Search Results for: withdrawal of funds

Crypto Exchange Bittrex Enters Chapter 11 Bankruptcy Protection Following SEC Lawsuit

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Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has over 100,000 creditors and liabilities…

Bitcoin Network Overwhelmed by 390,000 Unconfirmed Transactions and Surging Fees

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In just under two weeks, the number of unconfirmed transactions on the Bitcoin network has skyrocketed from 134,000 to over 390,000, causing a bottleneck in the mempool. This surge in unconfirmed transactions has resulted in a staggering 343% increase in transaction…

Liquid Staking Protocols See Increase in Monthly ETH Deposits Despite Withdrawals Post-Shapella Hard Fork

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Following the Shapella hard fork on April 12, 2023, approximately 332,368 ether, valued at around $699 million, has been withdrawn. Despite these withdrawals, liquid staking protocols like Lido, Rocketpool, and others have experienced an increase in ether deposits over the last…

Crypto Exchange Bitrue Suffers $23 Million Hack

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Singapore-based crypto exchange Bitrue has lost millions of U.S. dollars’ worth of ether and other coins in a hack. The trading platform suspended withdrawals until early next week to conduct additional security checks and promised to compensate the affected users. Bitrue…

Crypto Exchange Bitzlato Restores User Access to Half of Bitcoin Balances, Report

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Bitzlato users can now partially withdraw their bitcoin funds from the dismantled cryptocurrency exchange, according to a media report. The Russia-linked trading platform was targeted by Western law enforcement and had its France-based server infrastructure seized in January. Bitzlato Customers Allowed…

Billionaire Warns of Imminent Bank Runs if Government Fails to Guarantee All SVB Deposits

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Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is…

‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

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Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts…

FTX Debtors Report $8.9B Shortfall in Customer Funds and ‘Highly Commingled’ Assets in Latest Presentation

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On March 2, 2023, FTX debtors released their second stakeholder presentation, which contains a preliminary analysis of the now-defunct cryptocurrency exchange’s shortfalls. The latest presentation reveals a significant shortfall, as approximately $2.2 billion of the company’s total assets were found in…

Indian Crypto Exchange Wazirx Calls Binance’s Allegations ‘False and Unsubstantiated’ — Seeks Recourse

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Indian crypto exchange Wazirx has denied the allegations made by Binance regarding the relationship between the two crypto exchanges. Emphasizing that the allegations “are false and unsubstantiated,” Wazirx stressed. “As far as Binance’s actions are concerned, we are taking the necessary…