KLAYUSD Klaytn

Bitcoin remains stable at $26,800 awaiting SEC’s decision on ETF

The price of Bitcoin (COIN:BTCUSD) continued to fluctuate around $26,800 pending a crucial decision from the U.S. Securities and Exchange Commission (SEC) regarding its refusal to allow a spot exchange-traded fund (ETF) of Bitcoin. The cryptocurrency market is closely watching the SEC’s decision, with analysts evaluating potential scenarios. Bitget experts noted that a close below $27,150 would indicate a reversal, targeting $25,000, while a close above $28,000 suggests a continuation with a target of $31,000. ‘This is the most likely scenario for Bitcoin at the moment, but I believe this move will occur next week, as a short-term oversold condition is already visible in the currency. The upcoming days of the week will reveal whether we’ll witness a reversal or a continuation of this pattern.’ The Grayscale Bitcoin Trust (COIN:GBTCUSD) also stood out, recording its smallest discount to net asset value since December 2021.

THORSwap resumes operations after updated terms and conditions

THORSwap exchange, which had halted its activities due to negotiations linked to the FTX hack, resumed operations after reviewing its terms and excluding countries under US and European financial sanctions. The platform now restricts access to users from sanctioned nations such as North Korea and Iran. This decision follows the movement of funds from a crypto wallet linked to “FTX Exploiter”.

Arbitrum distributes $40 million in ARB tokens to boost Ethereum Layer 2 Network

Arbitrum (COIN:ARBUSD) has completed its voting for the first round of Short-Term Incentives Program (STIP) grants, with 29 projects selected to receive a total of 49.6 million ARB tokens, worth around US$ $40 million. Perpetual trading protocol GMX tops the list with 12 million ARB ($15 million), while decentralized exchange Camelot received the most votes. The distribution reflects strong interest from perpetual protocols and DEXs, while some important projects such as Lido Finance and Curve Finance were left out.

Flare will burn 2.1 billion FLR tokens to strengthen the ecosystem

Blockchain developer Flare (COIN:FLRUSD) plans to burn 2.1 billion FLR tokens, representing more than 2% of the total supply, to support ecosystem development and avoid dilution of community holdings. The tokens that will be burned were originally allocated to Flare’s early backers. Around 198 million FLR will be burned immediately, with another 66 million being burned monthly until January 2026. Based on current prices, the total value of the burned tokens is around $20 million. The burning was approved following the approval of FIP.01 by the Flare community in January.

Mastercard demonstrated CBDC technology for integration across multiple blockchains

Mastercard (NYSE:MA) announced the success of a central bank digital currency (CBDC) technology demonstration designed to integrate CBDCs with multiple blockchain networks, according to a press release. The technology aims to facilitate the tokenization, or “wrapping,” of CBDCs across different blockchain networks to increase consumer convenience and transaction security. Developed in collaboration with Cuscal and Mintable, the new solution has been tested with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Center (DFCRC) as part of their CBDC trial project. The technology is part of Mastercard’s Multi Token Network initiative, launched in 2023, with the aim of enhancing blockchain-based payment and commerce solutions. It includes a Crypto Credential feature to facilitate trust in blockchain interactions and scalable interoperability across multiple tokens and networks.

Tencent launches digital yuan smart contract for SMEs, aims to enhance security and avoid risks

Tencent (USOTC:TCEHY), one of the world’s largest technology companies, based in China, will launch digital yuan smart contract for SMEs, aiming to accurately track loans and increase security. The customized solution will allow banks to offer preferential interest rates due to reduced risk levels, preventing loan funds from flowing into high-risk areas. Tencent plans to expand the program and collaborates with China’s central bank on initiatives related to the digital yuan.

Paradigm supports Binance in dispute with SEC over cryptocurrencies

Crypto investment firm Paradigm has filed an “amicus brief” to support Binance’s refusal to accept the US SEC lawsuit. Paradigm is concerned about the SEC’s interpretation of securities laws and their potential impact on crypto innovation and other markets. Paradigm argues that secondary market sales of cryptographic tokens should not automatically be considered investment contracts. Paradigm believes that this interpretation would inappropriately broaden the scope of the securities laws. Other Binance supporters such as Circle and Investor Choice Advocates Network have also filed similar documents.

Paolo Ardoino takes over as CEO of Tether while Jean-Louis van der Velde remains at Bitfinex

Tether (COIN:USDTUSD) announced that Paolo Ardoino will take over as CEO of the stablecoin company starting in December, while former CEO Jean-Louis van der Velde will continue as CEO of exchange Bitfinex and act as an advisor to Tether. Ardoino, who already held senior roles at Bitfinex, co-led the strategy that led to a significant increase in Tether’s market capitalization, which reached $83 billion. Under his leadership, the company seeks to boost financial inclusion and innovate in the infrastructure of resilient cities.

CertiK announces job cuts due to evolving blockchain market

CertiK, a programming code auditor for blockchains and smart contracts, announced job cuts, saying this is part of a strategic adjustment in response to market dynamics. Around 15% of employees were affected. The move follows a series of staff reductions at companies in the blockchain industry due to stagnant Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) prices. CertiK, which raised significant funding last year, remains committed to its mission of security for blockchains and smart contracts.

Uniswap launches Android wallet app to expand into DeFi

Uniswap, one of the largest decentralized exchanges (DeFi), has launched its mobile wallet app for Android users. After a successful launch on iOS, Uniswap saw a surge in downloads and became one of the top three wallets for new downloads. The Android version is in beta and allows users to switch between different blockchains. The platform invited the DeFi community to test the beta version before the full-scale launch, scheduled for later this year. Uniswap is the largest DeFi exchange by cumulative volume, processing over $1.7 trillion in trades to date.

Investments in blockchain games reach US$2.3 billion in 2023, despite decline in third quarter

Blockchain gaming projects received a total of $2.3 billion in investment during the first three quarters of 2023, according to a report from DappRadar. The third quarter saw $600 million in investment, with $213 million going into metaverse development and the remainder invested in Web3 gaming infrastructure and investment companies. Although investment continues, the amount is around 30% of the previous year’s total, indicating a significant decline in investment in blockchain games.

Explosive testimony from former Alameda CEO reveals financial relationship with FTX

The ongoing trial of former FTX CEO Sam Bankman-Fried has brought shocking revelations to light through the testimony of former Alameda CEO Caroline Ellison. Secret recording of a meeting in November 2022 revealed that Alameda had borrowed money from FTX for a year, investing in illiquid assets. This led to a deficit on FTX’s balance sheet, resulting in market panic, user withdrawals, and the collapse of the exchange. FTX planned to raise more funds to compensate users, but faced difficulties. Alameda also had access to FTX users’ funds.

US regulators take legal action against ex-CEO of Voyager Digital

US regulators have taken legal action against former Voyager Digital CEO Steve Ehrlich, alleging fraudulent activities and deliberate misrepresentation of the level of government protection offered to customers. The CFTC and FTC initiated actions against Ehrlich, expanding the complaint to include USDC and Circle’s Bitcoin as commodities. Ehrlich faces accusations of misleading customers about Voyager’s financial stability. The FTC imposed a permanent ban on the company from managing client assets and a $1.65 billion fine.

South Korean prosecutors investigate former Kakao CEO for alleged cryptocurrency embezzlement

The Seoul Southern District Prosecutor’s Office will launch a “full-scale investigation” against former Kakao CEO Kim Beom-su and other company executives for alleged fraudulent activities and cryptocurrency embezzlement. The investigation, led by the Joint Virtual Asset Crimes Investigation Unit, also involves Kakao’s blockchain subsidiary, Ground X. Civic group Economic Democracy 21 alleges that Kim and other Kakao members engaged in fraudulent transactions with the token KLAY (COIN:KLAYUSD), alleging that up to $223 million may have been misappropriated.

Terraform Labs seeks documents from Citadel Securities in stablecoin case

Terraform Labs has accused Citadel Securities of participating in an intentional effort to cause the depeg of its stablecoin TerraUSD (KRKN:USTUSD) in May 2022. The company has filed a motion in U.S. District Court in Florida to compel Citadel to provide documents related to his commercial actions at the time. Citadel Securities previously denied trading UST in May 2022. Terraform argues the documents are crucial to its defense against U.S. Securities and Exchange Commission allegations in a crypto asset securities fraud case.

President of Madeira announces plan for Bitcoin business center

The president of the Regional Government of Madeira, Miguel Albuquerque, revealed plans to create a Bitcoin (COIN:BTCUSD) business center to boost regional innovation. During Bitcoin Amsterdam 2023, Albuquerque discussed the idea with Prince Filip Karađorđević of Serbia, emphasizing the hub’s openness to collaborations. Madeira has already adopted income tax exemption policies for Bitcoin investors, as part of its strategy to focus on technology, high-tech industries and artificial intelligence.

Taurus SA expands its presence in Europe with new offices in the United Kingdom and France

Swiss institutional crypto infrastructure company Taurus SA has opened two new offices in the UK and France. Former Bank of America (NYSE:BAC) executive Jürgen Hofbauer and SAP (NYSE:SAP) veteran Arnaud Fleischer will lead these offices. The expansion aims to meet growing institutional demand from banking and corporate customers in Europe. Taurus also plans to expand further across Europe, subject to regulatory approval, and strengthen its presence in Switzerland.

Chinese Bitcoin mines in the US raise national security concerns

Chinese-operated Bitcoin mines in the U.S. are raising national security concerns, with one located near a Microsoft (NASDAQ:MSFT) data center and an Air Force nuclear missile base. US authorities have been tracking these facilities closely due to concerns about intelligence collection. Although some miners claim that their choice of location is not related to proximity to sensitive infrastructure, several Bitcoin mines in the US have alleged ties to the Chinese Communist Party.

Potential links between FTX hack and Russian cybercrime groups, Elliptic Research reveals

Research from blockchain intelligence firm Elliptic has pointed to possible connections between the November 2022 FTX hack and Russian-based cybercrime groups. Around 65,000 ETH, worth approximately $100 million, was exchanged for Bitcoin through RenBridge following the attack. Analysis suggests a Russian-linked actor may be involved, with stolen funds matched with Russian criminal groups before being sent to exchanges.