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🟠 Binance Urges Low-Cap Projects To Enhance Liquidity Amid Concerns Of Market Manipulation
In a move to fortify its ecosystem against potential market manipulation, Binance is encouraging low-liquidity token projects to adopt measures that promote liquidity. Recent reports reveal that Binance has proactively reached out to several projects listed on its platform in the past week. The exchange inquired about their engagement with market makers and proposed participation in Binance’s savings products. Screenshots illustrating these interactions have surfaced on social media, sparking discussions within the cryptocurrency community.
Binance clarified that these actions are part of an ongoing risk management initiative. The targeted projects encompass a small subset of cryptocurrency institutions whose trading pairs exhibit lower liquidity and stability when compared to the broader market. The spokesperson highlighted that while these projects hold smaller market capitalizations, their functionalities can potentially expose users to risks such as market manipulation. Collaborating with market makers emerges as a pivotal means to achieve this protection. Additionally, projects are offered the option to contribute to savings pools like Binance Savings, wherein users can lend tokens and enhance market liquidity by engaging in active trading. Notably, the spokesperson emphasized that participation in these initiatives remains voluntary.
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🇰🇵 FBI warns North Korean hackers poised to cash out more than $40 million in bitcoin
The U.S. Federal Bureau of Investigation warned crypto operators that entities connected to North Korean hackers may attempt to sell more than $40 million worth of bitcoin. The intelligence and security service issued a statement today that it had tracked crypto stolen by entities (Lazarus Group and APT38) tied to the Democratic People’s Republic of Korea (DPRK), using tactics called “TraderTraitor.” The FBI believes the DPRK may attempt to cash out the bitcoin worth more than $40 million dollars,” the agency said.
“Private sector entities should examine the blockchain data associated with these addresses and be vigilant in guarding against transactions directly with, or derived from, the addresses,” the agency added. The Lazarus Group in North Korea has consistently targeted the blockchain sector, utilizing spearphishing methods and malicious software to steal cryptocurrency. These attacks often begin with a multitude of spearphishing emails directed at IT employees, aiming to lure the recipients into downloading applications tainted with malware. DPRK's TraderTraitor-affiliated actors tracked by the FBI are responsible for a number of high profile heists, including hits on Alphapo, CoinsPaid and Atomic Wallet.
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🪙 Ethereum Co-Founder Vitalik Buterin Sends $1M ETH to Coinbase
Ethereum co-founder Vitalik Buterin deposited 600 ether (ETH), which is around $1 million worth of the cryptocurrency, to crypto exchange Coinbase on Monday, according to data from Ethereum blockchain scanning website, etherscan. The move comes as ether, the second largest cryptocurrency by market capitalization suffered a 10% decline over the last seven days, amid a broad market downturn which saw traders witness $1 billion in liquidations.
The move comes as ether, the second largest cryptocurrency by market capitalization suffered a 10% decline over the last seven days, amid a broad market downturn which saw traders witness $1 billion in liquidations. Ether has recovered slightly on Monday, trading in the green over the last 24 hours at $1,700. On Sunday, Buterin repaid 250,000 RAI and withdrew $1.6 million worth of ether, according to on-chain tracker, lookonchain. RAI is a non-pegged stablecoin backed by ETH. It is not clear why the Ethereum co-founder transferred the ether to centralized exchange Coinbase.
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🏦 Base Has Outpaced Optimism And Arbitrum iIn Daily Trading Volume
Base has surged ahead of its counterparts, Optimistic Rollup scaling solutions Arbitrum and Optimism, in terms of average daily transaction volume. As of August 15, Base achieved an impressive 7-day moving average daily trading volume of 610,000 transactions. This marked a significant leap forward as it surpassed Optimism’s volume of 597,000 transactions and Arbitrum’s volume of 576,000 transactions, both of which were subsequently eclipsed.
Coinbase‘s backing of Base underscores its commitment to fostering innovations that enhance the Ethereum network’s scalability and usability. Base’s surge in trading volume emphasizes its role in alleviating congestion on the Ethereum mainnet while maintaining rapid and cost-effective transactions. This triumph positions this platform as a frontrunner in the Layer 2 landscape, highlighting its capacity to handle an increasingly robust transaction load. The Ethereum community’s growing confidence in Base is a testament to the efficacy of its architecture and the seamless experience it provides for users. The platform ascendancy over Optimism and Arbitrum underlines the potential of strategic Partnerships.
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💰 Shiba Inu’s Shibarium Network Faces Challenge Led To SHIB Drops Over 8%
Shiba Inu’s Layer-2 Shibarium network has once again hit a stumbling block as block production came to a halt due to technical issues. Developers of the Shiba Inu project are actively seeking solutions to rectify this situation and address blockchain-related problems, including the recovery of cryptocurrency assets trapped on the bridge. This recurrence of trouble within the mainnet, mirroring issues seen in the testnet following its launch.
Shibarium initially went live today but encountered block production stoppages shortly thereafter. Although production resumed for a brief period, it again ceased operations. Notably, the last transaction on the network was recorded at 5:43 AM UTC on August 17. In response to these troubles, large holders and traders have been offloading their SHIB, BONE, and LEASH tokens, causing market values to tumble. SHIB has dipped over 8% in the past 24 hours, BONE has suffered a 19.5% drop, and LEASH, a token tied to staking rewards, took the hardest hit with a 21.7% decline. Shibarium was designed to enhance the Shiba Inu blockchain by implementing a layer-2 solution, thereby reducing gas fees and expediting transactions.
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📣 CyberConnect Airdrop Goes Live With A 300% Price Surge At $7
The much-awaited CyberConnect airdrop is now open for claiming, presenting an exceptional opportunity for crypto enthusiasts. CYBER, the native token of the Web3 social graph protocol CyberConnect, has gained substantial traction and recognition. Its recent listing on Binance has propelled its value to an impressive $7, marking a notable increase in value. This development highlights CYBER’s potential and its ability to capture the attention of both investors and the crypto community.
The CYBER token’s current value stands at a remarkable $7, reflecting an impressive surge of over 300%. As revealed by the CyberConnect airdrop collection page, participants can now seize their share of the tokens. Following the protocol’s earlier announcement, the first season of community rewards is set to commence on August 15 at 20:00 (Beijing time). A significant fraction of the total supply, 2.4% to be exact, equivalent to 2.4 million CYBER tokens, will be up for grabs. This initiative reinforces the project’s commitment to its community, providing them with a chance to become part of the CYBER ecosystem. The CyberConnect team’s dedication to delivering value to its community is evident through these strategic moves.
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🪙 Visa Allows To Pay Ethereum Gas Fees With Credit Cards in Successful Test
Global payment giant Visa has achieved a significant milestone by successfully testing a solution for users to directly pay gas fees using credit or debit cards on the Ethereum Goerli testnet. This breakthrough was made possible through Visa‘s technical team, which employed the paymaster contract in conjunction with account abstraction and ERC-4337. In a move to deepen its engagement with the Ethereum network, Visa initially announced its exploration of Account Abstraction (AA) on the Goerli testnet in May.
The primary objective of implementing this contract type is to simplify user interaction with the Ethereum network. Additionally, this innovation enables users to pay transaction fees with various tokens, not solely ETH. Having demonstrated the potential to alleviate friction for blockchain users, the concept holds the promise of reducing the complexity associated with managing ETH balances for gas fees. Visa’s vision aligns with providing a seamless experience for users by enabling gas fee payments through Visa cards. Visa views this as a more versatile and adaptive alternative to the conventional fee structure found on the Ethereum mainnet. Visa’s interest in Account Abstraction dates back to December 2022, with their exploration intensifying as the development team introduced ERC-4337 in March 2023.
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🪙 Brian Armstrong revealed Binance sold all its USDC in Coinbase earnings call
During Coinbase’s Q2 earnings call on Thursday, chief and founder Brian Armstrong stammered a reply to a question about stablecoin USDC, unexpectedly revealing that its market cap had gone up after Binance sold all its holdings. “USDC market cap is up after Binance pulled out,” Armstrong stuttered out during Coinbase’s earnings call. The unexpected answer seemed to imply that crypto exchange Binance was a holder of Circle and that USDC is safer now that Binance no longer holds the stablecoin.
Coinbase is a member of the consortium that owns USDC. It’s the preferred stablecoin for the exchange’s operations. However, USDC’s market cap is shrinking fast, dropping from $44.5 billion at the start of this year to just $26 billion at press time. Earlier this year, the Federal Deposit Insurance Agency had to take over Circle’s main banks, namely Signature and Silicon Valley Bank, to prevent a bank run. This controversial move effectively saved USDC. Coinbase earnings for the second quarter of 2023 show it made $663 million in net revenue, continuing its decline from last year. Q2 2023 revenue from trading volume was less than half of last year’s second quarter — down to $92 billion compared to $217 billion in Q2 last year.
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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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🟠 Binance plans to first list 34 tokens in Japan as it re-enters the market: report
Binance Japan, which is expected to launch fully in August, plans to initially list 34 tokens — meaning it would instantly offer more tokens than any domestic rival, according to local crypto media outlet Coinpost. In a statement shared with The Block, Binance said that new customers in Japan can gain access to services including spot trading, Earn products and its NFT marketplace. Coinpost reported today that Binance also plans to list BNB, making its native token available for the first time in Japan.
Changpeng Zhao, founder and chief executive of Binance, said in a Twitter video in July that the world’s largest crypto exchange has been trying to re-enter the Japanese market. “It’s fantastic to see Japan being a leader in the Web3 regulatory environment,” Zhao said. “Japan has very clear regulations from 2017 with crypto exchange regulations, and more recently this year with the opening-up of crypto listing frameworks as well as in June the passing of the stablecoin regulations.”. Zhao added, “To that end, Binance is extremely happy to be able to participate in the Japanese market again from the acquisition of the SEBC platform last November, and we’re gonna launch the full service in August.”
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🇰🇪 Worldcoin Sparks Frenzy In Kenya: Free Tokens for Eye-Scanning Verification
The new cryptocurrency Worldcoin has sparked immense interest among Kenyans, as the platform rewards users with free WLD tokens in exchange for verifying their humanity through retinal scans, according to Daily Nation. Launched just five days ago on Monday, July 24, the Worldcoin app utilizes special machines, known as Orbs, stationed in 35 countries, including Kenya, to perform the eye-scanning verification process.
The allure of receiving free tokens has drawn a surge of young people to at least 13 Quickmart Outlets in Nairobi, where these Orb devices are located. Eager participants can scan their eyeballs, and upon successful verification, they are rewarded with WLD tokens. These tokens can then be transferred to popular crypto exchanges, such as Binance, and used to purchase various other cryptocurrencies. The value of the first 25 WLD tokens stands at around Sh7,786 ($55), offering early adopters a tangible incentive to participate in the scheme. James Makau, a bodaboda driver from Ruaka, shared his success story, having earned Sh6,461 ($45.6) from scanning his iris and subsequently converting his tokens into Kenyan shillings by trading them for USDT, a different cryptocurrency.
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🇦🇪 Crypto firm Rain Receives Abu Dhabi Approval for Virtual Asset Brokerage
Crypto firm Rain recently announced that it has been granted permission to operate as a virtual asset brokerage and custody service provider by Abu Dhabi’s financial regulator. This is a significant milestone for Rain, as it will now be able to offer institutional and retail clients in the United Arab Emirates (UAE) the ability to buy, sell, and store virtual assets. The platform also allows users to easily on- and off-ramp to the UAE dirham.
The Abu Dhabi Financial Services Regulatory Authority granted financial services permission to Rain on Tuesday, after the cryptocurrency platform received an in-principle approval for an FSP from Abu Dhabi Global Market’s back in 2022. Rain CEO Joseph Dallago expressed his excitement over the permission granted, stating, “With this license, we can now offer our customers an even greater level of security and trust, as we continue to drive innovation and growth in the virtual assets space. Rain now offers the only regulated on-ramp and off-ramp of AED into virtual assets in the UAE.” Rain markets itself as “the simplest way to trade crypto across the Middle East.” This development is not only a significant achievement for Rain.
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🔵 Proposal For Allocation Of $11.25M ARB To Camelot Rejected By Arbitrum Community
Camelot’s plan to become the first Arbitrum-native protocol to receive funding from the Arbitrum Foundation has failed, according to an ongoing DAO vote scheduled to end on July 22. Proposal to provide a $9 million ARB grant to Camelot. Camelot will use the tokens it acquires to provide various incentives to partner projects’ liquidity pools to accelerate the ecosystem’s development and a small part to the ARB, ETH, and USDC pools.
Data from Snapshot shows that 38.24% of the votes so far oppose a proposal to grant Arbitrum native decentralized exchange Camelot $11 million in Arbitrum’s native token ARB. More than 31.76% of the votes cast by DAO participants abstained from supporting or rejecting the proposal, while only 29.99% voted in favor of the grant. The impending defeat of the vote comes after a heated debate inside and outside the Arbitrum DAO forum since the proposal was made late last month. Supporters of the grant say that the opposition is being pushed by those with certain vested interests in rival protocols. The argument is that the funding will give Camelot an undue advantage over other decentralized exchanges in the Arbitrum ecosystem.
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🦊 MetaMask Will Soon Provide Layer 2 Linea Services In Its Portfolio
The crypto wallet MetaMask announced that it will soon provide Linea Bridge, Swap, and Buy services in its Portfolio. Consensys, a leading blockchain development company, has made a significant announcement regarding its Layer 2 solution, Linea. The company has officially launched the alpha mainnet version of Linea after completing a successful 3-month testing period on Ethereum’s Goerli testnet. During the testing phase, Linea demonstrated impressive activity with over 5.5 million wallets.
The mainnet alpha version of Linea brings several key upgrades aimed at improving user experience and expanding the ecosystem. One of the notable enhancements is the integration of zkEVM rollups technology, which allows for faster transaction times and lower fees compared to the Ethereum mainnet. With the use of new infrastructure technology, Linea incorporates a dynamic fee mechanism and introduces batch trading, enabling significant cost reductions, making transactions up to 15 times cheaper than on Ethereum. The launch of Linea’s mainnet alpha version marks a major milestone in the development of Layer 2 solutions, offering improved scalability and efficiency for blockchain applications.
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💰 Binance Supports Terra (LUNA) Network Upgrade On July 18: Report
Binance supports Terra (LUNA) network upgrade on July 18, 2023. Trading not affected. During upgrade, deposits and withdrawals suspended. Binance handles technical requirements for users. Binance has announced its support for the Terra (LUNA) network upgrade. The upgrade will take place at the Terra block height of 5,994,365, which is approximately on July 18, 2023, at 13:00 (UTC). During this time, deposits and withdrawals of LUNA will be suspended starting from approximately 12:00 (UTC). It’s important to note that the trading of LUNA will not be affected during the network upgrade.
Binance will handle all technical requirements involved for all users holding LUNA in their Binance accounts. The upgrade is estimated to take place at the Terra block height of 5,994,365, but the estimated time is for users’ reference only. Once the exchange deems the upgraded network to be stable, deposits and withdrawals for LUNA will be reopened, and users will not be notified of further announcements. Binance had announced the resumption of the “Market Order – Total” feature for impacted Spot and Margin trading pairs. Starting from July 19, 2023, at 02:00 (UTC), users will once again have access to this important functionality. The feature had been temporarily suspended since May 7, 2023, at 09:00 (UTC).
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📣 DeFi TVL Approaches $38 Billion Mark As Market Dynamics Evolve
Recent data from DefiLlama casts a spotlight on the shifting landscape of the cryptocurrency market’s Total Value Locked (TVL) in the decentralized finance (DeFi) sector. As of August 24, the DeFi TVL for the entire network stands at approximately $38.134 billion, signaling a notable adjustment in comparison to historical highs. This current TVL figure marks the lowest point since February 2021, reflecting the dynamic nature of the market.
The landscape has experienced a remarkable evolution, characterized by fluctuations and adjustments in the value of assets locked within decentralized financial protocols. The DeFi sector’s journey over the past year is underscored by the transition from the peak of the “Decentralized Finance Summer” in 2021, where the TVL soared beyond $170 billion. The present TVL of $38.134 billion reflects a significant drop of over 70% from those heady highs. While the current TVL may present a lower figure compared to the previous peak, it’s important to note that the decentralized finance market remains dynamic and continues to be shaped by a myriad of factors.
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📊 Massive Token Withdrawal: Over $3.7 Million Worth Of WLD Withdrawn From Binance And OKX
1 hour ago, an address withdrew a total of 2.5 million WLD from Binance and OKX, equivalent to about 3.7 million USD. In a significant move that has caught the attention of the crypto community, an address has successfully withdrawn a substantial amount of Worldcoin tokens from both Binance and OKX, totaling a staggering 2.5 million WLD. This transaction, which occurred just an hour ago, translates to an approximate value of $3.7 million in U.S. dollars.
Scopescan, a prominent monitoring entity, has reported that the wallet, previously associated with receiving 11 million WLD tokens from the Worldcoin team’s multi-signature wallet, executed this noteworthy withdrawal. The actions of this wallet holder have raised eyebrows within the cryptocurrency landscape due to the sheer magnitude of the transaction. Further analysis indicates that over the past month, a substantial total of 7.02 million WLD tokens, amounting to about $10.4 million in U.S. dollars, have been withdrawn from this same address. This pattern of significant withdrawals suggests an active involvement of this address in the movement of WLD tokens.
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📣 Yuga Labs Quit Seaport In 2024 After Opensea Stops Operator Filter
Yuga Labs has announced that they will gradually stop supporting all upgradeable contracts and any new OpenSea SeaPort series. Following OpenSea’s announcement yesterday, they are discontinuing the Operator Filter they introduced and moving to optional creator fees on all secondary sales for all collections by February 2024. Yuga Labs will begin breaking OpenSea SeaPort support for all upgradeable contracts and any new collections, aiming to complete this by February 2024. parallel to OpenSea’s approach.
The operator filter was launched in November 2022, allowing creators to restrict the sale of secondary non-fungible tokens only to creators’ royalty enforcement marketplaces. , thus filtering out platforms like Blur. Fees typically range from 2.5% to 10% and are factored into secondary NFT sales and paid to creators. This means that Opensea will not collect and pay royalties when selling NFTs. Some see the move as a potential blow to NFT artists seeking passive income. This move is considered a big mistake, reducing trust in the platform and harming the industry. Yuga’s new move has received a positive response from members of the BAYC community, including OpenSea investor Mark Cuban himself against NFT trading platform OpenSea. While content creators/founders of the NFT project, like ElioTrades and Alex Becker also praised the move.
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🪙 Tether’s CTO Reveals Plans For RGB-USDT And 3 New Products
After closing the Bitcoin Omni USDT, Tether CTO Paolo Ardoino said they are actively contributing to developing the Bitcoin extension protocol RGB to list RGB USDT in the future. In addition, Tether will release 3 large products before the end of this year. Customers can still redeem and swap existing USDT tokens on those blockchains, but Tether won’t issue any new USDT on them. This decision was made due to the challenges faced by the Omni Layer over the years, including the lack of popular tokens and the availability of USDT on other blockchains.
Tether’s CTO, Paolo Ardoino, said that the company is actively contributing to the development of the Bitcoin extension protocol RGB, which will list RGB USDT in the future. Tether plans to release three large products before the end of the year. RGB is a client-side validated state and smart contracts system operating on Layer 2 and 3 of the Bitcoin ecosystem. It functions both on-chain (Bitcoin L1) and on the Lightning Network, promising unparalleled scalability. Tether firmly believes that RGB will usher in a new era for digital assets, smart contracts, and digital rights, garnering comprehensive support from major players in the industry. Once USDT on RGB goes live, the world will witness USDT on another super-powerful and scalable Bitcoin layer.
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🏦 Coinbase Received Regulatory Approval To Offer Crypto Futures Trading In The U.S.
Coinbase will offer regulated derivatives products, allowing eligible US customers access to the crypto derivatives market in a safe and regulated manner. Customers can trade using margin, giving leverage and access to the market with less upfront investment. Coinbase has announced that its customers will soon be able to access regulated derivatives products through Coinbase Financial Markets. This will allow eligible US customers to access the crypto derivatives market in a safe and regulated manner.
The ability to trade using margin gives customers leverage and access to the crypto market with less upfront investment than traditional spot trading, making it an attractive option for retail investors. Coinbase acquired FairX 2022, a CFTC-regulated futures exchange, and renamed it the Coinbase Derivatives Exchange. Since then, the exchange has successfully launched nano Bitcoin and Ethereum futures contracts for retail investors and larger versions for the institutional market. This is an important milestone, as the global crypto derivatives market represents approximately 75% of crypto trading volume worldwide. The company will continue to work with regulators to receive the authorizations needed to offer products that align with its purpose and to offer additional information on how verified US customers can access the futures offering.
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⚪️ Curve Finance Completes $50 Million Recovered From Recent Hack Attack
Curve Finance has made significant strides in its recovery efforts after a recent hacking incident that resulted in the loss of around $73 million across various projects within its factory pools, including prominent names like JPEG’d, Metronome, and Alchemix. The platform has successfully reclaimed 70% of the stolen funds, which amounted to approximately $50 million, easing concerns for both users and stakeholders. The remaining missing funds are subject to an ongoing investigation.
The retrieved funds were either returned directly by multiple hackers or safeguarded with the assistance of ethical operators of MEV bots. This recovery brings hope that the majority of the pilfered assets will be returned to the victims, marking one of the most notable crypto exploits of the year. The attack on Curve Finance, which exploited a critical reentrancy vulnerability in its smart contract logic, prompted the platform to offer a $1.85 million bounty for accurate identification of the attackers behind the outstanding funds. Crypto analytical resource Santiment recently conducted an in-depth analysis of Curve Finance’s on-chain metrics, revealing the project’s efforts to recuperate from the bearish sentiment that followed the hack.
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🆘 South Korean cryptocurrency exchange Bitsonic CEO Arrested For Alleged 10 Billion Won Asset Theft
The CEO of South Korean cryptocurrency exchange Bitsonic is under fire as prosecutors charge him with a series of grave accusations. According to the Korea Economic Daily, the CEO allegedly orchestrated the embezzlement of a staggering 10 billion won (approximately US$7.6 million) in deposits and investment funds, sending shockwaves through the cryptocurrency community. The CEO stands accused of manipulating computer systems to artificially inflate the prices and trading volumes of virtual assets from January 2019 to May 2021.
Prosecutors further allege that in an attempt to hide the truth about the precarious financial situation, the CEO resorted to transferring both cash and virtual assets worth 10 billion won. This transfer was reportedly facilitated by selling crypto-locked products to unsuspecting customers, compounding the web of deceit. The Bitsonic CEO’s trial will undoubtedly be closely watched by both the cryptocurrency community and regulatory bodies alike. The outcome of this case will likely have far-reaching implications for the cryptocurrency industry’s credibility and the measures implemented to curb fraudulent practices. Additionally, the CEO is charged with obstructing his official duties while holding the position of vice president of technology at Bitsonic.
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💰 Former Celsius CEO Faces Fraud Allegation In Federal Court in New York
Former Celsius CEO Alex Mashinsky faces a lawsuit filed by New York Attorney General Letitia James, accusing him of fraud, on Friday. According to Bloomberg, Letitia James, the top cop in New York, filed the lawsuit nearly six months before the former CEO was charged with a federal crime. On Friday, a judge rejected Mashinsky’s attempt to dismiss the case. James’ lawsuit, filed in January, previews an unsealed indictment last month in Manhattan in which prosecutors claim.
New York County Supreme Court Justice Margaret Chan said Mashinsky defrauded investors by touting Celsius as a safe alternative to banks and masking its risks, including daily investment losses of hundred million dollars. The civil suit seeks to ban Alex Mashinsky from doing business in New York and order him to pay damages for violating laws, including the state’s Martin Act, which gives James broad powers to pursue securities fraud cases. Mashinsky orchestrated a wide-ranging scheme to mislead Celsius customers about “core aspects” of the company’s business and inflate the value of its proprietary token, CEL. Former director Alex Mashinsky has refused to accept criminal charges.
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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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🏦 Coinbase CEO Claims SEC Demanded Delisting of Altcoins
Coinbase CEO Brian Armstrong disclosed that the U.S. Securities and Exchange Commission (SEC) had sought to halt all cryptocurrency trading on the platform, except for Bitcoin, prior to filing a lawsuit against the exchange. According to Armstrong, the SEC conveyed its stance, stating that they consider all assets, other than Bitcoin, to be securities. The exchange’s CEO sought clarification on the basis for such a conclusion, but the response was unequivocal – “all assets of the company will be delisted.”
The potential delisting of all tokens other than Bitcoin from Coinbase, one of the leading cryptocurrency exchanges, could have a cascading effect on other platforms and projects, leading to increased regulatory scrutiny. However, Coinbase’s response to the SEC’s demands remains uncertain. While the SEC declined to comment on the matter and the implications of the potential settlement, market participants are closely monitoring the situation. The outcome of this case could set a critical precedent for how regulators approach cryptocurrencies and their classification as securities. The case between Coinbase and the SEC is emblematic of the broader regulatory challenges faced by the cryptocurrency industry.
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🆘 CoinsPaid Battles Hackers In $37M Crypto Attack With Support By Estonian Authorities
CoinsPaid, the world’s leading cryptocurrency payments provider, disclosed a staggering $37 million hack, attributing the cyber attack to the infamous Lazarus Group, a North Korea-linked hacking organization, Bloomberg reported. The incident was promptly reported to Estonian police for investigation, with the company working closely with law enforcement and enlisting the assistance of various blockchain security firms to minimize the fallout from the exploit, which occurred on July 22.
While CoinsPaid refrained from detailing the exact method used to siphon the funds, the breach forced the platform to temporarily suspend its operations for four days. Fortunately, the hack did not compromise any customer funds, but it did inflict significant damage to its internal systems and balance sheet. Despite the massive sum stolen, the company believes the hackers had even grander ambitions, aiming for a much larger haul. In response to the breach, the company filed an official report with Estonian authorities and embarked on a preliminary investigation with the help of blockchain security firms like Chainalysis, Match Systems, and Crystal. The hack on CoinsPaid is part of a larger trend in the cryptocurrency industry.
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🏴 Aptos Active Accounts Surge to 182,000 Following Integration with Chingari Social Media App
Aptos, a blockchain-based platform, experienced a remarkable surge in active accounts, reaching a record-high of 182,000 since the APT airdrop. The integration with Chingari, a popular social media app in India, has added virtual gifting capabilities within the Aptos ecosystem, incentivizing active participation and driving interest in the crypto community. Virtual gifting has emerged as a powerful and rewarding method for content creators and influencers to monetize their online presence.
The surge in users coincides with the recent integration of Chingari, a popular social media app in India, which now offers exciting new functionalities like virtual gifting within the Aptos ecosystem. The integration with Chingari has been a game-changer for Aptos, attracting a staggering number of new users in the past two days, with over 94,000 new accounts created. The addition of virtual gifting capabilities within the platform has added a novel and engaging dimension to the user experience, incentivizing active participation and driving interest in the crypto community. Chingari, known for its unique features and widespread popularity in the Indian social media landscape, has significantly contributed to Aptos’ recent growth.
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💰 Terraform Labs Seeks Information From FTX To Defend Against Fraud Charges: Report
According to Bloomberg, Terraform Labs seeks information from FTX to defend against SEC accusations. The case involves allegations of illegal activity and unregistered securities causing crypto losses of $40B+. Terraform Labs has recently found itself in a legal battle with the US Securities and Exchange Commission (SEC) over accusations of offering unregistered securities in a scheme that resulted in losing at least $40 billion worth of cryptocurrency. The SEC has accused Terraform Labs and its co-founder, Do Kwon, of illegal activity.
In a recent development, Terraform Labs has requested permission from a judge to subpoena information from FTX, a collapsed crypto empire, to aid its defense against the charges. Specifically, the firm requested non-public information from FTX’s international and US exchanges about digital wallets used by short sellers between March and May last year. It has also asked for information on wallets used by Jump Trading LLC, which Terraform Labs alleges collaborated with the company to help prop up TerraUSD and Luna’s prices during the de-peg. Terraform Labs has alleged that it cannot be held responsible for the failure of its algorithmic stablecoins, TerraUSD and Luna, blaming instead a coordinated attack by short sellers.
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⚫️ Hooked Protocol Announces Deployment To opBNB, Driving Web3 Adoption
Hooked Protocol, a leading Web3 gamified social education platform, has revealed its plans to deploy to opBNB on July 18. Leveraging the strengths and solutions offered by opBNB, Hooked Protocol aims to contribute valuable insights, foster an open ecosystem, and bolster user experience to drive the mass adoption of Web3 technologies. opBNB operates as a Layer 2 network built on the OP Stack technology, specifically designed for the Binance Smart Chain (BSC). Since the opBNB testnet launch by BNB Chain on June 19, the platform has demonstrated its innovative approach to address scalability and cost challenges.
opBNB combines various underlying optimizations, including enhanced data accessibility, a caching layer, and an optimized submission process algorithm. These optimizations enable opBNB to achieve a gas limit of up to 100M, supporting over 4,000 transfer transactions per second. Moreover, opBNB boasts an average transaction cost of less than $0.005, providing users with cost-efficient transactions. By deploying to opBNB, Hooked Protocol seeks to leverage these comprehensive optimizations and infrastructure to create a seamless and engaging user experience. The integration will enable Hooked Protocol to tap into opBNB’s user base and ecosystem, fostering educational and social interactions within the Web3 space.
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🏦 Coinbase's market cap relative to Uniswap surges
The broader rally in global equities and cryptocurrencies has not helped the market capitalization of one of the decentralized finance market's darlings. While Coinbase has seen its shares surge by more than 213% since the beginning of the year--supercharged by BlackRock's surprise filing for a spot bitcoin exchange-traded fund--the market cap of DeFi exchange Uniswap hasn't budged. The market cap of the DEX has held steady, hovering around $4 billion for much of the year.
Coinbase, meanwhile, has seen its market cap increase from over $7 billion at the beginning of the year to nearly $25 billion on Friday. The Block's data dashboard shows the ratio between the two firms' market caps has surged, hitting a yearly high of 6.2 on July 13. Coinbase rallied more than 20% on Thursday alongside the broader crypto market after a judge ruled that Ripple Lab's sales of XRP on exchanges did not violate securities laws. "We are specifically encouraged by the suggestion that XRP sale on the public exchanges did not involve securities," the firm wrote. Needbush also increased its price target to $120 from $70 following the decision, Coinbase reported.
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