stablecoin
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Binance Temporarily Pauses Withdrawals
Binance, the world’s largest crypto exchange, announced it’s pausing withdrawals of the USDC stablecoin following a spike in user activity that resulted in $US1.9 ($3) billion in withdrawals in the last day. That spike, according to CoinDesk, comes amid possible red flags revealed in its recent proof-of-reserve report.
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Sam Bankman-Fried Apologizes and Continues Begging for Funds Amid FTX Collapse
Sam Bankman-Fried is having a hard week (along with FTX users and investors.) The CEO and co-founder of FTX, the rapidly collapsing cryptocurrency exchange, is facing newly expanded federal investigations, as a liquidity crisis tanks the value of the firm’s native token, FTT. His billions in personal wealth have all but evaporated over the course…
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Wintermute, One of Crypto’s Biggest Market Makers, Loses $AU239 Million to Hacker
Wintermute, one of the most prominent market makers in the cryptocurrency industry, has been hacked. A cybercriminal stole approximately $US160 ($AU239) million in various tokens from the company, according to Wintermute’s CEO. However, the company claims it is solvent and still holds twice as much equity as the amount that was stolen.
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Binance Will Transform Users’ Stablecoins to Its Own Brand of Coin, and They’re Not Asking First
In a few weeks’ time, stablecoin holders on Binance will find their crypto doesn’t carry the same name, or the same price, as it had previously. The exchange effectively told its users it’ll be digging its long, thin fingers into each of their wallets, taking out their old crypto, and replacing it with their own,…