Day: September 17, 2023

Hong Kong central bank warns crypto firms against misleading bank claims

The Hong Kong Monetary Authority (HKMA) is taking a decisive stance against cryptocurrency-related companies that falsely present themselves as banks. Hong Kong cracks down on crypto businesses The HKMA has issued a stern warning to cryptocurrency-related firms that are misrepresenting themselves as banks or describing their products as deposits. According to HKMA, this action is seen as a contravention of the Banking Ordinance. HKMA has noticed some crypto businesses using terms like “crypto bank,” “crypto asset bank,” “digital asset bank,” “digital bank,” or “digital trading bank.” They also claim to…

Hong Kong central bank warns against crypto firms using banking terms

boss

The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, has issued a warning to users that crypto businesses presenting themselves as banks and using banking terminology could be violating the region’s banking laws.  In a press release, the HKMA said that the use of certain banking terms may be misleading the public, causing users to think that the crypto firms are authorized banks in Hong Kong. However, the central bank highlighted that under the region’s banking laws, only licensed institutions are allowed to carry out banking or…

Base Network hits almost 2M transactions in a day, still lags Polygon, BSC

Coinbase layer-2 network Base hit a new peak in terms of daily transactions, breaking its former record when it was launched in August, according to data from blockchain explorer BaseScan.  Daily transactions chart of layer-2 network Base. Source: BaseScan On Sept. 14, the layer-2 blockchain hit 1.88 million transactions, surpassing its previous record of 1.41 million transactions on Aug. 21 — the month when the network was launched. The layer-2 network surpassed other rival chains like Optimism and Arbitrum which had a combined 878,000 transactions for the day.  Despite reaching…

Base Network hits almost 2M transactions in a day, still trails Polygon, BSC

boss

Coinbase layer-2 network Base hit a new peak in terms of daily transactions, breaking its former record when it was launched in August, according to data from blockchain explorer BaseScan.  Daily transactions chart of layer-2 network Base. Source: BaseScan On Sept. 14, the layer-2 blockchain hit 1.88 million transactions, surpassing its previous record of 1.41 million transactions on Aug. 21 — the month when the network was launched. The layer-2 network surpassed other rival chains like Optimism and Arbitrum, which had a combined 878,000 transactions for the day.  Despite reaching…

Bitcoin price settles at $26.5K as key Fed inflation week dawns

boss

Bitcoin (BTC) circled $26,500 into the Sep. 17 weekly close after new September highs gave way to calmer conditions. BTC/USD 1-hour chart. Source: TradingView Bitcoin saves volatility for weekly close Data from Cointelegraph Markets Pro and TradingView showed BTC price performance stabilizing over the weekend. The largest cryptocurrency had seen a trip to $26,880 two days prior, this marking its highest levels of the month so far. Summarizing the state of the Binance BTC/USD order book, popular trader and analyst Credible Crypto noted that a cluster of bid liquidity was…

Investors exiting LidoDAO and ApeCoin to explore new crypto project

From early September, LidoDAO (LDO) prices fell. ApeCoin (APE) followed suit but more investors are exploring a new crypto project, Domini.art (DOMI). LDO drops following contract exploit On Sep. 10, blockchain security firm SlowMist revealed that Lido’s code doesn’t follow the guidelines set by the ERC-20 token standard, allowing users to conduct transactions despite a lack of funds.  Experts believed this loophole made LidoDAO vulnerable to hacks. In response to SlowMist’s post, LidoDAO assured users that their LDO and sETH tokens were safe and secure. Following this news, LDO dipped…

NRL and Youtube stars reach settlement in FTX class-action lawsuit: Report

boss

NRL quarterback Trevor Lawrence and YouTube influencers Kevin Paffrath and Tom Nash have reportedly settled a lawsuit over alleged inadequate compensation disclosure in their promotions for the now-defunct cryptocurrency exchange FTX. According to a Sept. 16 Bloomberg report, the three high-profile individuals have entered proposed agreements, however the settlement terms were not disclosed. Among the high-profile celebrities and influencers entangled in the class-action lawsuit, Lawrence, Paffrath and Nash are the first to reportedly reach a settlement. Related: Influencer served settlement demand via NFT following $7M token presale Other celebrity defendants in…

FTX bolsters claims portal security measures following cyber breach

boss

Bankrupt cryptocurrency exchange FTX has restored its customer claims portal, which was previously shut down due to a cyber attack. Claimants can now continue to submit asset claims they held on the exchange before it became insolvent.  On September 16, FTX made a statement on X (formerly Twitter), confirming that none of its systems were affected by the cyber breach involving its appointed bankruptcy claims agent, Kroll. FTX provided the following update regarding the recent Kroll cybersecurity incident. Claimants may now resume activities on our platform: https://t.co/DkYi2hDLbI. pic.twitter.com/Nfob4QQxjv — FTX…