The crypto industry has witnessed some significant developments in the past week, ranging from security breaches to regulatory initiatives and new product launches. Here are some of the highlights from the latest crypto news.
South Korean Exchange Hacked
Bitget, a South Korean crypto exchange, announced that it was hacked on Dec. 13, resulting in the loss of about $50 million worth of cryptocurrencies. The exchange said that the hackers exploited a vulnerability in its hot wallet system and transferred funds to multiple addresses. Bitget said that it has suspended all deposits and withdrawals and is working with law enforcement and security experts to recover the stolen assets. The exchange also promised to compensate its users for their losses.
BNY Mellon and Franklin Templeton to Co-Chair Digital Asset Panel
The US Commodity Futures Trading Commission (CFTC) has appointed BNY Mellon and Franklin Templeton as co-chairs of its new Digital Assets Market Subcommittee, which will advise the regulator on various issues related to crypto and blockchain. The subcommittee will consist of representatives from various sectors, including exchanges, custodians, investors, academics, and developers. The subcommittee will aim to provide insights and recommendations on topics such as market integrity, innovation, custody, clearing, settlement, and reporting.
Celsius Launches Altcoin Conversion Feature
Celsius, a leading crypto lending platform, has launched a new feature that allows its users to convert their altcoins to bitcoin and ether directly on its app. The feature is powered by Wyre, a payment service provider that enables fast and low-cost crypto transactions. Celsius said that the feature will help its users to optimize their portfolio performance and access better interest rates and rewards. The feature will initially support 12 altcoins, including USDC, USDT, DAI, PAX, GUSD, TUSD, BUSD, BAT, ZRX, OMG, MANA, and SNX.
