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Kucoin Hacked for $150 Million in Bitcoin; Bitfinex and Tether Freeze $33 Million of the Stolen Funds

Cryptocurrency exchange Kucoin may have been hacked for $150 million in bitcoin and multiple ERC20 tokens. The Singapore-based exchange confirmed the September 25 security breach, but did not disclose the amount stolen. “Bitcoin, ERC-20 and, other tokens in Kucoin’s hot wallets were transferred out of the exchange,” said Kucoin in an update on Saturday. Meanwhile, Bitfinex and Tether, issuers of the centralized stablecoin USDT, immediately froze a combined $33 million worth of USDT suspected to be part of the funds looted in the Kucoin hack – an action that has stirred questions around the influence of centralized platforms. Paolo Ardoino,…

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Binance launches first centralized exchange’s AMM pool called Liquid Swap

Cryptocurrency exchange Binance announced today the launch of its “centralized” Automated Market Maker (AMM) pool called Binance Liquid Swap, which will have different liquidity pools that will allow liquidity providers to earn interest and income from trading fees. Founder and CEO of Binance, Changpeng Zhao said that he was taking cues from the DeFi trend and published a tweet that stated:  Rough day for all markets today, but we keep building. Learning from #DeFi, #Binance Liquid Swap: Instant Liquidity, Low Fees. #BNB https://t.co/us3ZRLmBle — CZ Binance (@cz_binance) September 4, 2020 However, in the case of AMM paired exchanges, such platforms use…

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