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🇸🇬 Blockchain.com Secures Singapore License, Empowering Global Operations
Blockchain.com has reached a significant milestone by obtaining a coveted license from regulatory authorities in Singapore. The licensing approval from SG regulators underscores Blockchain.com’s commitment to adhering to rigorous regulatory standards while catering to the growing demand for blockchain services. The move positions the company to serve users within Singapore with a range of innovative offerings while maintaining a strong focus on security and compliance. This accomplishment bolsters the company’s credibility and sets the stage for its enhanced presence within the burgeoning Asian market and beyond. SG, renowned for its pro-business environment and progressive approach to blockchain and fintech, offers a strategic backdrop for Blockchain.com’s expansion efforts. The license not only paves the way for enhanced user experiences within Singapore but also serves as a launchpad for the company’s wider global ambitions. Blockchain.com’s entry into the Singaporean market comes at a time when regulatory clarity is paramount for the broader blockchain industry. The license signifies the company’s proactive stance in aligning its operations with evolving regulatory frameworks, ultimately contributing to the industry’s sustainable growth. This license positions Blockchain.com to serve users and expand globally.
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🇸🇻 Binance Becomes First Fully Licensed Crypto Exchange In El Salvador
Binance became the first licensed crypto exchange in El Salvador, granted both BSP and Digital Assets Services Provider licenses. Binance has become the first fully licensed crypto exchange in El Salvador after being granted both a Bitcoin Services Provider license (BSP) by the Central Reserve Bank and the first non-provisional Digital Assets Services Provider license (DASP) by the National Commission of Digital Assets. Binance now approves and registers in 18 markets worldwide, including France, Italy, Spain, Sweden, and Dubai, more than any other crypto exchange. The licenses will allow Binance to expand the products and services offered, including options tailored to the needs of its customers in El Salvador. Binance Head of Latin America, Min Lin, commented, “We are honored to be granted this license, as Binance continues to work collaboratively with regulatory agencies worldwide to support global standards for the crypto and blockchain industry. This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users.”. El Salvador became the first country in the world to recognize Bitcoin as a legal tender in 2021 and approved a law regulating the issuance of other digital assets by state and private entities.
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⚪️ Curve Finance Reclaims $52.3 Million Stolen In The Recent Exploit
In a significant turn of events, the cryptocurrency community witnessed the recovery of approximately $52.3 million, or 73%, of the stolen funds resulting from the Curve Finance exploit on Ethereum. This exploit initially led to the loss of around $73.5 million in cryptocurrencies. The exploit, executed by the initial exploiter of the Curve CRV-ETH vulnerability, managed to siphon off a massive amount from Ethereum. These restitution efforts followed the chaotic events of July, where a staggering $100 million in cryptocurrency vanished from various bridges associated with the Multichain protocol. Additionally, on July 30, Curve Finance faced yet another breach that resulted in a loss of over $52 million during the mining process. Curve Finance, now committed to accountability, has announced a $1.85 million bounty for the public. This bounty aims to incentivize the identification and apprehension of the exploiter behind the July exploit, which incurred losses of $61 million. The evolving narrative underscores the cryptocurrency community’s resilience in the face of adversity, with a focus on learning and improving safeguards for the future.
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🪙 Bitget’s ETH Staking Now Opens Phase 2 Subscription With Exclusive Rewards
Bitget has now extended the opportunity for investors to earn more through its Ethereum staking service. Bitget’s ETH Staking product’s initial phase saw rapid success, selling out within a mere 24 hours. Now, the second phase subscription channel is open, offering users another chance to participate. Promising an Annual Percentage Rate (APR) spanning 4.5% to 5%, this product ensures daily settlement and passive income generation. For this subscription period, a maximum of 320 ETH can be subscribed. Furthermore, Bitget has introduced an exclusive event for new users on the Launchpool platform. Running from August 4 to September 4, newcomers registering during this window will be eligible for BGB airdrops based on their pledged amounts in any launchpool event. Bitget Earn, a comprehensive asset management platform under the same umbrella, caters to users seeking professional and high-quality asset management services. Catering to diverse investment needs, the platform offers a spectrum of secure and high-yield financial products. A recent strategic development involves Bitget and MEXC, which concurrently listed each other’s native platform tokens.
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📊 Worldcoin Sees a 148% Surge in Unique Addresses, the Top 20 Wallets Command 94% of WLD Supply
Worldcoin’s native cryptocurrency, worldcoin (WLD), has oscillated in value between $2.69 and $2.13 per token throughout the preceding 12 days, peaking at $3.30 per coin on July 24, 2023. The number of individual addresses possessing WLD under Worldcoin’s umbrella has surged by more than 148%, escalating from 164,195 wallets to a figure of 408,721 unique addresses. Worldcoin’s native asset WLD has maintained a median average price of $2.41 per token over the course of the past 12 days. Conversely, WLD also touched an all-time low of $1.66 on July 24, but the price has since rebounded, climbing more than 27% from that low. In the week leading up to August 5, WLD’s value has eroded by 9.2% against the U.S. dollar, with 1.7% of that loss occurring on August 5 alone. What has improved in Worldcoin’s recent performance is the rise in the number of unique addresses holding WLD. As of July 25, the count of WLD token holders stood at 164,195 wallets. Fast forward 12 days to August 5, and that figure has expanded by 148% to 408,721 unique addresses. Dominating the landscape, the largest address commands a staggering 57.8604% of the supply, encompassing 103,494,839 WLD tokens, while the top 100 holders collectively wield ownership of 95.08%.
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📣 OPNX bids for beleaguered lender Hodlnaut: Bloomberg
OPNX has reportedly made a bid to takeover beleaguered lending firm Hodlnaut, according to a report by Bloomberg News. OPNX, which is backed by Three Arrows Capital co-founders Su Zhu and Kyle Davies, has offered to inject $30 million worth of FLEX tokens into the firm to finance a partial payout to creditors, according to the report. Citing a term sheet, Bloomberg reported that the deal would result in OPNX owning 75% of Hodlnaut. Based in Singapore, Hodlnaut was among the several victims of crypto's 2022 credit crisis which resulted in the bankruptcy of a wide-range of lenders including BlockFi, Voyager Digital, and Three Arrows Capital. As for Hodlnaut, the firm halted withdrawals in August 2022 after it lost about $190 million in the aftermath of the crash of Terra Luna. The firm was placed under creditor protection by Singapore's High Court at the end of August 2022. Three Arrows sought protection from creditors in July 2022 under Chapter 15 bankruptcy protection. The petition was filed in the U.S. Southern District of New York. Meanwhile, Three Arrows' liquidators are seeking more than $1 billion from Zhu and Davies.
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🪙 Bitwise Joins The Race With 2 Ether Futures ETFs, SEC Now Has Totaling 12 Applications
Bitwise has recently filed for two exchange-traded funds (ETFs) related to Ethereum futures, adding to the growing count of such applications. The company’s latest products include the “Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF” and the previously announced “Bitwise Bitcoin and Ether Equal Weight Strategy ETF,” according to an announcement by Bloomberg ETF analyst James Seyffart. The “Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF” aims to offer exposure to Bitcoin and Ether futures contracts. Managed by Bitwise Investment Manager and Vident Advisory, the ETF’s allocation between Bitcoin and Ether futures contracts is determined by their market cap and rebalanced monthly. Both ETFs primarily invest in cash-settled, front-month futures contracts, with potential inclusion of back-month contracts. The filing highlights the standardized, cash-settled nature of these futures contracts, traded on the Chicago Mercantile Exchange (CME). With the addition of Bitwise’s applications, the total number of Ethereum futures ETF filings reaches twelve, indicating the continued interest in this financial product. Proshares and Bitwise have jointly submitted three futures ETF applications related to “Bitcoin and Ethereum” to the Securities and Exchange Commission (SEC).
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🪙 Tether And Bitfinex Triumph As Judge Dismisses Class Action Lawsuit
Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District Of New York has delivered a significant legal victory for Tether and its sister company Bitfinex by dismissing a class action lawsuit against them. The lawsuit, brought forth by Matthew Anderson and Shawn Dolifka, targeted Tether’s claims regarding the backing of its stablecoin, USDT, alleging that these statements were false and misleading. According to the court, the complaint failed to present evidence demonstrating that USDT had suffered a diminished actual value. This ruling sheds light on the robustness of Tether’s legal position and underscores the inadequacy of the plaintiffs’ claims. Tether, in response to the favorable decision, shared its satisfaction through an official blog post. The post highlighted that the dismissal occurred at an early stage of the legal proceedings, emphasizing the absence of legal merit in the plaintiffs’ allegations. He stressed that the court had correctly recognized the lack of plausible allegations of injury and the absence of evidence supporting the claim that USDT’s value had diminished.
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💰 OpenSea Now Supports Base Network
According to official sources, OpenSea currently supports Coinbase’s Base, layer 2 network. This means that artwork minted on Base’s network can now be bought and sold on OpenSea, and the market leading NFT platform’s NFT-related toolkit will now be able to mint assets on Base’s extended network. OpenSea has been a mainstay of the NFT industry, historically accounting for the majority of organic NFT transaction volume. Although it was overtaken by rival Blur earlier this year and its encrypted trading offers, with its reputation, Opensea remains the top NFT platform of choice for traders. The Layer 2 Network from Coinbase has announced that the launch of the common access mainnet will take place on August 9. Base says its network will host more than 50 “top brands, platforms, markets, artists and creators” at launch, including Coca-Cola, Atari and OpenSea. The team will also celebrate the launch with the “Onchain Summer” campaign, which includes daily NFT rewards for users. The memecoin transaction boom propelled Base to 3rd place in the most active Layer 2, processing almost 7.6 transactions per second (TPS). However, a series of drag disasters – including from the network’s top memecoin, BALD – have since caused activity to drop, with Base now ranked eighth with an average TPS of 2.2 over the past day.
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🇺🇸 Revolut Stops Supporting Crypto In The US From September 2 Due To Harsh Regulations
According to Decrypt, British digital bank Revolut has declared the suspension of its cryptocurrency services in the United States due to regulatory shifts and uncertainties within the U.S. crypto market. Effective September 2, 2023, U.S. customers will no longer be able to place cryptocurrency orders on the platform. The delisting process will conclude by September 18, followed by more extensive restrictions beginning October 3, 2023. This subsequent stage will enforce a complete ban on U.S. customers accessing cryptocurrencies via Revolut. The move reflects the company’s response to the regulatory environment, particularly the stance of the U.S. Securities and Exchange Commission (SEC), which has categorized many cryptocurrencies as securities, subjecting them to investor protection rules. The SEC has intensified its stance, asserting that a significant portion of cryptocurrencies are to be treated as securities, thus making them subject to investor protection regulations. Revolut’s quick response included the removal of Cardano (ADA), Solana (SOL), and Polygon (MATIC) after the SEC’s classification of these tokens as securities. The company’s actions are aligned with broader industry discussions and actions in response to evolving regulatory pressures.
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🇺🇸 IRS And Treasury Required To Issue Tax Regulations For Cryptocurrency Brokers
Democratic US senators signed a letter with Bernie Sanders on Tuesday, urging the IRS and Treasury Department to issue tax regulations for crypto brokers and then do so vigorously. US Democratic Senators Elizabeth Warren, Bob Casey, and Richard Blumenthal addressed the directives in the Senate’s $1.2 trillion infrastructure bill in August 2021, opening existing tax reporting requirements for businesses operating as crypto brokers including exchanges. Warren and other senators contend that the need for the adjustment is immediate since crypto users’ yearly losses from tax evasion amount to billions of dollars. The regulations seek to close financial loopholes by requiring significantly more extensive crypto tax reporting. According to the party members’ argument, given the opportunity, tax evaders and cryptocurrency intermediaries willing to assist them will continue to play games on the system, exploit vulnerabilities and extract billions of dollars every year from the US government. The lawmakers pointed out that even though the Infrastructure Investment and Jobs Act of 2021 required new reporting requirements for cryptocurrency trading, the White House ended its review in May this year.
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💰 FTX Seeks To Remove Dubai Subsidiary From US Bankruptcy Proceedings
The platform has filed court documents with the aim of excluding its Dubai subsidiary, FTX Dubai, from the ongoing liquidation process in the United States. According to the filing, the Dubai branch had not conducted any business activities prior to its bankruptcy filing in the United Arab Emirates (UAE), making the resumption of operations unlikely. Moreover, FTX Dubai’s balance sheet was solvent, providing grounds for a voluntary liquidation process under UAE law. The voluntary liquidation would facilitate the timely distribution of the cash balance after settling all outstanding debts and liquidating assets. A hearing on this matter is scheduled for August 23. The Chapter 11 bankruptcy petition that was filed in the United States included 102 associated businesses and organizations from across the world. One of the entities that are participating in the present legal processes is FTX Dubai, which was founded in February 2022 and is currently controlled by the company’s European affiliate. FTX‘s move to remove the Dubai branch from the US bankruptcy proceedings highlights its intention to handle the subsidiary’s liquidation under the laws of the UAE, where it operates. By opting for a solvent voluntary liquidation process, the platform aims to expedite the distribution of funds and complete the settlement of obligations swiftly.
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🏦 Coinbase Promises To Integrate Layer-2 Lightning Network Solution For Bitcoin
Brian Armstrong, the CEO of Coinbase, and Jack Dorsey, former CEO of Twitter, engaged in a cordial conversation discussing the potential and future of Bitcoin and its Layer-2 solution, the Lightning Network. The Lightning Network, a second layer for Bitcoin that facilitates micropayment channels between nodes, has gained significant attention as a way to speed up payments on the Bitcoin blockchain at a low cost. As the crypto industry expands, platforms like Binance have already integrated the Lightning Network. Prominent Bitcoin advocates, including Block co-founder Jack Dorsey and MicroStrategy executive chairman Michael Saylor, have encouraged Armstrong to adopt the Lightning Network. Dorsey openly accused Coinbase of neglecting both Bitcoin and the Lightning Network, urging the platform to allocate more resources to these technologies. He also advocated for an open protocol for monetary transmission that isn’t under the control of a single entity. Brian Armstrong responded to Dorsey’s comments, stating that Coinbase is indeed exploring ways to integrate the Lightning Network. While acknowledging that the task is not trivial, Armstrong emphasized the company’s commitment to Bitcoin, claiming to have introduced more individuals to the cryptocurrency than possibly any other platform.
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💰 CleanSpark Shines Bright In Bitcoin Mining With 575 Bitcoins Mined
CleanSpark, a prominent Bitcoin mining company, has released its unaudited update for July 2023, showcasing impressive growth and performance in the Bitcoin mining industry. In addition to mining, the company also made strategic sales, selling 43 Bitcoins at an average price of $29,300 each, resulting in approximately $1.3 million in proceeds. As of July 31, CleanSpark holds a total of 1,061 Bitcoins, solidifying its position as a key player in the Bitcoin ecosystem. CleanSpark’s CEO, Zach Bradford, expressed his enthusiasm about the company’s remarkable growth and achievements. He highlighted their recent accomplishment of bringing 2.3 EH/s of mining capacity online in less than a month and emphasized their unwavering dedication to Bitcoin and its infrastructure. The company aims to further expand its operations and reach a hashrate of 16 EH/s within the next six months, demonstrating its commitment to staying at the forefront of the rapidly evolving Bitcoin mining sector. The company’s fleet currently comprises an impressive 87,936 units, and their month-end fleet efficiency was reported at an impressive 29 J/TH. The company remains optimistic about realizing the full value of its month-end hashrate in the upcoming monthly update for August.
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⚪️ Curve’s Unfortunate Incident Made The Mainstream DeFi Tokens All Fell Sharply
Curve Finance, a popular decentralized exchange (DEX), revealed that it suffered a security breach over the weekend. The incident impacted not only several Ethereum pools but also a liquidity pool based on Arbitrum. As a result of the breach, Curve Finance’s native token, CRV, took a major hit in the market. On Coinbase, CRV was trading down 12% over the past 24 hours. However, in a curious twist, the token experienced a surprising surge of 500% on the South Korea-based digital assets exchange, Bithumb. The incident also had a broader impact on mainstream DeFi tokens, with many experiencing sharp declines. The top largest decentralized exchanges’ native tokens fell after Curve announced the platform had been “exploited” due to a programming language flaw. COMP fell by 18.5% in 24 hours, CVX dropped by 14.3%, FXS declined by 13.02%, and AAVE experienced a 13.2% decrease in value. Curve Finance is well-known for allowing users to exchange like-assets, such as Ethereum for Staked Ethereum or Tether’s USDT for Circle’s USDC, providing a valuable arbitrage tool for traders seeking to capitalize on price disparities between assets. According to initial reports, hackers exploited the platform on Sunday.
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🏦 Huobi Is The First Exchange Responds To The Crazy Of PayPal Stablecoin
Huobi, a prominent player in the cryptocurrency exchange space, has unveiled plans to pioneer the listing of PayPal’s new stablecoin, PYUSD. This strategic move marks a significant milestone as Huobi becomes the first exchange to embrace the PYUSD stablecoin. The exchange giant has also declared a groundbreaking policy of zero handling fees for the PYUSD/USDT trading pair, promising to uphold this fee structure indefinitely. This strategic move marks a significant milestone as Huobi becomes the first exchange to embrace the PYUSD stablecoin. PYUSD, the brainchild of PayPal, serves as a secure and practical stablecoin for seamless transfers and payments denominated in US dollars. Issued by the reputable Paxos Trust Company, the stablecoin boasts a robust backing of 100% US dollar deposits, short-term US Treasury bonds, and cash equivalents. Currently, there are 26.9 million PYUSD tokens in circulation. Huobi’s commitment to fostering collaborative growth within the blockchain industry has driven this groundbreaking partnership. The exchange is primed to launch the PYUSD/USDT trading pair once optimal market circulation and liquidity conditions are achieved, a move keenly anticipated by industry observers. In a parallel development, security has taken center stage.
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🇺🇸 CoinGecko Introduces New Tokens List Which SEC Alleges Violation Of Securities Law
According to Cointelegraph, CoinGecko, a prominent cryptocurrency data platform, has unveiled a novel index designed to monitor crypto tokens categorized as securities by the U.S. Securities and Exchange Commission (SEC). Dubbed the ‘Top Alleged Securities Coins,’ this new list arranges these tokens based on their market capitalization. At the summit of this listing sits Binance Coin (BNB), closely followed by Cardano (ADA), Solana (SOL), and TRON (TRX). The creation of this index involved the compilation of noteworthy tokens that have been previously labeled as securities in legal battles with the SEC. The SEC currently designates 68 tokens as securities; however, CoinGecko’s index focuses on a more concise selection, totaling 48 tokens, which account for roughly 7.5% of the overall crypto market capitalization. This new list, rolled out in early August, was meticulously crafted by CoinGecko in light of the SEC’s historical categorizations. The selection includes not only BNB, ADA, SOL, and TRX but also MATIC, TON, and BUSD. Gary Gensler, the Chair of the SEC, consistently advocated for an increased regulatory scope, asserting that virtually all cryptocurrencies, excluding Bitcoin, should be treated as securities and fall under the jurisdiction of the SEC.
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🪙 DAI Pool Surpasses $400M As MakerDAO’s Dai Savings Rate Increases To 8%
MakerDAO Dai Savings Rate increased to 8%, TVL of DAI pool exceeds $400M as large transactions were observed, including a whale selling 5640 ETH for DAI. MakerDAO, one of the most popular Decentralized Finance (DeFi) platforms, recently introduced the Enhanced DAI Savings Rate (EDSR) to combat the shrinking circulation of its stablecoin, DAI. The EDSR system temporarily increases the effective DSR available to users in the early bootstrapping stage when DSR utilization is low. The EDSR is determined based on the DSR and the DSR utilization rate and represents over time as the utilization increases until it eventually disappears when utilization gets high enough. The MakerDAO community conducted a governance vote to introduce the EDSR, which could temporarily increase the interest rate of DAI holders up to 8%. The proposal received 99.93% of the votes in favor, indicating strong support for the EDSR and confidence in MakerDAO’s ability to stabilize the circulation of DAI. As a result, the MakerDAO Dai Savings Rate (DSR) has been increased to 8%, which is expected to stimulate demand for DAI and stabilize its circulation. MakerDAO has been taking decisive actions to stimulate demand for its DAI stablecoin.
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🪙 Reports Suggest 11th-Largest Bitcoin Wallet Belongs to Stablecoin Giant Tether
Tether’s attestation reports have sparked discussions within the crypto community regarding the firm’s earnings and bitcoin (BTC) holdings. The Q1 2023 Assurance Report for Tether indicated that it possessed bitcoin reserves amounting to $1.5 billion. BDO prepared the most recent attestation, which demonstrated an $850 million increase in Tether’s reserves in Q2 2023. On August 3, 2023, Tom Wan, a research analyst at 21.co, posted on social media platform X that he believed a specific address was associated with Tether. Crypto journalist Yogita Khatri reported after the social media post that “a source with direct knowledge of the matter confirmed to The Block that Tether is the 11th-largest bitcoin holder.” According to the BTC rich list, the address “bc1qj” possesses a balance of 55,022.19 BTC, equivalent to $1.6 billion at current exchange rates. Blockchain explorers characterize the address connected with the purported Tether bitcoin wallet “1Kr6Q” as one owned by Bitfinex. Ifinex owns both Bitfinex and Tether. The blockchain explorer OXT displays an annotation from June 14, 2020, that reads: “This is a Bitfinex hot wallet which is still in use today.”. In May 2023, Tether declared that it would allocate 15% of its profits towards bitcoin.
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🏦 Bridged assets to Coinbase's Layer 2 top $100 million
Coinbase's Base has seen more than $100 million in value bridged over to the Layer2. As per L2beat, $111 million in crypto assets have bridged over to Base. Coinbase, which announced the launch of its own Layer 2 to scale out the Ethereum blockchain in February, said on August 3 that it would widen mainnet access next week in conjunction with the release of a bridge to Ethereum. Releasing an official bridge introduces a way for users to move tokens between the Base network and Ethereum. Base's roll out is part of what Coinbase is describing as "Onchain Summer," which will see a number of brands--including Coca-Cola and OpenSea--collaborate with the crypto exchange on on-chain events. As reported by The Block's Vishal Chawla, Base’s developer-only mainnet went live on July 13 and was primarily accessible to developers. However, in the lead-up to the official launch, several users bridged assets to the network using a portal proxy contract and other unofficial bridges to trade new memecoins. That lead to a surge in activity on the network. It also led to a surge in profits generated by the Ethereum scaling solution. Profits generated from Base increased from around $13,000 on July 29 to over $430,000 on July 30.
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💰 Miami Mayor Francis Suarez to Accept Presidential Campaign Donations in Bitcoin
Bitcoin-friendly Miami Mayor Francis Suarez will be accepting donations to his presidential campaign in bitcoin (BTC) , he announced on CoinDesk TV on Friday. "Officially, my campaign is accepting bitcoin," Suarez said. "This is a process of developing technologies that are going to create democratizing opportunities for wealth creation and are not manipulated by a human being's ulterior motives, political goals, etc." he said. Supporters can donate as little as 0.00034 bitcoin, or the equivalent of $1, at FrancisSuarez.com, he said. "The biggest mistake that this administration has made is they don't understand crypto, so they have gone to a regulated-by-enforcement mechanism as opposed to set the ground rules," Suarez said on CoinDesk TV. "You have to be able to classify certain digital products, you have to be able to have certain guidelines and rules that are clear with respect to the custody of assets." Suarez also said that he would ban a central bank digital currency. "Nobody wants the federal government knowing where you have your money and how much money you have ... I don't think that there's anything particularly innovative about that," he said. Suarez, a Republican, announced his candidacy for president in June, entering a crowded race for the GOP nomination that includes front-runners former President Donald Trump and Florida Gov. Ron DeSantis.
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💰 Global X Joins Bitcoin ETF Race With Dynamic Strategy Amidst Regulatory Scrutiny
Global X has submitted an application for a spot Bitcoin exchange-traded fund (ETF), following a trend of industry players seeking to provide Bitcoin-based investment options, according to recent filings. Additionally, Global X has filed to launch an ETF that will dynamically allocate between Bitcoin futures and its recently introduced Treasury bill ETF, Financial Times reported. The latter, launched this year, has already gathered $42 million in assets. Global X has enlisted Coinbase as its surveillance-sharing partner, a strategy also adopted by pending applicants like Fidelity and BlackRock. This move addresses prior SEC concerns about surveillance-sharing agreements and market manipulation. The first U.S. Bitcoin futures ETF, ProShares Bitcoin Strategy ETF, launched in 2021, followed by similar offerings from VanEck and Valkyrie. Despite this, several issuers have sought to launch spot Bitcoin ETFs, with concerns about potential manipulation and surveillance leading the SEC to reject these applications. BlackRock’s recent application for a spot Bitcoin ETF initiated a wave of new applications from firms like VanEck, Valkyrie, Fidelity, Invesco, WisdomTree, Bitwise, and Ark Invest.
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❕ The Sandbox Expands Offerings And Bolsters Security With KYC Verification
Hong Kong-based metaverse game, The Sandbox (SAND), has taken significant strides in fortifying its platform. As metaverses continue gaining traction, the key to their survival lies in continuously introducing fresh and engaging user experiences. The Sandbox has recognized this critical aspect and implemented various developments to enhance user security and compliance. One of the major updates introduced by The Sandbox is the implementation of Know Your Customer (KYC) verification for its staking process. By enforcing KYC verification, the platform aims to ensure that users’ accounts are thoroughly verified before they can participate in staking or claim their earnings. While KYC has been a contentious topic in the crypto space, more prominent players are starting to adopt it as a means to combat bots and malicious actors. The Sandbox follows suit, prioritizing the safety and legitimacy of its user base. Verified users on The Sandbox can now deposit new SAND tokens and claim their weekly rewards securely. Although unverified users are still permitted to withdraw their SAND, the platform seeks to incentivize participation in the staking process through the added benefits for verified users.
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📣 Curve, Metronome, And Alchemix Issue Ultimatum To Hacker With 10% Bounty
Curve Finance, together with Metronome and Alchemix, has taken an unconventional approach to dealing with the recent attack on their platform that sent shockwaves through the DeFi community. In an unprecedented move, they sent an on-chain ultimatum to the attacker responsible for the breach. Through a Twitter announcement, Curve offered the attacker a deal – they would reward the hacker with 10% of the lost assets if they agreed to return the remaining 90% of the hacked funds to the project. The proposal came with a deadline, set for August 6 at 08:00 UTC, giving the hacker a limited window to respond and return the funds. In the event that the hacker fails to comply with the ultimatum, Curve, Metronome, and Alchemix made it clear that they would take legal action to pursue the culprit and retrieve the stolen money. Additionally, they pledged to publicly offer a reward to anyone who can provide information leading to the hacker’s arrest and conviction. To assure the attacker, the trio promised no further legal actions or involvement of law enforcement if the funds were returned as per their offer. The goal is to recover the majority of the funds and hold the hacker accountable without resorting to traditional legal channels.
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💰 Sui Network Introduces Liquid Staking To Enhance Decentralized Web3 Ecosystem
The Sui Network, a revolutionary Layer 1 blockchain that utilizes an object-centric data model to enhance Web3’s infrastructure layer, has unveiled a significant update that enables liquid staking as part of its latest network upgrade. The latest network upgrade by Mysten Labs‘ Layer 1 blockchain introduces support for liquid staking of its native token. This development comes as a crucial step for the Sui community, as it opens up new possibilities within the network’s expanding DeFi ecosystem. With the implementation of liquid staking on Sui Network, developers can now offer fully non-custodial solutions, allowing token holders to receive derivative tokens in proportion to the value of their staked SUI tokens. One notable advantage of the Sui network’s unique architecture is that third-party liquid staking apps on Sui will provide the benefits of liquid staking without centralizing staking power in one or a few validators. The process involves two aspects: a third-party Move package issuing a derivative token equivalent to the staked token and the original token remaining staked to secure the network through the consensus process. Liquid staking is a process where stakers are rewarded with derivative tokens that reflect the value of their staked tokens.
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🏦 KuCoin Halts BTC And LTC Mining Pools To Pursuit Futuristic Business Strategy
KuCoin, a well-known cryptocurrency exchange, recently disclosed its decision to suspend mining pools supporting Bitcoin (BTC) and Litecoin (LTC) mining, effective August 15, 2023. In light of the forthcoming suspension, the platform’s users have been urged to back up and maintain their mining records before August 27, 2023. The exchange clarified that this move is aligned with its evolving business strategy, aimed at redirecting resources to core business operations, enhancing user experience, and ensuring the platform’s long-term sustainability. KuCoin mining pool users are advised to transition their miners to alternative pools before the suspension date. It’s essential to note that while the mining pool operations are set to be temporarily halted, other services offered by KuCoin, including its exchange operations, remain unaffected. The exchange has assured its community that users’ assets will continue to be safe and secure on the platform throughout the suspension period. KuCoin’s BTC and LTC mining pools have been acknowledged as top-performing pools, contributing significantly to the respective networks. As of press time, the exchange’s BTC and LTC pools account for 7.7 EH/s and 3.33 TH/s of the total network hash rate, respectively. This decision comes shortly after KuCoin refuted rumors about possible layoff plans.
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🇨🇳 Binance Defies China’s Ban, Facilitating $90 Billion in Trades: Report
Binance, the world’s largest cryptocurrency exchange, has reportedly facilitated cryptocurrency-related asset trades worth a staggering $90 billion in China over a single month. The Wall Street Journal revealed this information, citing internal figures and accounts from both current and former employees of the exchange. Notably, cryptocurrency trading has been illegal in China since 2021, making this revelation all the more astonishing. According to the report, the transactions in China accounted for a significant 20% of Binance’s global trading volume. Binance has deep roots in China, where it was founded in 2017. The exchange represented mainland China until regulatory restrictions forced it to relocate its operations. Despite this move, China has remained the largest market for the exchange, followed by South Korea, Turkey, Vietnam, and the British Virgin Islands, as per documents examined by the Wall Street Journal. The exchange’s activities in China have not gone unnoticed by regulators, both in the United States and China. The Commodity Futures Trading Commission (CFTC) sued Binance, alleging it operated an “illegal” exchange and had a deceptive compliance program. Meanwhile, the Securities and Exchange Commission (SEC) sued the exchange and its CEO, Changpeng Zhao, accusing them of inflating trading volumes, diverting customer funds, misleading investors, and failing to restrict U.S. customers from using the platform.
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⚪️ Google Cloud Joins Forces With Celo To Strengthen Blockchain Security
In a significant step towards bolstering the security and scalability of the Celo network, the Celo Foundation announced on Wednesday that Google’s computing cloud service, Google Cloud, has become a validator on the Celo platform. The validator, run by Google Cloud, will play a crucial role in verifying new transactions and maintaining the integrity of the Celo blockchain. This move adds Google Cloud to the list of global, diverse validators, alongside esteemed names like Deutsche Telekom. The Celo ecosystem currently hosts over 1,000 projects in more than 150 countries, with various decentralized applications (dApps) making an impact worldwide. Notable examples include the universal basic income (UBI) distributor GoodDollar and community inclusion currencies (CICs) on Grassroots Economics, both of which have garnered substantial active user bases in over 180 countries. The Celo Foundation remains a key partner in Google Cloud’s Web3 startup program, which was introduced in April. The program provides up to $200,000 in Google Cloud credits over two years, and the Celo Foundation has also allocated up to $1 million in grants for future mission-driven projects.
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👀 Bankrupt FTX Confirms The Plan To Relaunch The Crypto Exchange, FTT Surges Over 12%
In the latest development surrounding the bankruptcy of defunct crypto exchange FTX, the company has revealed a draft creditor-repayment plan aimed at resolving its outstanding obligations, Bloomberg reported. One noteworthy aspect of the plan is the provision of a pathway for a specific class of claimants to potentially revive the exchange through collaboration with third-party investors, pending approval from the group. To determine creditor repayments, the plan establishes three “recovery pools”: assets linked to FTX.com customers, assets linked to FTX US customers, and assets not directly connected to the exchanges. Almost all creditor classes, as per the company’s expectations, will be deemed impaired, meaning they may not be fully compensated. Notably, the plan proposes no recovery for FTT tokens due to their “equity-like characteristics.” Advisers for the exchange cited that equity is typically wiped out in US bankruptcy reorganizations. The FTT token had been previously classified as a security by the SEC in a complaint filed against FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison.
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🟠 CyberConnect (CYBER) Now Available On Binance Launchpool
According to the main announcement from Binance, the social network Web3 CyberConnect (CYBER) has officially launched as the 37th project on Binance Launchpool. According to the announcement, the CyberConnect Protocol Native Utility and Governance Token, CYBER is now live on Binance Launchpool, and it will be available for trading on Binance starting August 15, 2023, at 12 noon UTC . Users can start staking BNB, TUSD, and FDUSD into separate pools to farm CYBER for the next 30 days. CyberConnect is one of Web3’s major decentralized social networks, allowing developers to create social applications that help users own their digital identities, content, connections, and currency channels. The project was created to address this shortcoming by establishing a community-owned social network that gives users complete control over their digital identity, completely free of the control of third parties. Not only receiving positive signals from Binance but on May 18, the project announced that they would open token sales on the Coinlist platform. This interests the community because Coinlist is a “big man” in the token sale segment, and the projects listed above are all quality.
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