SEC Investigates BNB, PayPal Supports Crypto Transfers, Aurora Labs Rewards $6M To Hacker

Written by Lindi Miti

June 8, 2022

SEC Investigates BNB

According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has launched an investigation into Binance Coin (BNB). The aim is to establish whether BNB was security when sold in 2017 and if Binance broke the securities rules by not registering the token with the SEC. 

BNB is the fifth-largest cryptocurrency. It has a market capitalization of about $45 billion. The BNB token drives the Binance ecosystem, giving traders discounts and staking rewards among other benefits. 

Binance is fending off other allegations of insider trading and market manipulation by the U.S. Commodity Futures Trading Commission (CTFC). This week, the cryptocurrency exchange was accused of laundering over $2.3 billion by a Reuters report. 

The price of BNB fell by 10% in the wake of the allegations. It is currently trading at $293 at the time of writing.  

Paypal Supports Crypto Transfers

Paypal, a U.S.-based multinational fintech company, has rolled out the new cryptocurrency transfer features. In response to customers’ demand, the Paypal cryptocurrency wallet will now allow users to transfer cryptocurrency to other wallets and exchanges.

“This feature was the most demanded from our users since we began offering the purchase of crypto on our platform,” said Jose Fernandez da Ponte, the Vice President of Global Business Development at PayPal.

PayPal cryptocurrency wallet currently supports Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. It allows users to make online payments using crypto by automatically converting the crypto balance into fiat at the point of purchase. 

Aurora Rewards $6M To White Hat Hacker

Aurora, an Ethereum compatible chain built on the NEAR protocol, has paid $6 million to a white hat hacker who detected a bug on their platform. The bug is said to have put over 70,000 ETH, worth about $122 million, at risk. 

A white-hat hacker who goes by the name ‘pwning.eth’ detected the bug in April. He reported the vulnerability through the bug bounty program on Immunefi. 

“Our bug bounty program with Immunefi proved very valuable in incentivizing white hats to look at our code base and responsibly disclose bugs,” said Frank Braun, Head of Security at Aurora Labs.

Written by Lindi Miti © Crypto University 2022

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