Tag Archives: News

South Korea has introduced new supervisory fees for cryptocurrency exchanges. These regulations have affected major players like Upbit and Bithumb. Starting next year, these exchanges will need to pay these fees as part of updated regulations announced by the Financial Services Commission on July 1. The new rules are part of the revised ‘Enforcement Decree of the Act on the Establishment of the Financial Services Commission’ and the ‘Regulations on the Collection of Financial Institution...

Bitcoin miner Riot Platforms revealed a net financial loss of $84.4 million during Q2 2024, registering its first quarterly loss since Q4 2022. The loss witnessed this quarter comes due to April’s Bitcoin halving event, cutting down mining rewards in half, and the Bitcoin network’s increased hash rate. Miners industry-wide had a hard time since the halving, registering losses and missing estimates. Riot increased selling the bitcoin it received as rewards for mining to cover rising expenses,...

The Federal Bureau of Investigations (FBI) has warned crypto users in the US of impersonation scams in which scammers mimic employees from crypto exchanges. By pretending to be official personnel representing the exchanges, they gain access to user accounts by creating fake urgency among users to act immediately to protect their funds. Thus, their funds get stolen. In an X post, the FBI mentioned, “The FBI is warning of scammers impersonating cryptocurrency exchange employees to steal your...

Crypto.com’s trading volume surpassed that boasted by Coinbase on August 1, rising to $3.6 billion compared to the latter’s $2.12 billion. Data on crypto market intelligence firm Messari reflected the same. The 23% increase boasted by Crypto.com comes from the robust institutional adoption crypto has been witnessing, with the exchange becoming a go-to for numerous institutional players. The launch of spot ETH ETFs in the US is also a massive factor in dominance displayed by Crypto.com...

The largest cryptocurrency, bitcoin, dropped to price levels below $61,000 from highs of over $65,000 within 24 hours. The asset also nearly peaked past $70,000 earlier in the week. This drop comes despite a US jobs report showing that only 144,000 jobs were added in the past month, a factor that should have caused the asset’s price to rise. News like that often pushes risk assets like stocks and crypto into the green territory. Massive tech stocks also observed losses on Friday, regardless...

The DeFi protocol Convergence was hit with a hack on August 1, stemming from its team removing a single line of code to optimize gas fees for users. A hacker noticed the deletion of the code and took advantage to mint and drain $210,000 worth of tokens and $2000 worth of staking rewards. Blockchain security and analytics firm PeckShield took to X to report the occurrence, “It seems @Convergence_fiwas just exploited (w/ ~$210k loss) to mint 58m $CVG (58,718,395.05681812), which are swapped to...

Marathon Digital (MARA) observed declining stock price as it did not meet Wall Street’s profit expectations. The price fell as much as 8% on Thursday with the announcement of its second-quarter revenues. It reported $145.1 million, falling short of the $157.9 million estimate. Marathon faced numerous obstacles, including operational ones that hampered its ability to mine at its usual capacity and the reduced mining rewards caused by April’s halving event. In a statement, Marathon CEO Fred...

The Casper network has resumed operations after being halted for a few days due to an attack on 26 July. The attacker conducted illicit transactions worth $6.7 million before the core team behind the blockchain noticed suspicious activity. Since then, it has identified the vulnerability, offered a fix, which its validators have manually updated, and scanned the entire chain for illicit transactions from its genesis block. “We are happy to report that Casper has resumed consensus, and network...

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