Weekly Roundup: El Salvador’s Bitcoin hacked, prop firm faces lawsuit

abdelaziz Fathi

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

Weekly Roundup: El Salvador's Bitcoin hacked, prop firm faces lawsuit

FX Market

Exclusive: Prop firm Funded Engineer faces lawsuit from FPFX

Retail trading tech provider FPFX Technologies, LLC (FPFX Tech), has filed a lawsuit against the prop firm Funded Engineer and its associated operatives for alleged breaches of contract. Read More

Revolut to share user interactions data with ad agencies

Fintech giant Revolut is exploring new revenue streams by planning to share customer data with advertising partners. Read More

99.81% of NAGA shareholders approve merger with CAPEX.com

The Extraordinary General Meeting of NAGA shareholders has given the green light for the merger with CAPEX.com with a vote of 99.81%. Read More

Midas raises $45 million to expand brokerage beyond Turkey

Midas has raised $45 million in equity funding to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts. Read More

UK FCA sues Lee Steven Maggs for FX scam Kube Trading

The Financial Conduct Authority (FCA) has sued Lee Steven Maggs of Sittingbourne, Kent, for two counts of fraud and one count of breaching the Financial Services and Markets Act 2000 (FSMA). Read More

Crossover’s crypto ECN executed over $3 billion in Q1 2024

Crossover Markets’s CROSSx has executed 415,450 trades worth a notional trading volume of $3,153,752,406 in Q1 2024, the crypto ECN reported. Read More

Sterling to provide risk and margin support for fixed income

Sterling Trading Tech will support fixed-income securities by the end of Q2 2024, said the provider of technology in order management, risk and margin, and trading. Read More

Crypto Market

Cboe can save up to $15 million by closing crypto exchange

Cboe announced a realignment of its digital asset business in Q3 2024 after a strategic review that took into consideration the lack of regulatory clarity in the digital space. Read More

Mt. Gox sends yen, bitcoin, and bitcoin cash to creditors

Creditors of the defunct bitcoin exchange Mt. Gox have reported updates to their claim accounts, indicating specific amounts and dates for bitcoin and fiat currency repayments. Read More

Ontario court sues Binance for securities law violations

Ontario’s Superior Court of Justice has filed a class action lawsuit against cryptocurrency exchange Binance for allegedly selling crypto derivative products to retail investors without registration, violating securities laws. Read More

Ripple wants to reduce SEC’s $2 billion penalty to $10 million

Ripple Labs has responded to the U.S. Securities and Exchange Commission’s (SEC) recent demand for $2 billion in penalties, arguing that the amount should be substantially reduced to $10 million. Read More

SEC seeks $5.3 billion fine for Terraform and co-founder Do Kwon

Federal regulators are pursuing a fine of $5.3 billion against Terraform Labs and its co-founder Do Kwon for defrauding investors, following a recent verdict that found them liable for a multi-billion-dollar fraud. Read More

Monex Group expands crypto business with 3iQ takeover

Monex Group has completed the acquisition of a majority stake in 3iQ Digital Holdings, Inc., a Canadian digital asset investment fund manager, as part of its strategy to expand its crypto business. Read More

Binance’s CZ could stay in prison until 2027, wife begs for mercy

Changpeng “CZ” Zhao, the founder and former CEO of Binance, has apologized for his decisions and accepted “full responsibility” in a letter to U.S. District Judge Richard A. Jones. Read More

El Salvador refutes rumors of Bitcoin wallet hack

Chivo Wallet, El Salvador’s official cryptocurrency wallet, has dismissed reports of a hack involving its software source code and the data of over 5 million users associated with its KYC (Know Your Customer) procedures. Read More

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Digital Assets

Coinbase resumes XRP trading in New York after nine-month hiatus

Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny.

Institutional FX

Swissquote joins Fortex Hub to expand liquidity distribution

ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services.

Chainwire

Multipool Enters Partnership with Mobilum Offering Users Fiat to DeFi On/Off Ramp

Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum.

Retail FX

IC Markets taps TipRanks’ trading research tools

Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities.

Digital Assets

Gate.io shelves plan to operate in Hong Kong

Gate Digital Ltd (Gate HK) announced it is winding down operations and has withdrawn its application for a crypto trading platform license in Hong Kong.

Chainwire

Sui and Mesh Combine Forces to Bring Simplified Transactions Across the Sui Ecosystem

With the addition of the Mesh platform, Sui Wallet will achieve product parity with the world’s largest self-custody wallets, while Mesh now natively supports the SUI token

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 23 May, 2024

EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.

Digital Assets

Bybit denies financial woes and hacking rumors

Ben Zhou, CEO of Dubai-based cryptocurrency exchange Bybit, has refuted circulating rumors that the platform has been hacked or is insolvent. Zhou addressed the speculations in a post on the social media platform X.

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