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🟠 Celsius New Bankruptcy Plan Was Deprecated By Debtors
Celsius, the defunct crypto lender, has filed an amended bankruptcy plan to reflect the Fahrenheit consortium’s successful bid for assets. The new bankruptcy plan, which was submitted early Thursday, must be approved by the New York bankruptcy court supervising the wind-up, and it is already facing creditor opposition. According to David Adler of McCarter & English, the group of debtors he represents in the dispute will reject the proposal since Celsius would not release their collateral. Celsius launched an auction on April 22 in the hopes of finding a buyer who might help its crypto lending and bitcoin mining companies avoid bankruptcy. Fahrenheit, a coalition of purchasers led by venture capital firm Arrington Capital and miner US Bitcoin Corp, was declared as the winning bidder in May, defeating NovaWulf’s offer for the company’s assets, which were originally valued at roughly $2 billion. The new company will get between $450 and $500 million in liquid bitcoin as part of the Fahrenheit agreement, and US Bitcoin Corp will build a variety of crypto mining facilities, including a new 100-megawatt facility. Based in New Jersey, Celsius also stated that it had a backup proposal.
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🪙 Ripple CTO Says Uniswap Is Not Decentralized
David Schwartz, the Chief Technology Officer at Ripple, participated in a recent discussion on Twitter regarding the degree of decentralization among various cryptocurrency projects in the industry. Schwartz weighed in on the topic with a comment that specifically mentioned Uniswap, one of the most well-known decentralized exchanges in the space. While some have dubbed Uniswap as fully decentralized due to its lack of a central authority. David Schwartz weighed in on the topic of decentralized and open source crypto projects. The discussion was sparked by a tweet from LefterisJP, the founder of rotkiapp, who accused some projects of “opensource washing” their work. Specifically, LefterisJP called out Uniswap v4, which was released under a Business Software License (BSL) that allows the software to become open source after a certain period of time. Schwartz’s argument is that if a person or group has the legal right to control how others use the software, then it cannot be described as decentralized. In this case, Uniswap is controlled by Uniswap Labs, which raises questions about its true decentralization.
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🇺🇸 Bittrex US Users Can Now Start Withdrawing From June 15
The U.S. arm of crypto exchange Bittrex is set to open for customer withdrawals Thursday following a ruling by a Delaware bankruptcy court, According to the report collected by CoinDesk. In his Tuesday ruling, Judge Brendan Shannon authorized Bittrex U.S. and its affiliates to permit their customers holding undisputed, noncontingent, and liquidated claims to withdraw cryptocurrency assets and fiat currency from the Debtors’ trading platform to the extent of such claims. Bittrex filed for bankruptcy in the U.S. state of Delaware in May, months after announcing it would wind down operations in the country and weeks after being sued by the Securities and Exchange Commission (SEC). The Exchange believes it has more than 100,000 creditors, with estimated liabilities and assets both within the $500 million to $1 billion range. Bittrex’s U.S. branch has had a rough 2023 so far, laying off 80 people in February and announcing in March that it would end all operations by the end of April. These changes have not affected Bittrex Global, the non-U.S. crypto exchange. The judgment doesn’t determine who legally owns those assets or whether customer claims are favored over the government’s.
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🇬🇧 Bitstamp Is The Newest Company To Get UK Crypto Approval As FCA First Additions In 6 Months
Bitstamp, a cryptocurrency exchange, has been allowed onto the United Kingdom’s crypto register, becoming the Financial Conduct Authority’s first addition to the list in six months. According to an update on the FCA’s crypto registry, Bitstamp UK Ltd received regulatory clearance on June 13. It was the second company to get clearance in two days. Before, the regular has not given a thumbs up to any cryptocurrency businesses since December. According to a source close to the regulator, the FCA has received over 300 applications from crypto companies for registration under its money-laundering laws since it began evaluating organizations on January 10, 2020. Not just Bitstamp but also online brokerage business Interactive Brokers has recently joined this list. The FCA now has over 40 businesses on its record, which enterprises have found difficult to get access to. Companies that want to conduct business in the nation must register with the FCA and follow its anti-money laundering regulations. A financial measure now being considered in Parliament would give the agency new authority to regulate cryptocurrency.
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🇭🇰 Hong Kong To Launch Stablecoin Regulatory Framework By End Of 2024
Hong Kong government aims to launch a regulatory framework for stablecoins by next year’s end, supports the virtual asset industry and welcomes talents to come to Hong Kong. Chen Haolian, the deputy director of the Hong Kong Financial Services and Treasury Bureau, recently announced that the government has conducted a public consultation on the launch of stablecoins and aims to launch a regulatory framework by the end of next year. Hong Kong government is actively participating in the virtual asset value chain and supporting the development of the industry. The government has issued a policy declaration on the development of virtual assets and adopted the principle of “same business, same risk, and same rules” for supervision. This approach is expected to protect investors and ensure that anti-money laundering and other rules meet international standards. The number of financial technology companies in Hong Kong has grown exponentially in the past five years, with over 800 companies providing diversified services, including virtual banking, virtual insurance, and virtual asset transactions.
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🪙 Binance.US Market Depth Plunges By 78% After SEC Lawsuit
Binance.US has experienced a significant decline in market depth across the top 25 crypto assets. The decline is reported to have dropped by 78% since the announcement of the Securities and Exchange Commission’s lawsuit brought against it, Binance, and CEO Changpeng Zhao on June 5. The lawsuit has sparked concerns about liquidity and raised questions about the future of the exchange. The significant decline in market depth raises concerns for traders who rely on robust liquidity to execute trades. According to crypto data firm Kaiko, the primary reason behind the plummeting market depth can be attributed to the swift departure of market makers from the Binance.US platform in the wake of the lawsuit. Market makers are crucial in providing liquidity by quoting bid and ask prices. Their sudden departure has left Binance.US with limited liquidity, making it increasingly challenging for traders to execute orders effectively. With the reduced availability of buy and sell orders, traders may face increased slippage and potential difficulties in obtaining desired trade execution prices. These difficulties may also undermine the overall efficiency and attractiveness of the exchange, potentially further damaging its reputation and ability to attract users.
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📣 TUSD Serious Plunge After Mining Stop Notice
TUSD suffered a severe peg loss after the announcement of a mining halt through Prime Trust and the impact of SEC lawsuits against crypto companies. They said minting and redemption TUSD operations are unaffected and can still be used normally. It also declares that the project’s partnership with banks remains intact, ensuring that transactions are seamless, reliable, and efficient. TrueUSD did not explain why it stopped offering stablecoin minting through Prime Trust, which provides custodial services to crypto companies. However, the main reason likely stems from the fact that Prime Trust is involved in bankruptcy rumors and is said to have agreed to buy back by BitGo on June 9, 2023, despite raising more than $100 million in capital in June 2022. It can be seen that USDC and BUSD are both in the process of de-anchoring, but TUSD is in the most serious de-anchoring process. All of this involved the SEC’s prosecution of two major cryptocurrency exchanges.
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📣 Bitget To Temporarily Suspend BNB Smart Chain Services For Hard Fork Upgrade
Bitget, a leading cryptocurrency exchange, has announced its support for the upcoming hard fork upgrade of the BNB Smart Chain (BEP20) network. Bitget has officially confirmed that it will suspend the recharge and withdrawal services for the BNB Smart Chain (BEP20) network, starting from 05:30 on June 12, 2023 (Beijing time). This temporary suspension is necessary to facilitate the smooth execution of the network upgrade and hard fork, specifically at the block height of 29,020,050. During this period, token transactions based on the BNB Smart Chain (BEP20) network will not be affected. Traders and users will be able to continue their normal token trading activities without any interruptions. However, it’s important to note that the deposit and withdrawal services for BNB Smart Chain will be temporarily unavailable until the upgrade is completed. The support of Bitget for the BNB Smart Chain hard fork upgrade highlights the exchange’s commitment to providing a secure and efficient trading environment for its users. By aligning with the network upgrade, Bitget aims to ensure the continued smooth operation of BNB Smart Chain and enhance the overall user experience.
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💰 Sui Network Releases SIP 6 Proposal, Will Soon Support Liquidity Staking
According to the official announcement, Sui Network will soon support liquidity staking. With an update to the SIP 6 improvement proposal, developers will be able to build liquid staking. This SIP specifies improvements to the StakedSui structure and related functions and is still pending review. Liquid Staking is a solution born to support users who can participate in staking on blockchains with a Proof Of Stake consensus mechanism easily, conveniently, and without liquidity lock. The current approach is constrained in its general composability, which unavoidably leads to less visible Sui Network staking custodial expansions. By evaluating these modifications, this SIP strives not to limit itself to a single domain but rather proposes enhancements that will allow for future expansions to Sui’s staking mechanism. As Sui Network will continue to evolve over time, a snapshot of the Sui repo will be used when referencing the Sui Framework code. This SIP uses the latest stable version of the mainnet. According to the proposal, by delegating to a validator, a user receives a StakedSui object that acts as a receipt to their position.
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💰 Polygon (MATIC) Plummets Over 30% After SEC Lawsuits Shake Crypto Industry
The recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against high-profile crypto exchanges have caused a significant drop in the prices of several digital assets. Polygon (MATIC) has been hit particularly hard among these assets, with a drop of more than 30% in its trading price. The SEC has accused Binance, one of the largest global crypto exchanges, of engaging in unregistered offers and sales of “crypto-asset securities,”. Robinhood has reportedly decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 after the US SEC determined that a large number of tokens on Coinbase and Binance were securities. While other assets like ADA and SOL have also experienced significant drops in price, MATIC has been hit the hardest. At the time of writing, MATIC is trading at around $0.6 after it is down over 30% in the past 24 hours. These lawsuits have caused concern among investors and highlight the need for greater regulation in the crypto space. As the industry continues to evolve, it is important for investors to stay informed and for companies to ensure compliance with regulatory requirements.
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💰 Do Kwon Drained $29 Million Of Terra’s Assets Since Arrest
South Korean investigators claim that Terraform Labs founder Do Kwon withdrew millions of dollars in cryptocurrency from an entity linked to his failed blockchain company. Dan Sunghan, director of the Financial Crimes Investigation Bureau of the Southern District Prosecutors’ Office in Seoul, revealed to reporters that after Do Kwon was arrested on March 23 when he tried to leave out of Montenegro with fake documents, he could personally or answer his arrest About $29 million in crypto was ordered to be moved. Dan Sunghan claimed that Do Kwon and his colleagues still keep $13 million in Sygnum AG Bank in Switzerland. It is known that Sygnum Bank is a Swiss bank specializing in cryptocurrencies. Ever since the Terraform ecosystem collapsed and Kwon disappeared, the fate of the cryptocurrency has remained a subject of speculation. In addition to the funds mentioned above, Kwon allegedly siphoned off another 10,000 BTC or possibly more, according to a statement by the US securities regulator in February. Dan said South Korean authorities are currently trying to locate the tokens obtained from a crypto wallet belonging to Kwon’s Luna Foundation Guard (LFG), an entity he created to maintain a fixed rate of TerraUSD to the US dollar.
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🔥 OKX Burns $258 Million Worth Of OKB Tokens In Latest Buyback And Burn
Leading cryptocurrency exchange OKX has successfully completed its 20th periodic buyback and burn event, resulting in the destruction of millions of OKB tokens. OKX announced that it has repurchased and burned 5,497,312.77 OKB tokens, equivalent to approximately $258 million. The buyback and burn period spanned from March 1, 2023, to May 31, 2023. This strategic move is expected to increase the value of the remaining OKB tokens in circulation. Following the announcement, the price of OKB experienced a modest increase, rising from $44 to $45, representing a 1.4% surge within the past 24 hours. The market capitalization of OKB now stands at an impressive $2.6 billion. Since the inception of the OKB buyback and burn program in April 2019, the platform has eliminated a total of 64,042,314.70 OKB tokens. As a result, the current circulating supply of OKB has reduced to 235,957,685.30 OKB. The buyback and burn initiative demonstrates OKX‘s commitment to increasing the value and scarcity of OKB tokens. By reducing the supply, OKX aims to create a more attractive investment proposition for token holders and foster a positive market sentiment.
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💰 SushiSwap Announces Integration Of V3 Product Suite On Avalanche
SushiSwap announced that it had integrated the V3 product suite on Avalanche. The new v3 release’s main feature is concentrated liquidity pools, which enable users to contribute liquidity and collect incentives in the most effective manner possible. They operate by dividing the price curve of a certain pair into intervals, resulting in a distinct price curve in each interval that swings dependent on the amount of liquidity available in that interval or price range. SushiXSwap, the LayerZero Stargate-based cross-chain communications mechanism. Sushi users may use it to perform swaps across various chains, abstracting away any extra procedures (bridging money, leveraging several protocols, switching into the local currency, etc.) into a single user-friendly interface. To use SushiXSwap, users just toggle cross-chain swaps and pick Avalanche as the source or destination chain. Lastly, the new DEX aggregator intends to provide customers with the best prices for their swaps by combining several DEXs, consolidating liquidity, and creating a larger pool against which users may trade.
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🇦🇺 Australian Crypto Industry Fights Back Against Bank Restrictions
The crypto industry in Australia has been experiencing a series of challenges lately. Local banks have been imposing restrictions on crypto payments and this has not been well received by industry stakeholders. In an effort to tackle this issue, Blockchain Australia, the industry body that represents the blockchain industry in Australia, has decided to take a stand against these restrictions. Blockchain Australia has called out these restrictions and has said that it wants to tackle the issue “head-on by using real data.”. Despite these reasons, the decision by banking institutions to restrict millions of their customers from making payments to cryptocurrency exchanges has been widely criticized by industry stakeholders. Jackson Zeng, director of Blockchain Australia, has described the restrictions as a “profound curtailment of economic freedom in Australia.” According to him, every individual has the inherent right to make decisions on how and where to use their finances and banks should facilitate these decisions, not impose restrictions upon them. To address this issue, Blockchain Australia has decided to host a roundtable discussion on June 27 during Blockchain Week.
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🇺🇸 SEC Expects 4 Months To Respond To Coinbase’s Digital Asset Rule Request
The SEC announced that it is expected to take 120 days to respond to Coinbase’s request to develop rules for trading digital assets. The agency held that there was no merit to Coinbase’s unusual request for an order to compel the Commission to act on Coinbase’s wide-ranging rule-making petition within seven days. It said it has yet to decide what action to take upon request. In a filing with the US Third Circuit Court of Appeals, the regulator argued that the petition should be denied. Coinbase Chief Legal Officer Paul Grewal then said the SEC “ignore[d] the clear statements of the Chair that confirm they have no intent to issue new rules, and instead conflate the evidence of a decision those statements provide with an argument that the Statements are themselves a decision, “though its Chair do that “statements by the not – and could not – Commission action denying Coinbase’s rule-making petition.”. Reportedly, Coinbase has requested explicit rules intended to replace existing requirements, and the SEC filed a lawsuit against Coinbase last week, accusing the company of unregistered securities trading. On June 6, the Court gave this agency seven days to clarify its position on Coinbase’s lawsuit.
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🪙 Uniswap Labs Revealing New Version Of Uniswap
According to a June 13 blog post by Uniswap’s Founder, Hayden Adams, Uniswap Labs has published a draft of the code for Uniswap V4. The new code includes “hooks” or plugins that enable developers to construct their own liquidity pools. The new design will be more efficient, with preliminary data indicating that it will lower the cost of pool construction by 99%. It will also enable developers to make their own compromises, enabling them to create minimalistic pools that are less expensive to operate. Perhaps the most significant difference is that it opens up a far larger playing field for developers to construct their own pools with their own rules, possibly leading to much more experimentation. For the first time, Uniswap Labs is soliciting community input on Uniswap v4 prior to its public release. This community-driven initiative is intended to highlight Uniswap’s commitment to decentralization. It is a significant distinction intended to distinguish decentralized exchanges (DEX) from centralized exchanges (CEX), such as Coinbase and Binance, which are now facing SEC litigation. Uniswap is the world’s biggest decentralized crypto exchange by volume.
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🪙 MakerDAO Achieves Record-Breaking 147% Surge in Annualized Income for 2023
According to data from MakerBurn, the decentralized autonomous organization (DAO) MakerDAO has achieved a significant milestone, with its current annualized income reaching a record high of $95 million. This marks a substantial increase of 147% since the beginning of the year, making it the highest level recorded since mid-February 2022. The surge in income can be attributed to DAO’s strategic use of PSM USDC to purchase U.S. Treasury bonds, thereby generating interest income. MakerDAO, a prominent player in the DeFi ecosystem, is renowned for its stablecoin DAI, which is backed by a diversified collateral portfolio. The DAO operates on the Ethereum blockchain and provides users with the ability to mint and trade DAI in a decentralized manner. As an integral part of the DAO ecosystem, the PSM (Peg Stability Module) USDC facilitates the stabilization of DAI’s value against the U.S. dollar. The recent boost in DAO’s income can be attributed to its decision to utilize PSM USDC to purchase U.S. Treasury bonds. This strategic move has not only increased the DAO’s holdings of U.S. Treasury bonds but has also allowed DAO to generate interest income from these bonds.
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📣 BLUR’s 196 Million Token Will Unlock Tomorrow
According to Token Unlocks, the unlock comprises several allocations, with roughly 115.6 million tokens distributed to previous and future core contributors, 75.4 million tokens allotted to investors, and 4.9 million tokens assigned to advisors. This unlocking event raises concerns about the possible influence on market mood and the purchasing or selling activity of SmartMoney and whales. The company secured $11 million in seed funding in March 2022 from Paradigm, eGirl Capital, 0xMaki, and LedgerStatus. Many in the cryptocurrency world have speculated on the possible effect of the unlock on the market, with BLUR down over 5% in the previous 24 hours due to pre-emptive whale action. According to Token Economics statistics, the total tokens given to investors presently number 565,633,826 BLUR. In terms of whale activity, “0x06cD,” the eighth-largest holder, has withdrawn 10.5 million tokens from OKX since April 4th, with the most recent transaction taking place two days ago. “0x06cD” now has 13.5 million tokens ($4.3 million). A famous trader, oilysirs.eth, just acquired 100,000 tokens for $0.35, spending 20 ETH. The trader profited from the increase in the price of BLUR by 455 ETH.
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⚪️ Curve Finance Founder Safeguards $65M Loan with $24M Aave Deposit.
Curve Finance founder Michael Egorov has deposited $24 million worth of Curve DAO (CRV) tokens to decentralized lending platform Aave to mitigate the liquidation risk of a $65 million stablecoin loan. Egorov began borrowing stablecoins on Aave in April, with $37 million worth of tether (USDT) being sent to crypto exchange Bitfinex whilst $51 million in USDC was sent to prominent market maker Wintermute, according to blockchain sleuth Lookonchain. The wallet belonging to Egorov has supplied a total of $188 million in collateral on Aave, with $64.2 million in USDT being borrowed in an open position, according to Debank. The open position currently has a health rate of 1.68, the collateral will be automatically liquidated if it drops below 1.00. This means that Egorov has to keep a close watch on the market and be ready to take action if the health rate drops. CRV is currently trading at $0.65 having dropped by 2.1% in the past 24-hours, it slumped by more than 17% in a sudden move in the early hours of Saturday morning. This sudden drop in price is an indication of the high volatility of the cryptocurrency market. If the price of CRV is to continue to slide over the coming months.
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💰 Bitcoin Whale Deposits 1,800 BTC To Binance, Raises Questions about Potential Dump
Bitcoin whales deposited a staggering amount of 1,800 BTC, equivalent to approximately $46.7 million, to the popular cryptocurrency exchange Binance. What sets this particular deposit apart is the whale’s history of accumulation and withdrawal activities. According to data from bitinfocharts.com, the whale began accumulating BTC on January 11, and since then has withdrawn a total of 5,867 BTC from Binance. The cumulative value of these withdrawals amounts to a substantial $162 million, with an average withdrawal price of $27,702. The cryptocurrency market has been highly volatile in recent times, with Bitcoin experiencing significant price fluctuations. As a result, market analysts and investors are closely monitoring the whale’s movements for any hints regarding their future intentions. The potential impact of such a large-scale sell-off on the market cannot be underestimated. Bitcoin’s current price hovers around $25,944, making the average withdrawal price of the whale considerably higher. If the whale decides to sell their BTC holdings at the current market price, it would result in a substantial loss. However, it is worth noting that market dynamics can rapidly change, and the whale might be anticipating an opportune moment to maximize their gains.
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🏦 Coinbase CEO Reveals Tense Relationship With SEC Chairman Gensler
Coinbase CEO Brian Armstrong discusses the SEC lawsuit and Coinbase’s goal to get clarity for the cryptocurrency industry. Armstrong emphasizes that Coinbase distinguishes between securities and commodities. The legal dispute centers on whether certain cryptocurrencies listed on Coinbase’s platform are securities or commodities. The SEC alleges that Coinbase broke the rules by listing tokens that the regulator claims are securities. Coinbase has been formally petitioning the SEC for regulatory clarity, as the lack of clarity is a major issue in the US. Every startup in the crypto space spends significant amounts of money on lawyers who tell them that there is no case law and they cannot give a clear answer. Coinbase CEO, Brian Armstrong, sat down with The Wall Street Journal to discuss the situation. Armstrong emphasized that Coinbase has a committee responsible for reviewing coin listings and distinguishing whether they are securities or commodities. He added that Coinbase had shared this internal framework with the SEC.
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🇭🇰 Hong Kong Official Invites Coinbase Despite SEC Investigation, June 11
Hong Kong’s Legislative Council member Johnny Ng has expressed his support for the crypto industry in Hong Kong and has invited Coinbase and other crypto exchanges to establish operations in the region. In a tweet, Ng acknowledged the important role that crypto trading operators like Coinbase play in the industry and offered his assistance to help them set up. He also hinted at potential stock listing opportunities, which could further bolster the industry’s growth in HK. This move by Ng comes at a time when major players like Binance and Coinbase are facing lawsuits from the SEC. Despite this, Hong Kong has taken a progressive stance towards cryptocurrencies and has actively overseen crypto assets through regulation. In fact, the Financial Secretary of Hong Kong, Paul Chan, declared the government’s dedication to establishing a strong ecosystem for crypto and fintech in January 2023. Since then, Hong Kong has been working on formulating regulations and implementing compliance measures to nurture the expansion of the cryptocurrency industry. HKMA revealed its intentions to establish the groundwork for the introduction of a retail Central Bank Digital Currency (CBDC).
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🇺🇸 Circle And Others Continue Seeking Regulation In US Digital Asset Hearing
Circle CEO, founder of Ava Labs, and others will attend the US House of Representatives Digital Asset Hearings to develop their plans in defiance of enforcement actions by the SEC. Circle CEO Jeremy Allaire, Steptoe & Johnson law firm partner Coy Garrison, Ava Labs founder and CEO Emin Gün Sirer, and NFA News president and CEO Thomas Sexton III will attend a session hearing on digital assets before the US House of Representatives Financial Services Committee next Tuesday. The latest SEC action against publicly traded companies Coinbase and Binance has not prevented crypto payments technology company Circle or others from continuing its quest for public listing. The hearing is scheduled for next Tuesday, June 13th, entitled: “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem”. Circle executives said earlier this year that going public remains an important part of the company’s strategy. Additionally, Circle posted a job vacancy for a corporate advisor two weeks ago, stating that the position will assist in the potential listing process and establish its policies, practices, and procedures public company.
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📣 TrueUSD Now Stops Minting TUSD Through Prime Trust
TrueUSD officially announced that it has temporarily stopped minting TUSD through Prime Trust, pending further notice. According to previous news, the crypto custody company BitGo will acquire Prime Trust, another crypto custody company regulated by Nevada, and the two parties have signed an investment intention agreement. The deal is said to be at a preliminary stage and still subject to regulatory approval. The sources did not disclose the financial terms of the deal. BitGo then confirmed in a blog post that it had signed an agreement of intent to acquire Prime Core Technologies, the parent company of Prime Trust. The collateral for TUSD is evenly distributed in different bank accounts belonging to different trust companies; the parties involved have all signed a collateral disclosure agreement that is updated on a daily basis and will be audited monthly. The number of tokens will be used multiple escrow assets to limit the risk for the counterparty and provide holders with legal protection against theft. TrueUSD was a product of TrustToken company founded in 2017 that specializes in providing blockchain solutions and is overseen by leading funds.
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🪙 Ethereum’s Buterin Releases Roadmap Addressing Scaling, Privacy, Wallet Security
Ethereum co-founder Vitalik Buterin laid out a new roadmap for the network to follow over the next few years, arguing that the world’s second-biggest blockchain should push forward on key goals of layer 2 scaling, wallet security and privacy in a coordinated fashion. In a blog post titled “the Three Transitions,” Buterin wrote that the technical transitions need to be addressed simultaneously. The first component, layer 2 scaling, is crucial as Buterin argues that if Ethereum fails on this front, “every product aiming for the mass market inevitably forgets about the chain and adopts centralized workarounds for everything.”. Ethereum has seen massive growth over the past few months in terms of the number of layer 2 networks, with ZK rollups released by Polygon and Matter Labs. Ethereum is set later this year to undergo a major upgrade known as Dencun thatwill include a technical feature known as proto-danksharding, aiming to help make rollups cheaper.
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🇷🇺 Mt. Gox Hackers Are Two Russian Nationals Stealing 647,000 Bitcoins
Russian nationals charged with hacking and laundering 647,000 bitcoins from cryptocurrency exchange Mt. Gox and operating illicit exchange BTC-e. DOJ committed to bringing bad actors to justice. FBI, IRS-CI, and Homeland Security Investigations involved in investigating the case. The United States Department of Justice recently unsealed charges against two Russian nationals for their alleged involvement in hacking and laundering approximately 647,000 bitcoins. According to court documents, the two individuals gained unauthorized access to the server holding the cryptocurrency wallets for Mt. Gox. They fraudulently caused bitcoin to be transferred to bitcoin addresses controlled by them and their co-conspirators. They allegedly caused the theft of approximately 647,000 bitcoins from Mt. Gox between September 2011 and at least May 2014, representing the vast majority of the bitcoins belonging to Mt. Gox’s customers. They allegedly laundered the bulk of the bitcoins stolen through Mt. Gox principally through bitcoin addresses associated with accounts controlled at two other online bitcoin exchanges.
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🇭🇰 Hong Kong Regulator Backs Tokenisation In Finance For Better Access To Crypto
Hong Kong’s SFC supports tokenisation in finance, ensuring cybersecurity and investor protection. Blockchain enhances efficiency. Franklin Templeton also bullish. Hong Kong’s Securities and Futures Commission (SFC) recently expressed its support for the use of tokenisation in the financial industry. Elizabeth Wong, head of the financial technology department of the SFC, said that the commission will continue to amend and evolve policies for better access to cryptocurrency investments. The SFC has already provided certain regulatory oversight and investor protection to licensed virtual-asset platforms. Wong added that the SFC will apply the same code of conduct to fund managers looking to invest portfolios in virtual assets. Blockchain technology can ensure or enhance efficiency, according to Wong. The watchdog is actively looking into the benefits of tokenisation while also ensuring that investors are not any worse off. Cybersecurity is the biggest concern for the SFC, ensuring that the token is free from hacking and has no vulnerabilities. The commission is keen to understand these challenges and is open to working with industry players.
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📣 Bittrex Is Not Allowed To Refund Clients’ Cash And Crypto
According to a court filing, the US government is opposing a petition by the insolvent encrypted exchange Bittrex to restore clients’ cash and cryptocurrencies. The company’s U.S. subsidiary declared bankruptcy on May 8 after authorities accused it of running an unlawful stock exchange, and after striking a $30 million deal with the Treasury Department, it permitted Iran, Cuba, and Crimea to conduct business with Asia’s clients. US government’s Financial Crimes Enforcement Network (FinCEN) contended that classifying creditors into subcategories outside of confirmation hearings would be improper, according to the government document. Bittrex could not explain why determining ownership of crypto assets was required prior to certifying the bankruptcy plan was essential. According to reports, Bittrex’s US office has $50 million in client cash and $250 million in customer cryptocurrencies. Previously, lawyers for the firm informed a Delaware court that the Malta-based company, which also filed for bankruptcy, had $120 million in customer cash and cryptocurrency and enough assets in both to satisfy withdrawals.
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