Paxos Pays $500k Transfer Mistake: Bitcoin Miner Returns Funds

Read about Paxos' costly transfer mistake, FTX's court approval for token sales, Gemini Earn's fund recovery plan, and more in this cryptocurrency news update.

Posted 7 months ago in Blockchain

Bitcoin Miner Returns Funds to Paxos After $500k Transfer Mistake

Paxos, a blockchain infrastructure firm, made a costly mistake when it paid over $500,000 in transfer fees to move $2,000. The incident highlights the importance of proper fee management in cryptocurrency transactions.

Meanwhile, FTX, a digital asset exchange, has obtained court approval for token sales. The sales will be conducted in weekly batches through an investment adviser, excluding certain tokens. With over $3.4 billion held in digital assets, FTX continues to navigate its bankruptcy proceedings.

Gemini Earn users have received a plan for fund recovery. The proposed agreement aims to provide users with full recovery. Additionally, Digital Currency Group has proposed a similar plan for creditors of Genesis Global.

In other news, asset manager Franklin Templeton has applied to launch a Bitcoin exchange-traded fund (ETF) that would be structured as a trust. This move adds to the growing list of asset managers seeking regulatory approval for BTC-based ETFs.

Furthermore, Binance.US, the offshoot of cryptocurrency exchange Binance, is experiencing an exodus of top executives amidst an ongoing investigation by the U.S. SEC. The investigation has led to concerns about potential criminal probes.

In the market, Bitcoin is priced at $26,465, Ether at $1,628, and XRP at $0.50. The total market cap stands at $1.05 trillion. Notable gainers among the top 100 cryptocurrencies are Toncoin, VeChain, and Bitcoin Cash, while ApeCoin, Astar, and Flare are among the biggest losers.

Based on a price prediction from BitQuant, Bitcoin is expected to reach a target of $250,000 after its next halving event in 2024. This projection suggests that new all-time highs will occur sooner than anticipated.

In regulatory news, Stoner Cats 2 LLC has agreed to a cease-and-desist order from the SEC after conducting an unregistered offering of NFTs. The company sold over 10,000 NFTs for funding purposes.

Karl Greenwood, co-founder of notorious scam OneCoin, has been sentenced to 20 years in prison and ordered to pay $300 million. OneCoin, one of the largest fraud schemes in history, defrauded millions of victims of billions of dollars.

An attack on CoinEx, a crypto exchange, was carried out by the North Korean hacker group Lazarus. The attack drained at least $55 million and demonstrated the ongoing threat of cyber attacks in the cryptocurrency industry.

Lastly, developers are exploring innovative solutions to maximize the potential of decentralized autonomous organizations (DAOs) after several disappointments. Kei Oda, a former Goldman Sachs bond trader, shifted his focus to cryptocurrency after finding traditional finance monotonous. Additionally, the makers of popular game PUBG have announced a new Web3 platform to explore monetization opportunities.

Last updated 9/16/2023, 5:28:48 PM


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