News Posts matching #Binance

Return to Keyword Browsing

Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?

The cryptocurrency market is experiencing another major shakedown in pricing, with the overall crypto market valuation dropping by more than a trillion dollars in less than 24 hours. As of time of writing, leading cryptocurrency by market cap Bitcoin has lost more than 30% in value, dropping to $31,000. Ethereum is down by 40% to $2,424, and memecoin Dogecoin has fallen by 45% - one would think a memecoin would have had its value dropped to zero from the instant of its conception, but that's not the world we live in.

As the market tries to staunch the bleeding, major cryptocurrency platforms Coinbase and Binance are down, citing "network congestion" issues stemming from the unexpected volatility. As investors see their attempts to sell neutered by these network congestion issues, this seems like a way to reduce the amount of cryptocurrencies available in the market, which would feed the descending value cycle even more. Whether or not this is the bubble popping, it's yet another foundational shock to the trust that was already achieved by these platforms and the cryptocurrency market as a whole. How this will affect market availability and demand for graphics cards and hardware is anyone's guess, but even if it does, it'll take some time until we see availability in the main and secondary channels.

Binance, World's Largest Crypto Exchange, Reportedly Under Investigation by DoJ, IRS

Binance, the world's largest crypto exchange in trade volume, is reportedly being investigated by both the US Department of Justice and the IRS. Ever since its founding in 2017, Binance has been the de-facto castle door towards the world of crypto - that the eyes of justice and fiscal-enforcement are set upon it shouldn't come as a surprise. Incorporated in the Cayman Islands - a well-known offshore paradise for avoidance of taxation - the firm has an operating office in Singapore, and has thus been able to skirt massive amounts of tax (though not unlike many other, more traditional businesses do). The investigation also shouldn't come as a surprise considering how cryptocurrency - for all its technological and economic impact - is now one of the more common currencies in usage for the enablement and support of illegal activities.

According to Chainalysis.inc, a company specializing in scrutinizing the crypto market and its players, Binance was the principal crypto exchange through where funds derived from illegal activities went. According to the company, the amount of money attributed to illegal activities isn't low either; Chainalysis estimated Binance was the gateway of choice for moving upwards of $756 million dollars in illegal activities, a tidy percentage of its 2.8 billion dollar flux in that same year. No formal investigation has been announced yet, but this could be the prelude to a deeper dive onto the company's finances and possible enablement of criminal activity.

Crypto Exchange Binance Hacked, $40M+ Stolen in Bitcoin

This is a pretty high-profile heist, as heist come, since Binance is actually the rworld's biggest crypto exxchange in terms of traded volume. The act was reported by Binance as a well-conducted orchestra, with hackers using seemingly unconnected accounts at the most opportune time to achieve a single, high-value withdrawal of $41M (roughly 7,000 Bitcoin at current pricing) - only 2% of Binance's total value in their so-called "hot wallet".

The hackers also took away with several information on users' accounts: a large number of user API keys, 2FA codes, and "potentially other info" were taken besides the cool $41M in Bitcoin. Binance CEO Changpeng Zhao warned that the hackers could still be controlling enough relevant accounts that could allow them to influence pricing and make even more money.
Return to Keyword Browsing