Despite all the doom and gloom that surrounds the crypto markets these days with Binance latest hack, still there is much to be thrilled about, especially since spending cryptocurrency may become a lot easier.
Also in this week’s Crypto News Recap, read about how the MENA area has the world's fastest-growing cryptocurrency market and find out how Kim Kardashian was caught in a crypto scam, all this and more so let’s dig in!
Binance Blockchain Bridge Hack Siphons Off $570 Million
Hackers stole $570 million from a blockchain connected to Binance. Following the exploit, the largest cryptocurrency exchange had to temporarily cease the operation of its Binance Smart Chain.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.
— CZ ? Binance (@cz_binance) October 6, 2022
The BSC Token Hub connects the BNB Beacon Chain (BEP2) and the BNB Chain (BEP20 or BSC). The exchange requested that the network be temporarily suspended, and Zhao confirmed that users' funds were secure. Binance has resumed BSC chain operations following the release of a software update that froze the hackers' accounts. Binance Coin's (BNB) price has also declined significantly since the breach, with the token down 3.5% in the last 24 hours.
MENA’s Crypto Sector is The Fastest growing in the World
According to a recent Chainalysis analysis, Users in the MENA region got $566 billion in cryptocurrency from July 2021 to June 2022. This represents a 48% increase over the previous year. MENA region includes 22 nations, including growing markets such as Morocco, Egypt, and Turkey. In these countries, cryptocurrencies have practical applications in savings preservation and remittance payments. Latin America and North America are close behind, with growth rates of 40% and 36%, respectively.
Kim Kardashian to Pay SEC $1.26 Million to Settle EthereumMax Charge
American diva Kim Kardashian was accused by the United States Securities and Exchange Commission (SEC) of "touting on social media a crypto asset security offered and sold by EthereumMax" without reporting the compensation she got for her promotional efforts.
Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.
— Gary Gensler (@GaryGensler) October 3, 2022
This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.
Kardashian will pay $1.26 million in fines for her role in the promotion of the EthereumMax cryptocurrency fraud (EMAX).
FTX Teams Up with Visa to Enable Crypto Payments in 40 Countries
FTX, one of the world's largest cryptocurrency exchanges, has teamed up with payment giant Visa to launch debit cards in 40 countries around the world. Visa's move would compete with Mastercard's recent pushes into cryptocurrency. This new partnership would allow FTX users to pay for goods and services with "zero-fee" debit cards.
