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💰 Sui Vulnerabilities Fixed As The Community Confirmed No Exploitation, Growth Continues
Sui vulnerabilities fixed and released for the mainnet, testnet, and development network. The community quickly responded to the vulnerability report, and investigations confirmed no past exploitation. SUI token has seen a 41% surge in the last 30 days. According to a recent report, the Sui core team has successfully addressed and fixed vulnerabilities reported by community members. Fixes have been implemented for the mainnet, testnet, and development network. The community promptly responded to a vulnerability report, and the core team quickly patched the vulnerability and rolled out the necessary fixes across all production networks. It has been confirmed that the vulnerability was not exploited in the past. Transparency and trust are highly valued in the Sui ecosystem, and this incident underscores the importance of a robust bug bounty program, an engaged validator community, and an agile core technical team. As part of commitment to transparency, full details regarding the bug, incident response, and mitigation will be shared once the core team completes a retrospective. Additionally, the SUI token has experienced a significant surge of 41% over the last 30 days.
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🪙 Paxos to issue new USD-backed stablecoin in Singapore
Crypto firm Paxos has formed a fresh entity in Singapore to launch a new USD-backed stablecoin in the country. Paxos Digital Singapore Pte. Ltd. received in-principle approval from the Monetary Authority of Singapore, Paxos said late Wednesday. The new entity will issue a USD-backed stablecoin that will comply with Singapore's recently finalized stablecoin regulatory framework before the legislative amendments take effect. In August, MAS finalized its framework for regulating stablecoins, applicable to single-currency stablecoins pegged to the Singaporean dollar or any G10 currency, including the U.S. dollar. Crypto firms aiming to recognize their stablecoins as "MAS regulated stablecoins" must comply with the framework. "Paxos is one of only two companies, alongside StraitsX, to get this approval from MAS," a Paxos spokesperson told The Block. "We will issue a new stablecoin with all new branding. That's because it is done from Singapore." Paxos does not yet have a name or specific details for the new stablecoin, aside from it being USD-backed and issued by the firm's new Singapore entity, the spokesperson said.
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🏦 NPS Buys Coinbase Shares For A Total Of $19.9 Million, Signaling Crypto’s Rise
The world’s third-largest pension fund, NPS buys Coinbase shares in Q3, marking its first venture into the crypto industry. This year alone, the pension fund acquired 282,673 shares of Coinbase Global. According to the latest holdings report submitted to the US Securities and Exchange Commission (SEC), the NPS bought $19.9 million worth of shares in the digital asset company during the third quarter. This year alone, the pension fund acquired 282,673 shares of Coinbase Global. The acquisition marks the first time NPS has included any crypto-related security as part of its investment option. With over $755 billion in assets under management, it is not common for investors like NPS to directly invest in digital assets. Instead, they typically enter the industry through company investments, as seen in this case with Coinbase. Coinbase, with its position at the forefront of the industry, is well-positioned to take advantage of this growing interest. It is expected that similar moves by other investors will emerge in the coming months, signaling the continued development and potential of the crypto market. The fact that NPS, a traditional finance and investment entity, has shown interest in purchasing Coinbase shares highlights.
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🔵 Circle Ventures invests in Sei to expand USDC ecosystem
Circle Ventures, the venture arm of the stablecoin issuer Circle, made an undisclosed investment to build out the Layer 1 network Sei. The investment aims to bring the USDC stablecoin onto Sei for quick, cheap and global transactions, as well as to "significantly enhance" digital asset market liquidity for Sei users and developers, according to a release from Sei. "As crypto matures, stablecoins will become more and more relevant to the overall growth of the industry. Circle has enacted many recent moves to bolster the USDC ecosystem, such as penning a partnership with Noble and dYdX to make moving USDC to and from dYdX easier as well as releasing updates for USDC and EURC stablecoins for better account abstraction, security and lower gas fees, The Block previously reported. Circle Ventures and Sei did not immediately respond to The Block's request for comment or inquiry as to the amount of funding. "As crypto matures, stablecoins will become more and more relevant to the overall growth of the industry, with Sei providing the ideal scalable infrastructure to accommodate this demand," said Samy Karim, Director at the Sei Foundation, in a statement.
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💰 Cathie Wood Elevates Bitcoin ETF Approval Chances with ARK
Cathie Wood has delivered an optimistic outlook on the potential of a spot Bitcoin ETF approval, citing increased odds following engagement between the Securities and Exchange Commission (SEC) and prominent financial entities ARK and BlackRock. The engagement with ARK and BlackRock, both influential investment management firms, suggests a collaborative effort to address regulatory concerns and pave the way for a more accessible and regulated avenue for investors to participate in the Bitcoin market. A spot Bitcoin ETF approval holds substantial significance for the broader financial market, potentially opening the door for more institutional capital to flow into the cryptocurrency market. Investors are eagerly awaiting the regulatory green light, anticipating increased legitimacy and mainstream acceptance of Bitcoin as a viable asset class. As the SEC continues to engage with key industry players, including ARK and BlackRock, the crypto community remains optimistic about the prospect of a spot Bitcoin ETF becoming a reality. Cathie Wood’s insights provide further validation for those who believe that regulatory advancements are instrumental in shaping the future of digital asset investments. The evolving dialogue between regulators and industry leaders marks a pivotal moment in the ongoing integration.
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🔵 Circle Mint in Singapore To Launch With Seamless Transactions and Zero Fees
Circle Singapore has unveiled Circle Mint, operating under its newly acquired Major Payments Institution (MPI) license granted by the Monetary Authority of Singapore (MAS) in June 2023. Under the MPI license, Singapore-registered entities stand to benefit from a range of features. Circle Mint in Singapore eradicates minting and redemption fees for USDC, eliminating additional risks, extra charges, and protracted transaction times commonly associated with brokers and resellers. Fiat funds in user bank accounts undergo swift and automated conversion to USDC, contingent on participating banks’ instant settlement networks. Future plans include expanding access to regional banking rails and facilitating near-instant settlement for seamless transactions. Tailored to seamlessly align with MAS regulations, Circle Mint in Singapore ensures that financial activities are not only efficient but also secure. As digital currencies gain prominence in the Asia-Pacific region, Circle Mint in Singapore emerges as a catalyst, making these currencies more accessible for businesses in the area. Previously, Circle sent emails to customers stating that individual consumer accounts would not be supported by Circle Mint.
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🇦🇪 Crypto.com obtains license in Dubai to operate crypto exchange services
Crypto.com has obtained a Virtual Assets Service Provider license in Dubai to operate specific crypto activities. The company said in a statement that its Dubai entity, CRO DAX Middle East FZE, received the license from Dubai’s Virtual Assets Regulatory Authority, and that Crypto.com will be allowed to offer exchange, broker-dealer, investment, lending and borrowing services following operational approval. Crypto.com will be allowed to offer crypto exchange and broker-dealer services following operational approval, the company said. “Crypto.com’s VASP Licence is subject to the Company fully satisfying select conditions and localisation requirements defined by VARA, and will be able to commence operations thereafter subject to operational approval notice from the regulator,” the company said. “We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions from Dubai, and look forward to working with regulators contributing to this thriving ecosystem,” Kris Marszalek, CEO of Crypto.com, said in the statement. Nomura’s crypto arm Laser Digital also said in August that it had completed the final stage of VARA’s licensing process and received a full license in Dubai. That
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📣 Crypto News Site The Block Bought by Foresight Ventures in $70M Deal
Crypto news and data provider The Block said Singapore-based Foresight Ventures had completed an acquisition of the majority of its shares. The purchase was completed at a $70 million valuation, and the company plans to “build out new exciting products” and expand into Asia and the Middle East, CEO Larry Cermak said in an X post on Monday. "Excited to see the company move forward on a stronger ground as we continue to expand our news, research and data offerings," Editor in Chief Tim Copeland told CoinDesk. Most of the capital was used to buy out former CEO Mike McCaffrey's stake. McCaffrey resigned in December, 2022 after informing The Block's editorial team that the website had secretly been funded since 2020 by Sam Bankman-Fried’s Alameda Research. Bankman-Fried has since been found guilty of seven charges of fraud. The Block laid off 27 staff, about a third of its workforce, in March in a leadership shake-up that saw Cermak, the website's head of research, become CEO.
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🔻 Ex-Polygon Veteran Wyatt Joins Optimism Foundation Unit in Growth Role
Optimism Foundation has hired Ryan Wyatt as as chief growth officer, just four months after he departed rival Polygon Labs in a management shakeup. As CGO of Optimism Unlimited Ltd., an operating subsidiary of the Optimism Foundation, Wyatt will be responsible for supporting blockchain development, and helping developers build across the Optimism ecosystem. The Optimism Foundation is tasked with supporting the broader community of companies and developers committed to Optimism's technology. Earlier this year, when the U.S. crypto exchange Coinbase launched its Base blockchain, the project relied on technology from OP Labs, the primary developer behind Optimism. He has a wealth of experience in gaming from his time at Polygon as well as in a prior role at YouTube, where he first started exploring non-fungible tokens (NFTs) and digital ownership. “I really do think that Optimism is the best team in crypto, hands down,” Wyatt told CoinDesk in an interview. “I loved my time at YouTube, I loved my time at Polygon. I'm super happy with the work that I did at both of those places. I'm so eager about what Optimism can do and what they've already done.”
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🆘 Raft halts stablecoin minting following security breach
The defi platform Raft has temporarily suspended the minting of its R stablecoin due to a security vulnerability that resulted in a substantial loss. Raft co-founder David Garai confirmed the attack on their platform, which saw the assailant minting R tokens and draining automated market maker liquidity while withdrawing collateral from Raft concurrently. Existing users, however, can continue with loan repayments and collateral retrieval. The defi lending platform issues the R stablecoin collateralized by liquid staking ETH derivatives. According to Garai, the company is now focused on securing its users’ operations and restoring stability to its platform. The disruption caused the R stablecoin to significantly drop its price from $1 to $0.18. Per CoinGecko, at the time of writing, the cryptocurrency was trading at $0.057965, which is 92.3% below its previous level. However, a twist of fate saw the hacker presumably suffering a setback due to a coding error. The ether, instead of directing to the hacker’s address, was sent to a null address, making them irretrievable. The on-chain data shows the hacker drained 1,577 ETH from Raft and then sent 1,570 ETH to a burn address.
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💰 Arthur Hayes Insists Bitcoin Has 'Proven to Outperform Bonds During Times of War'
On Thursday, Arthur Hayes explained the precarious balance the Treasury’s Janet Yellen must strike in managing U.S. fiscal health amid rising government deficits. Hayes describes Yellen’s strategic options, including liquidity injections and manipulating Federal Reserve rate expectations, to manage economic growth and government funding. “Inject liquidity into the system so that stocks rise. When stocks pump, capital gains taxes rise, which helps pay some bills,” Hayes detailed in his latest missive called “Bad Gurl.” Hayes speaks to the rising yields on long-term U.S. debt and the market’s negative response to Treasury strategies. He presents the “bear steepener” scenario as a challenge to financial stability, explaining, “Yields on long-end treasury debt are rising faster than short-end yields,” which could undermine banking solvency. Hayes’ previous work, “The Periphery,” delves into why this steepening is particularly toxic for the banking system. In his analysis, Hayes points out the global reverberations of U.S. monetary policy, suggesting that other central banks will engage in similar quantitative easing tactics. “All other major central banks … will also print money,” he asserts, viewing it as an inevitable response to the Fed’s easing, creating a global ripple of fiscal expansion that may redefine the international monetary balance.
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💰 Grayscale 'Constructively Engaging' With SEC on Spot Bitcoin ETF, Says CEO
Grayscale Investments CEO Michael Sonnenshein discussed his company’s plan to convert its flagship bitcoin trust (GBTC) into a spot bitcoin exchange-traded fund (ETF) in an interview with Bloomberg at DC Fintech Week on Wednesday. The SEC originally rejected the crypto asset manager’s spot bitcoin ETF application. However, a court recently ordered the securities regulator to reevaluate the company’s application. “A couple months ago, a decision did come out of the D.C. Circuit that did vacate the SEC’s denial of the GBTC uplisting to a spot Bitcoin ETF on the New York Stock Exchange. We really respected and continue to respect the court process,” the Grayscale CEO described. “There was a period of time after that during which the SEC could have challenged that decision. They in fact did not,” Sonnenshein continued. “So what you’ve seen now over the last few weeks is our team putting in the appropriate filings in front of the SEC including our S-3 filing that now really allows us to continue to have a constructive dialogue with the SEC, with all the required documents that would support us moving towards that uplisting on NYSE.” The CEO believes that Grayscale has “a really nice advantage” over other spot bitcoin ETF applicants because “Grayscale Bitcoin trust, GBTC, has already been a well known seasoned issuer for several years now.” He stressed that it gives the company “the ability to file an S-3 as compared to some of the other issuers who have had to file S-1’s.”
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📣 Distressed crypto lender Hodlnaut starts liquidation in Singapore
Hodlnaut, a Singapore-based crypto lending firm, will be liquidated by its previously appointed judicial managers, according to a document published by auditing firm EY. The document, submitted by the liquidators and first reported by CoinDesk, says the judicial managers filed a winding-up order against Hodlnaut on Nov. 10. Hodlnaut tried to avoid liquidation earlier but was met with resistance from creditors. The firm held over $13 million in assets in the now bankrupt FTX exchange and lost $189.7 million in the Anchor Protocol, the failed DeFi platform for the Terra stablecoin UST, which lost its peg last spring. Last August, Hodlnaut informed its 17,000 users that it halted withdrawals from the platform and pulled its license application with the Monetary Authority of Singapore. The company also applied to be put under judicial management so that it wouldn't have to sell crypto assets in a forced liquidation. Aaron Lee and Angela Ee were appointed as the judicial managers. The company laid off 80% of its staff and informed users of a pending investigation by the Singapore police.
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🪙 Ethereum Fees Briefly Jumped to $100 After BlackRock’s ETH ETF Filing
Heightened demand for block space on the Ethereum network has made transactional activity significantly more expensive for ether (ETH) users in the past 24 hours, data from Dune Analytics show. Fees, as measured by median gas prices, spiked to as high as 270 gwei late on Thursday, temporarily touching a level last seen in June 2022. That pushed up costs of trading swaps to anywhere from $60 to $100 for a few hours. Gwei is a small unit of ether (ETH) equal to one-billionth of an ETH and is used to denominate gas prices. Gas refers to the fees Ethereum users pay to ensure their transactions are included in the earliest block by network validators. As of writing, gas fees, used to pay for any activity on Ethereum, were 33 gwei, the highest since May. Ether transfers between wallets cost an average of $30 as of Asian morning hours on Friday. The surge in fees came as investors discovered financial behemoth BlackRock had filed for an exchange-traded fund (ETF) that holds ether (ETH), months after its bitcoin ETF filing. This likely buoyed investor sentiment – as prices jumped as much as 10% to cross the $2,000 mark. Ethereum validators are incentivized to include transactions that pay the highest fees instead of a first-come-first-serve basis – meaning fees on popular tokens can often run to thousands of dollars.
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💰 Michael Saylor’s Massive Bitcoin Bet Crosses $1B in Unrealized Profit
The surging price of bitcoin (BTC) has pushed the asset’s largest public holder, business software company MicroStrategy (MSTR), to unrealized gains of over $1.1 billion, 25% more than their cumulative investment. Bitcoin holdings at the company founded by Executive Chairman Michael Saylor, who often tweets his support for the largest cryptocurrency, reached $5.7 billion late on Thursday as the price crossed $37,000 for the first time since May 2022. The company holds over 158,000 bitcoins. The company holds over 158,000 bitcoins, a position it acquired over a three-year period by investing company funds and proceeds from bond sales. The value of the holdings is now equal to over 80% of MicroStrategy’s $7.1 billion stock market capitalization. The cost for these holdings is a cumulative $4.6 billion, data from Bitcoin Treasuries show. That's more than 10 times larger than the next biggest institutional holder, bitcoin miner Marathon Digital, which has 13,000 bitcoins worth $500 million at current prices. MicroStrategy’s most recent publicly known purchases came in the weeks ahead of Sept. 24, when it added 5,445 bitcoins for just under $150 million, or an average price of $27,053 each.
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💰 Bitcoin Ordinals Volume Soars To New Highs In The Last 24 Hours
In the last 24 hours, Bitcoin Ordinals volume has experienced a significant surge, reaching its highest levels since May. According to data from a Dune dashboard created by the pseudonymous on-chain analyst Domo, approximately $526.5 million of Bitcoin Ordinals volume have been traded. Tokens based on the Bitcoin blockchain are gaining attention, shifting focus from the recent Bitcoin price frenzy driven by ETF expectations. Notably, Ordinals (ORDI) and Celestia (TIA) have emerged as leaders in this trend. Ordinals, launched earlier this year, facilitates the creation of NFT-like assets on the Bitcoin blockchain. Users can assign data to individual satoshis, allowing for a wide range of content such as art, profile pictures, or text. The majority of Thursday’s trading volume occurred on the cryptocurrency exchange OKX, as reported by Domo’s dashboard. OKX, based in Seychelles, introduced trading support for Ordinals in May and currently accounts for 10,500 daily Ordinals transactions. It’s noteworthy that recent activity on Binance, the leading cryptocurrency exchange by volume, is not reflected in Domo’s dashboard. Although Binance initially introduced support for image-based Ordinals in May, it only started allowing customers to trade ORDI, the first-ever BRC-20 token, on Tuesday.
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🪙 Tether Bitcoin Mining Investment Is Expanding Nearly $500M To Become A Giant
Tether Holdings Ltd., known for its $87 billion stablecoin, is venturing into Bitcoin mining with a substantial investment of nearly half a billion dollars over the next six months. According to Bloomberg, Paolo Ardoino, the incoming CEO, revealed that Tether Bitcoin mining investment involves constructing the company’s mining facilities and acquiring stakes in other companies. This includes a portion of the $610 million credit facility extended to Bitcoin mining firm Northern Data AG, in which Tether acquired shares in September. Ardoino emphasized Tether‘s commitment to being part of the Bitcoin mining ecosystem, signaling a significant shift from its primary stablecoin operations. Tether aims to establish Bitcoin mines in Uruguay, Paraguay, and El Salvador, with each site boasting a capacity between 40 and 70 megawatts. By the end of 2023, Tether anticipates reaching 120 megawatts across its direct mining operations, with a projection of scaling up to 450 megawatts by the close of 2025. The company’s goal is to achieve 1% of the total computing power driving the Bitcoin network, a milestone Ardoino refrained from specifying a timeframe for. In comparison, Marathon Digital Holdings, the largest public Bitcoin mining company, currently contributes around 4%.
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📣 Tether And Bitfinex Lawsuit Take A New Step As Judge Dismisses Class Action
In a decisive legal triumph, Tether and Bitfinex have emerged victorious as Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York dismissed the “meritless” class action complaint lodged by Shawn Dolifka against the stablecoin issuer and its sister company. Following the denial of Dolifka’s motion to amend the complaint, he opted not to appeal the judgment. The dismissal, ruled in favor of Tether and Bitfinex, stands as conclusive. The plaintiff’s allegations accused Tether and Bitfinex of false statements regarding the reserves backing their stablecoin, USDT. However, the judge ruled that the plaintiffs failed to substantiate actual reliance on the alleged false statements, a crucial element for breach of contract and unjust enrichment claims. Despite the victory, the case continues, as the judge granted the plaintiffs 30 days to file an amended complaint. This development follows the Tether and Bitfinex lawsuit filed by U.S. citizens Matthew Anderson and Shawn Dolifka against Tether Holdings, accusing the stablecoin issuer of falsely disclosing USDT reserve information and misleading consumers about the properties of Tether tokens.
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💰 Solana Saga Phone Discovered Security Vulnerability Putting 2,100 Devices At Risk
CertiK, a leading cybersecurity firm, uncovered a significant vulnerability in the Solana Saga phone, putting more than 2,100 devices at critical risk since April. The flaw allowed assets to be transferred within a minute of obtaining the phone, prompting CertiK to inform Solana and issue a public alert about the vulnerability. The Solana Saga phone, an Android-based smartphone introduced by Solana CEO Anatoly Yakovenko in June 2022, is distinguished by its integration of the Solana Mobile Stack (SMS). Despite its potential, using Saga currently feels akin to beta testing, especially for average consumers. Solana Labs acknowledges this challenge but remains optimistic about the device’s appeal to early adopters and developers. Solana Saga phone witnessed a notable price drop from $1,000 to $599. Solana attributed this $400 reduction to a strategic move aimed at fostering wider adoption of mobile Web3 and enhancing the overall user experience within the Solana mobile community. As the company expands, Saga may soon become available in additional markets, marking a significant step in the mobile web3 era. To embrace this era, customers can order Saga and unlock the full potential of Web3, with Solana Labs actively addressing and rectifying the detected vulnerability to ensure user security.
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🇸🇻 El Salvador Remains in the Red on Bitcoin Holdings, But Losses Are Narrowing
In November 2022, El Salvador President Nayib Bukele announced a country-level dollar cost averaging (DCA) plan, promising to buy one bitcoin every day. At the time, the country – based on public statements from Bukele - was already the owner of 2,381 bitcoins purchased at an average price of roughly $44,300. The price then was just $19,000, putting the country at about a $60 million loss on its holdings. Bukele has kept pretty quiet about El Salvador’s purchases since and the exact amount of bitcoin that the country owns is not clear as there is no public government record. Assuming that the country did indeed purchase one bitcoin per day over the past year, CoinDesk estimates El Salvador's holdings would sum to 2,744 bitcoin as of Nov. 14. Based on the median price of BTC over each of those days, the country's average purchase price would have drifted down to roughly $41,800. Figuring a current bitcoin price of $36,000, El Salvador would now be sitting on a loss of about $16 million on its bitcoin holdings. Since Bukele moved to make bitcoin legal tender, the International Monetary Fund (IMF) has repeatedly warned of increased risks to the country's economic growth and ability to make good on its debt. Despite the modest paper losses on the nation's bitcoin holdings, things to this point appear to be on a good path.
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✖️ dYdX Chain trading goes live, enters beta mainnet stage following governance vote
The standalone Cosmos-based Layer 1 dYdX Chain has entered its beta mainnet stage, enabling active trading to go live for the first time following a decisive governance vote. Transitioning from its alpha stage, dYdX Chain’s beta launch occurred at 8:45 a.m. EST on Monday, according to a blog post by the dYdX Operations subDAO, which leads decentralized infrastructure for dYdX Chain. The launch followed a community vote to change trading on all markets from post-only to active, which garnered over 99% support. Users can now engage in trading across more than 33 perpetual markets via the dydx.trade platform, offering up to 20x leverage. No trading rewards will be distributed during this stage, but validators and stakers will accrue trading fees, according to the post. “The beta stage serves as the critical testing phase for active trading environments,” the subDAO wrote. The alpha mainnet for dYdX version 4, along with the debut of its Cosmos-based blockchain, was launched on Oct. 26, signaling a notable transition for the leading decentralized derivatives platform to become a standalone Layer 1 on Cosmos after previously relying on Ethereum Layer 2 scaling solution StarkEx in version 3.
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💰 Bitcoin Spot ETFs Will Introduce Crypto to Broader Investor Base: Coinbase
Spot bitcoin (BTC) exchange-traded-funds (ETFs), if approved in the U.S., will open cryptocurrency markets to new classes of investors, Coinbase (COIN) said in a report on Monday. "The opportunity is potentially much greater than just enabling new capital to access the crypto market," as ETFs "will ease the restrictions for large money managers and institutions to buy and hold bitcoin, which will improve liquidity and price discovery for all market participants," wrote David Duong, head of institutional research at Coinbase. Additionally, having an investment vehicle that meets "key regulatory and compliance requirements may also open the door to new products," which could multiply the existing crypto offerings for accredited investors and expand adoption, the note said. Over the longer term this could add billions to the total crypto market cap, the report said, adding that ETFs are expected to lay the foundation for a "more regulated environment, greater inclusion and a material growth in demand.". Coinbase says the ETF story is bringing more focus to bitcoin at an opportune time, "as the world has fewer safe haven alternatives amid a backdrop of rising geopolitical tensions and increasing economic dysfunction."
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🆘 Ethereum Wallet Drainer Steals $60M in Six Months
Hackers that stole more than $60 million worth of crypto in six months are using a piece of code to bypass security alerts after maliciously gaining access to private keys, according to on-chain sleuth ScamSniffer. The wallet drainers are misusing Create2, a piece of code that is used by the likes of Uniswap to predict the address of a contract before it is deployed on the Ethereum network. By misusing Create2, wallet drainers can instantly create temporary wallet addresses to receive funds after a user clicks on a malicious signature. When users send funds or interact with a smart contract, they will be prompted to "approve" a signature, hackers often disguise permissions within this signature to gain access to a user's wallet. The use of Create2 bypasses security alerts that would typically warn a user before signing the signature. Research from ScamSniffer and SlowMist estimates that $60 million has been stolen from around 99,000 victims in the past six-months. One group has been using the Create2 code to steal $3 million from 11 victims since August.
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💰 FTX Sues Bybit to Claw Back $953M in 'Misappropriated Funds'
The estate of bankrupt crypto firm FTX has sued exchange platform Bybit to try and recover a total of $953 million transferred to the latter's investment arm, court filings from Friday show. Friday's legal complaint filed in Delaware targets Bybit Fintech Ltd., its investment arm Mirana and several individuals, including Mirana executive Sean Tan. It alleges the investment unit "received gross transfers from FTX.com of digital assets currently valued at approximately $838 million,". The suit also alleges an additional $115 million in digital and fiat assets were transferred to entities and individuals affiliated with Bybit and Mirana. The FTX estate claims Bybit was given VIP status on the exchange, and that, in the days leading up to the bankruptcy filing, Mirana and affiliates "raced to withdraw assets" from their FTX accounts. "Mirana leveraged its VIP connections to pressure FTX Group employees to fulfill its withdrawal requests as soon as assets became available, further reducing the funds available to meet withdrawal requests by FTX.com’s non-VIP customers," the complaint said, adding that FTX employees also repeatedly changed Mirana’s Know-Your-Customer (KYC) settings in the days prior to the withdrawals pause.
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🏦 Bithumb sets sights on IPO to rebalance crypto power
Bithumb gears up for a pioneering initial public offering (IPO), targeting a market shake-up against Upbit’s dominant 85% share in the virtual asset industry. In a move that aims to disrupt Upbit’s 85% stronghold on the market, Bithumb Korea is reportedly pioneering an IPO in the virtual asset exchange industry. The strategy could underscore a trust-centric approach deemed crucial for regaining Bithumb’s leading position in the Korean crypto exchange space. The IPO will reportedly occur in the latter half of 2025, with a primary focus on a KOSDAQ listing and potential considerations for the KOSPI market under specific circumstances. Amid the intense competition in virtual asset exchanges, Bithumb’s decision to go public appears less about raising capital and more about restoring market confidence. The exchange has a history of scandals, some of which led to regulatory inspections in South Korea. In preparation for the IPO, structural changes are underway within Bithumb’s corporate echelons. Lee Jeong-hoon, the previous chairman and major stakeholder, has marked his return to active governance by rejoining Bithumb Holdings’ board.
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💰 Former FTX general counsel who testified against SBF to lead new exchange Backpack: WSJ
Backpack, the Web3 digital wallet company founded and led by Armani Ferrante, announced the exchange late last month, though Sun's involvement wasn't publicly disclosed. Claire Zhang, Ferrante's wife and a former legal deputy of Sun's, also sits on the executive board of Trek Labs, the Dubai-based legal entity that will do business as Backpack Exchange. The exchange received a license from the Dubai Virtual Assets Regulatory Authority, or VARA, which regulates digital assets in the region. The WSJ report states that Sun's Trek Labs employs other former FTX legal and compliance employees and that he disclosed his FTX associations in investor materials and regulatory filings. Sun testified against Bankman-Fried under a no-prosecution agreement and denied knowledge of the fraudulent schemes perpetrated by FTX executives, stating he resigned the day after he learned of the massive hole in FTX's balance sheet. Ferrante, an ex-Alameda Research engineer, was also professionally set back by the FTX collapse. The collapse led to Ferrante losing most of the $20 million he raised in an investment round co-led by FTX Ventures just weeks before FTX's bankruptcy in November 2022. Ferrante didn't immediately respond to a request for comment.
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🟠 Binance to halt ruble deposits effective Nov. 15
Binance, one of the world’s leading cryptocurrency exchanges, has announced it will halt Russian ruble (RUB) deposits, effective Nov. 15, 2023. According to the announcement, despite the cessation of deposits, withdrawals of Russian rubles will continue to be available until January 31, 2024, ensuring users have ample time to manage their holdings. Users holding a fiat balance in Russian rubles may transfer their funds to the CommEX platform without fees. More so, users are encouraged to either register for a CommEX account or log into their existing CommEX account and connect it to their corresponding Binance account. Once the connection is established, users may transfer their Russian rubles from Binance to CommEX. In addition, users may withdraw their Russian rubles via Binance’s fiat partners before the stipulated deadline, convert Russian rubles into crypto on Binance Convert, or trade Russian rubles for crypto on the Binance Spot market.CryptoSlate had reported Binance’s sale of its entire Russian business to the crypto platform CommEX. Notably, this sale was due to compliance reasons, according to Binance’s Chief Compliance Officer, Noah Perlman, who stated that “operating in Russia is not compatible with Binance’s compliance strategy.” CommEX launched on Sept. 26.
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💰 Bitcoin Fund Holdings Hit All-Time High as Spot ETF Excitement Entices Crypto Investors
Bitcoin (BTC) investment fund BTC holdings have risen to the highest ever alongside the token's continuing rally thanks in part to optimism about coming approval for a spot exchange-traded fund (ETF). According to investment advisory firm ByteTree, token holdings this week rose to 863,434, taking out the previous record high touched in April 2022. Over the past month, funds have added about 22,100 bitcoins. "Little wonder the price has been so strong of late," ByteTree founder Charlie Morris said. Broader crypto funds enjoyed an uptick in fresh cash over the past weeks as well, with digital asset management firm CoinShares reporting $767 million in net inflows over the past six weeks, the most over such a time frame since the 2021 bull market. Further, James Butterfill, head of research at CoinShares, earlier Friday noted inflows into digital asset funds so far this year have now topped $1 billion. Speaking to CoinDesk earlier this week, Matt Hougan, Bitwise Asset Management’s Chief Investment Officer, suggested things have a long way to go before the spot ETF approval is priced in. Even with all the news hitting of late, it's Hougan's contention that the majority of financial advisors continue to believe a spot ETF isn't coming until 2025 or later.
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📣 JPMorgan Adds Programmable Payments to JPM Coin
Users of JPMorgan's (JPM) blockchain-based settlement token, JPM Coin, can now program their accounts to make payments automatically according to preset conditions. The financial giant is allowing clients to plug in conditions for funds to be moved to cover overdue payments or margin calls, according to an email on Friday. Previously, they had to set standing orders for payments to take place at a particular time, whereas now they can program them to kick in when the relevant criteria are met. JPMorgan introduced JPM Coin in 2019 to enable institutional clients to make wholesale payments on a blockchain. Last month it reached the milestone of handling $1 billion of transactions daily, though this remains a trivial figure compared with the $10 trillion the bank moves every day in total. "This new feature helps clients to respond dynamically to events, which is ever more important as 24x7 payment infrastructure proliferates, and responding to volatility becomes vital," the bank said. Previously clients would need to set standing orders for payments to take place at a particular time; now they can program them to kick in when the relevant criteria are met. whereas now they can program them to kick in when the relevant criteria are met.
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