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📣 Alameda County Goes Bankrupt After Receiving $8.3M In Cryptocurrency From OKX!
OKX has sent $8.3 million worth of cryptocurrency assets to Alameda Research in the past seven days through multiple transactions. The transfers, which occurred on May 29, consisted of different cryptocurrencies, including Wrapped Bitcoin (WBTC), Celsius (CEL), Shiba Inu (SHIB), MakerDAO (MKR), Chiliz (CHZ), DAI, Axie Infinity (AXS), Magic Internet Money (MIM), and 19 others. The transfers involving WBTC, DAI, LEO, MIM, and SHIB were the top 5 with the highest monetary values, valued at a total of $4.8 million. The exchange initially sent a series of test transactions involving all these assets to Alameda on May 23, with the transactions being worth $10 each. These transactions were intended to return FTX and Alameda’s frozen funds on the OKX platform. In March, OKX seized $157 million in cryptocurrency assets after FTX collapsed in November 2022. The latest transfers continue OKX’s efforts to return these funds to their rightful owners. Meanwhile, Alameda Research is transferring its leftover funds to Coinbase. In the past week, the bankrupt firm has transferred $10 million worth of USDT from its cold wallets to Coinbase Prime and deposited $31.2 million to the U.S.-based exchange.
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📣 Multichain Founder Arrested by Police In Shanghai For Investigation
According to a source from Wu Blockchain, the Multichain founder has been arrested by Chinese police in Shanghai for investigation. But now the tweet has been deleted. The incident started when users noticed an unusual delay in receiving cross-chain funds on the Multichain on May 24. Later, the cross-chain announced that, despite most of the cross-chain routes of the transaction. All modes are working, but due to force majeure, some cross-linking routes have gone offline, and service recovery time is unclear. A day later, rumors surfaced in the Chinese crypto community that the police had arrested the Multichain network development team. The Chinese police can also control the network’s hardware/cold wallets. Based on speculative claims, the wallet involves around $1.5 billion to $1.6 billion in funds. A blockchain investigator named BoringSleuth examined the implications of the rumors of arresting Multichain team members. The detective mentioned that the arrest was massive, citing that if the arrest were valid, then one of the most significant criminal organizations in the crypto space would have been arrested. Team members are connected to over 10 enumerator-based carpet pulls.
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📣 CoinEx Offers BitHK, New Crypto Trading Platform For Hong Kong Users
According to the official announcement from cryptocurrency trading platform CoinEx, today it launched a professional cryptocurrency trading platform for Hong Kong users called BitHK. This new trading platform will utilize CoinEx’s independently developed fast order matching system for efficient crypto trading and a seamless experience. Users can participate in spot trading and store crypto assets on the platform in English and Chinese. CoinEx also announced that it would strictly abide by the recently published Code of Conduct in Cryptocurrency Exchanges by SFC and the Anti-Money Laundering and Anti-Terrorism Financial Amendment Bill 2022. The new cryptocurrency trading platform is still in the process of being completed, and P2P trading and spot trading supporting HKD deposit and withdrawal will be launched shortly. Hong Kong’s planned retail trading mode is just a day away from going live, and crypto exchanges are keen to enter the region. The race for retail crypto traders in the region is about to begin, with several crypto companies announcing plans to apply for a license on June 1.
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🟠 Binance Now Proposes Bank Custody For Trading Collateral To Mitigate Risk
According to Bloomberg, Binance is considering allowing some of its institutional clients to keep their trading collateral at a bank instead of on the crypto platform, which could help reduce counterparty risk. The world’s largest crypto exchange has spoken to some of its professional customers about a setup enabling them to use bank deposits as collateral for margin trading in spot and derivatives. Swiss-based FlowBank and Liechtenstein-based Bank Frick have been mentioned as potential intermediaries for the service. Institutional digital-asset traders have been pressing for change after the abrupt collapse of FTX late last year left many with huge losses. Crypto exchanges operate differently than traditional finance in that they not only facilitate trading but also keep assets in custody, settle transactions, and offer credit, increasing the risk of widespread pain should they fail. Safe custody and segregation of client assets have also been the focus of Asian and European regulatory proposals, while Nasdaq Inc., Bank of New York Mellon Corp., and Fidelity Investments offer or build crypto custody solutions for institutions. According to sources, the proposed setup hasn’t been finalized and could change.
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🥇 Bitcoin Mining Difficulty Reached New High Level
Since its creation, Bitcoin mining difficulty has risen from one to 49.55 trillion hashes that a miner would potentially need to create in order to locate the winning one. This indicates that mining a Bitcoin block now is 49.55 trillion times more difficult than it was in 2009. Bitcoin mining difficulty seems to be at the 50 trillion mark in the coming days. Despite the fact that mining Bitcoin has gotten more difficult, the hashrate has remained consistent at 357.15 exahash per second (EH/s) during the previous 2,016 blocks. Miners are interested in forecasting Bitcoin’s hash rate growth and difficulty trends for business planning, in addition to the price of BTC. The acceleration in block intervals or periods above the ten-minute average signals that another difficulty increase is on the way next week. Now, predictions show a possible rise on May 31, ranging from 1.1% to 2.51%. If this happens, Bitcoin mining difficulty will be at 50.79 trillion, marking the first time in Bitcoin’s history that it has surpassed the 50 trillion level. The United States seems to be on the verge of a catastrophic debt default after the White House and House Republicans reached a preliminary agreement on May 27.
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🪙 Do Kwon Hired Super Large Global Law Firm Dentons To Deal With US Prosecutors
According to Digital Asset media, Kwon Do-hyeong (Do Kwon), founder and CEO of Terraform Labs (TFL), who was arrested in Montenegro at the end of March, recently appointed a global mega-law firm in response to the prosecution and investigation by US federal prosecutors. This law firm is known as Dentons. According to Law.com and Wikipedia, as of May 29, this law firm is ranked 6th in the global law firms ranking 2023. It is the largest law firm in the world by number of lawyers. As of May, Dentons had 12,000 attorneys, four times the number of attorneys at other global law firms. It is known for having the most significant number of lawyers from China among international law firms. Dentons was founded in 2015, and at the time, domestic and foreign media reported that “the world’s largest law firm was formed by merging law firms in the United States and China”. In March, New York’s Southern District Attorney’s Office indicted Kwon on eight counts, including securities fraud and conspiracy to manipulate market prices. This is the first criminal prosecution by the US federal prosecutor’s office against Kwon.
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🟠 Binance Now Terminating Australia Due To Banking Partner Issues: CZ
After Binance’s troubles with the country with tight crypto institutions, Changpeng “CZ” Zhao spoke out about why the exchange had to leave Australia. CZ said that for Binance to close its business in Australia and the Australian dollar trading pair, this is a decision made by the legal currency channel, that is, the bank partner stops cooperation with it. Without access to fiat currency, there is no way to deposit or withdraw AUD, and the pair is illiquid, he stated. Binance Australia has told customers that its Australian currency services have been terminated after its local payment services provider was directed to discontinue support for the exchange. The Australian arm said on May 18 that Australian dollar PayID deposits and bank transfer withdrawals might be affected owing to a decision made by its third-party payment service provider. Binance later issued an announcement that it would delete and delist the relevant Australian dollar trading pairs on June 1. Users of Binance’s platform may still trade the impacted assets on other trading pairs, according to the company. It would, however, discontinue its Trading Bots services for the aforementioned pairs.
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🇯🇵 Binance Japan Update: Global Platform Services Discontinued On November 30
Binance has created a new platform for residents in Japan to comply with local regulations fully. The new platform will be available this summer, and the launch date will be announced in the coming months. Concerning the current global platform, please note that all services will be discontinued for Japanese residents on November 30, 2023. Users of the global platform can migrate to the new local platform through a new identity verification process (KYC). Japan resident users cannot open new derivative accounts on the global platform from May 26, 2023. From June 9, 2023, Japanese residents cannot increase positions or open new ones on the global platform. All pending orders will also be canceled, and existing positions must be closed before June 23, 2023. From this date, Binance will close any remaining open positions. Any open positions relating to Leveraged Tokens and Options will be liquidated automatically, and the respective funds will be returned to your wallet. With effect from June 23, 2023, the Future’s leverage will be limited to 10X. Futures users will receive separate notifications with details of these changes.
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🏦 Gemini Fights Against SEC In Lawsuit Against Exchange
Gemini, the exchange operated by the Winklevoss brothers Tyler and Cameron, urged a U.S. court on Friday to dismiss a Securities and Exchange Commission complaint alleging it improperly offered unregistered securities in a scheme that promised high-interest rates to hundreds of thousands of investors. The motion was filed in Manhattan federal court in response to the SEC’s civil case against the exchange and the cryptocurrency lender Genesis Global Capital, a subsidiary of Digital Currency Group, which was filed on Jan. 12. According to the exchange’s most recent report, this offer was nothing more than a loan arrangement. However, the corporation highlighted a number of issues, the primary one was that the contracts were not offered on a secondary market. As a consequence, it claims that the loan arrangements it has entered into do not constitute securities. It requested that the court dismiss the suit with prejudice. According to the agency, Genesis controlled $900 million in assets from over 340,000 Gemini Earn users. The exchange and Genesis were accused by the regulator of evading investor-protection disclosure obligations. Gemini thereafter permanently ceased operations on January 10, 2023.
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🟠 Binance Now Terminating Australia Due To Banking Partner Issues: CZ
After Binance’s troubles with the country with tight crypto institutions, Changpeng “CZ” Zhao spoke out about why the exchange had to leave Australia. CZ said that for Binance to close its business in Australia and the Australian dollar trading pair, this is a decision made by the legal currency channel, that is, the bank partner stops cooperation with it. Without access to fiat currency, there is no way to deposit or withdraw AUD, and the pair is illiquid, he stated. Binance Australia has told customers that its Australian currency services have been terminated after its local payment services provider was directed to discontinue support for the exchange. Binance later issued an announcement that it would delete and delist the relevant Australian dollar trading pairs on June 1. Users of Binance’s platform may still trade the impacted assets on other trading pairs, according to the company. It would, however, discontinue its Trading Bots services for the aforementioned pairs. The Australian arm said on May 18 that Australian dollar PayID deposits and bank transfer withdrawals might be affected owing to a decision made by its third-party payment service provider.
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🇭🇰 Huobi Hong Kong Ready To Offer More Cryptocurrency Services From June 1
According to the official Twitter, Huobi has announced that it will officially launch Huobi Hong Kong to be ready to provide users with various cryptocurrency trading services. Enlisting the regulator’s backing, Huobi officially launched the Huobi Hong Kong station to provide more crypto services to users in June. From June 1, users can buy, sell and hold significant cryptocurrencies, including BTC, ETH, and other major cryptocurrencies listed in its independent index through Huobi HK. The Hong Kong Securities Regulatory Commission recently published the conclusion of its consultation on the “Guidelines for Virtual Asset Trading Platform Operators,” confirming that the regulation of asset trading platform operators virtual will go into effect on June 1. To fulfill its ambition to become the new crypto hub, SFC hong kong has proposed allowing licensed virtual asset trading platforms to provide services to retail investors. Because of the general public support for the relevant proposals, the SFC will implement the “Guide on Virtual Asset Trading Platforms” and the “Guide on Anti-Money Laundering” and implement a number of revised and clarified as stated in the concluding document.
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🟠 Binance Is Leaving Australia Now Because of Tough Policies
Binance, the world’s biggest centralized crypto trading venue and crypto exchange by trading volume, has announced the delisting of many crypto-to-AUD (Australian dollar) spot trading pairings on June 1. According to an official notification made by the team on May 26, the ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD pairings will be delisted on June 1, 2023, at precisely 06:00 (UTC). Binance has announced that it would discontinue service for many BTC, AUD, and altcoin pairings on its spot trading platform. Recently, the Australian branch of cryptocurrency exchange Binance faced a setback as the local platform lost access to several Australian dollar deposit services and warned of bank transfer withdrawal disruptions. Binance Australia did not explain why it was prohibited or when the interim suspension of the service would be removed. Instead, the exchange said that it was looking for an alternative. It also recommended Binance Australia customers utilize its peer-to-peer marketplace instead. the country’s second-largest retail bank, has prohibited clients from trading with Binance.
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🪙 Tornado Cash Users Set Up A Lawsuit Against The US Treasury
Six persons battling the US Treasury to reverse Tornado Cash penalties stated in their most recent papers that the US lacks the jurisdiction to restrict the platform. The plaintiffs submitted their reply brief, requesting that the penalties be lifted. The lawsuit against the US Treasury is being funded by Coinbase. Individuals contend in a May 24 filing in support of an earlier petition for partial summary judgment that the issue is not about carving out specific rules for new technology. Plaintiffs claimed that sanctioning Tornado Cash violated the First Amendment by impeding free expression. To preserve their privacy, the plaintiffs employed open-source software. According to the complaint, punishing the open-source platform violates the basic rights of American residents. The statute used to penalize the crypto mixer states that it can only prohibit property. The legal definition of property, however, is anything that may be owned. But, no one can own, manage, or alter the privacy-focused software. No one, even founders, developers, and users who happen to have TORN in their wallets, can modify or control the platform.
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🇰🇷 South Korea Bill Forces Officials To Reveal Bitcoin Holdings or Face Penalties
The South Korean government is taking measures to regulate the use of digital currencies like Bitcoin by its officials. The government is implementing new laws that will require lawmakers and high-ranking public officials to report on their holdings of cryptocurrencies. This move comes in response to a major government scandal that involved some National Assembly members holding large amounts of cryptocurrency. On May 25, South Korea’s National Assembly unanimously passed a bill that obligates lawmakers and high-ranking public officials to disclose their cryptocurrency assets. The bill involves amendments to the National Assembly Act and the Public Service Ethics Act. The amendment to the National Assembly Act was unanimously passed with support of 269 votes from 269 lawmakers present. The amendment to the Public Service Ethics Act received 268 votes from 268 lawmakers present. This means that cryptocurrency will now be included in the list of registered property by lawmakers. With this new legislation, the South Korean government aims to prevent potential money laundering, conflicts of interest, and the use of insider information.
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🏦 Coinbase Launches New E-Wallet Service On Ethereum Despite Tension With SEC
Coinbase has launched a new wallet service on the Ethereum mainnet and supports ERC-721 and ERC-1155. It uses MPC technology to secure customer assets. As shared on Twitter by a software developer at Coinbase, the company has named its Web3 wallet solution as a direct-to-user product, “Wallet as a Service,” adding that the product has already been released and launched on the Ethereum mainnet. According to the introduction, WaaS uses the most advanced multi-party computing (MPC) technology to secure customers’ private keys. The product enables various Web3 interactions through APIs and SDKs. Coinbase Payments SDK facilitates the purchase of a wide range of digital assets. The exchange said the secondary Coinbase API facilitates businesses’ ability to integrate crypto-based payments, including DeFi solutions. Wallet as a Service users can remove their private keys from the exchange anytime. Coinbase previously announced plans to open a derivatives exchange in Bermuda, and this week this exchange also revealed an expansion in Singapore. The crypto exchange has expanded its Coinbase One subscription service to the UK, Germany, and Ireland and aims to expand its international reach in 35 countries.
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📣 Paxful’s Interim CEO Promises Brighter Future for Crypto Traders!
The new CEO will be responsible for enhancing operations and identifying strategic alternatives. Roshan Dharia expressed his excitement about his new role, stating, “I am thrilled to become the CEO of Paxful. I plan to hit the ground running and build on the innovative technology created by the Paxful team.” Roshan previously served as a senior executive at TrustToken, which is well-known for being the creator of TrueUSD (TUSD), the fifth-largest stablecoin in terms of market capitalization. Interestingly, the onboarding of the new CEO was not without controversy. The former CEO – Ray Youssef, took to Twitter to criticize the company’s decision to appoint Roshan. Youssef tweeted, “PF has a new defi CEO…expect a token soon.” It’s worth noting that Ray Youssef has no involvement in Paxful’s business decisions, and he advised users to approach Roshan directly with any concerns. Paxful has had some issues in the recent past. Youssef had a disagreement with co-founder Artur Schaback over the use of exchange funds in early 2023. This led to blocked salaries and resignations from certain teams and contractors. Yousseff allegedly shut down Paxful on his own accord when it halted services on April 4th.
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🇦🇺 Binance Australia Users Are Selling Bitcoin To Rival Exchanges: Report
Binance fights against regulatory probes, Binance Australia users rapidly liquid their bitcoins at a discount to rival exchanges. The bitcoin price on Binance Australia is around AU$34,000 (about $23,062.20), while on BTC Markets, the Australian cryptocurrency exchange, it costs around AU$43,000 (about $28,000). Bitcoin is quoted at $27,790 outside of Australia. Earlier this month, Binance said that some customers in Australia would not be able to deposit and withdraw funds after a third-party service provider cut their services. Specifically, the Australian subsidiary of Binance tweeted that due to third-party payment providers, PayID deposits in Australian dollars have been suspended, bank transfer withdrawals will also be affected, and efforts are being made to find alternative suppliers. As reported by AFR, Westpac Bank has banned customers from trading with Binance and is testing new crypto payment protections to reduce losses due to fraud. Binance has told its 1 million Australian customers that any Australian dollars left on their books before Wednesday will be converted into USDT, a cryptocurrency pegged to the US dollar instead of the already established BUSD prohibited.
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📣 SPACE ID Launches New Function To Help Users Sell Domain Names At Custom Prices
SPACE ID, a decentralized domain name service protocol, announced a new feature, allowing sellers to sell domain names at their desired custom price instead of only according to the price offered by buyers in the past. SPACE ID is a blockchain-based decentralized global name service network (Ethereum, BSC, and Arbitrum). It also functions as a Web3 domain and identity management platform, allowing users to register, trade, and administer crypto-based domain names. Web3 domains are human-readable names that may be used to access dApps, smart contracts, NFTs, and other blockchain-based services, such as pintu.eth and pintuacademy.eth on the Ethereum network. The Web3 domain name is a tradable non-tradeable. Users may generate, sell, and maintain SPACE IDs all in one spot. Users must utilize a separate marketplace to acquire and sell domain names than the Ethereum Name Service (ENS). SPACE ID includes Web3 names for Software Development Kit (SDK) and Application Programming Interface (API) for cross-blockchain developers in addition to people. Its goal is to make it easier to integrate web3 domains into diverse applications.
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📣 Unciphered’s Video Exposes Flaws In Trezor’s Latest Wallet Amidst Its Sales Soared 900%
Hardware wallet Trezor reportedly stated that its sales soared 900% week-over-week after its competitor Ledger announced an opt-in feature called Recover. However, the Unciphered video shows that its latest wallet can be physically cracked. Unciphered, a company that provides services to recover previously inaccessible digital assets, released a video on how to access the secret key on Trezor T. This has brought to light the security concerns around hardware wallets and has caused many to question the safety of their digital assets. Ledger originally released plans for a feature called Recover, which would allow the company to access users’ seed phrases. This caused an uproar in the crypto community as it involved exporting users’ secret keys to three different parties and providing users’ identification to one of those parties. Many Ledger owners were unaware that it was possible to export the secret key, and this realization has led to concerns about the security of hardware wallets. Trezor, on the other hand, claims to be fully open-source and has a bug bounty program, which allows security researchers to audit the company’s hardware wallet independently. This is echoed by the company’s CEO Matej Zak.
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🔻 3.6% Optimism (OP) Tokens Worth $258 Million Will Be Unlocked This Week
According to data from Unlock Tokens, on May 31 of this week, 3.6% of Optimism tokens worth $258 million will be unlocked. This month there is one last major unlock on May 31 from the layer-2 Optimism project, with 154 million OP tokens – worth $248 million at current exchange rates. This amount of tokens is equivalent to 3.6% of the total OP supply. The amount of unlocked tokens will be allocated to the primary investor group and the development team. Until June 6, Optimism will conduct an extremely important upgrade that is the foundation to improve many technical aspects and optimize transaction fees for this layer-2. Bedrock will also pave the way for another layer-2 solution that uses Optimism’s technology, Base, for mainnet deployment. One of the main advantages of the Bedrock upgrade is the expected reduction in transaction fees. OP Labs, the developer of the protocol for Optimism, estimates that transaction fees will drop by an impressive 47%. After a sideways period, the OP price recorded a 3% increase along with the positive news from Bitcoin today after the threat of US debt default waning. OP is currently trading at $1.66.
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🪙 Ether (ETH) Stored on Centralized Exchanges Hits 5-Year Low: Data
Ether balance on the centralized crypto exchanges has reached a five-year low. According to the latest data from Glassnode, there are currently 17.8 million ETH on exchanges – a level not seen since July 2016. This figure essentially represents less than 15% of the Ethereum network’s total token supply. To put things into perspective, the exchange balance was recorded to be around 26% during 2021’s bull market. Additionally, there’s not a lot of ETH ready to be sold immediately on CEXs. ETH supply on exchanges began dropping in September 2022. The decline was even more pronounced after FTX slid into bankruptcy two months later as the subsequent events shook investor confidence in centralized custodians. However, the decreasing ETH balances on exchanges this month coincides with a rise in staking. As such, the figures for staked ETH have increased from 19.3 million before the Shapella upgrade to more than 21.3 million since the beginning of May. The upgrade on April 12 essentially enabled validators to withdraw their staked Ether from the Beacon Chain after three years. Notably, more and more validators have re-staked their ETH, thereby triggering a decline in the supply of the token can be considered bullish for its price trajectory.
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📣 Layer 1 Sei Network Upgraded Crypto Bio Verification
Sei Network, a major L1 blockchain platform, recently announced the successful completion of its Discord update, which included the addition of an innovative feature targeted at improving user authentication and community integrity. Users may now achieve Verified Seilor jobs on the platform thanks to the incorporation of Humanode face verification, which ensures that users are genuine individuals and not bots. The frequency of automated bots has increased, as have the difficulties in identifying. Humanode face verification is a big step forward in Sei Network’s commitment to maintaining authenticity within its ecosystem. Sei Network may authenticate people’s identities by forcing them to undertake face verification, reducing the danger of impersonation and fraudulent actions. The platform guarantees that incentives and airdrops on the mainnet are awarded only to actual humans, rather than automated bots or fake accounts, by pushing users to attain the Confirmed Seilor position and employing Humanode face verification. Discord is employing the Crypto Bio authentication tool BotBasher to guarantee the community is made up of actual individuals.
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🟢 MakerDAO Proposes Increasing DAI Savings Rate To 3.33%
MakerDAO is making a proposal to increase the DAI Savings Rate (DSR) to 3.3%. If accepted, the proposal would constitute a significant increase from the current rate of just 0,6%. A core MakerDAO development team has proposed increasing DAI’s savings rate to 3.33% amid soaring interest rates as the US Federal Reserve seeks to combat persistent inflation. The proposal still needs to go through a formal voting process before it can be passed. The Dai savings rate, known as the DSR, can be adjusted regularly in response to short-term changes in Dai market conditions. In addition, it says that interest is accrued in real-time from the system’s revenue. The proposal is currently receiving a lot of support from the community, as many believe the move will boost DAI traffic. One community member even stated that if it goes through, they “will find an alternative to DeFi borrowing”. MakerDAO said in February that increasing DSR by 1% last year pushed more than 35 million DAI into deposits in a month. Meanwhile, the 3-month US Treasury bond yield is currently around 5.29%.
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💰 Crypto Critics Peter Schiff To Launch Bitcoin Ordinals NFT Collection
Peter Schiff, an economist, gold supporter, and crypto skeptic, has announced a collaborative nonfungible token (NFT) art collection on Bitcoin that will soon be auctioned off. The crypto community’s response has been divided, with individuals usually perplexed, amused, and welcome, particularly Ordinals supporters or those willing to point out the obvious hypocrisy. For years, Schiff has openly criticized cryptocurrency, particularly Bitcoin, at every opportunity. Despite this, Schiff launched the “Golden Victory” collection on May 27 through a Twitter thread co-created with one of his favorite artists, Market Price. The Golden Victory features the original painting (oil on linen – 48 x 60 inches) signed by both artists and copies numbered 1 through 50, according to the link given by Peter Schiff. Each print has a one-of-a-kind Signature etched on the Bitcoin blockchain. The auction will begin on June 2 and conclude on June 9. The first auction is for originals, while the second is for both originals and copies. On June 9, Peter and the artist attended the New York auction (295 Madison Ave, NY). In addition to criticizing Bitcoin, Peter Schiff pointed out two years ago that NFTs.
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🟠 Binance joint venture granted licenses in Thailand to open regulated exchange
Gulf Binance, a joint venture between Binance and Gulf Innova, has obtained licenses from Thailand's Ministry of Finance to become a digital asset operator regulated by the country's SEC. "Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations," said Richard Teng, head of Asia, Europe, and MENA at Binance, in a statement. Richard Teng, Binance’s Head of Asia, Europe, and MENA, said: “We are grateful and honored to be granted digital asset operator licenses for Gulf Binance in Thailand — a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology. “By harnessing Binance's expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”
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🪙 Fantom Network Holds Strong With 36.7% TVL Despite Multichain Arrest Rumors
Fantom Network, accounting for the highest proportion of Multichain’s TVL, has not experienced significant outflow despite the Multichain arrest rumors and lack of communication from the team. According to Wu blockchain, the Fantom network accounts for the highest proportion of Multichain’s $1.76 billion TVL, reaching 36.7%. The assets on the Fantom network are about $1.66 billion, and nearly 40% of the assets are wrapped assets of Multichain. The main stablecoin on Fantom is 191 million USDC and 82 million USDT assets are issued by Multichain. Although Multichain is Fantom’s official cross-chain bridge, most chains operate normally, and there is no sign of a de-peg of USDC and USDT on Fantom. Previously, a Twitter account known as “Ignas | DeFi Research” reported the rumors spreading on Twitter that the Multichain team had been arrested leading to a FUD resulting in a 5x increase in daily bridging volume. Despite this, the bridging volumes do not show signs of panic. “An Ape’s Prologue” reported that Fantom is the most exposed to Multichain’s wrapped tokens. 35% of its TVL locked depends on these wrappers. Multichain issues 40% of non-$FTM assets ($650M).
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📣 Fahrenheit Becomes The Winner Of Celsius Bid, Will Create A New Company
Fahrenheit, a cryptocurrency consortium, has won a deal to purchase bankrupt lender Celsius Network, whose assets were originally valued at roughly $2 billion. Fahrenheit was chosen as the successful bidder in the court-approved auction procedure by Celsius Network in cooperation with its official committee of unsecured creditors. US Bitcoin Corp, Arrington Capital, Proof Group, Steven Kokinos, and Ravi Kaza comprise the Fahrenheit group. According to court records, the group would buy Celsius’s institutional loan portfolio, staked cryptocurrencies, mining business, and more alternative assets, and must pay a deposit of $10 million within three days to seal the sale. The Blockchain Recovery Investment Consortium, comprised of Van Eck Absolute Return Advisers Corporation and GXD Labs LLC, was chosen as the backup-bidder, with competing bidder NovaWulf losing out. The new company will get between $450 and $500 million in liquid bitcoin under the terms of the agreement, and US Bitcoin Corp will build a variety of crypto mining facilities, including a new 100-megawatt facility.
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🟠 Binance Suspends Deposits For 10 Bridge Token Networks Pending Clarification From Multichain Team
In a recent announcement on Twitter, leading cryptocurrency exchange Binance revealed that it will temporarily suspend deposits for ten bridge token networks. The decision comes as the exchange awaits clarification from the Multichain team regarding these specific networks. While deposits for certain bridging token networks will be affected, Binance emphasized that deposits of the mentioned assets on other networks will remain open. On May 25th, Binance took to Twitter to inform its users about the temporary suspension of deposits for several bridge token networks. The affected networks include POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. Binance made it clear that these suspensions are in place until further clarification is received from the Multichain team. The temporary suspension of deposits for these bridge token networks indicates that users will not be able to deposit or transfer these specific tokens into their Binance accounts during this period. However, Binance reassured users that deposits for the mentioned assets on other networks are unaffected by this decision.
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🇰🇷 South Korea’s Ruling Party Pushes For Early Crypto Disclosure Laws
A new bill mandating South Korean lawmakers and high-ranking government officials to declare their cryptocurrency holdings is expected to take effect within the next two months, said the floor leader of the country’s ruling party. The new bill was proposed in the wake of a major scandal involving government official Kim Nam-kuk, who was accused of liquidating more than $4 million worth of crypto assets before the country began enforcing its “Travel Rule” in March. On May 23, the Korean publication Yonhap News reported that People Power Party’s Representative Yun Jae-ok said the scheduled date for introducing the new crypto declaration rules, currently slated for December, isn’t prompt enough. Yun Jae-ok believes that the bill needs further revision and requires a new clause to bring the date of enforcement forward before it’s voted upon. This suggests that the bill may be subject to additional changes and revisions before it is finalized. “Given the current high level of public interest, especially regarding lawmakers, it’s not appropriate to enforce the law six months later after the promulgation,” Yun Jae-ok said. This statement highlights the importance of timely .
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💰 Bitcoin Price Unexpectedly Drops To $26,700 After A Slight Recovery
The price of Bitcoin (BTC) unexpectedly fell sharply and slipped out of the $27,000 level after a period of stagnation. Bitcoin peaked at $27,400 just before the European stock markets opened. For nearly two weeks, BTC has been range-bound between $26,500 and $27,500. Investors worry about ongoing crypto regulatory issues that have reduced market liquidity and macroeconomic uncertainties, including the recent US debt ceiling standoff. The market was further bewildered by the announcement that the latest data on US inflation, based on the Consumer Price Index, stayed below 5% for the first time since early 2021. However, it remained well above the target 2% of the Federal Reserve. If Bitcoin opens and closes below the $26,500 – $26,600 range, it could indicate a downside breakout from its sideways trend. This could lead to a further drop towards the intermediate support at $25,300 and potentially a drop to $24,000 shortly after that. On the other hand, positive developments related to the US debt crisis could exacerbate the impact of the Fed’s pause in interest rate hikes.
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