74191
◾️Important Crypto news 📰 ◾️Charts 📈 ◾️On chain Analytics 🔗 ◾️Interviews / Podcasts Contact: @CNBE_Admin
🇦🇺 Australian Regulators Attack Binance Offices In Ongoing Investigation
According to Bloomberg, The Australian Securities and Investments Commission (ASIC) is conducting an investigation into Binance, the world’s largest cryptocurrency exchange. According to unnamed sources, ASIC searched the company’s Australian offices as part of an ongoing inquiry into the exchange’s now-defunct local derivatives business. The categorization of retail and wholesale customers by Binance Australia is the subject of ASIC’s investigation. Binance said in April that it would close its local futures exchange while continuing to operate its spot platform. Due to misclassification as wholesale investors, the business claimed to have terminated the derivatives holdings of some Australian customers. ASIC, who had previously suspended Binance Australia’s derivatives license, indicated that their investigation against the business is still continuing and declined to confirm or deny the search activities. The exchange replied by saying its collaboration with local authorities and commitment to achieving regulatory requirements in order to provide fully compliant service to Australian customers.
📌 Best Crypto News
💰 Value locked in Solana's liquid staking protocols surged by 91% in H1
The Solana ecosystem has recorded an increase in the value of assets staked into liquid staking protocols, marking a 91% rise year-to-date. By the end of June, a combination of liquid staking protocols, including Marinade Finance, Lido, Jito, JPool, and Socean, had cumulatively held $187 million in staked Solana (SOL) tokens, according to The Block Research. This represents a substantial growth from the initial $98 million staked at the beginning of the year. Kevin Peng, a research analyst at The Block, suggests that the rise in inflows into Liquid Staking Derivatives (LSDs) within the Solana ecosystem could be a result of the considerable growth seen in this niche across the broader crypto space. Specifically, the liquid staking growth on Ethereum following the Shapella upgrade may have spurred a ripple effect that extended to Solana. So far this year, about 1.66 million SOL, equating to $31 million, has been deposited into LSD protocols, which shows that increased inflows are partly responsible for the jump in liquid staking TVL. Another key factor propelling this trend is the increase in the price of Solana’s native token, SOL, which has soared by about 60%.
📌 Best Crypto News
🪙 TRON’s First RWA Product stUSDT Exceeds $22 Million in Pledges on Launch Day
According to official data from the TRON website, the total pledged amount for stUSDT has already surpassed $22 million. stUSDT, running on the decentralized platform JustLend, aims to establish a strong connection between individual and institutional investors in the cryptocurrency world and the real world. By leveraging smart contracts, the platform aspires to provide a fair and accessible RWA investment channel for everyone. The launch of stUSDT marks a significant step forward in TRON‘s ecosystem. The early success of stUSDT shows the growing interest and confidence in TRON’s RWA products, as investors understand the potential for big returns while delving into real-world asset investments inside the blockchain ecosystem. This is evidenced by the fact that the early success of stUSDT has been reflected in the early success of stUSDT. stUSDT paves the way for an investing landscape that is more accessible and egalitarian in the field of decentralized finance (DeFi), which is being driven by TRON’s ongoing efforts to develop and expand its product offerings. stUSDT platform, an upcoming welfare event with dates ranging from July 10th to August 10th has been announced.
📌 Best Crypto News
🇰🇷 South Korea Passes Crypto Bill for User Protection
South Korea's National Assembly passed the Virtual Asset User Protection Act on Friday, marking the country's first step towards building a legal framework for virtual assets. The legislation, which will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers must segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions. The bill gives the Financial Services Commission authority to oversee and inspect service providers. The Bank of Korea has the right to request data from service providers. The bill marks the country's first step towards a digital asset legal framework. The legislation, which will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers must segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions. Virtual assets have come under more scrutiny in the country following an investigation into a domestic lawmaker's crypto holdings and last year's collapse of Terraform Labs.
📌 Best Crypto News
🇹🇭 SEC Thailand Prohibits Crypto Staking And Lending With The Passage Of The New Act
On July 3, 2023, Thailand’s Securities and Exchange Commission (SEC Thailand) issued guidelines for cryptocurrency trading entrepreneurs to disclose risk warnings so that traders are adequately informed about the risks of cryptocurrencies, as well as rules prohibiting digital asset business operators from providing services. Instead, to strengthen investor protection from the hazards of such services, back digital asset custody with returns to deposit staking and lending. To safeguard investors, the rules went into force on July 31, with an injunction prohibiting deposit staking and lending effective on August 30. However, the SEC approved requiring cryptocurrency business operators to disclose warnings of the risks of trading cryptocurrencies at its meeting No. 12/2022 on September 1, 2022, and set to prohibit digital asset business operators from providing services or supporting deposit staking & lending services. The authorities determined to adopt upgrading the rules for revealing risk warnings from cryptocurrency trading to be more suitable at meetings No. 16/2022 on December 1, 2022, and No. 9/2023 on May 11, 2023, so the SEC Thailand has continued to write the regulations for both of these topics.
📌 Best Crypto News
📣 Over 60% of Institutional Investors Bullish on Crypto for Next 12 Months: Survey
Institutional investors expressed their belief in more real-world use cases and improvements in regulatory clarity, fueling the drive for crypto adoption. A new survey by Binance Research, the research arm of the world’s largest cryptocurrency exchange, found that most institutional investors are optimistic about the outlook of cryptocurrencies for the next 12 months. The study, dubbed the “Institutional Crypto Outlook Survey,” explored the respondents’ attitudes, preferences, motivations, and adoption toward crypto investments. The respondents comprised a diverse mix of institutional investors with various levels of experience and assets under management (AUM). More than 48% of the participants have over five years of crypto investing experience. Funds with crypto AUM below $25 million made up 52.4% of the surveyees, while those with AUM above $100 million accounted for 22.6%. Regarding allocation, 47.1% of the participants disclosed that they maintained their crypto holdings over the past year, while 35.6% increased theirs within the same period. About half of the respondents expect to increase their crypto possessions with time, while 4.3% would do the opposite in the next year.
📌 Best Crypto News
🇺🇸 Bittrex Challenges SEC's Authority in Lawsuit Dismissal Motion
Cryptocurrency exchange Bittrex has submitted a motion to dismiss in its legal dispute with the United States Securities and Exchange Commission (SEC). Bittrex argues that the SEC does not have the authority to regulate cryptocurrencies as securities unless explicitly granted by Congress. This assertion challenges the SEC’s interpretation of existing securities regulations and seeks to establish a more defined regulatory framework accommodating digital assets. In its motion to dismiss, Bittrex has adopted a similar approach to Coinbase, aligning its arguments closely with those made by the larger cryptocurrency exchange. This alignment indicates a strategic move by Bittrex to capitalize on the robust legal framework established by Coinbase and construct a unified defense against the SEC’s lawsuit. Bittrex’s legal team identifies what they perceive as shortcomings in the SEC’s allegations regarding the trading of investment contracts. While both defendants acknowledge that the initial sale of certain crypto assets could be classified as securities contracts, they contend that the same classification does not extend to assets traded on secondary markets.
📌 Best Crypto News
🚨 $656M lost from crypto hacks, scams and rug pulls in H1 2023: Report
According to a June 30 report by Web3 security firm Beosin, the total value of cryptocurrencies lost in scams, hacks and rug pulls amounted to $656 million during the first half of 2023. This includes the loss of $471.43 million in 108 protocol attacks, $108 million in various phishing scams and $75.87 million over 110 rug pulls. For hacks, the amount represented a significant decrease over H1 2022 and H2 2022, where $1.91 billion and $1.69 billion were lost, respectively. In a dashboard compiled by Beosin and Footprint Analytics, only one project was hacked for more than $100 million, that being Euler Finance’s $195 million flash loan hack on March 13. The firm opened redemptions on April 12 after hackers returned most of the stolen assets. The vast majority of crypto lost in H1 2023 were coins and tokens minted on the Ethereum blockchain, at 75.6%. Meanwhile, the second largest stolen asset class, Binance Smart Chain tokens, came at just 2.6%. Furthermore, most of the stolen crypto was lost due to smart contract vulnerabilities (56%), while 21.4% had no clear identifiable reasons for the loss. Nevertheless, the numbers represent a significant decrease over H2 2021, when a record $2.1 billion in crypto was lost due to hacks, phishing scams and rug pulls.
📌 Best Crypto News
💰 Largest Crypto ATM Provider Bitcoin Depot Lists On Nasdaq On July 3
Bitcoin Depot, one of the largest crypto ATM companies in the United States, announced the completion of a merger agreement and allowed public listing on NASDAQ on July 3. In a June 30 announcement, fintech firm GSR II Meteora Acquisition Corporation said its shareholders approved the merger so that the company would act as a special-purpose acquisition company for Bitcoin Depot. The deal, first reported in August 2022, is worth $885 million. The combined company will be renamed Bitcoin Depot Inc. and will be led by the current management team. Bitcoin Depot common stock and public warrants are scheduled to begin trading on July 3, 2023 on Nasdaq under the tickers “BTM” and “BTMWW,” respectively. Bitcoin Depot was founded in 2016 with a mission to connect those who prefer to use cash with the broader digital financial system. The company provides users with simple, efficient, and intuitive means to convert some money into Bitcoin, which users can deploy in the payments, spending, and investing space. The company has the largest market share in North America, with approximately 6,440 kiosks as of March 31, 2023.
📌 Best Crypto News
💰 Lido Community Boosts Protocol Fund With 20,000 ETH Investment
Lido community, a decentralized staking protocol for Ethereum 2.0, has put forth a proposal aimed at enhancing the platform’s operational sustainability. The proposal suggests allocating 20,000 ETH to the protocol fund, with the goal of generating additional revenue to offset ongoing costs. Currently, the project is in the main voting phase, set to conclude in the early hours of July 1, and has garnered a 100% approval rate. Following this vote, a second voting period will commence. According to the proposal, the expected rate of return on the 20,000 ETH, estimated to be around 4% to 6% annually, could potentially yield an additional $2 million in revenue for the Lido protocol. This anticipated increase in earnings highlights the community’s proactive approach to securing the financial sustainability of the project. The move to allocate funds to the protocol fund aligns with Lido’s objective of creating useful assets that can generate revenue streams. By committing a portion of the ETH holdings, Lido aims to ensure ongoing operational viability while simultaneously exploring avenues to maximize returns for its participants.
📌 Best Crypto News
🪙 Zilliqa Planned Upgrade On July 5 Deposits And Withdrawals Will Be Stopped
Layer 1 blockchain Ziliqa has issued a document stating that the Ziliqa mainnet is expected to be upgraded to v9. Now), the Zilliqa network will not process transactions during the upgrade period, and deposits and withdrawals are suspended. The upgrade will introduce several improvements and new features to optimize performance and enhance cross-chain functionality. Among them, the main enhancements are enhancing interoperability between EVM and Scilla, and simplifying ERC-20 and ZRC-2 smart contract. Other improvements include extended testing coverage for third-party EVM contracts and full backward compatibility with all Scilla contracts currently in the Scilla 0.13.3 release. This reinforces Zilliqa’s commitment to security and robust functionality. Additionally, the upgrade includes various bug fixes, improved server-side resiliency and overall network performance improvements, the introduction of enhanced search and tracking capabilities for developers, and support for Extended development platform support. The Zilliqa team will provide quick updates on the completion of the upgrade and appreciate the understanding and patience of all network participants during this period.
📌 Best Crypto News
🟣 Polygon 2.0 to leverage Matic re-staking and new interoperability layer
Polygon Labs said it plans to unify new zero-knowledge chains using mechanisms such as re-staking and a common bridge in a move toward transitioning Polygon into a Layer 2 ecosystem. The design for Polygon 2.0 is intended to utilize a shared zero-knowledge infrastructure to power all networks within the ecosystem, pending approval by its governance body. This development comes on the heels of a recent community proposal to upgrade Polygon’s proof-of-stake network to a Layer 2 zkEVM Validium. Polygon 2.0 aims to create an ecosystem where we can continuously add block space and unify them with a shared bridge and an interoperability layer,” Polygon co-founder Brendan Farmer said in an interview with The Block. “Unified liquidity is everything for Polygon in the coming year. The proposed Polygon 2.0 network will incorporate an Ethereum Virtual Machine client and a shared ZK proving implementation, referred to by the team as an “interoperability layer” or a “common bridge.” The interoperability layer will be powered by an in-house developed cryptographic algorithm, Plonky3, and the end result will be a single, high-performance proving system that will underpin the entire network.
📌 Best Crypto News
💰 FTT Boom Over 65% In Just One Day, FTX Revival Effect Happened
FTT, once the token representing the FTX empire, seems to have caught up with the signal that FTX is planning to revive the exchange with extremely impressive gains in recent times. It seems like FTX, the revamped cryptocurrency exchange, is on the verge of relaunching with the goal of emerging as an altogether new platform. In response to the statement, FTX’s restructuring head, John Ray, said that the company had begun the process of interacting with interested parties in order to revitalize the FTX.com exchange. After the favorable statement, the native token of the defunct FTX exchange, FTT, attracted purchasers, resulting in a large price rise of more than 65% in only one day. At the beginning of the week, FTT had a stunning increase in momentum, resulting in a large gain of over 95% for purchasers in only four trading days. As a consequence, according to CoinMarketCap statistics, the market capitalization has recovered to $560 million. The FTT price, which is now trading at $1.722, has risen by more than 35% in less than 12 hours, increasing the total gain from June 15 to more than 150%. It is apparent that this is a breakout in comparison to the current crypto market, but can this growth be sustained? The current price has also reacted to the Fib 50% level at $1.85.
📌 Best Crypto News
📣 Voyager Crypto Exchange to Pay $1.1M in Legal Fees!
Kirkland & Ellis charged Voyager Digital $1.1 million in legal fees for work done on the crypto lender’s bankruptcy case in April. The firm’s highest-paid partners are charging upwards of $2,000 an hour for their work on the case, while some billed hundreds of thousands of dollars in fees for the month. George W. Hicks Jr., P.C, one of Kirkland & Ellis’ litigation partners, billed $153,211 in fees across 87.8 hours of work, while Nicholas Adzima, an associate, billed 118 hours and totaled $147,906 in compensation for the month. Kirkland & Ellis is one of the world’s largest law firms, and has brought in over $6 billion in revenue, according to a report by Law.com. The firm is representing a number of crypto companies in restructuring that fell into Chapter 11 during the bear market of 2022, including Celsius and BlockFi. The series of bankruptcies brought on by the 2022 bear market has been a boon for law firms. According to Bloomberg Law, FTX’s bankruptcy fees have already topped $200 million, while Celsius has already racked up over $50 million in fees in its proceedings. Some critics have pointed out that the long processes and high legal fees mean that creditors lose out as the dwindling pot of money is eaten up by attorney fees.
📌 Best Crypto News
⬜️ OKX Released The 8th Proof Of Reserve, All Coins Exceeded 100%
OKX, the second largest offshore cryptocurrency exchange, officially released the 8th Proof of Reserve (PoR). According to reports, OKX is dedicated to improving the transparency of PoR to the traditional financial audit level in order to maintain its position as the industry leader in security and transparency. The recent reserve ratio of 22 publicly traded coins all topped 100%, with BTC, ETH, and USDT all at 103% and a total value of $11.3 billion. It is one of the industry’s few major encryption exchanges that issue reserve certificates on a monthly basis. Proof of reserves (PoR) is the process of confirming that the customer assets held by a cryptocurrency exchange or financial institution match the number of assets kept in reserve on the customers’ behalf. PoR has been widely publicized as the major method for crypto investors to ensure that their assets are properly safeguarded. It’s also a crucial tool for crypto platforms since it allows them to demonstrate that they have enough assets to support transactions and withdrawals. The bankruptcy of FTX and the dissolution of Three Arrows Capital both stunned the cryptocurrency sector. They called into doubt the dependability and integrity of cryptocurrency custodians.
📌 Best Crypto News
🟠 Binance Stops Depositing And Withdrawing Of Multichain Tokens From July 7th
According to the official announcement, Binance will suspend support for the deposit and withdrawal of Multichain cross-chain bridge tokens minted through the following network from 08:00 on July 7 until further notice. This is Binance’s latest move towards the troubled Multichain cross-chain bridge. Previously, Binance had temporarily suspended the top-up of tokens via the project-linked bridge the day after this incident. Deposits for pairs POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC and DEXE-BSC have been affected by This situation. The event started on May 24, the Twitter social network stirred up information that the authorities had arrested the Multichain team in China. At the same time, many on-chain signs indicate suspicious movements related to the MULTI token. Multichain has confirmed that some of the project’s cross-chain remittance gateways are not working due to “force majeure reasons, ” with unknown recovery time. According to the update, some cross-chain bridges of the Multichain protocol have been restored and are now operational as of June 5. Tung Dinh, Vice President of Multichain, confirmed the restoration of the Multichain router2 router, showing that the core component of the bridge is back to normal. There is also speculation about the condition of Multichain’s co-founder and CEO, Zhao Jun, that he may have been released from prison.
📌 Best Crypto News
📉 Bitcoin, Ether Supply on Exchanges Fell in June: Goldman Sachs
The supply of bitcoin (BTC) and ether (ETH) on exchanges fell in June as ramped-up regulation and crime persuaded holders to prefer self custody, Goldman Sachs (GS) said in a report Tuesday, citing on-chain data. Supply of bitcoin, the largest cryptocurrency by market cap, dropped 4%, nearing the level of December 2022, itself the lowest since November 2020 – and right before the start of the 2021 bull market, the report said. Ether supply slid 5.8% to levels not seen since May 2018. “Major centralized spot exchanges are facing regulatory headwinds putting investors on alert, cyber hacks and theft continue to be a concern across the crypto markets, highlighting asset holders’ preference for self custody, in line with the popular adage ‘not your keys, not your coins’, and specifically for ether, the enablement of staked ether withdrawals has resulted in investors’ preference to stake ether, instead of passively holding on exchanges,” the report said. Goldman noted that June was a record month for bitcoin miners’ inventory sales as miners took advantage of the cryptocurrency’s strong performance. Total monthly BTC inflows from miners to exchanges almost doubled from May to $99 million, it said.
📌 Best Crypto News
📣 Bitget To Launch New Product To Expand On Crypto Lending Sector
According to a July 4 news release, Bitget, a well-known crypto-exchange, has entered the “crypto lending” market with the debut of its new product, Crypto Loans. The exchange states the loan product employs a “dual-coin approach.” Those who stake one coin will be compensated with another asset. Customers of Bitget’s new Crypto Loans service will be able to stake low-demand currencies. Bitget will lend such users more liquid assets in exchange. Bitget has established itself in the cryptocurrency industry by providing both copy-trading and crypto-derivatives services, and it is now time to cater to the rising loan demand. Furthermore, the new business hopes to attract a new audience of customers who have been turned down by conventional lenders and are searching for alternative funding options via digital assets. Bitget’s Crypto Loans utilize a dual-coin strategy, allowing customers to stake one of their assets as collateral in return for the option to borrow a matching amount in another currency. Each loan is granted at a fixed interest rate, and the amount borrowed is decided by the collateral’s market value. Loans are granted for a certain length of time.
📌 Best Crypto News
🪙 Litecoin Halving Less Than 30 Days, LTC Up 31% In The Last Week
According to Litecoin halving data, 29 days, 20 hours and 45 minutes (1,7682 blocks) are still left before the Litecoin (LTC) block reward halving. The halving is scheduled to take place on August 2, at which point the block reward will drop from 12.5 LTC to 6.25 LTC. Litecoin has been trending on social media as the asset approaches its halving event. Litecoin has seen significant growth over the past 30 days. The price of LTC has increased by more than 27% since the one-month countdown to the Litecoin halving began. Most investors expect the Litecoin price to increase after the halving event, as the number of rewards will decrease, thus increasing demand. However, there are several other factors to consider. Each LTC price halving is usually very chaotic. This includes a significant price pump, a corresponding correction, a price low, and a local rally to the top. After the halving, the price of LTC was corrected from the high at that time. It will then form a new low followed by a sharp rise to a new all-time high. Therefore, we will likely see a post-halving price pump on August 2, 2023. And according to previous halvings, the price could correct before reaching a local top.
📌 Best Crypto News
🇧🇾 Belarus Plans To Ban Crypto Trading Between Individuals: Report
According to uz.kursiv.media, Belarus is planning to ban cryptocurrency transactions between individuals to prevent criminal activity and promote transparency. The legislation would require citizens to trade only through official exchanges. Belarus is reportedly working on a bill that would prohibit cryptocurrency transactions between individuals. The Ministry of Internal Affairs (MVD) believes that this will help prevent the withdrawal of funds earned through criminal means. The ministry hopes that this restriction will make it unprofitable for fraudsters to operate within Belarus. Currently, law enforcement authorities have identified 27 instances of illegal cryptocurrency exchanges since the beginning of 2023, with an estimated profit of almost 22 million Belarusian rubles ($8.7 million). While the proposed legislation may seem strict, it is in line with other countries efforts to regulate the cryptocurrency market. Many governments are concerned about the use of cryptocurrencies for illegal activities, such as money laundering and tax evasion. By requiring citizens to trade cryptocurrencies only through official exchanges, the Belarusian government hopes to prevent such activities and ensure greater transparency and control.
📌 Best Crypto News
🪙 Binance Conducts 11th Terra Classic Burn, 2.65 Billion LUNC Tokens Burned
Binance, the world’s largest crypto exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round. The total LUNC tokens burned by Binance now exceed 35.5 billion, with the community’s burn surpassing 68 billion. Traders have reacted positively to the burn, with LUNC seeing a 3% price increase. Based on a transaction executed on July 1, Binance transferred 2.65 billion LUNC tokens to the burn address, reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC. The Terra Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network. The number of tokens burned is relative to the number in circulation. This ensures that the total supply of tokens is constantly decreasing, hypothetically increasing their value over time. As reported by Coingape, Binance conducted a burn of 1.04 billion LUNC tokens in June. Although Binance reduced its contribution from LUNC spot and margin trading fees from 100% to 50%, the community expressed gratitude for the support provided by the crypto exchange and its CEO, Changpeng Zhao. In June, LUN struggled to surpass the $0.0001 mark and declined below the support level of $0.000090.
📌 Best Crypto News
🆘 Poly Network Attacker Issues 'Worthless' Billions in SHIB, BNB, BUSD in Latest Crypto Hack
Attackers issued billions worth of several tokens on Sunday morning after exploiting a smart contract function in cross-chain protocol PolyNetwork’s bridge tool. Bridges allow users to swap tokens between different blockchains using a smart contract by locking value on one network, and releasing it on another. PolyNetwork attackers were likely able to manipulate the way the bridge works and trick it into issuing tokens on one network which, in reality, did not exist. Attackers minted 24 billion binance usd (BUSD) and bnb (BNB) on the Metis blockchain, 999 trillion shiba inu (SHIB) on the Heco blockchain, and millions of other tokens on various other networks, such as Avalanche and Polygon. This meant the attackers’ wallet held over $42 billion worth of tokens (on paper) immediately following the attack. But an abject lack of liquidity prevented the attackers from monetizing the gigantic token stash. Metis developers confirmed there was no “sell liquidity available” for the BNB and BUSD, while the illicitly-issued METIS tokens were locked on the PolyNetwork bridge by developers.
📌 Best Crypto News
🏦 Kraken Is Requested By The IRS For Customer Information From $20,000
According to The Block, Kraken was ordered by a judge on Friday to provide certain user information to the Internal Revenue Service (IRS). The IRS wants the exchange to identify accounts with more than $20,000 in crypto transactions annually between 2016 and 2020. Kraken has previously objected to the IRS subpoena partly because its concerns will create a great burden. The exchange called the agency’s summons an “irrational treasure hunt,” arguing that it crossed the line. Kraken will have to disclose information such as name, date of birth, physical address, phone number, and tax identification number. Friday’s ruling in favor of the government comes amid a deepening US crackdown on cryptocurrencies. The Securities and Exchange Commission this month filed a lawsuit accusing Coinbase of operating an illegal exchange and alleging that Binance.US mishandled customer funds, misled investors and agencies’ regulatory authorities as well as violations of securities rules. Kraken is a leading cryptocurrency exchange with a daily trading volume of around $650 million globally, according to CoinMarketCap. The company did not immediately respond to an email request for comment on the ruling.
📌 Best Crypto News
🏦 Huobi Exchange Had Leaked OTC Transaction Info, User Data From 2017 To 2021: Report
Huobi exchange suffers massive data leak, including OTC transactions, user/VIP info, and tech data. Huobi responded, but the incident raises data security concerns. Wu reported that Huobi exchange has suffered a massive data leak, according to Aaron Phillips, a white hat security researcher. The leaked data includes OTC transaction information, user information, VIP user information, and technical infrastructure data. The leaked data is said to have occurred between 2017 and 2021. Huobi has confirmed the incident and stated that it was caused by the irregular operation of relevant personnel in the S3 barrel of the test environment of the Japanese station. The relevant user information was completely isolated on October 8, 2022. After the incident was discovered by the white hat team, Huobi’s security team took action on June 21, 2023, and immediately closed the relevant file access permissions. The vulnerability has been fixed, and all relevant user information has been deleted. Huobi has thanked the White Hat team for their contributions to its security. Huobi’s updated response stated that the OTC data mentioned in the article is not real transaction data, but test data.
📌 Best Crypto News
🪙 Binance Burns Tokens To Increase Efficiency and Reduce Costs
In a recent announcement on Twitter, Binance revealed its plan to burn a selection of idle Binance-pegged tokens. The tokens scheduled for burning are TRXOLD, PAX, DAI, USDP, PAXG (on the Binance Smart Chain), PAXG (on the Binance Chain), BUSD, and USDC. These tokens represent a range of digital assets that have been pegged to their corresponding fiat currencies or assets, providing users with liquidity and stability. This reduction in supply often contributes to price stability and can generate positive effects on market dynamics. By burning these idle tokens, BNB aims to enhance the efficiency of its token ecosystem. The act of token burning involves permanently removing a certain quantity of tokens from circulation, thereby reducing the total supply. This reduction in supply often contributes to price stability and can generate positive effects on market dynamics. However, the token burning process initiated by BNB is distinct from the traditional concept of token burning, as it is tied to the release of collateral on their native networks. This approach allows BNB to maintain a balanced utilization of resources while ensuring the liquidity and availability of the underlying assets.
📌 Best Crypto News
📣 Celsius Can Convert All Altcoins To BTC, ETH After July 1
Celsius just stated that it had been given permission to begin liquidating its altcoins, as this insolvent cryptocurrency lender intends to payout to creditors using only the two most prominent cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). Bankruptcy Judge Martin Glenn of the Southern District of New York accepted the action, which Celsius suggested following conversations with the Securities and Exchange Commission (SEC), which has said that a spectrum of less-used crypto coins needs regulatory permission. On July 1, 2023, Celsius will be able to sell or convert any non-BTC and non-ETH cryptocurrency into BTC or ETH. Celsius has $70.5 million in CEL, $51.8 million in MATIC, $26.2 million in ADA, $17.3 million in LINK, and $14.4 million in LTC, among other investments. The cryptocurrencies owned by Celsius amount to $218 million, according to an alleged balance sheet that went viral in April and include CEL, MATIC, ADA, LINK, LTC, DOT, BCH, AAVE, UNI, XLM, SOL, EOS, FIT, SRM, and BNB. Celsius’ native token is CEL, while the remainder is largely MATIC and ADA. The company has been in regular contact with the SEC and certain state regulatory agencies regarding the proposed distribution of cryptocurrency under the plan to ensure that all such distributions are in full compliance with applicable federal.
📌 Best Crypto News
✖️ DYDX Announces V4 Public Testnet Before Official Launch On July 5
Decentralized exchange DYDX said on Wednesday that it will launch the testnet of the DYDX Chain on July 5, 2023, at 17:00 UTC. Some of the functions in the testnet include connecting wallets, viewing order books, placing market orders, and viewing account information. The following core flows will be available for testing through integrations, APIs, web sockets, and web UI. At launch, the testnet only works with the Bitcoin and Ethereum markets, but it is anticipated that the open-source software will cover around 30+ markets when the network is upgraded. The link to the v4 Exchange Public Testnet will be made available on July 5. Based on the announcement, the launch comes ahead after reaching the fourth milestone before the scheduled date. In the third milestone (v3), the chain added advanced features to the stable internal test network. The developments in version 3 include limit order placement, dynamic funding rates, use of ABCI 2.0, and other latest Cosmos-SDK features. The third milestone also saw documentation integration for Validators and Market Makers as the dYdX chain partnered with a small group of internal validators to test different aspects of the network. Currently, the platform has completed many items and has more than 40 validators running for DYDX Chain.
📌 Best Crypto News
🇬🇧 UK Now Admits Crypto As Regulated Financial Activity In The Country
The United Kingdom (UK) has taken a proactive step to strengthen its financial ecosystem with the Royal Assent of the Financial Services and Markets Bill (FSMB). The UK Government has been working on the Financial Services and Markets Bill for quite some time, and it believes that its passage will play a central role in delivering the Government’s vision of growing the economy and creating an open, sustainable, technologically advanced financial services sector, and it includes measures to bring crypto and stablecoins under regulation. Among other things, the FSMB establishes a clear route for crypto assets to be regulated as financial products in order to facilitate their safe adoption in the United Kingdom. The necessity to release a functioning regulation remains one of the most pressing issues in the United States, and the clear progress in the United Kingdom has sparked fears that America would lag behind in adopting future innovation. The recently signed Bill in the United Kingdom is significantly more comprehensive since it considers wider innovation using blockchain technology. Significantly, the Act provides “sandboxes” that potentially promote the deployment of innovative technologies like blockchain in financial markets.
📌 Best Crypto News
📣 TUSD Depeg Due To TrueUSD Reserves Audited By FTX.US Collapsed
According to CoinDesk, the certificate of reserve of the troubled stablecoin TrueUSD was audited by The Network Firm, formerly Armanino, and worked with Sam Bankman-Fried (SBF) for FTX.US to perform the audit. Armanino, an accounting firm of FTX.US, has ended its crypto audit business and abandoned its clients. The reason is that other clients in the industry consider Armanino’s reputational risk to question their audit results and put pressure on it. After the FTX incident broke out, American investors sued Prager Metis and Armanino, the auditors of FTX, accusing them of conspiring to commit extortion. Executives at Archblock, which powers the TUSD stablecoin, previously confirmed the Armanio team in emails to CoinDesk and said they would continue using The Network Firm. Earlier today, the community stirred with the rate of TUSD in Curve’s 4pool surpassing the 70% mark, and the stablecoin is showing a slight depeg signal. This case is reminiscent of Curve’s 3pool USDT rate crossing the 50% mark on June 15, not long ago, resulting in USDT being depeg for a short period of time.
📌 Best Crypto News
💰 Bitcoin miners sent $1 billion to exchanges since BlackRock ETF filing
Miners sent more than $1 billion worth of bitcoin from their wallets to cryptocurrency exchanges over the last two weeks. The currency outflows from miners suggest heightened trading activities and potential hedging strategies, according to the on-chain data analytics provider CryptoQuant, coinciding with the timing of BlackRock’s bitcoin ETF filing on June 15. The news was first reported by CoinDesk. Approximately 33,860 BTC has been sent to derivatives exchanges, though most funds have since returned to the miners' proprietary wallets. “This could signal that miners may be using their newly minted coins as collateral in derivatives trading activities,” CryptoQuant analyst Cauê Oliveira said. “A good example of this type of trading is known as hedging, which uses bets in the opposite direction to market consensus.”. Miners also saw an approximate 8,000 BTC reduction in their reserves during the period, CryptoQuant added, of which only a small amount was sent to spot trading venues.
📌 Best Crypto News