Krasimir Buchvarov
Krasimir has been following the development of blockchain technology for several years and is optimistic about its potential. He covers breaking news in the sphere, focusing on innovation, regulation, and the cryptocurrency market.
Dec 2, 2022
Ankr’s Exploit Enabled an Attack on Stablecoin Issuer Helio
- A hacker targeted a vulnerability in DeFi protocol Ankr to mint trillions of aBNBc tokens, which he eventually swapped for 5 million USDC.
- The event caused the price of aBNBc to plummet by 99%, which allowed another individual to steal $15.5 million from stablecoin issuer Helio as it did not have up-to-date pricing on aBNBc.
Dec 1, 2022
Coinbase Disables iOS Wallet’s NFT Trading Due to Apple’s App Policies
- Coinbase said that Apple had blocked the release of the latest iOS version of its mobile wallet app until NFT trading functionality was disabled.
- The exchange also claimed that Apple wanted all gas fees required to send NFTs to be paid through its In-App Purchase system so that it could collect 30% of the fees.
Dec 1, 2022
Former FTX CEO SBF Claims He Unknowingly Commingled Funds
- Sam Bankman-Fried held an interview with the New York Times, during which he pushed the narrative that FTX’s collapse was caused by bad risk management and the crypto market crash.
- SBF also claimed the he had “unknowingly commingled funds” between Alameda and customer funds at FTX, which was the result of his poor oversight of the company.
Nov 30, 2022
FTX’s LedgerX to Provide $175M for Bankruptcy Proceedings
- LedgerX, one of the few affiliated companies to remain solvent after the collapse of FTX, will provide $175 million towards FTX Group’s bankruptcy proceedings.
- The money will come out of a $250 million fund the company had set aside to get regulatory approval to settle crypto derivatives without intermediaries.
Nov 30, 2022
Binance Enters Japanese Market With SEBC Acquisition
- The acquisition of FSA-regulated Sakura Exchange BitCoin marks Binance’s regulatory-compliant re-entry into the Japanese market.
- The exchange was forced to limit its operations in Japan, and abandon its plans for a regional headquarters, when it received a warning from the FSA in 2018, and once again in 2021.
Nov 28, 2022
BlockFi Files for Bankruptcy Following FTX Collapse
- BlockFi’s Chapter 11 filing revealed that it had $257 million in cash on hand, more than 100,000 creditors, and between $1 billion and $10 billion in both assets and liabilities.
- The company’s largest creditors include FTX.US, which has a $275 million unsecured claim, and the Securities and Exchange Commission with a $30 million claim
Nov 28, 2022
Aave Temporarily Freezes 17 Lending Markets
- The temporarily frozen lending markets include YFI, CRV, ZRX,MANA, 1INCH, BAT, ENJ, AMPL, DPI. RENFIL, MKR, xSUSHI, sUSD, USDP, LUSD, GUSD, and RAI.
- In order to improve its risk management, the protocol will no longer allow users to deposit or take loans with them on the platform.
Nov 28, 2022
Line’s Bitfront Crypto Exchange to Close Down
- Japanese messaging giant Line had decided to close down its crypto exchange business, and focus on its other blockchain and crypto initiatives.
- New signups and credit card payments have already been shut down, additional services will be suspended mid-December, while trading and open orders will be canceled by the end of the month.
Nov 25, 2022
Binance Launches Merkle Tree-Based Proof-of-Reserves System
- Binance’s new proof-of-reserve system shows it has Bitcoin (BTC) balance of 582,485 tokens, while users have a net balance of 575,742 BTC.
- The exchange also plans to involve a third-party auditor to verify its PoR system, as well as implement ZK-SNARKs to improve privacy.
Nov 25, 2022
Binance Launches $1B Industry Recovery Initiative With 7 Contributors
- Binance has officially launched its $1 billion industry recovery fund, and said it is ready to set aside another $1 billion in the near future “if the need arises”.
- Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have all joined the fund with a combined contribution of $50 million.