Cryptocurrency

The Binance Blockchain, also known as BNB Chain, said that a total of 2 million BNB tokens -- worth nearly $568 million -- were initially stolen by the hacker. However, the company suspended the BMB Chain which resulted in more than $100 million being vanished, while the rest of the tokens couldn't be transferred by the cybercriminals.

Bitcoin is the blue chip of cryptocurrency and represents 40 per cent of the total crypto assets outstanding in the new and volatile crypto markets. Its market cap is currently at 382.25 billion. According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading. Wash trading is illegal, where an asset is bought and sold simultaneously on the same platform to create false liquidity.

An analysis of the crypto losses by bug bounty platform Immunefi found that fraud accounts for only 7 per cent of the total losses in the Q3 2022, while hacks account for 93 per cent. "The global Web3 space was valued at $3 trillion in 2021, and with billions locked across different smart contracts, this capital represents an unparalleled and attractive opportunity for blackhat hackers," the report mentioned.

In a tweet, the company said they were unable to take payments or make withdrawals involving US bank accounts. "Our team is aware of this issue and is working on getting everything back to normal as soon as possible. You may use a debit card or PayPal account to make direct buys on your account should you wish," it posted late on Sunday.

A total of 50 to 70 employees of the 150 workers at the exchange were asked to go, CoinDesk reported, citing sources. The laid-off employees were informed on Friday that they would be paid for 45 days and that they would no longer be needed to report for work.

South Korean prosecutors have requested Interpol's assistance to trace the whereabouts of Kwon, the wanted founder of Terraform Labs accused of fraud following the massive collapse of the firm's cryptocurrencies earlier this year. The request came after Singapore's police said that Kwon was not in the city state, where prosecutors had believed he was residing, reports Yonhap news agency.

In a tweet, Wintermute's founder and CEO Evgeny Gaevoy said that they have been hacked for about $160 million in their DeFi operations. "Cefi (centralised finance) and OTC (over-the-counter) operations are not affected. We are solvent with twice over that amount in equity left," he posted. Wintermute has Lightspeed Venture Partners, Pantera Capital and Fidelity's Avon among as its investors.

A bench of Justices Manoj Kumar Ohri and Mukta Gupta, in the order, noted that "the appellant (Tata) is known for the quality of its goods and services. Any dubious and inferior products sold through the respondents' website, using the appellant's trademark, can seriously damage its credibility".

The region saw a diversity of jurisdictions attract good-sized deals, according to the KPMG in India report. In the Asia-Pacific region, a number of fintech subsectors that attracted substantial interest and hype over the past 12 to 24 months cooled off considerably in the reported period, including retail payments, insurtech, and B2C solutions. Crypto, NFTs and blockchain also came off the investment burner.

Bitcoin initially showed little reaction to Powell's remarks, but then nosedived sharply and on Sunday, it was hovering around $19,975 per digital coin which is more that 60 per cent drop in its value since last year when it reached a record-high of $68,000 in November. Bitcoin prices had stabilised around the $23,000 to $24,000 level after plunging below $20,000 in June.