Latest from Crypto Insight
Crypto Insight
an hour ago
- Business
- Crypto Insight
Indian crypto exchange CoinDCX hacked, $44 million drained
Indian cryptocurrency exchange CoinDCX was hacked on Friday, leaving the exchange drained of $44 million. The hackers compromised one of CoinDCX's internal accounts used for 'liquidity provisions' with another exchange through a server breach. No user funds were affected due to the exploit, according to CoinDCX CEO Sumit Gupta. The CEO also said that all customer funds remain safe and wrote: 'The incident was quickly contained by isolating the affected operational account. Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us, from our own treasury reserves.' 'The attacker's address was funded with 1 Ether from Tornado Cash and later bridged a portion of the stolen funds from Solana to Ethereum,' onchain sleuth ZachXBT said. Cointelegraph reached out to CoinDCX for comment but was unable to obtain a response by the time of publication. Analyst Infinity Hedge noted that popular Indian exchange WazirX was hacked for $235 million on this exact date, one year ago — a reminder of the persistent cybersecurity threats facing the crypto industry and investors. Other crypto exchanges that fell prey to hackers in the last month Iranian exchange Nobitex was hacked for $100 million on June 18 in a politically-motivated attack by a pro-Israel hacker group calling itself 'Gonjeshke Darande.' After stealing $100 million in the initial hack, the group leaked the source code for the exchange online, further exposing users of the crypto platform. GMX V1, a version of the GMX Protocol perpetual exchange operating on the Arbitrum blockchain network, suffered a cybersecurity exploit on July 9, with the hacker making away with $40 million. However, the hacker returned the stolen funds several days later, accepting a $5 million white hat bounty in return for the $40 million in crypto. Decentralized finance (DeFi) platform Arcadia Finance was the target of a smart contract exploit on Tuesday, leading to $3.5 million in crypto drained by the threat actor. Source:
Crypto Insight
2 hours ago
- Business
- Crypto Insight
Ether preps record short squeeze as analysis sees $4K ETH price ‘soon'
Key points: Ether is currently forging a short squeeze that stands out in crypto history, says analysis. A 10% price increase would see another $1 billion in liquidated shorts. Shorts should now fuel a $4,000 ETH price rebound. Ether is 'making history' as ETH price gains spark a short squeeze for the record books. Fresh analysis from trading resource The Kobeissi Letter issued Friday now sees ETH/USD hitting $4,000 'soon.' Ether shorts risk punishment as ETH eyes 2025 highs Ether price strength has become one of July's crypto market standouts as altcoins slowly begin following Bitcoin higher. As the largest altcoin by market cap, Ether is punishing short positions at a rate rarely seen before, Kobeissi reports. 'Ethereum is making HISTORY: We are currently witnessing one of the LARGEST short squeezes in crypto history,' it summarized in a dedicated thread on X. 'Ethereum has added +$150 BILLION in market cap since July 1st, days after net SHORT exposure hit record highs.' Data from Cointelegraph Markets Pro and TradingView confirms that ETH/USD gained 20% over the past week alone. Local highs of $3,610 on Bitstamp almost match the year-to-date record seen in early January. Compared to its 2025 low, the pair is up over 150%. Now, Kobeissi not only sees $4,000 coming next, but also continuation of the short squeeze. 'If Ethereum rises another 10%, another $1 billion of shorts will be liquidated,' it calculated alongside data from monitoring resource CoinGlass. 'Furthermore, the fact that many of these shorts are leveraged is adding even more pressure. Ethereum could see $4,000 soon.' Bitcoin dominance drops to March lows Bitcoin meanwhile continues to consolidate below the psychologically significant $120,000 mark. At the same time, capital has been reported as flowing into altcoins as traders eye the potential for quicker returns. Bitcoin's dominance of the overall crypto market cap has halted a multi-year uptrend, falling to 61.4% this week — its lowest value since March. '$BTC.D Has only dropped 4.5% from the local highs and we can already see its impact on alts and ALT/BTC pairs,' popular trader Daan crypto Trades observed on X Friday. Daan Crypto Trades pinned the dominance drop on 'outperformance' from ETH and XRP in particular. 'When the market is eventually looking extremely overheated or shaky, capital will flee back into $BTC & Cash/Stables,' he warned, drawing a comparison to late 2024. Source:
Crypto Insight
3 hours ago
- Business
- Crypto Insight
Charles Schwab plans to launch Bitcoin, Ether spot trading, CEO says
Charles Schwab is preparing to expand its crypto offerings by launching spot trading for Bitcoin and Ethereum, according to CEO Rick Wurster. In an interview with CNBC on Friday, Wurster said Schwab clients already hold significant exposure to crypto via exchange-traded products (ETPs), owning more than 20% of the industry's crypto ETP market. However, he noted that crypto still represents a relatively small portion of clients' total wealth, around $25 billion out of $10.8 trillion. 'We anticipate launching Bitcoin and Ether sometime soon so that our clients have access to that,' he said. 'We think that will be an acceleration of our growth.' The CEO claimed that many clients currently keep 98% of their wealth with Schwab but hold just 1% to 2% of their crypto assets with digital-native firms. 'They really want to bring it back to Schwab because they trust us. They want us to sit alongside their other assets,' he added. Schwab to compete against Coinbase Wurster said that Schwab is 'absolutely' looking to compete against crypto exchanges like Coinbase by introducing spot crypto trading. 'If they're buying their crypto at Coinbase, we would love to see them bring their crypto back to Schwab,' he said. Earlier this year, Wurster said the company expects an April 2026 launch window to provide spot Bitcoin trading services to Schwab clients. At the time, he cited a 400% increase in traffic to Schwab's crypto website as evidence of investor interest in digital assets. Schwab has increased its involvement in the crypto sector amid growing regulatory clarity. In 2025, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve rescinded earlier restrictive guidelines issued after the FTX collapse. The change allows banks to participate in crypto activities such as custody and trading. Following approval from the US Securities and Exchange Commission, Schwab added Bitcoin and Ether ETFs to its platform. The company also provides other crypto-related products, including mixed ETFs, mutual funds, and Bitcoin options, according to its website. Institutions ramp up crypto investments A survey conducted in March by Coinbase and EY-Parthenon found that 83% of institutional investors intend to increase their crypto holdings in 2025, with many already investing in altcoins beyond Bitcoin and Ether. The survey identified XRP and Solana as the most favored assets among respondents. It also showed that most expect to allocate 5% or more of their portfolios to cryptocurrencies this year. Similarly, a May report by Fireblocks found that 90% of institutional players are using or exploring stablecoins, with almost half already deploying them for payments. Source:
Crypto Insight
a day ago
- Business
- Crypto Insight
From Bank to Broker to Crypto: Infrastructure Playbooks for Regulated Companies Entering Digital Assets
The EU's MiCA framework is creating a predictable environment for crypto services. Stablecoins are being used for payments, settlements, and cross-border operations. Tokenized assets are being tested by banks and asset managers. As a result, banks, brokers, and fintech platforms are planning to launch crypto services. This can include custody, trading, or stablecoin rails. But these companies work under strict rules. They need infrastructure that meets high standards for uptime, access control, compliance, and reporting. A simple API or SDK is not enough. What they need is a full infrastructure strategy. This article outlines how regulated companies can add crypto services without increasing their risk. Why regulated companies are moving into crypto There are several reasons why traditional financial companies are building crypto services now: MiCA gives legal clarity in the EU Stablecoins like USDC are becoming tools for fast payments Clients are asking for access to crypto products Tokenized assets are gaining interest from institutions The goals are different from startups. Regulated firms need long-term infrastructure that can handle audits, reporting, and operations at scale. Common entry points for crypto integration Regulated companies usually begin their crypto journey by focusing on one or two specific services, depending on their market and compliance readiness. One common starting point is custody. Firms that offer custody focus on secure wallet infrastructure, enabling users to deposit and withdraw assets safely. This creates a foundation for other services, such as staking or tokenized investments. Some companies prioritize trading access. These platforms allow users to buy and sell cryptocurrencies but avoid handling custody by keeping the assets off-chain or locked within internal systems. This limits their exposure to custody-related risks while still meeting customer demand. Another growing use case is stablecoin integration. Payment firms and cross-border platforms are using assets like USDC or EURC to provide faster and more cost-effective alternatives to traditional rails like SWIFT or SEPA. Others are entering crypto through tokenized asset offerings, where banks and brokers begin experimenting with digital versions of bonds or private equity instruments. Each approach requires a tailored infrastructure stack and a different level of compliance maturity. But all of them depend on having reliable custody, transaction logic, and audit controls from the beginning. Core infrastructure requirements When a regulated company adds crypto to its platform, the infrastructure must meet the same operational and legal standards as any other financial system. Custody systems should be built on secure methods like MPC or HSM, and must include fine-grained control over who can initiate and approve transactions. Access needs to be managed by role, with multi-level approvals and detailed permissions. Logging and audit trails must be available in real time. Every transaction, user action, or system change needs to be tracked and stored securely, with full export capabilities for regulators or internal teams. Uptime is also critical. Crypto services should match the reliability of traditional trading or banking infrastructure, which means deploying redundancy, health checks, and fallback systems to minimize service interruptions. Beyond the backend, companies also need tools for real-time monitoring. Dashboards that track delays, performance, or anomalies help operations teams respond quickly. And when working with infrastructure vendors, transparency is essential. Regulated companies need visibility into how the platform works, what its performance history looks like, and how it supports ongoing compliance. Compliance is a technical requirement Many crypto compliance rules are enforced through software. Regulated companies must understand the infrastructure requirements behind these rules. Travel Rule When users send crypto to external wallets, the system needs to detect when to apply the Travel Rule. This means adding metadata, identifying the receiving service, and preventing non-compliant transfers. MiCA enforcement MiCA asks for clear control over custody, user asset management, and risk policies. These controls must be built into the infrastructure. Manual policies are not enough. Regional requirements Some regions require local data storage or restrict where wallets can be accessed from. This must be supported in system design and deployment. At Scalable Solutions, we build compliance into the platform. Features like transaction screening, withdrawal checks, and audit logs are not optional add-ons. They are part of the standard architecture. What to build in-house and what to use from vendors Companies that want to offer crypto services need to decide which parts of the infrastructure they will build themselves and which parts they will source from vendors. In most cases, it makes sense to keep control over the user interface, onboarding experience, internal dashboards, and risk or compliance rules that are specific to their business. At the same time, core infrastructure such as key custody, blockchain node access, transaction screening, and monitoring tools can be more efficient and secure when provided by specialized vendors. The key is to work with providers who offer transparency, regulatory readiness, and clear service-level commitments. Systems that don't provide access to logs, lack proper client separation, or operate as black boxes can create serious operational and compliance risks. When choosing a vendor, companies should avoid platforms that: Don't share logs or audit data Use shared infrastructure without strong isolation Have no proof of regulatory readiness Can't meet SLA and uptime requirements Lessons from the field What didn't work A European broker launched a crypto service using a basic white-label backend. The system gave internal staff access to wallets without proper role separation. When regulators asked for logs, the company couldn't provide them. The service was shut down after a few months. What worked A payment platform added USDC payouts using vendor-based custody and compliance modules. They kept control over AML policy logic and used modular infrastructure. The service launched quickly and passed a regulatory audit within six months. Conclusion For regulated companies, crypto is no longer out of reach. But it must be added with the same care as any other financial service. The infrastructure must support controlled key management, transaction screening, role-based access, logging and audit tools and regional deployment strategies – all in one, simply manageable source. Source:
Crypto Insight
a day ago
- Business
- Crypto Insight
SEC Chair Atkins considers innovation exemption to boost tokenization
The US Securities and Exchange Commission (SEC) is considering the creation of an innovation exemption within its regulatory framework to foster tokenization, SEC Chair Paul Atkins said during a press event on Friday, according to Bloomberg. In the Bloomberg report, Atkins said that the SEC staff was considering changes that would promote tokenization, including an innovation exception that would allow for new trading methods and provide targeted relief to support the development of a tokenized securities ecosystem. Atkins said the movement of assets onchain is inevitable, stating: 'If it can be tokenized, it will be tokenized.' While he acknowledged the uncertainty of the outcome, he was optimistic about the industry's future. On Thursday, the US House of Representatives passed the GENIUS Act, along with two other pieces of crypto legislation: the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act. In contrast to his predecessor, Gary Gensler, Atkins is known for his pro-crypto stance. Following the passage of the GENIUS Act, Atkins said: 'Blockchain and crypto asset technologies have the potential to revolutionize America's financial infrastructure and deliver new efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans.' The stablecoin legislation is now set to be sent to President Donald Trump for approval. Once signed, the law will take effect 18 months later, or 120 days after the Treasury and Federal Reserve issue final regulations to implement the GENIUS Act. Divided views on regulatory shift Supporters in the crypto industry are excited about the bill. Ethereum developer Eric Conner described this act as 'the clearest signal yet that DeFi is winning the regulatory argument.' In an interview with Bloomberg, Atkins responded to concerns that stablecoin issuers may not hold enough hard currency reserves to truly back the value of their coins, stating: 'One thing that I think the new bill, soon to be signed into law, makes clear is that these are not securities. It's the banking regulators who will be overseeing them, and I think that's appropriate.' Still, some expressed a conservative attitude. Senator Elizabeth Warren criticized the legislation, saying it was insufficient to protect consumers. She said that the bill failed to adequately address the potential risks consumers face, such as market manipulation and fraud. SEC is cautious about including crypto in retirement plans In the Friday interview, Atkins emphasized the importance of disclosure, saying, 'The government should not stand as a blocking agent for those sorts of things, but we need to enable it in the proper way with proper guidelines and proper disclosures.' Source:
