Crypto Exchange Coinbase Reports $1.1B Loss

Crypto is in a bad way. Bitcoin and ether, the two biggest cryptocurrencies, are down over 50% since the year began. It's not only crypto traders who are feeling the pain; crypto exchanges are too. On Tuesday, Coinbase, the biggest exchange in the US, reported a loss of $1.094 billion in the second quarter.
Ars Technica

Crypto and the US government are headed for a decisive showdown

If you have paid casual attention to crypto news over the past few years, you probably have a sense that the crypto market is unregulated—a tech-driven Wild West in which the rules of traditional finance do not apply. If you were Ishan Wahi, however, you would probably not have...

Crypto On Aug. 10: Bitcoin Loses $23,000, Ether Below $1,700

The crypto market turned red Wednesday with almost every cryptocurrency dropping significantly. Leading cryptocurrencies Bitcoin (BTC) and Ether (ETH) dropped 3.94% and 5.91%, respectively. According to CoinMarketCap data, BTC and ETH failed to hold above respective resistances present at $23,000 and $1,700, respectively. The prices of these cryptocurrencies as of...
The Verge

Crypto lender Hodlnaut follows other firms in freezing withdrawals

Cryptocurrency lender Hodlnaut is the latest firm to respond to tumultuous market conditions by halting withdrawals (via Coindesk). In a post on its website, the Singapore-based company announced that it’s freezing withdrawals, token swaps, and deposits due to an uncertain economy that some say triggered a “crypto winter.”
The Next Web

Crypto fans are paying more for NFT cars than real ones

Say you had millions of dollars to spend. If you’re an automotive enthusiast, perhaps you’d buy the latest Ferrari or a 1956 Aston Martin. But would you spend an exorbitant amount for a car you can’t physically drive?. It may sound illogical, but research by Vanarama shows...

US imposes sanctions on cryptocurrency mixer that allegedly laundered over $7 billion

The US is ramping up its efforts to crack down on shady cryptocurrency mixers. The Treasury Department has imposed sanctions on Tornado Cash, a mixer that allegedly helped launder more than $7 billion in stolen crypto funds since its inception in 2019. Like a previous sanctions target, Blender, Tornado Cash is accused of "indiscriminately" helping thieves by hiding transaction details while failing to institute meaningful anti-laundering safeguards. North Korea's state-sponsored Lazarus Group hackers are believed to have funneled $455 million through the mixer.

Coinbase reels from 'fast and furious' crypto crash

Coinbase posted dismal results Tuesday as the crypto powerhouse got slammed by a downturn that “came fast and furious.”. Coinbase reported second-quarter financials that missed Wall Street estimates as the company swung to a loss and posted a 64% year-over-year drop in revenue. Coinbase shares, which fell about 11% in regular trading, tumbled more than 5% in after-hours trading. The stock has dropped more than 60% year-to-date.
Ars Technica

US blacklisting of Tornado Cash sparks outcry from cryptocurrency industry

The US Treasury Department blacklisted the virtual currency mixer Tornado Cash on Monday, saying the system "has been used to launder more than $7 billion worth of virtual currency since its creation in 2019." The platform was added to the Specially Designated Nationals and Blocked Persons List (SDN), prohibiting all transactions on Tornado Cash by people in the US "unless authorized by a general or specific license issued by OFAC [Office of Foreign Assets Control]", the Treasury Department announcement said.
Digital Trends

North Korean hackers are targeting crypto workers

Hackers believed to be associated with the North Korean-based cybercriminal group Lazarus have attempted yet another digital heist by targeting cryptocurrency firm deBridge Finance. As reported by Bleeping Computer, deBridge operates as a “liquidity transfer protocol that allows decentralized transfer of data and assets” between multiple blockchain platforms.

Ether falls, Iran uses crypto for imports, and Zipmex to restart more withdrawals: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Mauricio Di Bartolomeo of Ledn discusses crypto markets and whether liquidity risks for crypto businesses are over.