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Kraken co-founder CEO Jesse Powell is set to exit his position as CEO of the major exchange platform. Amid speculation that various controversies have prompted the move, Powell claims this decision has been in talks for over a year.  Powell Is Not Leaving Kraken Entirely The avid crypto advocate shared that he plans to remain active within the crypto platform. Powell will step into a new role as the company’s first chairman of the board. He reportedly intends to shift…

Tether – the issuer of the world’s largest stablecoin, USDT – is once again being pressured to demonstrate the quality of its reserves.  On Tuesday, the company was ordered by a U.S. court in New York to provide detailed financial documents for evaluating claims around the asset’s backing.  An ‘Extraordinary’ Request The order is part of an ongoing 2019 lawsuit claiming that Bitfinex and Tether conspired to inflate Bitcoin’s price by pumping the market with unbacked Tether tokens. At the…

Indian crypto exchange, CoinDCX had its Twitter account hacked on Tuesday. The hackers used the compromised account to promote a fake Ripple (XRP) giveaway. Today we are pumping XRP. To support our community, we are announcing 100,000,000 XRP GIVEAWAY,” the now-deleted tweet read. The fake promo was then followed by a phishing link. To erase suspicions, the hackers retweeted official posts from Ripple Labs CEO, Brad Garlinghouse. They also replied to tweets with phishing links.  As they strove to regain…

Major liquidity provider Wintermute has become the latest cryptocurrency firm to suffer a security breach in recent months.  Attack to Be Treated as a "White Hat" Hack Earlier this morning, CEO of Wintermute Evgeny Gaevoy took to Twitter to share the news. In a series of tweets, Gaevoy explained that only their DeFi protocols had been affected. Their CeFi and OTC activities remain up and running. About 90 assets were compromised, with a little over 160 million USD siphoned off…

Ripple – the blockchain technology company behind XRP – is seeking dismissal of the Security and Exchange Commission (SEC)’s 2020 lawsuit against the firm. It claims that XRP does not constitute an “investment contract”, and thus cannot be called unregistered security.  Can Ripple End the Lawsuit? As reported by BNN Bloomberg, Ripple’s weekend filing claims XRP investors do not have rights, and that Ripple is not required to act in their interests. It cited a lack of documents imposing such…

Ethereum addresses generated by an abandoned Ethereum vanity tool have been stripped of over $3 million in assets by exploiters. The tool – called “Profanity” – used an insecure method for generating public keys, from which users’ private keys could be extracted.  Unsafe Keys The popular decentralized exchange aggregator 1Inch first noted the vulnerability on Thursday, just hours before it started being exploited.  “Run, you fools,” tweeted 1Inch. “Your money is NOT SAFU if your wallet address was generated with…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $962 billion. Bitcoin has decreased by nearly 9% this week. Ethereum lost almost 20% over the past seven days. XRP is up by nearly 8% this past week. Almost all altcoin s are trading in the red, with few exceptions. The DeFi sector dropped the total value protocols (TVL) to around $27 billion. Crypto…

Prolific Bitcoin supporter Michael Saylor says Bitcoin is a better investment option than any physical asset for commoners. According to the entrepreneur, only those who come from royalty can handle the numerous factors involved in owning physical property.  The former CEO of MicroStrategy outlined some setbacks involved in transferring property like stocks, equity, real estate, or gold. Speaking at the Australian Crypto Convention, Saylor contrasted these physical assets against Bitcoin. He opined that Bitcoin is a more adaptable asset to…

The White House has unveiled its digital asset development framework, outlining the benefits and risks of cryptocurrency in the United States. It presents key priorities and specific measures that the administration will use to guide its management of the industry.  The White House Plan for Crypto The framework presented on Friday is a follow-up to President Biden’s crypto executive order (EO) in March. The EO called on various government agencies to conduct research into how to develop a framework around…