Cryptocurrency

Reintroduction of Withdrawals by WazirX Following Hack

Saturday. August 24 at 11:00 AM

1 min. read

India's WazirX cryptocurrency exchange has outlined a plan to resume withdrawals after a $234 million hack. Withdrawals in Indian rupees will be gradually reinstated from Aug. 26, with a 66% limit initially set. Users can withdraw half of their funds until Sept. 8, and the rest until Sept. 22. However, withdrawals of crypto balances are delayed due to insufficient token assets post-cyberattack. The hack compromised $234 million in Ethereum from WazirX's Safe Multisig wallet. 34% of INR balances are frozen for ongoing investigations, causing legal issues with crypto withdrawals. WazirX reassures users that their funds are secure and will be available once investigations conclude. The exchange's troubles are part of a larger crackdown on crypto exchanges in India for alleged illegal operations and AML violations. OKX has already ceased operations in India in response to compliance notices.

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Metaplanet's Bitcoin Strategy in Japan's Crypto Boom

Wednesday. September 11 at 3:00 AM

Metaplanet Inc. has recently acquired an additional 38.464 Bitcoin, totaling 398.832 BTC, amidst Japan's crypto surge. The company's stock rose by 4.42% following the purchase, reflecting a 500% increase year-to-date. Metaplanet aims to use Bitcoin as a strategic treasury reserve in response to Japan's economic challenges. Partnering with SBI VC Trade for custody services, the company plans to raise funds for further Bitcoin investments. Japan's growing crypto market is evident with major firms like Sony entering the space. Ripple CEO praises Japan's regulatory environment for fostering innovation. Metaplanet's collaboration with SBI Holdings aims to expand blockchain use cases in the gaming industry. BlackRock's Bitcoin ETF sees significant growth, while Ethereum and Bitcoin face outflows. The CoinShares report highlights Solana's unexpected gains. CryptoSlate's market report analyzes Bitcoin's historical returns, emphasizing the risks of cryptocurrency trading.

Cryptocurrency

Banning of CBDC in North Carolina

Wednesday. September 11 at 1:30 AM

The North Carolina General Assembly has approved a bill prohibiting the state from using a US Federal Reserve-issued central bank digital currency (CBDC), despite Governor Roy Cooper's veto being overridden by the Senate. The bill, known as House Bill 690, was passed by the Republican Party-led Senate with a narrow majority, following a previous veto override by the House of Representatives. This legislation bars North Carolina from accepting CBDCs as payment and participating in any future CBDC trials conducted by the Federal Reserve. The Senate vote to override Cooper's veto saw a shift in support, with some Democrats changing their stance. While some view the ban positively, others, like Blockware Solutions' Mitchell Askew, are critical of the Senate's decision. Cooper's office has not yet commented on the bill's passage, as discussions on CBDCs continue at the federal level.

Cryptocurrency

SEC Enforcement Actions Surge in 2024

Wednesday. September 11 at 1:00 AM

In 2024, the United States Securities and Exchange Commission (SEC) saw a significant increase in enforcement actions against crypto firms and executives, totaling nearly $4.7 billion. This marked a substantial jump of over 3,000% from the previous year. The SEC's record-breaking year was largely driven by a $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, making it the largest enforcement action to date. Despite taking fewer actions, the SEC's fines skyrocketed, surpassing the total amount from the past decade. The regulator's strategic shift towards targeting more impactful cases resulted in fewer but larger fines, setting precedents for the industry. Notable cases include actions against Telegram, GTV Media Group, Ripple Labs, and individuals like John and Tina Barksdale. While a significant portion of fines were below $1 million, the average fine in 2024 exceeded $420 million, indicating a shift towards more substantial penalties.

Cryptocurrency

Settlement Reached in Bankrupt FTX's Dispute Over Robinhood Shares

Wednesday. September 11 at 12:30 AM

Bankrupt cryptocurrency exchange FTX has finalized an agreement with Emergent Technologies, founded by Sam Bankman-Fried, regarding over $600 million worth of Robinhood shares. FTX will pay Emergent $14 million to cover administrative costs linked to withdrawing a petition for 55 million Robinhood shares and cash. This resolution also paves the way for Emergent to swiftly conclude its bankruptcy proceedings in Antigua. FTX stated that the deal will aid in recovering more funds for its creditors, avoiding additional legal expenses, and is a crucial step in its restructuring plan to maximize creditor value. The settlement, as outlined in a motion filed by FTX CEO John Ray III, was the result of fair negotiations devoid of collusion. Emergent had acquired approximately 56 million Robinhood shares valued at $600 million in May 2022 through an agreement with Bankman-Fried and Alameda Research.

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