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In the last week, crypto asset managers such as Grayscale and Bitwise have seen outflows of $55 million, reversing previous inflows of $28.5 million. This move was influenced by the crypto market crash, with Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) down around 11% and 10% in the past week, respectively. The delay in deciding whether to convert Grayscale’s GBTC product into a bitcoin ETF and negative sentiment also contributed.
Cheems Balltze, the Shiba Inu made famous by memes like ‘Swole Doge vs. Cheems’, passed away on August 18 at the age of 12 after battling cancer. He was a recognized figure among cryptocurrency enthusiasts, especially linked to tokens such as Shiba Inu (COIN:SHIBUSD) and Dogecoin (COIN:DOGEUSD). The crypto community, including the Dogecoin Foundation, has paid tribute and sent support for Kabosu, another iconic Shiba Inu struggling with health issues.
Since launching on Aug. 10, the social platform Friend.tech, which allows you to buy “shares” of X (formerly Twitter) users, has grown to more than 100,000 addresses, generating more than $25 million in fees. Personalities such as Richard “FaZe Banks” Bengtson II and NBA player Grayson Allen joined, boosting the value of their “shares”. While there are concerns about the privacy of wallet addresses, the platform continues to rise, raking in over $1.04 million in fees in a single day.
Binance customers in Europe are experiencing withdrawal difficulties due to complications with Single Euro Payments Area (SEPA) transfers. Binance has temporarily suspended withdrawals and deposits in Euros via SEPA, with no set timeline for re-establishing the service. This situation comes after Binance reported that its partner, Paysafe, would end support for the exchange. Binance, however, ensures that alternatives will be provided before the end of the SEPA service.
Cryptocurrency exchange Bitget is adjusting its Know Your Customer (KYC) requirements to align with global regulatory standards. As of September 2023, new users must complete Level 1 KYC verification to access full services. Longtime users have until October 1st to comply. Exchanges such as KuCoin and OKX have also taken similar measures recently, underlining the growing emphasis on regulatory compliance in the cryptocurrency sector.
FTX Trading Ltd. has filed a revised motion with the US Bankruptcy Court, seeking authorization to settle claims of up to $7 million without individual court approval. This measure aims to speed up the resolution of numerous claims against the bankrupt cryptocurrency exchange. The initial proposal was for US$ 10 million, but was reduced following US Trustee concerns. The final decision will be made by Judge Dorsey after a hearing.
Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has disputed claims by the U.S. Securities and Exchange Commission (SEC) that it was selling unregistered securities. In New York District Court, Gemini argued that the regulator failed to prove that its earnings product, Earn, was at odds with the rules. The SEC had focused its allegations on the exchange’s Gemini Earn program and MDALA, saying they were securities offered to approximately 340,000 investors.
Cryptocurrency startup Glow Token LLC has accused cryptocurrency exchange Crypto.com of negligence and breach of contract after its CEO, Bryan Lawrence, transferred $273,000 to individuals claiming to be employees of the exchange. Lawrence claims to have been misled and argues that such individuals exploited security holes in Crypto.com’s communication. While the exchange has stated that there was no real settlement, Glow Token is seeking reimbursement and compensation for the damage caused. Lawrence points out that he checked all the details with Crypto.com representatives before making the transfer.
The Terra blockchain website has been compromised by hackers, who are now attempting phishing attacks by asking visitors to connect their wallets. Terra has warned users to avoid interactions with their domain until further notice. In phishing attacks, hackers can gain access to connected wallet assets. The amount possibly stolen remains uncertain. Terra, which faced a major crisis in 2022, relaunched its tokens after the incident.
A wallet that had borrowed $150 million from Venus Protocol was liquidated for over $30 million due to the drop in BNB’s price to $209. This action was possibly executed manually by the BNB Chain team following a 2022 governance vote. The move comes after similar liquidations the previous week. The risk of a large-scale liquidation could severely impact the market and the decentralized financial ecosystem on BNB Chain (COIN:BNBUSD), which is why both entities are collaborating to prevent such situations.
Bart Stephens, co-founder of Blockchain Capital, has sued an unnamed hacker who embezzled $6.3 million worth of cryptocurrency from his wallets via a SIM-swapping attack. The attacker allegedly used Stephens’ personal data to bypass security checks and gain access to his funds. This type of attack, which involves transferring the victim’s phone number to a new SIM, has become more frequent, with the FBI warning of an increase in cases, especially targeting holders of large volumes of cryptocurrencies.
The transfer of 600 ETH, equivalent to $1 million, from Ethereum (COIN:ETHUSD) co-founder Vitalik Buterin’s wallet to Coinbase (NASDAQ:COIN) generated a buzz on social media. This move comes amid a cryptocurrency market shaken by recent losses. The analysis indicates that Buterin also moved other assets, including Rai Reflex Index (COIN:RAIUSD) tokens. He had previously sold ETH and dispensed tokens received in unsolicited airdrops.
Genesis Digital Assets Limited has opened a Bitcoin mining center (COIN:BTCUSD) powered by hydroelectric power in Sweden, tapping into the country’s renewable energy surplus. Located in the north, close to the Porjus Hydroelectric Plant, the data center has the capacity to generate around 155 PH/s with its 1,900 machines. The initiative highlights the growing trend towards using sustainable energy in mining, with Sweden and other Nordic countries offering ideal conditions due to their abundant renewable energy resources.
Imperial College London has teamed up with startup FluidAI to improve the tokenized market through artificial intelligence solutions. Seeking to address challenges such as liquidity aggregation in the crypto space, Ahmed Ismail, CEO of FluidAI, highlighted the vital role of AI in eliminating latency and providing optimized pricing. The university, recognized for its excellence and research in cryptocurrencies, did not comment further on the collaboration. Meanwhile, the UK is stepping up its investments in AI-based technologies to bolster its local industry.
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