Phemex crypto exchange alerted to over $29M of ‘suspicious’ outflows
Cyvers, a leading blockchain security firm, has recently raised concerns about suspicious outflows from the popular cryptocurrency exchange, Phemex. According to their findings, nearly $30 million worth of funds have been flagged as potentially fraudulent.
This alarming discovery has raised questions about the security measures in place at Phemex and the safety of user funds. With the rise in popularity of cryptocurrencies, exchanges have become a prime target for hackers and scammers. This is why it is crucial for exchanges to have robust security protocols in place to protect their users’ assets.
Cyvers’ report highlights the importance of conducting thorough security audits and implementing stringent measures to prevent unauthorized access to funds. It also serves as a reminder for users to be vigilant and take necessary precautions when trading on exchanges.
The suspicious outflows from Phemex were detected through Cyvers’ advanced monitoring system, which tracks and analyzes blockchain transactions in real-time. This system has proven to be effective in identifying and flagging potential threats, providing a layer of protection for exchanges and their users.
Phemex has responded to the report, stating that they are taking the matter seriously and conducting a thorough investigation. They have also assured their users that their funds are safe and have not been compromised.
This incident serves as a wake-up call for all cryptocurrency exchanges to prioritize security and continuously improve their systems to stay ahead of potential threats. It also highlights the importance of choosing a reputable and secure exchange when trading cryptocurrencies.
In conclusion, Cyvers’ report has shed light on the potential risks and vulnerabilities in the cryptocurrency space. It serves as a reminder for both exchanges and users to remain vigilant and take necessary precautions to protect their assets. As the industry continues to grow, it is crucial for all stakeholders to work together to ensure a safe and secure environment for all participants.
OKX receives pre-authorization for MiCA compliance via Malta hub
OKX, one of the leading cryptocurrency exchanges, has taken a major step towards obtaining a full MiCA license. The exchange has recently established a dedicated MiCA hub in Malta, a move that highlights its commitment to complying with the new regulatory framework.
MiCA, short for Markets in Crypto Assets, is a comprehensive set of regulations proposed by the European Commission to govern the rapidly growing cryptocurrency market. The framework aims to provide a clear and consistent regulatory framework for all crypto assets, including cryptocurrencies, stablecoins, and utility tokens.
OKX’s decision to set up a dedicated MiCA hub in Malta is a strategic move that demonstrates its proactive approach towards regulatory compliance. By establishing a physical presence in Malta, OKX is positioning itself as a key player in the European crypto market and signaling its readiness to comply with the upcoming regulations.
The exchange’s efforts have not gone unnoticed, as it has already received preliminary approval for its MiCA license. This is a significant achievement, considering the strict requirements set by the European Commission for obtaining a MiCA license. OKX’s commitment to compliance and its strong track record in the industry have played a crucial role in securing this preliminary approval.
With the establishment of its MiCA hub and the preliminary approval for its license, OKX is well on its way to becoming one of the first fully licensed crypto exchanges in Europe. This will not only enhance the exchange’s credibility and trustworthiness but also provide its users with a secure and regulated platform to trade cryptocurrencies.
As the crypto market continues to evolve and gain mainstream acceptance, regulatory compliance will become increasingly important. OKX’s proactive approach towards obtaining a MiCA license sets a positive example for other exchanges and highlights the exchange’s commitment to providing a safe and regulated environment for its users.
The truth about Pi coin: Could it be the next Bitcoin?
Pi Network has been making waves in the cryptocurrency world, but not all of the attention has been positive. While the project has gained a significant following, it has also faced criticism for its centralization, inflated user numbers, and concerns over its tokenomics.
One of the main concerns surrounding Pi Network is its centralization. Unlike most cryptocurrencies, which are decentralized and run on a network of nodes, Pi Network is controlled by a small group of developers. This goes against the core principles of blockchain technology, which is meant to be decentralized and transparent.
Another issue that has been raised is the inflated user numbers. Pi Network claims to have over 17 million users, but many have questioned the validity of this number. Some have even accused the project of artificially inflating its user base to create a false sense of popularity.
But perhaps the biggest concern for Pi Network is its tokenomics. The project’s native token, Pi, is inflationary, meaning that the supply will continue to increase over time. This goes against the traditional model of cryptocurrencies, which have a limited supply and are designed to increase in value over time. This has led to doubts about the long-term sustainability of Pi Network and its token.
Despite these controversies, Pi Network continues to attract new users and gain attention in the crypto community. The project’s goal of creating a user-friendly and accessible cryptocurrency has resonated with many, and its unique approach has sparked curiosity and interest.
Only time will tell if Pi Network can overcome these challenges and establish itself as a successful and sustainable cryptocurrency. But for now, it remains a controversial and intriguing project in the ever-evolving world of digital currencies.
How Bitcoin investors can avoid tax fraud
Navigating the world of Bitcoin investing can be a daunting task, especially when it comes to understanding the complex tax landscape. As a Bitcoin investor, it is crucial to have a clear understanding of taxable and non-taxable transactions, as well as the key regulations in your jurisdiction. This will not only help you stay compliant with the law, but also ensure that you are maximizing your profits and minimizing your tax liabilities.
One of the first things to understand as a Bitcoin investor is the difference between taxable and non-taxable transactions. In general, any transaction that results in a gain or loss is considered taxable. This includes buying and selling Bitcoin, as well as using it to purchase goods or services. On the other hand, transactions that do not result in a gain or loss, such as transferring Bitcoin between wallets, are considered non-taxable.
However, the tax laws surrounding Bitcoin can vary greatly depending on your jurisdiction. For example, in the United States, the Internal Revenue Service (IRS) treats Bitcoin as property, meaning that any gains or losses from Bitcoin transactions are subject to capital gains tax. On the other hand, countries like Germany and Japan have recognized Bitcoin as a legal currency, which means that it is subject to income tax.
To stay compliant with the tax laws in your jurisdiction, it is important to keep detailed records of all your Bitcoin transactions. This includes the date, amount, and purpose of each transaction. It is also recommended to consult with a tax professional who is knowledgeable about Bitcoin and can help you navigate the complexities of the tax system.
In addition to understanding taxable and non-taxable transactions, it is also important to stay up-to-date with the ever-changing regulations surrounding Bitcoin. Governments around the world are constantly updating their policies and regulations in regards to cryptocurrencies, so it is crucial to stay informed to avoid any potential legal issues.
In conclusion, as a Bitcoin investor, it is essential to have a thorough understanding of the tax landscape and regulations in your jurisdiction. By staying compliant and informed, you can ensure that your Bitcoin investments are not only profitable, but also legally sound.
Upbit, Bithumb compensate users after service outages during martial law
Two of South Korea’s largest cryptocurrency exchanges, Upbit and Bithumb, have announced that they will be compensating investors a total of $2.5 million after experiencing service outages during the country’s recent martial law declaration. This decision comes after a surge in crypto activity, which caused both exchanges to struggle with the high volume of transactions.
The martial law declaration, which was announced on May 27th, was a response to the recent spike in COVID-19 cases in South Korea. This led to a significant increase in online activity, including cryptocurrency trading. As a result, both Upbit and Bithumb experienced technical difficulties, causing their services to be temporarily unavailable.
In order to address the inconvenience caused to their users, Upbit and Bithumb have decided to compensate investors for their losses. Upbit will be providing a total of $1.5 million in compensation, while Bithumb will be offering $1 million. This gesture not only shows their commitment to their users, but also highlights the importance of providing reliable and stable services in the fast-paced world of cryptocurrency.
This is not the first time that Upbit and Bithumb have faced technical difficulties during periods of high crypto activity. In 2017, both exchanges experienced similar outages during the peak of the cryptocurrency market. However, this time around, they have taken proactive measures to ensure that their systems can handle the increased demand.
Despite the challenges faced by Upbit and Bithumb, the surge in crypto activity during the martial law declaration is a positive sign for the industry. It shows that even during times of uncertainty, people are turning to cryptocurrency as a viable investment option. This further solidifies South Korea’s position as a major player in the global crypto market.
In conclusion, the decision by Upbit and Bithumb to compensate investors for their losses is a testament to their dedication to providing reliable services. It also highlights the growing popularity and importance of cryptocurrency in South Korea. As the industry continues to evolve and grow, it is crucial for exchanges to prioritize the stability and security of their platforms to meet the demands of their users.
Why Telegram’s TON-only strategy for Mini Apps could backfire
Telegram, the popular messaging app, has recently announced its decision to abandon its blockchain project, TON (Telegram Open Network), and the associated cryptocurrency, Gram. This move was not entirely unexpected, as the project had been facing legal challenges from the US Securities and Exchange Commission (SEC) since its inception.
However, the decision has sparked a debate about the company’s initial vision of creating a decentralized and censorship-resistant platform. Many have questioned whether Telegram’s pursuit of freedom and decentralization was genuine or simply a marketing tactic to attract investors.
The TON project was first announced in 2017, with the promise of creating a blockchain-based platform that would enable secure and private communication, as well as a payment system. The project raised a staggering $1.7 billion in its initial coin offering (ICO), making it one of the largest ICOs in history.
However, the SEC filed a lawsuit against Telegram in October 2019, alleging that the company had violated securities laws by selling unregistered securities. This legal battle has been ongoing, with Telegram trying to defend its project and the SEC pushing for a halt to the sale of Gram tokens.
In the end, Telegram decided to cut its losses and focus on its core messaging app, which boasts over 400 million users worldwide. The company’s founder, Pavel Durov, stated that the legal battle with the SEC had become a distraction and was hindering the development of the TON project.
While some have criticized Telegram for not standing up to the SEC and fighting for decentralization, others argue that the company made the right decision by prioritizing its messaging app and its millions of users. The fate of the TON project and the Gram cryptocurrency remains uncertain, but one thing is clear – the debate about decentralization and freedom in the tech industry is far from over.
WazirX gets Singapore court approval to repay victims of $235M hack
WazirX, a popular cryptocurrency exchange, has recently announced a major restructuring plan that has been approved by the Singapore High Court. This move is a significant step towards recovering the user funds that were stolen in a massive hack worth $235 million. The hack has been linked to the notorious North Korean hacking group, Lazarus Group.
The restructuring plan involves the creation of a new entity, WazirX Pte Ltd, which will take over the operations of the exchange. This new entity will be responsible for managing the recovery of the stolen funds and ensuring the safety and security of user assets in the future. The plan also includes the appointment of a new board of directors and a chief restructuring officer to oversee the process.
The hack, which took place in May 2021, was a major blow to WazirX and its users. It resulted in the loss of millions of dollars worth of cryptocurrency, leaving many users devastated and skeptical about the future of the exchange. However, with the approval of the restructuring plan, there is renewed hope for the affected users.
The involvement of the Singapore High Court in the approval of the plan is a testament to the seriousness of the situation and the commitment of WazirX to make things right for its users. The exchange has also assured its users that it will continue to work closely with law enforcement agencies to track down the perpetrators and recover the stolen funds.
This restructuring plan is a crucial step towards restoring the trust and confidence of WazirX’s users. It shows the exchange’s determination to overcome this setback and emerge stronger and more secure. With the support of the Singapore High Court and the new management team, WazirX is on the path to recovery and is committed to providing a safe and reliable platform for its users to trade and store their cryptocurrency.
TRUMP, DOGE, BONK ETF approvals ‘more likely’ under new SEC leadership
The recent departure of Gary Gensler as the chair of the Securities and Exchange Commission (SEC) has sparked speculation about the future of memecoin ETFs. Memecoins, which are cryptocurrencies based on internet memes, have gained popularity in recent years, with the most well-known example being Dogecoin.
Gensler, who was known for his strict stance on cryptocurrency regulation, had previously rejected multiple applications for memecoin ETFs. However, with his departure, experts believe that the approval of these ETFs is now more likely.
According to regulatory experts interviewed by Cointelegraph, Gensler’s replacement is expected to have a more open-minded approach towards cryptocurrencies. This could potentially lead to a more favorable environment for memecoin ETFs to be approved.
The concept of a memecoin ETF is relatively new, with the first application being filed in 2021. The idea behind these ETFs is to provide investors with exposure to the volatile world of memecoins, without having to directly invest in individual coins. This could potentially attract more traditional investors who may be hesitant to invest in individual memecoins due to their unpredictable nature.
The potential approval of memecoin ETFs has also sparked discussions about the impact it could have on the overall cryptocurrency market. Some experts believe that it could lead to increased mainstream adoption and legitimacy for memecoins, while others argue that it could create a bubble and ultimately harm the market.
Regardless of the potential consequences, the fact remains that the departure of Gensler has opened up the possibility for memecoin ETFs to be approved. This could be a significant development for the cryptocurrency industry and could pave the way for further innovation and growth.
In conclusion, the departure of Gary Gensler as the SEC chair has raised hopes for the approval of memecoin ETFs. With a new, potentially more open-minded leader at the helm, the future of these ETFs looks promising. Only time will tell how this will impact the cryptocurrency market, but one thing is for sure – the world of memecoins is here to stay.