Russian Hackers May Have Carried Out Largest Ever Crypto Exchange Theft

Russian hackers, not North Korean, may be the bad actors behind probably the biggest ever theft from a cryptocurrency exchange. Japanese newspaper Asahi Shimbun reports Monday that virus variants known to be linked to Russian hackers have been found on employee computers at the Tokyo-based Coincheck exchange. Coincheck suffered a breach in January 2018 that resulted in the loss of 500 million NEM tokens worth around $530 million at the time – an amount even bigger than that lost by Mt. Gox. According to the report, the malware found at the exchange…

Cryptocurrency Exchange Bitfinex Announces a LEO Token Burn Initiative

Cryptocurrency exchange Bitfinex announced a LEO burn initiative in a Medium post published on June 14. Per the announcement, the initiative will see the exchange’s parent company iFinex funnel its gross revenue into purchasing LEO tokens at market prices in what the post refers to as the UNUS SED LEO burn mechanism. This new system will launch alongside the LEO Transparency Dashboard, which will reportedly provide real-time insights into all collected platform fees and LEO token burns. The company explains its reasoning: “We are doing this to remove the possibility…

Bitfinex Is Starting to Buy Back and ‘Burn’ Its LEO Exchange Token

Cryptocurrency exchange Bitfinex has announced a transparency initiative that will see it put on full view the buying back and “burning” of its LEO exchange token. In an announcement Friday, the firm said as part of its token redemption process, the UNUS SED LEO Transparency Initiative will provide a dashboard allowing the public to see parent firm iFinex use its gross revenues to purchase circulating LEO tokens at market rates. These will then be destroyed, or burned, as the firm effectively pays back those who bought the exchange token in a $1 billion sale early…

Lithuania to Regulate Cryptocurrency Exchange Sector With Obligatory ID Checks

Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12. As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations. Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation. Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of…

Crypto Exchange Binance.com to Block US Customers from Trading

Binance.com, the world’s largest cryptocurrency exchange, is revamping its internal policies and cracking down on wayward users. The Malta-based exchange announced Friday morning that it was reviewing user accounts to ensure they follow Binance’s terms of use and know-your-customer (KYC) procedures and will remove deposit and trading permissions for anyone in violation of its policies. In an updated term of use agreement revised on June 14, the exchange’s general site notably stated that “Binance is unable to provide services to any U.S. person.” The news comes less than a day…

Binance Says It’s Launching a US Exchange With FinCEN-Registered Partner

Binance, the world’s largest cryptocurrency exchange by volume, is launching a U.S. division. The Malta-based company said Thursday it is setting up Binance US, a new trading platform specifically targeting U.S. customers, in partnership with a firm called BAM Trading Services. The platform will be operated by BAM, while using Binance’s wallet and matching engine technologies. The exchange did not provide a firm timeline for the launch. The move would represent the first formal entry into the U.S. market by Binance, although residents have already been able to access its trading…

Nash Prepares to Launch Beta Version of Decentralized Exchange

With a mission of “bringing distributed finance to everyone,” five open-source blockchain developers have come together to form a distributed finance platform using blockchain technology that allows for decentralized and non-custodial cryptocurrency trading. Established in 2017, founders Fabio Canesin, Fabian Wahle, Ethan Fast, Thomas Saunders, and Luciano Engel built Nash as an integrated financial services platform in which users could invest, trade, and make payments with digital assets. All five founders of Nash were also behind the City of Zion open-source community and continue to develop key infrastructure for the…

Bitfinex Announces Support for OKEx Exchange Token

Cryptocurrency exchange Bitfinex is now listing two tokens from the exchange OKEx: its native utility token OKB and the stablecoin USDK, according to a press release on June 12. Bitfinex will offer trading pairs with the new tokens and other significant fiat and digital currencies like U.S. dollars, bitcoin (BTC), EOS, tether (USDT) and ether (ETH). The native utility token OKB is designed to let OKEx users carry out a variety of functions on the exchange, including settlement of trading fees, the ability to construct a partner exchange, and subscription…

Initial Exchange Offerings are Providing Big Returns, But Why?

Christopher Brookins is the founder of Valiendero Digital Assets, a quantitative crypto fund founded out of Carnegie Mellon. 2019 has not only seen a resurgence of the crypto bull, but also capital raising. In particular, IEOs or “Initial Exchange Offerings” have been highly visible for both good and bad reasons. Positively, IEOs have produced large returns to-date. Negatively, to quote Jeff Dorman at Arca, “Many argue (correctly) that IEOs are illegal (in the US) since the tokens are clearly securities, & unregulated exchanges are acting as broker/dealers. Thus, U.S. investors…

Sale of Telegram’s Token GRAM on Exchange Liquid Is Not Official: Source

Liquid’s intention to sell encrypted messenger Telegram’s token, GRAM , is not connected to the company, a source close to Telegram told Cointelegraph in private comments on June 11. As Cointelegraph reported earlier Tuesday, cryptocurrency exchange Liquid had announced that on July 10, it would be the representative of sales of Telegram’s GRAM tokens for Gram Asia. Gram Asia is allegedly the largest holder of the token in Asia, Liquid’s press release notes: however, a source close to Telegram noted that it was the first time that they had heard of…