DeFI News by Thebittimes.Com

Crypto exchange BitForex has started blocking access to its website through Cloudflare. Cryptocurrency investigator ZachXBT took to X (formerly Twitter) to highlight suspicious behavior, including shutting down withdrawals and outflows of over $56 million on Friday.  ZachXBT also highlighted that BitForex chief exec Jason Luo stepped down from his role last month.  The exchange ’s X account has been silent about these issues, with its last post asking simply, “What are the top encryption projects in 2024?” The BitForex team also looks to have gone silent across its other channels, not responding to questions via Telegram or on its Discord server.  Screenshot of the BitForex website. Read more: Hackers switching to centralized exchange s to fund crypto attacks Last year, BitForex was one of the exchange s named by Japan’s Financial Services Agency in a letter that accused it of operating without the appropriate registration. It has previously been accused ...

Two payment giants are collaborating to tackle one of crypto ’s pain points regarding mass adoption: swapping digital assets into fiat currencies. On Jan. 30, Transak and Visa announced a partnership to bridge the gap between the worlds of cryptocurrencies and traditional finance by offering direct crypto-to-card withdrawals in over 145 nations. Visa is a world leader in digital payments, while Transak specializes in building payment infrastructure for crypto and NFTs. Together, the pair noted that on-ramps that allow users to change fiat currencies like the U.S. dollar into crypto like Bitcoin (BTC) have garnered more attention than off-ramps that allow participants to cash out their digital assets. In a statement, the companies said this situation often leaves users unable to exit crypto markets or incentivizes withdrawal methods that may run contrary to local regulations.  Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness, remarked t...

Floating Point Group (FPG) has suspended fund deposits and withdrawals on its platform citing a security breach. The company claims that between $15 million to $20 million has been stolen from its coffers and it’s now collaborating with law enforcement agents to investigate the heist. FPG targeted by hackers  Floating Point Group (FPG), a digital assets brokerage company headquartered in Southeast Asia and Asia Pacific (APAC), has indefinitely suspended fund withdrawals , due to a cyber security attack it encountered on June 11. According to a Twitter thread by FPG, upon discovering the security breach, it froze all third-party accounts under its custody and migrated funds to more secure wallets. Though the team claims its account segregation system cushioned the impact of the attack, the bad actors however managed to steal between $15 million to $20 million. Founded in 2018 by John Peurifoy, Kevin March, and Van Phu, FPG claims to eliminate the barriers to liquidity acc...