Binance Faces Allegations of Manipulating BNB Prices Amidst Market Turbulence
Balancer's Vulnerability Saga, OpenSea's Insider Trading Scandal and Nodal Power's Eco-friendly Bitcoin Mining
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Binance Faces Allegations of Manipulating BNB Prices Amidst Market Turbulence
Binance has been embroiled in controversies recently, with allegations suggesting that it might be selling Bitcoin to support the price of its native cryptocurrency, Binance Coin (BNB). This claim, propagated by crypto influencer @WhaleChart, comes at a tumultuous time for the exchange. Furthermore, BNB's price has been fluctuating, witnessing significant declines over the past week, a trend mirrored by Bitcoin's own price drop. Binance CEO, Changpeng Zhao (CZ), has refuted these allegations, labeling them FUD.
Bitcoin Mining Innovations and Miners' Confidence Despite Price Dip
Bitcoin mining startup Nodal Power has raised $13 million in funding to convert methane gas from landfills into electricity for Bitcoin mining. This innovative approach not only reduces carbon emissions but also makes a profit from a wasted resource. Despite the recent dip in Bitcoin's price, miners continue to increase their mining activity, indicating their confidence in the network's profitability and security. The hash rate, representing the mining power deployed to the Bitcoin network, is also approaching record levels.
Former OpenSea Executive Sentenced in First-Ever NFT Insider Trading Case
Former OpenSea executive Nate Chastain has been sentenced to three months in prison for insider trading. Chastain was convicted of fraud and money laundering for making over $50,000 in illegal trades involving NFTs on OpenSea's platform. He used anonymous wallets and accounts to conceal his purchases. This case is considered the first prominent NFT insider trading case, and the sentencing serves as a warning to other corporate insiders.
Binance Faces Communication Issues and Regulatory Scrutiny
Binance, the world's largest cryptocurrency exchange, is facing criticism over its communication issues and regulatory scrutiny. The exchange mistakenly announced on social media that euro transactions were no longer available, causing chaos. Binance's banking partner, Paysafe Payment Solutions, later confirmed that euro transactions would be available until September 25. Binance is also facing legal trouble in the US and investigations in France. The mounting scrutiny has led to a significant drop in the price of BNB, the cryptocurrency closely linked to Binance.
Crypto Adoption in Politics: Thailand's New Pro-Crypto PM and Australia's CBDC Plans
Thailand's new Prime Minister, Srettha Thavisin, was previously involved in the country's digital asset sector. As part of his campaign, Srettha has promised a national 'airdrop' where every Thai citizen will receive 10,000 Thai baht ($300). Meanwhile, Australia's central bank has announced that the introduction of a central bank digital currency (CBDC) is likely to be several years away. This decision comes after a year-long research project conducted by the bank to explore the use cases of a CBDC in the payments system.
Crypto Market Struggles: Majority of Bitcoin and AVAX Holders at Loss"
The recent crypto crash has resulted in nearly 90% of Bitcoin short-term holders and 99.5% of AVAX investors currently holding tokens at a loss. This has led to an increase in the flow of short-term holder-owned coins into exchanges, indicating potential liquidation. The high number of short-term holders facing losses is seen as a critical problem for the market, as it creates selling pressure.
Binance.US Partners with MoonPay to Regain USD Ramps
Binance.US has partnered with MoonPay to allow customers to buy cryptocurrency. Users can purchase Tether's stablecoin, USDT, through MoonPay and then use it to buy other cryptocurrencies on the Binance.US platform. This partnership aims to provide a solution for American customers who have been unable to deposit or withdraw dollars from Binance.US due to disruptions with banking partners.
Bitso Crypto Exchange Adds Tron Support for Faster, Cheaper Tether Transactions
Crypto exchange Bitso has announced that it has added support for the Tron network and USDT transactions. This means that customers will no longer have to use Ethereum as an intermediary for Tether transactions, resulting in increased transaction speed and lower costs.
South Korean GenZ Investors Prefer Altcoins Over Bitcoin and Ethereum
GenZ cryptocurrency investors in South Korea are more interested in investing in altcoins like Ripple (XRP) rather than Bitcoin (BTC) and Ethereum (ETH), according to a report. Data from the crypto exchange Bithumb shows that investors in their 20s are more aggressive in their investments and have a higher proportion of investments in altcoins.
FBI Warns of North Korean Hackers Selling Stolen Bitcoin
The FBI has issued a statement warning that North Korean hackers may try to sell stolen bitcoin worth over $40 million. The Lazarus Group and APT38, both based in North Korea, were responsible for a series of cryptocurrency hacks. The FBI has identified six wallets containing a total of 1,580 bitcoin connected to these hacker groups and has advised cryptocurrency companies to avoid interacting with them.
Balancer's Critical Vulnerability Leads to Massive Withdrawals
Balancer, a decentralized exchange, has reported a "critical vulnerability" in some of its V2 pools. While Balancer has mitigated 80% of the threat, 4% of the total value locked (TVL) remains at risk. Balancer has not experienced any fund losses due to this vulnerability, but they strongly recommend users to migrate to safe pools or withdraw their funds.
Decentralized Social Media Farcaster Migrates to OP Mainnet
Farcaster, a decentralized social media protocol, is migrating its project to the OP Mainnet Layer 2 network. The migration includes Farcaster-based apps and their associated smart contracts. This move will open the platform for all users through "permissionless sign-ups" and make it more accessible to a broader audience.
As always, stay tuned for more updates in crypto!