What’s better than staying updated with the latest crypto news on a Friday night? Stay updated with #DigiFinexNews!!! On this week:
More than $283 million were reportedly stolen from 11 or more cryptocurrency exchanges last year. Though the amount was less than the $875.5 million stolen in 2018, the total count of security breaches have reached 11 times, marking its all time high. Chainalysis experts reported that they had also traced a moving of huge funds in to two exchanges, including illegal transactions.
There has been an increase in demand of various medical equipment due to the ongoing coronavirus. While some were caught profiteering from this, companies like Binance and Huobi both stepped in and each offered 10M CNY ($1.5 Million USD) to help citizens who were affected by the virus outbreak. The sum will be used to purchase protective equipment for Wuhan medical staff working at the front line.
According to “The 2020 State of Crypto Crime” report published by Chainanalysis, in 2019, scams crimes were the highest by transaction volume out of all crypto-related crimes. Despite this, illicit crypto transactions only occupies 1.1% of all crypto activities. Chainanalysis foresees more sophisticated crypto crime evolution in terms of scope and technology, and proposed crypto businesses, law enforcement, and regulators to collaborate and prevent new emerging forms of crypto crimes.
The Monetary Authority of Singapore (MAS) announced that the Payment Service Act (PS Act) will come into effect on 28 Jan. Under this act, a regulatory framework will be introduced for digital payment token services, and all exchanges based in Singapore will have to register, get a license, and meet the Singapore AML/CFT requirements in order to operate.
[Source: MAS Singapore]