Crypto Exchange CEO Refuses To Step Down After $73 Million Loss
Crypto exchange Zipmex founder Marcus Lim has stated that he will continue to oversee the troubled firm unless its new shareholders ask him to step down. In fact, shareholders and potential investors are urging that Lim resign, blaming his leadership decisions that led to a severe liquidity shortage, while Zipmex has been handed a three-month reprieve to turn […]
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German authorities have seized a Bitcoin wallet containing 1,700 BTC, valued at approximately $60 million at the current price. However, the wallet owner refuses to cooperate in disclosing the password. The seizure came about after an investigation into covert crypto-malware installations over two years ago. The fraudster at the heart of the storm has since […]
While Coinbase seems to be facing imminent court action from the Security and Exchange Commission, it is signing new deals with other government agencies. The SEC is fighting against the Coinbase lending product, and the exchange says it refuses regulation through litigation. However, all the threats seem not to be holding the exchange back. Since […]
One of Turkey’s most prominent crypto exchanges BtcTurk has suffered a cyber attack leading to unauthorized access to some of its hot wallets. The exchange has reported some level of asset loss, however, they claim enough financial stability to overcome this setback. Related Reading: May Madness: Crypto Industry Suffers $385 Million Loss To Hackers $5.3 […]
Bitfinex has announced that many of its largest BFX token holders have agreed to exchange over 20 million BFX tokens for equity in the company, marking a step in its recovery following the August theft of approximately 119,756 bitcoins valued at more than $70 million. The equity consists of shares of Bitfinex’s owner, iFinex Inc. “This is a significant step towards the recovery and stabilization of our company,” said Philip Potter, the company’s chief strategy officer. “ He added: We are very pleased with this highly favorable trend of conversions. Since the theft more than two months ago,....
Meitu was one among many public companies that purchased Bitcoin to hold as a treasury reserve during the peak of the bull run last year and now joins the list of companies that have suffered heavily due to the bear market. Hong Kong tech giant Meitu made headlines in April last year after it reported nearly $100 million in crypto holdings. However, with the advent of the bear market, the tech firm has lost nearly half of the valuation of its crypto holdings.According to a local media report, Meitu reported an impairment loss of over 300 million yuan, approximately $43.4 million, on their....