Cryptocurrency Market News: Binance accused of laundering $9 million from 2018 hack

Here is what you need to know on Wednesday 16, September.

BTC/USD saw continuation today after the last breakout and it’s trading at $10,759. The first-ranked cryptocurrency did have a slight pullback from $10,930, the high of the past week.

ETH/USD is trading at $363 and didn’t follow Bitcoin today even though the U.S. stock market had a strong open.

XRP/USD is in similar shape, losing 0.7% of its value in the past 24 hours but staying above the 10-SMA. 

Chart of the day: BNB/USD daily chart

Market

Binance coin had a major 11% correction today after its most recent bull rally. The exchange was also accused of helping launder around $9 million from a 2018 hack. The Japanese cryptocurrency exchange that suffered the hack is now suing Binance alleging that it helped the hackers. The plaintiff states:

The thieves broke the stolen bitcoin into seven thousands of separate transactions and accounts, all valued below the 2-bitcoin threshold. In this way, the thieves converted the stolen bitcoin into other cryptocurrencies and transmitted the value from the Binance platform.

Fisco, the exchange in question, also argues that the case should be trialed in California as Binance has recently acquired Swipe which uses Coinbase and Bitgo which are located in the San Francisco Bay Area. 

Industry

According to a September 10 announcement, INX Limited raised around $7.5 million in its IPO and has just started accepting cryptocurrencies as payment methods. It supports BTC, ETH, and USDC. INX is the first-ever SEC-registered security token IPO and it’s aiming to raise a total of $117 million.  

INX is a regulated trading platform for digital assets and has become the first SEC-regulated IPO to offer a security token. The initial price of each token was $0.9 with a minimum $1,000 investment per user.

Quote of the day

Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin— People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.

– Richard Branson