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Cryptocurrency News Articles
Indian Crypto Exchange “Bitbns” is next FTX, A Crypto Influencer Says
Sep 29, 2024 at 12:02 pm
BitBns, an Indian cryptocurrency exchange, suffered a major hack in Feb 2023, resulting in the loss of around $7.5 million worth of funds.
A crypto influencer on 28th September 2024 urged all Indian crypto investors to boycott a new crypto platform, “Onramp.money.” This new crypto trade platform is backed by BitBns founder Gaurav Dahake, so there are huge chances that it will also result in another hack & scam, which is itself a very big red flag for the crypto investors especially for those who are already suffering huge losses due to the BitBns hack and WazirX exchange hack.
BitBns, an Indian cryptocurrency exchange, suffered a major cryptocurrency exchange hack on 22nd Feb 2023, resulting in the loss of around $7.5 million in funds. Initially, the exchange concealed the breach, claiming it was undergoing maintenance on its trading system. Later, it confirmed the hack and stated that the attack targeted hot wallets. However, the exchange faced criticism for the delay in disclosure, raising concerns about its security measures.
The hack contributed to a loss of user trust, leading to a collapse in its market credibility. However, a recent development shows that the exchange founder is not giving up and is all set to launch a new crypto platform.
Dahake announced the launch of Onramp.money on 27th September 2024, stating that the platform will enable fiat on-ramp for crypto exchanges, OTC trades, and crypto custody. He also highlighted the platform’s goal of making crypto accessible to everyone in India.
Despite Dahake’s efforts to present Onramp.money in a positive light, many crypto users expressed concerns and urged Indian crypto investors to steer clear of the platform.
One crypto X user pointed out Dahake’s involvement in the BitBns hack and highlighted the risks associated with investing in a new platform launched by the former crypto exchange founder. The user also expressed hope that WazirX users will not end up like those who trusted bitBns.
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- Bitcoin (BTC) Nears $70K as Focus Shifts to Labor Market, ETH Navigates Mixed Signals
- Sep 29, 2024 at 09:00 pm
- Bitcoin (BTC) is edging closer to the $70,000 milestone after retesting $66,000 on Friday. This comes after a softer-than-expected reading from the U.S. Federal Reserve’s preferred inflation measure—the Core PCE Index (Personal Consumption Expenditures).
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- Former Chinese Finance Minister Lou Jiwei Urges Policymakers to Examine Crypto Advancements
- Sep 29, 2024 at 09:00 pm
- During a speech at the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing, former Chinese finance minister Lou Jiwei urged China to closely examine advancements in cryptocurrency.
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- Bitcoin (BTC) Climbs Above $65,000, Eyes $70,000 Next; Ethereum (ETH) and Ripple (XRP) Await Their Moves
- Sep 29, 2024 at 09:00 pm
- The cryptocurrency market has been buzzing with activity, led by Bitcoin (BTC) surpassing the $65,000 mark. Ethereum (ETH) is showing signs of an upcoming rally, while Ripple (XRP) finds itself stuck in a range, struggling to break out. This article will dive into what the future could hold for these top three digital currencies.
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- Cardano (ADA) Price Analysis: TD Sequential Indicator Flashes Sell Signal, Suggesting Upcoming Correction
- Sep 29, 2024 at 08:30 pm
- ADA has exploited the cryptocurrency market rebound following Fed rate cuts last week. Since hitting a local low of $0.303 earlier this month, ADA has maintained an upward momentum.
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- Lunex Network (LNEX) Emerges as a New DeFi Competitor as Tron (TRX) and Ethereum (ETH) Battle for Dominance
- Sep 29, 2024 at 08:25 pm
- With its unique cross-chain feature, Lunex Network is set to change the status quo of the crypto exchange market. Experts project that Lunex Network could quietly rise to prominence while Ethereum and Tron battle for dominance in the DeFi market.