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Hackers have withdrawn nearly $41 million from cryptocurrency gambling site Stake. Genesis' U.S.-focused spot crypto trading business will shut down later this month, according to an email sent to clients Tuesday. Finance Minister Nirmala Sitharaman on Tuesday called for setting up a framework for handling challenges related to crypto assets. With this crypto weekly roundup, you can stay updated with the latest market trends and news on cryptocurrencies like Bitcoin, Ethereum, and more.
Genesis' U.S.-focused spot crypto trading business will shut down later this month, according to an email sent to clients Tuesday. Genesis Global Trading (GGT) will close its over-the-counter trading platform on Sept. 18. All trades must be settled by Sept. 21 and all remaining open accounts will be closed end of the day on the 30th. "The decision was made voluntarily and for business reasons," the email said.
Finance Minister Nirmala Sitharaman on Tuesday called for setting up a framework for handling challenges related to crypto assets. Besides, cyber threat is another area that needs global cooperation, she said. "India's Presidency has put on the table in the G20 issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets," Sitharaman said while addressing the Global Fintech Fest.
Hackers have withdrawn nearly $41 million from cryptocurrency gambling site Stake likely via a stolen private key. Stake confirmed the hacking on X (formerly Twitter), saying that unauthorized transactions were made from Stake's Ethereum (ETH)/Binance Smart Chain (BSC) hot wallets. "We are investigating and will get the wallets up as soon as they're completely re-secured. User funds are safe," the company informed.
Cryptocurrency exchange Coinbase Global COIN.O is launching a digital asset lending platform aimed at large institutional investors, a company spokesperson told Reuters on Tuesday. Coinbase has raised $57 million for its new crypto-lending platform, a regulatory filing showed. The crypto industry, which was reeling from several high-profile failures, got a boost last week after a three-judge panel ruled that the Securities and Exchange Commission (SEC) was wrong in rejecting Grayscale's proposed bitcoin ETF without explaining its reasoning. Coinbase last month had secured approval to offer cryptocurrency futures to U.S. retail customers, scoring a major regulatory win.
A cryptocurrency whale has fallen victim to a massive phishing attack, losing millions of dollars in staked Ether on the liquid staking provider Rocket Pool. The investor lost their entire address balance of Lido Staked ETH (stETH) and Rocket Pool ETH (rETH) on Sept. 6, the cryptocurrency security firm PeckShield reported.
The hack was completed in just two transactions, with 9,579 stETH stolen in one and 4,851 rETH in another. At the time of the attack, the amount stolen was worth $15.5 million in stETH and $8.5 million in rETH, a staggering $24 million combined.
Crypto Facilities, which was bought by cryptocurrency exchange Kraken in 2019, is in talks with the U.K.'s Financial Conduct Authority about expanding its service to custody a broader range of client assets, Bloomberg reported on Thursday.
The London-based firm, which offers futures contracts in crypto assets for institutional investors, is in talks to offer futures contracts denominated in the fiat currency it is holding for the client, CEO Mark Jennings told Bloomberg.
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