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Bankrupt Cryptopia exchange distributes $225M to hack victims

Initially owing creditors $4.2 million, Cryptopia’s liquidator Grant Thornton has distributed at least $225 million in crypto to hack victims in December.

Liquidators of the bankrupt cryptocurrency exchange Cryptopia have started distributing millions to users affected by a hack that took place almost six years ago.

Cryptopia’s liquidating firm, Grant Thornton, on Dec. 20 announced the start of distributions to more than 10,000 verified account holders affected by Cryptopia’s hack in 2019.

Over the past two days, verified account holders of Bitcoin (BTC) and Dogecoin (DOGE) received crypto distributions worth at least 400 million New Zealand dollars ($225 million), the liquidator said.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Coinbase axes plans to expand into Turkey

The reversal comes just three months after the US-based crypto exchange submitted its pre-application to the Turkish government.

Cryptocurrency exchange Coinbase has withdrawn its pre-application for entry into the Turkish crypto market, according to documents released by the Turkish Capital Markets Board (CMB).

Coinbase had previously joined several prominent enterprises seeking entry into Turkey’s cryptocurrency market with more than 90 companies submitting applications in the past year. 

Documentation indicating Coinbase’s withdrawal and request for liquidation. Source: Ahmet Karaca

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Crypto exchange XT.com suspends withdrawals amid $1.7M hack report

XT.com issued a statement acknowledging an “abnormal transfer of platform wallet assets,” but hasn’t yet confirmed the hack.

XT.com, a cryptocurrency exchange trading $3.4 billion daily, suspended withdrawals on its platform after a suspected $1.7 million hack.

The exchange suspended withdrawals, citing “wallet upgrade and maintenance,” it said on Nov. 28.

XT.com’s withdrawal suspension announcement on Nov. 28. Source: XT.com

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

FTX co-founder Gary Wang sentenced to time served

Wang was the final FTX executive awaiting sentencing over the 2022 exchange collapse and subsequent fraud charges.

FTX co-founder Zixiao “Gary” Wang was sentenced to time served plus forfeiture of assets in a United States district court in New York on Nov. 20, making him the fifth and final executive sentenced over the exchange’s 2022 collapse. 

Wang pleaded guilty to fraud charges in December 2022 alongside former Alameda Research CEO Caroline Ellison. For her part in the scheme, in which she admitted to conspiring with FTX co-founder Sam Bankman-Fried to steal $8 billion, Ellison received a two-year sentence

Judge Lewis Kaplan oversaw all five cases and issued prison time in Ellison’s case as well as Bankman-Fried’s (25 years) and former FTX Digital Markets co-CEO Ryan Salame (7.5 years). 

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Bybit Türkiye Gains Recognition as a Crypto Asset Service Provider by Turkish Regulator

Bybit Türkiye Gains Recognition as a Crypto Asset Service Provider by Turkish RegulatorBybit Türkiye, the partner platform of global cryptocurrency exchange Bybit, has been officially listed as a crypto asset service provider by the Capital Markets Board (CMB) of Turkey. Turkish Regulator Grants Bybit Türkiye Crypto Asset Service Provider Status According to Bybit Türkiye’s announcement, the recognition marks a significant milestone for the exchange, allowing it to […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Indian crypto exchange WazirX struggles to recover funds 60 days after hack

WazirX’s $235 million hack recovery efforts face hurdles as internal findings yield little to no significant breakthroughs. 

Two months after hackers managed to steal over $230 million from India-based crypto exchange WazirX, the status of customer funds remains in doubt as the exchange and its custody provider, Liminal, continue to play the blame game.

Both firms continue to accuse the other of being at fault for the breach that allowed the hacker to steal customer funds, and there appears to be no resolution in sight, especially with internal investigations seemingly moving ahead at a snail’s pace.

Most recently, the firm faced legal threats from its customers, with the most notable pursuant being another rival exchange, CoinSwitch. The company initiated legal action against Wazir to recover 2% of its funds worth approximately $6.2 million. 

Source: CoinSwitch

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Nigeria Accuses Four Crypto Traders of Forex Regulations Violations

Nigeria Accuses Four Crypto Traders of Forex Regulations ViolationsThe Nigerian government has filed criminal charges against four individuals and several firms for allegedly conducting illegal crypto transactions, including USDT to naira conversions, without a banking license. The four are Ejiogu A. Chinedu, Nnamdi F. Okereke, Oty Ugochukwu Stanley, and Chukwuebuka F. Ogumba. The defendants are accused of violating the Banks and Other Financial […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Binance CEO says CZ is banned from managing or operating the exchange

A plea deal filed in November 2023 asked prosecutors to consider that Changpeng Zhao was prohibited from “any present or future involvement in operating or managing” Binance.

Changpeng “CZ” Zhao, expected to be released by United States prison authorities in a few weeks, could be permanently enjoined from operating or managing the crypto exchange Binance as part of his plea deal with prosecutors. 

According to a Sept. 5 Axios report, Binance CEO Richard Teng said CZ received a lifetime ban from managing or operating the exchange, not just three years, as many news outlets previously reported. The crypto exchange reportedly said the former CEO was barred from a management position at the firm, though it did not appear to be explicitly required by either Zhao’s or Binance’s plea agreements.

In November 2023, US authorities announced a $4.3 billion settlement with Binance, in which Zhao pleaded guilty to one felony charge related to violations of the Bank Secrecy Act. In April, a judge sentenced the former CEO to four months in prison. He is expected to be released on Sept. 29.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Okx Approved to Provide Cross-Border Payment Services in Singapore

Okx Approved to Provide Cross-Border Payment Services in SingaporeGlobal crypto exchange Okx has secured a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), allowing it to offer digital payment token services. Gracie Lin, the newly appointed CEO of Okx’s Singapore entity (Okx SG), highlighted the significance of this license and Singapore’s role in the company’s growth strategy. Okx SG aims […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

24X Exchange files amended application that could bring 24/7 trading to crypto ETFs

It would be the first time crypto ETF shares that could be traded after-hours in the US. 

24X National Exchange filed an amended application to United States regulators to launch a securities exchange that could potentially bring 24/7 trading to cryptocurrency exchange-traded funds (ETFs), according to the Aug. 27 filing and related exhibits

According to the filing, 24X “proposes to significantly expand trading outside of regular trading hours” for US-listed securities “by operating a national securities exchange 23 hours a day, seven days a week, 365 days a year, including holidays, subject to certain trading pauses.”

Pending the success of its application to register as a national securities exchange, “[a]ny security in the Nasdaq-100 Index, S&P 500 Index, Russell 2000 Index, and the top 50 exchange-traded funds by average daily volume shall be eligible to become designated for trading on the Exchange during the 24X Market Session,” according to 24X. 

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks