The collapse of FTX, one of the largest crypto exchanges in the world, has raised serious questions about the trustworthiness and regulation of the crypto industry. The latest revelation from the ongoing bankruptcy proceedings is that FTX spent a staggering $400 million to acquire its European branch, which was allegedly a shell company with no real value.
Author: jose
The Solana blockchain, one of the fastest and most scalable platforms in the crypto space, has been hit by a major security breach. A former security engineer, Shakeeb Ahmed, has been arrested for allegedly exploiting a smart contract bug on a decentralized exchange (DEX) running on Solana and stealing $9 million worth of crypto.
FTX, one of the leading cryptocurrency exchanges in the world, has been facing a series of challenges since it filed for Chapter 11 bankruptcy in November 2022. The platform, which was known for its innovative products and services, such as derivatives, options, futures, and tokenized stocks, suffered a massive cyberattack that compromised its security and liquidity.
The Bitcoin market is always in motion, with prices fluctuating constantly and investors reacting accordingly. One of the ways to understand the dynamics of this market is to look at the purchasing prices of Bitcoin users, which indicate their entry points and their expectations of future movements.
Terra Classic (LUNC) is a blockchain protocol that emerged from the crisis of Terra (LUNA) in May 2022, when the algorithmic stablecoin UST lost its peg to the US dollar and caused a hyperinflationary spiral of LUNA tokens.
The top three meme cryptocurrencies in terms of market value are Dogecoin (DOGE), Shiba Inu (SHIB), and PepeCoin (PEPE). However, they have all suffered losses in the past week as new rivals emerged in the same niche.
Paolo Ardoino, the Chief Technology Officer of Tether (USDT), posted a tweet to praise the performance of the USDT stablecoin against its rivals, sharing remarkable statistics highlighting Tether’s dominance in the market. According to Arduino, the market capitalization of USDT is three times higher than its closest competitor and twice the combined market cap of all its rivals.
Multichain, a cross-chain protocol that supports various multichain assets, faced a massive withdrawal of $125 million from its platform recently. Most of this amount came from the Fantom Bridge, which lost $122 million worth of wBTC, USDC, USDT, and other altcoins. As a result, Multichain announced that it would temporarily halt its services.
Tether, the company behind the most popular stablecoin USDT, has announced the launch of two new products: Tether Gold (XAUt) and Euro Tether (EURt). These are two new tokens that are backed by physical gold and euros, respectively, and that aim to provide more options for traders and investors in the cryptocurrency market.
Binance Labs, the venture capital and incubator arm of crypto exchange giant Binance, has recently led a $4 million seed round for Web3Go, a Singapore-based blockchain start-up that offers data tools backed by artificial intelligence (AI).