Day: July 6, 2023

Binance’s top strategist departs company amid reported US exec resignations

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Binance’s chief strategy officer Patrick Hillmann has confirmed he is leaving the crypto exchange amid reports that other top compliance executives in the United States have handed in their resignations. On July 6, Patrick Hillmann tweeted: “I am leaving [Binance], but I’m doing so on good terms.” “I’ve been here for two years and it’s simply time for me to move on to the next challenge,” said Hillmann, adding that he is now expecting his second child, “so the time is right for me to step aside.” Apologies for any…

Top Binance Execs Leave Crypto Exchange Over Changpeng “CZ” Zhao’s Handling of DOJ Investigation: Fortune

Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie are among those that have resigned, a source familiar with the matter told Fortune. In addition, Binance’s Global Vice President of Marketing and Communications Steve Milton left the company in June, according to his LinkedIn profile. Their departure follows Senior Director of Investigations Matthew Price’s recent decision to part ways with the exchange. Source

Confusion and Missing BTC After a Russian Officer Is Caught Extorting Crypto Hackers

Another bitcoin wallet, which received 1,032 BTC at the same time as the arrested wallets, remained inactive until Dec. 6, 2022. The remainder of the bribe money that the hackers said they gave Tambiev may have been stored in a third wallet with 654.1 BTC in it, according to Crystal. During 2022, most of those funds moved to centralized crypto exchanges, namely, Huobi, WhiteBit and a little-known Estonia-registered exchange Bitexbit, Crystal’s data show. Source

Gaining speed on tokenization is vital for UK’s financial future, banking group warns

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Advocacy group UK Finance is urging the British government to encourage securities tokenization. The market is small now, but the future stakes are high, it said. In a report co-written with consulting firm Oliver Wyman, UK Finance said the advantages of tokenization, such as lower costs, lower risk and wider access, are not just “a nice-to-have.” Tokenization “can transform the financial system, and the UK should be at the centre of this transformation,” it said. Today we have published our ‘Unlocking the power of securities tokenisation’ report, produced in conjunction…

Axie Infinity expanding, Alex The Doge aims for change via play-to-earn features

Two projects have caught the attention of investors and enthusiasts alike: Axie Infinity and Alex The Doge. Both platforms are revolutionizing the gaming industry by introducing play-to-earn mechanics and creating immersive metaverse experiences.  While Axie Infinity has gained significant traction and success, Alex The Doge community is excited about the potential for similar growth and success. Following the success of Axie Infinity’s gaming platform, investors are now paying attention to Alex The Doge. The rapid growth and adoption of Axie Infinity have demonstrated the potential for meme tokens to capture the…

UK Law Commission report challenges Craig Wright’s suit against Bitcoin developers

A recent report released by the United Kingdom’s Law Commission could weaken a central argument brought by Craig Wright in his controversial lawsuit against 12 Bitcoin core developers, argues the Bitcoin Legal Defense Fund (BLDF). In a 300-page report on digital assets published in late June, the Law Commission — an independent body that reviews and recommends reforms to U.K. and Whales laws — cited a classification of fiduciary duty that bolsters the developers’ defense that they are not directly responsible for 111,000 Bitcoin (BTC) lost to hackers. Wright, owner of Tulip…

UK Law Commission report challenges Craig Wright’s suit against Bitcoin developers

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A recent report released by the United Kingdom Law Commission could weaken a central argument brought by Craig Wright in his controversial lawsuit against 12 Bitcoin core developers, argues the Bitcoin Legal Defense Fund (BLDF). In a 300-page report on digital assets published in late June, the UK Law Commission — an independent body that reviews and recommends reforms to UK and Whales’ laws — cited a classification of fiduciary duty that bolsters the developers’ defense that they are not directly responsible for 111,000 Bitcoin (BTC) lost to hackers. Wright, owner of…

Multichain Bridges Experience Unannounced Token Outflows of Over $130M in Crypto

With information hard to come by, some crypto projects began informing their communities Thursday that they were unaffected by the “potential exploit” of Multichain. “As of right now, Abracadabra is not affected by the possible Multichain exploit, we are investigating with the involved parties to learn more,” the team behind Magic Internet Money stablecoin wrote in the project Discord. Source

Bitcoin mining stocks outperform BTC in 2023, but on-chain data points to a potential stall

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Bitcoin mining companies outperformed BTC price by a huge margin amid the recent bullish price action in the top cryptocurrency. The average year-to-date gains in 2023 across the stocks of top nine public Bitcoin mining firms by market capitalization stood at 257.14%. The figure is almost three times higher than BTC’s gain in the same period. The higher gains represent the leveraged beta effect that mining stocks enjoy. Leveraged beta suggests that during Bitcoin upside, these stocks outperform. Whereas, when Bitcoin slumps, they face deeper downside risk. Due to a…