Vanity Address Exploit Causes $1M Loss

Vanity Address Exploit Causes $1M Loss

The DeFi industry is still being haunted by hacks and vulnerabilities, as seen by the addition of a new vanity address exploit to the list of DeFi victims, who, as a group, have altogether lost more than $1.6 billion in the 2022 alone.

After Vanity address exploit, an alert was publicly released by a company that specializes in blockchain security called PeckShield. In the alert, it stated that a hacker was discovered after stealing 732 ether (ETH), which is equivalent to approximately $950,000, from an address that was generated a generator for Ethereum vanity wallet addresses called Profanity. After emptying the wallet, the hackers moved the cryptocurrency to a cryptocurrency mixer called Tornado Cash, which had only just been authorized.

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Vanity addresses are a kind of personalized cryptocurrency wallet address that is produced to contain words or certain characters specified by the holder of the wallet. Vanity addresses are also known as private keys. Recent breaches, on the other hand, have shown that the security of vanity email addresses is still in issue.

The decentralized exchange (DEX) aggregator 1inch Network issued a warning to crypto holders earlier in the month of September that their addresses were not secure if they were produced using vulgarity. The DEX made it clear to cryptocurrency holders who used vanity addresses that they needed to move their holdings as soon as possible. 1inch claims that the vanity address generator lacks safety since it uses a random 32-bit vector to seed 256-bit private keys. This indicates that the generator should not be utilized.

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ZachXBT, a blockchain investigator, has revealed that an exploitation of the vulnerability in Vulgarity has already let some hackers to get away with stealing digital assets worth $3.3 million. This announcement comes in response to the warnings issued by the DEX aggregator.

On September 20, a crypto market maker situated in the United Kingdom was the victim of an attack that resulted in losses of 160 million dollars. According to the findings of researcher Ajay Dhingra, the attack may have been carried out as a result of unauthorized access to the company’s hot wallet and subsequent manipulation of a flaw in the smart contract. The founder of the company and current Chief Executive Officer, Evgeny Gaevoy, issued a call to the attackers, stating that the company is willing to consider the vulnerability to be a “white hat hack.”

Crypto And Fintech Open New Career Options For Youngsters

Crypto And Fintech Open New Career Options For Youngsters

It is possible that studying economics or even just banking and finance will not be beneficial if you are interested in working in the financial industry at this time. A new kind of qualifications is coming into existence in order to provide qualified individuals to the newest generation of crypto and fintech companies.

For instance, the Bachelor of Science in Finance degree offered by the University of Southampton in the United Kingdom has been renamed the Bachelor of Science in Finance and Financial Technology degree. This new degree covers crowdsourcing, peer-to-peer lending, crypto and fintech.

According to Larisa Yarovaya, who is in charge of the new program at Southampton, it has been in the works for a number of years and might have been completed much sooner if COVID had not been involved. “The course is crafted to offer students with more basic knowledge about challenges like blockchain and the synergies between finance and technology,” says Yarovaya. 

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“In this day and age, if our kids are just taught conventional finance, it may restrict their job opportunities. We wanted to create a curriculum that was as forward-thinking as it could be, so we included some cutting-edge technology.”

Despite the fact that cryptocurrency has been through another winter, supporters of the asset are as as enthusiastic as ever, and the blockchain technology that underpins crypto and fintech still being hailed as the next big thing in terms of payment systems. 

Following the conclusion of its most recent fintech conference, Deutsche Bank stated that despite the possibility of a recession, payments systems are still anticipated to deliver “solid growth” in comparison to other technology sectors. The bank also stated that the current conversation centers on topics such as real-time payments, payment velocity, software and embedded payments, and the electronic monetization of distributed ledger (blockchain) technology.

Also Read: Ethereum’s Merge Pushes ETH Price To New Height Against Bitcoin

There are other universities besides Southampton that have begun offering specialized degrees in financial technology. The New Jersey Institute of Technology in the United States has introduced a new bachelor’s degree program in financial technology. 

The New Jersey Institute of Technology in the United States has introduced a new bachelor’s degree program in financial technology.  The University of Sussex in the United Kingdom will begin offering a new degree in finance and technology beginning in the year 2020, while the University of Reading’s ICMA center will begin offering a new Bachelor of Science in Finance degree with an emphasis on fintech beginning in 2021.

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It’s still very early in the process. At Southampton, Yarovaya would not specify the number of persons who have registered for the course this year; nevertheless, he believes that the number will eventually reach “several dozens” in the near future. Students who acquire knowledge in the field of financial technology will have a greater chance of finding job, according to her: “They will have the possibility to work in any industry or to build their own firm.”

Students won’t learn how to code in Southampton’s new class since it doesn’t cover that material. Although students will be exposed to the fundamentals of computer programming in addition to MatLab and AI, according to Yarovaya, coding will not be the primary emphasis of the course, at least not for the time being. She explains that in order to choose whether or not to include programming modules, “we want to see how sophisticated we can make the course.”

Alphabet Inc. Is Heavily Investing Into Blockchain Tech Companies

Alphabet Inc. Is Heavily Investing Into Blockchain Tech Companies

The recent history of blockchain has been marked by the rapid expansion of cryptocurrency and the rise of its applications. Many organizations have dedicated themselves to advancing this new paradigm and making it a reality. Alphabet Inc., one of the largest multinational tech giants, appears to be investing more money in cryptocurrencies and blockchain technology.

It seems reasonable that institutions and the general public are using digital assets more frequently these days. The growth of the crypto gospel and the efforts of several organizations have led to an increase in the number of blockchain application cases.

Also Read: DecentWorld Minimizes The Line Between The Physical And Digital World

According to Blockdata, a data source located in the Netherlands, Alphabet Inc has invested in these companies four times. Since September 2021, Alphabet has invested more than $1.5B in blockchain startups that are focused on improving the efficiency of their product or service delivery processes through this emerging technology.

Alphabet Inc appears to be leading the way with investments in digital asset custody service Fireblocks, blockchain game Dapperlabs, infrastructure provider Voltage, and venture capital firm Digital Currency Group.

Global investments in blockchain technology increased by 30% over the past year. This figure is more than double that of 2018 and shows no sign of slowing down. It is also predicted that by 2023, the usage of cryptocurrencies will have grown by 800% worldwide. The majority of investors are turning to digital assets as the global financial landscape experiences difficult times.

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Morgan Stanley, Samsung, Goldman Sachs, PayPal, LG, and Microsoft are among the further listed businesses. Additionally, institutions including Citi, Wells Fargo, and Commonwealth Bank have invested in blockchain startups. Speaking on the subject, a supporter emphasised how banks are among the most well-known investors in blockchain and cryptocurrency companies.

The use of cryptocurrencies is growing at an astonishing rate. As more people learn about their benefits, they have begun to invest in them. The most recent example of this was the announcement that BlackRock, one of the largest asset managers in the world, would offer a spot Bitcoin private trust to its American clients.

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The recent agreement between BlackRock and Coinbase showed that cryptocurrencies are receiving more attention than most people know. BlackRock introduced a spot BTC private trust one week after announcing a cooperation with Coinbase. This action would expose its American clients to Bitcoin. Being the biggest asset manager in the world was a major accomplishment for the bitcoin sector.

DecentWorld Minimizes The Line Between The Physical And Digital World

DecentWorld Minimizes The Line Between The Physical And Digital World

The line residing between the physical and digital worlds is continuously fading quicker each year with current metaverses. Nowadays, people have started shopping online, and as a result, it has become more famous than ever. Social media has changed how people communicate with their dear ones. The pandemic boosted cardinal changes in the way of working.

DecentWorld is a Swiss-owned metaverse depending on blockchain. It is a large pioneer in technical improvements that will alter the way of interaction, co-creation and operation in the future. DecentWorld blurred these lines to deliver some chances to users so that they can explore cities and their architecture in a new process.

decentworld decreases the line between physical and digital world

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From Physical to Digital

In most cases, metaverse products focus on making virtual fantasy worlds. But their creative team tried to approach it more unconventionally. It will net on familiarity factors instead of designing non-existent environments. In addition, it decided to bet on recognition to foster user enjoyment.

What did the DecentWorld team say?

The DecentWorld team explained that we could walk through the metaverse to enjoy being present in real time. It is the thing that the team is striving towards, which can teleport a user to the other side of the world.

The design depends on a meticulous analysis of multiple online images to interpret how Dubai looks in real life. Besides, the team enjoyed an interesting step and included buildings that you didn’t create yet. But people expect this to be completed in 2023. It can offer DecentWorld users a great chance to experience a one-of-a-kind preview of how the town might look.

Also Read: CEO Of Binance Asks WazirX Users To Switch

The DecentWorld team plans to expand the metaverse by making extra 3D environments and including various games for a larger entertainment experience along with the current released features. In addition, it is planning to forward-thinking onboard businesses to access the metaverse. Moreover, it can integrate regular experiences existing only in real life.

The team said that people can now attend a movie premiere or a whole movie festival on metaverse without paying single money and subscribing to any services. It is an achievable goal for them. Most famous artists can enjoy their first metaverse performances.

Simple Access as Priority

The team decided to release the platform on the desktop, which enables access to the metaverse via their computers. In addition, it is also planning to offer users a chance to enter the 3D world with VR headsets.

What did the product owner say?

He said they allow each person to join the metaverse instead of the equipment they possess at home. The hardware must catch up before people experience the metaverse at its full potential. Later, VR glasses will allow players to view the virtual world around them, smell and feel everything. Plenty of companies are willing to spend their money in the metaverse. But it has become clear that the existing hardware still has a long way to go.

President Approves Kazakhstan Crypto Bill Imposing Additional Tax On Miners

The President of Kazakhstan, Kassym-Jomart Tokayev, has just approved a Kazakhstan crypto bill. The crypto bill will increase the tax rates that cryptocurrency miners are required to pay. It is dependent on the volume as well as the average cost of power that the miners use mining digital currencies, and Bitcoin is one example of this.

When it comes to the distribution of hash rates for Bitcoin mining, the government of this country is among the largest ones in the world. A new bill that is based on the legislation of Kazakhstan on taxes and the tax code has been signed into law by Kassym-Jomart Tokayev.
A new bill that is based on the legislation of Kazakhstan on taxes and the tax code has been signed into law by Kassym-Jomart Tokayev.
Alterations Made to the Crypto Mining Process.

Kazakhstan Crypto Bill will impose additional tax

Also Read: Uniswap V3 Under Cyber Attack?

According to the president, the appropriate level of taxes will be determined by the typical price of power. Regarding this matter, you have to be aware that the production of coins requires the usage of power. The changes are scheduled to take effect beginning in January of 2023. At the time of this writing, one Kazakh tenge is equivalent to $0.0021 in United States Dollars.

The most current legislation provides an improvement to the application’s tax code. Following that, it arranged various tax rates for the mining of cryptocurrencies. In addition, the PIT rate on dividends was increased from 5% to 10% as part of the new tax code. When referring to taxes, the abbreviation PIT stands for “personal income tax.”

The deduction does not apply to dividends received on securities that are registered on the stock exchange of the nation. These securities were not traded within the applicable tax period, and the aforementioned regulations satisfy the requirements that were set out by the government in this regard.

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During the crypto winter, the nation has reduced the amount of cryptocurrency mined, shut down coin minting operations across the whole of the country, and set limitations on the availability of power.

Miners of cryptocurrencies migrated to this nation when China imposed stricter regulations on bitcoin trading and mining a year before. The country that is now known as Central Asia formerly had an abundance of available electrical power. However, as a result of the inflow, the national infrastructure ran into difficulties meeting the demand.

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The tax rate for crypto farms that make use of electrical energy will be the lowest possible, coming in at 1 tenge per kWh. In this instance, the energy is generated using means that do not deplete natural resources. The supplemental fee was implemented on the first of the year 2022.

After then, the Central Asian nation had an increasing power shortfall throughout the year 2021. All of the blame for the scarcity was placed on the increase in the number of people mining cryptocurrencies, and these people agreed with China’s intention to tighten down on the business in May of 2021.

During the frigid winter months, the country sought to keep cryptocurrency mining to a minimum by placing limitations on the amount of power that could be supplied. In addition, Kazakhstan shut down its minting facilities for coins, which were located all around the country. Because of the restrictions, a few mining businesses were obliged to move their operations to other locations. In addition to that, they had no choice but to remove a significant percentage of the equipment from the country.

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In February, the president issued an order mandating that all cryptocurrency miners in the nation be recognized by the appropriate authorities and that their taxes be increased. In April, state auditors focused their attention mostly on mining companies that improperly utilized tax incentives.

During the same month, the government of Nur-Sultan announced their intention to increase the amount of taxation required on miners. The proposed linking the new rate, at least initially, to the value of the newly generated cryptocurrency. According to the official claims, the newly implemented tax laws will help to maintain a consistent load on the electrical system.

Uniswap V3 Under Cyber Attack?

Uniswap V3 Under Cyber Attack

Hackers have attempted a phishing attack on Uniswap V3 that resulted in nearly $4.7 million worth of tokens being stolen from users.

According to a report, the phishing attack has targeted over 73,000 addresses, and fraudulent ERC-20 tokens were transferred to those addresses.

The hacker sent fraudulent ERC-20 tokens to the addresses and then attempted to transfer those tokens out of their wallets—all while pretending that they were legitimate ERC-20 tokens.

uniswap v3 under attack

Binance’s CEO, Changpeng Zhao, revealed to his 6.6 million Twitter followers that the company’s threat intel had discovered a possible vulnerability on Ethereum’s Uniswap V3 network. A total of 4,295 ETH has been stolen by the hacker, who then laundered their money using Tornado Cash.

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The hacker used a novel trick to gain access to Binance’s smart contract and siphoned off all funds from the exchange. They did this by exploiting a vulnerability in the smart contract for Uniswap V3, which was not patched by either the team or its community. As a result, the hacker was able to loot all funds in Binance’s wallet and move them into their account.

The hacker stole funds from users’ wallets who had not implemented proper security measures on their platforms. According to Zhao: “Our engineers have found another vulnerability on Ethereum’s Uniswap V3 protocol that allows hackers to steal your funds.”

“The team will continue to investigate. As a result, we temporarily suspend Uniswap trading on Binance until further notice. We will update our users as soon as we have more information about this situation.” He further added.

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Security researcher Harry Denley at MetaMask, a browser-based cryptocurrency wallet, and exchange, collected evidence that the phishing effort targeted native coin positions at Ethereum, Binance Coin, and Uniswap LP. The attacker reached 74,800 addresses after incurring transaction fees of 8.5 ETH and still has an additional 90.86 ETH.

The attacker carried out their strategy in two stages: Send your address as well as information about your browser client to /66312712367123.com. This attempts to steal assets from the company by using a link to a fake website that claims to be offering a social media account recovery service for tokens like BNB or LSK. Tries to steal assets from the company

The second stage involves sending phishing emails with links to the same fake website used in stage one above.

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For this attack to be successful, users must have been vulnerable to a phishing campaign or have been tricked into clicking on a malicious link sent via email or instant message (IM). The attacker also needed access to multiple accounts at these crypto exchanges and some way of distributing funds from them across different wallets without arousing suspicion from exchanges or other users.

The hack of Uniswap V3 has left users with losses of up to $4.7 million

As word spread around crypto Twitter, the price of Uniswap fell, reporting losses of 10 percent throughout the evening.

Major Terra Projects Are Shifting To Polygon Network

Major Terra Projects Are Shifting To Polygon Network

In the last few weeks, the market has experienced a huge migration of almost fifty terra projects, such as the NFT marketplace OnePlanet and metaverse game Derby Stars to Polygon.

Terra’s UST and LUNA have jointly burnt a lot of investors’ money. Thus, the network left many Terra projects homeless. According to OnePlanet, the ecosystem collapsed suddenly, and as a result, it left a plethora of NFT projects. It has led and made its version of Noah’s Ark.

Polygon CEO Welcomes Terra Projects

The CEO of Polygon Studios, Ryan Wyatt, said on Twitter Friday that they would put capital and resources against these migrations to help the migrators swiftly do the process. Thus, they can welcome developers and their respective communities.

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The CEO of Polygon Network wrote an email to the press on Saturday saying that there are more terra projects coming in the future. He also said that developers can come to the network and play around with the games. Developers must have an EVM-compatible chain ensuring longevity and minimizing the amount of work needed to recreate it.

terra projects left alone

Terra Projects That Migrated To Polygon

OnePlanet wrote on Twitter that all Ark*One partner projects and @polygonstudios move together to recreate the tokens ecosystem.
Derby Stars, a AAA play-to-earn game, also migrated to the Polygon network. It was previously deployed on Terra but has moved to the Polygon Network for its blockchain deployment.

Derby Stars is a horse racing game with a strong focus on earning in-game currency that can be used to buy horses, or upgrade your own horses. Players can also earn money by watching advertisements, as well as by playing the game itself.

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Polygon Network’s Derby Stars project raised $6 million from investors earlier this year, and now it has secured new funding from the Polygon Network itself. In addition, it garnered popularity for its top-quality visuals and produced the teaser film and whitepaper.

The Derby Stars team has chosen Polygon as the protocol for scaling the Ethereum network. The protocol has more than 900,000 weekly active wallets and has been operating without any problems for a long time.

The CEO said that the choice of Polygon was based on its ability to scale the Ethereum network and its long track record of stability in this regard. The CEO further said that since the company has been the leader in gaming on the web3, they want to continue this trend. Besides, the migration of Derby Star illustrates the commitment of the team to helping Terra’s community.

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The company also wants to create an excellent gaming ecosystem through the migration of tokens from other networks such as EOS and BTC to Polygon. After the move is complete, Derby Stars will proceed with their duty as usual, which involves the token creation event that is utilised to fuel the virtual economy.

Derby Stars team is currently in the midst of a hard-fought battle. The project has been accused of violating securities laws and being in breach of fiduciary duty. In addition, it has also been accused of failing to properly disclose some of its operations to investors. The team at Derby Stars is working hard to address these allegations and hopes to continue operating as an upcoming blockchain gaming company.

No Language Left Behind Project Will Make FB & Instagram Translations More Accurate

No Language Left Behind Project Will Make FB & Instagram Translations More Accurate

A new project at Meta called No Language Left Behind is helping people connect with each other across languages and cultures. The social media conglomerate which owns Facebook and Instagram has developed a single AI model that is capable of translating across 200 distinct languages. Many of those languages are not supported by the commercial tools that are available at the moment, including several obscure languages that have little digital resources.

The corporation has decided to release the No Language Left Behind project code for the project into the public domain in the expectation that other organisations may improve upon it. The artificial intelligence model is being developed as part of an enormous research and development initiative being undertaken by Meta to construct a so-called “universal speech translator.”

No Language Left Behind project for meta

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The world is becoming increasingly globalized, and people are trying to communicate more easily with one another. The result is that the world’s languages are proliferating, and there are far fewer resources available to translate them all.

One way to help solve this problem is through machine translation. In fact, Meta has already developed a number of AI models to assist in this effort. One such model, called NLLB (No Language Left Behind), was developed by researchers at Meta.

Meta has also recently begun developing two new machine translation projects for the purpose of making it easier for individuals who speak languages that are uncommon or have limited resources available to connect with one another.

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Mark Comments On No Language Left Behind Project

Mark Zuckerberg, founder and CEO of Meta, said that the company’s goal is to assist users in improving their connections in the present while also preparing them to participate in the metaverse of the future. Researchers working on artificial intelligence at Meta developed a project called “No Language Left Behind” (NLLB), which is said to be capable of translating more than 200 distinct languages at this point.

The AI modelling approaches that we employed from No Language Left Behind are assisting us in producing high-quality translations on Facebook and Instagram for languages that are spoken by billions of people all over the globe.

In order to ensure that the experiences are accessible to everyone, Metaverse has developed FLORES-200, a dataset that provides researchers with the ability to examine the performance of this AI model in 40,000 distinct language directions. This will help create better evaluations and improve NLLB-200’s capabilities.

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According to Meta, there are less than 25 African languages that are covered by the translation technologies that are now accessible. The newly discovered information could reduce the likelihood of these negative outcomes and enhance user experiences. Metaverse has the capability of developing technologies that function effectively in a greater variety of languages, which will contribute to the democratisation of access to immersive experiences inside virtual worlds.

Hackers Attacked On Harmony Blockchain Bridge, 100M Stolen

Hackers Attacked On Harmony Blockchain Bridge, 100M Stolen

According to the most recent information, unidentified intruders have breached the Harmony Blockchain Bridge. The Harmony network had a flaw exploited by the attackers, who made off with at least $100 million worth of digital tokens. The Harmony network cyberattack may have been the most costly in terms of damages.

What Is Harmony Blockchain Bridge?

Harmony is a blockchain firm that develops cross-chain bridges—often called blockchain bridges—that let users transmit assets from one blockchain to another and promote communication between them. Users may transfer assets, such as tokens, stablecoins, and NFTs, across the Ethereum, Binance Smart Chain, and Harmony blockchains by using Harmony’s Horizon bridge, for instance.

Harmony Blockchain Bridge got hacked

Harmony Revealed The Hack On It Twitter

A “malicious assault” on the exclusive Horizon blockchain bridge was discovered on Thursday, according to Harmony, the American cryptocurrency firm that developed Horizon. They also said that they have begun collaborating with local law enforcement and forensic experts in order to identify the attacker and recover the stolen funds.

In a recent tweet, Ape Dev, a researcher and investor warned that Harmony Bridge’s security, a multi-sig wallet built on top of the Ethereum blockchain, was built with just four owners. The system’s security is said to be “pretty basic” and can be used to carry out an attack. Harmony’s developers were given plenty of time to take precautions before this happened.

Also Read: Bitcoin DAA Level Plummets By 2.35%

The Harmony hack has caused users to desire to remove tokens from blockchains. For instance, in February, Wormhole Bridge suffered a $326 million loss due to a significant breach, while Ronin lost $625 million. This year, they have endured $1 billion in losses altogether.

The company claims to have halted the bridge by stopping a lot of transactions and concentrating on the hacking issue. The business expects a single account to be the primary offender. They tweeted about it in a series. It won’t have an effect on the unreliable BTC bridge, not even the value and funds it has held.

Thanks to the Twitter thread, people and followers may be confident that Harmony is fully engaged. The company’s ongoing investigation to identify the perpetrators and want to preserve the bridge once again is the cause.

They went on to say that they will continue their investigation into who was behind it and what measures need to be taken in order to keep it from happening again.

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Users might trade assets on the Horizon bridge. They may trade tokens, stablecoins, and NFTs, for instance, between the Harmony, BSC, and Ethereum blockchains.

In order to take advantage of the network, the attackers accurately comprehended the bridge’s functioning. Blockchain data reveals that they have not sent any funds to Tornado Cash or other privacy swap providers.

FTX Acquires Canada Based Bitvo Inc.

FTX Acquires Canada Based Bitvo Inc.

The Bahamas-based FTX Exchange is planning to officially launch its business in Canada by acquiring Bitvo Inc. This Calgary-based cryptocurrency exchange is regulated by all 13 provincial and territorial securities commissions across the country.

FTX Exchange is one of the world’s largest cryptocurrency companies, with over $4 billion in revenue last year alone. FTX is acquiring Bitvo Inc at an exciting juncture for the cryptocurrency market, as we’re now seeing widespread price drops following a bubble-like burst earlier this year. However, this news speaks to the level of commitment that FTX has to this industry over the long term.

Several cryptocurrency companies, including Coinbase Global Inc., are implementing severe staff reductions to save money. The crypto lending company Celsius Network Ltd. has announced that it will be suspending operations indefinitely, which will leave millions of its customers in a precarious position while also accelerating a global selloff of cryptocurrencies.

Also Read: Bitcoin Price Tumbles Below $20K, Ether Price Hit Too

The acquisition will allow FTX Exchange to expand its offerings into Canada and help it compete with other exchanges such as Binance and Bittrex, which have already launched businesses here. The two companies have not divulged the precise terms or valuation of the acquisition, which is scheduled to be finalised in the third quarter of this year, pending approval from the relevant regulatory authorities.

Both companies’ chief executive officers have stated that users of their respective cryptocurrency platforms will not notice any changes shortly. However, they are expected to borrow certain features from one another in the coming months and make them available to users as a whole. The companies said that they do not anticipate that the deal will have any impact on the current levels of staffing.

In an interview, Mr Bankman-Fried said, “We’re focused and excited to be building a real Canadian footprint.”
He specifically cited the collaboration with a registered platform as one of the reasons for his optimism. “In particular, we’ve had some fantastic conversations with the government of Alberta, which has been constructive and is trying to take the lead in Canada and around the world for crypto policy and frameworks,” he said.

Also Read: Safemoon Price Drop : Down By 95% In 24 Hours

The Alberta government has been quick to demonstrate “immense interest” in the cryptocurrency space. Earlier in the year, Mr Schweitzer stated that companies operating in the cryptocurrency space were quick to explain “immense interest” in the province after the Alberta government promised in its Throne Speech that it would make the area a global leader and hub for crypto.

FTX will launch its operation in Calgary, Alberta. The company’s CEO, Mr Schweitzer, stated that this new venture would help FTX grow its reputation and the opportunities it offers in technology and innovation.

Mr Bankman-Fried added that FTX is also looking into other opportunities across Canada, not just Alberta. He stated, “for the time being, we do not have any specific plans in mind.” However, he added, “as we’ve said before, we’re looking to expand in places where regulators are working with the sector to create meaningful opportunities.”