Autor Cointelegraph By Helen Partz

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Binance and RedotPay are disputing whether a Singapore case related to their nearly $473 million Hong Kong legal battle is coming to an end.The stablecoin payments card issuer told Cointelegraph on Tuesday that it expects Binance to discontinue the Singapore proceedings following a hearing on Aug. 7. “RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” a spokesperson for RedotPay said, adding that the parties would try to agree on costs.However, Binance said it has no plans to abandon its claims. “Reports that Binance will be withdrawing its Singapore claims are false,” a Binance spokesperson told Cointelegraph, adding that the company “is not abandoning its claims and has informed both the court and RedotPay accordingly.”The disagreement marks the latest development in a broader legal fight between Binance-affiliated companies and RedotPay, which includes a separate Hong Kong case seeking nearly $473 million in damages.Singapore case part of broader legal fightBinance-linked legal action against RedotPay first made headlines on Aug. 5, when Bloomberg reported that Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore had filed a petition in Hong Kong against RedotPay’s co-founders.The Hong Kong plaintiffs allege RedotPay diverted more than 470,000 Binance Card users by allowing Binance Pay funds to be used for stablecoin card top-ups outside the terms of a commercial agreement. They estimated damages at $472.8 million, based on a claimed lifetime customer value of $925 per user.Chaintecs also brought related proceedings against RedotPay affiliates in Singapore, where a hearing was scheduled for Aug. 7.RedotPay rejected what it called “unfounded allegations” against the company and its co-founders at the time, telling Cointelegraph it would defend the claims through the legal process.RedotPay announced its Binance Pay partnership in December 2023, allowing Binance Pay users to make direct deposits to RedotPay cards. Binance ended support for the integration as of April 3, 2026, citing a review of its merchant partners, months before the legal dispute became public.Magazine: Fierce backlash to Ethereum’s EIP-8363 staking proposalCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Russia’s central bank has compiled a proposed list of crypto assets that could be admitted to public trading on exchanges under new rules approved last week.The list includes Bitcoin, Ether and Tether’s stablecoin USDT, the Bank of Russia said Tuesday, adding that the assets meet criteria including market capitalization, average daily trading volume and at least five years of price history on overseas markets.The proposal follows a new law, signed by President Vladimir Putin on Aug. 4, that gives the Bank of Russia authority to determine which digital currencies can be admitted to organized trading and set related rules.Under the rules, non-qualified investors could buy up to 300,000 Russian rubles ($3,650) worth of cryptocurrency per year through each intermediary, including a broker, crypto exchange service or asset manager. Qualified investors would face no purchase limits for crypto assets traded on exchanges or over-the-counter markets.“Before making transactions, all investors, regardless of their status, will have to pass a test and familiarize themselves with the risks of investing in crypto assets,” the Bank of Russia said.The central bank said the restrictions are designed to protect non-qualified investors from sharp and unpredictable fluctuations in crypto prices. The regulator is accepting comments on the proposal until Aug. 24.Related: Russia cracks down on 9 crypto exchanges in Moscow CityCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

The Coldcard hack is testing crypto investigators’ ability to measure losses from self-custody wallets, where victim reports are critical to establishing the scale of the theft.Blockchain analytics platform CryptoQuant currently puts confirmed losses at 1,432 Bitcoin, while other analysts have traced substantially more funds to the attack.Galaxy Research and blockchain intelligence company TRM Labs both say their analysis points to a higher toll, while distinguishing between losses directly confirmed by victims and funds attributed to the attack through on-chain patterns.That makes self-custody attacks difficult to quantify: Unlike an exchange hack, there is no complete list of affected accounts, leaving investigators to build estimates rather than pin down a definitive toll.Galaxy traces losses beyond victim reportsGalaxy’s Alex Thorn told Cointelegraph the platform’s earlier estimate of as much as 1,816 BTC was a potential figure rather than a confirmed loss total.As of Tuesday, Galaxy put its high-confidence minimum at 1,730 Bitcoin, with Thorn saying the figure could still increase as more victim reports corroborate attack patterns.Source: Galaxy Research“We have directly confirmed 450+ BTC directly from victim reports, but their reports have helped identify other, as-yet-unknown victims in more than 730 total BTC,” Thorn said. Galaxy uses those reports to corroborate broader attack patterns, while withholding funds it suspects but cannot yet sufficiently verify. “We are still withholding many more BTC we suspect but for which we lack sufficient corroboration,” Thorn said.Related: Coldcard hackers transfer 64 BTC and 200 ETH to cryptocurrency mixersTRM Labs said its independent tracing lands in the same range as Galaxy, while its recent analysis estimated that attackers drained about 1,816 BTC from more than 5,200 addresses across four waves. “Investigators should expect the estimate to keep moving upward before it stabilizes,” TRM’s global head of policy Ari Redbord told Cointelegraph.CryptoQuant takes a stricter approachCryptoQuant’s head of research, Julio Moreno, told Cointelegraph that the company starts with public reports from victims, including wallet addresses or transaction IDs, and then checks those reports against known on-chain patterns from the attack.That approach puts CryptoQuant’s confirmed tally at 1,432 BTC, which Moreno described as a floor that could rise if more victims publicly disclose their hacked addresses.Source: CryptoQuantMoreno said CryptoQuant is cautious about identifying victims solely from on-chain patterns because doing so could produce false positives and inflate the estimate.“Because the stolen Bitcoin belonged to individuals and not to a centralized entity, like an exchange, we can only confirm what each victim publicly discloses,” he said.Hard number to pin downMoreno emphasized the total will remain an estimate because investigators can only confirm what victims disclose. He said:“Knowing the total BTC stolen is difficult, and it will always be an estimation.”Chainalysis told Cointelegraph it has not conducted an independent tally of the losses, while blockchain investigator ZachXBT publicly said he has no plans to monitor or trace the incident.Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?