Centralized Crypto Exchanges in Spotlight

Events in the cryptocurrency realm over the last week have caught the attention of fans and industry participants. The 2022 FTX breach’s Ethereum resurrection a year after FTX’s bankruptcy and Sam Bankman-Fried’s departure was significant. The exchange’s issues were disclosed when 2,500 ETH worth $4 million emerged. Secondly, Ripple CEO Brad Garlinghouse abruptly cancelled the Fortress Trust deal. Ripple’s strategic decision indicates its commitment to blockchain and cryptocurrency research. Moreover, Coinbase received BMA approval to serve non-US retail consumers, a critical step in its mission to transform global banking with cryptocurrency. Due to regulatory problems, Binance sold its Russian operation to CommEX for a better user experience. Despite these advances, HTX Global was hacked for $7.9 million in Ethereum, reminding the cryptocurrency industry of its security difficulties. These news indicate that centralized crypto exchanges remained the center of attention this week.

Ethereum Stolen in the 2022 FTX Crypto Breach Resurfaces after Almost a Year

After nearly a year, 2,500 ether (ETH) units from the November 2022 FTX breach are back online. This complicates the scenario after FTX’s bankruptcy and Sam Bankman-Fried’s departure. The FTX account thief’s wallet includes almost $4 million in Ethereum (ETH), according to blockchain statistics. The cash was carefully spread among multiple transactions and platforms, including Thorchain Router and Railgun privacy. This protects privacy and allows blockchain data exchange. The initial wallet has $21 million, or 12,500 ETH.

These thieves disguised financial transactions with ingenious methods. Thorchain is a popular tool for token swaps between blockchains that protect wallet data. 700 ETH was moved. Railgun, a privacy-focused DeFi token wallet, transacted 1,200 ETH. Railgun secures money transfers. An intermediate wallet contains 550 ETH.

Ripple CEO Brad Garlinghouse Cancels Fortress Trust Acquisition Plan

Ripple CEO Brad Garlinghouse announced the company’s withdrawal of its Fortress Trust purchase in an unexpected move. After Ripple’s letter of intent to buy, the decision was taken. Ripple remains committed to Fortress Trust notwithstanding this change. Ripple invested in the platform rather than acquired it, showing its confidence in its future. Garlinghouse praised Fortress Trust’s personnel for their skill in meeting clients’ needs.

Despite a strategic shift, Ripple remains committed to its relationship with Fortress Trust. Both organizations are keen to collaborate to offer innovative solutions to the market. Ripple’s strategic change shows its commitment to researching cryptocurrencies and blockchain technologies.

Coinbase Gets Green Light for Non-US Retail Expansion from BMA

In May 2023, Coinbase International Exchange started for non-US institutions and was a success. Now, the BMA has approved Coinbase’s non-US retail expansion in Bermuda. Consumers can trade regulated perpetual futures on Coinbase Advanced. The second phase of Coinbase’s “Go Broad, Go Deep” goal is regulatory framework construction with international authorities. US-founded Coinbase wants to change the global banking system. Coinbase intends to give users global financial prospects with this authorization.

Due to the global increase in cryptocurrency derivatives, Coinbase is trustworthy and regulated. Coinbase receives licenses quickly as other crypto exchanges suffer regulatory investigations. The worldwide crypto derivatives market accounts for most cryptocurrency transactions, demonstrating the need for derivative financial products. Trading eternal futures contracts and tight regulatory compliance show Coinbase’s dedication to risk management, compliance, and user safety.

Binance Sells its Russian Crypto Operations to CommEX to Enhance User Experience

Binance, a global cryptocurrency exchange, will sell its Russian operations to CommEX. The change should improve Binance’s Russian consumers’ experience. This should take a year. Binance assures Russian users their valuables are safe throughout the transfer. Binance is deciding because of worldwide regulatory challenges, especially US regulatory risk. Binance intentionally departed Russia because of problems. The company is partnering with CommEX to ease user transfers.

Binance Chief Compliance Officer Noah Perlman stated its compliance structure doesn’t support Russia. Instead, Binance operates in 100+ countries. Top Binance executives left Russia voluntarily owing to regulatory issues and sanctions. This illustrates Binance’s shift.

Circle and the Stellar Development Foundation introduce EURC on Stellar

Circle and the Stellar Development Foundation (SDF) created EURC on Stellar to promote stablecoins and extend cryptocurrency alternatives for users and companies. EURC, like USDC, is a reserve-backed digital currency that seeks a one-to-one exchange rate with the Euro to stabilize its value. A euro reserve backs each EURC coin, safeguarding its worth.

EURC, Stellar’s Euro integration, gives companies and software developers additional alternatives. Stellar enables fast, inexpensive Euro transfers using Bitcoin, Ethereum, and EURC. On weekends and holidays, users can transfer, spend, retain, and exchange EURC. These deals settle fast and cheaply. Rachel Mayer, Circle’s Vice President of Product Management, underlined the need for cheap banking and innovative payment solutions worldwide, especially on mobile platforms. Circle and the Stellar Development Foundation provide financial aid to mobility- and disaster-affected persons.

HTX Global Experiences $7.9 Million Ethereum Theft in Major Breach

A serious security incident at HTX, previously “Huobi Global,” hit the cryptocurrency sector on September 24th. Illegal cryptocurrency transfers of $7.9 million shocked the cryptocurrency trading sector. During a Huobi hot wallet transaction of 4,999 Ether valued at $7.9 million at 10 a.m. UTC, the security breach occurred. A large amount of money sent to an inactive address triggered suspicions and inquiries.

Post-security breach, another Huobi wallet interacted with the attacker. In Chinese, Huobi identified the offender and made an intriguing proposition. Huobi handed the hacker 5% of the stolen money as a “white-hat bonus.” However, the attacker must return 95% of illegally obtained assets. Cyvers, a trusted blockchain analytics tool, reported the event on September 25. Huobi hot wallets communicate with the assailant, according to Arkham Intelligence, a major analytics organization. The incident exposes crypto exchange security flaws.