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

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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.

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Cardano officially announced the imminent launch of Cardano stablecoin Djed

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On January 25, the COTI network announced that Cardano-developed stablecoin Djed will launch next week. The announcement did not include a specific Djed stablecoin release date, but generally confirmed previous Cardano notices that the stablecoin would be introduced to the cryptocurrency community by the end of January 2023:

According to developers, the only technical reason for the launch delay is the chain index synchronization process. They specified that this process could take 14 days, with it having been started “a week ago and is expected to be completed next week.” Accordingly, Cardano stands a good chance of meeting its deadline and launching Djed by the end of January.

The announcement also says that DJED and its balancing coin SHEN will be listed on the Bitrue exchange. This Singapore-based exchange has already officially confirmed its readiness to list the new stablecoin:

Also, Minswap, the leading decentralized exchange (DEX) in the Cardano ecosystem, has already announced the creation of two pools (ADA/DJED and ADA/SHEN) for the new tokens starting next week.

As the developers promise, the amount of overcollateralization of stablecoin will be 400% – 800%. Thus, “it will have 4-8 times more base value behind it compared to the total amount of Djed coins issued.”

Will it help the ADA exchange rate

Amid news of the imminent launch of a new stablecoin in the ecosystem, the Cardano (ADA) exchange rate has been showing strong gains lately. However, the token came under pressure this morning during the Asian trading session.

ADA marked an 11-week high of $0.384 on January 22, but is pulling back today along with the entire crypto market. At the time of writing, its intraday drawdown was about 5.7% and it was trading around $0.36. However, inside the week, the coin continues to stay in the green zone (about 3.5% at the time of writing).

The current pullback could be a convenient opportunity for Cardano and ADA enthusiasts to enter the market at profitable levels ahead of Djed’s imminent release.

We previously reported that the Wall Street Giants were among the lenders to FTX.

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Former Chancellor of the Exchequer to head a UK cryptocurrency company. Is cryptocurrency regulated in the UK?

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Former UK Chancellor of the Exchequer Philip Hammond has become head at copper.co, a provider of institutional solutions for storing and trading digital assets. Is cryptocurrency regulated in the UK?

Hammond has served as a senior advisor to Copper since October 2021. During that time, he provided strategic advice to the company’s team as the firm grew significantly and expanded its operations and services worldwide. Since he joined the company, its staff has grown from 50 to more than 300 people and revenues have doubled.

“I was honored to benefit from Lord Hammond’s strategic experience based on his successful career in politics and business. I am very pleased that he has agreed to become chairman of Copper,” said Copper CEO Dmitry Tokarev.

He said Hammond, in particular, will focus on combining traditional finance with distributed ledger technology.

“I’ve really enjoyed working with Copper, a company that pioneered digital asset investment technology and is increasingly becoming a leading option for global financial institutions to trade and protect their digital assets,” Hammond said.

Is cryptocurrency legal in the UK?

According to Hammond, the UK now needs to accelerate the creation of a better regulatory regime for digital assets, as Switzerland and the EU are already well ahead of the United Kingdom in the development of the cryptosphere. He believes that the U.K. financial services sector should use distributed ledger technology as a key part of its strategy to remain a major global financial center after Brexit. Should we expect bitcoin and other cryptocurrencies to be legalized in the UK?

The U.K. set its sights on the cryptosphere a few years ago. Since then, the UK has introduced a lot of initiatives aimed at regulating and developing crypto. Among the latest key changes is the extension of tax breaks for digital assets. British authorities intend to extend investment managers’ exemption rights for crypto-assets, making it easier to include them in portfolios of foreign funds managed in the UK without the risk of taxation. Also, the UK Central Bank has begun preparations for the issuance of the state digital currency (CBDC).

Earlier, we reported that the SEC began inspecting the holdings of cryptocurrency by investment advisors.

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Realized bitcoin yields are back in the green zone: should we expect a move towards $24,000 amid high bitcoin yields?

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The new year in the crypto market started with an impressive rally and bitcoin’s realized yield returned to the green zone. Let’s examine whether BTC will continue to move towards the next resistance level on the back of higher bitcoin yields, or whether it was a bull trap.

Bitcoin’s key metrics have strengthened considerably, with a prominent PlanB analyst reporting that we are seeing BTC yields turning positive again recently. This metric measures the actual profit made during the holding period of an asset.

According to Woo Charts, bitcoin’s selling price is currently at $19,785. BTC surpassed that level on January 13 and has been trading well above it ever since.

The next frontier in the asset’s path is the 200-week moving average at $24,685. This metric is traditionally an indicator of the bottom of the bear market, and fixing above it will confirm the uptrend.

Market sentiment has shifted to positive

Moreover, market sentiment has also improved, with the BTC Fear and Greed Index entering the “greedy” zone. This is the highest since the end of March 2022.

Capriole Fund founder Charles Edwards commented on Twitter:

“Many people thought the collapse of FTX would end the crypto market. But bitcoin always comes back stronger than ever after the purge of bad players. Nothing will stop the inexorable pace of our industry.”

What to expect from the bitcoin price

At the time of publication, BTC was trading at $22,930. The asset has been developing in this area for almost a week now.

Bitcoin’s next target is $24,400, a price we last saw in August 2022. If resistance is broken through, there won’t be many obstacles left on the way to $30,000.

We previously reported that Polygon beat Ethereum and MATIC pushed Solana out of the top 10 cryptocurrencies.

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