XRP price falls 24% in 24 hours as exchanges begin delisting

XRP price falls 24% in 24 hours as exchanges begin delisting

XRP price fell 41% on Binance over the past three days as news of the lawsuit by the United States Securities and Exchange Commission against Ripple became apparent. As a result, several small exchanges have already halted XRP trading.

So far, three small exchanges, namely OSL, Beaxy and CrossTower have either temporarily stopped trading or removed XRP.

According to prominent lawyers in the cryptocurrency industry, exchanges that listed XRP are at risk if the token is deemed a security.

Hailey Lennon, a partner at Anderson Kill, said:

“You know who is at risk if XRP is considered a security? EVERY EXCHANGE THAT LISTS XRP.”

The SEC alleges Ripple of paying money to exchanges to permit the “buying and selling of XRP” on their platforms.

The official lawsuit filed by the SEC said that Ripple entered into agreements with at least 10 digital asset trading platforms. The lawsuit reads:

“In 2017 and 2018, Ripple also entered into agreements with at least ten digital asset trading platforms — none of which were registered with the SEC in any capacity, and at least two of which have principal places of business in the United States — providing for listing and trading incentives with respect to XRP. Ripple paid these platforms a fee, typically in XRP, to permit the buying and selling of XRP on their systems and sometimes incentives for achieving volume metrics.”

If XRP is officially deemed a security, Lennon noted that the 10 exchanges cited by the lawsuit are likely to see the biggest risk.

And my guess is they would start with these 10https://t.co/5W6btHERmM

— Hailey Lennon (@HaileyLennonBTC) December 22, 2020

Brad Garlinghouse, the CEO of Ripple, said he would “aggressively fight” and “prove our case” with co-founder Chris Larsen.

Garlinghouse emphasized that he has the option to individually settle with the SEC, but has decided not to take that route. Hence, the final court decision in the U.S. is needed to officially conclude whether XRP is or is not a security.

Some exchanges will likely halt trading in the foreseeable future until the formal court decision gets released. OSL, an over-the-counter and cryptocurrency exchange in Asia, said:

“In light of the U.S. Securities and Exchange Commission’s enforcement action against Ripple Labs Inc. and two of its executives, we have suspended all $XRP payment in and trading services on the OSL platform, effective immediately and until further notice.”

From a technical standpoint, traders say that XRP is in a “do or die” situation where it would have to bounce strongly at the current level at around $0.35 or face more downside.

Below $0.35, the chances of a bigger drop to early 2020 levels increase. Though a relief rally should also not be ruled out.

Ripple is in bounce or die kinda situation – flirting with the support of the cloud.$XRP pic.twitter.com/4t0VpM3qXQ

— yTedd (@TeddyCleps) December 23, 2020

Alex Saunders, a cryptocurrency trader, said XRP remains risky for traders until the regulatory conflict with the SEC is resolved. He wrote:

“With a plethora of coins offering enormous upside. It’s ludicrous to emotionally attach yourself to $XRP now they are being sued by the SEC. Exchanges will be delisting & financial services industry won’t dare touch it until resolved. Good investors admit things changed & move on.”

Following Ripple’s announcement yesterday of an incoming SEC lawsuit, #XRP tweet volume hit its highest level since January 5th 2018. Sentiment on XRP was the second lowest @TheTIEIO has ever recorded.

Among the most used words in XRP tweets are Securities, Lawsuit, and Sell. pic.twitter.com/us6r0mzTTs

— Joshua Frank (@Joshua_Frank_) December 23, 2020

The uncertainty around XRP has also been reflected by a spike in social media activity surrounding the cryptocurrency. At the same time, the sentiment around XRP has dropped to its second-lowest recorded level in history, according to data from TheTie.

Source: crytonow.com


How Bitcoin And Crypto Exchange KYC Could Be The Next Ledger Leak

How Bitcoin And Crypto Exchange KYC Could Be The Next Ledger Leak

A leak of crypto cold storage wallet manufacturer Ledger’s customer database has put over a quarter of a million Bitcoin and altcoin investors at serious risk. Some have had accounts drained, while others have experienced extreme threats of harm directed to their families and homes.

The situation sheds a light on a serious issue plaguing the cryptocurrency industry, and that issue is personal data privacy and security. As investors are now encouraged to put as much effort into personal data security as they do in protecting their assets, the fact that KYC is enforced on cryptocurrency exchanges means that this risk will never completely disappear. Here’s why KYC could be the source of the next major leak.

Even new crypto investors understand the importance of keeping cryptocurrencies off of exchanges and moving them into cold storage for safe-keeping. Ledger, a cold storage manufacturer offers solutions to serve this need for digital asset safety and security.

By moving Bitcoin and altcoins offline to a device not connected to the internet, digital assets are safely stored and out of the reach of cybercriminals.

But what Ledger users are now learning, is that although cybercriminals can’t touch the crypto stored on the device, real-world criminals can use private and personal data extracted from Ledger’s customer database to threaten physical harm if Bitcoin and other assets aren’t promptly turned over.

A story just broke involving a Reddit user who was threatened by a self-proclaimed meth addict demanding a ransom in XMR, or else they would kidnap them and murder their family members found at the user’s place of residence.

Authorities have been contacted in this case, but a company responsible for selling safety and security has instead put its customers in grave danger.

bitcoin crypto ledger leak reddit murder

Crypto market vets have spoken out that these users should have realized that part of protecting their Bitcoin and altcoins also includes personal data privacy and strong personal opsec.

But at the same time, companies need to be far more responsible in preventing situations like this from occurring and should purge customer data periodically.

And if sensitive personal data such as name, address, phone number, must be kept totally private at all times, then what then do investors do about cryptocurrency exchange KYC?

More than a year ago, even Binance was claimed to have had its customer KYC data leaked, which included not only identifying info like name or address but ID documentation as well. Such data exposure can lead to identity theft, digital asset theft, hacks, and more.

Due to government regulations, customers in the US are especially vulnerable due to how much personal info is demanded. Consumers are forced to either forget crypto entirely, secure it through unorthodox means which also carries risk, or stick to the mandatory requirements that put them at risk.

There’s no telling how the KYC data is stored, or if it is the company or a third-party management solution handling it. In an industry built on trust, transparency, privacy, and decentralization, intervention from the state and negligence from centralized corporations combined with human error and weak security infrastructure will keep personal data at risk for years to come.

Featured Image From Deposit Photos, Charts From TradingView.com

Source: icryptodesk.com

Author: admin


How Bitcoin And Crypto Exchange KYC Could Be The Next Ledger Leak

How Bitcoin And Crypto Exchange KYC Could Be The Next Ledger Leak

A leak of crypto cold storage wallet manufacturer Ledger’s customer database has put over a quarter of a million Bitcoin and altcoin investors at serious risk. Some have had accounts drained, while others have experienced extreme threats of harm directed to their families and homes.

The situation sheds a light on a serious issue plaguing the cryptocurrency industry, and that issue is personal data privacy and security. As investors are now encouraged to put as much effort into personal data security as they do in protecting their assets, the fact that KYC is enforced on cryptocurrency exchanges means that this risk will never completely disappear. Here’s why KYC could be the source of the next major leak.

Even new crypto investors understand the importance of keeping cryptocurrencies off of exchanges and moving them into cold storage for safe-keeping. Ledger, a cold storage manufacturer offers solutions to serve this need for digital asset safety and security.

By moving Bitcoin and altcoins offline to a device not connected to the internet, digital assets are safely stored and out of the reach of cybercriminals.

But what Ledger users are now learning, is that although cybercriminals can’t touch the crypto stored on the device, real-world criminals can use private and personal data extracted from Ledger’s customer database to threaten physical harm if Bitcoin and other assets aren’t promptly turned over.

A story just broke involving a Reddit user who was threatened by a self-proclaimed meth addict demanding a ransom in XMR, or else they would kidnap them and murder their family members found at the user’s place of residence.

Authorities have been contacted in this case, but a company responsible for selling safety and security has instead put its customers in grave danger.

bitcoin crypto ledger leak reddit murder

What cryptocurrency will become the main one in a year?
BitcoinEthereum

Crypto market vets have spoken out that these users should have realized that part of protecting their Bitcoin and altcoins also includes personal data privacy and strong personal opsec.

But at the same time, companies need to be far more responsible in preventing situations like this from occurring and should purge customer data periodically.

And if sensitive personal data such as name, address, phone number, must be kept totally private at all times, then what then do investors do about cryptocurrency exchange KYC?

More than a year ago, even Binance was claimed to have had its customer KYC data leaked, which included not only identifying info like name or address but ID documentation as well. Such data exposure can lead to identity theft, digital asset theft, hacks, and more.

Due to government regulations, customers in the US are especially vulnerable due to how much personal info is demanded. Consumers are forced to either forget crypto entirely, secure it through unorthodox means which also carries risk, or stick to the mandatory requirements that put them at risk.

There’s no telling how the KYC data is stored, or if it is the company or a third-party management solution handling it. In an industry built on trust, transparency, privacy, and decentralization, intervention from the state and negligence from centralized corporations combined with human error and weak security infrastructure will keep personal data at risk for years to come.

This post was originally published on www.newsbtc.com

Source: www.cryptoalphanews.com

Author: cm_team


XRP price falls 24% in 24 hours as exchanges begin delisting

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