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FTX bankruptcy estate files $1.8B lawsuit against Binance, CZ

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TX Estate, a prominent entity in the cryptocurrency space, has filed a lawsuit against Binance and its CEO, Changpeng Zhao (CZ), seeking $1.8 billion in damages. The lawsuit alleges that Binance engaged in fraudulent activities that led to significant financial losses for the estate. According to court documents, TX Estate claims that the exchange misrepresented key aspects of its services, including the safety of user funds and the legality of its operations. The lawsuit also accuses Binance of manipulating markets and failing to adhere to regulatory standards, which ultimately resulted in the estate’s substantial losses.

The dispute centers around a series of transactions that TX Estate claims were conducted under misleading terms and without proper disclosure. The estate argues that Binance, under CZ’s leadership, failed to deliver on promises related to security measures and financial transparency, leaving investors vulnerable to market fluctuations and security breaches. TX Estate is demanding compensation for damages, along with additional punitive damages, citing the serious nature of the alleged misconduct.

Binance, which is one of the world’s largest cryptocurrency exchanges, has not yet publicly responded to the lawsuit. However, the exchange has faced increasing legal scrutiny in recent months as regulators around the world ramp up their efforts to enforce stricter regulations on crypto platforms. This lawsuit adds to the growing list of legal challenges facing Binance, which has been accused of operating without sufficient regulatory oversight in several jurisdictions. The case could further complicate Binance’s relationship with regulators, especially in the U.S., where the company has already been under investigation.

The outcome of this legal battle could have significant implications for the cryptocurrency industry, particularly for centralized exchanges like Binance. If TX Estate’s claims are upheld, it could set a precedent for how exchanges are held accountable for their actions in the market. As the crypto sector continues to mature, the case highlights the increasing need for transparency, regulatory compliance, and consumer protection within the rapidly evolving digital asset landscape.

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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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