Crypto

Bitso processed $1 billion in US-Mexico remittances to date

Ethereum-based DeFi tool Inverse Finance has seen more than $1.2 million worth of cryptocurrency mined as of Thursday (June 16), CoinDesk writes, citing on-chain data.

The exploiters apparently used a quick lending attack, tricking the protocol to steal more than 53 bitcoins. The sum was worth more than $1.1 million. 10,000 tether was also taken, which is pegged on a 1-1 basis with US dollars.

In other news, Huobi Technology Holdings, which is a crypto platform operator, will now close its unit in Thailand after its license was taken away by the regulator, Bloomberg wrote.

The license was revoked by the Thai Securities and Exchange Commission (SEC) after Huobi failed to set up systems and staff in accordance with rules and regulations.

Additionally, Benjamin Delo, who founded the crypto derivatives exchange BitMEX, was sentenced to 30 months probation for violating US anti-money laundering law, The Wall Street Journal (WSJ) wrote.

Prosecutors said he and other founders had “willfully defied” US law when they failed to establish know-your-customer procedures at the company.

Additionally, ethereum mining could be dissipating and it will be a “huge financial hit,” according to a source who spoke to Bloomberg.

If ethereum mining falls apart, it will be because of “The Merge,” which refers to a transition to less power-hungry technology.

This would potentially end up cutting off ether mining and become “almost a total loss of a good source of income”.

In more cryptocurrency news, the Bank of Israel will work with the Hong Kong Monetary Authority to test a new digital currency, writes Bloomberg.

This will come along with testing against cyber security risks.

The project will use a two-tier CBDC and will be issued by the central bank and distributed by various banks or other intermediaries.

Meanwhile, Changpeng Zhao, CEO of Binance, said volumes on the crypto exchange this year were so far similar to 2021’s $34 billion, says CoinDesk.

“So far this year, we’re more or less the same,” he said. He added that Binance traded around $120 billion as of June 15.

In more news, crypto hedge fund Three Arrows Capital has failed to meet lenders’ demands for more funding since its digital currency bets went south, according to a report by the Financial Times (FT).

The group’s failure to meet margin calls over the weekend makes it the latest victim of a sharp drop in various crypto prices.

Three Arrows is among the largest and most active platforms in the cryptocurrency industry.

Finally, Bitso, the Latin American crypto exchange, handled around $1 billion in crypto remittances between Mexico and the US so far this year, CoinDesk wrote.

This represents a growth of around 400% compared to the same period last year.

The company’s goal is to process $2 billion in global remittances to Mexico starting in 2022.

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DATA OF NEW PAYMENTS: THE TAILOR-MADE PURCHASE EXPERIENCE STUDY – MAY 2022

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