Weekly Roundup: El Salvador's Bitcoin Hacked, Lawsuit Strikes Prop Firm

In the latest financial market developments, El Salvador's Chivo Wallet denies Bitcoin hack rumors, while prop firm Funded Engineer faces a lawsuit from FPFX. Fintech giant Revolut plans to share user data with advertisers. NAGA shareholders approve merger with CAPEX.com, and Midas secures $45 million for brokerage expansion. The UK's FCA sues Lee Maggs for FX fraud, while Crossover Markets executes $3 billion in crypto trades in Q1 2024. Mt. Gox distributes funds to creditors, and Ontario sues Binance for securities violations. Ripple seeks to reduce SEC penalty, and regulators impose a hefty fine on Terraform and Do Kwon.

Weekly Roundup: El Salvador's Bitcoin Hacked, Prop Firm Faces Lawsuit

April 27, 2024

Exclusive: Prop Firm Funded Engineer Faces Lawsuit from FPFX

In a significant development, retail trading tech provider FPFX Technologies, LLC (FPFX Tech), has initiated legal proceedings against prop firm Funded Engineer and its associates for alleged breaches of contract. The lawsuit highlights the complexities and challenges faced by prop firms in the competitive forex trading industry.

Revolut to Share User Interactions Data with Ad Agencies

Fintech giant Revolut has made waves by announcing its plans to monetize user data through partnerships with advertising agencies. This move has raised concerns about data privacy and the potential for targeted advertising.

99.81% of NAGA Shareholders Approve Merger with CAPEX.com

The Extraordinary General Meeting of NAGA shareholders has overwhelmingly approved the merger with CAPEX.com, marking a significant consolidation within the online trading sector.

Midas Raises $45 Million to Expand Brokerage beyond Turkey

Midas, a fintech firm based in Turkey, has secured $45 million in equity funding to enhance its brokerage services and expand into new markets, including cryptocurrency trading, mutual funds, and savings accounts.

UK FCA Sues Lee Steven Maggs for FX Scam Kube Trading

The Financial Conduct Authority (FCA) has filed a lawsuit against Lee Steven Maggs of Kent, England, alleging fraud and breach of the Financial Services and Markets Act 2000 (FSMA) in connection with the FX scam Kube Trading.

Crossover's Crypto ECN Executed over $3 Billion in Q1 2024

Crossover Markets' CROSSx platform has recorded impressive growth, executing 415,450 trades worth $3,153,752,406 in notional trading volume during the first quarter of 2024. This performance highlights the growing demand for cryptocurrency ECNs.

Sterling to Provide Risk and Margin Support for Fixed Income

Sterling Trading Tech, a provider of technology for order management, risk and margin, and trading, has announced plans to extend its services to fixed-income securities by the end of Q2 2024.

Cboe Can Save up to $15 Million by Closing Crypto Exchange

After a strategic review, Cboe has decided to close its crypto exchange in Q3 2024. This move is driven by the lack of regulatory clarity in the digital asset space.

Mt. Gox Sends Yen, Bitcoin, and Bitcoin Cash to Creditors

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

Ontario Court Sues Binance for Securities Law Violations

Ontario's Superior Court of Justice has filed a class action lawsuit against cryptocurrency exchange Binance, accusing the platform of selling crypto derivative products to retail investors without registration, violating securities laws.

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) demand for $2 billion in penalties by arguing that the amount should be reduced to $10 million. The ongoing legal battle between Ripple and the SEC has drawn significant attention.

SEC Seeks $5.3 Billion Fine for Terraform and Co-Founder Do Kwon

Federal regulators are seeking a massive $5.3 billion fine against Terraform Labs and its co-founder Do Kwon for defrauding investors. This move comes after a recent verdict found them liable for a multi-billion-dollar fraud scheme.

Monex Group Expands Crypto Business with 3iQ Takeover

Monex Group has acquired 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.

Binance's CZ Could Stay in Prison until 2027, Wife Begs for Mercy

Changpeng "CZ" Zhao, the founder and former CEO of Binance, has written a letter to U.S. District Judge Richard A. Jones, expressing remorse and accepting full responsibility for his actions. His wife has also appealed for mercy, raising concerns about his potential prison sentence.

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 user data. The government has emphasized the security of its Bitcoin wallet and the importance of adopting cryptocurrencies.