Bybit suspends UK services under new FCA rules
Cryptocurrency broker Bybit, located in Dubai, has decided to
stop its services to UK residents. This decision comes as a
proactive response to the imminent regulations set by the UK
Financial Conduct Authority (FCA). Starting October 1st, new
accounts will no longer be accepted, and changes to contracts and
positions for current users will be suspended on October
8th. Bybit expresses that this pause will enable a focus on
adapting to future British standards, enabling eventual compliance
by January 2024, subject to FCA approval.
FTX legal conflict: Battle for $157.3 million and witnesses
challenged in fraud scandal
FTX has initiated legal proceedings seeking to recover US$157.3
million from former employees of its Hong Kong branch, Salameda,
according to the September 21 filing. The defendants are
accused of making fraudulent withdrawals from FTX and FTX.US prior
to the company’s insolvency process. The accused include
former employees and some associated companies. Furthermore,
seven experts, who were supposed to testify in favor of Sam
Bankman-Fried, former CEO of FTX, were refused, according to a
decision dated September 21. U.S. District Judge Lewis Kaplan
rejected the depositions for a variety of reasons, including flaws
in the opinions presented and the irrelevance of the proposed
depositions. However, Bankman-Fried can still call four of
these experts, but only in retaliation for government witnesses.
The prosecutors also intend to summon other former FTX
collaborators as witnesses in the case, which involves accusations
of fraud and money laundering.
Binance and CZ challenge SEC actions
Binance CEO Changpeng “CZ” Zhao and his company are contesting
charges from the US Securities and Exchange Commission (SEC),
alleging excessive authority and a lack of clarity in regulatory
guidelines on cryptocurrencies. This legal conflict comes at a
time of intense challenges for Binance, whose US subsidiary,
Binance.US, faces serious commercial and operational repercussions
due to regulatory pressures.
Hal Finney and speculation about his connection with Satoshi
Nakamoto
A recently resurfaced video from 1998 reveals Bitcoin pioneer
Hal Finney discussing zero-knowledge proofs, intensifying
speculation about his possible role in the creation of Bitcoin
(COIN:BTCUSD). Finney, known for his significant contributions
to the crypto world, received the first Bitcoin transaction from
Satoshi Nakamoto, the cryptocurrency’s mysterious
creator. Some theories suggest that Finney could be Nakamoto
or part of the collective behind the pseudonym, but there is no
definitive evidence to confirm these assumptions.
Google Cloud expands blockchain support on BigQuery with 11 new
networks
Google Cloud has expanded support for its BigQuery service to
include 11 new blockchains, enabling users to run complex queries
and integrate with other applications. The new networks are
Avalanche, Arbitrum, Cronos, Fantom, Near, Optimism, Polkadot,
Polygon, Tron and the test networks Polygon Mumbai and Ethereum
Goerli. This expansion allows for more in-depth analysis, such
as evaluating NFTs and comparing transaction fees. Since its
launch of blockchain data services in 2018, Google Cloud has
continued to ramp up its capabilities, reaching a total of 19
supported networks.
Bitmain and Core Scientific conclude agreement to expand
cryptocurrency mining
Bitmain and struggling mining company Core Scientific
(USOTC:CORZQ) have formalized an agreement, combining cash and
capital, to expand mining facilities. Bitmain will provide
mining rigs worth 27,000 Bitcoins for $23 million in cash and $53.9
million in Core Scientific shares. The agreement also includes
a new hosting contract, and is subject to court approval, aimed at
increasing productivity in cryptocurrency mining.
Polkadot plans parachain expansion with new upgrades
Polkadot’s lead developers are devising plans to extend the
maximum number of parachains from 100 to 1,000 through future
software updates. One of these updates, “Asynchronous
Support”, aims to decrease the block time of parachains from 12 to
6 seconds and multiply the block space by up to 10
times. Parity’s Sophia Gold stated that the enhancement will
allow for greater flexibility and significantly increase the number
of validators by 2024. Testnet implementation is expected to take
place in approximately two weeks.
Ethereum performance post-Shanghai upgrade fails to meet
expectations, says JPMorgan
Ethereum (COIN:ETHUSD) failed to meet network activity
expectations following the Shanghai update in April, as reported by
JPMorgan (NYSE:JPM). Despite transitioning from proof of work
to proof of stake, reducing energy consumption by over 99% and
increasing Ether staking, activity on the Ethereum network has not
increased as expected. Analysts noted declines in daily
transactions, active addresses, and total value locked in DeFi,
suggesting that several negative factors may have overshadowed the
benefits of the upgrade.
Possible delay in Ethereum’s Deneb-Cancun upgrade could extend
until 2024
The imminent upgrade of Ethereum, titled Deneb-Cancun or
“Dencun”, may be postponed until early 2024, as discussed by the
lead developers. This update seeks to address Ethereum
scalability issues by applying Ethereum Enhancement Proposal 4844
(EIP-4844). Tim Beiko of the Ethereum Foundation expressed
concerns about possible delays in mainnet deployment due to the
lack of launches on public testnets so far. If there is no
progress by November 2023, implementation of Dencun will possibly
be delayed until next year.
Dogecoin volatility declines, presenting unexpected stability
compared to Bitcoin
The volatility of Dogecoin (COIN:DOGEUSD), known as the main
meme cryptocurrency, has decreased to a point where it is more
stable than Bitcoin (COIN:BTCUSD), the market’s leading
cryptocurrency. Dogecoin’s 30-day annualized volatility is at
30%, compared to Bitcoin’s 35%. This relative stability of
Dogecoin does not necessarily indicate maturity in the market, but
likely reflects a decrease in interest in alternative
cryptocurrencies, with liquidity being transferred to Bitcoin.
Yen compensation for XRP holders by GMO
Japanese cryptocurrency exchange GMO will compensate certain XRP
(COIN:XRPUSD) holders with the yen equivalent of Songbird
(COIN:SGBUSD) tokens, a company post revealed. Recipients will
earn yen equivalent to 0.1511 SGB for every XRP they held on
December 12, 2020. Songbird serves as the test blockchain for Flare
Network, which initially set out to be a DeFi platform using XRP
tokens. The distribution of these tokens by GMO will take
place until September 29, 2023.
India develops tool to monitor illicit crypto activities
India’s Ministry of Home Affairs (MHA) is creating an analysis
tool, called the Cryptocurrency Intelligence and Analysis Tool
(CIAT), aimed at combating the growing crypto crime by responding
to the rise in cryptocurrency fraud and illegal
activities. The goal is to monitor transactions on the dark
web and identify irregular activity, allowing immediate action
against illicit schemes, such as the recent fraud that cost a local
software engineer $120,000. It will allow the MHA to compile
detailed transaction records, including dates, times, exchanges
used and services performed, and alert on any irregular or unusual
crypto activity.
Security breach affects users of analytics company Nansen
Renowned blockchain analytics firm Nansen revealed in a post on
social platform X that a third-party vendor had a security breach,
compromising data on 6.8% of its users. This incident allowed
attackers to access accounts with administrator privileges,
exposing emails and, in some cases, blockchain addresses of
affected users. Nansen assured users that funds had not been
compromised and urged everyone to change their passwords.
Protocol exploitation compromises Linear Finance and drains LUSD
liquidity
DeFi protocol Linear Finance was recently compromised by a
malicious exploit that wiped out all liquidity for its stablecoin
LUSD (COIN:LUSDUSD) on decentralized exchanges like Ascendix and
PancakeSwap, driving the value of LUSD to zero. The exploiter
generated an excess supply of LAAVE, exchanged it for LUSD and sold
it on exchange platforms, removing all liquidity. Linear is
investigating the incident, seeking to trace the compromised
assets, and is working to restore the protocol and remediate
affected users.
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