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📣 Convex Finance Community Votes On FXS Protocol Fee Adjustment To 20% Proposal
The Convex Finance community has initiated a critical proposal for the adjustment of the FXS Protocol fee structure, with voting now underway. This proposal seeks to increase the treasury fee from the existing 17% to a new rate of 20%. Voting commenced on September 15 and will conclude at 11:05 on September 19, 2023. As of the current status of the vote, an overwhelming majority, exceeding 99%, supports the proposed adjustment to the fee structure. This strong consensus reflects the community’s dedication to optimizing the FXS Protocol’s financial sustainability and functionality.
Reduction in vlCVX Share: The proposal suggests decreasing the vlCVX share from 7% to 5%, reflecting a strategic reallocation of resources within the Convex Finance ecosystem. Introduction of Treasury Fee based on veFXS Income: Another notable aspect of the proposal involves the addition of a 5% fee to the treasury, linked to veFXS fee income. This innovative approach ensures that the treasury continues to receive contributions based on its overall performance and income generation. The FXS Protocol plays a pivotal role in the broader Convex Finance ecosystem, facilitating stablecoin stability and maintaining the integrity of the DeFi landscape. These proposed adjustments to the fee structure and resource allocation are crucial steps in ensuring the long-term sustainability and growth of the protocol.
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🟠 Binance Futures Returns To Normal Operation After Technical Problem
Binance, a leading cryptocurrency exchange, recently grappled with a technical problem that temporarily disrupted its futures trading services. In an official statement, the exchange acknowledged the issue and informed users that USDT leveraged futures transactions were temporarily unavailable due to a technical glitch. Binance CEO Changpeng Zhao, popularly known as CZ, confirmed the technical problem and assured users that their team was actively working to rectify the situation.
In a positive development, the exchange also revealed plans to introduce copy trading on its web platform. This feature will enable users to automatically follow the real-time contract trading strategies of leading traders, enhancing accessibility and convenience for traders on the platform. Trading enthusiasts and professionals can look forward to an interesting and rewarding trading environment with the introduction of copy trading by Binance Futures. It’s crucial to remember that, depending on where you live, some things might not be as readily available. It is therefore advisable to rely on official sources for reliable and current information about the accessibility of products.
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🟠 Binance Executives for Russia and Eastern Europe Leave Top Exchange
Binance’s executives for regions including Russia, other former Soviet republics and Eastern Europe are leaving the world’s largest cryptocurrency exchange. The company has seen a wave of exits of top managers amid a crackdown by regulators in a number of markets. On Wednesday, the crypto firm’s Regional Head of Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia and New Zealand, Gleb Kostarev, took to Facebook and Linkedin to announce that this was his last day at the exchange.
“Kudos to the local teams for all the hard work and amazing campaigns at the local level. And of course, heartfelt thanks to all our partners and Binance users for your support,” said Kostarev who was previously overseeing the Asia-Pacific (APAC) region, too. He gave no specific reasons for quitting after his five years in executive roles at Binance. “Almost two years have passed in the blink of an eye, and as of tomorrow, I no longer work at Binance,” the exchange’s General Manager for Russia and the CIS countries, Vladimir Smerkis, also revealed in a Facebook post published the same day. He promised to share details about his decision and plans for the future after a needed vacation.
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🪙 Solana Foundation’s Bold Partnership with HKUST Crypto Lab Ignites Innovation & Gaming Education
The Solana Foundation has recently announced its partnership with the Crypto Fintech Lab of the Hong Kong University of Science and Technology. The collaboration is aimed at extending support to the lab to open Solana game courses and provide financial and technical assistance to students’ innovative projects. The partnership between the Solana Foundation and the Crypto Fintech Lab is expected to offer students the opportunity to learn more about blockchain technology and its potential use cases.
Solana is a high-performance blockchain platform that provides fast transaction processing and low fees. The platform is designed to support decentralized applications and has gained a lot of popularity in recent months. With this partnership, Solana aims to expand its reach and promote its platform to more developers and enthusiasts. The Crypto Fintech Lab at HKUST is an incubation center for blockchain and fintech startups. The lab provides resources and support to startups to develop innovative solutions in the field of blockchain and fintech. With the partnership with Solana, the lab will now be able to offer courses on Solana game development, which will help students learn about decentralized applications and their use cases.
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📣 Study Shows Fastest Growing L2 Blockchains Adopt Users in Weeks, Not Months
A layer two (L2) blockchain runs alongside an existing blockchain like Ethereum to improve transaction speeds and reduce fees. The Ethereum network now has several popular L2 solutions, but they haven’t always seen rapid adoption. Coingecko recently published a report on the subject which highlights the growth of today’s top L2s. Arbitrum, an ETH-based L2, took 303 days to reach one million unique addresses after its mainnet launch on August 31, 2021, according to Coingecko’s contributor Shaun Paul Lee.
Zksync, which launched its mainnet on March 25, 2023, needed 71 days to reach one million addresses. But Base, which launched its mainnet on August 9, 2023, gained over a million addresses in just 11 days. Lee’s research further shows L2s without native tokens onboard users even faster. Both Base and Zksync reached a million users quickly without having launched tokens yet. The study suggests users are hoping for airdrops of governance tokens as rewards for early adoption. The study notes that Base benefited from a wave of popularity around new meme coins launching on the new network. Base is an Ethereum L2 blockchain network developed by the San Francisco-based crypto firm Coinbase.
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🪙 Swift And Chainlink Will Break New Ground In Seamless Cross-chain Value Transfer
Swift and Chainlink, two prominent players in the blockchain and cryptocurrency space, have made substantial progress in their recent collaborative experiments. Swift, in collaboration with over a dozen major financial institutions and market infrastructures, joined forces with Chainlink, a leading Web3 services platform. According to a press release on Thursday, these experiments showcased the successful transfer of tokenized value across various public and private blockchains.
The significance of these findings lies in their potential to eliminate considerable barriers that have been impeding the expansion of tokenized asset markets. This breakthrough could ultimately enable these markets to flourish on a global scale as they continue to evolve and mature. Together, they demonstrated their ability to offer a singular access point to multiple networks, all within the framework of existing, secure infrastructure. This breakthrough greatly reduces the operational complexity and investment required for institutions to actively participate in the growth of tokenized assets. Interoperability between these blockchains is crucial, otherwise, financial institutions must build connections to each platform, creating significant operational challenges and costs.
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🪙 Uniswap Considering Multi-Chain V2-V3 Integration Proposal Gains Momentum
The Uniswap community has taken a significant step towards enhancing its protocol’s accessibility and security. A proposal has been set forth, aiming to extend the deployment of Uniswap V2 across various blockchain networks while maintaining the V3 specification instances. Several V2 forks have surfaced on these alternate chains, albeit with varying modifications. The concern arises due to potential safety issues for users arising from these modifications.
To tackle this challenge, the proposal suggests integrating Uniswap V2 pools into general routers, a move anticipated to enhance application execution quality and facilitate seamless transactions for users of the router. Under the proposed guidelines, chains that have successfully undergone the community review process for V3 deployments would be automatically eligible for V2 deployments. Notably, both V2 and V3 deployments would share ownership under the same contract within their respective chains. If the temperature check vote secures approval, an on-chain vote will be scheduled for September 1. Successful passage of the subsequent on-chain vote would lead to the proposal’s implementation, anticipated by September 12.
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🐸 PEPE Token Heist: Former Team Members Swipe $15 Million in Tokens, Lead Developer Vows to Rebuild and Decentralize
Approximately 16 trillion PEPE tokens worth $15 million were illicitly transferred to crypto exchanges and sold, according to an announcement from the meme coin’s anonymous lead developer. The theft was allegedly orchestrated by three former team members who accessed the token’s multi-signature wallet before removing themselves from the project. Despite this setback, the lead developer has promised to continue moving the project forward and to fully decentralize it.
The purported thieves reduced the required signer count for transactions from the wallet to just 2 out of 8 before draining the address of approximately 60% of its holdings. After the funds were obtained, they deleted their social media accounts and disassociated themselves from the PEPE project, the lead dev’s statement claims. Despite this major setback, PEPE’s lead developer is promising to continue developing the meme coin and says the remaining 10 trillion PEPE tokens in the compromised multi-sig wallet are now secure. The developer plans to transfer those tokens to a new wallet and eventually burn all of them to fully decentralize the meme token project.
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🟠 Binance Italy’s €385 Million Cryptocurrency Surge Sparks Enthusiasm
Binance’s venture into the Italian landscape has yielded impressive results, underscoring growing interest in cryptocurrencies within the nation. Since its inception in September 2022, Binance’s Italian arm has charted a remarkable transaction volume, recording approximately 2.4 billion euros. Notably, this burgeoning success has translated into revenues surpassing 3 million euros, painting a vivid picture of the cryptocurrency landscape’s dynamics.
An analysis of expenditure reveals that Binance (Italy) has strategically invested 2.9 million euros in marketing efforts, highlighting the commitment to amplify awareness and engagement within the market. This dedication has materialized into a substantial accumulation of 385 million euros in cryptocurrency within a matter of months. While the cryptocurrency flame continues to burn bright in Italy, it’s worth noting that Italy branch operates under the aegis of Irish entity Binance Holding, ensuring autonomy from the American branch. This distinct framework enhances its agility to cater to regional nuances and capitalize on the burgeoning Italian appetite for cryptocurrencies.
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🏦 The FTX Bankruptcy Hearing Will Be Held This Wednesday, FTT Surges Over 5%
FTX Trading has presented an agenda for the upcoming bankruptcy hearing scheduled for August 23, 13:00 Eastern Time, before Judge John T. Dorsey of the Delaware Bankruptcy Court. The submitted agenda comprises 15 items, with nine already resolved through a court order issued on August 18, rendering them non-essential for the forthcoming hearing. This leaves six key matters yet to be addressed, including a proposal for a settlement procedure and the most recent case status.
The cryptocurrency exchange’s filing includes essential updates regarding its ongoing bankruptcy case, including a request to institute a litigation claims process to address the aftermath of the exchange’s collapse. The hearing will delve into various aspects of FTX’s Chapter 11 bankruptcy case, which was initiated on November 11, 2022, following the significant downfall of the exchange. Allegations of fraud and improper utilization of customer funds have been leveled against the exchange, its affiliated entities, and its founder, Sam Bankman-Fried. The agenda includes updates concerning the bankruptcy case, a motion to formalize protocols for resolving litigation claims linked to its demise.
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🔵 Band Protocol And Arbitrum Now Join Forces To Empower Decentralized Applications
Band Protocol’s price feed oracle goes live on Arbitrum, unlocking real-world data for decentralized apps on Arbitrum. Exciting future plans for expanding data use cases. Band Protocol has announced that its price feed oracle has gone live on Arbitrum. This integration marks a significant milestone in the blockchain world as it unlocks the potential of real-world data for decentralized applications running on Arbitrum. By combining the strengths of Band Protocol’s secure and decentralized oracle with Arbitrum’s Layer 2 scaling solution
Band Protocol’s high-quality and diverse data set, extensive data beyond price feeds, such as staked assets, forex, commodity, security data, and other custom price feeds, can also be seamlessly incorporated into dApps on Arbitrum, expanding the scope of decentralized applications. Moreover, the cross-chain data oracle platform’s interoperability brings cross-chain communication to the Arbitrum ecosystem, enabling dApps on Arbitrum to interact with the Band oracle solution on various compatible chains across different ecosystems. This fosters a more interconnected and collaborative network of blockchain ecosystems, paving the way for future milestones. As the integration between Band Protocol and Arbitrum deepens, exciting plans for the future include expanding.
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🟠 OpenSea Stops BNB Smart Chain Support, Focuses Resources On Layer 2’s Future
In a recent announcement, OpenSea tweeted that starting today, users will no longer be able to list BSC NFTs or provide new citations, but they will still be able to view, search, and transfer BSC NFTs. The team said that as the market continues to grow, resources should be focused on the most promising projects. They believe that the cost of continuing to support the BNB Smart Chain (BSC) is greater than the reward, so they have decided to end support for BSC.
The future of growth of the NFT market is now defined by the platform as a multi-chain future, and the new layers 2 that Opensea integrates are Base and Zora. “But as our space evolves, we need to align resources with the most promising efforts. We’ve decided the cost to continue supporting BSC outweighs the impact.” Last November, the market-leading NFT Platform announced the integration of the BNB chain to enhance the NFT experience for creators and users. However, NFT currently needs to be more attractive in the crypto market. According to NFT data aggregator CryptoSlam, sales volume fell about 40% in July. Daily sales were around $22 million at the beginning of the month, but by the end, they had dropped to about $13 million.
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📣 Sei Foundation’s Expands Airdrop Wallets From 500K To 1.5M
In response to overwhelming demand, the Sei Foundation has made a significant announcement, expanding the eligibility criteria for their cross-bridge airdrop program. Originally set at 500,000 eligible wallets, this number has now been increased to 1.5 million across multiple prominent blockchains, including Ethereum, Solana, Polygon, Arbitrum, BNB Chain, Osmosis, and Optimism. The Sei Foundation is generating excitement with the launch of a unique cross-chain airdrop exclusively available to active users within the ecosystems of these major blockchains.
Enthusiastic users keen on participating in the airdrop can engage by establishing a Sei Wallet, seamlessly linking it to their pre-existing off-chain wallet, and effortlessly bridging their tokens. The anticipated airdrop will be accessible upon the official public mainnet launch on the Sei platform. For comprehensive instructions and updates, users are directed to refer to the Sei Foundation’s official blog. The excitement around Sei continues to grow with the recent launch of its Mainnet beta phase. This launch also introduced the new SEI token, which has swiftly garnered attention. Prominent exchanges such as Binance, Bybit, Huobi, and Kraken promptly listed the token on August 15th.
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🇺🇸 FBI Sounds Alarm On Deceptive Cryptocurrency Apps Posing As Investment Platforms
The U.S. Federal Bureau of Investigation (FBI) has issued a warning regarding a surge in fraudulent beta-testing applications that are posing as legitimate cryptocurrency investment platforms. The FBI’s alert highlighted how cybercriminals are embedding malicious code within beta-testing applications, which are online services used to test mobile apps before their official release. These apps often escape the scrutiny of mobile operating systems’ review processes, making them an attractive target for scammers.
These fraudulent apps are capable of extracting personally identifiable information (PII), gaining access to financial accounts, and even taking over devices. These apps adopt names, images, and descriptions resembling popular and reputable apps to dupe victims. The criminals employ tactics like phishing or romance scams to initiate contact with potential victims, directing them to download these malicious beta-testing apps under the guise of promising incentives, such as substantial financial gains. Particularly concerning is the fact that cybercriminals are reaching out to victims through dating and networking apps, coercing them into downloading harmful beta-testing apps that pose as cryptocurrency exchange platforms.
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🪙 Vitalik Buterin Urges Caution Amid Uncertain Future of Hong Kong’s Crypto Support
Vitalik Buterin, co-founder of Ethereum, delivered crucial insights during a recent event in Singapore, shedding light on the evolving landscape of cryptocurrencies in Hong Kong. Vitalik Buterin emphasized the importance of understanding the stability of the Hong Kong government’s stance on cryptocurrencies for crypto projects seeking opportunities in the region. He noted that the government’s ongoing support for digital currencies is a pivotal variable that could significantly impact the success and sustainability of crypto-related endeavors in Hong Kong.
Hong Kong has long been considered a global financial hub, attracting a multitude of blockchain and cryptocurrency projects due to its favorable regulatory framework and strategic location. However, recent geopolitical and regulatory developments have cast a shadow of uncertainty over the future of cryptocurrencies in the region. Vitalik Buterin’s remarks come at a time when businesses operating in the cryptocurrency space are closely monitoring Hong Kong’s evolving regulatory landscape. The crypto industry values stability and regulatory clarity, making it crucial for enterprises to assess the long-term viability of conducting business in the city. Buterin’s insights carry considerable weight within the cryptocurrency community. His cautionary advice serves as a reminder that while Hong Kong has been a crypto-friendly destination.
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💰 Former Algorand CEO Steve Kokinos To Lead Acquisition Of Celsius Business
Steve Kokinos, former CEO of Algorand, is claimed to have served as CEO of the company that would take over the Celsius business. In a recent development, court documents filed on Friday have unveiled that former Algorand CEO Steve Kokinos will assume the role of CEO for the company set to take over Celsius’ operations. Celsius had previously filed for bankruptcy, and creditors are currently in the process of voting on whether to approve the sale of Celsius to Fahrenheit Holdings.
The critical decision regarding the sale plan must be reached by creditors before September 22, and Steve Kokinos holds a significant stake in Fahrenheit Holdings, making him a key player in the potential acquisition. The new company’s board of directors is set to feature executives with diverse backgrounds, including individuals from WeWork, Lehman Brothers, and notable figures from the Bitcoin mining sector. Furthermore, two members from Celsius’ committee of creditors will also join the board, ensuring a comprehensive representation of interests. The involvement of Steve Kokinos, an experienced leader in the blockchain and cryptocurrency space, signals potential positive developments for Celsius’ future.
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🪙 USDC Supply Plummets by $200M, Leaving Markets In Awe
Circle has executed a strategic move that has reduced the circulation of its USDC stablecoin by a substantial $200 million. This move reflects Circle’s commitment to maintaining the stability and integrity of USDC, a widely-used digital dollar. In the past seven days alone, Circle issued a total of 900 million USDC tokens and subsequently bought back a staggering 1.1 billion Circle. This repurchase initiative, aimed at reducing the circulating supply, has garnered attention in the cryptocurrency market.
As of September 7th, the total circulation of Circle stands at $25.9 billion. Impressively, Circle maintains substantial reserves totaling $26 billion to back the value of USDC. These reserves consist of $1.7 billion in cash and a substantial $24.3 billion held within the Circle Reserve. Circle’s strategic buyback not only reduces the supply of Circle but also enhances its backing with significant reserves, reinforcing the stability and trustworthiness of the stablecoin. It’s important to note that the backing of Circle with reserves is a crucial aspect of its appeal, as it ensures that each Circle token is fully redeemable for its face value in US dollars.
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🇰🇷 South Korea’s Neowiz Levels Up With Avalanche In Web3 Gaming Collaboration
Leading South Korean game publisher Neowiz is making waves in the world of blockchain gaming, as it announces its foray into the burgeoning Web3 gaming space through its division, IntellaX. Neowiz, a top-five game company in South Korea by market value, is set to join forces with the Web3 game education project, Avalanche Arcad3. The collaboration between Neowiz and Avalanche Arcad3 will be officially sealed at Avalanche House Seoul 2023, a one-day conference within Korea Blockchain Week.
IntellaX, Neowiz’s Web3 arm, will take center stage for a strategy chat with Ed Chang, Head of Gaming at Ava Labs, the organization behind the blockchain. This strategic alliance comes amid the network’s rising momentum in Asia, particularly in South Korea and the gaming sector. Neowiz becomes the fourth top-100 gaming company by market cap to align with Avalanche, joining East Asian giants like Alibaba, Tencent, and GREE. Avalanche Arcad3, a collaborative Web3 gaming education program, boasts an impressive first cohort, including TSM/Blitz, Shrapnel, Merit Circle, and Neowiz. This initiative offers in-depth content, technical support, networking, and more, positioning Neowiz to make a substantial entry into the exciting world of Web3 gaming.
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✖️ dYdX Community Approves dYdX V4 And DYDX Token Migration
In a significant development, the dYdX community has given its stamp of approval to the dYdX V4 adoption and DYDX migration proposal put forth by Wintermute. This pivotal decision signals a major shift in the dYdX ecosystem, promising exciting changes for its users. The key components of this proposal include the adoption of dYdX V4 open-source software as the next version of the dYdX protocol and the selection of DYDX as the Layer 1 (L1) token for the dYdX Chain.
Under this proposal, the dYdX community commits to adopting the Ethereum smart contract, commissioned by the dYdX Foundation, which would facilitate a permissionless and autonomous one-way bridge for migrating DYDX tokens from Ethereum to the dYdX Chain. Furthermore, it’s worth noting that the proposal also emphasizes that wethDYDX, the resulting token from this migration, will maintain the same governance and utility functions as Ethereum-based DYDX (ethDYDX) on dYdX V3, ensuring continuity for users. The approval of these significant changes does not necessitate any smart contract modifications and can be ratified through a Snapshot vote.
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🟠 Binance Address Generates 70,000 WBETH Worth $117 Million
Binance address, commencing with 0xa424, has raised eyebrows in the crypto world. Approximately 20 hours ago, this address generated a staggering 69,999.6 Wrapped Bitcoin (WBETH), with an approximate value of $117 million. This substantial WBETH creation has piqued the interest of investors and analysts alike. The movement of such a significant amount of WBETH within a short timeframe has sparked discussions within the crypto community about its potential implications.
The WBETH generated from this address was not simply left idling. Instead, it was promptly transferred to another wallet known as “Binance 14.” The movement of such a significant amount of WBETH within a short timeframe has sparked discussions within the crypto community about its potential implications. The move is part of Binance’s strategic shift to prioritize and expand the use cases for WBETH, a token that represents Bitcoin on the Ethereum blockchain. By doing so, Binance aims to tap into the growing demand for decentralized finance (DeFi) and NFT applications that often require WBETH. This event unfolded against the backdrop of Binance’s recent announcements regarding BETH (Binance Ethereum) and WBETH (Wrapped Bitcoin).
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💰 $SUI Tokens Worth 35.6 Million Unleashed in 3 Days!
In just three days, the cryptocurrency ecosystem is gearing up for the unlocking of 35.6 million $SUI tokens, a development that holds substantial implications for the market. This unlocking event carries a substantial value of approximately 18.7 million dollars, adding a new layer of interest to the crypto landscape. As the countdown continues, analysts and traders are closely watching how this influx of tokens may impact token prices, trading volumes, and market sentiment.
Such unlocking events are known to trigger both excitement and cautious anticipation within the crypto community. While they offer increased liquidity and potential trading opportunities, they also have the potential to exert pressure on token prices, causing fluctuations in the market. With 35.6 million $SUI tokens primed for release, September 3rd promises to be a day of action and observation for the cryptocurrency community. As the countdown ticks away, industry stakeholders are prepared for an event that may not only impact $SUI token holders but also contribute to the broader narrative of growth and change within the crypto sector. The $SUI token unlock on September 3rd is expected to draw attention from all corners of the cryptocurrency industry.
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🪙 Ethereum Daily Transaction Fees Reach 8-Month Low, Indicating Positive Shifts
Recent data from CryptoQuant has unveiled a significant drop in Ethereum’s daily transaction fees, hitting an 8-month low of approximately $2.8 million. On the previous day, users’ total fees for executing transactions on Ethereum dwindled to 1,719 ETH, marking the lowest single-day figure since December 26. This stands as a stark 89% decrease from the year’s high of 16,720 ETH recorded on May 5. A reduction in total fees paid signifies a diminished network utilization, as fees directly correlate with network activity, primarily pending transactions.
The decline in fees is a reflection of subdued demand for transactions, pointing to comparatively low user activity within the network. However, the bright side of this trend lies in the burgeoning popularity of Ethereum‘s layer 2 scaling solutions. These solutions provide an off-chain approach to processing transactions, aiming to alleviate network congestion and enhance scalability. The adoption of these solutions bodes well for Ethereum, as they lay the foundation for more efficient and cost-effective transactions, potentially alleviating the need for high transaction fees. As the Ethereum ecosystem continues to evolve, such initiatives promise to strengthen the platform’s long-term sustainability and usability, fostering a more robust and accessible blockchain ecosystem.
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🟠 Mastercard and Binance end crypto card partnership in four countries: Reuters
Mastercard and crypto exchange giant Binance are ending crypto card programs in Argentina, Brazil, Colombia and Bahrain, Reuters reported. Binance and Mastercard forged the partnership allowing users to convert cryptocurrency into fiat currency with the ability to earn up to 8% cash back in crypto, depending on the purchase. Merchants still received fiat currency, while customers used their crypto as a means of payment which was intended to bolster broader crypto adoption.
Argentina became the first country to adopt the Binance crypto card program in August of 2022. The country's high inflation rate had consumers looking at alternative payment options such as cryptocurrency. The cessation, set for Sept. 22, will not affect Mastercard's other crypto card programs, the news agency added. Binance and Mastercard forged the partnership allowing users to convert cryptocurrency into fiat currency with the ability to earn up to 8% cash back in crypto, depending on the purchase. Merchants still received fiat currency, while customers used their crypto as a means of payment which was intended to bolster broader crypto adoption. Mastercard did not immediately respond to a request for comment from The Block.
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🔵 Former OpenSea Product Leader Sentenced To 3 Months In Prison For Insider Trading
According to Inner City Press, Nate Chastain, the ex-product leader of OpenSea, has been handed a three-month prison sentence for his involvement in insider trading. After being found guilty of wire fraud and money laundering in a New York federal court back in May, Chastain’s sentence was delivered by a U.S. judge. The case revolved around Chastain’s utilization of internal information to purchase approximately 45 NFTs in advance, later selling them at significantly inflated prices, resulting in profits exceeding $50,000.
The FBI and the U.S. Department of Justice (DOJ) contended that Chastain violated securities trading laws by capitalizing on nonpublic information, thereby prioritizing personal gains over professional and public responsibilities. The illicit gains must now be returned. The sentencing proved to be a challenge for U.S. District Judge Jesse Furman. Despite acknowledging doubts regarding the significance of the approximately $50,000 trades, he recognized the importance of upholding integrity in the evolving cryptocurrency landscape. Chastain’s strategies involved acquiring NFTs set to be featured on OpenSea’s homepage, where such exposure often led to price hikes. To cover his tracks, he employed anonymous wallets and platform accounts.
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🇰🇿 Canaan Cuts Bitcoin Mining Power by 2 EH/s Amid US, Kazakhstan Challenges
Canaan, a leading high-performance computing firm and mining rig producer, recently disclosed hurdles set to dent its bitcoin mining activities and revenue from Q3 2023 onward. These setbacks primarily stem from diminished operational hours of their mining devices. This revelation comes hot on the heels of Canaan’s teaser about their “groundbreaking” mining innovation slated for a September debut.
While grappling with licensing in Kazakhstan, another issue unfolds across the Atlantic. Stateside, Canaan finds itself entangled in a contractual disagreement with a hosting ally accused of violating a joint mining pact. Canaan’s allegations are hefty. They’re seeking redress for the associate’s purported mishandling of 13,000 of Canaan’s Avalon mining rigs, demanding reimbursement of a $1.25 million deposit, and claimed bitcoin profits, among other compensations. Yet, amicable resolutions appear bleak. Mediation hit a dead-end, pushing Canaan toward arbitration. All this buzz trails Canaan’s earlier announcement about a forthcoming product to mark a decade in the industry. The specifics remain shrouded in mystery. But adding intrigue, rival Bitmain spilled the beans on their new Antminer machine’s launch, set for the same month.
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🟠 Binance CEO CZ Prohibits Futures Trading Amongst Himself And His Employees
Binance CEO CZ bans employees from futures trading and strict internal monitoring and violators face termination. Today, Binance recorded the Largest liquidation order at $55.9M. Binance CEO Changpeng Zhao (CZ) recently tweeted that Binance employees, including himself, are not allowed to trade futures. In addition, Binance requires all employees to hold positions for at least 90 days before trading. The internal security team monitors employee trading activities on multiple platforms, and any violation of these rules will result in immediate termination.
CoinCu reported that during a sharp market drop today, an investor in Binance’s ETH/BUSD contract was liquidated at $1,434.37 for $55.9211 million, the largest liquidation order of the day. According to Wu Blockchain, this could be a market maker who hedges on other exchanges. Binance recorded the total of liquidations today with almost $220 million, of which long positions liquidated $188 million. These numbers show Binance’s futures trading scale and the potential risks involved. Recently, Binance announced the issuance and conversion of its users’ delisted New Bitshares (NBS) tokens. The transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users’ Binance Wallet location records.
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🟠 Binance Now Delisting Many BUSD Trading Pairs From Aug 18
In an official statement, Binance, the leading cryptocurrency exchange, revealed its decision to delist certain spot trading pairs as of August 18, 2023, at 03:00 (UTC). The trading pairs to be removed include CKB/BUSD, FARM/BUSD, ORN/BUSD, REN/BUSD, SKL/BUSD, UFT/BUSD, ZEN/BUSD, and ZRX/BUSD. It’s important to note that users can continue trading these tokens in alternate pairs accessible on the Binance platform.
Additionally, Binance has scheduled the discontinuation of its trading bot service for the specified spot trading pairs at 3:00 UTC on August 18, 2023. Users are strongly advised to modify or cancel their trading bots prior to the designated termination time to avert potential losses. The mentioned token pairs are reportedly facing liquidity challenges, contributing to the decision to remove them from Binance’s trading offerings. Launched via an ICO in early 2018 and built on Ethereum’s ERC-20 standard, REN serves a significant role in the Ren ecosystem. The Ren Protocol faced setbacks due to the downfall of FTX, resulting in substantial losses.
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🔵 Circle Will Announce Roadmap And Launch Smart Contract Development Platform This Fall
The Circle CEO said the company will develop a seamless and cross-chain Stablecoin Payments Roadmap, launching a smart contract development platform this fall. Circle CEO Jeremy Allaire has announced that the company will develop a roadmap for seamless stablecoin payments and cross-chain integration this fall. Additionally, Circle plans to launch a smart contract development platform to make it easier for Web2 developers to access and use the technology.
According to Jeremy Allaire, building Web3 applications is complex, and creating an end-user experience for Web2 users is a challenge, especially on different chains. Building and deploying smart contracts and safely operating them on chains is difficult and not something most companies are willing to do. At the same time, the company knows that we are in the super early stages of development for wallets and stablecoins. There are 3 billion digital wallets available across a wide range of major Web2 products and services, so it is estimated that there will be 80 million Web3 wallets. With the Programmable Wallet, developers comfortable with Web2 development can quickly and easily include a multi-chain Web3 wallet experience in their apps (iOS and Android, Web SDK coming soon) ).
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