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South Korea’s top crypto exchange, Upbit, has fallen victim to a fraudulent deposit incident , throwing its operations into chaos. On Sept. 24, Upbit reportedly halted the depositing and withdrawal of Aptos (APT) tokens after discovering that some of them were fake.  Apparently, an unknown entity managed to deposit counterfeit coins, which Upbit’s systems erroneously recognized as APT tokens, into the exchange. Consequently, fake coins — identified as “ClaimAPTGift” — were disseminated into several unspecified accounts. The information was first made public by “Definalist,” an X account run by several South Korean crypto traders.  Amazing Korean exchange upbit incident today 1. The Largest S.Korean exchange @Official_Upbit , abruptly halted Aptos' deposits and withdrawals, citing a wallet system maintenance without any specific reason 2. Various Korean users have posted authentication claiming that they… pic.twitter.com/OjfCwhB4eV — Definalist (@definalist)...

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Crypto companies are currently making payments entirely wrong because they are not accounting for the most important people: the end consumers. Earlier this year, it was reported that cryptocurrency investors were facing delays concerning withdrawing funds deposited on the Ethereum blockchain. This was following its significant software upgrade, and it created persistent headaches for Ethereum, a platform, which aims to have its technology widely used for instant transactions. This resulted in ether worth around $1.4 billion being stuck in a withdrawal queue. The delays were a prime example of the limits in the transactions that Ethereum could process. You might also like: Investing in crypto: guide to smarter portfolio rebalancing This highlighted its potential shortcomings in terms of becoming a widely-used financial ...

Dubai-based crypto currency exchange Bybit announced plans to suspend its services to customers in the U.K. shortly before the deadline for crypto firms to comply with the country’s laws on advertisements and promotions. Bybit announced the news in a press release on Sept. 22, stating that U.K. users have until Jan. 8, 2024, to manage and wind down their positions or risk getting liquidated if they fail to take action before the deadline. The company stated that the liquidated assets will be available for withdrawal.  According to the announcement, Bybit will stop accepting new registrations from U.K. residents starting Oct. 1, while the crypto exchange will disable the deposit function for existing users, who will also be unable to create new contracts or increase their positions from Oct. 8. Current U.K. customers now have the option of reducing their positions or withdrawing their assets from the platform. You might also like: Bybit adds PayPal USD stablecoin, PYUSD...

Binance filed a motion to dismiss the SEC’s case against it and its founder, CZ. Lawyers Bill Morgan and Jeremy Hogan share insights, highlighting regulatory complexities. Hogan humorously speculates on the “Holy Trifecta” as Binance faces legal action from the CFTC, SEC, and potential scrutiny from FinCEN. The largest crypto exchange, Binance, has filed a motion to dismiss the legal case brought against it and its founder, Changpeng Zhao, by the U.S. Securities and Exchange Commission (SEC). The exchange filed the motion on Thursday with the U.S. District Court. In response to the development, prominent pro-crypto lawyers Bill Morgan and Jeremy Hogan took to X (formerly Twitter) to share their perspectives on the matter. Bill Morgan pointed out a passage from Binance’s motion. The passage challenges the SEC’s attempt to expand its jurisdiction to encompass all token sales as securities, even when such transactions occurred on excha...

Although the cryptocurrency market is full of assets of various shapes and sizes, with different utilities and investor appeal, not all of them present an equally good opportunity to invest at all times. In fact, some might be wise to outright avoid trading, at least for the time being. Relying on indicators such as cryptocurrency ratings, price history, and recent developments around specific crypto assets, Finbold has arrived at the list of three such market participants that might be a good idea to avoid during the week starting May 22. Kusama (KSM) A regular sight in the ‘avoid for now’ lists, Kusama (KSM) has slightly improved its adoption and technological development compared to April, but it still remains ‘very weak’ in this department, earning it an ‘E’ grade from the Weiss Crypto Ratings as of May 19. Despite gaining 3.33% in its price in the last seven days, the pre-production blockchain version of the Polkadot (DOT) ecosystem has continued on its downward path, which ...

Presidential candidate Vivek Ramaswamy announces his plans to implement a comprehensive crypto policy framework. Ramaswamy criticizes the SEC for their regulation by enforcement, addressing them as “three-letter” entities. The candidate’s plans include the restructuring of the SEC if he wins the White House. Vivek Ramaswamy, a Republican candidate for the American Presidential election, recently shared insights on the potential establishment of blockchain technology and digital assets in the US, by introducing a “comprehensive crypto policy framework”. During the Messari Mainnet conference in New York, on Wednesday, Ramaswamy sat for a “fireside chat” with Messari CEO Ryan Selkis, lambasting the “regulation by enforcement”, referring to the crypto regulations of the Securities and Exchange Commission (SEC). Fox Business journalist Eleanor Terrett took to Twitter earlier today to narrate Ramaswamy’s determination to retain the nation’s lead in the crypto indus...

The Redmond-headquartered company aims to develop a new “ecosystem generation” with support for crypto, a leaked document outlined. Microsoft is developing a new set of Features for its next gaming console, dubbed Gen 10, including support for crypto . According to a leaked slide deck obtained by Axios, the Redmond-headquartered company is working on support for voice chat, player achievements, and crypto wallet s. The report says Microsoft’s next-gen Xbox console would also get support for artificial intelligence and machine learning. It is said that these technologies would be used for in-game character dialogue generation and to improve frame rate. You might also like: Aptos, Microsoft partner to fuse AI with blockchain Although no details about the crypto feature for the console have been revealed so far, Axios notes Microsoft’s plans could have changed, given that leaked documents are dated May 2022. It is expected that the next Xbox console m...

On Sept. 19, Decrypt, a media outlet, shared a report about Binance’s CEO Changpeng Zhao, mysterious money movements. According to the Decrypt report, unsealed documents revealed that Zhao extended a loan of $250 million to BAM Management U.S. Holdings. Subsequently, court documents indicate that $183 million of this loan was subsequently transferred to BAM Trading through the involvement of Paxos, a New York-based issuer of Binance USD. Allegedly wrong information Zhao has since taken to X to refute the allegation that accused him of obtaining a substantial $250 million loan from BAM Management, an entity that serves as the holding company for Binance.US. The amount of wrong information is just… They got the direction wrong. I loaned $250 million to BAM a while back, not the other way around. And have not taken it back. pic.twitter.com/encGx1u557 — CZ Binance (@cz_binance) September 20, 2023 However, in the social media update, Zhao posted a screenshot of t...

The BRICS alliance is advancing de-dollarization efforts by using local currencies for international trade settlements. Developing countries are looking to distance themselves from the dollar and promote their native currencies instead. Challenging the US dollar’s global reserve status comes with risks, as the greenback controls the majority of global transactions. Undoing the dollar could also bring developing countries to their knees, as the USD is the strongest currency in the markets. Also Read: BRICS: U.S. Dollar to Experience a Tragic Ending, Predicts Economist Evaluating the risks of De-dollarization , Zimbabwe ’s former Finance Minister Tendai Biti warned the BRICS that undoing the US dollar leads to economic disaster. The comment comes at a time when Zimbabwe ’s President Emmerson Mnangagwa requested to join the BRICS -funded New Development Bank’. BRICS De-Dollarization Efforts Could Lead To Economic Disaster Source: fx-markets.com Biti war...

The platform notified its community on Sept. 19 at 11:49 pm UTC, urging users to not interact with Balancer's protocol until further notice. Balancer, an Ethereum-based decentralized finance protocol has confirmed its user interface is currently "under an attack ." The platform notified its community on Sept. 19 at 11:49 pm UTC, urging users to not interact with Balancer's protocol until further notice. The balancer frontend is under an attack . The issue is currently under investigation. Please do NOT interact with the balancer UI until further notice! — Balancer (@Balancer) September 19, 2023 Balancer said the details of the attack are under investigation. The firm hasn't confirmed whether user funds are safe at this point in time. However, one blockchain analyst, ZachXBT claims $238,000 was stolen within the first 30 minutes of Balancer breaking the news. Stolen funds are being directed to this address 0x645710Af050E26bB96e295bdfB75B4a878088d7E ~$238k ...

Shiba Inu’s price created a series of higher lows last week, initiating an uptrend. However, the buy-side momentum was not strong enough, and SHIB ended up registering a bearish breakdown during the weekend. At press time, the asset was seen exchanging hands at $0.00000728, below its uptrend resistance. SHIB/USDT by TradingView Also Read: Shiba Inu: A $1,000 Investment Turns to $15 Million in Sept. 2023 The social sentiment associated with SHIB has also started weakening of late. Over the past week, social mentions and engagements have dropped by 45% and 33%, respectively. In fact, SHIB-related bullish mentions on social platforms have also dropped by 44% in the same timeframe. Source: LunarCrush Shiba Inu Billionaire Prospects SHIB is evidently on a slippery slope on the micro-frame. However, this could prove to be a boon for long-term investors. The asset is currently trading below all its crucial EMAs, indicating that SHIB is undervalued at this stage. Thus, this ...

Bankrupt FTX exchange has accused Sam Bankman-Fried’s parents of improperly diverting million s through alleged manipulation. The complaint filed on Sept. 18 accuses Joseph Bankman and Barbara Fried, both professors at Stanford Law School, of exploiting their positions within the company to amass wealth illicitly, actions that allegedly played a significant role in the company’s downfall. The plaintiffs claim that contrary to SBF’s earlier statements, his parents were deeply involved in the business operations since its inception. SBF’s parents alleged misuse of authority The lawsuit documents reveal that Joseph Bankman held significant sway in the decision-making processes at FTX, functioning as a “de facto officer.” His involvement supposedly included a stint in executive roles within the company’s management team. Meanwhile, Barbara Fried, who co-founded the political action committee Mind the Gap (MTG), is accused of being a major in...

WonderFi has announced a strategic partnership between its subsidiary, Bitbuy Technologies Inc., and Localcoin, the largest Bitcoin ATM provider in Canada. Under this partnership , Bitbuy’s digital asset services will now cover up to half of the Bitcoin ATMs in the country. The No. 2 sector power According to WonderFi, Canada continues to hold prominence in the crypto ATM arena, boasting a total of 2,747 ATMs, second only to the U.S. Through its subsidiaries, WonderFi Technologies currently provides 1.6 million Canadians with access to regulated crypto trading and staking through subsidiaries including Bitbuy, Coinsquare and CoinSmart. The exchange became the second to relist XRP after Binance. With the completion of the Localcoin partnership , Bitbuy’s digital asset services are poised to extend their coverage to some of the firm’s ATMs. You might also like: Bitbuy relists XRP amid improvements in Ripple vs. SEC case Localcoin is a prominent pla...

A German court rejected the appeal against the hefty sentences given to the management of Cyber bunker for hosting deep web black markets on their servers. The German Federal Court of Justice largely upheld the defendants’ convictions in the so-called “Cyber bunker trial” in a ruling on Sept. 12, 2023. The eight defendants’ sentences between 1 and 5 years 9 months of prison have not been overturned. The development follows recent reports that the appeal was filed following the December 2021 sentencing for managing the web hosting company located in a former NATO bunker . You might also like: German hosting stored in NATO bunker confronts TornadoCash-like verdict The case was highlighted as legal “new ground” since the hosting company had no proven involvement with the illegal websites it hosted, allowing any content except child pornography and terrorism. The group was charged for enabling over 250,000 illicit transactions on crypto...

Deutsche Bank will provide secure storage solutions for institutional investors to address crypto investment concerns. This development could impact established and emerging projects like Tron (TRX) and Domini.art (DOMI). Domini.art is a platform that uses blockchain technology and traditional art practices to offer services in the decentralized finance (defi) industry. It has been gaining attention in the crypto market for its combination of art and finance.  Domini.art’s presale is also in progress. Domini.art decentralizes art Domini.art allows investors to invest in blue-chip artwork through fractional ownership.  To make this possible, artworks are tokenized as non-fungible tokens (NFTs) and sold on the platform’s NFT marketplace.  Domini.art also has a portal where investors can list their NFT ownership stakes for sale or explore available fractions of other artworks. In this way, there is transparency, liquidity, and a fair trading environmen...

Coinbase’s new Ethereum (ETH) layer-2 scaling solution Base set a new all-time high in terms of daily transactions on Thursday. Base skyrocketed to more than 1.8 million transactions on September 14th, shattering its previous record of around 1.4 million, according to the project’s block explorer. The new layer-2 project actually clocked more transactions that day than the combined total processed by its rivals Arbitrum (ARB) and Optimism (OP). Arbitrum saw around 500,000 transactions on Thursday and Optimism clocked roughly 378,000, according to their respective block explorers. Base officially launched last month and is powered by Optimism. Coinbase has previously said it hopes the project helps onboard over a billion people into the crypto economy. The exchange has noted there are no plans to launch a network token associated with Base. The project is designed to be compatible with Ethereum, Ethereum layer-2s and alternative layer-1 blockchains. OP is w...

Network, futures and user data all point toward Ethereum potentially charting a new course. Ether (ETH) price has been dealing with some strong headwinds and on Sept. 11, the price of the altcoin endured a critical test when it plunged to the $1,530 support level. In the days that followed, Ether managed to stage an impressive recovery, by surging by 6%. This resurgence may signal a pivotal moment, following a month that had seen ETH endure losses of 16%.  Even with the somewhat swift recovery, Ether’s price performance raises questions among investors about whether it has the potential to climb back to $1,850, and ETH derivatives and network activity might hold the key to this puzzle. Ether/USD price index, 1-day. Source: TradingView Macroeconomic factors have played a significant role in mitigating investor pessimism given that inflation in the United States accelerated for the second consecutive month, reaching 3.7% according to the most recent CPI report. Such data reinforces t...

In April, Rashawn Russell, a registered broker aged 27, was taken into custody in Brooklyn, New York. This former investment banker from Deutsche Bank had been confronted with the possibility of a maximum 20-year prison sentence on charges of engaging in crypto fraud. Initially, Russell had contested the allegations of defrauding investors. However, recent court records show a shift in his stance. Reports suggest that he may now be inclined to admit guilt in connection to the fraud charges. There have been an array of delays to allow Russell’s legal team to engage in negotiations for a plea agreement with the government. Now the case has been forwarded to a magistrate judge for a change of plea hearing. This signifies Russell’s intention to enter a guilty plea. Also Read: Former Celsius Executive Pleads Guilty to Criminal Charges What did this former Deutsche Bank employee do? According to prosecutors, Russell assured clients that their funds would be invested i...

A recent post by Kaiko on X [formerly Twitter] pointed out that the Turkey’s currency, the Lira , has now become the largest fiat trading pair on Binance. It constituted 3/4th of the total volume on the exchange in early September. By doing so, it overshadowed the volume of other fiat trading pairs against the euro [EUR], Brazilian real [BRL], and several other currencies. When compared to January 2021, the dynamics have completely flipped. The Turkish Lira is the only fiat trading pair that has registered a swift increase in share. EUR and BLR’s share has dwindled over the years. 📈The Turkish Lira has emerged as the largest fiat trading pair on Binance, accounting for 75% share of all fiat volume in early Sept. pic.twitter.com/KHkyURMYxm — Kaiko (@KaikoData) September 14, 2023 On other local exchanges in Turkey, the volume trend has seen significant fluctuations over the past week. On Paribu and Icrypex, the uptrend had subsided, while on ...