On Feb. 22, cryptocurrency exchange MEXC Global released its proof-of-reserves (PoR) snapshot after 45 days of testing. In a document seen by Cointelegraph, MEXC claimed its reserve ratios for Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) were 120.70%, 240.18%, 116.50%, and 110.53%, respectively via the Merke Tree method. As of the date of snapshot on Feb. 10, MEXC held 232.4 million USDT, 33.0 million USDC, 1,869.0 BTC, and 12,472.0 ETH in custodied user assets. Meanwhile, the total assets held within MEXC wallets for the four coins were 280.6 USDT, 79.4 million USDC, 2177.5 BTC, and 13,785.6 ETH, …

Decentralized finance (DeFi) protocol Platypus disclosed details of a recent $9.1 million exploit, alongside efforts to recover the funds, and a compensation plan for victims. In a Medium post on Feb. 23, the company revealed that a logic error in the USP solvency check mechanism within the collateral-holding contract was responsible for the three separate attacks carried out by the same exploiter. Stableswap's operations have not been affected, said Platypus. Since the attack, we've been working with security experts & stakeholders to recover lost funds, trace the hacker, and explore potential solutions to retrieve trapped funds. Here's an update on …

Bitcoin's (BTC) 16% price gain between Feb. 13 and Feb. 16 practically extinguished the bears' expectation for a monthly options expiry below $21,500. As a result of the abrupt rally, these bearish bets are unlikely to pay off, especially since the expiry occurs on Feb. 24. However, bulls were not counting on the strong price rejection at $25,200 on Feb. 21 and this reduces their odds of securing a $480 million profit in this month’s BTC options expiry. Bitcoin investors' primary concern is a stricter monetary policy as the U.S. Federal Reserve (FED) increases interest rates and reduces its $8 …

Bankrupt crypto firm FTX’s subsidiary in Japan has reported thousands moved from the exchange since resuming withdrawals on Feb. 21. In a Feb. 22 announcement, FTX Japan said users of the exchange and those at Liquid Global had withdrawn roughly 6.6 billion yen — $50 million at the time of publication — in cryptocurrency and fiat. According to the crypto firm, 7,026 account holders had moved funds from FTX Japan to Liquid and there were 5,697 transactions involving cryptocurrencies and 1,947 instances of users withdrawing fiat. The crypto firm said on Feb. 20 in order to process withdrawals, FTX Japan …

The price action of Optimism (OP) and Fantom (FTM) tokens have been quite identical since the last quarter of 2022. The difference is, volatility is slightly higher for OP, which surged 240% year-to-date, compared to the 180% gains seen in FTM. The Fantom Foundation has made several improvements since Q4 2022, which have catalyzed an uptrend in the token’s price. However, Fantom’s ecosystem remains primitive while its competitors expanded to support new use cases. On the other hand, Optimism has shown robust community and decentralized application (dApp) development thanks to the loyalty of Ethereum developers and the Optimism Foundation’s effective …

In a dispute that originated Feb. 22, decentralized exchanges (DEXs) Onchain Trade and Camelot terminated an agreement for the former's initial fair offering (IFO), with both firms alleging that the opposing counterparty acted in bad faith. An IFO, whilst still an emerging concept, typically involves promises made by developers consisting of no venture capitalist involvement, no whitelist, no presale, and vast majority of income going to token holders, on top of a traditional initial coin offering. As told by Onchain, developers began negotiations with Camelot for an IFO, for which the latter charged a fee of 2%, and both parties …

In this week’s episode of Market Talks, Cointelegraph welcomes Brenda Gentry, or as she’s known on Twitter, Cryptomom. Gentry has over 15 years of experience in traditional banking. She started researching and investing in cryptocurrencies during the 2020 lockdowns and made substantial returns in 2021 after which she launched Gentry Media Productions. She is currently on a mission to introduce more women and minorities to Web3, decentralized finance (DeFi) and nonfungible tokens (NFTs). We kick things off with a report from the Bank of International Settlements, which found that the median retail investor lost 50% of their Bitcoin (BTC) investment …

An anonymous Ethereum investor has lost more than $2 million trading Ether (ETH) since Sep. 9, 2022, on-chain data shows. Buying Ethereum high, selling low Spotted by on-chain monitoring resource Lookonchain, the "stupid money" trader spent $12.5 million in stablecoins to buy 7,135 ETH after it rallied 10% to $1,790 in September 2022. But a subsequent correction forced the trader to sell the entire stash for $10.51 million. As a result, the trader lost nearly $1.75 million. Interestingly, waiting and selling at today's price would have resulted in a smaller loss of $1.14 million. 1/ Please don't blindly follow the …

Teaching cryptocurrency to children can be a great way to introduce them to the world of finance and technology. Here are some interactive ways one can utilize to teach cryptocurrency to children: Start with the basics and use analogies Start by defining and describing the nature of money. Inform your kids about the various types of money and the function of banks. It is also important to teach them the origin of money and how it got involved, from paper money to digital money. Related: What is cryptocurrency? A beginner’s guide to digital currency Furthermore, analogies can be a powerful …

In a superseding indictment filed with the United States District Court for the Southern District of New York on Feb. 22, U.S. Attorney Damian Williams alleged Bankman-Fried’s actions in the matter involving FTX and Alameda warranted 12 charges. According to the indictment, these included: Conspiracy to Commit Wire Fraud on Customers of FTX Wire Fraud on Customers of FTX Conspiracy to Commit Fraud on Customers of FTX in Connection with Purchase and Sales of Derivatives Fraud on Customers of FTX in Connection with Purchase and Sales of Derivatives Conspiracy to Commit Securities Fraud on Investors in FTX Securities Fraud on …

On Feb 23, crypto exchange Coinbase announced the launch of Base — an Ethereum Layer 2 (L2) network. The company claimed this new network will offer a low-cost, secure, and developer-friendly environment for building decentralized apps (dApps) on the blockchain. According to Coinbase, Base is designed to be a bridge for users into the crypto economy, offering access to other L1 ecosystems like Solana and making it interoperable with other chains. It will also provide access to Coinbase's products, users, and tools, as well as easy fiat onramps and powerful acquisition tools. The company plans to progressively decentralize the chain …

When it comes to traditional finance, crypto and blockchain leaders are faced with something of a disconnect. TradFi firms are in one sense competition, but unless TradFi comes to embrace Web3, Web3 can’t reach its full potential. Complicating efforts to reach out to TradFi are mutual feelings of uncertainty: Crypto and blockchain pioneers fear that TradFi’s influence may weaken the consumer- and transparency-first commitment industry enthusiasts value, while TradFi firms are wary of a new industry whose technology and guidelines they don’t understand. With its long history, traditional finance is familiar to consumers and has earned widespread trust. By partnering …