Crypto Crash Triggered By Binance Margin Exploit, Uphold Research Chief Claims
The Oct. 10–11 sell-off that erased an estimated ~$19–20 billion across crypto within 24 hours has ignited a fierce post-mortem over whether market structure—or malice—turned a macro shock into cascading liquidations. Crypto Crash Not Random? On X, Uphold’s head of research Dr. Martin Hiesboeck alleged the crash “is suspected to be a targeted attack that exploited a flaw in Binance’s Unified Account margin system,” arguing that collateral posted in assets such as USDe, wBETH and BnSOL “had liquidation prices based on Binance’s own volatile spot market, not reliable external data,” which....
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On October 21st, 2021, crypto exchange Binance US experienced a Bitcoin flash crash to led BTC’s price to dropped by over 80%. The industry is maturing, but these occurrences reminiscent the times when a crypto flash was business as usual. Related Reading | Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst A report by Arcane Research deep dives into the event, starting from the time it happened on the aforementioned date at 11:34:17. At this time, as the research firm claims, a “sudden massive selling pressure cleared the order book” on the exchange. This....
Uphold, a cloud-based digital financial service platform, has come under the spotlight after on-chain data confirmed that it safeguards approximately 1.59 billion XRP. According to Uphold’s Chief Executive Officer (CEO), Simon McLoughlin, these tokens are fully owned by customers, not the exchange itself. Uphold Clarifies Massive XRP Holdings The crypto community was taken by surprise […]
While the flames of the FTX crash burn the crypto market, people are coming up with different claims explaining why the crypto exchange’s demise. In a market driven by claims, rumors, and speculations, such reports could engineer a further crash. But, on the other hand, it may also shed light on the ongoing investigation. The […]
Uphold has acquired Bitnet's Bitcoin-based merchant payments solution business to create Uphold Merchant Services. Uphold, the blockchain based online financial platform has announced its acquisition of Bitnet, or at least what’s left of it to create Uphold Merchant Services. Uphold’s deal follows the earlier acquisition of Bitnet’s blockchain IPs by one of its investors, Rakuten. Bitnet has been one of the familiar names in the cryptocurrency industry. The platform has been offering Bitcoin merchant payments services while researching into various other applications of blockchain....
A recent Reddit posting claiming that Uphold, a platform that provides various financial services and encourages fintech innovation, was heading to insolvency because of its VOX holdings drew a quick response from Uphold that caused the critic to recant. The Reddit post a few days ago expressed concern over the fact that $107,936,914 of Uphold’s assets is comprised of VOX, a cryptocurrency for virtual reality games that Uphold helped to create. “There is no way ‘Voxel’ should belong on a reserve statement with national currencies as it is a speculative security that should be marked....