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According to the Philippines SEC, entities involved in promoting or trading on Binance could face up to 21 years of imprisonment and $90,000 in penalties. Cryptocurrency exchange Binance has been operating in the Philippines without the necessary approval or license , according to the local securities regulator . The Philippines Securities and Exchange Commission (SEC) issued a warning against Binance on Nov. 28, informing the public that the exchange is not authorized to sell or offer securities in the country. The announcement emphasized that an exchange like Binance must apply for registration and provide detailed information about offered securities before selling them to the public. Such detailed information includes the issuance price, the nature of securities and other data. Related: Philippines to sell $179M in tokenized treasury bonds for the first time The Philippines’ Securities Regulation Code (SRC) also requires securities issuers to be registered in the country before b...

Blockchain security firm CertiK believes the $2.4 million draining of a CoinSpot hot wallet is likely the result of a “private key compromise.” Australian crypto exchange CoinSpot has reportedly been hacked for $2.4 million in a “probable private key compromise” over at least one of its hot wallet s. According to a Nov. 8 post to his Telegram channel, blockchain sleuth ZachXBT highlighted two transactions entering the alleged hackers wallet. Afterwards, the wallet’s owner bridged the funds to the Bitcoin (BTC) network via ThorChain and Wan Bridge. In emailed comments to Cointelegraph, blockchain security firm CertiK said the alleged exploit was the result of a “probable private key compromise” on at least one CoinSpot hot wallet. According to data from Etherscan, a transaction totalling 1,262 Ether (ETH) — worth $2.4 million at current prices — came from a known CoinSpot wallet and entered the alleged hackers wallet . The presumed attacker stole 1,262 ETH from a known CoinSpot wall...

Decentralized Infura will consist of Infura and a decentralized market of other third-party data providers. A de centralized version of Infura will launch by the end of the year, with major Web2 cloud providers set to become part of the network, the chief strategist of ConsenSys says. “We’re looking to launch something later this year, but then there’s going to be what they call a federated phase that they’re expecting to like to last of the order of six months,” ConsenSys Head of Strategy Simon Morris told Cointelegraph at Korean Blockchain Week, referring to a trial period while the network was still under centralized control. Infura is the access point for most DApps to access real-time on-chain data from the Ethereum blockchain, but given it is controlled solely by ConsenSys, it provides a single point of failure. In November 2020, the MetaMask wallet stopped working when Infura went down, and centralized exchanges and DeFi projects were affected too. Infura also came under f...

Bitcoin and several altcoins are taking a breather after the sharp rally of the past two days, but the general trend remains bullish. Ripple Labs’ victory in the case against the United States Securities and Exchange Commission gives a significant boost to the crypto industry. In addition to benefitting Ripple and XRP (XRP), analysts believe that the ruling will weaken the regulator’s case against Binance and Coinbase. In another positive event for the crypto space, the U.S. dollar index (DXY) completed a bearish head and shoulders pattern on July 12 and followed that up with a drop below the psychological level of 100 on July 13. The DXY typically moves in inverse correlation with Bitcoin (BTC), hence its weakness is a positive sign for the crypto bulls. Daily cryptocurrency market performance. Source: Coin360 LookIntoBitcoin creator Philip Swift said that increased on-chain spending volume shows that Bitcoin is in the first stage of a bull market. The sharp rally in XRP and several ...

Bitcoin has reclaimed the $26,000 level, but will large cap altcoins follow BTC's rebound? Bitcoin (BTC) is witnessing a tough battle between buyers and sellers near the $25,000 mark. A minor cause of worry for the bulls is that even the news of BlackRock having filed an application for a Bitcoin spot exchange-traded fund could not boost prices higher. This suggests that investors remain cautious due to the regulatory overhang. However, this does not mean that professional investors have abandoned plans to invest in cryptocurrencies. The Laser Digital Investor Survey of institutional investors conducted in April shows that 90% of the respondents were ready to consider putting money into crypto if the asset was backed by a “large traditional financial institution.” Another positive was that 82% of the investors polled were positive on crypto’s prospects over the next 12 months. Daily cryptocurrency market performance. Source: Coin360 Glassnode co-founders Yann Allemann and Jan Happ...

Reviewing Bitcoin data from the 2019 bull market offers valuable insights on BTC’s current support levels and upside price targets. Bitcoin’s (BTC) recent price rally from $16,500 to $25,000 can be attributed to a short squeeze in the futures market and recent macroeconomic improvements. However, while prices increased, data suggests that many interested buyers (including whales) were left on the sidelines.  The recent rally to $25,000 shared many similarities with the 2019 bear market rally , which saw a 330% surge in Bitcoin’s price to highs around $14,000 from the November 2019 low at $3,250. Recently, the BTC/USD pair rose 60% from its November 2022 low. On-chain and market indicators relative to the 2019 rally are sending mixed signals on whether or not Bitcoin's rally will continue. Nevertheless, there are strong reasons to believe that the market has reached a crucial turning point where it can either turn into a full-fledged bull market or slump back into a long-term be...

The loss occurred while Alameda Research liquidators were attempting to close a borrow position on Aave, but instead, removed the extra collateral used for the position. The liquidators of Alameda Research continue to encounter obstacles in their efforts to recover funds for creditors. Crypto analytics firm Arkham disclosed in a thread on Twitter that Alameda Research liquidators lost $72,000 worth of digital assets on the decentralized finance (DeFi) lending platform Aave while trying to consolidate funds into a single multi-sig wallet. Liquidators were attempting to close a borrow position on Aave, but instead removed extra collateral used for the position, putting the assets at risk of liquidation. Arkham reported that over nine days, the loan was liquidated twice for a total of 4.05 WBTC, which creditors will now not be able to recoup. This resulted in the liquidation of around 4 WBTC, $72K at current prices. When positions are forcibly closed on AAVE, a penalty is also slashed ...

Paxful CEO Ray Youssef highlights Ethereum’s move to proof-of-stake, perceived centralization and token minting ability as reasons for the move. Peer-to-peer cryptocurrency marketplace Paxful has removed Ether (ETH), Ethereum’s native token, from its marketplace , citing a number of concerns around the world’s second-largest cryptocurrency by market capitalization. Paxful CEO Ray Youssef announced the move in a message to some 11.6 million users of the platform, which he subsequently shared on Twitter. We finally kicked # Ethereum off our marketplace . 11.6m humans safer. Integrity over revenue Who is next ? pic.twitter.com/JTJXa5RYJ8 — Ray Youssef (@raypaxful) December 21, 2022 Youssef highlighted three major concerns around the Ethereum ecosystem which led to the marketplace removing ETH, citing Paxful’s intent to maintain its integrity and efforts to combat ‘economic apartheid’ around the world driven by fiat monetary systems: “I want to see a world where Bitcoin frees billion...