Monat: September 2024

Veröffentlicht am

Crypto exchange BingX hacked for $43 million

  • BingX was hacked early Friday, Sept. 20, with $43 million in cryptocurrencies stolen from the exchange’s hot wallet.
  • Hacker stole ETH, BNB, USDT and over 300 other coins and tokens.
  • On-chain data shows the attacker quickly swapped most of the assets for Ethereum and BNB.

BingX has been hacked, with the security breach resulting in the draining $43 million from the Singapore-based cryptocurrency exchange’s hot wallet.

Blockchain security firm PeckShield reported on the exploit early Friday.

Etherscan data indicates that of the $43 million stolen, over $13.2 million ETH, more than $2.3 million BNB, and more than $4.4 million USDT. The hacker also drained BingX’s hot wallet of 360 other coins – with these swapped into ETH and BNB at decentralized exchanges including Uniswap and KyberSwap.

BingX suspends withdrawals

Vivien Lin, the chief executive officer of BingX, confirmed the incident via an update posted on X.

Lin noted that the exchange’s technical team detected the breach around 4:00 am on Sept. 20, identifying an “abnormal network access.” The BingX security team immediately initiated the platform’s emergency plans, including urgently transferring assets from the hot wallet and halting withdrawals.

“To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored within 24 hours at the latest,” Lin added.

The BingX CEO also assured users that the exchange is safe.

According to BingX, the losses are “only minor” and that most of the users’ funds are in cold storage.

One of the biggest exploits on a crypto exchange in 2024 happened in July when hackers stole over $230 million from India-based cryptocurrency exchange WazirX. The attacker has managed to launder most of the funds, the latest being $6.5 million sent to Tornado Cash.

The post Crypto exchange BingX hacked for $43 million appeared first on CoinJournal.

Veröffentlicht am

WIF, PEPE, and SEI shine as cryptocurrencies surge

  • WIF, PEPE and SEI were among top performing altcoins as Bitcoin surged to above $63,800 on Sept. 19.
  • These gains followed US Federal Reserve’s 0.5% interest rate cut.
  • Analyst says WIF could outpace market in coming weeks.

Meme coins dogwifhat (WIF) and Pepe (PEPE), as well as layer 1 blockchain Sei (SEI) are among the top gainers in the past 24 hours as several altcoins record their best performances for a while.

SEI was up 19%, WIF 17% and PEPE 12% as crypto rose amid Bitcoin’s surge to above $63,000 on Thursday.

According to data from CoinGecko, SEI price reached highs of $0.35 as its volume jumped 224% to over $345 million. Meanwhile, WIF traded to $1.81 across major exchanges, notching an intraday volume of over $717 million with a 24-hour increase of 109% at the time of writing.

Popcat (POPCAT), which has rallied since Kraken announced spot trading support, continued to outpace all other top 100 coins by market cap. However, meme coin Pepe also recorded decent gains to rank among best performers on the day. PEPE price jumped more than 12% to hit levels last seen on Aug. 28.

According to crypto analyst RookieXBT, dogwifhat price has the potential to pare losses seen during its recent downtrend within weeks. Notably, the analyst also sees further gains for POPCAT.

Crypto spikes after Fed interest rate cut

Most of the coins seeing significant gains in the past 24 hours are registering the upside after the market reacted upward to the US Federal Reserve’s interest rate cut on Sept. 18. After four years, the Fed slashed interest rates by 50 basis points on Wednesday.

Bitcoin price rocketed after the decision, with BTC first breaking above $60k to bolster overall sentiment. Prices retested resistance around $62.2k before a slight dip – then roared back to above $63.8k.

Solana (SOL) broke above $143 with over 10% gains, while altcoins such as Sui, Aptos, Bittensor and Avalanche recorded more than 12% respectively.

The post WIF, PEPE, and SEI shine as cryptocurrencies surge appeared first on CoinJournal.

Veröffentlicht am

SEC requests for more time to produce documents in Coinbase case

  • SEC reportedly seeks an extension to February 2025 for it to provide case documents to Coinbase.
  • Coinbase, Binance and Kraken all facing SEC lawsuits.

The US Securities and Exchange Commission has filed for an extension from the court, asking for more time as it looks to provide documents related to its case against crypto exchange Coinbase. Cointelegraph reported this on Sept. 19

SEC asks for extension

Court documents filed on Sept. 18 reveal that the SEC wants the court to extend the timeline for them to furnish Coinbase with key material by four months.

The regulator filed its request at the US District Court for the Southern District of New York, and if granted, will see it have until February 2025 for the deadline to share over 133,000 documents.

SEC’s court filing comes a month to the end of the initial timeline on Oct. 18, which is when the securities watchdog was to hand over documents as part of the case’s discovery proceedings phase. According to the regulator, an extension will allow it to produce the necessary documents.

SEC has sued several crypto companies

These latest developments in the SEC vs. Coinbase lawsuit adds to several others in recent months and weeks. It includes court filings and verdicts in the regulator’s cases against crypto exchanges Binance and Kraken, which are the other major industry players in a legal battle with the SEC.

Both the courts and US lawmakers have taken issue with the SEC’s use of the term “digital asset securities’. This is part of the main allegations against crypto exchanges, with the regulator alleging securities laws violations by these firms.

In 2020, the agency sued Ripple Labs over the XRP cryptocurrency – a case that dragged for three years before a notable ruling in July 2023 declared XRP not a security. The regulator also reached a $4 billion settlement with Terraform Labs.

A judge denied Kraken’s motion to dismiss the SEC’s lawsuit agaisnt the exchange in August this year.

The post SEC requests for more time to produce documents in Coinbase case appeared first on CoinJournal.