Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15
Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15 Million, Binance’s Thai Exchange, $792 Million in BNB Burnt, EIP-1559 Live on Polygon, Spain and Singapore Crypto Ad Ban, Bulgaria and U.K. Top Crypto Holding
Read in the Digest:
- Crypto.com suspends withdrawals as unauthorized activity leads to $15 million loss.
- Binance to set up exchange in Thailand, burns $792 million in BNB.
- Polygon to begin burning MATIC with the launch of EIP-1559 on its mainnet.
- Spain and Singapore to ban crypto ads. Bulgaria and the U.K. top crypto holding charts.
Crypto.com Suspends Withdrawals as Unauthorized Activity Leads to $15 Million Loss
Singapore-based cryptocurrency exchange Crypto.com announced the suspension of withdrawals on its platform on Monday, January 17th, after users reported “unauthorized activity.”
According to the exchange, it was pausing withdrawals only for a short while to investigate reports of suspicious activities. After about 14 hours, Crypto.com notified users that withdrawals had resumed and all funds were safe.
Flipsider:
- Despite reporting that all funds were safe, multiple sources have reported that up to $15 million, or 4,600 ETH, was stolen from the exchange.
- Users have taken to Twitter (NYSE:) to criticize the exchange for not mentioning how much was lost in the hack.
Why You Should Care
While hacks and scams are running rampant in decentralized finance, it remains unclear how a centralized exchange of such renown was defrauded of $15 million.
Binance to Set Up Exchange in Thailand, Burns $792 Million in BNB
Binance, the world’s largest cryptocurrency exchange, has continued with its mission of expanding its crypto services, with Thailand as its newest entry. Binance has teamed up with Gulf Energy Development to set up a digital asset trading platform in Thailand.
According to the Bangkok-based firm, its MoU with Binance will help further push the “rapid growth” of digital infrastructure in Thailand over the next few years. A Binance spokesperson remarked that this MoU represents “the first step” for Binance in exploring opportunities in Thailand.
Flipsider:
- In July 2021, Binance found itself on bad terms with Thailand’s regulator when it was sued for operating without a license.
Following its 18th quarterly burn, making the (BNB) a deflationary asset, Binance has reduced the BNB in circulation by 1.68 million, or $792 million USD. In addition to this, Binance has assured users that 50% of its initial 200 million BNB will be burnt.
The latest burn represents an amount equal to 0.84% of Binance’s initial supply. The 18th quarterly burn was the first such burn carried out using the platform’s new “Auto-Burn” feature, which automatically calculates how much BNB should be burnt based on market prices and the number of blocks.
Why You Should Care
While Binance pursues global expansion of its crypto services, the exchange has made a commitment to being more regulatory compliant.
Polygon…
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