The Crypto Roundup: 07 July 2023 | CryptoCompare.com

Leading cryptocurrency exchange Binance has seen a number of executives leave the platform over the last few days, including Binance’s Chief Strategy Officer, General Counsel, and a Compliance Official.

Multiple bridge contracts operated by Multichain experienced significant outflows including an array of well-known tokens, in an event for which no immediate explanation was provided, sparking speculation of an exploit.

Cryptocurrency exchange Bitfinex has recently announced it successfully recovered $312,219 in cash and 6.9 units of Bitcoin Cash, currently valued at $1,951, which had been stolen when it was hacked back in 2016.

Top stories in the Crypto Roundup today:

• Binance Shaken by Executive Departures, CZ Says Business as Usual
• Multichain Bridge Contracts See Unexplained Outflows of Over $130 Million
• Bitfinex Recovers $314,000 in Crypto from 2016 Hack
• Crypto Market Movers – BCH, COMP, MKR

Binance Shaken by Executive Departures, CZ Says Business as Usual

Leading cryptocurrency exchange Binance has seen a number of executives leave the platform over the last few days, including Binance’s Chief Strategy Officer, General Counsel, and a Compliance Official.

In response to these exits, Binance co-founder Changpeng ‘CZ’ Zhao moved to reassure the public about the platform’s future amid increasing regulatory scrutiny, saying the firm continues to build and to hire.

The now-departed Patrick Hillmann, Binance’s Chief Strategy Officer since 2021, announced his exit as amicable, while Senior Vice President for compliance, Steven Christie, and Hon Ng, General Counsel, have also left their positions.

Binance has been targeted by regulators after the $1.5 trillion rout the cryptocurrency saw last year amid a flurry of bankruptcies and the collapse of FTX. The firm was sued by the U.S. Securities and Exchange Commission (SEC) last month, as the regulator accused it of mishandling customer funds and violating securities regulations.

While acknowledging turnover, Zhao dismissed speculative interpretations, instead highlighting the company’s growth from 30 to 8,000 employees within six years. He underscored that Binance remains the largest crypto exchange, always maintaining user protection.

Multichain Bridge Contracts See Unexplained Outflows of Over $130 Million

Multiple bridge contracts operated by Multichain experienced significant outflows including an array of well-known tokens, in an event for which no immediate explanation was provided, sparking speculation of an exploit.

This unexpected activity led to the almost complete depletion of Multichain’s Fantom bridge’s holdings of wBTC, USDC, USDT, and a select group of alternative cryptocurrencies, with assets totaling more than $130 million.

Multichain has faced significant pressure over the past month due to technological failures and its absent CEO. The unexplained outflows, which came from  Multichain’s Fantom, Moonriver and Dogecoin bridge contracts, sparked fears on social media that a hack could have occurred.

Given the scarce availability of concrete information, some cryptocurrency projects took to alerting their communities that they remained unaffected by Multichain’s alleged vulnerability.

The assets moved out from the Multichain Fantom bridge included at least $20 million in altcoins such as DAI, LINK, and USDT. Other transfers involved significant sums, including 1,023 wBTC (approx. $30.9 million), 7,214 wETH (around $13.6 million), and $57 million in USDC moving between two separate addresses.

Bitfinex Recovers $314,000 in Crypto from 2016 Hack

Cryptocurrency exchange Bitfinex has recently announced it successfully recovered $312,219 in cash and 6.9 units of Bitcoin Cash, currently valued at $1,951, which had been stolen when it was hacked back in 2016.

The assets were returned to the exchange by the United States Department of Homeland Security as the exchange actively cooperates with law enforcement agencies in the ongoing effort to recover the assets stolen during the hack and return them to affected customers.

However, the recovered amount represents just a small fraction of the total stolen assets. The hackers absconded with approximately 120,900 BTC during the attack, a sum now valued at $3.6 billion. At the time of the theft, the stolen coins were worth $72 million.

The Department of Justice announced last year that it had seized the majority of the stolen assets and arrested two individuals on charges of conspiracy to launder the stolen cryptocurrency. The process of returning the funds, however, is still underway.

Crypto Market Movers – BCH, COMP, MKR

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Bitcoin Cash (BCH) -Bitcoin Cash is a cryptocurrency that was created in August 2017 as a result of a hard fork of the Bitcoin blockchain. It is a decentralized, peer-to-peer digital currency that is based on the same underlying technology as Bitcoin, but it has a number of differences that make it unique.

Compound Governance Token (COMP) – Compound Governance Token (COMP) is the native token of the Compound protocol, a decentralized lending and borrowing platform built on the Ethereum blockchain.

Maker (MKR) – MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization created in 2014. The Maker Protocol, built on the Ethereum blockchain, enables users to create currency. Current elements of the Maker Protocol are the Dai stablecoin, Maker Collateral Vaults, Oracles, and Voting. MakerDAO governs the Maker Protocol by deciding on key parameters (e.g., stability fees, collateral types/rates, etc.) through the voting power of MKR holders.

State of the Crypto by Top Tier Exchange Volume

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