Tag: Crypto exchange

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Trump Media shares gain after Crypto.com announce ETF deal

Crypto ETF

Trump Media & Technology Group (TMTG) has made headlines with its latest announcement of a partnership with Crypto.com to launch a series of exchange-traded funds (ETFs) and related products.

This news has sparked a surge in TMTG’s stock, which rose by approximately 9% in after-hours trading, despite a challenging year that saw the stock down 38% prior to this development. Will the gain hold?

The ETFs, branded under TMTG’s fintech arm are set to focus on a ‘Made in America’ theme, incorporating a mix of digital assets like Bitcoin and Cronos (Crypto.com’s native token) alongside traditional securities.

Crypto.com will play a pivotal role in this venture, providing backend technology, custody, and cryptocurrency supply for the ETFs.

The products are expected to be available internationally, including in Europe and Asia, through major brokerage platforms and the Crypto.com app, which boasts a global user base of 140 million.

This partnership marks another step in TMTG’s foray into the digital asset space, following previous ventures into non-fungible tokens (NFTs) and meme coins.

The move also highlights the growing intersection between traditional finance and cryptocurrency, as companies seek to innovate and diversify their offerings in a competitive market.

While the announcement has generated excitement, it also raises questions about the regulatory landscape and the sustainability of such ventures.

As TMTG and Crypto.com prepare to launch these ETFs later this year, pending regulatory approval, the financial world will be watching closely to see how this collaboration unfolds and its impact on the broader market

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Hackers steal $1.5 billion from Bybit exchange

Crpto theft

Bybit, one of the world’s largest cryptocurrency exchanges, has fallen victim to the biggest crypto heist in history

Hackers managed to steal a staggering $1.5 billion in digital assets, primarily in Ethereum, from Bybit’s cold wallet, an offline storage system designed for ‘security’.

This breach has sent shockwaves through the cryptocurrency community, raising concerns about the security of digital assets.

The attack, which occurred on 21st February 2025, was reportedly traced back to the notorious North Korean hacking group, Lazarus. Known for their sophisticated cyber-attacks, the Lazarus Group exploited vulnerabilities in Bybit’s security infrastructure to gain access to the cold wallet.

Once inside, they swiftly transferred the stolen funds across multiple wallets and liquidated them through various platforms.

Bybit’s CEO, Ben Zhou, reassured users that all other cold wallets remained secure and that withdrawals were operating normally. However, the breach triggered a rush of withdrawals as users feared potential insolvency.

To mitigate the impact, Bybit secured a bridge loan from undisclosed partners to cover any unrecoverable losses and maintain operations.

Blockchain analysis firms, including Elliptic and Arkham Intelligence, have been working tirelessly to trace the stolen assets.

They have labelled the thief’s addresses in their software to prevent the funds from being cashed out through other exchanges. Despite these efforts, the stolen funds are being systematically moved through anonymous exchanges, making it challenging to recover the assets.

This incident highlights the ongoing risks associated with cryptocurrency exchanges and the need for robust security measures. As the industry grapples with the aftermath of this unprecedented heist, experts warn that large-scale thefts remain a fundamental risk in the digital asset space.

Bybit’s response and the collaborative efforts of the crypto community will be crucial in restoring trust and preventing future breaches.

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Failed crypto firm FTX set to pay customer refunds

Crypto exchange desk workser

Creditors of the disgraced cryptocurrency exchange FTX are set to receive up to $16.5 billion (£12.6 billion) following a bankruptcy plan sanctioned in the U.S. on Monday

This settlement concludes a tumultuous period that began with the company’s bankruptcy in November 2022, which left millions of customers without access to their funds.

Last year, the exchange’s former chief, Sam Bankman-Fried, was found guilty of misappropriating customer funds before the collapse and was subsequently sentenced to 25 years in prison.

Under the terms of the agreement, former clients will be able to reclaim approximately 119% of the value held in their accounts at the time of the bankruptcy, as per FTX’s statement.

Creditors expect to receive their compensation within 60 days after the plan becomes operative, although the exact date remains to be determined.

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Robinhood launches crypto transfers in Europe directly through its app

Crypto exchange

The retail investment platform Robinhood has announced the introduction of cryptocurrency transfers in and out of its app for European customers

As part of its international expansion efforts, the company aims to enhance its product offerings in the region.

According to a blog post-dated Tuesday 1st October 2024, Robinhood will enable customers within the European Union to deposit and withdraw over 20 different digital currencies via its platform, including Bitcoin, Ethereum, Solana, and USD Coin.

This development grants Robinhood’s European clientele the option of “self-custody” of assets, allowing them to personally hold their cryptocurrencies in a privately-owned wallet, rather than relying on a third-party service to manage their funds.

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Crypto trading ‘concentration’ apparently raises alarm for EU watchdog

Crypto

Digital assets have soared recently to unprecedented heights and then plummet just as quickly. It’s an extremely volatile financial environment.

Amid this volatility, the European Union’s securities watchdog, the European Securities and Markets Authority (ESMA), has sounded a cautionary note.

The Concentration Conundrum

ESMA’s latest report highlights a considerable concern: the high level of concentration in crypto trading. A handful of exchanges, led by Binance, dominate the market. In fact, Binance alone accounts for more than half of all crypto trading activity. While this concentration might seem advantageous from an efficiency standpoint—thanks to economies of scale—it raises significant questions.

The Ripple Effect

Imagine a scenario: Binance, Coinbase or any crypto platform for that matter experiences a catastrophic failure or malfunction. The repercussions would reverberate far beyond its platform.

The entire crypto ecosystem would feel the impact. Investors, traders, and enthusiasts would face disruptions, financial losses, and uncertainty. The interconnectedness of the crypto world amplifies the stakes.

Risk and Resilience

ESMA’s concerns centre on systemic risk. When a single entity dominates a market, vulnerabilities emerge. What if Binance falters due to technical glitches, cyberattacks, or regulatory crackdowns? The fallout could destabilise other exchanges, trigger panic selling, and erode investor confidence. The crypto market, already prone to wild swings, would face heightened turbulence.

Mitigating Measures

ESMA’s report underscores the need for vigilance. Regulatory bodies must strike a delicate balance: promoting innovation while safeguarding stability. Diversification across exchanges, robust risk management practices, and stress testing are essential. Additionally, fostering competition and encouraging new players can dilute concentration risk.

The Way Forward

Crypto enthusiasts should heed ESMA’s warning. While the allure of rapid gains remains strong, prudent risk assessment is crucial. Investors must diversify their holdings, stay informed, and choose exchanges wisely. As the crypto landscape evolves, collaboration between regulators, industry players, and investors will shape its future.

In this high-stakes game, the EU watchdog’s message is clear: Tread carefully as you navigate the digital frontier.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research and consult professionals before making investment decisions

Remember to always do your own careful research or employ regulated financial advice.

Research! Research! Research!

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Who’s now in charge at Binance?

Crypto

Binance is still open for business and is now being run by, Richard Teng. But who is the new boss of Binance?

Mr Teng, from Singapore joined Binance just over two years ago as the chief executive of the Singapore business. That was the year when Binance came under a Justice Department investigation, and as regulatory scrutiny of the company and Zhao intensified. Richard Teng was rapidly climbing the ranks in the background.

He only stayed in his original position as the Singapore CEO for five months, according to his LinkedIn page, before he was promoted to regional head of Europe, Asia and the Middle East and North Africa in April 2023.

Mr Teng later moved to become head of regional markets in May 2023 before he was appointed to the top job on Tuesday 21st November 2023.

In announcing his successor, Mr Zhao called Mr Teng a ‘highly qualified leader‘, adding that ‘with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth’.

Traditional financial background

Prior to joining Binance, Mr Teng worked in the more traditional financial sectors as a director of corporate finance at the Monetary Authority of Singapore (MAS) and a chief regulatory officer of the Singapore Exchange (SGX). He then moved on to the become chief executive of the Abu Dhabi Global Market (ADGM), an international financial centre in the United Arab Emirates, where he stayed for six years. The ADGM regulates the trading of digital assets.

In a statement on Wednesday 22nd November 2023, Mr Teng said he was honoured to take this position, adding that he would focus on reassuring Binance’s 150 million users about ‘the financial strength, security and safety of the company’.

Despite this, Mr Teng has reiterated that Binance is ‘here to stay‘, adding that company’s foundation stands ‘stronger than ever’.