Daily Crypto #23
The most important news of the day: Crypto exchange Bitfront announced its closing, BlockFi sues Sam Bankman-Fried over Robinhood shares, Jordan Belfort lost $300,000 worth of crypto in MetaMask.
Crypto exchange Bitfront announced its closing
Asian social network giant LINE is shutting down its cryptocurrency exchange Bitfront. But this decision is not related to bankruptcy or other problems of the company. Therefore, the procedure will take place in stages, without blocking payments or other scandals.
The company provides details in its press release. So, on Monday, Bitfront stopped registering new users and credit card deposits. The platform will close its trading services until December 30. Customers will be able to withdraw their funds until March 31.
The crypto exchange has been operating since 2018, it used to be called BITBOX and was registered in Singapore. In 2020, the company moved to the U.S. and changed its brand to BITFRONT. It is operated by Tokyo-based Internet company LINE Corporation and its blockchain subsidiary LVC Corporation. In turn, LINE is a subsidiary of Z Holdings, which is part of the Japanese SoftBank.
But that's not goodbye to the blockchain, Bitfront will continue to work in the blockchain space. They will focus on developing their ecosystem and LINK token.
BlockFi sues Sam Bankman-Fried over Robinhood shares
Crypto lending platform BlockFi has filed a lawsuit against Sam Bankman-Fried Emergent Fidelity Technologies to recover the Robinhood shares it was promised as collateral. The Financial Times reports this, citing loan documents.
On Nov. 28, BlockFi initiated bankruptcy proceedings in the United States. On the same day, it filed a complaint against Emergent Fidelity Technologies, in which it demanded to give the platform the collateral, which was in the custody of the broker ED&F Man Capital Markets.
Jordan Belfort lost $300,000 worth of crypto in MetaMask
The legendary broker Jordan Belfort has been called "The Wolf of Wall Street". After all, he was the prototype for a famous movie and was generally famous for his trading talents. But even such a professional has not kept himself safe from crypto-hackers.
In a recent interview, Belfort admitted that his MetaMask wallet was hacked and about $300,000 worth of cryptocurrency was stolen.
Source: New York Times
The businessman did not specify how the hack happened or whether an investigation was underway. But he added that after the incident, he only started keeping his assets in a cold wallet. He does not keep assets on exchanges or in hot wallets.
Classic story for the last time
Don't use Metamask...