How Crypto companies pay top dollar for cybersecurity solutions

As cybersecurity becomes increasingly crucial in the digital age, tech, and crypto companies are offering substantial bug bounties to reward ethical hackers for discovering vulnerabilities in their systems. The news report explores the top three highest bug bounties paid by crypto companies, based on a Twitter thread by Aleksandr Volodarsky, CEO of Lemon.io. Wormhole: $10 million payout for a critical bug fix. In 2022, a hacker exploited a vulnerability in Wormhole, a platform that offers bridges between multiple blockchains, stealing $320 million. The company offered a $10 million reward for anyone who could report and fix the bug. The winner of this massive bounty was a user known as satya0x. More here.

Apple removes Bitcoin whitepaper from latest macOS Ventura beta

A while back, it was discovered by users that every version of macOS contained a copy of the original Bitcoin whitepaper tucked away in its internal files. However, the latest version of macOS Ventura beta has removed the file. According to a report by 9to5Mac, the Bitcoin whitepaper was found hidden in a folder within the Image Capture app, along with other unrelated assets such as PDF files and images. These assets were part of an internal tool called “VirtualScanner.app,” which allowed Apple engineers to simulate the process of scanning and exporting documents and images with the Image Capture app without requiring an actual scanner. The entire internal tool, including the whitepaper, has been removed from the beta. More here.

On-Chain analysis mastery: Unlocking the power of Blockchain data for Crypto success

The blockchain is a decentralized and transparent public ledger, which records transactions made using cryptocurrencies. One of the most significant benefits of blockchain technology is the wealth of data it provides, which is accessible to anyone interested in analyzing the behavior of users on the network. The article explores on-chain analysis and how you can use it to gain insights into the world of cryptocurrencies. On-chain analysis refers to the analytics of data found in an open-source blockchain, which allows us to study the dynamics of crypto projects. With on-chain data, you can examine aspects like ownership distribution, transaction details, and much more, as all this information is stored in blocks or transaction records. More here.

FTX Sells Crypto-Derivatives Platform LedgerX to MIAX for $50 Million

FTX, a cryptocurrency exchange, has agreed to sell its crypto-derivatives platform, LedgerX, to the owner of Miami International Securities Exchange (MIAX) for about $50 million. The sale of LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s former empire, will give MIAX a registered platform to expand its presence in the crypto industry. John J. Ray III, CEO of FTX, said, "We are pleased to reach this agreement...an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders." FTX will need court approval for the deal, and a hearing is scheduled for May 4. A representative for MIAX declined to comment on the acquisition beyond the release. More here.

Former Coinbase Product Manager pleads guilty to insider trading charges

According to court filings made on Tuesday night, Ishan Wahi, a former product manager at Coinbase, has requested a sentence of no more than ten months in jail for insider trading charges. Wahi, who is scheduled for a sentencing hearing on May 9 in New York, recently pleaded guilty to insider trading involving cryptocurrency trading, one of the first cases of its kind. His lawyers stated that a sentence of "no more than 10 months incarceration, together with several other consequences of Ishan’s conviction, would impose a sufficient, but not excessive, punishment for the crimes of conviction." Coinbase, the crypto exchange where Wahi formerly worked, has also been involved in a related case brought by the Securities and Exchange Commission (SEC), in which they argue that the digital assets listed were not securities. More here.

Voyager Digital to reserve rights against Binance US for breach of deal

Voyager Digital was caught off guard when Binance.US abruptly backed out of a $1 billion deal to purchase its assets, citing an "uncertain regulatory climate" in the US. According to Voyager's attorneys, Binance.US had expressed interest in closing the transaction as recently as last week. During a bankruptcy court hearing in the Southern District Court of New York, Christine Okike of law firm Kirkland & Ellis, representing Voyager, stated that “the debtors reserve all rights against Binance.US for breach" of the deal. Given the collapse of the Binance.US deal, Voyager's creditors are expected to receive recoveries in the range of 40% to 65%, depending on the outcome of a parallel lawsuit involving bankrupt crypto exchange FTX, and how much recovery FTX offers its creditors. More here.

Crypto market experts to testify at house subcommittee hearing on regulations

On Thursday, the House Subcommittee on Commodity Markets, Digital Assets, and Rural Development will hold a hearing to explore the "regulatory gaps" in the regulation of crypto spot markets. The panel of witnesses comprises experts in the field, including former Commodity Futures Trading Commission (CFTC) Chair Timothy Massad, who is currently a research fellow at the Harvard Kennedy School and director of the M-RCBG Digital Assets Policy Project. Other witnesses include Purvi Maniar, general counsel at institutional crypto trading platform FalconX, and Nilmini Rubin, head of global policy at Hedera, a decentralized proof-of-stake ledger. More here.

Ted Cruz goes all-in on Bitcoin: A powerful hedge against inflation

US Senator Ted Cruz has shown great enthusiasm and bullishness towards Bitcoin, stating that he is excited about the cryptocurrency's potential, especially Bitcoin's role as the dominant player in the crypto market. He also emphasized that the analogy of digital gold is powerful and the insight that led to its creation is extraordinary. In addition, Cruz revealed that he is a personal investor in Bitcoin and owns slightly over 2 Bitcoins. He also disclosed that he has a standing order to purchase more Bitcoin every Monday morning and is willing to withstand the volatility that comes with the long-term investment. Furthermore, he is confident that the 21 million Bitcoin cap is a firm number.

Miami-based Crew Leader pleads guilty to Cryptocurrency fraud scheme

The U.S. Department of Justice has reported that Esteban Cabrera Da Corte, the leader of a Miami-based crew, has pleaded guilty to defrauding banks in a cryptocurrency-related scheme in 2020. Cabrera was charged with participating in a scheme to steal millions of dollars worth of cryptocurrency by tricking U.S. banks into refunding millions used to purchase that cryptocurrency, using stolen personal identifying information. The Justice Department revealed that the scheme led to more than $4 million in false reversals processed by U.S. banks, and a loss of approximately $3.5 million worth of digital assets by a cryptocurrency exchange. As part of the plea deal, the 26-year-old Miami resident admitted to one count of conspiracy to commit wire fraud, which carries a 20-year prison sentence. More here.

New bill regulating stablecoins, mining, and staking: The Bahamas' did for digital asset regulation leadership

The Securities Commission of the Bahamas announced plans to strengthen its crypto laws in response to the collapse of FTX, a cryptocurrency exchange that had its headquarters in the Caribbean nation. The new bill will introduce measures on stablecoins, proof-of-work mining, and staking, and it could become "among the most advanced pieces of digital-asset legislation in the world," said Christina Rolle, executive director of the Bahamas' regulator. In 2020, the Bahamas passed the Digital Assets and Registered Exchanges Act, which regulated the use of cryptocurrencies. However, following the collapse of FTX, the country's regulators decided to tighten crypto laws. FTX was founded by Sam Bankman-Fried and operated in the Bahamas until it fell apart in November 2021.

Crypto traders experience heavy losses as Bitcoin prices soar: Short positions liquidated

On Wednesday, traders who had taken short positions in cryptocurrency futures incurred substantial losses due to a surge in prices. In the last four hours, over $60 million worth of short positions were liquidated. Bitcoin was trading near $29,700 at around 11 a.m. EDT, which marked a 4.8% increase since midnight, according to TradingView's Binance data. The broader cryptocurrency market was also trading higher in line with Bitcoin, which has the highest market capitalization. Binance's BNB gained 3.5%, Cardano's ADA rose by nearly 9%, and Ether rose by 7% in the last 24 hours. As a result of this price movement, traders who had gone short incurred significant losses, with short liquidations amounting to $62 million. Binance and OKX, with over $17 million each, accounted for most of the trading volume. More here.