Monat: November 2023

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Binance delisting major trading pairs including APT and AXS pairs

  • Binance CEO Changpeng Zhao resigns and pleads guilty.
  • Binance delisting of 10 major coins as regulatory response.
  • Binance restructures leadership and commits to compliance.

Binance, the world’s largest cryptocurrency exchange, is making significant moves in response to a groundbreaking settlement with the US Securities and Exchange Commission (SEC).

The exchange has announced the delisting of 10 major trading pairs, including notable cryptocurrencies such as Aptos (APT), Axie Infinity (AXS), and Filecoin (FIL).

Changpeng Zhao’s resignation and $4B Penalty

In a surprising turn of events, Binance founder Changpeng Zhao, commonly known as CZ, has decided to step down from his role as CEO in the wake of a comprehensive settlement with the SEC we reported earlier.

The settlement stems from criminal charges against Binance, including breaking sanctions and money-transmitting laws. As part of the deal, CZ has pleaded guilty to charges related to violating the Bank Secrecy Act and causing a financial institution to violate it. The penalty for these charges is a staggering $4.3 billion, making it one of the largest settlements the US has ever obtained from a corporate defendant.

Delistings coincide with regulatory fallout

Binance’s decision to delist 10 major trading pairs, including APT, AXS, and FIL, is particularly noteworthy as it aligns with the regulatory turmoil surrounding the exchange.

According to the official announcement by Binance, the affected pairs are specifically tied to Binance’s stablecoin, BUSD. The delisting is in line with Binance’s phased termination of BUSD-related services.

This move, however, comes in the aftermath of revelations that Binance employees were aware the company was serving users in sanctioned countries, knowingly violating US laws. The SEC’s scrutiny has prompted a significant reshaping of Binance’s operations.

Binance’s pledge to restructure and compliance

In response to the settlement and regulatory challenges, Binance has acknowledged the resolutions reached with various agencies.

The exchange emphasized its commitment to restructuring over the past few years, highlighting its “new leadership with deep compliance experience.”

Richard Teng, a former Abu Dhabi regulator and Binance’s regional markets head, is set to take over as the new CEO. Despite the setbacks, Binance expressed confidence that it would emerge as a stronger company, laying the foundation for the next 50 years.

As part of the settlement, Binance will have to appoint an independent compliance monitor for three years and report its efforts to comply with US regulations.

These developments mark a significant moment in the cryptocurrency industry, underlining the increasing scrutiny and regulatory challenges faced by major players. As Binance navigates the fallout from the SEC settlement, the delistings are a strategic move to align its operations with regulatory expectations and pave the way for a new era under fresh leadership.

The post Binance delisting major trading pairs including APT and AXS pairs appeared first on CoinJournal.

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Over $86M drained after HTX Global’s HECO Bridge security breach

  • Over $186 Million drained in a HECO Bridge-related hack.
  • The HECO Bridge is a crucial link for transferring funds between Ethereum and the Heco Chain.
  • Projects associated with blockchain entrepreneur Justin Sun are facing ongoing hacking challenges.

In a recent development, the HECO chain bridge, built by the HTX Global exchange has fallen victim to a major security breach, resulting in the unauthorized transfer of over $86 million.

On-chain security platform Cyvers Alerts identified the movement of funds, pointing to a potential exploit in the HECO chain.

HECO Chain Bridge exploit

According to Cyvers Alerts, suspicious addresses received more than $85 million from the HECO chain bridge, indicating a significant exploit.

The HECO Bridge is utilized for transferring funds between Ethereum and the Heco Chain. 

Wintermute Head of Research Igor Igamberdiev estimates the breach loss at $86.6 million.

Blockchain analysts PeckShield suspect the possibility of an exploit or rug pull, as the stolen funds were swiftly sent to decentralized exchanges and converted into other tokens. This exploit follows the recent trend of security vulnerabilities in blockchain projects related to Justin Sun.

Trail of hacks on Justin Sun-linked projects 

In 2022, Sun merged the TRON and BitTorrent bridge ecosystem with HECO. However, the ecosystem now faces significant hacking issues. Notably, the Poloniex exchange, linked to Sun’s projects, recently suffered a $117 million hack, while the HTX exchange, another Sun-affiliated platform, experienced an $8 million hack.

As investigations unfold, concerns are mounting over the security of the HECO chain and its associated projects. Users and investors are urged to exercise caution as the crypto community awaits further details and actions to mitigate the impact of this substantial security breach.

The post Over $86M drained after HTX Global’s HECO Bridge security breach appeared first on CoinJournal.