Major cryptocurrency wallets including MetaMask, WalletConnect, Backpack, and Phantom have partnered with security organization SEAL to launch a real-time phishing defense network. The collaboration aims to combat the escalating threat of crypto drainer attacks that have stolen over $538 million this year. The new system uses Verifiable Phishing Reports technology to bypass manual review bottlenecks, representing a fundamental shift in how the crypto industry addresses security threats that have consistently outpaced traditional defense mechanisms.
about Crypto Wallets Launch Real-Time Phishing Defense NetworkArmani Ferrante
0 posts last weekBackpack Exchange Plans US Spot Trading Launch in 2024
Backpack Exchange, established by former FTX employees, is poised to enter the US crypto market with spot trading services in 2024, pending acquisition of money-transmitter licenses. The company has been operating primarily in Japan and the EU, where it recently launched perpetual futures trading under MiFID II regulations. CEO Armani Ferrante emphasizes that the US has always been a priority market, noting that Backpack’s self-custodial wallet has been available stateside since 2022. The exchange differentiates itself through daily proof-of-reserve updates and a focus on transparency, lessons learned from the FTX collapse. With $170 billion in trading volume since 2024 and most employees already based in the US, Backpack believes it can quickly capture significant market share upon entry.
about Backpack Exchange Plans US Spot Trading Launch in 2024Backpack EU Launches Regulated Crypto Futures in Europe
Backpack EU, registered as Trek Labs Europe with the Cyprus Securities and Exchange Commission (CySEC), has officially launched a regulated perpetual futures platform for European customers. The company, which acquired the former European operations of the collapsed FTX exchange, settled with CySEC and secured a MiFID II license, enabling it to operate as a regulated crypto derivatives provider. CEO Armani Ferrante emphasized that the platform begins operations after fulfilling commitments to refund former FTX EU users, positioning Backpack as a compliant alternative in the European crypto market. The launch signals growing regulatory acceptance for crypto derivatives in the region.
about Backpack EU Launches Regulated Crypto Futures in EuropeBackpack Exchange Glitch Post-Maintenance Sparks User Compensation
Backpack Exchange experienced significant disruptions following scheduled maintenance on July 3, with users reporting abnormal balance changes and order reversals upon relaunch. A coding error was blamed for the mishap, which affected futures positions and withdrawals, including a case where a $104,000 withdrawal was returned as 891 SOL. CEO Armani Ferrante assured users of compensation and emphasized the safety of funds, citing the exchange’s multi-party computation wallet and cold storage. Backpack also promised double points for users eligible for its native token airdrop as part of the redress. The incident highlights the vulnerabilities in crypto exchange operations and the importance of robust error handling mechanisms.
about Backpack Exchange Glitch Post-Maintenance Sparks User CompensationBackpack Exchange Acquires FTX EU for 32 Million Dollars
Backpack Exchange has acquired FTX EU for $32 million, aiming to prioritize the return of customer EURO funds. The deal, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission, will enable Backpack to expand its services in the EU, including spot, margin, and futures trading. CEO Armani Ferrante emphasized the commitment to returning customer funds as the top priority.
about Backpack Exchange Acquires FTX EU for 32 Million Dollars