Category: crypto

Indian crypto exchange WazirX has received court approval for its restructuring plan after losing $230 million in a 2024 cyberattack. The Singapore High Court’s approval reverses an earlier rejection, allowing the exchange to move forward with repayments and recovery measures. The exchange still faces legal pressure in India related to its ties with Binance.

The Hong Kong Legislative Council has released a special bulletin detailing the latest developments regarding stablecoins in the region, specifically focusing on renminbi-backed stablecoins. Major Chinese state-owned enterprises such as PetroChina and the Bank of China are interested in obtaining licenses to issue their own stablecoin pegged to the Chinese currency. The government is seeking…

Bitcoin experienced a significant correction recently, with open interest dropping by $12 billion. However, on-chain data suggests that this crash may lead to a healthier rebound. Despite the sell-off, digital asset investment products saw significant inflows, indicating continued investor confidence and support for a sustained market recovery.

MARA Holdings, a publicly traded Bitcoin mining company, has added 400 BTC to its holdings, totaling over 53,000 BTC. The purchase was strategically timed during Bitcoin’s recovery from a market crash triggered by US-China trade tensions. MARA has a funding plan to support its Bitcoin treasury through convertible notes and strategic acquisitions.

Stablecoin supply has hit an all-time high of $304 billion despite the recent cryptocurrency market crash. This surge in stablecoins suggests fresh liquidity entering the crypto market following the crash. Binance has pledged $283 million in compensation to users affected by the temporary USDe depeg during the crash.

Circle, a stablecoin issuer, has no immediate plans to launch a Hong Kong dollar-backed stablecoin but is focusing on expanding its US dollar and euro-pegged stablecoins in Asia. It is the world’s second-largest stablecoin issuer, with USDC and EURC leading in market cap. Hong Kong has seen interest in HKD-pegged stablecoins due to new regulations.

Hyperliquid’s CEO criticized Binance for underreporting liquidation events, highlighting the lack of transparency in centralized exchanges. Binance faced criticism after a $19 billion liquidation event and a depeg of assets. Yan emphasized Hyperliquid’s on-chain model for transparency and user trust. Binance pledged $283 million in compensation for affected users.

IoTeX experienced a temporary market maker issue that caused irregular price movements, leading to a near-zero price on Binance. The foundation plans to launch a token buyback program and strengthen exchange liquidity to stabilize trading. The incident was due to a liquidity glitch, not an exploit, and users were compensated for any losses.

Wu Blockchain believes the October 11 crypto market crash was a coordinated exploit targeting Binance’s margin system. The attackers manipulated collateral assets, causing extreme depegging and mass liquidations. The vulnerability stemmed from Binance allowing certain assets as collateral, amplifying the impact of the exploit. The attack may have resulted in losses between $500 million and…

Coinbase is partnering with American Express to launch a Bitcoin-themed credit card in the U.S. this fall, focusing on Bitcoin culture and symbolism rather than just rewards. The card aims to appeal to Bitcoin enthusiasts, with design elements reflecting Bitcoin’s decentralized ethos. The strategic timing aligns with increasing institutional adoption and mainstream interest in Bitcoin.