that the BCA may enter into the partnership using a separate business entity and the terms of the partnership could vary at the time of finalization. If finalized, it would be the second crypto …

Coinbase has come under fire recently following a technology snafu that reportedly resulted in the company closing many of its customer's accounts. When users attempted to purchase Japanese stablecoin GYEN and Powerledger (POWR), they suffered from technical difficulties. This was then followed by an error in the system response. Now, deeply frustrated customers have launched an online campaign demanding refunds. #Coinbase only gave me $50 worth of $BTC ‍♀️ I need all my money back that I invest in $GYEN #GYEN and plus you guys gave me a hard time and everything and you guys only game $50 dollars you …

Binance Asia Services, the Singapore arm of major cryptocurrency exchange Binance, has acquired a stake in a local private securities exchange, Hg Exchange (HGX). On Dec. 7, the company officially announced an acquisition of a post-money 18% stake in HGX, a stock exchange licensed and regulated by the Monetary Authority of Singapore. Binance Singapore CEO Richard Teng said that the new investment will help Binance and HGX further expand the scale of products and services “supported by blockchain technology” in Singapore. “Crypto and traditional financial offerings continue to converge. We aim to work collaboratively with HGX to enhance the blockchain …

Binance Smart Chain (BSC) and Animoca Brands are launching a $200 million investment program to incubate early cryptocurrency-focused gaming projects building on BSC. BSC and Animonica announced Dec. 6 that they are co-investing up to $100 million each to support game projects in the GameFi sector. One of the largest blockchain ecosystems, BSC will be investing from its $1 billion accelerator arm for decentralized finance (DeFi), nonfungible tokens (NFT) and GameFi. The fund was set up earlier this year to extend BSC ecosystem services and drive mainstream adoption across the fintech sector. Animoca Brands is a major player in blockchain …

Binance CEO Changpeng Zhao said the exchange is planning to expand to the U.K. in the next six to 18 months, despite being instructed by the country’s regulator to cease trading earlier this year. The U.K.’s Financial Conduct Authority (FCA) revoked Binance’s ability to trade in Britain in June, amid a sweeping regulatory crackdown on crypto exchanges. Binance is one of the world’s largest crypto exchanges. To become a registered crypto asset firm in the U.K., the platform must abide by money laundering and terrorist financing controls. To meet these requirements, Zhao indicated the company was considering setting up a …

The CEO of Binance, the world’s largest cryptocurrency exchange by volume, has disclosed some information on how to get listed on the trading platform. The most important criteria for listing a cryptocurrency on Binance is the number of users, CEO Changpeng Zhao said in a Forbes interview on Nov. 29. CZ went on to say that there are many other factors like the number of active addresses on blockchain, social media audience and code commits. However, the number of users is “the key metric,” he said: “If a coin has a large number of users, then we will list it. …

Binance, one of the world’s largest cryptocurrency exchanges by daily trading volumes, has resumed Dogecoin (DOGE) withdrawals following a system glitch caused by the DOGE wallet upgrade. The exchange officially announced on Nov. 29 that it restarted DOGE withdrawals after experiencing a major issue where Binance users were unable to withdraw Dogecoin for 17 days. Additionally, 1,634 users on Binance were sent old transactions due to a conflict of several DOGE wallet versions. This happened due to a “combination of unlikely factors” and ultimately affected only Binance, the exchange wrote: “In short, if 1) your platform had listed DOGE all …

Russian people are among the world’s most active participants of the cryptocurrency market, according to the country’s central bank. The Bank of Russia published a fresh review on financial stability on Nov. 25, pointing out the country’s growing role in the $2.8 trillion market. Citing estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to 350 billion rubles, or $5 billion USD. It appears to be unclear whether the Bank of Russia has converted these estimations as the price of Bitcoin (BTC) …

Twitter has become an arena for another cryptocurrency-related battle due to Binance experiencing ongoing issues with Dogecoin (DOGE) withdrawals. Tesla CEO Elon Musk, one of the world’s biggest Dogecoin fans, took to Twitter on Tuesday to bring up issues related to DOGE withdrawals on Binance. Tagging Binance CEO Changpeng Zhao, Musk wrote: “What’s going on with your Doge customers? Sounds shady.” Binance’s official Twitter account took about 30 minutes to respond, arguing that there’s nothing shady with the issue and citing a fresh Twitter update regarding the problem. “The root cause is a technical issue during the recent upgrade process …

Distributed ledger technology, also known as blockchain, is changing financial markets in a variety of ways. Although this has been understood by enthusiasts for several years, it has finally been recognized by mainstream financial authorities. “Recently, the rise of distributed ledger technology, which offers a new approach to recording ownership of assets, has allowed for the creation of a range of new financial products and services—including cryptocurrencies,” Federal Reserve Chairman Jerome Powell stated in an address earlier this year. Not only are cryptocurrencies a secure and efficient way to send money, but nonfungible tokens (NFTs) are changing the way we …