Day: September 16, 2023

DJ 3LAU causes a stir after opting out of Friend.tech over regulatory risks

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Popular DJ and crypto investor 3LAU (Justin Blau) has caused a stir in the crypto community after suddenly opting out of decentralized social media platform Friend.tech. Explaining the decision, the DJ highlighted concerns over the regulatory risks that the platform may pose. In a Sept. 15 X (Twitter) thread, 3LAU revealed that he stepped away from Friend.tech after “understanding more of the risks.” “I think it’s an awesome product, but a bit too risky for me (unfortunately). I will be donating the 8-ish ETH to a music-specific charity that I’m…

Cardano expands, investors eye Domini.art’s growth

Cardano’s scaling solutions and proof-of-stake approach serve as a model for projects aiming for long-term stability and success. The crypto market, which has been moving sideways for the better part of August and September, is now recovering and Cardano’s ADA seems to be riding this wave.  Similarly, Domini.art (DOMI), a project focused on the art market, aims to decentralize access and open up the industry to millions. DOMI is gaining traction with an increasing number of investors in its ongoing presale. While ADA might be available at bargain prices, considering…

Mark Cuban’s loses $870K in hot wallet hack

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Nearly $900,000 worth of crypto was reportedly drained from one of the hot wallets belonging to billionaire investor and Dallas Mavericks owner Mark Cuban. Independent blockchain sleuth @WazzCrypto was the first to spot the hack on Sept. 15 at around 8 PM UTC, after they highlighted suspicious behavior happening with one of Cuban’s wallets that the 65-year-old hadn’t interacted with for roughly five months. Lmao, did Mark Cuban’s wallet just get drained? Wallet inactive for 160 days and all assets just moved pic.twitter.com/vWnMZFyHB5 — Wazz (@WazzCrypto) September 15, 2023 According…

SEC accuses Binance US of hampering securities violation probe

The U.S. Securities and Exchange Commission (SEC) has accused Binance US of non-cooperation in a probe into alleged federal securities law violations. The SEC has raised concerns over using Ceffu, a custody service facilitated by the international arm of Binance. They believe this breaches a prior agreement designed to prevent the transfer of assets abroad. The holding company of Binance US, BAM, has reportedly been less than cooperative during the discovery phase, the process where evidence is gathered. According to the SEC, BAM has only submitted around 220 documents, many…

Binance US loses head of legal and chief risk officer

The head of legal, Krishna Juvvadi, and chief risk officer, Sidney Majalya, are leaving Binance US following the recent news on layoffs. According to the Wall Street Journal, the departure of both executives follows the recent exit of its former CEO, CEO Brian Shroder. Juvvadi and Majalaya joined the company in May 2022 and December 2021, respectively. On Sept. 13, Binance US, the American branch of the company, fired one-third of its staff. Recently, Binance has faced regulatory issues worldwide in countries like the Netherlands, Belgium, and Russia. The company…

Remitano allegedly hacked over $2.7 million

Remitano, a Seychelles-based cryptocurrency exchange platform, experienced suspicious transactions on Sept. 14. The platform experienced large withdrawals under suspicious circumstances, with over $2.7 million worth of crypto being drained from its wallet by a single account. Tether has frozen one address the attacker allegedly used, potentially saving $1.4 million of customers’ crypto. 🚨ALERT🚨Our ML-driven system has detected multiple anomalous transactions with @remitano exchange, resulting in a total loss of $2.7M across 3 chains. we contacted the team to halt any additional losses and initiate efforts to recover suspected stolen funds#CyversAlert…

Metaverse land sales update a year-low at $4.1m

DappRadar analysts say the industry and observers need to internalize the evolving utility of metaverses. Blockchain-based virtual worlds are struggling to weather the storm as on-chain data indicate a continued trade decline. According to a monthly overview report by DappRadar, in August 2023, there were only 8,329 land sales (worth $4.1 million in total) in virtual reality projects, a decline of 23% compared to Jul. 2023. Trading volume in virtual worlds | Source: DappRadar In addition to regulatory pressure from U.S. regulators, the decline in sales comes when the whole…

Bitcoin Dominates Ethereum In Daily Active Addresses Despite Lagging In TX Count

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Ethereum might be the king of smart contracts and the world’s primary hub for decentralized finance (DeFi) and non-fungible tokens (NFTs) activity but onchain data suggests that Bitcoin is ahead in user engagement, interpreted by the number of daily active users, and network activity is at acceptable, healthy levels, reading from the number of daily transactions confirmed.  Bitcoin Leads Ethereum In Daily Active Addresses According to Artemis Terminal data on September 15, Bitcoin, despite being predominantly a transactional layer, enabling the peer-to-peer (P2P) transfer of value between addresses, has more…

BNB and Uniswap fall, investors considering Pomerdoge

The crypto market is volatile and bearish, with Binance Coin (BNB) and Uniswap (UNI) posting deep losses. Amid this crash, Pomerdoge (POMD) is being explored, attracting investor attention. BNB trades above $200 support Binance, the largest centralized crypto exchange, remains unfazed by increasing regulatory pressure.  Bifinity, the crypto-to-fiat processing unit of Binance, records show, is Lithuania’s second largest corporate taxpayer, with over $45 million paid, excluding VAT, in 2022. BNB Chain Labs also recently launched a new layer-2 network, opBNB.  Despite supportive fundamental factors, BNB is under pressure, recently falling…

Gemini Files Court Statement Accusing Digital Currency Group Of Fraudulent Actions

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In a Friday 15 court filing, Gemini, the US-based crypto exchange platform, has accused Digital Currency Group (DCG) of engaging in “fraudulent activities” and attempting to evade responsibility for the harm caused to creditors.  The filing directly responds to a statement made by DCG regarding a proposed agreement between DCG, the debtors, and the Official Committee of Unsecured Creditors. Gemini Seeks Justice For Creditors Affected By The Collapse Of Genesis According to Gemini, DCG devised a $1.1 billion promissory note to conceal the significant financial losses caused by the collapse…