According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets. The collapse of the crypto exchange FTX revealed the importance of proof-of-reserves in avoiding situations involving
Starling Bank has informed its customers that the bank no longer supports fund transfers to cryptocurrency platforms, including crypto exchanges. The bank stated that cryptocurrencies “are high risk and heavily used for criminal purposes and, as such, we no longer support them.” Starling Bank Blocks Fund Transfers to Crypto Exchanges
The Monetary Authority of Singapore (MAS), the regulator overseeing the crypto sector, has defended the action it took against crypto exchange Binance and not the collapsed crypto platform FTX. The central bank also warned that cryptocurrencies are “highly volatile and many of them have lost all value.” Singapore’s Central Bank
A large amount of cryptocurrency kept in a wallet associated with crypto exchange Wex, successor of the infamous trading platform run by alleged money launderer Alexander Vinnik, has moved for the first time since 2017. The 10,000 bitcoins in question, worth over $165 million, have been transferred to new addresses
Asset-oriented programming makes fundamental functions native to the programming language. DeFi needs more of that to improve security. Decentralized finance (DeFi) is growing fast. Total value locked, a measure of money managed by DeFi protocols, has grown from $10 billion to a little more than $40 billion over the last
The locals say they are having to contend with vacant apartments and the loss of job opportunities, once provided by the collapsed exchange. Following the collapse of crypto exchange FTX, which was headquartered in the island nation of Bahamas, Bahamians are reportedly still trying to find a way to make
The fallout from the FTX collapse continues to reverberate across the crypto market. Institutions are using this opportunity to short BTC. The monumental collapse of FTX will go down as one of the biggest corporate scandals of all time. But, at least Sam Bankman-Fried, or SBF, is sorry. On Nov.
Alleged securities violations and connections with retail investors are being investigated by the State of Alabama and several other states. Cryptocurrency lending firm Genesis Global Capital and other crypto firms are under investigation by securities regulators in the United States, according to reports on Nov. 25. Joseph Borg, Alabama Securities
Following the FTX collapse and amid the aftermath, people have been wondering about the company’s Crypto Bahamas conference that was scheduled to happen on April 17-20, 2023, at the exclusive Grand Hyatt Baha Mar, in Nassau. The event planned for April 2023 was supposed to be hosted by the now-bankrupt
Crypto firm Matrixport Technologies is reportedly seeking $100 million in funding, according to people familiar with the matter. Sources detailed that the company already secured commitments from investors for roughly $50 million, which would give Matrixport a post-valuation of $1.5 billion. Matrixport Looks to Raise $100 Million From Strategic Investors
PRESS RELEASE. According to the official news, the Rugby League World Cup 2021 (RLWC 2021) drew to a successful close on November 19, 2022. Over the last month or so, this peak event presented global rugby fans with many brilliant moments. Meanwhile, CoinEx, the Exclusive Cryptocurrency Trading Platform Partner of
On Nov. 25, the largest cryptocurrency exchange in terms of daily trade volume, Binance, published its bitcoin proof-of-reserves (POR) system using The Merkle approach. At the time of writing, the snapshot provided by Binance shows the firm’s onchain reserves equate to 582,485 bitcoin, while the company’s customer net balance is
The last week of November remained turbulent for the crypto market as majority of the DeFi tokens struggled with the market volatility. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The prolonged
Bybit launching a $100 million fund and Binance’s proof of reserves might have marked the cycle low at $15,500. Bitcoin (BTC) has been trading near $16,500 since Nov. 23, recovering from a dip to $15,500 as investors feared the imminent insolvency of Genesis Global, a cryptocurrency lending and trending company.
Bitcoin is printing significant bullish divergences with BTC price in line for a “massive bull run,” new analysis argues. Bitcoin (BTC) may follow stocks on a “massive bull run” as the weekly chart delivers a unique sign of strength. The latest analysis from several well-known crypto names suggests it is