Popular cryptocurrency exchange Bitfinex reportedly holds Bitcoin on its balance sheet, as the firm has historically kept part of its trading fee earnings in BTC as part of its long-term commitment to the cryptocurrency, according to an unnamed source.

Leading crypto casino Stake.com has suffered a security breach that allegedly led to a $41.3 million loss. The platform put a temporary hold on deposits and withdrawals after the breach was first detected by security firm Cyvers.

The London Stock Exchange Group (LSEG) is moving forward with a plan to develop a trading platform powered by blockchain technology, potentially making it the first major exchange to offer traditional financial assets on a blockchain-based platform.

Top stories in the Crypto Roundup today:

• Bitfinex Holds Bitcoin on Balance Sheet as Part of Long-Term Strategy
• Crypto Casino Stake.com’s Hot Wallets Drained of $41.3 Million
• LSEG Eyes Blockchain-Based Trading Platform for Traditional Assets
• Crypto Investment Products’ Average Daily Trading Volumes Reach Lowest Level Since January 2023

Bitfinex Holds Bitcoin on Balance Sheet as Part of Long-Term Strategy

Popular cryptocurrency exchange Bitfinex reportedly holds Bitcoin on its balance sheet, as the firm has historically kept part of its trading fee earnings in BTC as part of its long-term commitment to the cryptocurrency, according to an unnamed source.

The source did not disclose the exact amount of Bitcoin the cryptocurrency exchange holds. On a related note, Bitfinex and Tether’s CTO Paolo Ardoino has recently said on social media that exchanges that have “hugely benefitted” from Bitcoin should invest part of those gains into Bitcoin.

Bitfinex has been supporting Bitcoin’s layer-2 scaling solutions, including the Lighting Network and the Liquid Network, and by developing on the RGB protocol which enables cheaper and more private transactions.

Notably, earlier this year Bitfinex’s sister firm Tether, the firm behind leading stablecoin USDT, committed to using 15% of its realized net operating profits to invest in Bitcoin after amassing $2.5 billion in excess reserves.

Crypto Casino Stake.com’s Hot Wallets Drained of $41.3 Million

Leading crypto casino Stake.com has suffered a security breach that allegedly led to a $41.3 million loss. The platform put a temporary hold on deposits and withdrawals after the breach was first detected by security firm Cyvers.

Cyvers first alerted to the breach after detecting abnormal outbound transactions from Stake.com’s Ethereum wallets to unidentified Ethereum addresses through its AI-powered system.

Most of the stolen funds were taken from Stake.com’s hot wallet on the Binance Smart Chain, with $17.8 million leaving that wallet, while on Ethereum a total of $15.7 million were moved. On Polygon, the firm’s wallet saw $7.8 million leave its wallets.

The security breach led to the theft of various tokens, including stablecoins that were apparently later converted into Ethereum and distributed to different externally owned accounts.

Stake.com is a massive crypto casino that made headlines in the past for associations with celebrities including Drake and the Formula One team Alfa Romeo. Its total value locked is on a Dune analytics dashboard estimated to be above $2 billion.

LSEG Eyes Blockchain-Based Trading Platform for Traditional Assets

The London Stock Exchange Group (LSEG) is moving forward with a plan to develop a trading platform powered by blockchain technology, potentially making it the first major exchange to offer traditional financial assets on a blockchain-based platform.

Murray Roos, the group's Head of Capital Markets, revealed that the company has been examining the potential for a blockchain-powered trading platform for nearly a year before deciding to move forward.

Julia Hoggett, who currently oversees the London Stock Exchange, has been selected to spearhead the ambitious endeavor, which won’t be an exchange built “around cryptoassets,” but rather a platform that uses blockchain technology to improve the buying, selling, and holding of traditional assets.

LSEG’s move is aiming to take advantage of blockchain-based tokenization to streamline the process of issuing traditional financial assets, which frequently depends on inefficient and often manual processes

Crypto Investment Products’ Average Daily Trading Volumes Reach Lowest Level Since January 2023

In August, the daily average volumes for digital asset investment products witnessed a notable drop, plummeting by 17.9% to an overall $208 million. This downturn marked the second straight month of shrinking volumes and was the lowest since January 2023.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Digital Asset Management Review.

State of the Crypto by Top Tier Exchange Volume

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