Bittrex in the US authorized to withdraw after court decision
Bittrex customers in the US will be able to withdraw their assets after a court ruling. The cryptocurrency exchange had declared bankruptcy in May, but the US Department of Justice has opposed efforts to restore access, citing unpaid fines for sanctions violations. The court order allows looting but does not resolve ownership or priority disputes. Furthermore, the order does not determine whether cryptocurrency assets are securities. Bittrex faces SEC charges for operating without registration.
Report highlights impact of airdrop on Arbitrum network
On-chain analytics firm Nansen released a report detailing the impact of the airdrop event on the Arbitrum network. While daily transactions and users remained at historically high levels, the number of new wallets transacting decreased after the airdrop. However, the Arbitrum network has managed to retain a significant portion of Ethereum’s bridge volume, remaining as the second largest peer after Polygon. The Arbitrum (COIN:ARBUSD) airdrop was one of the most notable events of the first half of 2023, allowing airdrop hunters to consolidate assets worth up to $3.3 million into two portfolios.
Atomic Wallet users suffer losses of more than $100 million in cyberattack
Elliptic, the digital asset tracking company, revealed losses of more than $100 million suffered by Atomic Wallet users. More than 5,500 wallets linked to the platform were compromised. The attribution indicates the Lazarus Group, allegedly linked to North Korea, as responsible for the attack. Elliptic has been working to recover the stolen assets and has already tracked and frozen more than $1 million. Experts emphasize the need for advanced security protocols in the cryptocurrency market and the importance of carefully choosing storage platforms. Garantex, a US-sanctioned Russia-based exchange, has been used to launder illicit assets by North Korea.
Ethereum strengthens decentralization with distributed validator technology
Decentralization is a core value of the blockchain, and Ethereum developers are prioritizing distributed validator technology (DVT) to take this idea to a new level. DVT allows validator roles and responsibilities to be shared across multiple node operators, increasing resiliency and eliminating single points of failure. This will make Ethereum more robust and decentralized, strengthening its role in the crypto ecosystem. Although transactions on Ethereum (COIN:ETHUSD) have fallen, it does not reflect your true situation. Ethereum is moving forward with its development roadmap, taking a modular approach and outsourcing transactions to layer 2 rollups. This strategy increases throughput and reduces costs, leading to a 146% growth in transactions in the Ethereum ecosystem over the past two years, according to to CoinDesk. With continuous improvements in the base layer and layer 2, Ethereum is on its way to becoming the global settlement layer.
Binance shuts down operations in Cyprus to focus on larger markets
Binance is winding down its Cyprus operations to focus on larger markets in France, Italy and Spain. The decision was taken to ensure full compliance with future EU regulations. Binance has faced recent regulatory challenges in the US and Nigeria, but is committed to defending itself and working cooperatively with the authorities. “ We have taken the decision to scale back efforts in Cyprus to focus our efforts on fewer regulated entities in the EU, especially our largest registered markets where we already have a mature presence, including France, Italy and Spain. Binance will continue to comply with applicable European Union laws”, said a Binance spokesperson.
The impact of the SEC lawsuit on Binance and Coinbase
Last week, Binance and Coinbase (NASDAQ:COIN) were sued by the US SEC, which led to a slump in the cryptocurrency market. Binance’s SAFU emergency fund has been affected, dropping 10% in value. Both Bitcoin and Binance’s BNB token (COIN:BNBUSD) also saw a drop in value. The SEC accused Binance of failing to register as an exchange and Coinbase of offering unregistered securities. Binance denied the allegations and stated that the funds are safe. Rumors that Binance sold its BTC and BNB were dispelled by CEO CZ: “ We still have a bag of FTT. It’s amazing that they can know exactly who sold it based on just a price chart involving millions of traders ”.
Binance, Binance.US, SEC Mediation Scheduled by Federal Judge
A US federal judge has ordered a mediation conference between crypto exchange Binance, its affiliate Binance.US and the SEC to discuss the restrictions during the ongoing case. The judge expressed concern about the asset freeze order and suggested that the parties agree on limits to allow operations to continue. The first mediation session is scheduled for June 14 with Magistrate Judge Zia M. Faruqui, who praised the blockchain tracking technology. The recent sell-off and recovery in the crypto market following regulatory actions against Binance and Coinbase, can be explained by market expectations and the positioning of investors. Regulatory actions against Coinbase were more to be expected, while uncertainty surrounding Binance sparked a broader backlash. Analyzing the positioning data, we see a bearish trend, which makes the market more resilient to bad news and sensitive to positive developments. These elements reflect reflexivity in financial markets, where investor perceptions and behaviors impact market conditions, further influencing investor actions. This interaction can lead to self-fulfilling short-term trends, but they can also be corrected in the longer term.
South Korean exchange suspends withdrawals
South Korean crypto lending platform Delio has announced a temporary suspension of withdrawals “to safely protect customer assets currently in escrow,” due to heightened market volatility following the suspension of Haru Invest services, according to a statement. UPbit, a major Korean exchange, also plans to restrict withdrawals of digital assets from Delio as an investor protection measure. Delio manages more than $1 billion in digital assets.
Black & White Burger adopts cryptocurrencies as a payment method
Belgian fast food franchise Black & White Burger now accepts cryptocurrencies as a payment method at its 12 stores across the country. The partnership with the French company Lyzi allows customers to pay in 70 different cryptocurrencies, while the payment is converted into euros in real time. This initiative is seen as a marketing strategy to promote the brand and meet the growing demand for crypto payments. “ B&W is a contemporary brand that lives with the times. The cryptographic community is growing. We want to meet the growing demand from customers who want to pay in cryptocurrencies,” said the head of the Belgian franchise, Mansour Nasr. The company expects cryptocurrency payments to account for 2-3% of its revenue.
Reddit crypto communities reach all-time subscriber records
Last week, Reddit’s crypto communities r/Bitcoin and r/Ethereum reached all-time subscriber records. The r/Bitcoin subReddit gained over 364,000 new subscribers, while r/Ethereum received 461,000 new subscribers. This brought the total subscribers on r/Bitcoin to over 5 million and on r/Ethereum to over 2 million. Meanwhile, Bitcoin and Ether remained stable against other tokens implicated as securities in SEC lawsuits against Binance and Coinbase. Recently, there was a temporary blackout of several crypto subReddits in protest against changes to Reddit’s API pricing terms.
P2P.org facilitates Ethereum staking on Safe protocol
P2P.org has brought its Ethereum staking service to the Safe decentralized custody protocol, facilitating ETH staking without physical infrastructure. Safe users can now stake their ETH directly through the P2P app while retaining full ownership. The integration aims to make participating in betting more accessible and support non-custodial staking services in the DeFi community. P2P’s launch of its ” first direct staking app in the Safe Apps ecosystem” is a step towards supporting “non-custodial staking services for a growing DeFi community “, the announcement said. Currently, over 22.8 million ETH, worth almost $40 billion, is staked on Ethereum.
Central Bank of Brazil releases script for launching CBDC
The Central Bank of Brazil released a roadmap of events that will precede the launch of the CBDC. In addition, the BCB will assess the viability of tokenized assets. Monthly webinars will run through November, with the BCB, fintech experts and partners discussing the CBDC launch and digital pilot results. Renowned companies such as Nubank (BOV:NUBR33), were announced as partners. Working groups will discuss policies related to tokenized assets and CBDC, comparing the Brazilian experience with international scenarios and analyzing the impact of blockchain technology. The BCB seeks to examine the cybersecurity of existing tokenization solutions and consider potential regulatory changes. The central bank seeks to involve regulators, experts and international organizations in these discussions. The BCB has plans to launch a digital fiat in 2024, with a focus on boosting new business in the financial services sector.
Strike launches Lightning Network-based cross-border payments service in Mexico
Digital payments company Strike is launching its Lightning Network-based cross-border payments service in Mexico, the largest remittance market in the US. The service, called Send Globally, offers faster and more cost-effective transactions on the Bitcoin network. US dollars sent through the service may be received as Mexican pesos in the recipient’s bank account. The expansion into Mexico aims to provide a better alternative for Mexicans in the US, who face high fees and a lack of innovation in traditional cross-border payment services. “ Strike’s expansion into Mexico brings a better alternative for 12 million Mexican Americans ”, the statement said.
Michael Saylor Predicts 10X Bitcoin Price Rise With Regulatory Clarity
Michael Saylor, co-founder and former CEO of MicroStrategy, believes that regulatory clarity in the US will boost the price of Bitcoin (COIN:BTCUSD). He predicts that BTC will rise 10x as the public realizes its true potential. Saylor sees the recent SEC crackdown as a foundation for Bitcoin’s next rally. He highlights the exclusion of Bitcoin from the securities categorization, which he says will drive its adoption. MicroStrategy (NASDAQ:MSTR) is one of the largest holders of Bitcoin and the company now owns 140,000 BTC.
Connext raises $7.5M to expand blockchain interoperability
Blockchain interoperability startup Connext has raised $7.5 million in a strategic funding round, bringing its valuation to $250 million. Several renowned investors, including Polychain Capital and Coinbase Ventures, participated in the round. The company’s total funding now stands at $23.5 million. Connext will use the capital to establish the Connext Foundation, which will support projects to expand the company’s scale and drive growth. Its first project aims at public coordination and support to protocol development teams. With a user base of 20,000 and over 1.2 million transactions processed, Connext is used by several protocols such as Metamask, Planet IX and DODO.
Mnemonic receives $6M Initial Funding to expand cryptographic data platform
Cryptographic data platform Mnemonic has received seed funding of $6 million, led by Salesforce Ventures (NYSE:CRM). Polygon Ventures, Orange DAO, FIN Capital and FJ Labs also participated in the round. Mnemonic provides cryptographic data through APIs and will use the funds to expand its offerings. The platform added support for Polygon and Optimism, and had already raised $4 million in a previous round. Salesforce Ventures has shown an interest in exploring Web3 and building trusted digital communities.