WazirX has been directed by the Singapore High Court to complete some more documentation work before giving it the go-ahead to implement its restructuring scheme. For now, the Singapore court has extended its moratorium cover to WazirX and Zettai to 6 June.

Coinbase has estimated that it could see expenses between $180 million (roughly Rs. 1,541 crore) – $400 million (roughly Rs. 3,426 crore) as it sets to manage the situation after a recent data breach incident. As part of the attack, cybercriminals managed to lure in funds from the exposed users under false claims and Coinbase plans to voluntarily reimburse the attacke…

The overall crypto market cap rose by under one percent in the last 24 hours. While Bitcoin registered small gains, Ether logged minor losses on Friday, May 16. While Solana, Dogecoin, and Cardano clocked minor losses, Litecoin and Iota managed to see profits.

In a video message posted on X, Coinbase CEO Brian Armstrong said that cyber attackers had written to the exchange, claiming to have obtained personal data of a portion of Coinbase users. In exchange for not leaking the data, the attackers demanded a ransom of $20 million (roughly Rs. 171 crore). 

Summer Mersinger, a commissioner of the US Commodity Futures Trading Commission (CFTC), has been appointed as the CEO of the Washington DC-based Blockchain Association.  May 30 will mark Mersinger’s last day of working at the CFTC. 

The Ethereum Foundation unveiled a security-focussed initiative called “Trillion Dollar Security” on Wednesday. Fredrik Svantes, the protocol security lead of Ethereum, and Josh Stark from the Ethereum Foundation management team have been appointed as the initial co-chairs to oversee the project.

FalconX has announced a partnered with the Standard Chartered bank on Wednesday. Under the partnership, FalconX said it will integrate the bank’s traditional finance infrastructure into its own offerings and cater to institutional investors.

The overall valuation of the crypto sector surged by 3.15 percent over the last 24 hours. Bitcoin and Ether, both saw gains on Wednesday. Most altcoins followed suit with Solana, Dogecoin, and Polkadot also registering profits.

Dubai’s Department of Finance (DOF) has announced a partnership with Crypto.com to process payments for government services in the emirate. The step aligns with the Dubai Cashless Strategy that aims to digitise 90 percent of all transactions recorded in the region. 

Paul Atkins, the chairperson of the Crypto Task Force, acknowledged that securities were rapidly migrating from off-chain databases to on-chain ledger networks, indicating adoption of Web3 technologies. He said that tokenisation could enhance capital formation by transforming relatively illiquid assets into liquid investment opportunities.