The latest from Tech Times' CryptoWatch brings you the top news in blockchain and digital assets. It centers on the massive attack against Kraken, with security researchers using the exploit they found to steal $3 million. The renowned crypto exchange platform Binance also faces a new penalty in India for alleged anti-money laundering violations.
Moreover, there is the controversial move from Elon Musk on the up-and-coming X Payments, one that would not support cryptocurrency transactions despite being known as a massive supporter.
Kraken: Security Researchers Stole $3M Using Exploit
Earlier this month, Kraken suffered a massive attack by a certain, unnamed group under its Bug Bounty program, which allowed them to steal as much as $3 million from the crypto exchange's wallet. This was made possible after they were notified of an exploit allowing users to reflect a balance before the deposit was transferred successfully.
Kraken's Chief Security Officer, Nick Percoco, revealed this via a thread on X, detailing the events and how the exploit was done.
Despite multiple exchanges from both parties, the white-hat hacker company has not yet returned the money, and Percoco claimed that they have coordinated with law enforcement officials to do so. Kraken assures its users that their money is safe and that none was stolen from them.
Binance Faces Money Laundering Penalty in India
After facing wire fraud and money laundering violations in the United States, Binance was again hit with another fine in India for alleged anti-money laundering violations. India's Financial Intelligence Unit (FIU) fined the company $2.25 million to pay for its violations.
It is known that Binance also recently faced the same violation in Canada. Binance applied for a license to operate in India in May. The government requires crypto exchange companies to register with the FIU and comply with its rules and regulations.
Elon Musk: No Crypto for X Payments
Despite being known as a massive cryptocurrency supporter, Elon Musk's upcoming venture for his social media, X Payments, will not support crypto transactions once it is released soon. It is expected to debut this fintech feature on the platform before 2024 ends, and the company is actively seeking licenses in all 50 US states before its launch.
Bloomberg reported that X had already submitted 350-page documents and emails supporting its application. In its submission to Maine, X revealed "no plans" for storing and trading crypto via X Payments.
It is unclear if this declaration is only for now and will offer this experience sometime soon.
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