Sturdy Finance Resumes Operations Following $800K Security Breach
Sturdy Finance, a decentralized finance (DeFi) technology platform, has reopened its stablecoin market after experiencing a recent attack on its website. On June 16, the platform resumed the stablecoin mTerraUSD Stablecoin Market Cap Reaches $15 Billion for the First Timearket, allowing users to access their funds. The delay in reopening the market was a precautionary […]
Binance.US Reportedly Cuts 50 Staff Following SEC Charges
Binance.US, the American counterpart of Binance, recently laid off approximately 50 employees from its legal, compliance, and risk departments. This decision comes from regulatory accusations of securities law violations against the company. According to sources and employee social media posts, Binance.US has initiated a series of staff reductions. The allegations have also led to a […]
FDIC Orders OKCoin to Correct Misleading Insurance Claims
The US Federal Deposit Insurance Corp. (FDIC) has issued a cease and desist notice to the crypto exchange OKCoin for providing false information about its insurance status. The FDIC accuses OKCoin and its senior officials of misleading statements regarding FDIC insurance in a letter dated June 15. Regulators have granted OKCoin a deadline of 15 […]
Binance to leave Netherlands after failing to acquire VASP license
Binance is leaving the Netherlands because it failed to obtain a virtual asset service provider (VASP) license. The company has informed its Dutch customers about this decision. Starting July 17, existing customers can only withdraw funds from the platform. Trading, deposits, and purchases will no longer be possible. Binance expressed disappointment about the situation but […]
Abra Accused in Texas of Securities Fraud, Misleading Investors
The Texas State Securities Board (TSSB) has taken legal action against Abra and its CEO, William John “Bill” Barhydt. Investors of Abra Earn and Abra Boost have accused the defendants of fraudulent business practices and securities fraud. According to the TSSB, the defendants intentionally withheld crucial financial information, such as party capitalization, loan defaults, and […]