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Crypto, Bitcoin and Blockchain News Admin: @wanwangg More Crypto News: @BitcoinBreaking
🪙 Circle USDC Soars $100M in Weekly Circulation Boost
Circle has made significant moves in the cryptocurrency market by issuing and repurchasing a substantial amount of USDC over the past week. These actions have resulted in an increase in USDC circulation by $100 million. Circle issued a total of 1.2 billion USDC, demonstrating the growing demand for stablecoins in the crypto ecosystem. At the same time, they also repurchased 1.1 billion USDC, indicating a commitment to maintaining a healthy balance between issuance and reserves.
As of September 7, the total circulation of USDC reached $26 billion, reaffirming its status as one of the most widely used and trusted stablecoins in the crypto space. This steady growth in circulation highlights the increasing utility and adoption of USDC for various financial transactions within the cryptocurrency industry. Circle’s commitment to maintaining strong reserves is evident. Out of the $26.1 billion in reserves, $1.8 billion is held in cash, providing a solid financial foundation. The majority of the reserves, totaling $24.3 billion, are held in the Circle Reserve, ensuring the stability and liquidity of the USDC stablecoin. This is particularly crucial in the world of cryptocurrencies, where price volatility is a constant factor.
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🇭🇰 Hong Kong Leads Crypto-Ready Region In The World For Second Year Running
In the latest Crypto Readiness Report for 2023, Hong Kong has once again asserted its dominance as the world’s most crypto-ready region, securing the top spot with a Crypto Readiness Score (CRS) of 8.36. This marks the second consecutive year that Hong Kong has maintained its leadership position in this ranking. Switzerland made a significant leap, securing second place with a CRS of 8.18, while the United States dropped to third place with a CRS of 7.25, experiencing a 6.5% decrease from the previous year.
The report highlighted that residents of the Netherlands and Singapore displayed the highest interest in cryptocurrencies, while Estonia, Singapore, and Switzerland boasted the largest number of cryptocurrency companies. Hong Kong‘s top position in the crypto readiness rankings can be attributed to its rich history as a trade and commerce center, now extending to the cryptocurrency economy. Crypto traders in Hong Kong benefit from a 0% tax rate, a substantial number of crypto ATMs, and a thriving blockchain and crypto industry. Meanwhile, the United States, a global economic powerhouse and technology hub, continues to be a key player in the crypto world with a high number of crypto ATMs nationwide.
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📣 LayerZero Partners With Google Cloud To Elevate Cross-Chain Security
LayerZero Labs has unveiled a groundbreaking collaboration with Google Cloud. A fundamental aspect of this partnership involves Google Cloud assuming the role of LayerZero’s default oracle. This pivotal role entails safeguarding messages transmitted across the platform network, ensuring the integrity and security of vital information exchanged within the blockchain environment.This strategic alliance is set to fortify the security of LayerZero’s.
For developers engaged in constructing decentralized applications (dApps) atop the this platform protocol, this collaboration offers a game-changing advantage. They now have the option to leverage Google Cloud oracles to authenticate and validate transactions, introducing an added layer of trust and reliability to their applications. The fusion of LayerZero‘s cutting-edge cross-chain capabilities with Google Cloud‘s extensive cloud infrastructure expertise promises to elevate the standards of security and performance within the blockchain landscape. As Web3 continues to gain momentum, interoperability remains a critical element for its sustainable growth, and this partnership is poised to play a pivotal role in advancing this vision.
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🪙 FTX Sues LayerZero For Illegal Withdrawal Of $21M Before Shutdown
FTX files a lawsuit against LayerZero for alleged illegal withdrawal of $21M before FTX’s shutdown. The exchange seeks to recover millions from the former COO and subsidiary. FTX has filed a recovery lawsuit against LayerZero for allegedly withdrawing $21 million illegally before FTX was shut down. The exchange also seeks to recover approximately $13.07 million and $6.65 million from Ari Litan, the former chief operating officer of LayerZero Labs, and its Skip & Goose subsidiary.
FTX is scrutinizing payments made to high-profile celebrities and sports figures who endorsed the platform before its bankruptcy. Some of the celebrities on the list include Shaquille O’Neal, Naomi Osaka, and Stephen Curry. FTX aims to recover funds following the collapse of Sam Bankman-Fried’s crypto platform. FTX had $3.4 billion worth of crypto in April and reportedly plans to liquidate its assets. The exchange aims to sell up to $200 million worth of crypto every week. Although there is no confirmation of the start date yet, many are reporting that it will be on September 13th. LayerZero is accused of using internal information to withdraw the funds before FTX was shut down and withdrawals were prohibited.
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💰 Celsius Network’s $439 Million Battle: Crypto Lender Sues EquitiesFirst For Asset Recovery
Bankrupt crypto lender Celsius Network has taken legal action against lending firm EquitiesFirst Holdings in a bid to recover assets, as revealed in a bankruptcy court document filed recently. Celsius initially sought collateralized loans from EquitiesFirst in 2019 due to the lack of institutional lending available to cryptocurrency companies at the time. However, trouble arose in July 2021 when Celsius attempted to reclaim its collateral but was informed that the lender couldn’t return the provided amount.
The debt had grown to $509 million by July 2021 due to over-collateralization, but since September 2021, EquitiesFirst has been repaying it slowly at a rate of $5 million per month. As of July 2022, EquitiesFirst still owed Celsius $439 million, consisting of $361 million in cash and 3,765 Bitcoins. In a sealed adversary complaint filed on September 6, Celsius Network seeks injunctive relief and a declaratory judgment related to the recovery of assets. Celsius Network was one of the first crypto firms to declare bankruptcy amid the 2022 bear market, with former CEO Alex Mashinsky facing charges of securities fraud and manipulation of the company’s CEL token.
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⬜️ OKX Nears Final Licensing Stage In Hong Kong for 2024
OKX Global’s Commercial Director, Jimmy Lai, disclosed that the OKX Group is currently in the final stages of applying for a license in Hong Kong, with expectations of receiving official approval sometime between March and June of the following year. The move to secure a license in Hong Kong is seen as a strategic initiative by OKX Group to solidify its presence and cater to the rapidly growing interest in cryptocurrencies among retail investors.
However, industry experts like Li Zhikai caution against expecting a surge in the number of licensed securities companies in Hong Kong in the coming year. Zhikai, who closely follows regulatory developments, anticipates that the China Securities Regulatory Commission will maintain a cautious approach. He believes that the regulatory body will impose stringent requirements on potential license applicants, aiming to ensure the stability and security of the cryptocurrency market. Zhikai’s perspective highlights the regulatory authorities’ preference to closely monitor the performance and adherence to compliance standards by the initial batch of license holders before considering any significant expansion.
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📣 ApeCoin, Aptos and Optimism set for $100 million in token unlocks this month
Crypto projects Optimism, Aptos and ApeCoin are set for significant token unlocks this month, releasing more than a combined $100 million worth of tokens into circulating supply. ApeCoin, the governance token of the ApeCoin DAO and connected to the Bored Ape Yacht Club NFT community, will see the largest unlock, according to Token Unlocks. ApeCoin will release 40.6 million APE tokens on Sept. 17 — 11% of its circulating supply, worth $58.1 million.
The majority ($38 million) of the unlocks will go to the project's launch contributors, with $10.5 million going to its treasury, $6 million to developer Yuga Labs and $3.2 million to its founder. The remaining $397,000 will go to charity. Following the release of 15.6 million APE tokens ($22.3 million) at its last unlock in August, the price of APE fell around 16% from $1.80 to $1.51, according to CoinGecko data. It is currently trading at $1.43. Ethereum Layer 2 Optimism (OP Mainnet) is releasing 24.2 million OP tokens on Sept. 30. Representing 3% of its circulating supply, the unlock is currently worth $33.3 million. Some $17.6 million will go to core contributors, with $15.7 million set for investors.
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💰 The Aave Community Recommends Increasing The GHO Lending Rate To 2.5% To Avoid Depeg
The Aave community is gearing up for a crucial vote on the ARFC proposal aimed at “increasing the GHO lending rate.” Since its recent launch, GHO has rapidly gained ground, achieving a circulating supply of 22 million within mere weeks. Notably, its growth trajectory defied adverse market conditions, attributed in large part to its borrow rate for GHO being positioned below the prevailing stablecoin borrow rates. While robust liquidity and expansion serve as GHO’s primary market strategy. The voting process, scheduled to commence tomorrow, is set to conclude on September 3.
The proposal’s focal point is the elevation of GHO’s annual loan interest rate, presently at 1.5%, to a proposed 2.5%. The motivation behind this move is twofold: to tackle GHO’s peg bias and bolster its market credibility and expansion prospects. The proposal gains additional significance within the context of an impending sDAI onboarding integration. This integration is predicted to exert downward pressure on GHO due to short-term selling, particularly under the existing borrow rate regime, further exacerbating the GHO peg challenge. This, coupled with the scarcity of holding avenues and the inability to employ GHO as collateral, has propelled strategies like single-side liquidity provision in stableswaps, particularly within Balancer pools.
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🪙 PancakeSwap Burns $11 Million Worth Of CAKE Tokens In Significant Move
PancakeSwap executed a significant action on August 28 by destroying a substantial amount of its native CAKE tokens. Approximately 8.67 million CAKE tokens, with an approximate value of $11 million, were burned in a strategic move that underscores PancakeSwap’s commitment to maintaining the platform’s ecosystem health. The destroyed CAKE tokens originated from various sources within the PancakeSwap ecosystem, including transactions, lottery activities, the NFT market, and earned fees.
Token burns serve several key purposes in the cryptocurrency landscape. By reducing the total supply of tokens in circulation, token burns can potentially contribute to scarcity, which in turn could impact the token’s value. Additionally, controlled burns like PancakeSwap’s can demonstrate the platform’s dedication to responsible token management and community interests. PancakeSwap’s decision to burn a substantial value of CAKE tokens reflects its commitment to fostering a sustainable and robust ecosystem. This move could potentially have implications for the CAKE token’s long-term trajectory and could signal the platform’s efforts to align token supply with platform growth.
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🏦 FTX, BlockFi claimant data compromised in Kroll ‘cybersecurity incident’
Kroll, the bankruptcy claims agent of collapsed cryptocurrency exchange FTX, suffered a “cybersecurity incident” that compromised certain non-sensitive user data. FTX tweeted today that Kroll is informing affected individuals about measures they can take to protect themselves. “FTX account passwords were not maintained by Kroll, and FTX’s own systems were not affected,” FTX said. The bankrupt exchange warned claimants to “remain on high alert for attempted fraud and scam emails impersonating parties in the bankruptcy.”
BlockFi, another bankrupt crypto firm, was also affected by what appears to be the same incident, it tweeted today. BlockFi said it only learned of the incident on Wednesday, adding Kroll had confirmed that an unauthorized party got access to certain BlockFi client data housed on Kroll’s platform. In one email — received by an FTX claimant and obtained by The Block — Kroll said that an unauthorized third party gained control of a mobile phone number belonging to a Kroll employee and from that gained access to files in the company’s cloud-based systems. These files included some claimants’ personal information, including names, addresses, email addresses and the balances in their FTX accounts.
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💰 Celsius Is To Hold A Meeting On August 25 To Discuss New Bankruptcy Plans
The Official Committee of Celsius Unsecured Creditors has announced an upcoming staff meeting slated for August 25th at X Spaces. The primary agenda will revolve around discussions regarding the proposed restructuring plan and disclosure statement. Attendees can anticipate the committee and its advisors being present to address queries and concerns. Recent developments indicate positive progress for Celsius, as a judge greenlit the company’s disclosure statement last week.
The proposed plan involves transferring assets to the Fahrenheit consortium, and potential returns diverge. Earn account holders might expect around 67% returns, while Celsius lending program participants, mainly in Bitcoin (BTC) and Ethereum (ETH), could see returns as high as 85.6%. However, asset liquidation offers a less substantial 47% return. Previously, the bankrupt crypto lending platform initiated a new company owned by creditors. This venture aims to distribute approximately $2 billion in Bitcoin and Ethereum. Permission from the bankruptcy court has paved the way for customer voting on this proposal. Despite progress, some customers’ opposition and creditors’ potential challenges against Celsius’ repayment plan loom.
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🟠 BNB Bridge Hacker’s 6.89 Million vBNB Position Liquidated As Liquidator Repays 30 Million USDT
About 6.89 million vBNB were stolen from the BNB Bridge hacker once their position was eliminated. In a recent development, Paidun monitoring indicates that the BNB Bridge hacker‘s positions have undergone liquidation, resulting in the liquidation of approximately 6.89 million vBNB. In tandem with this, the liquidator has successfully repaid a substantial amount of 30 million USDT. This liquidation follows previous news revealing the BNB Bridge hacker’s loan health coefficient on Venus had dropped to 0.99 as the price of Binance Coin (BNB) dipped below $210.
This liquidation follows previous news revealing the BNB Bridge hacker’s loan health coefficient on Venus had dropped to 0.99 as the price of Binance Coin (BNB) dipped below $210. Reacting swiftly, the Venus community endorsed a governance proposal that granted permission for the liquidation of positions stemming from earlier BNB Bridge hacks. The liquidation of 6.89 million vBNB and the repayment of 30 million USDT highlight the vigilance of the cryptocurrency ecosystem in mitigating potential risks and maintaining stability amidst evolving market conditions. These proactive measures underscore the industry’s commitment to upholding security and confidence within the digital financial landscape.
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🚨 Harbor Protocol Of Cosmos Ecological Stablecoin System Under Attack
In an unfortunate incident, the Cosmos ecological cross-chain stablecoin protocol, Harbor Protocol, fell victim to an attack on August 19. The Harbor team is actively engaged in assessing the extent of the damage inflicted by the attack. Their efforts include investigating the attackers, tracing the misappropriated funds, and comprehensively understanding the scope of the breach. A detailed incident report is anticipated to shed light on the incident’s specifics and the measures taken to address the situation.
The protocol’s official Twitter account revealed that the exploitation occurred within the last few hours, depleting stablecoin minting and causing partial losses in stOSMO, LUNA, and WMATIC vaults. Preliminary information suggests that the attackers executed all operations using a specific address: comdex... This detail provides a starting point for the ongoing investigation and pursuit of the attackers responsible for compromising the protocol’s security. This incident serves as a reminder of the ongoing challenges and vulnerabilities that can impact decentralized ecosystems. While blockchain technology has brought revolutionary opportunities, it also underscores the imperative for constant vigilance and proactive security measures.
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📣 Starknet Mainnet Will Be Upgraded To Version 0.12.1 Next Week
According to the official announcement, Starknet, Ethereum’s Layer 2 scaling solution, tweeted that the Starknet mainnet will be upgraded to version 0.12.1 next week to improve transaction efficiency. The proposed changes in Starknet v0.12.1 aim to improve the efficiency of the sequencer capacity by addressing the problem of handling failed transactions. Starknet aims to optimize its processing potential for valid transactions by putting failed transactions into a block and charging them a fee.
Currently, invalid transactions waste valuable sequencer resources with no fees. Therefore, the Starknet v0.12.1 upgrade will improve the efficiency of the sequencer capacity by solving the problem of failed transactions. A validation stage will be added to the mempool to prevent invalid transactions from consuming the sequencer’s precious time. This ensures that only valid transactions will continue. Failed transactions will have a REVERTED status & be included in the block, paying fees. The centralized sequencer will also add a validation phase and can reject invalid transactions before execution. The goal is to optimize the sequencer’s capacity by filtering earlier, including failed transactions and charging, to improve efficiency.
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🪙 SHIB Doggy DAO Foundation Gains ATH’s Expertise For Shibarium: Report
Alpha Transform Holdings has announced that it will advise the SHIB Doggy DAO Foundation, which governs the projects built on the Shibarium blockchain. The foundation will benefit from the expertise provided by ATH partners and industry leaders such as Enzo Villani, Michael Terpin, and Seth Shapiro, who have previously advised blockchain projects, including Ethereum and Tether. The SHIB Doggy DAO Foundation is responsible for executing governance decisions made by the DAO and holding its assets and treasury.
According to ATH CEO Enzo Villani, Shibarium has already seen great momentum, with over 21 million wallets and over 250,000 smart contracts written to their Layer 2 blockchain testnet. Villani believes that many entertainment, media, and finance brands will be interested in engaging with this vibrant community. Shiba Inu Lead Developer, known as Shytoshi Kusama, said he couldn’t ask for a better partner to help shepherd this next phase of the Shiba global phenomenon. ATH will help the foundation chart the best course possible for the future of the Shiba Inu Ecosystem. ATH takes a hands-on approach to investments by providing advice and support across portfolio companies on token economics, strategic development, mergers and acquisitions, IPOs, and regulatory affairs.
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🇺🇸 Bankman-Fried Objected By DOJ To Effective Altruism Unnecessarily Intruded On Litigation
The US Department of Justice has expressed concerns over the proposed jury questions presented by the defense team of FTX CEO Sam Bankman-Fried (SBF), labeling them as “unnecessarily intrusive” and potentially intended to bolster his defense. During this week, the defense team of SBF questioned prospective jurors about their acquaintance with the case, their comprehension of effective altruism, and their experience with behaviors associated with ADHD. These inquiries were meant to help the prosecution and defense choose a jury that would be fair.
In contrast, the prosecution said in a letter to New York Southern District Judge Lewis Kaplan that the defense’s demands went beyond the bounds of pre-trial review and included open-ended inquiries regarding the jurors’ opinions of the case, the defendant, and his firm. Moreover, the prosecution said that these inquiries were an oblique effort to support a narrative that portrayed Bankman-Fried as someone who was trying to “improve the world” via his fortune. They emphasized that voir dire, the process of jury selection, was not the appropriate forum to suggest such notions to the jury. Prosecutors criticized these questions as intrusive and not pertinent to the trial.
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🇬🇧 Bybit Braces for UK Market Exit Amid Impending Regulatory Storm
Ben Zhou, the CEO of Bybit, has expressed concerns about the impact of upcoming marketing regulations in the United Kingdom. The regulations in question are part of a broader effort by UK authorities to enhance consumer protection and ensure compliance within the cryptocurrency industry. The Financial Conduct Authority (FCA) has introduced these stringent measures to regulate the marketing and advertising of cryptocurrencies and related products.
Ben Zhou, speaking about the situation, stated, “While we fully support efforts to protect consumers and maintain market integrity, these regulations may necessitate a reevaluation of Bybit’s operations in the UK. Compliance with these rules could prove to be challenging and financially burdensome for us.” The new regulations require cryptocurrency firms operating in the UK to meet several strict requirements, including ensuring that all marketing materials carry risk warnings and that advertisements do not make misleading claims. Bybit, known for its user-friendly platform and advanced trading features, is now faced with the challenge of adapting its marketing strategies to align with the FCA’s guidelines.
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💰 Ripple’s Fortress Trust Customers Secure Amid Acquisition Deal
In a recent turn of events, cryptocurrency payment giant Ripple stepped in to cover losses incurred by customers of blockchain infrastructure startup Fortress Trust, according to a report by The Block. Though no funds were lost in the breach, Ripple, already a minority investor in Fortress, swiftly intervened as part of an ongoing acquisition process. The exact amount of crypto losses remains undisclosed, the company confirmed it couldn’t comment on specific wallets or customers affected.
Fortress Trust reacted promptly to the breach, terminating the vendor integration and temporarily suspending accounts to assess and enhance system-wide security. Ripple officially announced the acquisition on September 8, emphasizing the potential long-term synergies between the two companies. The deal was financed through a combination of cash and equity, with no disclosed valuation. However, the acquisition is subject to regulatory and due diligence approvals, which, once completed, would bolster its portfolio of regulatory licenses. Fortress Trust, a subsidiary of Fortress Blockchain Technologies, holds a coveted Nevada Trust License.
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🟠 Binance Boss Counters 'FUD' Amidst Legal Challenges, Touts Company's Resilience and Low Turnover
Binance CEO Changpeng Zhao, known as CZ, addressed concerns raised by recent “FUD” headlines, assuring the community that everything is under control. Binance faces legal challenges from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Moreover, several top executives have reportedly departed the company in recent weeks. “Saw some debates in the community,” CZ said on Thursday. “When you do the right thing, and there is FUD, you don’t have to do anything. The community defends you. Let me summarize.
CZ also noted his belief that Binance likely boasts “the lowest founding team turnover of any tech startup of our size and age, in the world.” The Binance chief executive stated that the firm will continue to “build” while dealing with the FUD. He also shared a Mark Twain quote and said, “Whenever you find yourself on the side of the majority, it is time to pause and reflect.” Binance and BNB proponents rallied around and appreciated CZ’s statement, while others remained skeptical. One individual claimed CZ’s tech startup turnover claim was “bold” and “inaccurate.”. There have been a lot of negative news/rumors, bank runs, lawsuits, [the] closing of fiat channels, product wind downs, employee turnover, exit markets, etc.”.
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🪙 Whale Address Continues Massive ETH Withdrawals With 9,689 ETH Worth Nearly $16 Million From Binance
On September 6, an address associated with a significant ETH whale, identifiable by the prefix “0xb15,” made headlines once again. This time, the whale executed a substantial withdrawal of 9,689 ETH from the Binance exchange, marking another noteworthy move in the crypto market. The withdrawal, equivalent to approximately $15.8 million, adds to the whale’s recent series of transactions. Notably, on September 2, the same address initiated a transfer of 6.3 million USDT to Binance.
Just days later, on September 5, the whale executed another transfer, this time of 36 million USDT to Binance, followed by a massive withdrawal of 9,819 ETH, valued at approximately $15.92 million, from the exchange. These significant movements by the whale address have prompted speculation and analysis within the crypto community. Large-scale transactions like these often lead to discussions about market dynamics, investment strategies, and the potential impact on cryptocurrency prices. On-chain analysts and enthusiasts continue to monitor such whale activities, as they can provide insights into the evolving crypto landscape. These transactions underscore the importance of transparency and visibility within the blockchain ecosystem, where every move is recorded and can be scrutinized by interested parties.
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🇺🇸 Former SEC Chair: Institutional Investors Clearly Want Access to BTC, Approval of Spot Bitcoin ETFs Inevitable
Former U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton offered his perspectives on the likelihood of the securities regulator approving a spot bitcoin exchange-traded fund (ETF) in an interview with CNBC on Friday. The interview followed the SEC delaying its decisions on several bitcoin ETF applications, including one proposed by Blackrock, the world’s largest asset manager. Without stating whether he would approve a spot Bitcoin ETF if he were still the chairman of the SEC, Clayton detailed.
Clayton explained that when he was the chairman of the SEC, the securities regulator was “uncertain whether cash trading was so easily manipulable that retail folks should not have access to it.” However, he stressed: “There are now large institutions with surveillance mechanisms who are coming in and saying: ‘No, that’s not the case.’ We can rely on the efficacy of the cash market to a sufficient extent where we believe it’s a legitimate product. That’s a shift.”. Earlier this week, the United States Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale Investments against the SEC regarding the crypto asset manager’s proposal to convert its flagship bitcoin trust (GBTC) into a spot bitcoin exchange-traded fund (ETF).
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🇹🇷 52% Of Turkish Adults Are Now Investing In Crypto: KuCoin Report
KuCoin, a prominent cryptocurrency exchange, has launched its latest report, “Into The Cryptoverse: Understanding Crypto Users,” focusing on Turkish investors. This report provides a comprehensive overview of the crypto landscape in the country, delving into the behaviors, preferences, and trends among adult crypto investors. A notable surge in Turkish adult participation in crypto investment has emerged from the survey findings. More than half of Turkish adults, a significant 52%, have ventured into crypto investments.
Impressively, this figure has escalated by 12% over the past 18 months, soaring from 40% in November 2021 to the current 52% as of May 2023, defying market challenges. This surge signifies a growing enthusiasm for cryptocurrencies as a hedge against inflation, especially with the Turkish lira’s depreciation of over 50% against the US dollar. The report serves as a valuable resource for crypto enthusiasts, investors, and businesses seeking insights into the Turkish crypto market. Of note, young women aged 18 to 30 stand out, with 47% holding cryptocurrencies. Bitcoin leads the preferred digital assets with a 71% holding rate, followed by ETH at 45% and stablecoins at 33%. Motivations driving Turkish adult crypto investors vary. An impressive 58% strive for long-term wealth.
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🇭🇰 Hong Kong’s Crypto Exchanges Grapple with ‘Non-Security Token’ License
Hong Kong’s approach to regulating virtual asset exchange operators is taking shape as a distinctive “dual license” system, designed to encompass a wide spectrum of virtual assets. Alongside the established licensing framework under the Securities and Futures Ordinance (SFO) catering to “security tokens,” an additional layer of compliance is being introduced for “non-security tokens” in the form of stringent anti-money laundering (AML) regulations, set to be enforced from the beginning of June 2023.
Under the SFO, virtual asset exchanges dealing with security tokens are required to obtain licenses that comply with the existing securities regulations. Meanwhile, the imminent AML regulations will cover platforms dealing with tokens not falling under the security classification. This comprehensive approach reflects Hong Kong’s commitment to maintaining the integrity of its financial system while nurturing innovation in the virtual asset space. The Hong Kong Securities Regulatory Commission has emphasized the evolving nature of virtual assets, acknowledging that the parameters for designating “security tokens” and “non-security tokens” might evolve with time. This dynamic perspective has underscored the necessity for a dual license framework to provide flexibility and adaptability to changing market conditions.
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💰 Judge Denies CEL Valuation Boost; Evades CEL's Security Classification in Celsius Saga
During the Celsius legal proceedings, creditors pushed for CEL’s valuation to reflect its pre-bankruptcy rate of $0.80. They contended that CEL’s worth had been artificially tampered with. Despite their fervent arguments, judge Glenn was unconvinced and shot down the motion, among several others. The next chapter in this drama? Creditors are now preparing to vote on a revised valuation of $0.25 for each CEL. Whether judge Glenn gives this the nod remains a gripping question. As of today, CEL’s market performance stands at a modest $0.118 per token.
Its total market cap hovers around $50.4 million as of Saturday, August 26, 2023. The past month hasn’t been kind to CEL either, plummeting 25.9% against the U.S. dollar. This marks a staggering 98.5% fall from its zenith of $8 per token on June 04, 2021. Glenn stated, “Nothing in the motions, this order, or announced at the hearing constitutes a finding under the federal securities laws as to whether crypto tokens or transactions involving crypto tokens are securities, and the right of the United States Securities and Exchange Commission and the Committee to challenge transactions involving crypto tokens on any basis is expressly reserved.” In another intriguing twist, a creditor invoked a recent XRP partial ruling.
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💰 Layer 2 Shibarium’s Public Launch Coming Soon After Successful Private Mode Testing
The highly anticipated launch of Shibarium’s (L2) public version is on the horizon, according to a recent update from the Shibarium team. The Ethereum layer-2 network is set to open its doors to the public, assuring users of a seamless experience with reinforced security measures. As the network prepares for its public debut, early adopters are already celebrating the arrival of bridged BONE tokens, marking a promising start for this new phase.
The team expressed their satisfaction with the progress, affirming that after rigorous testing and parameter adjustments, the network is in a deplorable state. Despite ongoing testing, block production continues without a hitch. Among these improvements are RPC-level rate limiting and an automatic server reset mechanism specifically designed to mitigate disruptions stemming from sudden spikes in traffic. These updates collectively ensure a stable and dependable user experience. Having attracted over 22 million wallets during its beta testing phase, Shibarium positions Shiba Inu as a heavyweight in the DeFi realm. With increased throughput and reduced transaction fees lower than Polygon (MATIC), the network aims to elevate the efficiency of decentralized applications (dApps) and transactions.
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📣 SPACE ID Pre-registration Opens for .sei Domain Access
SPACE ID has made an exciting announcement, revealing the initiation of the .sei Name Pre-registration phase. The Pre-registration Phase is set to run from August 23rd, 8 AM UTC, to August 28th, 8 AM UTC. During this period, participants holding “The Ticket” series OATs or winning partner giveaways will have the exclusive opportunity to register a .sei domain name. Notably, those possessing all 5 Galxe OATs will enjoy an added advantage: the ability to register a domain name.
Starting on August 23rd at 8 AM UTC, participants are invited to secure their .sei domain names. Following closely, the public registration phase will kick off on August 28th at 9 AM UTC. This strategic move by SPACE ID underscores their commitment to creating an accessible and inclusive domain name ecosystem. As the decentralized digital landscape continues to evolve, SPACE ID’s approach to domain registration empowers users and enriches the overall online experience. The anticipation builds as SPACE ID prepares to introduce a new wave of digital identity possibilities. Stay tuned for the forthcoming launch, and seize the opportunity to secure your own unique .sei domain name within this innovative framework.
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🪙 Ethereum Gears Up for 'Holesky' Testnet Launch With 1.6 Billion Testnet Ether
Ethereum developers plan to roll out a new testnet named Holesky, intending to bring 1.6 billion Holesky testnet ether to the network. The core devs of Ethereum highlighted that 1.4 million validators were evaluated for Holesky, with the aim of enhancing the blockchain’s comprehensive development. Furthermore, Beiko revealed that Ethereum JS rectified a bug related to multiple “forkChoiceUpdated calls” during block production.
The developer also emphasized that Besu and Erigon have not yet participated in the devnet but plan to once their respective implementations are finalized. Alongside these discussions, Ethereum developers aim to unveil a new testnest called Holesky in mid-September. Intended to foster development, an abundance of testnet coins will be introduced to the testing layer. Core developers agreed to incorporate 1.6 billion Holesky testnet ether. Holesky is set to be a public testnet and will “replace Goerli as a staking, infrastructure, and protocol-developer testnet in 2023,” according to Holesky documentation. As of now, Holesky is scheduled for launch on September 15, 2023, at 14:00 UTC. This upcoming testnet will be employed for testing purposes in line with future Ethereum upgrades.
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💰 XRP Wipes Out July Gains With Over 20% Intraday Drops
XRP, the cryptocurrency tied to Ripple, experienced significant turbulence as it saw a rapid drop to $0.42, compounded by ongoing regulatory uncertainties and market-wide pressures. Analysts suggest this downturn might signal a potential for recovery, with traders advised to consider fresh long positions once the price hits around $0.5. The crypto market encountered a steep decline following widespread speculation that Tesla had offloaded its $377 million worth of Bitcoin holdings.
Furthermore, apprehensions deepened due to indications from the Federal Open Market Committee’s meeting minutes that interest rates would rise further to counter inflation, adding to the market’s downward spiral. Ripple’s XRP struggled to breach the $0.65 resistance level and consequently initiated a downward trajectory against the US Dollar. Like Bitcoin and Ethereum, it experienced a significant drop below the crucial $0.5 support threshold. With a staggering 20% drop in price, a brief plummet to $0.42 was observed before showing signs of recovery towards the 78.2% Fibonacci retracement level at $0.52. Macro factors also contributed to XRP’s setback, erasing its gains from July. The news of the US Securities and Exchange Commission (SEC) being granted an interlocutory appeal caused XRP’s value to plummet.
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📣 Base Ecosystem Lending Protocol SwirlLend Detected As Scam Project
The Base ecosystem’s lending protocol, SwirlLend, is facing allegations of disappearing from the scene, leaving investors concerned. According to data from DeFiLlama, SwirlLend’s Total Value Locked (TVL) has plummeted from $784,000 to a mere $49.2, accompanied by the suspension of its official Twitter account. The native token of the protocol, SWI, has also suffered a sharp decline, nearly touching zero. Compounding the unease, SwirlLend has wiped its presence from various social platforms, raising questions about its intentions.
The deployer of the protocol has reportedly transferred approximately $289.5K worth of cryptocurrencies from Base to Ethereum, including 140.68 ETH and 32.6K USDC. Yet, a stash of approximately 92 ETH on Base remains in their possession. Troubles continue as SwirlLend has been exploited on both the Base and Linea platforms. The attacker has transferred about 94 ETH from Linea to Ethereum via the Orbiter Finance bridge. The attacker’s Ethereum address currently holds 165.6 ETH and 32,641 USDC, indicating their successful maneuvers. This unsettling event marks the third attack on a Base project, raising concerns about the platform’s security measures and vulnerability to phishing.
Source
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