Tag Archives: AA News

The world’s largest cryptocurrency exchange – Binance – introduced its Proof of Reserves (PoR) system to display to users the exact amount of its crypto reserves. The feature will initially show only bitcoin’s holdings, while other coins will follow in the future. Binance has taken some additional measures to reaffirm its customers’ trust during the turbulent times following the FTX crash. In a recent announcement, the company disclosed the launch of a Proof of Reserves (PoR)...

The FTX implosion may have dented investor confidence and extended the crypto winter, but that does not appear to be a hurdle for many exchanges from pursuing expansion via mergers and acquisitions. One such is – CrossTower – a crypto exchange that is reportedly considering new acquisitions of different types of companies with a good set of customers with them and a positive balance sheet. Risk Appetite for Acquisitions CrossTower’s CEO Kapil Rathi said investors are...

Binance’s emergency insurance fund is largely comprised of a cryptocurrency tied to the company itself, according to on-chain data.  The two addresses associated with the fund show that its BNB tokens account for 44% of its reserves.  The Wrong Type of Insurance? As shared by on-chain analyst Willy Woo on Twitter, the Secure Asset Fund for Users (SAFU) includes $367 million worth of BNB. The remainder is made up of Binance’s dollar-pegged stablecoin BUSD ($300 million) and...

The lower chamber of Russia’s parliament – State Duma – has reportedly started working on a draft bill that could aid the creation of a “national crypto exchange.”  The platform needs the approval of the country’s central bank and the Ministry of Finance. The Bank of Russia has previously shown its negative stance on the digital asset industry. Russia’s Potential Crypto Move According to a recent local report, the State Duma plans to make certain amendments to the existing...

In a new press release, the Securities Commission of The Bahamas explained that only placing FTX Digital Markets into liquidation was not sufficient, citing the risks associated with hacking and breach. SCB Executive Director also lashed out at new FTX CEO John Jay Ray III for “misrepresenting” the agency’s action through the “intemperate” and “inaccurate” allegations. Bahamas Regulator’s Statement Its Executive Director, Christina Rolle, revealed that the Commission sought...

The Solana Foundation has released a fact sheet detailing the exposure it holds to FTX following its bankruptcy The organization held over $180 million worth of crypto asset exposure to the company as of November 6th, just before the exchange ceased processing withdrawals.  FTT and SRM Holdings According to the foundation’s report (last updated Monday), Solana held roughly $1 million in cash on FTX as of November 6th. The non-profit said these funds were “negligible” to its...

North American crypto users will be restricted from staking ApeCoin, the ERC-20 metaverse token issued by Yuga Labs, according to a company statement on Wednesday. The ApeCoin DAO claimed the “current regulatory environment” left it with “no good alternative” but to selectively geo-block the service in numerous areas, including Canada and the United States. Yuga Bends to Regulators In its latest project update, ApeCoin offered details about the upcoming launch of ApeStake.io....

As events continue to unfold in the wake of FTX’s collapse, some of the funds missing from the exchange’s accounts have been found and secured. Shortly after its sudden downfall, FTX hired digital asset custodial company BitGo to handle its accounts and assets. Now, the custodial firm has recovered crypto assets worth over $700 million for the exchange. $740M in Crypto Recovered From FTX According to a Wednesday filing at the United States Bankruptcy Court for the District of...

Law enforcement agents in Singapore have reportedly opened an investigation against the troubled crypto lender Hodlnaut.  The police suspect the company’s executives might have cheated users over the years and committed other crimes. Hodlnaut Takes Another Punch According to a Bloomberg coverage, Singapore’s police force started probing Hodlnaut for its alleged involvement in cheating and fraud offenses. This comes as a result of numerous reports which blamed the firm’s...

On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the Digital Assets Bill seeking greater control over cryptocurrency exchanges. Congressman Yoon Chang-Hyun is preparing an amendment to expand financial authorities’ control capabilities to prevent the repetition of events such as the FTX collapse. According to local media outlet News 1, Chang-Hyun is proposing to grant more authority to the...