Our weekly roundup of East Asia news features a selection of the most important developments in the industry.
HTX exchange was attacked by hackers again
In the fourth hack to affect the HTX (formerly Huobi Global) ecosystem in just two months, the exchange lost $13.6 million due to a hot wallet hack that occurred on November 22.
The exchange said in an announcement on November 23 promised “Fully compensate for the losses caused by this attack and 100% guarantee the safety of user funds” and restore services within 24 hours after the attack. The day before, the HTX Ecological Chain (HECO) bridge was stolen worth $86.6 million. The investigation is ongoing.
In September, the HTX exchange was hacked and suffered a loss of US$7.9 million; subsequently, the related entity Poloniex exchange suffered a hacker attack worth US$100 million in November. Justin Sun, Chinese blockchain celebrity and actual owner of HTX (not to mention owner of Poloniex, founder of Tron and CEO of BitTorrent, etc.),point out After the attack: “HTX will fully compensate for the loss of HTX hot wallet. Deposits and withdrawals will be suspended. All funds in HTX are safe.” Sun has previously proposedensureAfter the September hack against HTX, “all user assets are #SAFU.”
Huobire changed its name to HTX at the Singapore2049 event in September this year. Despite repeated assurances from its top brass that the exchange is functioning well, the exchange has been hit by several serious incidents this year, including alleged employee revolts.
Binance pleads guilty and settles criminal charges for $4.3 billion
Cryptocurrency exchange Binance has agreed to plead guilty to violating the U.S. Bank Secrecy Act, willfully failing to register as a money transfer business, and willfully violating the International Emergency Economic Powers Act. As a result, the exchange will pay $4.3 billion in fines and forfeitures to the U.S. Department of Justice.
According to reports on November 21announcementBinance co-founder and CEO Changpeng Zhao also pleaded guilty to one count of willfully violating the U.S. Bank Secrecy Act. Zhao has since filed a personal plea in the U.S. District Court for the Western District of Washington.
At the time, Zhao was granted a $175 million bail, allowing him to live in Dubai until his sentencing hearing on February 24. However, the U.S. Department of Justice has since appealed the decision, requesting that his residence be restricted to the United States as Zhao is suspected of posing an “unacceptable flight risk” and is awaiting the above-mentioned sentencing hearing.
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The Justice Department stated in the indictmentfamous Despite its assurances, in some high-profile incidents, Binance has facilitated over $1 billion in illicit transactions to Iranian users, Russian marketplace Hyrdra, and cryptocurrency mixer Bestmixer. And it solicited U.S. users without prior registration. Binance has also been accused of deliberately covering up such behavior, saying that “complying with U.S. law would stifle their efforts to increase Binance’s profits, market share, and trading volume.”
That day, Zhao Step down As CEO of Binance. “I made a mistake and I must take responsibility. This is best for our community, Binance and myself.” He said.
“Binance is no longer a baby. Now it’s time for me to let it walk and run. I know Binance will continue to grow and stand out with its strong backbone.”
Although Zhao still owns a majority stake in the exchange, he will be prohibited from participating in the day-to-day operations of the exchange. Richard Teng, Binance’s head of global regional markets, has been appointed as the exchange’s new CEO.Teng in his inaugural speechpoint outThe exchange’s fundamentals are “very strong” and Binance remains “the world’s largest cryptocurrency exchange by trading volume.”
Blockchain analytics firm Nansen noted that despite the guilty plea, it did not see any “massive outflow of funds” following the incident. While withdrawals on the exchange were close to $965 million, its total holdings increased to $65 billion. On November 23, CZ’s X account wasTemporarily stop After removing “Binance” from his profile name.
South Korea invites 100,000 people to test CBDC
The Bank of Korea and the Central Bank will invite 100,000 South Korean citizens to purchase goods using deposit tokens issued by commercial banks as part of a pilot test of its central bank digital currency (CBDC). The first such trial began in October.
According to local news reports Report On November 23, “Participants will be limited to using the currency for designated payment purposes. No other uses, including personal remittances, are currently allowed.” Although the Bank of Korea has not yet decided whether to implement a CBDC, further trials are expected, Includes an integrated simulation system for carbon emissions trading on the Korean Exchange. it says:
“Recently, the rapid digitization of the economy has led to a growing demand for digital forms of public currencies. This demand is evident in the private sector, and new payment instruments such as stablecoins have been developed and are already widely used in some sectors. “
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Zhiyuan Sun
Sun Zhiyuan is a reporter at Cointelegraph, focusing on technology-related news. He has many years of experience writing for major financial media including The Motley Fool, Nasdaq.com and Seeking Alpha.
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