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All the news about cryptocurrencies in one place. Round-the-clock, operational and automatic updating. Promo inquiries: @ryder_reilly
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South Korean Crypto Murder Case Takes New Twist – Suspect: ‘My Confession Was False’ 📌
⚠️ A bizarre South Korean crypto-related murder case has taken a new twist, with one of the chief suspects telling a court his initial confession was “false.” The case revolves around a woman who was apparently abducted from a busy street in Seoul’s affluent Gangnam District in March this year.
➡️ The woman was reportedly drugged with an anaesthetic drug stolen from a medical clinic, and the alleged abduction was captured on CCTV. Alleged attackers, police and prosecutors claimed, tried to force the woman to hand over cryptoassets.
➡️ Her body was later found near a dam in the city of Daejeon. Police initially believed three men had carried out the attack, including the alleged “mastermind” Lee Kyung-woo (36).
✔️ But investigators later claimed that a couple, Yoo Sang-won and Hwang Eun-hee, were also involved, and may have paid the men to carry out the attack. Per the media outlet The Fact, Lee had previously made a confession, but in his cross-examination this week, denied the veracity of his previous statements.
🟢 He claimed that he had had “no intent to kill” the victim, and that “a lot of false statements” had been made to “distort” the truth.
SEPA-related Issues Affect Euro Withdrawals for Binance Cryptocurrency Exchange Customers in Europe 📌
➡️ Binance cryptocurrency exchange customers in Europe reportedly encountered problems with fiat withdrawals due to Single Euro Payments Area (SEPA) transfer issues.
♾ In response to a complaint from a European user of Binance who asserted that they had recently purchased "a large sum of EUR" on the platform and expressed frustration over their inability to withdraw the euros to their bank account or execute sales on Binance, a Customer Support message was issued.
⚠️ According to the customer service message, customers utilizing the Binance exchange in Europe have encountered difficulties concerning fiat withdrawals due to complications linked to Single Euro Payments Area (SEPA) transfers.
💬 "Regarding the issue you've mentioned, we regret to inform you that we have temporarily suspended EUR withdrawals and deposits via SEPA."
🔕 Binance's customer support conveyed this information in a message posted on August 20, which has since been removed from X (previously known as Twitter), that the exchange has allegedly suspended euro withdrawals and deposits via SEPA, said it didn't have a specific time frame for restoring SEPA transfers, adding that its payment provider "can no longer support these transactions."
Binance Connect to Cease Operations on August 16 🔔
🟢 As confirmed via email from a Binance spokesperson on August 15, Binance Connect, the regulated buy-and-sell crypto arm of the Binance exchange, will shut down on August 16. The same day, the decentralized BNB Chain exchange known as Biswap posted a tweet announcing that Binance, a major cryptocurrency exchange, had arrived at a challenging decision.
💬 "After a thorough consideration, binance has made a difficult decision to disable Binance_Connect on August 15 due to its provider closing the supporting card payments service." The move was undertaken in line with Binance's strategic initiatives, which prioritize the concentration on its fundamental business activities.
⚡️ The email received by Cointelegraph from a Binance spokesperson highlighted the company's proactive approach to maintaining its operational efficiency and strategic alignment.
💬 The email stated, "At Binance, we periodically review our products and services to ensure that our resources remain focused on core efforts that align with our long-term strategy. In the last six years, Binance has grown from an exchange to a global blockchain ecosystem with multiple business lines. We consistently adapt and modify our business approach to changing market and user needs."
FTX Rebuts Creditor Panel’s Statement on Lack of Consultation ♾
➡️ The lawyers of the bankrupt crypto exchange FTX which filed for a Chapter 11 in November and collapsed thereafter, have filed a response to the creditor panel’s draft reorganization plans, disapproving the committee’s claims on FTX’s lack of engagement.
➡️ FTX administrators filed the response on Wednesday at the US district court of Delaware. The lawyers criticized the Official Committee of Unsecured Creditors’ claims of accusing FTX debtors over lack of engagement while drafting the reorganization plan.
💬 “It is therefore with substantial disappointment that the Debtors are compelled to respond to the inaccurate and unfair statements that riddle the Committee Pleading.”
🟢 The dispute erupts between FTX’s administrators and creditor panel in the wake of the draft reorganization plan filed last month by FTX’s new management team under the leadership of John J. Ray III. The “reboot” plan gave the company’s claimants the option to hold equity securities, tokens, or other interests in a newly established offshore company.
Class-Action Lawsuit Against Tether and Bitfinex Thrown Out 🟥
✏️ In a significant legal victory for Tether and Bitfinex, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York dismissed a class action lawsuit brought against the stablecoin issuer.
➡️ The lawsuit, filed by Matthew Anderson and Shawn Dolifka in 2021, alleged that Tether's claims of its stablecoin, USDT, being backed one-to-one by the U.S. dollar were false. But the U.S District court has ruled in favor of the USDT issuer, citing a lack of "plausible allegations of injury" in the complaint.
🔔 The heart of Anderson's and Dolifka's complaint rested on their assertion that Tether did not maintain the same amount of reserves as USDT tokens in circulation.
⚠️ The class-action lawsuit further alleged that these reserves were not solely comprised of U.S. dollars, as Tether had implied, but rather included a mix of overcollateralized loans and undisclosed commercial paper.
🟢 The plaintiffs contended that these actions misrepresented the actual value of the stablecoin.
US-China Power Struggle Extends to Crypto Battlefield: China Surges Ahead 📌
🔴 The United States and China are competing on both economic and technological fronts – and part of their rivalry includes a race to adopt crypto.
➡️ Though the eastern superpower has announced multiple bans on crypto mining and trading over the past decade, President Xi Jinping argued in 2021 that “technological innovation has become the main battleground of the global playing field, and competition for tech dominance will grow unprecedentedly fierce.”
🟢 In fact, by some numbers, the U.S. is falling far behind on blockchain technology. For one, Chinese and Chinese-affiliated crypto exchanges still account for most global crypto trading volume if one includes Binance among its ranks.
➡️ Binance CEO Changpeng Zhao – a Canadian citizen who was born in China and moved to Canada at age 12 – insists that Binance has never been a Chinese company, neither officially nor culturally.
➡️ However, a Bloomberg report in May suggested that some Chinese citizens have continued to trade crypto within the country even after the region’s September 2021 ban, including on platforms like Binance and Huobi. Furthermore, regions like Hong Kong are now adopting a pro-crypto regulatory stance, offering licenses to crypto exchanges and providing banking access to the crypto sector.
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Crypto Startups Secure $201.4M in Funding: Futureverse and RISC Zero Lead the Way 📌
🟢 Last week, venture capital and investment firms invested $201.4 million in crypto projects, with metaverse startup Futureverse and RISC Zero receiving the largest fundraises.
🟥 Eleven companies recently announced funding rounds, with two standout raises. Metaverse startup Futureverse secured an impressive $54 million from its Series A funding round, led by 10T Holdings and Ripple Labs.
➡️ At the same time, RISC Zero, a provider of zero-knowledge-proof tools for developers, raised $40 million in a Series A round.
➡️ Futureverse has a clear mission: to empower developers and users by providing a collaborative ecosystem that consolidates 11 metaverse infrastructure and content companies.
♾ Futureverse intends to use the funds from the funding round to enhance its comprehensive technology, which includes the Futureverse Platform and The Root Network, its blockchain.
🟢 Apart from RISC Zero, the funding round featured five other infrastructure sector companies: Cosmic Wire, Manta Network, Echooo Wallet, Side Protocol, and Over Protocol.
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Fasttoken (FTN) Price Analysis: Beyond 157% Growth in July
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Former CFTC Chair: Crypto Regulations Must Not Wait for Litigation 🟢
🟥 A crackdown on the crypto industry in the US should not wait for litigation in courts to conclude, but instead move forward with temporary restraints while the courts do their work, a former regulator has said.
➡️ Speaking with CNBC on Monday, Timothy Massad, former chairman of the Commodity Futures Trading Commission (CFTC) said that enforcing current laws is no longer enough to reign in crypto, and that new “standards” are needed.
💬 “We strongly support enforcement of the laws, but what we’re saying is, we need more than that, and the reason is twofold,” Massad said, before explaining:
💬 “One is, litigation takes a long time and, quite frankly, the crypto industry may find it’s in their interest to stretch these cases out, because they may be hoping for a change in regulatory attitude with the 2024 election. The second reason is, it won’t resolve all the issues that we need to get resolved.”
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The EU’s Leaked Metaverse Strategy Proposes Global Regulatory Governance Rules 👀
⚡️ The race to build the perfect virtual ecosystem, popularly termed the metaverse is taking shape with huge technology-driven companies at the fore.
⚠️ However, regulators within the European Union (EU) have warned of a possible monopoly at the detriment of smaller companies that can lead to its creation without core European values.
➡️ A leaked draft document shows the Commission's drive to innovation-tailored regulations for the future of the virtual world. As the draft notes, if the metaverse is to be successful, it requires global governance for its security.
💬 “Virtual worlds bring unprecedented opportunities in many societal areas. This technological shift also involves new forms of global governance.”
🔔 The document, whose release date is slated for July 11, seeks to amend legal obstacles to create new corporations modeled after decentralized autonomous organizations (DAOs) to govern activities on the metaverse.
➡️ Key areas the Commission cited include health, education, and culture as it moves towards a community-driven “web4.” For these to be achieved interoperability has to be adopted across all levels.
Blockchain Bettors Favor Vivek Ramaswamy Over Ron DeSantis as Strong Trump Challenger Post-GOP Debate 🟢
➡️ During Wednesday's first debate for the 2024 U.S. Republican presidential nomination, candidates aimed to shift attention away from non-participating former President Donald Trump. Nevertheless, much of the spotlight remained on political newcomer Vivek Ramaswamy.
📌 Former President Donald Trump and Florida Gov. Ron DeSantis have been prominent figures in the Republican presidential nomination race this year. However, their dominance didn't extend to the debate stage on Wednesday night.
➡️ Trump chose to skip the GOP's initial presidential primary debate due to his strong lead in the polls. Instead, he opted for an interview with recently fired Fox News host Tucker Carlson.
🟢 Meanwhile, during much of the event, DeSantis attended the debate but was overshadowed by a Bitcoin-friendly entrepreneur, Vivek Ramaswamy. Florida Governor Ron DeSantis went into the debate with significant potential gains and losses.
➡️ Initially considered the leading GOP contender against a second Trump presidency, DeSantis fell far behind the former president in most polls due to campaign changes and financial difficulties.
Islamic Coin's Grand Launch Set for September 2023 ✔️
🟥 Islamic Coin ($ISLM) is a new crypto project that has designed to create ethical finance. The coin is the native currency of HAQQ Network, a blockchain with a POS algorithm and high transaction processing speed.
🔔 The coin has a potential audience of over 2 billion holders (1.8 billion Muslims + crypto-enthusiasts). And they already have the biggest Twitter account among crypto Muslim community with 1.1 million followers.
➡️ Islamic Coin will officially launch in September on several main CEX and DEX exchanges. But even before the listing they have already secured $400M from private investments and from ABO Digital.
👀 According to rumors, there may be airdrop of tokens for active members of the Islamic Coin community before the listing. You should follow Islamic Coin on Twitter, official Telegram channel and download Haqq Wallet.
North Korean Attackers Have Stolen $200 Million Across 30 Crypto Heists in 2023 📌
➡️ A new report from blockchain analytics firm TRM Labs noted that North Korean hackers have stolen more than $2 billion in cryptocurrencies in the past five years. It estimated around $200 million in crypto heists this year alone.
➡️ According to TRM Labs insights, the stolen amount accounts for 30 hacks so far in 2023, which is less than 2022, but still “10 times larger than attacks by other actors.”
➡️ “Year-to-date, North Korea has stolen USD 200 million in cryptocurrency, accounting for over 20% of all stolen crypto this year.”
🔔 North Korea has previously denied allegations of hacking or other cyberattacks. However, a UN report said that attackers in the country stole more cryptocurrency assets in 2022 than in any other year and targeted the networks of foreign aerospace and defense companies.
💬 “In 2023, although the total amount stolen in cryptocurrency attacks is down from a record-setting 2022, North Korea has maintained its focus on the crypto ecosystem,” the study wrote.
Coinbase's New Base Blockchain Draws $10 Million Inflows Day After Launch 🟥
🟢 Base, a new Ethereum layer 2 blockchain that has been developed by crypto exchange Coinbase, saw inflows worth just over $10 million on its first day after launch. According to data from Dune Analytics, the $10 million were transferred to the network by over the course of 24 hours on Thursday, one day after its launch.
➡️ A little more than 15,000 new users joined Base on Thursday, and the day saw 40% fewer transactions than on Wednesday. The network, which officially went live on Wednesday this week, launched without its own native token, but Coinbase has encouraged others to build projects and launch their own tokens on Base.
📌 Among other things, popular but controversial meme coins such as BALD have launched on Base, attracting large number of traders seeking to profit from the decentralized exchange (DEX) trading frenzy.
🔔 BALD has been accused of being a scam after the deployer of the token suddenly and without warning removed nearly all liquidity from DEX liquidity pools earlier this month in what was described as a rugpull.
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Google Cloud Partners with Celo Network as Validator, Facilitating Ethereum Layer 2 Migration 🟥
➡️ Google Cloud has partnered with the Ethereum Virtual Machine (EVM)-compatible blockchain network Celo (CELO), and is already running a Celo network validator, according to an announcement.
♾ The initiative builds on a collaboration between the two sides that was originally announced in April, when the focus was on supporting “sustainability-focused startups in the Celo ecosystem” with necessary cloud infrastructure.
➡️ By becoming a Celo validator, Google Cloud joins existing validators such as Animoca Brands, Deutsche Telekom, and others. A network validator is an entity that participates in the verification of new transactions, and thus help to secure the network against attacks.
UFO Hearing Sparks Crypto Degen Frenzy: More Than 50 Alien Shitcoins Emerge 👀
📣 Following a recent hearing, where a former military intelligence officer turned whistleblower disclosed that Congress lacks information about unidentified anomalous phenomena (UAPs) or Unidentified flying objects (UFOs), crypto degen swiftly seized the opportunity and created multiple UFO-themed tokens to capitalize on the news.
🟢 The whistleblower alleged that executive branch agencies had withheld information about these mysterious objects for years.
🟥 In his testimony on July 26 before the House Oversight Subcommittee on National Security, David Grusch, a former Pentagon task force member on UAP and whistleblower, directly accused the U.S. government of concealing alien visitation to Earth.
➡️When questioned about information on extraterrestrial life, Grusch stated that the U.S. has likely been aware of "nonhuman" activity since the 1930s. Following the viral hearing on July 26, more than 50 new alien, UFO, and extraterrestrial-themed tokens, known as memecoins, have surfaced in the past 24 hours.
⚠️ Tokens like "ALIENX," "UFO," and "ALIEN" have gained substantial attention from crypto degens on social media and search engines.
♾ However, there are concerns about potential scams associated with these memecoins, as some are believed to be "honeypots" designed to lure investors with the theme's hype but with mechanisms preventing them from selling their tokens later.
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Get ready for the referral race! 🐾
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The US Department Of Justice Will Double Its Crypto Enforcement Teams To Combat Crimes 🟢
✅ The United States Department of Justice is set to expand its digital asset crime enforcement teams in the coming months as part of wider plans to reduce virtual-asset-related crimes.
♾ In a speech delivered on July 20, at the Center for Strategic and International Studies, Nicole Argentieri, the Principal Deputy Assistant Attorney General disclosed the department’s plans to revamp the division.
➡️ According to her, the National Crypto Enforcement Team (NCET) will become a permanent body within the criminal division to handle cryptocurrency-related investigations.
🟢 The NCET, established in 2021 has taken on high-profile investigations and would now be merged with the Computer Crime and Intellectual Property Section (CCIPS). Though merged, the NCET would continue investigating and prosecuting related offenses, leveraging the larger structure and added resources.
💬 “It’s now time to bring NCET to the next level, merging it into Computer Crime and Intellectual Property Section will give it the resources and runway to accomplish even more.”
FCA Issues Warning: Crypto Memes Could Violate Financial Promotion Rules 🟥
➡️ Crypto memes may amount to criminal offenses if they don’t comply with existing financial promotion rules, warned the United Kingdom’s top financial regulator on Monday.
♾ A newly proposed set of guidelines from the Financial Conduct Authority (FCA) highlighted how “any type of communication” can be considered a financial promotion, and subjected to Section 21 of the Financial Services and Markets Act. The rule states that a person cannot, in the course of business, invite or induce others to engage in investment activity.
💬 The ruling, according to the regulator, extends to memes. “ We have seen memes and other similar communications circulated on social media with users often not realizing they are subject to our rules,” wrote the FCA.
🟢 As an especially popular asset class with young people, memes are arguably central to how large swaths of the industry – including its community and businesses – relate to each other online.
🔴 In fact, major cryptocurrencies have popularized around little but the notoriety of the meme they represent – such as Dogecoin (DOGE), which is currently the 9th largest crypto by market cap.
Coinbase Pauses Staking Services in Several US States Amid SEC Lawsuit 📌
➡️ Coinbase, the US-based cryptocurrency exchange, has temporarily paused its staking services in four states in response to legal proceedings from Securities and Exchange Commission (SEC).
➡️ In a blog post on July 14, Coinbase announced that it was temporarily suspending its retail staking service in California, New Jersey, South Carolina, and Wisconsin. This decision comes in response to the US Securities and Exchange Commission (SEC) filing a lawsuit against the crypto exchange in June for offering unregistered securities.
🟢 In addition to the SEC lawsuit, regulatory bodies in 10 US states initiated legal proceedings, suspending certain services.
💬 "We strongly disagree with any allegation that our staking services are securities," Coinbase wrote. "But we will fully comply with the preliminary state orders where required, even though that comes before we've had an opportunity to defend ourselves."
➡️ However, it is essential to note that only the regulatory actions in California, New Jersey, South Carolina, and Wisconsin require a pause in staking additional assets.
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DCG Dismisses Gemini Lawsuit As “Publicity Stunt” By Winklevoss ✅
👀 Digital Currency Group responded to the lawsuit filed by Gemini alleging it defrauded its creditors by calling it a “publicity stunt” by Cameron Winklevoss. Gemini revealed yesterday that it has filed a lawsuit against DCG and its CEO Barry Silbert for orchestrating and directly perpetrating a fraud against creditors.
🟥 Gemini claimed that the DCG CEO pushed to continue the Earn program despite being fully aware of Genesis’ insolvency. Cameron Winklevoss alleged that Barry Silbert and DCG executives lied again and again to conceal the truth from Gemini and other creditors.
➡️ DCG’s subsidiary Genesis owes nearly $1 billion to Gemini’s Earn program users and other creditors.
✔️ DCG issued a statement last night saying that the latest lawsuit is yet another publicity stunt from Cameron Winklevoss to deflect blame and responsibility from himself and Gemini.
Nasdaq Submits Revised Application for BlackRock's Bitcoin ETF to SEC 🟢
⚡️ Nasdaq has resubmitted an application to the U.S. Securities and Exchange Commission (SEC) to list a bitcoin exchange-traded fund (ETF) by BlackRock.
The updated filing, made public on Monday, includes additional details to address concerns raised by the SEC regarding the initial submission, Reuters reports.
👑 Coinbase, a leading cryptocurrency exchange, will provide market surveillance support for the proposed ETF, which is backed by the world's largest asset manager. The SEC had previously expressed concerns about the clarity and completeness of the original filings by Nasdaq and had raised similar concerns with Cboe regarding a filing from Fidelity.
➡️ According to Cboe's filing for the Fidelity bitcoin ETF, the platform represented around half of the U.S. dollar-bitcoin trading volume in May.
💎 Coinbase, in response to the SEC lawsuit, argued that the regulator lacks the authority to pursue civil claims against them, as the crypto assets traded on their platform are not considered securities.
✔️ The SEC has previously rejected numerous spot bitcoin ETF applications, including one from Fidelity in January 2022. In each case, the SEC cited the failure to meet the standards aimed at preventing fraudulent and manipulative practices, while ensuring investor protection and public interest.
