The Ledger: Binance hacked, companies put trust in crypto

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Updated October 14, 2022 | Published October 14, 2022

2 mins read

The number of cryptocurrency hacks has been increasing exponentially. This has not stopped some companies from putting their trust in the sector.

The week began with one of the biggest announcements to date – Binance had been hacked losing an estimated $570m of funds.

The hack was quickly patched but the missing funds are still a fact and that is precisely what matters here.

Despite reassurances from the CEO, Binance has suffered one of the biggest attacks against it on record. October is already a record-breaking month in terms of the frequency of attacks through cryptocurrencies.

The Federal Bureau of Investigation said that cryptocurrency ATMs are increasingly being used by fraudsters to conduct their operations.

While in the past crypto scammers would require money to be sent to them, these days many of these online criminals are focusing on ATMs instead. Most of the people who fall victim to these crypto scammers are those that are targeted by “pig-butchering” scams.

Speaking of scams, Brazilian authorities have hit out against $767m scam, one of the largest in the country. The alleged scam is linked to one Francisley Valdevino da Silva who was won himself the moniker “crypto sheikh”.

Da Silva’s legal team has sternly denied any wrongdoing or unlawful activity but so far, the man has not been able to testify with prosecutors, seeking assurances for his freedom.

The European Union’s Council has approved the MiCA’s text. MiCA is a massive piece of legislation that is supposed to regulate the cryptocurrency industry on a pan-European level and create clear-cut rules and frameworks for the operation of the industry in Europe.

A woman who was accused of pocketing $10.5m from Crypto.com following a clerical mistake was released on bail in Australia despite a previous attempt to go into hiding. However, the court found the defendant’s argument sufficient to release her on bail, but added that she should not attempt to visit any “points of departure”.

In the meantime, crypto adoption is going on well. Google announced that it’s going to start accepting crypto payments for its Cloud Services in 2023.

Coinbase was also able to secure entry into the Singaporean market, after clearing all necessary regulatory conditions.

Coinbase already has a 100-strong workforce in the state and has been looking at Singapore as a place where it can gradually develop its innovation and talent pools.

Omitch has revealed its latest project which is a blockchain-based casino to provider consumers with “a future without fear” when it comes to cryptocurrency games.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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