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🇮🇳 India ranks second in global cryptocurrency transaction volume, Chainalysis says
India has become the second largest crypto market in the world in terms of raw transaction volume, beating out the UK, Turkey and Russia. And that's despite difficulties around tax laws, according to a new report from Chainalysis. Chainalysis noted that India currently taxes crypto at higher rates than most countries, with a 30% cut taken on gains and a 1% tax on all transactions. It said that uneven application of the transaction tax may be making it harder for homegrown exchanges to compete. "India leads the world in grassroots adoption as measured by our Global Crypto Adoption Index," it wrote, saying volumes totaled nearly $269 billion from July 2022 to June 2023. "Perhaps most impressive of all is that India’s emergence as a top cryptocurrency market comes in spite of a regulatory and tax environment that can be challenging for the industry to navigate. "While those issues are important, they don’t appear to have dampened India’s enormous demand for cryptocurrency — as long as that demand is there, crypto will always have a place in the world’s second-largest country," Chainalysis wrote. The U.S. is the world's largest crypto market by far, according to the report.
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🔵 Circle USDC Now Expands To Polkadot Ecosystem
Circle, the issuer of the popular USDC stablecoin, has unveiled its latest move in the crypto market by integrating Polkadot USDC into the Polkadot network. One of the standout features of Polkadot USDC is its provision of a fully reserved, dollar-backed stablecoin within the Polkadot ecosystem, ensuring a 1:1 redeemable value with US dollars. Notably, this integration eliminates the need for a bridge, granting every parachain native access to USDC. USDC, the second-largest stablecoin in the crypto realm, maintains its peg to the US dollar, providing users with stability and reliability. However, it faced a setback when Circle disclosed having $3.3 billion in reserves tied up with the Silicon Valley Bank, causing a temporary depegging in March. As of now, USDC boasts a market cap of nearly $26 billion, compared to its primary competitor, Tether, with a market cap of almost $83 billion. Furthermore, Circle has set its sights on the Asian market, recognizing the potential of stablecoins in the evolving payments landscape. After obtaining licenses to operate its payment services in Singapore, Circle aims to play a significant role in enhancing digital payments and token services both domestically and internationally.
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💰 69.2% Long-Term Bitcoin Holders Over 155 Days Are Profitable
Bitcoin’s potential for a price inversion fund is gaining traction as current price levels suggest future growth. According to data from Glassnode, Long-Term Holders now control a whopping 70% of the total Bitcoin supply, amounting to 14,787,265 BTC, and this figure continues to reach new heights. Notably, 69.2% of these long-term holders find themselves in a profitable position, having held their BTC for an average of more than 155 days. Recent data from TradingView reveals that BTC’s price performance has been stabilizing, with the cryptocurrency hitting a monthly high of $26,800 just two days ago. The FOMC meeting takes center stage this week, with Federal Reserve officials set to decide the course of interest rates. Powell faces a challenging task, as recent data on the US consumer price index (CPI) showed slight increases in headline and core inflation. Nevertheless, core inflation remains below its peak in July 2022. However, the path to recovery is still in its early stages, with market observers closely eyeing the Federal Open Market Committee (FOMC) meeting scheduled for September 20. While most market participants anticipate the Federal Reserve maintaining the status quo on interest rates, potential surprises may emerge during Fed Chair Jerome Powell‘s subsequent press conference. Bitcoin displays a mild bearish tendency, hovering around the $26,800 resistance level, just above the $26,500 support.
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🪙 Grayscale Champions Ethereum’s Future With ETHW Initiative
Grayscale has made a significant decision regarding Ethereum’s Ethereum World (ETHW) tokens. This decision stems from the firm’s assessment that the product’s custodian does not offer support for ETHPoW (Ethereum Proof of Work) and has not established a liquid trading venue for ETHPoW tokens. Grayscale’s actions signify the challenges faced by cryptocurrency asset managers when dealing with assets that may not align with their intended strategies or face insufficient infrastructure support. On behalf of its shareholders, Grayscale has chosen to irrevocably forfeit the ETHW tokens allocated to record date shareholders as of September 26, 2022. Grayscale’s ETHE and GDLC funds passively received approximately 3.06 million and 40,000 ETHW airdrop tokens last year, representing a substantial amount of assets. By relinquishing the rights to these tokens, the firm is acting in its capacity as an agent of the record date shareholders, prioritizing their interests. It’s important to clarify that Grayscale‘s decision is solely related to its role as the agent of the record date shareholders and does not impact its status as the sponsor or manager of the respective products.
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🇰🇪 Worldcoin Parent Company Invests $4.8 Million In Kenya For Cryptocurrency And Blockchain Education
Tools for Humanity, the parent company of Worldcoin, has announced a substantial investment of nearly $4.8 million in cryptocurrency and blockchain education initiatives in Kenya. CEO Alex Blania revealed the commitment to fostering educational efforts in the blockchain and crypto space, underscoring the importance of equipping individuals with the knowledge and skills necessary to navigate the evolving digital financial landscape. Alex Blania took the opportunity to address recent allegations that Worldcoin had intentions to sell user biometric data collected through eye-scanning technology. Blania categorically denied such claims, emphasizing that Tools for Humanity (TFH) is not directly involved in educational activities but relies on third-party partnerships for its initiatives. Notable collaborators include Strathmore University, the Kenya Blockchain Association, the U.S. Chamber of Commerce, and the Africa Blockchain Center. Worldcoin funds into cryptocurrency and blockchain education in Kenya aligns with the broader mission of TFH and its commitment to supporting initiatives that contribute to the global adoption of blockchain technology.
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🔻 Optimism to distribute unclaimed funds from first airdrop
Optimism, one of the top Layer 2 networks on Ethereum, will distribute remainder of the funds from its first airdrop directly to the eligible addresses who have yet to claim the airdrop directly. The airdrop, which commenced on June 1, 2022, had distributed 166 million of the nearly 215 million tokens reserved for the airdrop to addresses who claimed the airdrop before the announcement, according to blockchain data. The Ethereum Layer 2 network Optimism recently announced that unclaimed funds from its first airdrop will be directly distributed to the remaining eligible addresses. About a quarter of eligible addresses did not claim the airdrop and will thus receive the direct distribution today, as announced by Optimism. Optimism has committed to distributing 19% of its initial token supply through airdrops. Following its two airdrops so far, 13.73% of that initial supply remains, according to Optimism. Optimism has yet to announce a third airdrop. Optimism is currently the second-largest L2 on Ethereum, as measured by Total Value Locked, according to The Block data.
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🇰🇵 Lazarus Group’s $240 Million Crypto Heist Shocks with 104-Day Streak
In a recent report released by blockchain monitoring platform Elliptic, alarming details have emerged regarding the involvement of the notorious North Korean hacker group Lazarus Group in a series of major cryptocurrency hacks. The hacking spree began in June with an assault on Atomic Wallet, followed by attacks on payments firms Alphapo and CoinsPaid in July. Most recently, Lazarus Group struck again with the encryption attack on Stake.com, further raising concerns about the group’s audacity and capabilities. Elliptic’s findings reveal that the Lazarus managed to pilfer an astonishing sum of nearly $240 million in cryptocurrency within a mere 104 days. This brazen and highly successful campaign underscores the group’s increasing expertise in the world of cybercrime. What is particularly concerning is Lazarus Group’s shift towards targeting centralized platforms rather than decentralized ones. This shift suggests a calculated strategy change, potentially driven by the belief that centralized platforms are more vulnerable to social engineering attacks. The Lazarus Group has been responsible for a string of high-profile cyberattacks in the past. This includes the infamous WannaCry ransomware attack in 2017, which disrupted organizations worldwide. Their latest exploits indicate that they continue to pose a significant threat to the global cryptocurrency ecosystem.
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🪙 BitGo And Swan To Pioneer U.S.-Based Bitcoin-Only Trust For Enhanced Custody Security
Cryptocurrency custodian BitGo and Bitcoin financial services company Swan have announced their collaborative venture to establish the first Bitcoin-only trust company in the United States. This innovative initiative aims to provide custody services exclusively for Bitcoin while minimizing exposure to other digital asset markets. The partnership, subject to regulatory approval, will leverage BitGo’s robust custody capabilities and Swan’s expertise in fraud prevention. Swan has previously utilized BitGo as one of its custodians for Bitcoin storage, alongside Nevada-based chartered trust company Fortress Trust, which is in the process of being acquired by Ripple. In response to this acquisition, Swan CEO Cory Klippsten has confirmed that Swan is actively transitioning compliance and settlement processes to an alternative partner. Klippsten emphasized the importance of segregating Bitcoin custody from the potential risks associated with securing numerous altcoins within the same trust company. This strategic decision underscores Swan’s commitment to bolstering the security and integrity of its custodial services. By focusing exclusively on Bitcoin custody, Swan seeks to enhance the safety and trustworthiness of its offering, aligning with its dedication to safeguarding customer assets.
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🔻 Optimism Transfers 130M OP Tokens For Fund Management
Optimism, a prominent Ethereum scaling solution, recently announced a planned internal transaction involving the transfer of 130 million OP tokens between wallets for fund management purposes. The project’s intent is to keep the community informed about this strategic move. In the crypto market, Arbitrum‘s governance token ARB experienced a significant drop on Tuesday, hitting a new all-time low of $0.747, as reported by CoinMarketCap. Meanwhile, OP was trading at $1.33. The tumultuous start to the week in the crypto world resulted in Arbitrum’s market capitalization slipping below that of its rival, Optimism. Both Optimism and Arbitrum have consistently maintained their positions as the top Ethereum scaling solutions. What’s less known is their ability to retain a substantial user base actively participating on their respective mainnets. High user retention rates indicate satisfaction with the projects’ offered use cases. Optimism’s recent price resurgence is not unprecedented, given its previous prominence in the digital currency landscape. The sustained growth of OP tokens over the past seven days reflects the confidence and support of its buyers, underscoring the project’s resilience.
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🪙 Ethereum Developers Forge Ahead With Network Enhancements For Devnet-9 In Latest Meeting
Ethereum’s core developer, Tim Beiko, recently convened for their regular Ethereum All Core Developers Execution (ACDE) meeting to discuss crucial updates and enhancements to the network. According to Beiko, the Devnet-8 is near completion, with various clients actively updating it. Notably, Nethermind and Geth are making strides with their blob transaction pools, while Besu undergoes a significant transaction pool overhaul. Erigon is working on its pool, targeting readiness for Devnet-9, and Prysm is investigating delays in blob sidecar reception. A proposal named EIP-7514 (add maximum Epoch loss limit) was discussed, aiming to add a constant cap to the validator activation queue, slowing down the growth of the ETH stake percentage. Ethereum Foundation researcher Dankrad expressed support, and it will be part of the Dencun upgrade, with the limit set to 8. Developers discussed adding an opcode to the Ethereum Virtual Machine (EVM) to expose the blob’s base fee, making it easier for Layer 2 solutions to determine gas prices. This change aligns with the BASEFEE opcode for EIP-1559 consistency. Moreover, updates to the EIP-4788 proposal were reviewed, optimizing gas usage, buffer size, and handling invalid timestamps for beacon roots stored in EL contracts. Auditors will assess these changes, with results expected before the next ACDE meeting.
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💰 Polygon Labs Unveils Major Upgrade: Polygon 2.0 And POL Token Migration
Polygon Labs has announced the release of version 2.0 along with a POL token migration proposal. Polygon Labs, a prominent player in the blockchain space, has announced a significant milestone with the release of its Polygon Improvement Proposals (PIPs), outlining a comprehensive upgrade and token migration plan. This development signifies the evolution of the Polygon ecosystem and its commitment to enhancing user experience and functionality. Phase 0 – PIP-17: The first proposal, PIP-17, marks the initiation of “Phase 0” of Polygon 2.0. This phase is designed to streamline the upgrade process for end users and developers. Importantly, it ensures that no action is required from users and developers on the existing Polygon Proof of Stake (PoS) and Polygon zkEVM chains during the transition. This seamless transition aims to minimize disruptions and maintain continuity within the Polygon network. POL Token Implementation – PIP-18: The second proposal, PIP-18, introduces POL tokens, poised to replace the existing MATIC tokens as the native gas and pledge assets within the Polygon ecosystem. This strategic move aligns with Polygon’s vision of optimizing the utility of its native tokens, enhancing the overall functionality of the network.
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🔵 Circle’s Native USDC Is Now Available On NEAR Blockchain
Circle, a prominent stablecoin company, has made a significant announcement regarding its USD Coin (USDC) cryptocurrency. USDC is a stablecoin, and Circle has revealed that it is now natively available on the NEAR blockchain. The integration of USDC on NEAR offers a wide range of use cases, including low-cost global payments and remittances, 24/7 trading, lending, and the ability for users to store their savings in digital dollars without relying on traditional banking institutions. Circle has been actively expanding its partnerships and integrations. In late August, the company collaborated with Mercado Libre to introduce the USD Coin stablecoin to Mercado Pago, a move aimed at facilitating digital payments within Latin America. Furthermore, Circle has also rolled out a native version of USDC on Coinbase’s Layer 2 Base network, gradually replacing the existing bridged version from Ethereum. This new iteration will be known as USDC, while the bridged version will be labeled USDbC. Notably, Circle’s Native USDC is now accessible on Noble, allowing developers and users to interact with these assets via the Noble Account and Noble APIs. It can be exchanged through the Inter-Blockchain Community (IBC) Protocol, enhancing the ability to trade digital assets across different Cosmos appchains.
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📣 Opera And Celo Join Forces To Launch MiniPay Wallet, Revolutionizing Financial Access In Africa
Celo, the blockchain platform with a focus on financial inclusion, has unveiled a partnership with Opera, the renowned web innovator with over 319 million users worldwide, to introduce the MiniPay stablecoin wallet. This innovative digital wallet is set to make its debut in Nigeria, targeting African mobile internet users to enhance their access to Web3 products. MiniPay offers swift and seamless financial transactions, closely integrated with the Opera Mini browser for Android users. The collaboration between Opera and the Celo Foundation has resulted in a user-friendly experience that enables wallet-to-wallet stablecoin transfers with minimal fees using mobile phone numbers. It aims to break down barriers for users transitioning from Web2 to Web3, providing a reliable means to store and transfer funds through stablecoins. Notably, MiniPay automatically backs up users’ keys in their Google Drive, ensuring wallet recovery even in the event of a lost phone or app reinstallation.
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🇭🇰 Hong Kong SFC Issues Warning On JPEX Cryptocurrency Exchange And Investment Risks
The Hong Kong Securities and Futures Commission (SFC) has issued a stern warning regarding the JPEX cryptocurrency exchange. In a comprehensive statement, the SFC clarified that none of the entities operating under the JPEX Group umbrella have obtained the necessary licenses from the SFC to operate a virtual asset trading platform in Hong Kong. This lack of regulatory approval raises serious concerns about the exchange’s compliance with established industry standards and investor protection measures. The SFC has emphasized its unwavering commitment to enforcing regulatory standards within the virtual asset trading platform space. It has vowed to take rigorous enforcement actions against individuals and entities found to be in violation of the SFC’s virtual asset trading platform framework. In addition to concerns about unregistered cryptocurrency exchanges, the SFC has also alerted investors to exercise caution when evaluating investment opportunities. The SFC highlighted the prevalence of social media influencers and internet celebrities who share investment advice on various platforms. These individuals often engage in paid promotions and may lack professional expertise in finance and investments.
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🦊 MetaMask Launches New Feature To Expand Compatibility Beyond Ethereum
On September 12, wallet provider MetaMask introduced a groundbreaking feature called “Snaps,” signaling a significant expansion of its capabilities beyond the Ethereum Virtual Machine (EVM). Snaps, essentially software modules, can be seamlessly integrated into the wallet. This integration empowers the wallet to function efficiently across a diverse range of blockchain ecosystems, thanks to specialized code. Until now, it primarily served Ethereum and Ethereum-compatible blockchains, such as BNB Chain, Polygon, Arbitrum, and Optimism. The wallet plans to launch more than 25 Snaps initially, each rigorously audited and whitelisted by the team. Furthermore, it will extend the privilege of independent publishing and maintenance of Snaps to third-party developers. In an official announcement, MetaMask expressed excitement about the launch of Snaps, describing it as the result of years of dedicated research and development. They emphasized the flexibility and adaptability of Snaps, allowing users to incorporate additional enhancements to their wallets at runtime.
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💰 Nomura Securities’ Digital Arm Introduces Bitcoin Adoption Fund For Institutions
Nomura Securities’ digital asset subsidiary, Laser Digital, has unveiled a Bitcoin Adoption Fund aimed at institutional investors. This new offering takes the form of a long mutual fund domiciled in the Cayman Islands and features digital asset custody services provided by Komainu. Notably, Komainu was co-founded by Nomura Securities back in 2018, in collaboration with technology security firm Ledger and asset management company Coinshares. The purpose of Komainu is to serve as a regulated custodian for digital assets, providing a secure and compliant infrastructure for institutional clients. The Bitcoin Adoption Fund is designed to facilitate the entry of institutional investors into the world of cryptocurrencies, particularly Bitcoin. As interest in digital assets continues to grow among traditional financial institutions, such as banks and asset managers, funds like these aim to bridge the gap between traditional finance and the emerging blockchain-based economy. Komainu, as a trusted custodian, plays a pivotal role in ensuring the safekeeping of digital assets for institutional clients. With security and compliance at the forefront of its operations, Komainu aligns with the rigorous standards and regulations expected in the financial industry. The launch of the Bitcoin Adoption Fund underscores Nomura Securities’ commitment to providing sophisticated digital asset solutions to institutional investors.
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🪙 ApeCoin Is The Worst-Performing Altcoin In 2023 With Price Declining More Than 83%
The Bored Ape Yacht Club, renowned for its distinctive non-fungible tokens (NFTs) created by Yuga Labs, has garnered immense popularity within the crypto community. Nevertheless, the native token underpinning this NFT collection, Apecoin (APE), has recently weathered a significant downturn, plummeting by a staggering 83.5% since the year’s outset. The ApeCoin ecosystem has a crucial cliff token unlock event scheduled for September 17. Unlike the linear approach, cliff token unlocks involve a predetermined number of tokens being released after a specified duration, potentially disrupting market stability. Conversely, the linear option distributes tokens according to a fixed schedule, such as monthly or annually, offering a degree of price stability. Breaking through the $1.14 resistance barrier, ApeCoin briefly surged to approximately $1.16 on September 19. Regrettably, this upward trajectory proved short-lived, as the price resumed its downward trajectory. While resistance levels often attract profit-taking investors, APE’s recent surge beyond this threshold has ignited a surge in positive market sentiment, underscoring the coin’s potential to attain higher highs in the coming days and weeks.
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🔵 Ethereum’s TPS Has Been First Surpassed By Layer 2 Base
Data from L2beat revealed a noteworthy development in the blockchain space. Since September 14, the Base network has consistently outperformed the Ethereum network in terms of Transactions Per Second (TPS). Adding to Base’s rising prominence, DefiLlama data reports that the Total Value Locked (TVL) on the Base network has surged past Solana, reaching an impressive $375.22 million. This achievement positions Base as the ninth-largest network by TVL, while Solana lags behind at $306.91 million. Base, built on Optimism’s OP Stack technology, is acclaimed for its security, cost-effectiveness, developer-friendly environment, and adaptability for non-public decentralized applications (dApps). It functions as a hub for Coinbase’s on-chain products and fosters an open ecosystem that encourages collaboration among various stakeholders. In contrast, Ethereum has experienced a decline in its daily gas consumption, marking its lowest usage in the past month. Despite this decrease, Ethereum retains its top position in transaction fees. However, upon closer examination, transaction fees on Ethereum have been steadily decreasing over the past few weeks. Ethereum developers recently introduced a new test network called Holesky, aimed at enhancing the testing capabilities of the world’s largest smart-contract blockchain.
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🇺🇸 SEC Escalates Battle With Binance.US As The Agency Requests Court Investigation
The U.S. Securities and Exchange Commission (SEC) remains resolute in its pursuit of action against Binance.US, intensifying the accusations it has previously leveled at the cryptocurrency exchange, CoinDesk first reported the news. In a recent court filing, the SEC petitioned a Washington D.C. court to grant access for an investigation into Binance.US, reinforcing prior claims that the company had not cooperated fully by failing to produce requested documents during ongoing legal proceedings. The SEC hasn’t limited its scrutiny to Binance alone. Another major player in the cryptocurrency sphere, Coinbase, has also faced allegations from the SEC. The agency accused Coinbase of jeopardizing customers by operating as an unregistered broker, exchange, and clearing agency. Binance.US has repeatedly voiced its discontent, describing the SEC’s demands for more information and testimony from its executives as “unduly burdensome.” Furthermore, Binance.US asserts that the SEC has yet to prove that customer funds were unlawfully diverted. The SEC’s latest gripe centers on Binance.US’s perceived lack of cooperation in the ongoing investigation, citing Binance.US’s holding company, BAM, has submitted a mere 220 documents during the discovery phase. It claims that many of these documents are unintelligible screenshots and lack proper dates or signatures.
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🪙 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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💰 FTX reopens claims portal following security incident
The FTX claims portal has returned to full operation after unfreezing user accounts that were affected by a recent cyber security incident which targeted Kroll, the third-party agent managing the creditor claims for the FTX bankruptcy. In a statement announcing the return to normal operation, FTX asserted that freezing customer accounts was a “precautionary measure” and noted that “additional security measures” have been implemented on the claims platform. In August, Kroll disclosed that a “SIM swapping” attack allowed a threat actor to gain access to “certain files containing personal information of bankruptcy claimants in the matters of BlockFi, FTX and Genesis.” Following the incident, Kroll froze affected user accounts, though the company claims that no FTX passwords or KYC information were exposed in the breach. The FTX claims portal is back online following a security incident in August which affected user data. FTX customers have until September 29 to file a proof of claim with Kroll. While it remains to be seen how much value creditors will recover, the judge in FTX’s bankruptcy case recently approved the estate’s plan to begin liquidating its digital assets.
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🆘 Mark Cuban Confirmed He Lost Approximately $870,000 In The Recent Hack
Billionaire entrepreneur and owner of the Dallas Mavericks, Mark Cuban, found himself at the center of a cyber attack recently, as reported by DL News. The hack, which took place on a fateful Friday night, resulted in the loss of approximately $870,000, encompassing 10 types of token assets, including Ethereum (ETH). In response to the security breach, Cuban is taking swift action by transferring his remaining assets to Coinbase’s custody. Cuban’s digital wallet, dubbed “Mark Cuban 2” on the blockchain explorer EtherScan, exhibited sudden and suspicious activity. Cuban’s losses spanned multiple cryptocurrencies, including stablecoins and various tokens. He has already taken precautions to secure his remaining assets. Additionally, Cuban used Coinbase’s authentication dongle to facilitate the transfer of his remaining assets, bolstering his security. Mark Cuban, who initially expressed skepticism about cryptocurrencies in 2017, has since become more supportive of the digital asset industry. This unfortunate incident serves as a stark reminder of the importance of vigilance and security when navigating the crypto space. Prior to this, a security compromise on Vitalik Buterin’s X account was reportedly discovered. Buterin is the co-founder of Ethereum. Significantly, this episode has been linked to substantial financial harm for some of his supporters, totaling more than $690,000.
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🪙 Chainlink Initiates Significant Transfer Of 10 Million LINK Tokens To Binance
Chainlink, a prominent player in the blockchain space, executed a transfer of 10 million LINK tokens to the renowned cryptocurrency exchange Binance. According to monitoring by The Data Nerd on September 16, this substantial transfer took place at a price of $6.24 per LINK, with a total estimated value of $62.4 million. Chainlink, well-known for its decentralized oracle network that facilitates smart contracts to interact with real-world data, has continued to play a pivotal role in the broader blockchain ecosystem. The purpose and context of this transfer remain undisclosed, leaving room for speculation within the crypto community. Such substantial token movements often garner attention and speculation about potential developments, including investment strategies, project partnerships, or liquidity management. Binance, recognized as one of the world’s largest and most prominent cryptocurrency exchanges, is a pivotal gateway for traders and investors seeking access to a wide range of digital assets. Chainlink’s decision to transfer a significant amount of LINK tokens to Binance highlights the exchange’s importance within the cryptocurrency industry.
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💰 Bitcoin Is Becoming More Compatible With Technology Stocks
Bitcoin is once again showing a strong correlation with technology stocks, particularly the Nasdaq 100 Index, in a development that could pique the interest of both equity investors and cryptocurrency enthusiasts. This revival of synergy comes after a period of divergence between these asset classes in June. According to Bloomberg, the 30-day correlation coefficient for Bitcoin and the Nasdaq 100 has rebounded to nearly 0.4, a stark contrast to the negative 0.1 observed in June and July. In related news, Bloomberg’s crypto analyst, Jamie Coutts, reported that Bitcoin’s clean energy usage in mining operations has exceeded the crucial 50% threshold. Coutts bases his findings on the latest insights from the Cambridge Center for Alternative Finance, which recently revised its estimates of Bitcoin mining power consumption downward, taking into account sustainable energy sources like off-grid electricity and reduced reliance on fossil fuels. This development aligns with Elon Musk‘s statement in June 2021, when he indicated that Tesla would resume accepting BTC payments once the cryptocurrency’s mining operations became more environmentally friendly. Tesla’s previous $1.5 billion investment in BTC.
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🟠 Binance Now Simplifies Verification For Moroccan Users Affected By Earthquake
In response to the recent devastating earthquake in Morocco, cryptocurrency exchange Binance has announced measures to assist affected users. The earthquake, which struck on September 8, has disrupted many aspects of daily life, including the ability to obtain traditional Proof of Address (POA) documents. This simplified verification process is designed to expedite aid delivery to those in need and ensure uninterrupted access to Binance services for Moroccan users affected by the natural disaster. Binance is also extending a helping hand by donating a total of $3 million worth of BNB tokens to users residing in the earthquake-affected Marrakesh-Safi province. Users who completed their address verification before September 9 will receive $100 worth of BNB tokens, while those who complete the process afterward will receive $25 in BNB. However, the Financial Times reported that Binance faced criticism for its choice of donation, as humanitarian relief experts argue that readily usable cash or essential items like food and blankets are more urgently needed by survivors. Some also question why the aid is directed only toward existing Binance customers in the region, rather than all victims of the earthquake.
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📣 Google Cloud Unleashes Explosive DeFi Revolution with Web3 Partnership
DeFi infrastructure provider Orderly Network has announced its partnership with tech giant Google Cloud. The strategic alliance aims to address critical issues within the DeFi (Decentralized Finance) space, specifically focusing on self-governance and transparency. DeFi has experienced significant growth in recent years, offering innovative financial solutions while relying heavily on blockchain technology. However, challenges related to governance and transparency have posed obstacles to the sector’s broader adoption. Orderly Network is set to leverage GC’s vast resources and technical prowess to develop off-chain components that address these challenges head-on. Off-chain solutions play a pivotal role in enhancing scalability and governance in the DeFi ecosystem. One of the key outcomes of this collaboration will be the availability of Orderly Network’s DeFi infrastructure solutions on the Google Cloud Marketplace. This move is poised to streamline the accessibility of DeFi infrastructure services for developers and businesses seeking to enter the DeFi space. Simon White, CEO of Orderly Network, expressed enthusiasm about the partnership, saying, “Our collaboration with Google Cloud represents a significant step forward in advancing the capabilities of DeFi infrastructure.
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⬜️ OKX Unleashes Bold Compensation Plan Amidst Unprecedented Contract Price Turmoil!
The official Twitter account of OKX China reported an unusual incident that occurred between 3:38 and 3:43 pm (UTC+8) on September 13. During this brief window, several contract targets on the platform experienced unexpected price anomalies. After a thorough investigation, it was determined that the issue stemmed from an anomaly within the platform’s price limit service. This disruption resulted in certain contracts being unable to execute orders as usual, leading to price disparities and, consequently, causing some users to experience liquidation or trigger stop-loss orders. OKX has demonstrated its dedication to its user base by swiftly addressing this issue and providing a transparent and equitable compensation plan. Users affected by the anomaly can look forward to the timely restitution of their losses, fostering confidence in the platform’s commitment to maintaining a fair and reliable trading environment.To address the inconvenience caused to its users, OKX has taken responsibility and pledged to provide compensation to those affected by this incident. Users whose accounts were compelled to close positions and trigger stop-loss orders between 3:38:07 pm and 3:43:59 pm (UTC+8) on the same day. For users who faced liquidation, compensation will cover the loss incurred between the mark price at 3:38:06 pm and the forced liquidation price during the extraordinary service period.
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🟠 opBNB Mainnet Officially Launched With Over 150 Projects Onboard
The highly anticipated opBNB Mainnet has officially launched, marking a significant milestone in the world of Web3 and blockchain technology. The opBNB journey commenced on June 19, 2023, with the introduction of its Testnet. In the months that followed, the community and developers collaborated tirelessly to test the network’s capabilities, achieving remarkable milestones, including processing over 35 million on-chain transactions, connecting with 435,972 unique wallet addresses, and deploying 150+ decentralized applications (dApps) on the Testnet. opBNB’s unique architecture, built upon the OP Stack, offers inherent modularity. This modular approach enables the independent operation of components within the network, dynamically synchronizing them to enhance overall system performance. Notably, it separates the data availability (DA) layer from the execution layer, providing flexibility in choosing different DA options and switching between schemes as needed. Utilizing Optimistic Rollup technology, opBNB efficiently organizes and batches transactions on its execution layer, streamlining validation on the main network. According to Ethereum founder Vitalik Buterin, rollups can package up to ten thousand transactions, simplifying validation through pre-state and post-state execution roots. A sequencer ensures that blocks are arranged in the correct order for processing.
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🇰🇵 North Korea Suspected of Involvement in $54M CoinEx.com Hack, Link to $41M Stake Hack Uncovered
North Korea may have played a significant role in the recent $54 million hack of cryptocurrency exchange, CoinEx. This revelation comes to light after investigators stumbled upon a connection between the CoinEx breach and the earlier $41 million Stake hack on OP & Polygon. The accidental connection of a digital address has raised suspicions and sent shockwaves throughout the cryptocurrency community. CoinEx has been working tirelessly to secure its platform and recover the stolen funds. The cryptocurrency world was still reeling from the aftermath of the $41 million Stake hack when news of the CoinEx breach emerged. The two incidents appeared unrelated at first, but a critical discovery has led investigators to believe otherwise. A digital address, 0x75497999432b8701330fb68058bd21918c02ac59, was inadvertently linked to both hacks, raising red flags. Experts from various cybersecurity firms have been closely monitoring the situation, and preliminary evidence suggests a possible North Korean involvement. North Korea has been known to engage in cyberattacks to fund its regime, and these recent developments further fuel suspicions of its participation in the cryptocurrency thefts.
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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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