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CryptoWatch: $3M Kraken Exploit Theft, Fines for Binance Face in India, No Crypto for Elon Musk
The latest from Tech Times’ CryptoWatch brings you the top news on blockchain and digital assets. It centers on the massive attack against Kraken, with security researchers using the discovered exploit to steal $3 million. Renowned cryptocurrency exchange Binance also risks a new fine in India for alleged anti-money laundering violations.
Additionally, there is Elon Musk’s controversial move on the upcoming X Payments, one that would not support cryptocurrency transactions despite being known as a big supporter.
Kraken: Security researchers stole $3 million using exploits
Earlier this month, Kraken suffered a massive attack by a certain unnamed group as part of its Bug Bounty program, which allowed them to steal up to $3 million from the cryptocurrency exchange’s wallet. This was made possible after they were notified of an exploit that allows users to reflect a balance before the deposit is successfully transferred.
(Photo: Tech Times)
This was revealed by Kraken’s head of security, Nick Percoco via a thread on Xdetailing the events and how the exploit was executed.
Despite multiple exchanges on both sides, the white-hat hacking firm has yet to return the money, and Percoco said it has coordinated with law enforcement to do so. Kraken assures its users that their money is safe and that no one has been stolen from them.
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Binance faces fine for money laundering in India
After facing wire fraud and money laundering violations in the United States, Binance has once again been hit with another fine in India for alleged anti-money laundering violations. India Financial Intelligence Unit (FIU) fined the company $2.25 million pay for his violations.
(Photo: Traxer from Unsplash)
It is known that Binance also recently faced the same breach in Canada. Binance applied for a license to operate in India in May. The government requires cryptocurrency exchange companies to register with the FIU and comply with its rules and regulations.
Elon Musk: no cryptocurrency for X Payments
Despite being known as a big supporter of cryptocurrencies, Elon Musk’s next social media venture, X Payments, will does not support crypto transactions once released soon. This fintech feature is expected to debut on the platform before the end of 2024, and the company is actively seeking licenses in all 50 US states ahead of its launch.
Bloomberg reported that X had already submitted 350-page documents and emails to support his application. In its presentation to Maine, X disclosed “no plans” to store and exchange cryptocurrencies through X Payments.
It is unclear whether this statement is just for now and will offer this experience soon.
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