Russian Hackers May Have Carried Out Largest Ever Crypto Exchange Theft

Russian hackers, not North Korean, may be the bad actors behind probably the biggest ever theft from a cryptocurrency exchange. Japanese newspaper Asahi Shimbun reports Monday that virus variants known to be linked to Russian hackers have been found on employee computers at the Tokyo-based Coincheck exchange. Coincheck suffered a breach in January 2018 that resulted in the loss of 500 million NEM tokens worth around $530 million at the time – an amount even bigger than that lost by Mt. Gox. According to the report, the malware found at the exchange…

Bitfinex Is Starting to Buy Back and ‘Burn’ Its LEO Exchange Token

Cryptocurrency exchange Bitfinex has announced a transparency initiative that will see it put on full view the buying back and “burning” of its LEO exchange token. In an announcement Friday, the firm said as part of its token redemption process, the UNUS SED LEO Transparency Initiative will allow the public to see parent firm iFinex use its gross revenues to purchase circulating LEO tokens at market rates. These will then be destroyed, or burned, as the firm effectively pays back those who bought the exchange token in a $1 billion sale early last month. Bitfinex…

Crypto Exchange Binance.com to Block US Customers from Trading

Binance.com, the world’s largest cryptocurrency exchange, is revamping its internal policies and cracking down on wayward users. The Malta-based exchange announced Friday morning that it was reviewing user accounts to ensure they follow Binance’s terms of use and know-your-customer (KYC) procedures and will remove deposit and trading permissions for anyone in violation of its policies. In an updated term of use agreement revised on June 14, the exchange’s general site notably stated that “Binance is unable to provide services to any U.S. person.” The news comes less than a day…

Binance Says It’s Launching a US Exchange With FinCEN-Registered Partner

Binance, the world’s largest cryptocurrency exchange by volume, is launching a U.S. division. The Malta-based company said Thursday it is setting up Binance US, a new trading platform specifically targeting U.S. customers, in partnership with a firm called BAM Trading Services. The platform will be operated by BAM, while using Binance’s wallet and matching engine technologies. The exchange did not provide a firm timeline for the launch. The move would represent the first formal entry into the U.S. market by Binance, although residents have already been able to access its trading…

John McAfee’s New Crypto Trading Platform ‘Magic’ Goes Live

Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a cryptocurrency trading platform. Dubbed “Magic,” the site is touted as allowing users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.” Notably, the exchange appears to be non-custodial, with users’ crypto holdings remaining on eight other exchange platforms. When a trade is executed, funds are transferred from those accounts to complete the transaction. To set this up, users will need to plug in APIs from their other exchanges. Two “portals” are on offer,…

CryptoCompare Launches Benchmark Rankings for Exchanges

Cryptocurrency data and indices provider CryptoCompare is working to make it easier to spot good, and bad, crypto exchanges. Announced Wednesday, the company has launched a benchmark ranking of over 100 active spot exchanges from across the globe, offering users a “comprehensive, granular and reliable source of information on the best trading venues.” CryptoCompare’s Exchange Benchmark was launched to address the need for reliable metrics to evaluate the large number of cryptocurrency exchanges now offering services around the world. The firm explains: “Employing both a qualitative (due diligence) and quantitative…

Initial Exchange Offerings Are Providing Big Returns, But Why?

Christopher Brookins is the founder of Valiendero Digital Assets, a quantitative crypto fund founded out of Carnegie Mellon. 2019 has not only seen a resurgence of the crypto bull, but also capital raising. In particular, IEOs or “initial exchange offerings” have been highly visible for both good and bad reasons. Positively, IEOs have produced large returns to-date. Negatively, to quote Jeff Dorman at Arca, “Many argue (correctly) that IEOs are illegal (in the US) since the tokens are clearly securities, & unregulated exchanges are acting as broker/dealers. Thus, U.S. investors…

Bitcoin Trade Volume on Coinbase Hit a 14-Month High in May

Bitcoin trading volume on the largest US-based cryptocurrency exchange, Coinbase, hit the highest amount seen in 14 months in May. During the month of May, Coinbase facilitated the trade of 738,959.42 BTC — worth approximately $5.9 billion at current market prices — according to data from Bitcoinity. This development marks the exchange’s highest level of bitcoin trade volume since March of 2018. Additionally, it also represents the sixth-most voluminous month for bitcoin trading on the exchange to date. Perhaps not surprisingly, the rise in volume was accompanied by a 60 percent…

Margin Lenders Lost $13.5 Million in May to Poloniex Crypto Crash

Crypto exchange Poloniex revealed in a post Thursday that lenders in its bitcoin margin lending pool suffered a loss of 1800 BTC — roughly $13.5 million at current market prices — due to a flash crash in the Clams (CLAM) market on May 26. Poloniex’s peer-to-peer margin system includes both lenders and borrowers, the lenders of which are pooled together and rewarded in interest for lending out their funds. In order for a user to borrow the margin funds being lent, he or she must hold a certain amount of…

Binance Confirms Stablecoin Offering Coming Soon: Report

Binance, the top crypto exchange by adjusted trading volume, has confirmed it will soon issue its own stablecoins. In a phone interview with Bloomberg, Binance’s chief financial officer, Wei Zhou, said the first stablecoin will be launched on the platform “in a matter of weeks to a month or two.” According to Zhou, the token will be called Binance GBP, which will be fully backed by reserves of British pounds. More coins tied to other fiat currencies will follow, he said, while Binance will also work with partners wanting to…