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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. In the world of technology and cryptocurrency, a world where everyone seems to be a “founder”, “leader” or “entrepreneur”,  one word that seems to persistently hover in the atmosphere is “arrogance.” It’s as if the very essence of innovation and disruption is interwoven with an air of invincibility, a sense that the old rules don’t apply to the new kids on the block. This arrogance often leads to the downfall of promising companies, and FTX, a once-prominent player in the crypto space, serves as a stark reminder of the perils of hubris. You might also like: ‘The end of the Wild West’: What awaits crypto after the Bankman-Fried’s case FTX, a cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang in 2017, rapidly rose to prominence within the crypto community. With its sleek user interface, diverse r...

Although most digital assets have slowed down their gains from the previous weeks, the cryptocurrency market has increased its total value by over 3% today, and the reasons largely trace back to the flagship decentralized finance (DeFi) asset that has reached its new yearly high. Indeed, the crypto currency sector’s total market capitalization currently stands at $1.37 trillion, indicating a 3.008% increase from the $1.33 trillion in the last 24 hours, according to the data retrieved by Finbold from the crypto monitoring platform CoinMarketCap on November 9. On top of that, thanks to the strong and steady advances of Bitcoin (BTC), which has recently surpassed the psychologically critical $36,500 price level, the total crypto market cap has risen a staggering 72.59% since $793.77 billion, where it stood on January 1, 2023. Total crypto market cap year-to-date (YTD) chart. Source: CoinMarketCap What’s happening in crypto Meanwhile, the maiden crypto asset was at press time ch...

Bored Ape Yacht Club (BAYC) creator Yuga Labs has advised a number of attendees of its recent ApeFest event to “seek medical attention” after they reported disturbing issues, including “burned skin,” loss of vision, and severe eye pain. It’s been speculated that these unfortunate effects could have been caused by overly powerful UV lighting used at the three-day event. ApeFest, held in Hong Kong from 3-5 November, was billed as “three days of meetups and mayhem” and was, according to the event’s website, intended to be “Less of a music festival, more of an epic, unhinged family reunion.” However, things appear to have been a little more unhinged than expected with members of the BAYC ‘family’ who attended taking to X (formerly Twitter) to report that organizers have, in essence, blinded them . Anyone else’s eyes burning from last night? Woke up at 3am with extreme pain and ended up in the ER. I saw a couple reports but just trying to figure out if there was a common thread. ...

The trial for Avi Eisenberg, the crypto trader accused of a $110 million fraud, has been pushed back to April 2024. The trial was initially scheduled to kick off next month. Originally set to commence on Dec. 8, Eisenberg’s trial has faced delays due to several factors. His legal team requested additional time to prepare, citing the case’s complexity involving unique legal and factual issues related to crypto -native concepts.  Eisenberg’s lawyers sought extra preparation time, highlighting the intricate and unprecedented legal challenges posed by the alleged fraud. Unlike conventional fraud cases, Eisenberg’s plan involved complicated cryptocurrency ideas, making it harder for both the prosecution and defense to handle the case. A complex legal battle   Legal analysts draw parallels between the complexity of Eisenberg’s case and that of disgraced crypto entrepreneur Sam Bankman-Fried, whose verdict is currently scheduled for March 28. The government...

Crypto assets totaling $13.6m were transferred from the accounts of FTX and Alameda Research to the Coinbase and Binance exchanges. As Spot On Chain analysts reported, there were two large tranches in total. The amount of the first was $8.12 million. It included 46.5 million GRT, 972,073 RNDR, and 708,100 MKR. #FTX deposited $8.12M worth of 3 assets to #Coinbase ~3hrs ago, including: 46.5M $GRT ($4.85M) 972,073 $RNDR ($2.3M) 708.1 $MKR ($967K) As of Nov 1, 2023, #FTX and #Alameda Research have deposited a total of ~$78.1M worth of 22 #EVM tokens to exchanges. They still hold… https://t.co/9CNMobYsWW pic.twitter.com/VccnXjB6ab — Spot On Chain (@spotonchain) November 1, 2023 A few hours later, the companies conducted the second tranche in the amount of $5.49 million. It included 1.14 million DYDX, 192,888 AXS, 5858 AAVE. #FTX and #Alameda Research further deposited $5.49M worth of 6 assets $AAVE, $ALICE $AXS, #C98, $DYDX, $ZRX, to #Binance and #Coinbase ~30 mins ago. To...

According to blockchain analysis firm CertiK, over $32.2 million was lost to crypto scams and security incidents in October, with vulnerabilities, exit scams, and flash loan manipulations among the leading causes. In October alone, more than $32.2 million in user funds have been lost to security incidents and scams in the crypto market, according to blockchain Analysis CertiK. A large part of these incidents were vulnerability exploits, accounting for $22 million of the lost funds. Topping the list was the Fantom Foundation security breach, which alone saw hackers drain $700,000 in funds – mostly from an employee wallet. The hacker today moved the stolen funds into Tornado Cash. #CertiKStatsAlert Combining all the incidents in October we’ve confirmed ~$32.2M lost to exploits, hacks and scams. Exit scams were ~$8M Flash loans were ~$1.7M Exploits were ~$22M See more details below pic.twitter.com/67mq0ope7w — CertiK Alert (@CertiKAlert) October 31, 2023 Exit scams a...

October was a positive and highly volatile month for the broader crypto currency market. Bitcoin (BTC) surged by 28% in the last 30 days, driving other projects to massive gains in a short-term bull rally. In particular, Injective (INJ), Mina (MINA), and Solana (SOL) led the top 100 cryptocurrencies in performance, with monthly gains of 71.25%, 58.54%, and 58.18%, respectively, as per data retrieved by Finbold from CoinMarketCap ’s 30-day top gainers on October 31. Interestingly, Solana has been carving its results as one of the best-performing crypto year-to-date. At the same time, Injective has been surprising many analysts with extraordinary gains in October, going up in ranks by market capitalization to the 44th position, according to CoinMarketCap . 30-day top gainers among the top 100 cryptocurrencies (October 31). Source: CoinMarketCap Injective (INJ) Meanwhile, INJ is trading at $13.62 per token for the best month-over-month performance in the top 100 crypto . Injectiv...

BitGo acquires HeightZero to serve the growing institutional interest in crypto wealth management. BitGo CEO, Mike Belshe, emphasizes the urgency for wealth managers and RIAs to prepare for an impending Bitcoin ETF approval. HeightZero’s services enhance BitGo’s capacity to offer secure long-term crypto holdings for institutional clients. Cryptocurrency custody specialist BitGo has made a strategic move in the rapidly evolving digital asset landscape by acquiring HeightZero, a software platform dedicated to providing wealth managers with tools to incorporate crypto currencies into their clients’ portfolios. While the financial specifics of this acquisition have not been disclosed, the implications are clear for the growing institutional interest in the crypto market. Preparing for the imminent Spot Bitcoin ETF approval With the anticipated approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), BitGo’s CEO, Mike Belshe, has is...

A U.K. parliamentary committee called for a crack down on sports fan tokens and recommended the government issue a code of conduct for NFT platforms. A bipartisan parliamentary committee has urged the British government to protect creators from copyright infringement associated with nonfungible tokens (NFTs) and address potential harms from sporting groups issuing digital assets. In an Oct. 11 press release, Culture, Media and Sport Committee members warned the “most pressing issue” was the risk to artists’ intellectual property rights arising from the ease and speed at which NFTs can be minted, compared to the slow process for artists looking to enforce their rights. “Artists are at risk of seeing the fruits of their hard work pinched and promoted without permission while fraudulent and misleading adverts add an extra layer of jeopardy for investors involved in what is already an inherently risky business,” said committee chair Dame Caroline Dinenage. In an accompanying report, the c...

Uncover how major tech companies are exploring the cryptocurrency frontier. From patents to partnerships, delve into the unique approaches and initiatives leading the tech-crypto integration narrative. In a significant trend, major tech companies are increasingly getting involved in the world of cryptocurrencies. This growing connection suggests a future where digital currencies could play a pivotal role in our tech interactions. Amid this, the recent revelation about Microsoft’s plans to integrate a crypto wallet into its Xbox platform adds a new layer to this narrative, offering a glimpse into how tech giants might be leaning towards embracing cryptocurrency . Now, let’s explore how other major tech players are venturing into the crypto realm to better understand the overall landscape. Microsoft: a glimpse into the future The leaked documents concerning Microsoft’s ambitious plan to meld Bitcoin wallet s with its popular Xbox gaming platform have sparked exc...

At the Futures Industry Association Expo 2023 conference, Rostin Behnam, the head of the US Commodity Futures Trading Commission (CFTC), emphasized the need for a robust regulatory framework in the crypto industry. Behnam noted that the CFTC’s Enforcement Division has issued 131 monetary awards since 2015, with 45 related to digital asset fraud, constituting approximately 34% of the total. “If you require an analogy, think about whether you would be comfortable on the road if only some individuals were required to have a drivers’ license, or whether, given the choice, you would entrust your healthcare to an untrained, or unlicensed physician.” Rostin Behnam, CFTC Chair In his assessment, roughly 70% of crypto currencies be designated as commodities . Accordingly, he called upon Congress to establish definitive regulations for digital assets and broaden the CFTC’s jurisdiction in this regard. You might also like: US congressman pushes bill to shield privacy ...

Coinbase recently visited Washington D.C. to advocate for clearer crypto regulations, highlighting the industry’s call for more transparent governance. Earlier, Coinbase and several crypto stakeholders took their “Stand with Crypto” campaign to Washington D.C. to garner support for clearer crypto regulatory frameworks. On Sep. 27, a delegation led by Coinbase CEO Brian Armstrong and approximately 40 crypto founders in the United States converged in the capital. Their objective was to implore lawmakers to back a new set of regulations designed specifically for the digital currency market. Here at our nations capital for #StandWithCrypto day with 40 crypto founders from across the country. It’s time for America to join the rest of the G20 and get some clear rules on the books. pic.twitter.com/oQCBGH2yGY — Brian Armstrong ️ (@brian_armstrong) September 27, 2023 Previously, the Republican-dominated House Financial Services Committee and House Committee on Agriculture ha...

Gemini Trust Co., a crypto exchange, reportedly withdrew $282 million from Genesis Global Holdco LLC months before Genesis filed for bankruptcy. Genesis and Gemini used to work together on the Earn program. Under this initiative, Gemini allowed users to lend crypto via Genesis and earn returns. This partnership appeared mutually beneficial until Gemini withdrew millions from Genesis. You might also like: Gemini to invest $24m in India despite current tax regulation Anonymous sources disclose that Gemini withdrew approximately $282 million from Genesis to establish a financial reserve, ensuring swift access to funds for Gemini Earn users. Importantly, none of these funds went into the personal accounts of the Winklevoss twins, despite some speculations. Following the collapse of FTX, Genesis froze customer withdrawals and filed for Chapter 11 bankruptcy. In response, Gemini initiated a claim in bankruptcy court, advocating for a $1.1 billion settlement for Earn use...

In the dynamic world of crypto currencies, numerous assets have emerged. Nevertheless, Shiba Inu [SHIB] continues to maintain its popularity among many users. Despite its price stagnation, this crypto currency has successfully preserved a dedicated community of supporters. This loyalty can largely be attributed to its exceptional performance during its early days, when it ignited a remarkable rally in 2021. Within a span of just 10 months, SHIB managed to eliminate six decimal places, transforming early investors into millionaires. This unprecedented rally quickly turned SHIB into a widely discussed topic within the crypto space. Although expectations of a rally on the scale of the past are diminishing, specific forecasts are reigniting optimism within the ecosystem. The asset still carries the potential for a substantial increase of nearly 1,800%. Nonetheless, it’s evident that this surge will require a significant amount of time. The question remains: how long will it take? ...

The crypto currency sector as a whole has experienced impressive expansion over time. Ethereum [ETH], the second-largest crypto currency, distinguishes itself for various reasons. Presently, it garners attention for achieving a remarkable feat: surpassing $10 billion in revenue in just seven years, setting a new record in the process. Based on recent data, Ethereum currently shares a position alongside tech giants such as Alphabet and Meta. Alphabet reportedly took around six years to reach this milestone. Additionally, while contrasting this record with that of other tech companies like Microsoft, it becomes evident that Ethereum experienced swift adoption. This means that its solutions are being embraced at a faster pace. Microsoft, for instance, took nearly 19 years to reach this milestone. Adobe on the other hand took nearly 20 years to do so. Also Read: Vitalik Buterin Transfers 400 Ethereum to Coinbase Breaking down Ethereum’s meteoric rise Ethereum distinguishe...

Cryptocurrency trading venues have changed tremendously since Bitcoin’s emergence in 2008 and are still evolving. So, what are the newer exchange models beyond CEXs and DEXs in 2023? Phemex, an innovative crypto exchange, is at the forefront of the hybrid trading approach. Rooted in a firm commitment to decentralization, Phemex provides CEX-like liquidity, user-friendly functionalities, and access to DeFi opportunities through its Phemexia ecosystem. Over the years , crypto currency trading venues have come a long way — from the Bitcoin Market exchange owned and operated by a single anonymous user, dwdollar, in 2010 to automated market makers (AMMs) relying on mathematical formulas to price assets a decade later. Centralized exchanges (CEXs) use an order book where market makers and takers place their orders. Their order books then match buyers and sellers, and the exchanges take a small portion of the transaction as a fee. Their counterparts, decentralized exchanges (DEXs), opera...

A New York court has been told to impose a $10,000-per-day fine on Three Arrows Capital (3AC) founder Kyle Davies after he once again failed to respond to a subpoena to address the circumstances surrounding the Singapore-based crypto hedge fund’s collapse. As reported by CoinDesk, documents filed by 3AC’s estate on Wednesday also demand that Davies be found in contempt of court for not responding to the subpoena which was issued in March and gave him an April 13 deadline. 3AC collapsed in spectacular fashion when a British Virgin Islands court ordered its liquidation in June last year . 3AC founders could be in contempt if they ignore new court order Read more: Kyle Davies has time to launch Crypto exchange but not to answer court s At its peak, the company managed somewhere in the region of $18 billion. However, its managers bet big on LUNA, the token that backed the failed ‘algorithmic’ stablecoin, TerraUST. The fund also held significant amounts of poor-performing altcoi...

The Hong Kong division of SEBA Bank, a Swiss bank supportive of crypto, has obtained in-principle approval from the Hong Kong Securities and Futures Commission [SFC]. This approval permits the bank to engage in transactions involving digital assets. JUST IN: 🇭🇰 Hong Kong bank SEBA gains approval to offer #Bitcoin & crypto services. — Watcher.Guru (@WatcherGuru) August 30, 2023 SEBA announced on Aug. 30 that its latest license will enable the bank to deliver crypto offerings, including over-the-counter derivatives, advice on virtual assets, and managing assets for discretionary accounts involving digital assets as well as traditional securities. The Hong Kong branch, however, won’t have the capability to convert between fiat currencies and cryptocurrencies. It can, nevertheless, direct clients to its Zug headquarters, which holds the necessary license for such conversions. Hong Kong marks the third market where SEBA has pursued a license. T...