Bitget Reinforces Its Leadership in Smart Crypto Trading with a Rebranding Initiative

Bitget, a leading crypto derivatives and copy trading platform, has announced a rebranding initiative on July 25, 2023, aimed at reinforcing its position as a leader in innovative trading products.

The rebranding is centered around the “Trade smarter” philosophy, reflecting Bitget’s commitment to providing intuitive tools for a secure, user-friendly, and efficient financial future.

The rebranding initiative is marked by Bitget’s leading copy trading feature and the upcoming introduction of AI-powered tools. These features are designed to bring about a change in the industry, creating a win-win situation for different types of traders.

“Bitget’s 5-year journey has been a testament to our continuous technological transformation, and I am proud of the progress the platform has achieved since 2018,” said Gracy Chen, Managing Director of Bitget. The rebranding initiative also marks Bitget’s commitment to creating a trading environment that is safer, smarter, and more productive.

Bitget recently reached a milestone of 20 million registered users after integrating with Bitget Wallet (formerly known as Bitkeep). This is a significant achievement since the exchange was launched in 2018. Currently, over 110,000 traders are contributing their trading strategies to the platform, with around 540,000 following them and leveraging their experience.

The launch of copy trading on Bitget had a significant impact on the results it achieved in H1 2023, attracting over 29,700 new elite traders, 169,800 new followers, and generating over $74 million in profits.

As part of the rebranding, Bitget is also updating its visual identity to streamline the trading process. The brand’s new visual design will be based on a “subtractive” approach, starting with the “tails” in Bitget’s iconic arrow logo. The simplified graphic emphasizes a sense of direction to help users align their trading vector with their investment goals. The exchange plans a complete visual overhaul of its mobile and desktop versions in the next six months.

Bitget’s commitments also extend to its educational endeavors, which are part of the “Trade smarter” philosophy. Bitget continues to set the bar high for transparency and user security by publishing monthly audits of the state of its reserves, with the Proof of Reserves having reached 223% in July, and the User Protection Fund topping $300 million in value stored.

Bitget currently operates in over 60 countries and regions with 1,300 employees and was ranked Top 4 in CEXs for the quarterly accumulated trading volume, according to TokenInsight 2023 Q2 Exchange Report.

Among the Top 5 CEXs, Bitget had the second-highest increase in market shares, growing by 1.81% to reach 8.7%. BGB token became the best-performing CEX token in 2023, outperforming BTC year-to-date.

The exchange plans to continue enhancing its platform and launching more helpful tools such as AI-empowered features to assist users in trading smarter. Bitget will also continue to improve user awareness about cryptocurrencies through its global education initiatives, programs, and partnerships with renowned names such as Lionel Messi.

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Alphapo Hot Wallets Stolen Cryptos Amount to $60M Now

Alphapo, a prominent payment processor for various gambling services, has been hit by a significant security breach. The company reported on July 23, 2023, that their hot wallets had been compromised. The incident resulted in the loss of over $23 million in cryptocurrencies, including Ethereum (ETH), TRON (TRX), and Bitcoin (BTC). However, recent updates suggest that the total amount stolen is far greater than initially reported.

According to a tweet by ZachXBT, a well-known figure in the crypto community, on July 25, 2023, an additional $37 million stolen in TRON and BTC has been located. This revelation brings the total amount stolen from Alphapo’s hot wallets to a $60 million. The exact amount of BTC stolen remains unclear, suggesting that the total figure could be even higher.

The stolen funds were reportedly swapped for ETH and then bridged to other blockchains, including Avalanche and Bitcoin. The addresses involved in the breach include:

  • 0x040a96659fd7118259ebcd547771f6ecb9580d17
  • 0x6d2e8a20b8afa88d92406d315b67822c01e53c38
  • TDoNAZHa7WxarUAFbQUhiijTGtd7EpbzRh
  • TJF7mdFxDuHB4tb9hoyR4SCpKxk7gr23ym1

Following the security breach, HypeDrop, one of Alphapo’s customers, had to disable withdrawals. In response to a query about the deposit and withdrawal issues, HypeDrop stated, “Our provider is currently working to solve some recent issues from their side, they are facing problems specifically related to withdrawals of BTC, ETH, and TRX, as well as deposits for ETH and TRX.”

The incident has raised serious questions about Alphapo’s security protocols and the potential impact on its clientele. Observers are closely following the situation, with further developments expected as the investigation unfolds. According to ZachXBT, the hack appears to have been carried out by Lazarus, a group known for leaving a distinct fingerprint on-chain.

This incident serves as a stark reminder of the security risks associated with cryptocurrency activities.

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Coinbase vs. SEC: Key Dates and Details for Upcoming Court Hearings

The legal battle between Coinbase, a leading cryptocurrency exchange, and the United States Securities and Exchange Commission (SEC) has reached a significant milestone. The court dates for the initial arguments in this high-profile case have been firmly established. This development marks a crucial step in the legal proceedings and these dates are now unchangeable, setting the stage for the forthcoming legal discourse.

On July 24, 2023, Paul Grewal, who holds the position of Chief Legal Officer at Coinbase, made a public announcement about this development. He revealed that Judge Katherine Polk Failla, presiding in New York, had given her approval for the SEC and Coinbase to proceed with their hearings. This approval came in response to a joint request submitted by both parties, indicating their readiness to move forward with the case. Judge Failla’s decision underscores the seriousness of the case and the commitment of all parties involved to seek a resolution through the legal system.

The initial document that was jointly submitted by the SEC. This document outlined the timeline for the case, stating that the deadline for Coinbase’s motion and opening brief would be August 4, 2023. This deadline sets the pace for the case, as it will be the first opportunity for Coinbase to formally present its arguments in court. The document also indicated that additional responses and supporting documents would be provided subsequently, ensuring a comprehensive and thorough legal process.

However, the document also revealed an area of disagreement between the two parties. They were unable to reach a consensus on a deadline for the SEC’s opposition brief. This brief will be the SEC’s formal response to Coinbase’s arguments, and its timing is crucial to the progression of the case.

Despite this disagreement, Judge Failla made a decision that moved the case forward. She partially approved the requests in the proposal, thereby setting the deadline for Coinbase’s initial brief on August 4 and for the supporting documents on August 11. These deadlines provide a clear timeline for Coinbase to prepare its defense.

Furthermore, Judge Failla established the timeline for the SEC’s response. The SEC’s opposition brief and Coinbase’s response are both due on or before October 10, 2023. Following this, Coinbase’s reply is expected on or before October 24, 2023. These dates ensure that both parties have ample time to prepare their arguments and responses, promoting a fair and balanced legal process.

In response to the lawsuit, Coinbase took a significant step on July 14. The company announced that it would suspend the ability of users in California, New Jersey, South Carolina, and Wisconsin to stake new assets until further notice. This decision underscores the impact of the lawsuit on Coinbase’s operations and its commitment to comply with legal requirements during the ongoing proceedings.

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Binance and Changpeng Zhao Seek Permission to File Excess Pages in Response to CFTC Complaint

In the ongoing legal battle between the Commodity Futures Trading Commission (CFTC) and Binance, the defendants have filed a motion requesting permission to exceed the standard page limit for their response to the CFTC’s complaint. The motion was filed in the United States District Court for the Northern District of Illinois on July 24, 2023.

The defendants in the case include Binance Holdings Ltd., Binance Holdings (IE) Ltd., Binance (Services) Holdings, Ltd. (collectively referred to as the “Foreign Binance Entities”), Changpeng Zhao, and Samuel Lim. They have asked the court for leave to file Memoranda of Law in support of their Motions to Dismiss that exceed the standard fifteen-page limit.

The CFTC had previously filed a 73-page, 236-paragraph complaint against the defendants on March 27, 2023, alleging violations of the Commodity Exchange Act and certain related federal regulations. The defendants’ response to the complaint is due on July 27, 2023.

Given the complexity of the CFTC’s complaint and the number of arguments the defendants anticipate making in support of their Motions to Dismiss, they anticipate that their Memoranda of Law will exceed the fifteen-page limits. Therefore, they have requested an expansion of the page limit up to 50 pages collectively for the two Memoranda of Law.

The defendants argue that this is 25 pages less than the combined total of 75 pages that they would be entitled to under Local Rule 7.1 if they each separately moved to dismiss the CFTC’s complaint.

The defendants’ counsel has conferred with counsel for the CFTC regarding this motion, and the CFTC does not oppose the requested relief.

Binance and its founder, Changpeng Zhao, have recently come under increased scrutiny from various U.S. regulatory agencies.

On May 5, 2023, the Justice Department began investigating whether Binance was used to let Russians illegally skirt US sanctions, according to Bloomberg.

On June 5, 2023, the Securities and Exchange Commission charged Binance and its founder, Changpeng Zhao, with a variety of securities law violations.

On June 8, 2023, U.S. Senators Chris Van Hollen and Elizabeth Warren sent a letter to Attorney General Merrick Garland asking the Department of Justice to investigate Binance for potentially making false statements to Congress.

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