Crypto Exchange Coinrail Suffers $40 Million Steal

On Sunday South Korean crypto exchange Coinrail claimed it was the victim of a hack, with losses of about 40 billion won ($37.2 million) in cryptocurrency
11 June 2018   1182

In its blog post on Monday, Coinrail declared it had stopped its services after a “cyber intrusion” in its systems on Sunday morning. Without revealing the exact amounts stolen, Coinrail displayed some of the stolen ERC-20 tokens, namely NPXS tokens from Pundi X, a payment project; ATC from Aston X, a decentralized document project and; NPER tokens from the namesake decentralized IP project.

The heaviest hit was Pundi X, that said the hackers made away with a general of 2,619,542,080 NPXS tokens, approx. $19.5 million at the time of the theft. Data from a wallet address allegedly associated with the hacker has also pointed to 93 million (approx. $13.8 million) in ATX tokens and 831 million DENT coins, nearly $6 million in value, as well as a number of other tokens from projects including Jibrel Network, Storm, Kyber Network, B2BCoin and over $1 million in TRX tokens from Tron. The common value of the stolen tokens at the time of the attack reached $40 million.

The remaining one-third of coins are being investigated with investigators, relevant exchanges and coin developers.
Coinrail
Cryptocurrency Exchange, South Korea

Coinrail affirmed that 70% of its common coin reserves have been dislocated to an offline cold wallet and stay secure. Two-thirds of remaining 30 percent of token compromised have been frozen or recalled via consultation with developers like Pundi X and communication with exchanges like IDEX, according to the operator.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   211

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.