Binance, a leading cryptocurrency exchange, has asked Binance.US management to reduce the size of its workforce across the division as it foresees protracted and expensive litigation with the US Securities and Exchange Commission (SEC). In a letter to employees, Binance warned that the litigation with the SEC is likely to be lengthy and costly. The
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ZachXBT, a blockchain investigator, has been sued for libel by Jeffrey Huang, also known as “MachiBigBrother” on Twitter. Huang claims that ZachXBT has damaged his reputation through false allegations. ZachXBT responded to the lawsuit by calling it “baseless” and an attempt to chill free speech, pledging to fight back against it. ZachXBT is known for
Do Kwon, co-founder of Terraform Labs, has been arrested in Montenegro and faces possible extradition to both South Korea and the United States for numerous fraud charges. Kwon has been in custody since March of this year, and the Montenegrin authorities are considering extending his detention for another six months to decide on his extradition.
On June 15, Ethereum’s price plummeted by 7%, reaching its lowest level in three months. The altcoin’s drop to $1,620 impacted investors’ perception that it was on track to turn $2,000 into support. Despite its decline, Ethereum’s $196 billion market capitalization remains higher than PetroChina’s $186 billion and close to chipmaker AMD’s $198 billion. Ethereum
Despite a consistent downturn in the Arbitrum governance token ARB since the airdrop in late March, the ecosystem shows healthy growth. A recent report by Nansen shows that Arbitrum’s activity improved after the airdrop, stabilizing “at a level higher” than before the airdrop. The daily active users, gas fees, and transaction count have maintained consistently
This week, the crypto market witnessed intense sell pressure due to the US Federal Reserve’s latest monetary policy announcement. Although the Fed paused its interest rate hikes, it was hawkish on the interest rate outlook. Fed Chairman Jerome Powell signaled that more interest rate hikes might be needed later in the year. This guidance shocked
The Texas State Securities Board has taken action against cryptocurrency lending firm Abra by filing an emergency cease and desist order on June 15, 2023. The regulatory agency has accused Abra and its related parties of committing fraud and making misleading statements. The regulator has found that Abra made fraudulent statements by referring to itself
Animoca Brands, a gaming company, has teamed up with NFT platform Rarible to launch a dedicated marketplace for its membership NFT collection called Mocaverse. The Mocaverse Marketplace is built on Rarible Protocol’s decentralized infrastructure and has been authorized by RARI token holders through the RARI Foundation. The primary goal of the marketplace is not just
The governance token of the Curve decentralized autonomous organization (DAO), CRV, suffered a 12% drop on June 15th. This occurred after reports surfaced that the founder, Michael Egorov, had taken out risky loans on Aave. These loans were deposited across multiple decentralized lending protocols and amounted to around $246 million worth of CRV. This accounts
CoinEx, a Hong Kong-based cryptocurrency exchange, has agreed to pay over $600,000 in penalties and refund $1.17 million to its 4,691 New York investors in cryptocurrencies over the next 90 days. This decision was made in compliance with the New York Attorney General Letitia James’ regulations. The Attorney General stated that this agreement would warn
Revive Token ($REVIVE) experienced a successful start to its launch across decentralized exchanges (DEXs) on Wednesday. The token is based on the idea of crypto degens needing to revive their underperforming crypto portfolios. At its peak, $REVIVE reached a market cap of over $1.5 million, with its last trade at around $0.0009, representing a 500%
Michael Egorov, the founder of decentralized exchange (DEX) and automated market maker protocol Curve, has repaid $1.35 million of a loan on the decentralized lending platform, Aave. Egorov made the move as Curve’s native token (CRV), which was used as the loan’s collateral, declined significantly in the past week, reducing the loan’s health factor and
Parcl, a blockchain-powered real estate trading platform, has announced the launch of Austin, Texas, to its growing list of tradable city indexes. The addition of Austin, one of the fastest-growing housing markets in the United States, brings Parcl’s total number of tradable markets to 16, more than doubling its market pool for investors. The platform
Synquote, a new DeFi options platform, has launched and it is using social logins and undercollateralized trading to attract liquidity providers. This protocol is capable of handling large trades with much less slippage than previous options platforms. According to the team, the platform did over $25 million of notional volume during its beta period which
The COTI price has been rapidly declining since the US Security and Exchange Commission (SEC) identified the token as a security. As of writing, COTI, which powers the COTI network, is trading at around $0.043, having lost over 35% of its value since the start of last week. The SEC lawsuit against Binance and Coinbase,
Sweat Economy, a move-to-earn platform, is repurposing over 2 billion $SWEAT tokens, valued at around $10 billion, that were locked up in inactive user wallets. These tokens were locked up in dormant user accounts following a token airdrop event in September 2022. Sweatcoin users who opted into the Web3 move-to-earn’s crypto offering received $SWEAT tokens
Changpeng Zhao, CEO of Binance, has denied rumours that the exchange was selling Bitcoin to protect BNB’s price. In a tweet on June 13, CZ stated that Binance had not sold BTC or BNB and that the exchange still held a bankrupt FTX’s FTT. The statement was in response to several market analysts who alleged
Santiment, a blockchain analytics provider, reported that the current supply of Bitcoin on cryptocurrency exchanges stands at 6.4%, which is the lowest level since February 2018. The data reveals that crypto traders are continuing to withdraw their Bitcoin holdings from exchanges in favor of self-custody methods. This trend could be a result of the recent
Coinbase’s chief legal officer, Paul Grewal, has updated the situation on the U.S. Securities and Exchange Commission’s (SEC) response to the company’s repeated calls for regulatory clarity. In a recent filing, Grewal reported that the regulator has launched an outright attack on the digital asset industry this year and “repeated the fallacy that they haven’t
The U.S. Securities and Exchange Commission (SEC) has not yet made a decision regarding Coinbase’s petition for rulemaking for the cryptocurrency industry. Coinbase had requested clear regulatory guidelines in July 2022 and later submitted a court filing for a writ of mandamus in April 2023 that would compel the SEC to act on their rulemaking
Ripple’s Chief Legal Officer, Stuart Alderoty, has called for an investigation into the reasons behind the speech given by former Securities and Exchange Commission (SEC) official, William Hinman, in 2018. The speech delivered by Hinman has been the subject of much debate within the cryptocurrency industry, as it suggested that Ethereum (ETH) was not a
On June 13, Amazon Web Services (AWS) experienced a minor outage that lasted for about three hours. At 12:08 pm PDT, the company reported that it was “investigating increased error rates and latencies” in some parts of the United States. The outage affected many mainstream news organizations, such as the Associated Press, which were unable
Gone are the days when the concept of work was synonymous with brick-and-mortar office spaces and strict nine-to-five schedules. In recent years, technology has paved the way for an alternative route, leading away from the traditional employment model towards the flexibility of freelancing. Thanks to the rapid proliferation of the internet and the digitization of
Puma, the globally renowned sports brand, has recently launched “Black Station”, a 3D metaverse experience that caters to product drops and provides exclusive access to Puma Pass NFT holders. The immersive experience of Black Station is open to all, but only RB token holders are given full access to the platform’s features. The RB tokens
Binance CEO, Changpeng Zhao, has denied allegations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB (BNB) token. Market commentators, including analyst Dylan LeClair and Swan Bitcoin CEO Cory Klippsten, have accused Binance of intentionally manipulating the market to inflate the value of BNB. Technical analysis platform Skew
Tether has announced its plan to coordinate with a third-party exchange to conduct a chain swap to convert 750 million USDT from Tron to Ethereum ERC20. The company has stated that the total supply of USDT will remain unchanged during this process. A chain swap process allows traders to move their cryptocurrencies from one blockchain
BlockFi, the bankrupt lending platform, has announced that it needs to carry out updates before customers can withdraw their crypto assets held in wallet accounts. The platform has stated that this “work” should be completed by summer, and it will add new product functionality to its platform before allowing withdrawals. New Withdrawal Process BlockFi has