KuCoin, a Singapore-based centralized exchange with more than 27 million global users, reported its official Twitter account @Kucoincom was briefly compromised for about 45 mins from 00:00 Apr 24 (UTC+2).During this period, KuCoin noted that the perpetrators posted fake promotional activities that resulted in asset losses to several users.Reportedly, about 22 transactions involving Bitcoin and Ethereum were identified with KuCoin’s fake Twitter activity.As a result, digital assets amounting to about $22,628 were lost to the attackers.Meanwhile, KuCoin has promised to reimburse all the affected and verified customers.
Notably, KuCoin’s official Twitter account has about 2.4 million followers, thus making its hack a significant threat to crypto users.The cryptocurrency exchange regained control of its social media account through the help of Twitter’s support team.To prevent such incidents in the future, KuCoin announced it has implemented several other security measures in addition to 2FA.“In addition to Twitter’s existing 2FA, the KuCoin team will implement additional security measures to fortify the protection of our social media accounts.We are also conducting a thorough investigation of the incident with Twitter to prevent similar occurrences in the future,” the company noted.
KuCoin is Safe As the third largest centralized cryptocurrency exchange by daily traded volume, KuCoin is always under threats of black hat hackers seeking to compromise blockchain bridges.The company advised its customer to counter-check the website’s domain to avoid phishing links designed to confuse users and steal their assets.
The exchange takes pride in about $2.9 billion of reserves that are publicly available for review.Notably, the exchange reported a 24-hour trading volume of approximately $2 billion from more than 750 listed crypto tokens.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.
He has also interviewed a few prominent experts within the cryptocurrency space.Back to top button Leave a Reply [Cancel reply](/news/kucoins-twitter-account-briefly-hacked-leading-to-loss-of-22628-via-fake-activities/#respond) Leave a Reply Exchange News Bittrex Receives SEC Wells Notice for Unregistered Exchange Status The cryptocurrency world is in a state of alarm as the US Securities and Exchange Commission (SEC) targets Bittrex, one of the ‘winding up’ digital asset exchanges in the country.The SEC has accused Bittrex of violating investor protection laws, prompting the exchange to wind down its operations in the US market.SEC Targets Bittrex Over Securities Violation This is a worrying development for the crypto community, which has been grappling with the issue of regulation for some time.
The SEC’s enforcement actions against Bittrex underscore how regulators are targeting crypto exchanges, including coinbase coinbase [email protected] Centralised Exchange and kraken kraken a****[email protected] Centralised Exchange , after years of pursuing companies that issue digital coins.The SEC has been investigating bittrex bittrex Centralised Exchange since 2017, when it opened a sweeping probe into the then-nascent crypto industry.The agency has issued multiple subpoenas to Bittrex over the years, mainly aimed at understanding how it makes money and deciding which assets to list.The SEC attorneys stated in a Wells notice that Bittrex had breached laws by conducting operations as an exchange, broker-dealer, and clearinghouse without registering with the agency.
US law generally requires entities offering securities to investors to register with the SEC and follow rules designed to protect investors’ funds and disclose fees and risks.Also Read: Billionaire Ray Dalio Says Bitcoin Is a ‘Very Poor Alternative to Gold’ The Uncertain Future of Cryptocurrencies The SEC’s targeting of Bittrex should serve as a wake-up call to the entire crypto industry.The lack of regulatory clarity in this area has resulted in substantial costs and no certainty as to what can and cannot be offered.If the SEC follows through with targeting other US exchanges, it could effectively kill off some of the major cryptocurrencies such as Bitcoin and Ethereum.
This is a time of great uncertainty for the crypto industry, and it is imperative that exchanges and investors alike take a cautious approach.The crypto world must work together to address the regulatory concerns that have prompted the SEC’s actions against Bittrex.
It is only by doing so that the industry can continue to thrive in the long term.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Binance Binance Accused of Deliberately Breaking US Laws and Under Scrutiny from Multiple US Agencies Binance, the world’s largest cryptocurrency exchange, has been accused by the Chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnam of intentionally breaking regulatory rules and failing to comply with US laws.In a recent speech at Princeton University, Behnam criticized Binance and its CEO Changpeng “CZ” Zhao for offering futures contracts and derivatives to US customers without registering with the regulator and failing to keep Americans off the exchange.“These are not unsophisticated individuals.
They are starting large companies and offering futures contracts and derivatives to US customers” Rostin Behman The CFTC filed charges against binance binance [email protected] Centralised Exchange and its CEO on March 27 for violating US laws by illegally offering trading and derivatives services to US customers.This move comes amidst increased scrutiny from multiple US agencies, including the Internal Revenue Service, federal prosecutors, and the Securities and Exchange Commission (SEC).Impact on Binance Exchange As a result of these legal challenges, Binance’s trading volume has decreased.Derivatives trading volumes are dropping during US hours since the CFTC lawsuit.The end of zero-fee Bitcoin trading for all trading pairs except TrueUSD has led to a significant decrease in the trading volume of the BTC-USDT pair, falling by almost 90%.Despite these challenges, Binance remains a major player in the cryptocurrency market with a reported daily trading volume of over $56 billion as of April 2023.
Binance CEO CZ Speaks Out Binance CEO CZ expressed disappointment with the charges made by the CFTC but has shown intentions to work with the regulator and comply with the charges.The case against Binance highlights the need for clear regulation in the cryptocurrency industry.While the industry has seen explosive growth in recent years, it remains a largely unregulated and volatile space.
As regulators seek to bring these markets in line with traditional financial systems, exchanges like Binance will need to adapt to the changing regulatory landscape or risk facing legal consequences.Also Read: Unlock Your Staked Ether: Binance Enables Withdrawals from April 19th! – Coinpedia Fintech News Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Back to top button Crypto news Mt Gox Begins Long-Awaited Crypto Repayments: Creditors Anticipate $3.9 Billion in BTC The repayment window for Mt Gox creditors has finally opened, with a deadline for repayments set for October 31, 2023.
After years of waiting, creditors of the defunct crypto exchange can now look forward to receiving their share of the holdings, which include 142,000 BTC ($3.9 billion), 143,000 BCH ($17.9 million), and 69 billion Japanese yen ($523 million).However, the trustee has warned that the process could take some time, and the deadline may be subject to change.Coordinating with Financial Institutions In a letter dated April 7, the Mt Gox Trustee outlined the plan for base, intermediate, and early lump sum repayments, which can be paid out up until the October deadline.The Trustee is currently coordinating with a list of financial institutions, including cryptocurrency exchanges, to facilitate the distribution of repayments to creditors.“In light of this, it is expected to take some time before the repayment is commenced,” the Trustee stated, noting that the Tokyo District Court could grant permission to extend the deadline for making repayments.
Mixed Payments: Crypto and Fiat The repayments to Mt Gox creditors will be made in a mix of cryptocurrencies (bitcoin and bitcoin cash) and fiat money.
The first 200,000 yen worth of each creditor’s claim will be paid in yen.For claims exceeding this amount, the remaining balance will be paid out as a mix of approximately 71% cryptocurrency and 29% cash, after the initial yen payment.The opening of the repayment window marks a significant milestone in the long and complicated history of the Mt Gox saga.As creditors eagerly await the return of their lost funds, the ongoing repayment process serves as a reminder of the importance of transparency, security, and regulatory compliance within the cryptocurrency industry.
Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Top posts altcoin31 mins ago Why Monero may thrive in an environment underpinned by CBDC regime Monero’s role in the future of money might be understated due to CBDC privacy concerns.
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