Crypto exchange KuCoin saw over $1 billion in outflows in the last 24 hours after the US prosecutors announced charges against the exchange and two of its founders, Chun Gan and Ke Tang, for violating anti-money laundering laws. The US Department of Justice revealed in its indictment that the crypto exchange did not register with...
Web3 gaming firm Illuvium has raised $12 million in a series A funding round with contributions from investors such as Australian venture capital firm King River Capital, Arrington Capital and Animoca Ventures. The funding will be used to develop new games within the Illuvium ecosystem as the firm gears up for its second quarter 2024...
The web3 gaming platform Munchables experienced a significant security breach, losing $62.5 million in Ethereum due to an exploit on the Blast network. Munchables confirmed the exploit through a post on social media, stating the loss occurred on March 26. “Munchables has been compromised,” said Munchables. “We are tracking movements and attempting to stop the...
Munchables has successfully recovered funds previously lost to an exploit and proceeded with refund procedures for users impacted. According to the latest social media update posted by Munchables, the web3 gaming platform has made a full recovery of the lost funds after the exploiter voluntarily returned the funds, avoiding the need for a ransom. All...
New Zealand’s Financial Markets Authority (FMA) has flagged an unlicensed crypto exchange clone of BTCSWE. The impersonator has been reportedly contacting customers, promising to retrieve funds lost in previous unsuccessful investments. The country’s financial regulator added two fake entities to its warning list on Wednesday – BTCSWE and Grandeur Capital Pro. BTCSWE cryptocurrency exchange is...
Coinbase has announced plans to increase the storage of corporate and customer USDC balances on Base, an Ethereum Layer 2 solution incubated by the exchange and built on the open-source OP Stack. The move is expected to provide benefits such as lower fees, faster settlement times, and enhanced security for managing customer funds. Max Branzburg,...
Layer 1 blockchain Sui announced a partnership and collaboration with the banking service provider Revolut. According to the press release shared with Cryptonews, the partnership aims to bolster awareness and adoption of blockchain technology among Revolut’s user base of 40 million customers globally. It also wants to open “new avenues for Sui’s growth, particularly across...
The United Arab Emirates (UAE) is now readying a central bank digital currency (CBDC) for retail and wholesale use, according to a Central Bank of UAE (CBUAE) announcement on Saturday. The national bank kicked off its digital dirham implementation strategy during a signing event on March 23 with R3 and G42 Cloud, companies that will...
Suspected South Korean crypto fraudsters allegedly fooled a wealthy financier into parting with over $4.1 million, the nation’s police force said on March 25. Per Chosun Ilbo, officers in Busan’s Haeundae District arrested a “group of people in their 20s and 30s.” Police think the group “defrauded a financier in his 60s” by convincing him...
Russian crypto industry chiefs have teamed up with business leaders to create a draft bill that could legalize the nation’s booming mining sector. According to ComNews, Alexander Brazhnikov, the Executive Director of the Russian Association of Cryptocurrency and Blockchain (RACIB), spoke about the bill at a crypto-related event on March 22. Russian Crypto Industry: Time...