DeFI News by Thebittimes.Com

Mt. Gox has pushed back its bitcoin (BTC) repayments deadline yet again, extending the wait for some creditors to more than a decade after the exchange’s collapse. The latest postponement is the third year in a row that the Rehabilitation Trustee has kept creditors waiting. They now have a new deadline of October 31, 2026. As to why these repayments won’t be carried out on time, the notice explains that “many rehabilitation creditors… have not completed the necessary procedures.” It adds, rather unhelpfully, that others’ delays are “due to various reasons, such as issues arising during the Repayments process.” But looking at BTC’s price chart over that time, the Rehabilitation Trustee may actually be doing creditors a favor . Read more: Mt. Gox to start creditor repayments next month, asks users to ‘wait a while’ Repay or delay? Creditors approved a rehabilitation plan on October 20, 2021. At the time, BTC was at around $65,000 on its way to the ...

Seychelles-based crypto exchange BigONE, which today claimed it lost $27 million to hackers, is still accepting multi-million-dollar deposits from the same pig butchering gangs it’s already tried to stop.  That’s according to crypto sleuth ZachXBT, who criticized the exchange for processing substantial funds derived from various crypto investment scams. These funds include $60 million sent to a single BigONE deposit address. In response, BigONE claimed that it froze a portion of the assets at the time and that it’s cooperating with law enforcement agencies.  ZachXBT, however, noted that the scammers used the account in question for seven months without any consequences. He added, “Now the same pig butchering group uses a new BigONE deposit address that has received $4.5 million from scams over the past week.” hot take: if more sketchy offshore exchanges get hacked for large sums it would be beneficial for the industry (MEXC, Kucoin, etc) bc it would be a ...

One of the most prominent cryptocurrency exchanges on the planet, Coinbase, has found itself in legal trouble after it waited 4 months to alert users of a $400 million security breach. According to a Reuters report, the exchange was notified of a data leak in January, while they did not notify the 69,000 customers until May. The compromise took place amid a relationship between the exchange and Texas-based outsourcing firm TaskUS. Indeed, the India call center that was employed by the firm was reportedly bribed to leak sensitive data on customers, including names, addresses, and partial social security numbers, according to a court filing. Also Read: Circle In Talks to Sell as Coinbase & Ripple Emerge as Top Buyers Coinbase Facing Legal Action for Delayed Notification of Major Data Breach It has been a massive few months for the Coinbase cryptocurrency exchange. In what is a major achievement for the company, it entered the S&P 500 for the very first time. The landmark developm...

Bybit, the world’s second-largest cryptocurrency exchange, has launched bybit.kz, a fully localized platform for the Kazakhstani market, as revealed to Finbold on Wednesday, October 31.  With full authorization from the Astana Financial Services Authority (AFSA), Bybit is now fully compliant with the Central Asian country’s regulatory standards. Bybit is now fully licensed in Kazakhstan! Exciting things coming in October. Learn more https://t.co/spnN43HXsu pic.twitter.com/llcPbQHWsj — Bybit (@Bybit_Official) September 29, 2024 Picks for you 'Rich Dad' Robert Kiyosaki explains his big bet on Bitcoin 8 mins ago Binance uses Amazon’s AI solutions to elevate its user experience  55 mins ago ...

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is leveraging advanced artificial intelligence (AI) technology to protect users, as revealed to Finbold on Friday, September 20.  Bybit’s security strategy relies on a multi-layered approach, protecting both hot and cold wallets, with enhanced verification protocols scrutinizing large or high-risk transactions.  The rising threats in the crypto cybersecurity As cryptocurrency adoption continues to grow, so does the number of cybersecurity threats.  Picks for you Dormant Bitcoin whales activate after 15 years, move millions in BTC 29 mins ago Here's how much Michael Burry lost by selling Gold early 1 hour ago ...

BTC's correction reveals a disconnect between pro traders' confidence and retail investors' skepticism amid regulatory shifts. Bitcoin (BTC) briefly reached $38,000 on Nov. 24 but faced formidable resistance at the price level. On Nov. 27, Bitcoin price traded below $37,000, which is unchanged from a week ago.  What is eye catching is the unwavering strength of BTC derivatives, which signals that bulls remain steadfast with their intentions. An intriguing development is unfolding in China as Tether (USDT) trades below its fair value in the local currency, the Yuan. This discrepancy often arises due to differing expectations between professional traders engaged in derivatives and retail clients involved in the spot market. How have regulations impacted Bitcoin derivatives? To gauge the exposure of whales and arbitrage desks using Bitcoin derivatives, one must assess BTC options volume. By examining the put (sell) and call (buy) options, we can estimate the prevailing bullis...

According to prosecutors, Lee intended to revamp Bithumb’s governance to gain from exchange coins, circumventing financial regulations. Lee Jeong-hoon, the former chairman of Bithumb, one of South Korea’s major cryptocurrency exchanges, is at the center of a legal battle and might be facing an eight -year prison sentence in the appeal whose verdict is scheduled for Jan. 18. According to Korean local media reports, prosecutors contend that Lee intended to revamp Bithumb’s governance to gain from exchange coins, circumventing financial regulations. They claim Lee knew about challenges in the BXA Coin listing but didn’t disclose it to Kim. Despite listing issues, Lee purportedly received payments without informing Kim about the decision not to list BXA Coin. The South Korean prosecutors requested an eight -year prison sentence for Lee Jung-hoon. Lee’s defense challenges these assertions, pointing out discrepancies in Kim’s statements and questioning his reliability. Lee insists on Ki...

SOL, AVAX and DYDX rank among the top-performing altcoins this month. Cointelegraph investigates what is behind the move. On Nov. 15, several altcoins continued to show strength alongside Bitcoin (BTC), which notched an intra-day high at $37,400. Leading into the week, DYDX, Solana’s SOL (SOL) and Avalanche’s AVAX (AVAX) currently reflect double-digit gains , with each chasing after new year-to-date highs.  The sustained bullish price action from altcoins has led some analysts to declare the arrival of an altcoin season, and at the time of writing, the total market capitalization of the altcoin market has hit a 2023 high at $659.5 billion. Altcoin price rallies typically involve a slew of factors, some being sentiment-based and others based on project fundamentals. Let’s look at a few of this week’s top market performers to see what catalysts underlie their growth. dYdX fee switch boosts price The platform behind the DYDX token is dYdX, a decentralized exchange that offers futures co...

Two former employees of Coinone, a prominent South Korean cryptocurrency exchange , have been handed prison sentences for their involvement in a bribery scheme aimed at influencing the listing of specific cryptocurrencies on the platform. This scandal, which spanned over two years from 2020, highlighted corruption in the crypto industry. Jeon, the former head of crypto listing at Coinone, received a four-year prison sentence and was ordered to repay 1.93 billion Korean won (approximately US$1.43 million) in unlawfully acquired profits. He was initially arrested on March 22, 2023, on bribery and breach of trust charges. His accomplice, Kim, who worked alongside Jeon, was sentenced to 42 months in prison and faced a penalty of 883 million won (about US$654,000) for the same charges. The case also involved two brokers, Koh and Hwang, who were accused of facilitating the bribery scheme. They received sentences of 18 months and 30 months in prison, respectively. According to Seoul Southe...

Bitcoin price looks ready to turn $31,000 to support, and many altcoins are following with double-digit gains. The rush to apply for a spot Bitcoin (BTC) exchange-traded fund (ETF) rejuvenated the bulls but this news is likely to boost the price only to a certain distance. As the price moves up, the risks of a crash increase if none of the ETF applications are approved. Trading firm QCP Capital is not convinced that a spot ETF will see the light of the day in the near term. Another point of view came from Gemini co-founder Cameron Winklevoss who said on June 21 that the “floodgates” for accumulating Bitcoin are “closing fast.” Similarly, MicroStrategy Executive Chairman Michael Saylor said that the opportunity to “front-run institutional demand for Bitcoin” was ending. Daily cryptocurrency market performance. Source: Coin360 Bitcoin remains the center of attraction as its market dominance has been hovering near 50%. K33 Research Analysis found that over the long term, Bitcoin investm...

Regulatory enforcement against the crypto sector has spooked investors, but the total crypto market capitalization continues to hold above $1 trillion. A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11. This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT). Total crypto market cap in USD, 1-day. Source: TradingView Notice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls. The United States Securities and Exchange Commission tagged multiple a...

Crypto investment firm CoinShares posted its most profitable quarter in a year, according to its latest quarterly earnings report. Cryptocurrency investment group CoinShares recently published its Q1 earnings report for 2023 amid what it’s calling a “return to profitability.”  Highlights of the report include revenue in the amount of $11.73 million (down from $22.46 million in Q1 2022), total comprehensive income of $3.62 million (down from $25.83 million in Q1 2022) and an adjusted earnings before interest, taxes, depreciation, and amortization (EBIDTA) of $10.61 million (down from $25.83 million in Q1 2022). Overall, for 2022, CoinShares posted an operating loss of $25.21 million, in stark contrast to the company’s operating profit of $126.54 million reported for 2021. Despite the market conditions, CoinShares has achieved a significant milestone by returning to profitability in the Q1 2023. Amidst a complex landscape, we generated £15.3 million in revenue and gains, showcasing ou...

Japan's Web3 project team released a white paper suggesting ways to expand the country's crypto industry to establish a welcoming atmosphere for crypto. The Web3 project team of Japan's ruling Liberal Democratic Party has released a white paper containing suggestions for expanding the nation's industry, which has been incorporated into the national strategy by Prime Minister Fumio Kishida's administration. The Web3 project team aims to bypass the usual bureaucratic processes to formulate regulatory proposals for everything from nonfungible tokens (NFT) to decentralized autonomous organizations (DAO). In contrast to other governments seeking to implement consumer protection regulations, Japan is striving to establish a more welcoming atmosphere for cryptocurrency, as many companies have relocated to other countries due to high tax obligations. According to the white paper, Japan must exhibit leadership during this year's G7 summit, which will address crypto cur...

The total crypto market cap slipped below $1.025 trillion as concerns over Silvergate Bank’s solvency triggered a sharp sell-off in BTC, ETH and altcoins. Cryptocurrency markets experienced a relatively calm month in February as the total market capitalization gained 4% in the period. However, the fear of regulatory pressure appears to be having an impact on volatility in March. Bulls will undoubtedly miss the technical pattern that has been guiding the total crypto market capitalization upwards for the past 48 days. Unfortunately, not all trends last forever, and the 6.3% price correction on March 2 was enough to break below the ascending channel support level. Total crypto market cap in USD, 12-hour. Source: TradingView As displayed above, the ascending channel initiated in mid-January saw its $1.025 trillion market cap floor ruptured after Silvergate bank, a major player in crypto on and off-ramping, saw its stock plunge by 57.7% at the New York Stock Exchange on March 2. Silvergat...

Following the FTX fiasco, retail and institutional investors alike are now looking to draw valuable conclusions. The FTX bankruptcy has sent the crypto space into a downward spiral, and the crypto space is still buzzing to get all the details that led to this situation. Numerous reports have popped up, and the bankruptcy hearings bring new information daily. Considering the extent of FTX’s involvement in the global crypto space now is the time to take a hard look at what happened and draw some valuable lessons. One thing is very clear from the start - what brought the exchange giant down was overallocation in low-liquidity tokens, mainly its own FTT cryptocurrency. While FTX specifically could get away with having tonnes of FTT on its balance sheets, sister company Alameda Research couldn’t get off the hook so easily. On the one hand, it was extremely suspicious that the two companies had such close ties, which was often questioned in the media and across the general crypto grapevine....

In the statement, Lane also took the opportunity to "set the record straight” about its investment relationship with FTX and the firm's “robust risk management approach.” Silvergate Capital CEO Alan Lane has slammed “short sellers” and “other opportunists” for spread ing misinformation over the last few weeks — just to score themselves a quick buck.  In a Dec. 5 public letter, Lane said there was “plenty of speculation – and misinformation ” being spread by these parties to “capitalize on market uncertainty” caused in part to FTX’s catastrophic collapse in November. His crypto-focused bank was recently forced to deny one of these so-called FUD (fear, uncertainty and doubt) campaigns last week when there was speculation that the firm was exposed to the bankrupt crypto lender BlockFi. Lane also used the latest letter to the public as an “opportunity to set the record straight” about its investment relationship with FTX, as well as the company’s “robust risk management approa...