Day: November 23, 2023

Ex-Binance CEO CZ’s X account restricted

X (formerly Twitter) has restricted the account of ex-Binance CEO Changpeng ‘CZ’ Zhao.
The Binance founder stepped down on Tuesday after pleading guilty to DOJ charges.

Binance founder and former CEO Changpeng ‘CZ’ Zhao’s X account has been restricted. While its not clear why the ex-Binance chief’s X (formely Twitter) is restricted, the move comes as a surprise to many.

On Thursday, US prosecutors wanted CZ prevented from leaving the US for the UAE, with allegations that he was a flight risk. This is after he pleaded guilty to money laundering charges and was released on a $175 million bond.

Binance will also pay a $4.3 billion penalty as settlement with the US Department of Justice (DOJ).

After he stepped down, CZ was replaced by Richard Teng, the former head of Abu Dhabi Global Market, UAE.

Update:

CZ’s account restriction was due to several name changes, which is what he noted in a comment as he urged against FUD.

Happy Thanksgiving! 🦃

No need to FUD. All good now. 🙏 pic.twitter.com/IhkSTNwFvi

— CZ 🔶 BNB (@cz_binance) November 23, 2023

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XRP and DOGE poised for significant upswings: analyst

Ripple’s XRP looks to be breaking from a descending channel, suggesting further upside momentum.
Dogecoin price is poised amid a notable surge in DOGE transactions.
Both coins traded lower this week as markets reacted to Binance news.

The Ripple token, the fifth-largest by market cap with over $33 billion, was trading near $0.61 at the time of writing. Meanwhile, Dogecoin (DOGE) has surged to highs of $0.075 and could break higher as on-chain activity swells.

Both XRP and DOGE saw a negative flip this week as cryptocurrencies dumped after news that former Binance CEO Changpeng Zhao was stepping down.

Analyst shares XRP and DOGE price outlook

While XRP failed to break the psychological barrier at $1 in July, crypto analyst Ali says a breakout from a descending parallel channel could see XRP/USD push to the $0.65 – $0.66 region.

#Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX

— Ali (@ali_charts) November 23, 2023

Recent lawsuits by the SEC have listed several altcoins as securities – but not XRP has not been. In as much as there’s a likely battle over a settlement with the SEC in April next year, the previous wins against the regulator has the community buzzing on what next when the case that started in December 2020 finally recedes into the rear mirror.

As for DOGE, the analyst looks at a spike in large transactions amid institutional interest as pointers to a potential price spike.

#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.

This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW

— Ali (@ali_charts) November 23, 2023

The intraday gains stand at 3.5%, while the 24-hour trading volume is currently over $1.1 billion. It’s the fourth biggest volume in the period among non-stables, with Bitcoin, Ethereum and Solana – which has been flying in the market – ranking higher.

Dogecoin has seen a 24-hour trading volume of nearly $452 million. While the top meme coin lags some tokens in the $16 billion dog-meme market, its gains over the past month have cut yearly losses to just 5.5%.

Positive moves in the market could see DOGE/USD break above $0.1 going into next year. However, DOGE bulls have a steep hill to climb if they are to reclaim the all-time high of $0.73 reached in May 2021.

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Lido node operator rotates keys after security firm flags vulnerability

InfStones, a Lido node operator, will rotate its validator keys followng a vulnerability disclosure by blockchain security firm dWallet Labs.
The vulnerability was acknowledged by Lido, which said its security team was working with the node operator to assess the scope and potential impact.

InfStones, a blockchain infrastructure provider and one of the key node operators for liquid staking protocol Lido Finance, will look to address a recent vulnerability issue by rotating its validator keys.

The platform is expected to take the security step by temporarily withdrawing its Ethereum validators from Lido. 

Why is InfStones taking this security measure?

InfStones’ move follows the discovery of a security threat connected to the open-source library Tailon in July, and which was disclosed by researchers at blockchain security platform dWallet Labs.

That chain of vulnerabilities at InfStones that put over $1 billion worth of assets at risk. The dWallet Labs team disclosed this to the Lido node operator to allow for remediation, Elad Ernst, cybersecurity researcher at dWallet Labs wrote on X.

1/ Our team at @dWalletLabs discovered a chain of vulnerabilities that could result in a loss of more than $1B in crypto assets. The full article here: https://t.co/cUUfevvUQ9 Let’s take a closer look

— Elad Ernst (@EladErnst) November 21, 2023

Lido Finance acknowledged the vulnerability, noting the potential for an impact on 25 of InfStones servers.

Lido contributors are now actively working with the Node Operator on investigating the incident to understand its full scope and potential impact,” the platform said in an update.

However, the protocol’s security team clarified that there had been no indication that keys had leaked or been compromised. The vulnerability was also unlikely to have impacted Lido Finance validators.

To clarify: There is currently no indication of key leakage or compromise, and the vulnerability may not affect validators related the Lido protocol.

— Lido (@LidoFinance) November 22, 2023

While InfStones notes that its keys have not been compromised, it has decided to transition to new keys. To continue with operations and to ensure stability of the liquid staking protocol, InfStone will redirect staked Ether (ETH) to Lido for re-staking.

Lido is the largest liquid staking platform on Ethereum, with more than $18 billion in total value locked (TVL) as of November 23

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Bitget marks exclusive listing of PLEXUS (PLX) token: Propelling cross-chain DEX aggregator to the forefront

Victoria, Seychelles, November 23rd, 2023, Chainwire

Bitget, a leading cryptocurrency exchange and Web3 company, proudly announces its exclusive listing of PLEXUS (PLX) token, positioning the platform as the premier gateway for the revolutionary Cross-chain DEX aggregator on its debut day. As the first exchange to list PLX, Bitget continues to lead in ushering innovative and user-centric blockchain solutions to the market.

PLEXUS stands out as a Cross-chain DEX aggregator, promising the fastest, most cost-efficient, and secure multi-step swaps across diverse blockchain networks and bridges—all within a single transaction.

This pioneering platform, powered by the Theta algorithm-based “CCRP (Cross-Chain Routing Protocol),” maximizes user experience, establishing itself as the quintessential one-stop DeFi platform. Its core function enables seamless asset exchange across various blockchains, ensuring a unified and user-friendly experience for all participants.

In the pursuit of blockchain mainstream adoption, PLEXUS recognizes the critical role of user experience. While blockchain’s potential has long been anticipated, the emphasis on technology over user-centric design has hindered widespread acceptance. PLEXUS fills this gap by placing paramount importance on simplifying the complex, integrating liquidity across heterogeneous blockchains, and delivering a seamless asset exchange experience.

Gracy Chen, Managing Director of Bitget, emphasizes, “The addition of PLEXUS to our ecosystem represents a significant step forward in our commitment to making trading smarter for our community of traders. PLEXUS offers a unique opportunity to simplify asset exchange across multiple blockchains, enhancing user experience and ensuring that our traders can access the world of DeFi with ease.”

With the pioneering “CCRP (Cross-Chain Routing Protocol),” PLEXUS establishes a singular decentralized platform. It unifies assets scattered across diverse blockchains, enabling users to effortlessly exchange assets with minimal effort and no understanding of the underlying technology. This innovative approach brings together fragmented liquidity, fostering a unified DeFi ecosystem accessible to all.

The increasing demand for decentralized finance (DeFi) accentuates the significance of cross-chain bridges in advancing blockchain’s mass adoption. PLEXUS emerges as a cornerstone in meeting this escalating demand by creating an interconnected and user-friendly environment that bridges diverse blockchains, simplifying asset exchange for all.

Bitget’s exclusive listing of PLEXUS (PLX) marks a pivotal moment in the blockchain landscape. By facilitating the debut of this revolutionary Cross-chain DEX aggregator, Bitget continues its commitment to fostering user-centric innovation and propelling the industry toward a more accessible and integrated future.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

Website
Twitter
Telegram
LinkedIn
Discord
Bitget Wallet

 

Contact

Rachel Cheung
media@bitget.com

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Austria’s Raiffeisen Bank to launch crypto trading in partnership with Bitpanda

Austria’s Raiffeisen Bank will launch crypto trading in 2024.
Raiffeisen Bank International has $215B in assets and a customer base spanning the European Union and Eastern Europe.
Bitpanda crypto exchange has complied with the crypto regulations in Austria and Germany.

In a significant move signalling the increasing adoption of cryptocurrencies in the traditional banking sector, Raiffeisen Bank International has announced its plans to introduce cryptocurrency trading services for retail customers by the end of January 2024.

The initiative will commence in Vienna, where the 97-year-old bank is headquartered, in collaboration with local cryptocurrency exchange Bitpanda.

Raiffeisen Bank’s partnership with Bitpanda 

Raiffeisen Bank’s cryptocurrency services, designed to cater to digital-savvy customers, will leverage a partnership with Bitpanda. Through the Raiffeisen app, customers in Vienna will be able to access Bitpanda’s platform using their mobile devices seamlessly.

Curt Chadha, the bank’s head of innovation, emphasized that the user experience will be familiar, with the confirmation of trades resembling the security measures associated with traditional bank transfers.

The decision to initiate services in Vienna, home to approximately a quarter of Austria’s population, aligns with Raiffeisen Bank International’s strategy to tap into the growing demand for cryptocurrency services in a controlled manner. Chadha noted that the focus is on customers looking to make smaller investments, distinguishing the offering from those of other banks that target wealthier individuals with substantial investment portfolios.

Bitpanda’s regulatory compliance

Bitpanda, founded in Vienna in 2014, operates under the supervision of the Financial Market Authority (FMA) in Austria and the Federal Financial Supervisory Authority (BaFin) in Germany. The exchange provides regulated trading, investment, and custody services for various assets, including stocks/ETFs, cryptocurrencies, precious metals, and commodities.

This regulatory compliance adds an additional layer of credibility to the partnership and positions Bitpanda as a platform facilitating secure and regulated access to various asset classes.

As Raiffeisen Bank International enters the cryptocurrency space, the collaboration with Bitpanda signifies a strategic move to cater to the evolving financial preferences of a digitally inclined customer base. The initiative underscores the bank’s commitment to innovation and reflects the broader trend of traditional financial institutions adapting to the growing influence of digital assets.

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UK Finance Minister proposes a sandbox initiative for crypto regulations

UK Chancellor Jeremy Hunt has revealed plans for a cryptocurrency legislative initiative.
The government aims to pass legislation to officially establish the Digital Securities Sandbox (DSS).
The DSS will provide a controlled testing environment for crypto technologies and services.

In a move aimed at bolstering the digital asset sector, UK Chancellor of the Exchequer Jeremy Hunt announced a legislative proposal for a Digital Securities Sandbox (DSS) during the mini-budget announcement on Wednesday.

As part of the Autumn Statement, Chancellor Hunt outlined 110 measures for economic growth, including the introduction of the Digital Securities Sandbox.

The proposed Digital Securities Sandbox (DSS)

The proposed legislation aims to create a controlled testing environment for crypto technologies and services, facilitating the adoption of digital assets across financial markets.

The government plans to lay a statutory instrument to officially implement the DSS, in line with the Edinburgh Reform announcement to establish a Financial Market Infrastructure Sandbox in 2023. The DSS initiative is slated to commence in the first quarter of 2024.

In July, the UK government initiated a consultation on the DSS, which is run by the Bank of England and the Financial Conduct Authority. The objective is to strike a balance between fostering innovation and maintaining regulatory standards. Feedback from the industry has praised the emphasis on innovation without compromising on regulatory outcomes.

However, the DSS has some exclusions, notably unbacked cryptoassets, due to the absence of an established regulatory regime. The early activities in the DSS are expected to be focused on GBP-only assets, with the potential inclusion of non-GBP digital assets subject to a decision by the Bank of England.

Implications for the digital asset industry

The Digital Securities Sandbox represents a significant commitment by the UK government to provide a supportive environment for the growth of the digital asset sector. Industry experts, including Zodia Markets General Counsel Dina White, see this as a crucial step in the digitalization of financial instruments.

White notes that the DSS will enable firms to experiment with digital asset technology, establishing critical financial market infrastructure such as central securities depositories and trading venues. This move aligns with the broader trend of digitalization across financial instruments, paving the way for experimentation within an established industry.

The introduction of the Digital Securities Sandbox reflects the UK government’s proactive approach to integrating digital assets into the financial landscape. The controlled testing environment is expected to encourage innovation while ensuring regulatory oversight, contributing to the ongoing evolution of the digital asset sector in the UK.

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KPMG Canada partners with Chainalysis to tackle crypto frauds

The collaboration is aimed at combating digital asset fraud and enhancing anti-money laundering efforts.
The two will work to address the record-high $20.6B in global cryptocurrency-based illicit transactions.
They will provide advanced blockchain monitoring and governance.

In a strategic move to address the escalating threat of fraud and criminal activities in the digital assets sector, KPMG Canada has joined forces with blockchain analytics firm Chainalysis.

This partnership aims to bolster companies’ capabilities in adhering to evolving crypto regulations and advancing their anti-money laundering compliance programs.

Enhancing crypto security measures amid growing threats

The collaboration between the Canadian arm of KPMG and Chainalysis comes as the digital asset sector witnesses an increase in the sophistication of exploits and frauds.

The Chainalysis 2023 Crypto Crime Report revealed a record-high global cryptocurrency-based illicit transaction volume of $20.6 billion in the previous year. Notable incidents, such as wallet hacks and SIM swaps, have underscored the need for robust security measures within the crypto space.

KPMG Canada aims to leverage its extensive knowledge in cryptoasset financial crimes by providing advanced blockchain monitoring, support, governance, and risk management.

Chainalysis and KPMG Canada partnership

This collaboration will enable organizations to adopt a more comprehensive approach to mitigating fraud risks in crypto transactions. Jonathan Levin, Chainalysis co-founder and chief strategy officer, expressed confidence in the partnership, stating that combining KPMG’s expertise with Chainalysis’ industry-leading risk capabilities will contribute to a more effective defence against fraud in the crypto space.

KPMG Canada has been actively involved in the cryptocurrency sector, extending its footprint into the metaverse and making strategic additions to its balance sheet with bitcoin and ether. This move underscores the consulting giant’s commitment to staying ahead in a rapidly evolving digital landscape.

The collaboration between KPMG Canada and Chainalysis signifies a joint effort to navigate and address the complexities of financial crimes in the crypto sector, which continue to pose challenges to the security of digital assets.

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Bitget introduces Arabic support for crypto trading in Middle-East and North African countries

Dubai, UAE, November 23rd, 2023, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, has launched Arabic lingual support for over eleven Middle-Eastern and North African countries accessible on its mobile application and website.

With Arabic language support, Bitget provides broader access to Arabic-speaking audiences. The lingual support for MENA-based Bitget users will provide smoother learning processes and excellent communication to buy and sell cryptocurrencies.

This move aligns with Bitget providing support for Fiat gateways in the Middle East region for seven currencies, including Dinars, Riyals and Ouguiyas. In July, the platform announced it plans to further advance its audience as it targets the Middle East as the next region for business expansion due to its dynamic growth.

“Our expansion plans of growing in the Middle East and North Africa have now advanced into building user-centric products for the region. We’re listening to our users’ demands and delivering features as per their preferences. With the Arabic language Bitget App, we’re providing easy access to people who want to learn and thrive in crypto,” says Gracy Chen, Managing Director at Bitget.

Users can now trade cryptocurrencies in over 12 Middle Eastern currencies and over 590 tokens listed on Bitget. The language support extends to utilizing P2P, Earn, Futures, Copy-trading, and more features on Bitget.

Additionally, as the platform prioritizes providing a smooth trading experience, Bitget users in the Middle East will benefit from zero fees for buying and selling cryptocurrencies through Bitget P2P, ensuring a seamless and user-friendly experience for traders.

Bitget is exploring license applications in order to operate in target Middle East markets. Gaining proper licenses and regulatory approval is a top priority to support expansion and allow the company to open regional offices. Bitget has been scaling its operational reach globally in recent months, including the registration as VASP (Virtual Asset Service Provider) in Poland and similar crypto registration in Lithuania. The new expansion plan in the Middle East region aligns with Bitget’s vision of spreading crypto’s mass adoption.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

Website
Twitter
Telegram
LinkedIn
Discord
Bitget Wallet

For media inquiries, please contact: media@bitget.co

 

Contact

Public Relations
Simran
media@bitget.com

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DEX protocol KyberSwap hacked for $47 million

Decentralized exchange (DEX) protocol KyberSwap has been hacked for $47 million.
The attacker drained $20 million in WETH, $4 million ARB and $7 million wstETH. 
KNC price fell to $0.72 while TVL plunged to $13.6 million.

DEX platform KyberSwap has been hacked, with approximately $47 million worth of crypto assets drained from its liquidity pools. 

It is the latest attack in the crypto industry, with this coming just a day after HTX’s HECO chain bridge suffered an $86 million exploit.

KyberSwap exploited – what happened?

KyberSwap alerted its users to the exploit early Thursday, advising that customers withdraw their funds as a precaution. 

🚨Urgent🚨

Dear KyberSwap Elastic Users,
We regret to inform you that KyberSwap Elastic has experienced a security incident.

As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we…

— Kyber Network (@KyberNetwork) November 22, 2023

However, while it acknowledged the security incident, KyberSwap said the exploit did not impact its aggregator, which was reportedly “operating fully as normal.”

According to Smart Contract and EVM chain audit platform BlockSec, the KyberSwap exploit was “due to tick manipulation and double liquidity counting.” The on-chain security said in a post on X that this was a flash loan attack, with the hacker executing swaps and manipulating prices and ticks of targeted liquidity pools.

Ultimately, the attacker triggered multiple swap steps and cross tick operations, resulting in double liquidity counting and consequently draining the pools,” BlockSec noted.

Stolen funds include $20 million in wrapped Ether (wETH), $4 million in Arbitrum (ARB) and $7 million in wrapped Lido-staked Ether (wstETH). The assets are spread across Ethereum, Arbitrum, Optimism, Polygon, and Base. 

KyberSwap’s total value locked (TVL) fell sharply after the attack, with data from DeFiLlama showing $13.61 million – down from over $83 million before the exploit. The Kyber Network Crystal (KNC) token was down 3.1% at the time of writing, trading near $0.722.

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