[Genius to introduce fee-based buybacks starting with GSTOCK]

On-chain trading terminal Genius said it will introduce a fee-based buyback program starting with GSTOCK. Under the plan, 20% of Genius Foundation fees generated from the GSTOCK trading pair will be used for buybacks. Other tokens with a market capitalization above $2 million can also apply for buybacks under the same model.
https://coinness.com/en/news/1174451

[U.S. spot Bitcoin ETFs see $74.6M net inflow after 3-day outflow streak]

U.S. spot Bitcoin ETFs recorded a net inflow of $74.6 million on Nov. 4, according to SoSoValue data compiled by Farside Investors. The products turned to net inflows after a three-day outflow streak.
- BlackRock IBIT: -$201.2 million
- Fidelity FBTC: +$236.7 million
- Bitwise BITB: +$15.2 million
- ARK Invest ARKB: +$19.9 million
- Invesco BTCO: +$4.0 million
https://coinness.com/en/news/1174452

[U.S. spot ETH ETFs log net inflows after 6-day outflow streak]

U.S. spot Ethereum ETFs recorded $53 million in net inflows on Nov. 4, according to Farside Investors, reversing seven consecutive trading days of net outflows.
- BlackRock ETHA: +$32.8 million
- BlackRock staking ETHB: -$22.4 million
- Fidelity FETH: +$19.2 million
- VanEck ETHV: +$1 million
- Grayscale ETHE: +$9.7 million
- Grayscale Mini ETH: +$13.6 million
https://coinness.com/en/news/1174453

[Hancom chairman Kim gets suspended term in alleged $6.9M crypto slush fund case]

A South Korean court sentenced Hancom Chairman Kim Sang-cheol to one year and six months in prison, suspended for three years, over charges tied to the creation of a 9.6 billion won ($6.9 million) slush fund using cryptocurrency held by an affiliate, News1 reported.

The Seongnam branch of the Suwon District Court on Nov. 5 also acquitted Kim, 73, of breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. Prosecutors had previously sought a nine-year prison term.
https://coinness.com/en/news/1174454
See more: https://www.news1.kr/local/gyeonggi/6343943

[XRPL fixes flaw that could let burn-only accounts mint tokens]

XRP Ledger fixed a security flaw that, under certain conditions, could have allowed accounts with only token-burning authority to mint new tokens, CoinDesk reported. The vulnerability stemmed from a feature that lets accounts delegate permissions to other accounts.

Previously, accounts delegated authority to burn tokens such as stablecoins could in some cases also exercise minting authority, but the update separated the two permissions. The measure applies to assets issued on XRPL, including stablecoins, and is unrelated to XRP itself. No confirmed cases of real-world exploitation have been identified so far.
https://coinness.com/en/news/1174455

[Bloomberg: Tron, Tether and Binance shut down T3 financial crime unit]

Tron, Tether and Binance have disbanded T3, a joint financial crime response unit, Bloomberg reported. Slow response times and weak coordination among the participating companies were cited as reasons for the shutdown. The companies are also said not to have separately disclosed the unit’s closure.

T3 launched in September 2024 and had said it froze $250 million in illicit funds while working with law enforcement agencies.
https://coinness.com/en/news/1174456

[South Korea lawmaker aims to fast-track stablecoin bill after November submission]

South Korea’s National Policy Committee Chairman Yoo Dong-soo of the ruling Democratic Party said a government bill on a basic law for digital assets, including stablecoin-related measures, will be submitted to the National Assembly in November and handled as quickly as possible afterward, Edaily reported.

Asked when South Korea’s Financial Services Commission would submit the government proposal, Yoo said it would be sent to parliament in November and processed as soon as possible after submission. Yoo added the government bill would be released soon and the Democratic Party plans to pass the digital asset basic law as quickly as possible once it is introduced, citing the need to protect South Korea’s monetary sovereignty in the global currency system.
https://coinness.com/en/news/1174457
See more: https://www.edaily.co.kr/News/Read?newsId=05152886645642768&mediaCodeNo=257&utm_source=naver&utm_medium=referral&utm_campaign=news_syndication&utm_content=original_article

[Zcash to retire legacy Sprout pool, freezing $16M in ZEC]

Privacy-focused cryptocurrency Zcash will retire Sprout, a legacy privacy pool launched in 2016, through its NU7 network upgrade, CoinDesk reported. About 12,226 ZEC worth roughly $16 million remains in Sprout, and once the upgrade takes effect, use of those assets will be restricted even for holders of the private keys, effectively freezing the funds.

The upgrade is aimed at retiring Sprout’s legacy transaction format to reduce software complexity and security risks. Holders of ZEC in the pool need to withdraw their assets before the upgrade.

Assuming Zcash’s average block time remains 75 seconds, the NU7 upgrade is expected to take effect at 2:30 a.m. UTC on Nov. 6.
https://coinness.com/en/news/1174458

[Bithumb to temporarily suspend AKT deposits and withdrawals]

South Korean exchange Bithumb announced it will temporarily suspend AKT deposits and withdrawals starting at 9:00 a.m. UTC on Nov. 6.
https://coinness.com/en/news/1174459

[Upbit to list CARDS for KRW, BTC and USDT trading]

South Korean exchange Upbit announced the addition of Collectorcrypt (CARDS) for KRW, BTC and USDT trading at 7:30 a.m. UTC today.
https://coinness.com/en/news/1174460

[BTC perp long/short ratios on top exchanges by open interest]

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest:
Overall: 49.56% long, 50.44% short
- Binance: 51.88% long, 48.12% short
- OKX: 51.78% long, 48.22% short
- Bybit: 52.5% long, 47.5% short
https://coinness.com/en/news/1174461

[Upbit to temporarily suspend AKT deposits and withdrawals]

South Korean crypto exchange Upbit announced it will temporarily suspend AKT deposits and withdrawals starting at 9:00 a.m. UTC on Nov. 6 to support the Akash Network upgrade.
https://coinness.com/en/news/1174462

[Bithumb to list MAGMA in KRW trading pair]

South Korean exchange Bithumb announced the addition of Magma Finance (MAGMA) to its KRW trading pair today.
https://coinness.com/en/news/1174463

[Bithumb to delist FET]

South Korean exchange Bithumb announced the delisting of FET.
https://coinness.com/en/news/1174464

[Analyst warns most corporate BTC reserve strategies will fail]

Most companies building BTC reserves through debt or share issuance will eventually fail, macro analyst Roberto Rios warned, according to BitcoinTreasuries.

Rios said a strategy of buying BTC through new share issuance can be copied by anyone, leaving no competitive edge. He added the approach is not sustainable and said those companies’ market capitalization-to-modified net asset value, or mNAV, will eventually fall to around 1x. A better strategy, Rios said, would be to allocate 30% of corporate profits to BTC purchases and fund those purchases with internal cash flow.
https://coinness.com/en/news/1174465

[PPP lawmakers urge government to apologize over crypto tax delay confusion]

Lawmakers on the People Power Party’s fiscal and economic planning committee urged the government to apologize after it said it would pursue an additional two-year delay to taxation on virtual asset income, according to The Fact.

In a statement on Nov. 5, the lawmakers said the Lee Jae-myung administration had pushed to implement the tax without fully resolving the issues involved, while the Democratic Party had declined to take part in reviewing the bill and only recommended a delay to the government shortly before the planned rollout. They added investor confusion had grown as the government and ruling party belatedly shifted responsibility to each other, and said recognizing the need for a delay was welcome but did not erase responsibility for putting off the decision. The government and ruling party should first apologize to investors who faced anxiety because of the policy confusion, the statement said.
https://coinness.com/en/news/1174466
See more: https://news.tf.co.kr/read/ptoday/2385403.htm

[Thena mints 32.61M THE, equal to 10% of prior max supply]

Thena, a decentralized exchange on BNB Chain, said on its official X account that the foundation has decided to implement the THE-02 proposal previously approved by the community, and around 32.61 million THE has now been minted.

The newly issued tokens amount to 10% of the token’s previous maximum supply. Thena said the tokens will be held in a foundation-operated multisig wallet and used gradually for ecosystem expansion, liquidity support, strategic partnerships, infrastructure development, and operating funds.

Voting on the THE-02 proposal took place on the project’s official forum on July 22, and the foundation said on Aug. 7 it would not pursue the additional issuance at the time, citing concerns over token value dilution.
https://coinness.com/en/news/1174467

[BTC correlation with U.S. stocks rises sharply, analyst says]

Bitcoin’s correlation with the U.S. stock market’s S&P 500 index has risen sharply, according to an analysis by crypto analyst Darkfost. In a post on X, Darkfost said the cumulative Z-score between BTC and the S&P 500 currently stands at 98.5, indicating the two have moved together more often in both rallies and declines.

Darkfost added the 90-day fluctuation range is running at about 6.3%. Darkfost attributed the shift to broader access through spot ETFs, exchanges, over-the-counter trading and custody services, adding BTC has become a product that financial professionals can access more easily.
https://coinness.com/en/news/1174468

[Bitcoin may retest all-time high after U.S. midterms, analyst says]

Cryptocurrency analyst DonAlt said Bitcoin’s price action after the U.S. midterm elections suggests it could make another run at its all-time high, Daily Hodl reported.

DonAlt said on X that BTC rebounded after falling to $75,000 on Nov. 4, turning the monthly candle positive. DonAlt added that the move suggests BTC could keep climbing toward its all-time high, while holding the $70,000 support level could allow it to form a higher low than the previous monthly low. DonAlt also said it was encouraging that BTC did not see an additional sharp drop despite the large-scale Binance hack, adding that the pattern resembles the bullish reversal seen after the FTX collapse in 2022.
https://coinness.com/en/news/1174469

[Arkansas sues Kalshi over alleged illegal gambling operations]

Arkansas has sued prediction market platform Kalshi over allegations it operated illegal gambling services, The Block reported. Arkansas Attorney General Tim Griffin argued Kalshi violated state law by offering services that let users wager money on the outcomes of sports games and other events.

Griffin also said the service risked driving excessive betting, financial losses and mental health problems including depression. Kalshi, meanwhile, has argued in earlier litigation that its prediction market products are not gambling but derivatives regulated by the U.S. Commodity Futures Trading Commission, or CFTC. Several other states, including Utah, have also taken legal action against Kalshi.
https://coinness.com/en/news/1174470

[SlowMist identifies on-chain links tied to OFAC-sanctioned North Korean IT workers]

Blockchain security firm SlowMist said its analysis of addresses tied to North Korean IT workers sanctioned by the U.S. Treasury’s Office of Foreign Assets Control, or OFAC, found the wallets were closely interconnected.

According to SlowMist, Boykov and Obertas each sent about $9.88 million to the same linked Ethereum address, while addresses associated with Obertas also transferred a combined 1.66 million USDT on the Tron network. The firm added that Boykov and Kim Gi-hyeok sent about $4 million and 50,000 DAI, respectively, to the same Bybit deposit address.

OFAC had previously sanctioned 10 individuals and one entity linked to a North Korean IT worker network. SlowMist urged companies to strengthen identity verification and access control management, warning that North Korean IT workers could use false identities to gain access to internal systems or sensitive information.
https://coinness.com/en/news/1174471