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Coinberry Canada exchange mistakenly gave away $2.2 million in bitcoin to users

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bitbuy vs coinberry

Toronto-based cryptocurrency exchange Coinberry Canada is trying through the courts to recover 120 bitcoins that users of the site could get for free because of a loophole in the software code. The Financial Post reports this, citing a lawsuit filed in June that has only now become known.

According to the details of the lawsuit, the incident occurred back in 2020, when the exchange updated its software. Because of the loophole, users could place orders to buy bitcoin through the Interac e-Transfer payment system, receive the cryptocurrency on their balance, and quickly cancel the order, saving both money and bitcoin.

When comparing bitbuy vs Coinberry, many choose the latter option. Coinberry estimates that more than 500 users have managed to take advantage of the vulnerability. but the lawsuit only involves about fifty individuals, as well as other marketplaces like Binance, because Coinberry customers could quickly sell bitcoins through them.

“Binance acknowledged that it had discovered some misappropriated BTC and pledged to restrict any access to the accounts,” the lawsuit says.

So far, Coinberry has only managed to recover about 37 BTC. It remains unclear whether the Canadian exchange is still suing Binance. Earlier, Canadian cryptocurrency conglomerate WonderFi (which owns cryptocurrency trading platforms Coinberry and Bitbuy) filed a request with the U.S. Securities and Exchange Commission (SEC) for a listing on Nasdaq. It remains unclear whether the outcome of Coinberry’s lawsuit will affect WonderFi’s plans.

Earlier, cryptocurrency exchange Coinbase had been scoring the cryptocurrency paired with the Georgian lari (₾) for several hours at a hundred times the official rate. Users who noticed the bug on the exchange almost immediately sold the cryptocurrency and withdrew the money to their bank accounts. However, it is already known that at least one bank, TBC Bank, has frozen all the money of those who took advantage of the trading platform vulnerability. Officially, Coinbase decided not to comment on the incident.

Previously, we reported that Ethereum’s update could detach the price of ETH from its peg to other assets.

Cryptocurrency

Korea begins blocking bitcoin holdings of Terra founder

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Terra founder

The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.

The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.

According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.

Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.

Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.

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Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services

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Revolut cryptocurrency wallet

Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked. 

In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.

Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.

Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.

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U.S. exchange regulator fines Tether auditor company $1.5 million

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Tether full audit

Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).

According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.

Tether full audit

Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.

The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.

Earlier we reported that Vitalik Buterin announced the release of his book.

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