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FTX US suspends withdrawals

FTX US may halt trading on its platform, on-chain data suggests that the platform has paused withdrawals from the United States-based platform. The original announcement on Nov. 10 cautioned users to close down any positions while maintaining that its users would still be able to make withdrawals, as that will remain open.

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FTX US may halt trading on its platform, on-chain data suggests that the platform has paused withdrawals from the United States-based platform. The original announcement on Nov. 10 cautioned users to close down any positions while maintaining that its users would still be able to make withdrawals, as that will remain open.

Although the FTX CEO Sam Bankman-Fried remained insistent that FTX US was fine and had been unaffected by FTX liquidity issues, it appears things may have spiralled rapidly, as FTX US was included in a Chapter 11 bankruptcy filing in the United States.

Bankman-Fried assured FTX US users in an apology that FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. He added that the platform was 100% liquid and that every user could fully withdraw.

FTX International’s liquidity issues were triggered within the last seven days when Binance CEO Changpeng Zhao announced that Binance would liquidate the entirety of its FTX Token holdings. CZ’s announcement inadvertently caused a bank run whereby FTX’s users attempted to withdraw funds only to discover that the exchange didn’t have enough liquidity on hand to meet the demand.

Since then, Bankman-Fried has resigned from his position as FTX CEO but will “remain to assist in an orderly transition” before being succeeded by John Ray.

FTX’s imminent collapse has invited much scrutiny of the crypto industry. Many global lawmakers and others are suggesting additional regulations for crypto firms, especially since FTX is the latest in a string of crypto-related bankruptcy filings in 2022.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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