Bitcoin
FTX to hire BitGo to safeguard its assets during bankruptcy
FTX’s bankruptcy proceedings continue, and the company has now asked a judge to allow it to hire BitGo to secure its assets. Bankrupt crypto exchange FTX has notified a federal judge that it wants to hire BitGo to safeguard the remainder of its digital assets as bankruptcy proceedings play out. BitGo is a leading institutional…
FTX’s bankruptcy proceedings continue, and the company has now asked a judge to allow it to hire BitGo to secure its assets.
Bankrupt crypto exchange FTX has notified a federal judge that it wants to hire BitGo to safeguard the remainder of its digital assets as bankruptcy proceedings play out.
BitGo is a leading institutional custody firm.
The cryptocurrency exchange signed a custodial agreement with BitGo n November 13, a day after someone completed unauthorised transfers draining $372 million worth of assets from the company’s accounts.
FTX and its various affiliates currently seek the consent of the judge overseeing its bankruptcy before moving assets. This latest cryptocurrency news means that FTX wants to ensure the safety of its assets.
The crypto exchange told the court during yesterday’s hearing that it was concerned about theft and cyber threats. Hence, the reason it wants to move its assets to BitGo.
Per the terms of the deal, FTX will pay a $5 million upfront fee to BitGo. The crypto custody firm will also charge FTX a monthly fee equal to the average U.S. dollar value of the digital assets it stores, multiplied by 1.5 basis points.
FTX lawyers revealed in the filing that it would cost the company around $100,000 per month, based on the initial transfer of $740 million worth of assets to BitGo. The crypto exchange added that it would continue to investigate and attempt to recover lost or stolen assets as the bankruptcy proceedings continue.
The FTX lawyers added that recovering funds stolen from the exchange could increase the number of assets in custody. In a message to The Block, co-founder and CEO of Bitgo Mike Belshe said;
“It’s time to get serious about ending the human-created disasters in crypto. When you break down FTX subsidiaries, the ones that used BitGo products are solvent and safe. The ones that didn’t, aren’t.”
Any objection to the custodial services agreement is due by December 7th. The next FTX bankruptcy heading in the United States Bankruptcy Court for the District of Delaware will take place on December 16th.
In an interview with Coinjournal earlier this year, Ben Chan, CTO of BitGo, revealed that the company is focusing on custody this year as they seek to improve and strengthen its position in custodial services.
However, BitGo is also planning to offer other financial services soon, with Chan revealing that the company is interested in decentralised exchange.
Share this article
Categories
Tags
Bitcoin
Mint-free OKX Football Cup NFTs for group stage games enter the second round
The second round of group-stage games at the FIFA World Cup 2022 began today. Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends Get a chance to redeem stakes and collect rewards by December 20. FIFA World Cup group stage games enter the second round The second round…
- The second round of group-stage games at the FIFA World Cup 2022 began today.
-
Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends
-
Get a chance to redeem stakes and collect rewards by December 20.
FIFA World Cup group stage games enter the second round
The second round of the group stage games for the FIFA World Cup in Qatar is underway. There were some big upsets in the first round, with Saudi Arabia winning against Argentina and Germany losing against Japan.
The second round of games started today and the chances for the host nation to qualify for the knockout round are virtually nonexistent.
You have the chance to get OKX Football NFTs for free as the world cup continues. A week ago, crypto exchange OKX announced the launch of its NFT Football Cup.
The OKX Football Cup is part of the crypto exchange’s ‘The OKX Football Festival,’ and it is giving millions of fans around the world the opportunity to earn from a great prize pool.
With this competition, users can mint free NFTs of their preferred teams and use the NFTs to predict matches and stand a chance to win huge prizes.
NFT minting will end after the group stages
The free minting of the NFTs began on November 21st and will end on December 3rd. All users can participate in minting as long as there are group stages. Users must stake 0.01 for each mint. 01 ETH. You can create up to three teams prior to the group stage. With the first round of games producing some shocking results, you can look at the tables so far and partake in the OKX Football Cup.
Each match offers a fixed prize pool of 20,000 USDT. OKX revealed that it adds 10 USDT for every NFT minted, thus, growing the prize pool.
As an NFT owner, you will earn a share of the $20k in USDT if your team wins a match. However, when the teams draw, each side will share $10,000 in USDT
Participants will also have the option of redeeming their full stakes at the completion of the OKX Football Cup.
Share this article
Categories
Bitcoin
BNB recovers above a critical level. Do we need to wait for another bullish push?
Binance token rose by 17% on Wednesday. The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad. BNB eyes $330 next and is a buy on a retracement As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any…
-
Binance token rose by 17% on Wednesday.
-
The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad.
-
BNB eyes $330 next and is a buy on a retracement
As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any decline below could have given bears complete control. However, it is now not the case as BNB trades at $295, well above the crucial level. It is possible that cryptocurrency may be heading for the next level. What happened then?
The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.
According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.
This latest development comes as Binance continues to reassure users following the collapse of FTX. Binance announced Thursday that it would contribute $1 billion to help protect crypto-related firms. Binance has committed to increasing this amount if necessary and will look to include traditional financial institutions. This fund is the result of a series of measures that are designed to ensure users have sufficient reserves in case of a crypto confidence crisis.
BNB price action as token hits a 2-week high
BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.
A bullish MACD crossover was initiated after the bullish push. The RSI also moved above its midpoint, which suggests that BNB has attracted a lot more buyers since the breakout. The cryptocurrency is consolidating ahead the next move.
Should you buy BNB now?
Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. This consolidation could lead to a correction before the next bullish leg.
Where to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is known for its low trading fees and multiple trading options. These include margin trading, peer-to-peer, spot trading, and margin trading.
Share this article
Categories
Tags
Bitcoin
Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack
A major cryptocurrency mining pool was attacked by hackers in early March, according to the pool’s owner. The hackers stole digital assets worth $3 million from the pool and its clients.
Chinese Authorities Open Investigation into Crypto Mining Pool Hack
A subsidiary of Bit Mining, a coin minting company, was the victim in a hacking attack. The company released a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.
According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.
The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. With the support of other agencies Bit Mining highlighted that the Chinese authorities are investigating the incident and collecting evidence.
The company will devote considerable efforts to recover the stolen digital assets.
The mining company stated that certain crypto assets of Btc.com were already secured. It pointed out that it had implemented technology to better intercept and block hackers after discovering the breach.
Btc.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.
Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.
Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors.
This story contains tags
What are your thoughts on the hacking attack against the bitcoin mining pool Btc.com? Please leave your thoughts in the comments below.
Lubomir Tassev
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.
-
Bitcoin2 years agoDigital Currency Group wraps up $600 million debt capital raise
-
Bitcoin2 years agoWhere to buy Dogelon Mars after falling 15% on Thursday
-
Bitcoin2 years agoAre you a Star Atlas fan?
-
Bitcoin2 years agoMANA has risen 16%: Here’s where you can buy MANA Coin
-
Bitcoin2 years agoIndian Government Answers Questions about Bitcoin Transactions, Karnataka Scam and Legality of Crypto Trading
-
NFT2 years agoDRepublic launches a combined NFT platform, ‘MetaCore’ Using EIP-364
-
Ethereum2 years agoEthereum prices skyrocket but Ether Gas Fees surge, fueling costly transfers
-
Bitcoin2 years agoSalvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will End in Environmental Disaster’