Lava Introduces Self-Custody Wallet And Bitcoin DeFi Platform At Bitcoin 2023
Lava, a financial technology company, has unveiled a new self-custody wallet and decentralized finance (DeFi) platform on Bitcoin. Utilizing Lava's loan protocol, users can borrow stablecoins against native bitcoin, eliminating the risks associated with bridge hacks and custodian rehypothecation.
CEO Shehzan Maredia highlighted the advantages of Lava's borrowing mechanism, stating, "With Lava, people can borrow transparently without rehypothecation risk and without relying on bridges or custodians. Users won't have to trust their counterparty and can borrow using a system that gives users cryptographic assurance that the rules of their contracts will be honored." Lava achieves this through invisible smart contracts called discreet log contracts (DLCs), which ensure collateral integrity and enable programmable loan initiation and repayment without the need for intermediaries.
According to a press release sent to Bitcoin Magazine, Lava wallet aims to empower individuals who face challenges with traditional banking, offering innovative security solutions and safety checks to prevent transaction errors. Maredia said that he envisions bitcoin and dollars as the two most crucial assets of the coming decade. Lava's goal, the press release stated, is to create a bitcoin and dollar-centric financial experience that grants users true financial freedom, enabling them to take control of their finances and simplify money management.
Lava, a financial technology company, has unveiled a new self-custody wallet and decentralized finance (DeFi) platform on Bitcoin. Utilizing Lava's loan protocol, users can borrow stablecoins against native bitcoin, eliminating the risks associated with bridge hacks and custodian rehypothecation.
CEO Shehzan Maredia highlighted the advantages of Lava's borrowing mechanism, stating, "With Lava, people can borrow transparently without rehypothecation risk and without relying on bridges or custodians. Users won't have to trust their counterparty and can borrow using a system that gives users cryptographic assurance that the rules of their contracts will be honored." Lava achieves this through invisible smart contracts called discreet log contracts (DLCs), which ensure collateral integrity and enable programmable loan initiation and repayment without the need for intermediaries.
According to a press release sent to Bitcoin Magazine, Lava wallet aims to empower individuals who face challenges with traditional banking, offering innovative security solutions and safety checks to prevent transaction errors. Maredia said that he envisions bitcoin and dollars as the two most crucial assets of the coming decade. Lava's goal, the press release stated, is to create a bitcoin and dollar-centric financial experience that grants users true financial freedom, enabling them to take control of their finances and simplify money management.
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📣 Analyst Nansen: Address Of BALD Deployer Closely Linked To Alameda Collapse
As discovered by the Nansen analyst, the $BALD deployer’s ETH address used interacted with Andrew Keys and Alameda Research. Nansen analyst Andrew T tweeted that after browsing Bald deployer’s ETH address, he found that Binance deposit addresses starting with 0x6663 and active addresses starting with 0x000f are related to Andrew Keys and Alameda Research. Andrew T said the address is affiliated with many exchanges, but it must have a strong relationship with Alameda Research.
Currently, the community is buzzing about BALD news after the suspicious action of the person behind this token on July 31 when withdrawing 10,705 ETH ($20 million) and 224.6 million tokens from the BALD/WETH liquidity pool on the DEX. Base’s LeetSwap, reduces the value of tokens by 85% in seconds. Denying the above information, BALD’s account on Twitter corrected that he did not do that and added 400 ETH ($746,000) and 18M tokens to the pool, but the volume was not too large compared to the withdrawn transaction. Contrary to what was said, the BALD/WETH pool once withdrew all of its liquidity. As a result, the value of this memecoin dropped by 98% within 3 hours and returned to the pre-pump price zone.
As discovered by the Nansen analyst, the $BALD deployer’s ETH address used interacted with Andrew Keys and Alameda Research. Nansen analyst Andrew T tweeted that after browsing Bald deployer’s ETH address, he found that Binance deposit addresses starting with 0x6663 and active addresses starting with 0x000f are related to Andrew Keys and Alameda Research. Andrew T said the address is affiliated with many exchanges, but it must have a strong relationship with Alameda Research.
Currently, the community is buzzing about BALD news after the suspicious action of the person behind this token on July 31 when withdrawing 10,705 ETH ($20 million) and 224.6 million tokens from the BALD/WETH liquidity pool on the DEX. Base’s LeetSwap, reduces the value of tokens by 85% in seconds. Denying the above information, BALD’s account on Twitter corrected that he did not do that and added 400 ETH ($746,000) and 18M tokens to the pool, but the volume was not too large compared to the withdrawn transaction. Contrary to what was said, the BALD/WETH pool once withdrew all of its liquidity. As a result, the value of this memecoin dropped by 98% within 3 hours and returned to the pre-pump price zone.
Shiba inu was a notable gainer during Saturday’s session, as the meme coin climbed to a three-month high. The move comes as traders continue to react to Binance’s decision to approve the coin as a collateral asset, in addition to the upcoming launch of Shibarium. Dogecoin also snapped its recent losing streak today. Shiba inu (SHIB) jumped to a three-month high on Saturday, with prices surging by as much as 10%.
Looking at the chart, the move comes as the 14-day relative strength index (RSI) moved past a resistance level of 67.00. At the time of writing, the index is tracking at 73.62, which is its highest level since February. Should momentum continue throughout the weekend, the next target for bulls is likely to be a ceiling at $0.00001025. In addition to SHIB, dogecoin (DOGE) also rose higher today, snapping a three-day losing streak in the process. This coincided with the RSI moving past its own ceiling at the 52.00 mark. It is currently at a reading of 55.84. Despite today’s rally, dogecoin is still trading nearly 3% lower than at the same point last weekend.
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📣 De.Fi Launches Revolutionary Antivirus Tool On zkSync Era To Safeguard Crypto Users
Revolutionizing the realm of crypto security, De.Fi, a distinguished crypto asset management product, has unleashed its cutting-edge antivirus tool on the zkSync Era blockchain. With user protection at the forefront, De.Fi’s antivirus tool offers a multi-faceted shield against potential threats. By connecting wallets or scanning smart contract addresses, users can seamlessly access this powerful security measure. In an era where cyber threats pose substantial risks, De.Fi’s proactive approach ensures crypto enthusiasts stay one step ahead of attackers.
Operating in real-time, the system remains perpetually alert for emerging threats and vulnerabilities. This continuous monitoring empowers users to navigate the blockchain landscape with heightened confidence, knowing that their assets are under constant surveillance. The synergy between De.Fi and zkSync Era bolsters both security and usability. As De.Fi taps into zkSync Era’s robust infrastructure, users benefit from a seamless experience backed by unmatched security protocols. This strategic collaboration promises a more resilient and secure crypto environment for all stakeholders. This groundbreaking service takes vigilance to new heights.
Revolutionizing the realm of crypto security, De.Fi, a distinguished crypto asset management product, has unleashed its cutting-edge antivirus tool on the zkSync Era blockchain. With user protection at the forefront, De.Fi’s antivirus tool offers a multi-faceted shield against potential threats. By connecting wallets or scanning smart contract addresses, users can seamlessly access this powerful security measure. In an era where cyber threats pose substantial risks, De.Fi’s proactive approach ensures crypto enthusiasts stay one step ahead of attackers.
Operating in real-time, the system remains perpetually alert for emerging threats and vulnerabilities. This continuous monitoring empowers users to navigate the blockchain landscape with heightened confidence, knowing that their assets are under constant surveillance. The synergy between De.Fi and zkSync Era bolsters both security and usability. As De.Fi taps into zkSync Era’s robust infrastructure, users benefit from a seamless experience backed by unmatched security protocols. This strategic collaboration promises a more resilient and secure crypto environment for all stakeholders. This groundbreaking service takes vigilance to new heights.
BNB Bridge hackers’ loan health factor alert on Venus amid falling BNB Price As the price of Binance Coin (BNB) plummeted below $210, early warning monitoring by Paidun revealed a concerning development: the BNB Bridge hackers’ loan health factor on Venus sank to 0.99. The Venus community responded by passing a governance proposal to greenlight the liquidation of positions linked to previous BNB Bridge hacks. These hackers had exploited vulnerabilities last year to steal 2 million BNB tokens from BNB Chain’s Token Hub.
Unconventionally, they opted to deposit 900,000 BNB and secure loans of nearly $150 million in stablecoins via the Venus Protocol. Remarkably, the hackers maintained this position for nearly a year without interacting with the Venus contract. Before liquidation commenced, the hackers’ accounts held a substantial $204.1 million in BNB on Venus. To address this complex scenario, the BNB Chain core team proposed that the Venus management department take over the hackers’ debt. This initiative involved transferring $60 million to the BNB Bridge hacker liquidation account. As the price of BNB dipped below $220, triggering a liquidation state, the team initiated multiple transactions to liquidate $30 million in debt. Consequently, 146,150 stolen BNB were reclaimed, with a remaining debt of over $124 million.
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Roman Storm, a co-founder of the cryptocurrency mixing service Tornado Cash, has been released on bail, his lawyer Brian Klein revealed Thursday in a post on X, formerly Twitter. The news came a day after Storm and another co-founder, Roman Semenov, were indicted on charges of conspiracy to launder money and violate sanctions laws while operating an unlicensed money-transmitting business. According to the indictment, unsealed on Wednesday, the total includes hundreds of millions of dollars that allegedly went to the Lazarus Group.
Prosecutors accuse Storm and Semenov of creating Tornado Cash to allow cybercriminals to anonymize such transfers of crypto funds. While Storm, 34, had been arrested in Washington state, Semenov, a 35-year-old Russian national, remains at large. In his tweet, Klein said he was pleased with Storm’s release, but at the same time expressed his disappointment that his client had been charged for helping develop software. He warned that the prosecutors’ move will have “dangerous implications for all software developers.”. The U.S. sanctioned the Lazarus Group in 2019 and Tornado Cash in 2022. The Treasury Department sanctioned Semenov on Wednesday for “providing material support” to both.
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📣 HashKey Exchange Just Launched BTC/USD And ETH/USD Trading Pairs For Retail Investors
HashKey Exchange, the first licensed Virtual Asset Platform by the Hong Kong Securities Regulatory Commission, has announced that it has officially opened BTC/USD and ETH/USD trading pairs to retail investors. HashKey Exchange also states that they do not exercise voting rights regarding virtual assets on behalf of their users and that users wishing to exercise any voting rights regarding their virtual assets must withdraw their respective assets from the platform.
Recently, HashKey Exchange, part of HashKey Group, became the first company to be licensed in Hong Kong after the policy of allowing crypto trading was applied in Hong Kong from June 1, 2023. The platform also previously planned to go live on August 28, 2023. Retail investors can invest in Bitcoin and Ethereum and will limit investment in virtual assets to no more than 30 % of total assets. The coins that are allowed to be traded on HashKey Exchange include BTC, ETH, USDT, USDC, and only Spot trading. This aligns with Hong Kong’s strict licensing criteria, which only allow a small number of coins to be listed, mainly large-cap coins such as BTC, ETH, BCH, LTC, etc. Previously, HSBC was the first bank to allow customers to buy and sell Bitcoin and Ethereum ETFs.
HashKey Exchange, the first licensed Virtual Asset Platform by the Hong Kong Securities Regulatory Commission, has announced that it has officially opened BTC/USD and ETH/USD trading pairs to retail investors. HashKey Exchange also states that they do not exercise voting rights regarding virtual assets on behalf of their users and that users wishing to exercise any voting rights regarding their virtual assets must withdraw their respective assets from the platform.
Recently, HashKey Exchange, part of HashKey Group, became the first company to be licensed in Hong Kong after the policy of allowing crypto trading was applied in Hong Kong from June 1, 2023. The platform also previously planned to go live on August 28, 2023. Retail investors can invest in Bitcoin and Ethereum and will limit investment in virtual assets to no more than 30 % of total assets. The coins that are allowed to be traded on HashKey Exchange include BTC, ETH, USDT, USDC, and only Spot trading. This aligns with Hong Kong’s strict licensing criteria, which only allow a small number of coins to be listed, mainly large-cap coins such as BTC, ETH, BCH, LTC, etc. Previously, HSBC was the first bank to allow customers to buy and sell Bitcoin and Ethereum ETFs.
🇯🇵 Biggest Bank In Japan Mitsubishi UFJ Trust Bank Will Launch Crypto Asset Services
In a groundbreaking collaboration, Japan’s largest bank, Mitsubishi UFJ Trust Bank, and Web3 development firm Ginco have announced their partnership to introduce the nation’s inaugural “crypto-asset trust” service, according to a Coinpost report. Under this strategic alliance, Ginco will take charge of overseeing tokens issued on Mitsubishi UFJ’s public blockchain. This novel service, slated for launch within the year, marks a significant stride toward legitimizing the crypto landscape in Japan.
The “crypto asset trust” initiative, initiated on March 31 by Mitsubishi UFJ Trust and Banking Corporation and Ginco Co., embarks on a journey to establish a secure and attractive environment for the issuance and trading of tokens. The collaboration aspires to facilitate proper taxation for token issuers and enable institutional investors to confidently partake in the token market. While regulatory challenges surfaced after a 2018 data leak incident, the tide is turning with the legal framework adjustments that took effect in October 2022, enabling trust banks like Mitsubishi UFJ to offer custody services for crypto assets. This groundbreaking endeavor will encompass responsibilities related to trust tokens, including private key management.
In a groundbreaking collaboration, Japan’s largest bank, Mitsubishi UFJ Trust Bank, and Web3 development firm Ginco have announced their partnership to introduce the nation’s inaugural “crypto-asset trust” service, according to a Coinpost report. Under this strategic alliance, Ginco will take charge of overseeing tokens issued on Mitsubishi UFJ’s public blockchain. This novel service, slated for launch within the year, marks a significant stride toward legitimizing the crypto landscape in Japan.
The “crypto asset trust” initiative, initiated on March 31 by Mitsubishi UFJ Trust and Banking Corporation and Ginco Co., embarks on a journey to establish a secure and attractive environment for the issuance and trading of tokens. The collaboration aspires to facilitate proper taxation for token issuers and enable institutional investors to confidently partake in the token market. While regulatory challenges surfaced after a 2018 data leak incident, the tide is turning with the legal framework adjustments that took effect in October 2022, enabling trust banks like Mitsubishi UFJ to offer custody services for crypto assets. This groundbreaking endeavor will encompass responsibilities related to trust tokens, including private key management.
Aave’s Proposal to Freeze BUSD Poised to Pass
Following Paxos’s run-in with the SEC over its BUSD stablecoin, decentralized protocol Aave is poised to pass a proposal to freeze BUSD on its platform.
The proposal suggests Aave switch to a different stablecoin.
The SEC issued a Wells notice, which typically precedes enforcement actions, to Paxos, according to recent reports. The regulator alleges BUSD is an unregistered security.
“The inability to mint new BUSD might hurt peg arbitrage opportunity and asset peg,” the Aave proposal reads. “It seems that the most reasonable path for Aave is to freeze this reserve and invite users to switch to another stablecoin among the diversity present in Aave.”
The proposal, introduced Monday, was written by two delegates: the Aave-Chan initiative and Marc Zeller of Aave DAO.
“On a more general level, BUSD is one of the smallest Aave stablecoin reserves,” Zeller told Blockworks. “So the impact on overall Aave liquidity is minimal.”
Zeller’s efforts come as regulation continues to heat up in the US. After a slew of enforcement actions and settlements in recent weeks, the industry is left wondering what is next for stablecoins and staking products.
The proposal says “there’s no real prospect of growth” for BUSD, adding that the stablecoin’s circulating supply will “eventually go toward zero.”
Following Paxos’s run-in with the SEC over its BUSD stablecoin, decentralized protocol Aave is poised to pass a proposal to freeze BUSD on its platform.
The proposal suggests Aave switch to a different stablecoin.
The SEC issued a Wells notice, which typically precedes enforcement actions, to Paxos, according to recent reports. The regulator alleges BUSD is an unregistered security.
“The inability to mint new BUSD might hurt peg arbitrage opportunity and asset peg,” the Aave proposal reads. “It seems that the most reasonable path for Aave is to freeze this reserve and invite users to switch to another stablecoin among the diversity present in Aave.”
The proposal, introduced Monday, was written by two delegates: the Aave-Chan initiative and Marc Zeller of Aave DAO.
“On a more general level, BUSD is one of the smallest Aave stablecoin reserves,” Zeller told Blockworks. “So the impact on overall Aave liquidity is minimal.”
Zeller’s efforts come as regulation continues to heat up in the US. After a slew of enforcement actions and settlements in recent weeks, the industry is left wondering what is next for stablecoins and staking products.
The proposal says “there’s no real prospect of growth” for BUSD, adding that the stablecoin’s circulating supply will “eventually go toward zero.”
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Ethereum (ETH) has taken a concerning bearish turn, breaching critical support levels and raising concerns about a potential death cross. With its price falling below $1,600, ETH is currently trading at $1,595, experiencing a daily decline of 1.35%, according to CoinMarketCap data. The crypto community is on edge as Ethereum’s decline continues for the second consecutive month since breaking above the $2,000 mark in mid-July. This bearish sentiment comes despite Grayscale‘s recent victory in its Spot ETF appeal.
Adding to the unease is the specter of an impending $3 billion liquidation. The defunct crypto exchange FTX reportedly holds digital assets worth $3 billion, with Ethereum and Solana making up a significant portion of its holdings. Fears of FTX‘s potential liquidation have prompted traders to sell their assets, contributing to a lack of sustained price action in these cryptocurrencies. Strategic crypto traders are closely watching market sentiment, looking for opportunities to capitalize on the prevailing fear, uncertainty, and doubt (FUD). In these challenging times for the crypto market, investors are keeping a keen eye on Ethereum’s performance and hoping for a reversal in its bearish trend as they navigate the turbulent waters of digital assets.
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MetaMask Launches New Feature To Expand Compatibility Beyond Ethereum
On September 12, wallet provider MetaMask introduced a groundbreaking feature called “Snaps,” signaling a significant expansion of its capabilities beyond the Ethereum Virtual Machine (EVM). Snaps, essentially software modules, can be seamlessly integrated into the wallet. This integration empowers the wallet to function efficiently across a diverse range of blockchain ecosystems, thanks to specialized code.
Until now, it primarily served Ethereum and Ethereum-compatible blockchains, such as BNB Chain, Polygon, Arbitrum, and Optimism. The wallet plans to launch more than 25 Snaps initially, each rigorously audited and whitelisted by the team. Furthermore, it will extend the privilege of independent publishing and maintenance of Snaps to third-party developers. In an official announcement, MetaMask expressed excitement about the launch of Snaps, describing it as the result of years of dedicated research and development. They emphasized the flexibility and adaptability of Snaps, allowing users to incorporate additional enhancements to their wallets at runtime.
On September 12, wallet provider MetaMask introduced a groundbreaking feature called “Snaps,” signaling a significant expansion of its capabilities beyond the Ethereum Virtual Machine (EVM). Snaps, essentially software modules, can be seamlessly integrated into the wallet. This integration empowers the wallet to function efficiently across a diverse range of blockchain ecosystems, thanks to specialized code.
Until now, it primarily served Ethereum and Ethereum-compatible blockchains, such as BNB Chain, Polygon, Arbitrum, and Optimism. The wallet plans to launch more than 25 Snaps initially, each rigorously audited and whitelisted by the team. Furthermore, it will extend the privilege of independent publishing and maintenance of Snaps to third-party developers. In an official announcement, MetaMask expressed excitement about the launch of Snaps, describing it as the result of years of dedicated research and development. They emphasized the flexibility and adaptability of Snaps, allowing users to incorporate additional enhancements to their wallets at runtime.
Chinese Province Fujian Releases New Policy on NFT Trading
A “Reminder Letter” from the “Working Group of Fujian Province to Clean Up and Rectify Various Trading Venues on Preventing NFT Violations” has been extensively disseminated online. The paper cites four warnings on NFT-related transactions on Fujian Province trading platforms, notably “no NFT transactions without authorization” and no covert involvement in NFT operations in contravention of rules.
Fujian Provincial-Local Financial Supervision and Administration acknowledged the document’s legitimacy on June 10. The paper says Fujian trading venues can’t conduct NFT-related activity. Many NFT platforms don’t fit the article’s definition of trading venues.
The person that confirmed the documents said added that they follow ‘7+4’ local financial oversight.
The document noted that several NFT items had surfaced lately. The group claims NFTs are readily linked to criminal activities including fraud, speculation, and money laundering, producing cascading dangers, and therefore, added that from now on Fujian trading venues must get authorization for NFT trades.
According to the letter, criminals might use trading venues’ compliance credentials to engage in illicit operations since they participate in NFT issuance and trading on behalf of co-sponsors, strategic partners, technical support parties, etc. If the trading venue is not officially known, it will be blacklisted, suspended for rectification, or both.
Concerning investor protection, the group said all trading venues should advise clients to build proper trading conceptions, oppose speculation, and prevent trading product prices from being inflated and straying from the law of value. If unlawful acts are detected, they should swiftly report them. Furthermore, the document instructs all trading platforms in Fujian Province to not engage in NFT issuance and trading activity.
A “Reminder Letter” from the “Working Group of Fujian Province to Clean Up and Rectify Various Trading Venues on Preventing NFT Violations” has been extensively disseminated online. The paper cites four warnings on NFT-related transactions on Fujian Province trading platforms, notably “no NFT transactions without authorization” and no covert involvement in NFT operations in contravention of rules.
Fujian Provincial-Local Financial Supervision and Administration acknowledged the document’s legitimacy on June 10. The paper says Fujian trading venues can’t conduct NFT-related activity. Many NFT platforms don’t fit the article’s definition of trading venues.
The person that confirmed the documents said added that they follow ‘7+4’ local financial oversight.
The document noted that several NFT items had surfaced lately. The group claims NFTs are readily linked to criminal activities including fraud, speculation, and money laundering, producing cascading dangers, and therefore, added that from now on Fujian trading venues must get authorization for NFT trades.
According to the letter, criminals might use trading venues’ compliance credentials to engage in illicit operations since they participate in NFT issuance and trading on behalf of co-sponsors, strategic partners, technical support parties, etc. If the trading venue is not officially known, it will be blacklisted, suspended for rectification, or both.
Concerning investor protection, the group said all trading venues should advise clients to build proper trading conceptions, oppose speculation, and prevent trading product prices from being inflated and straying from the law of value. If unlawful acts are detected, they should swiftly report them. Furthermore, the document instructs all trading platforms in Fujian Province to not engage in NFT issuance and trading activity.
Islamic Coin is now available on Republic ahead of its exchanges launch!
According to the Islamic Coin's socials the official public token offering via Reg D is now live. Before its grand entry on both centralized and decentralized exchanges coming later in September, Islamic Coin is offering a golden opportunity to secure $ISLM at a presumably better price.
Islamic coin is the native currency of HAQQ Network, a blockchain with a Proof-of-Stake algorithm and high transaction processing speed. Islamic Coin is supported by UAE Royal Family and has already secured $400M from private investments and from ABO Digital and now is ready to go public. Collaborations with Sushi and Pyypl further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities. The coin has a potential audience of over 2 billion holders and they already have the biggest Twitter account among crypto Muslim community with 1.3M followers. If you also want to participate in public sale and buy Islamic Coin - here's the link.
According to the Islamic Coin's socials the official public token offering via Reg D is now live. Before its grand entry on both centralized and decentralized exchanges coming later in September, Islamic Coin is offering a golden opportunity to secure $ISLM at a presumably better price.
Islamic coin is the native currency of HAQQ Network, a blockchain with a Proof-of-Stake algorithm and high transaction processing speed. Islamic Coin is supported by UAE Royal Family and has already secured $400M from private investments and from ABO Digital and now is ready to go public. Collaborations with Sushi and Pyypl further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities. The coin has a potential audience of over 2 billion holders and they already have the biggest Twitter account among crypto Muslim community with 1.3M followers. If you also want to participate in public sale and buy Islamic Coin - here's the link.
CZ says Binance.US CEO departed to take a break
Binance CEO Changpeng 'CZ' Zhao attributed the recent departure of the head of the crypto exchange's U.S. arm to the need for a break. "Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago," Zhao wrote on X on Friday. "Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers."
"The crypto market is in a different place now than it was two years ago, with a rapidly evolving and increasingly hostile regulatory environment. Norman Reed — former SEC, New York Fed, Ripple and DTCC executive — is the right person to lead Binance.US in this market," he added. The Block reported earlier in the week that Shroder will be departing from the exchange, two years after he joined in 2021. Binance.US also let go nearly a third of its staff. The workforce reduction comes as Binance.US brings in ever decreasing cryptocurrency trading volumes. The exchange has seen volume decline over the past five months, with Binance.US seeing trades total just $290.4 million in August compared to $17.6 billion in March, according to The Block's Data Dashboard.
Binance CEO Changpeng 'CZ' Zhao attributed the recent departure of the head of the crypto exchange's U.S. arm to the need for a break. "Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago," Zhao wrote on X on Friday. "Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers."
"The crypto market is in a different place now than it was two years ago, with a rapidly evolving and increasingly hostile regulatory environment. Norman Reed — former SEC, New York Fed, Ripple and DTCC executive — is the right person to lead Binance.US in this market," he added. The Block reported earlier in the week that Shroder will be departing from the exchange, two years after he joined in 2021. Binance.US also let go nearly a third of its staff. The workforce reduction comes as Binance.US brings in ever decreasing cryptocurrency trading volumes. The exchange has seen volume decline over the past five months, with Binance.US seeing trades total just $290.4 million in August compared to $17.6 billion in March, according to The Block's Data Dashboard.
Grayscale Champions Ethereum’s Future With ETHW Initiative
Grayscale has made a significant decision regarding Ethereum’s Ethereum World (ETHW) tokens. This decision stems from the firm’s assessment that the product’s custodian does not offer support for ETHPoW (Ethereum Proof of Work) and has not established a liquid trading venue for ETHPoW tokens. Grayscale’s actions signify the challenges faced by cryptocurrency asset managers when dealing with assets that may not align with their intended strategies or face insufficient infrastructure support.
On behalf of its shareholders, Grayscale has chosen to irrevocably forfeit the ETHW tokens allocated to record date shareholders as of September 26, 2022. Grayscale’s ETHE and GDLC funds passively received approximately 3.06 million and 40,000 ETHW airdrop tokens last year, representing a substantial amount of assets. By relinquishing the rights to these tokens, the firm is acting in its capacity as an agent of the record date shareholders, prioritizing their interests. It’s important to clarify that Grayscale‘s decision is solely related to its role as the agent of the record date shareholders and does not impact its status as the sponsor or manager of the respective products.
Grayscale has made a significant decision regarding Ethereum’s Ethereum World (ETHW) tokens. This decision stems from the firm’s assessment that the product’s custodian does not offer support for ETHPoW (Ethereum Proof of Work) and has not established a liquid trading venue for ETHPoW tokens. Grayscale’s actions signify the challenges faced by cryptocurrency asset managers when dealing with assets that may not align with their intended strategies or face insufficient infrastructure support.
On behalf of its shareholders, Grayscale has chosen to irrevocably forfeit the ETHW tokens allocated to record date shareholders as of September 26, 2022. Grayscale’s ETHE and GDLC funds passively received approximately 3.06 million and 40,000 ETHW airdrop tokens last year, representing a substantial amount of assets. By relinquishing the rights to these tokens, the firm is acting in its capacity as an agent of the record date shareholders, prioritizing their interests. It’s important to clarify that Grayscale‘s decision is solely related to its role as the agent of the record date shareholders and does not impact its status as the sponsor or manager of the respective products.
Hong Kong Police Arrest Six In JPEX Case Involving Approximately HK$1 Billion
According to the Hong Kong Police, the total sum at stake in the JPEX investigation is close to HK$1 billion. In the ongoing investigation into the virtual asset trading platform JPEX, Hong Kong police have made significant progress, resulting in the arrest of four men and two women across different districts. The individuals are detained for investigation, facing charges of “conspiracy to defraud.”. This case underscores the significant scale and impact of alleged fraudulent activities associated with JPEX.
JPEX, in response to the investigation, has criticized the approach taken by the Securities and Futures Commission (SFC), labeling it as unfair and in contradiction to the government’s policy of positioning Hong Kong as a WEB3.0 capital. Despite the ongoing legal proceedings, JPEX has affirmed its commitment to continuing its operations and providing priority withdrawal assistance to its users. The arrests and ongoing investigation demonstrate the Hong Kong authorities’ dedication to addressing potential fraudulent activities within the virtual asset trading sector. It serves as a reminder of the importance of regulatory oversight and vigilance in ensuring the integrity and security of the cryptocurrency and blockchain space.
According to the Hong Kong Police, the total sum at stake in the JPEX investigation is close to HK$1 billion. In the ongoing investigation into the virtual asset trading platform JPEX, Hong Kong police have made significant progress, resulting in the arrest of four men and two women across different districts. The individuals are detained for investigation, facing charges of “conspiracy to defraud.”. This case underscores the significant scale and impact of alleged fraudulent activities associated with JPEX.
JPEX, in response to the investigation, has criticized the approach taken by the Securities and Futures Commission (SFC), labeling it as unfair and in contradiction to the government’s policy of positioning Hong Kong as a WEB3.0 capital. Despite the ongoing legal proceedings, JPEX has affirmed its commitment to continuing its operations and providing priority withdrawal assistance to its users. The arrests and ongoing investigation demonstrate the Hong Kong authorities’ dedication to addressing potential fraudulent activities within the virtual asset trading sector. It serves as a reminder of the importance of regulatory oversight and vigilance in ensuring the integrity and security of the cryptocurrency and blockchain space.
Senco Gold & Diamonds launches virtual jewellery showroom ‘Sencoverse’ on the Metaverse
Senco Gold & Diamonds, the Indian jewellery retailer with a legacy of over five decades, has taken a major step forward in the fast-evolving digital landscape by launching its first virtual showroom, ‘Sencoverse’ on the metaverse. It is India’s first virtual jewellery showroom on metaverse aimed at connecting with the new age customers to redefine their shopping by providing them a more customized and seamless experience.
Sencoverse, the digital platform from Eastern India’s largest jewellery retailer, is a convergence of technology and artistry to bring the brand’s exquisite jewellery to life in the virtual realm. The initiative offers an end to end shopping experience to customers, from hassle-free browsing of the virtual showroom to selection of items to receiving the chosen pieces at their doorsteps. Expressing his delight at the launch of this new initiative, Suvankar Sen, MD & CEO of Senco Gold & Diamonds, said, ‘The launch of Sencoverse marks a significant leap in our digital transformation journey and our commitment to offer exceptional and hassle-free shopping experiences to our valued customers. We believe that the digitally savvy millennials and Gen Z shoppers are the future of retail.
Senco Gold & Diamonds, the Indian jewellery retailer with a legacy of over five decades, has taken a major step forward in the fast-evolving digital landscape by launching its first virtual showroom, ‘Sencoverse’ on the metaverse. It is India’s first virtual jewellery showroom on metaverse aimed at connecting with the new age customers to redefine their shopping by providing them a more customized and seamless experience.
Sencoverse, the digital platform from Eastern India’s largest jewellery retailer, is a convergence of technology and artistry to bring the brand’s exquisite jewellery to life in the virtual realm. The initiative offers an end to end shopping experience to customers, from hassle-free browsing of the virtual showroom to selection of items to receiving the chosen pieces at their doorsteps. Expressing his delight at the launch of this new initiative, Suvankar Sen, MD & CEO of Senco Gold & Diamonds, said, ‘The launch of Sencoverse marks a significant leap in our digital transformation journey and our commitment to offer exceptional and hassle-free shopping experiences to our valued customers. We believe that the digitally savvy millennials and Gen Z shoppers are the future of retail.