A Fresh Start in the US: New CEO and Headquarters

According to the official announcement, Roshan Robert has been appointed to lead OKX’s US operations. Previously a director at Barclays, Robert stated that the company has established a new regional headquarters in San Jose, California.

Robert said:

“I’m thrilled to launch OKX’s centralized crypto exchange and OKX Wallet in the US. This will elevate user experience with stronger liquidity, lower fees, and advanced trading tools.”

Gradual Transition: Solid Steps Over Speed

OKX will onboard its US users to the new platform gradually, not all at once. This approach is aimed at ensuring a secure and seamless transition. Existing OKCoin users will be automatically migrated to the new platform.

A full nationwide launch is scheduled for the end of 2025.

Additionally, the company will offer local bank integrations and support major digital assets like Bitcoin, Ethereum, USDt, and USDC.

OKX Wallet Launches for US Users

Not just an exchange, OKX also aims to offer a powerful multi-chain wallet solution to its US customers. The OKX Wallet is now available for use in the country.

The wallet is compatible with over 130 blockchains and includes a decentralized exchange (DEX) aggregator, providing access to over 10 million tokens across networks such as Ethereum, Solana, and Base.

Lessons from the Past: Focus on Compliance and Transparency

This new chapter follows a period of serious regulatory challenges for OKX. The company had previously admitted to operating an unlicensed money transmission business and agreed to pay a total of $505 million in penalties.

Under the settlement, OKX committed to:

• $84 million in fines

• $421 million in forfeited revenue

Following this, the company stated that it would collaborate with an independent compliance consultant and aims to meet the highest regulatory standards globally.

OKX CEO Star Xu shared the following:

“Our goal is to make OKX the gold standard of global compliance and build a trusted framework across different markets.”

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The post OKX Returns to the US: A New Era Begins After Settlement appeared first on Coin Engineer.

Details of the Hack and Immediate Response

Chinese crypto reporter Colin Wu first revealed the attack on his Wu Blockchain page on X; later, crypto analyst Marty Party also shared the story.

After the hack, Velocore sent an “Emergency Notice” warning clients against exploitation. As a result, the crew shut down the platform, freezing the pilfered money. Still, the hackers allegedly were able to move some of the Ether tokens acquired across networks to the Ethereum mainnet.

This Might Interest You: FTX Sells Shares as Bankruptcy Costs Increase

According to the DEX procedure, it had asked the security team for assistance in fixing the problem. The emergency alert issued by Velocore said,

Velocore said in its most recent article that the team has found the exploit technique and promised additional updates that are not too far off. The group also promised directions for safe disengagement in the future. Furthermore, the team said, “Velocore on the Telos mainnet has not been affected; we are working with the foundation while functionalities are frozen.”

The post Velocore Hack Leads to $10 Million Loss for DEX Customers appeared first on Coin Engineer.

Arkham Intelligence Unveils Trigger Behind JUP’s Price Surge: Liquidity Withdrawal

Nevertheless, there was a specific trigger for the rise in Jupiter’s price, as Arkham Intelligence revealed in a post. According to Arkham, the Jupiter exchange team had withdrawn liquidity from the original JUP pool. At the time the article was published, the team had withdrawn 90 million JUPs from the pool.

The Jupiter team has begun to pull liquidity from the initial JUP pool.

So far, they’ve taken out 90M JUP ($52.2M) and $9.7M USDC.

This JUP represented overhanging sell pressure that has now been returned to Jupiter wallets. pic.twitter.com/x7x51CMsAp

— Arkham (@ArkhamIntel) February 7, 2024

A liquidity pool consists of cryptocurrencies that are locked in a smart contract and enable faster orders and transactions on a decentralized exchange (DEX). In terms of price dynamics, the withdrawal of liquidity from the pool serves to reduce selling pressure on the cryptocurrency, as was the case with JUP.

Market Synergy: Jupiter’s Growth Mirrors Solana’s Momentum

Another reason for the rise of Jupiter could be the rise of Solana. Solana was trading below $100 for a while, but when Jupiter shot up, Solana was trading at $102. Jupiter and Solana are linked in some ways; Jupiter is an exchange built on Solana.

Hype Alert: Social volume rises as Jupiter passes $0.59 milestone

The recent rally has shown how market participants have capitalized on the price movement triggered by the increase in trading volume on the stock exchanges. In the first hours of February 7, the trading volume was $265.95 million. Within a few hours, however, it jumped to $465.12 million, indicating significant buying and selling activity in JUP. In terms of social volume, the data shows an increase in social volume with rising prices. There was a significant increase in social volume when JUP reached $0.59. Social volume reflects the frequency of searches for an asset, with an increase indicating increased interest and discussions around the token. Conversely, a decrease signals a decrease in hype.

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The post Jupiter ‘s (JUP) $0.59 Rise: Analysis Of Market Dynamics appeared first on Coin Engineer.