EP 17 CoinEx Loses $31 Million, Fake Trades Flood Decentralized Exchanges, AND PayPal's BIG Move in US Crypto Space – Find Out More!

PayPal's New MetaMask Move: PayPal, the renowned payment platform, has unveiled a new feature that empowers US users to liquidate cryptocurrencies through the MetaMask wallet. This move simplifies the conversion of major digital currencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin directly into USD. This expansion is the latest in PayPal’s journey in the crypto space, having initiated cryptocurrency purchases in 2020 and partnering with hardware wallet leader, Ledger, in May 2023.

Decentralized Exchanges' Dubious Activity: An alarming revelation from Solidus Labs highlights that ethereum-based decentralized exchanges (DEXs) have witnessed wash trades amounting to $2 billion since September 2020. This fraudulent activity, which manipulates market prices, is rampant on DEXs primarily due to lax regulations and anonymity. With concerns mounting about the security of DEXs and the authenticity of the crypto market, calls for stricter regulations and anti-fraudulent measures are growing.

CoinEx's Distressing Breach: CoinEx, a notable cryptocurrency exchange, has confirmed a disconcerting breach where cyber miscreants pilfered around $31 million in cryptocurrency. Although the company pledges to compensate affected users fully, this incident casts shadows over the crypto security landscape, especially with the rising trend of attacks on cryptocurrency platforms. Reports connect some of these attacks to North Korea's Lazarus hacking group, pointing to the nation's increasing cyber threat in the domain.