Saturday, Dec 02, 2023

Latest Crypto News: Mazars Takes Down Binance’s Proof Of Reserve Report; $2 Million Stolen From Raydium

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Latest Crypto News: Mazars Takes Down Binance’s Proof Of Reserve Report; $2 Million Stolen From Raydium

Here are the latest developments from the world of crypto over the past few days

Mazars has taken down the proof-of-reserve audit report of the cryptocurrency exchange, Binance , from its website.

The Mazars Veritas department, which handled audits of cryptocurrency exchanges, has been completely stopped, according to the company’s website.

The audit firm also carried out similar audits for Kucoin and, and those reports have also been taken down by the firm.

In the aftermath of the recent FTX fiasco, these proof of reserves reports had shed some light on crypto exchanges’ bookkeeping. Notably, as these firms’ headquarters are in tax havens, little had been questioned about the reserves maintained by the exchanges.

In the wake of the FTX collapse, a number of users are withdrawing from exchanges, and $1.9 billion were withdrawn from Binance in 24 hours, according to a report by Blockchain analytics firm Nansen.

Around $2 Million Stolen From Raydium

Raydium, a Solana-based decentralised finance (DeFi ) platform, has been hacked, according to a statement by the developer.

The hack involved the attacker stealing control of the exchange’s owner account, according to the team’s preliminary analysis.

“Initial understanding is that owner authority was overtaken by the attacker, but authority has been halted on AMM and farm programs for now,” Raydium said on Twitter.

Various cryptocurrencies, such as USDC, wrapped SOL (WSOL), and Raydium were drained during the exploit.

“There seems to be a wallet that is draining LP Pools from Raydium liquidity pools using admin wallet as a signer without having/burning LP tokens. We withdrew protocol provided PRISM/USDC liquidity from Raydium” said Prism, a Solana-decentralised exchange.

Donald Trump’s NFTs Sold Out

Former US President Donald Trump’s inventory of 45,000 non-fungible tokens (NFTs) created on Polygon, an Ethereum scaling network, have all been purchased, igniting a booming secondary market, as prices increased.

On the top marketplace OpenSea, the lowest-priced Trump NFT is currently listed for 0.15 ETH, or roughly $180. The NFTs were initially offered for $99 each.

Trump’s NFT debuted on Thursday, which came after the former US President promised a “major announcement”.

A significant portion of the sales of digital trading cards, which are currently dominating secondary market charts, come from NFT traders who initially invested in the market as a joke.

3AC Assets Stood At $1 Billion In July

Three Arrows Capital (3AC), a defunct cryptocurrency hedge firm, had put the value of its assets at about $1 billion in July, according to a report by The Block, citing a document created by Teneo, 3AC’s liquidators.

“Due to volatility in the crypto market, together with the substantial number of illiquid investments held by the company, it is presently uncertain what level of recoveries will be made during the course of the liquidation,” Teneo wrote, according to the report.

Tokens worth roughly $238 million, NFTs worth about $22 million, and venture and other investments valued at $502 million, according to the document, were sent to creditors on Thursday. About $37 million in fiat money was also listed as an asset.

In addition to the $2.8 million recovered via forced investment redemptions and an unknown quantity of tokens and NFTs, Teneo earlier this month seized $35.6 million from the company’s bank accounts.