Crypto Exchange News & Updates

Curve Founder: CRV Buyers Violating Cooperation Agreement Won't Face Negative Consequences, but Trus

According to a report by Blockworks, Michael Egorov, the founder of Curve Finance, engaged in a series of over-the-counter (OTC) transactions with more than a dozen counterparties to salvage his loans and potentially prevent a cascade of liquidations in the entire DeFi sector. In these transactions, he sold a significant amount of CRV tokens in exchange for stablecoins to repay his debts. While the exact terms of the transactions were not formally disclosed, several individuals who claim to have interacted with Egorov publicly stated that the tokens were sold at a price of $0.40 per CRV (far below the prevailing market price) with a lockup period of 6 months. However, the lockup appears to not be enforced through legal or smart contract mechanisms. Egorov confirmed in a statement that buyers violating the cooperation agreement would not face negative consequences, but he “believes they will” honor the commitment regarding the 6-month lockup.　　Observers noted that some participants have moved their tokens to centralized exchanges, often signaling an intention to sell. Additionally, some project communities have indirectly committed to the 6-month lockup through voting. Earlier news revealed that DWF Lab purchased 12.5 million CRV from Egorov for 5 million USDT on August 1st,

2023-08-23Deep Dive

Band Protocol Price Feeds Go Live on Arbitrum: Enhancing Smart Contract Functionality with Real-Time

According to official sources, Band Protocols oracle price feed functionality has been expanded to support Arbitrum.　　Band Protocol operates on its own BandChain, which is a native version within the Cosmos ecosystem. It supports IBC and is EVM-compatible, enabling seamless cross-chain communication. This allows dApps on Arbitrum to interact with Band oracle solutions on various compatible chains across different ecosystems. This fosters a more interconnected and collaborative network within the blockchain ecosystem.　　In addition to token prices, Band Protocol also provides a range of data including staked assets, forex, commodities, securities, and other customized price information, seamlessly integrated into dApps on Arbitrum.　　

2023-08-22Deep Dive

Coinbase Prime’s Mega Haul: 1.17M UNI and 1.15M LDO Shifted by Whales!

Key Points:　　9 hours ago, a significant entity moved 1,168,596 UNIs (approx. $5.59M) and 1,149,453 LDOs (approx. $1.85M) to Coinbase Prime.　　UNIs and LDOs originated from Coinbase Primes first two months, facing potential $3.19M loss.　　According to Ember, 9 hours ago, a giant whale/organization address transferred 1,168,596 UNIs and 1,149,453 LDOs to Coinbase Prime.　　This transaction involved the transfer of a staggering 1,168,596 UNI tokens, equivalent to around 5.59 million USD, along with 1,149,453 LDO tokens, amounting to roughly 1.85 million USD. The recipient of this significant transfer was none other than Coinbase Prime, a well-known name in the world of cryptocurrencies.　　An intriguing aspect to consider is the origin of these UNI and LDO tokens. These tokens had initially emanated from Coinbase Prime during the initial two months following their launch. During this period, the average valuation of each UNI token was approximately $6.26, while the average price of LDO tokens stood at 2.38 USD. Utilizing this valuation, it becomes evident that the originating address of this transaction potentially faces a substantial loss amounting to approximately $3.19 million in terms of the market value of these tokens.　　This transaction serves as a notable event within the cryptocurrency ecosystem, indicating the movement of considerable digital assets

2023-08-22Deep Dive

Upbit Introduces CYBER Listing, Transforming Crypto Investment Landscape

Key Points:　　Aug 22, 15:00 local time: CYBER listing on Upbits BTC market.　　Immediate CYBER deposit support in 3 hours, exclusively from the Ethereum network.　　Upbit revolutionizes the crypto landscape, offering fresh investment avenues for enthusiasts.　　Upbit has excitedly revealed plans to introduce CyberConnect (CYBER) to its BTC market.　　The announcement comes as a significant development within the crypto sphere, presenting traders and enthusiasts with fresh investment prospects.　　The trading of CYBER is slated to commence at 15:00 local time on August 22, setting the stage for an eagerly anticipated launch. This unveiling holds the promise of injecting newfound vitality into the cryptocurrency market, as traders gear up to explore the potential presented by CYBER‘s arrival on Upbit’s trading platform.　　Upbit has also outlined its plan to enable CYBER deposit support within a mere three hours following the release of this announcement. This proactive measure aligns with the exchanges dedication to providing seamless experiences for its user base.　　CYBER only accommodates deposits originating from the Ethereum network. This specification establishes a clear framework for traders and investors seeking to engage with CYBER on platform, ensuring compatibility and security in their transactions.　　UB‘s decision to include CYBER on its trading roster signifies the exchange’s ongoing commitment to enhancing its cryptocurrency

2023-08-22Deep Dive

HashKey will launch a retail-investor trading platform on August 28th, limiting investments to no mo

HashKey has issued an announcement stating that they will launch a trading platform tailored for retail investors on the 28th (next Monday). During an interview, Chief Operating Officer of HashKey Group, Livio Weng, mentioned that initially, retail investors will have the option to purchase BTC and ETH, with a restriction on virtual asset investments not exceeding 30% of their total assets.　　Livio Weng explained that a tiered system will be established for retail investors. Through a KYC process, the investors investment experience and risk tolerance will be evaluated. Additionally, a questionnaire will be used to assess the understanding of virtual assets, keeping novice investors participation relatively limited. In the initial phase, the first batch of retail investors will only be able to purchase BTC and ETH. Currently, the regulatory authorities have not granted approval for margin and derivative tools. However, once regulatory permissions are granted, various products will be introduced and categorized for different user segments.　　HashKey will collaborate with multiple commercial banks to provide fiat currency deposit and withdrawal services to users. Initially, transactions will support USD and will not include HKD support for the time being. Only bank card transactions will be accepted temporarily, and credit card transactions will not

2023-08-21Deep Dive

Ripple’s Lawsuit: SEC Granted Appeal Opportunity In Battle Over XRP’s Regulatory Status

U.S. District Judge Analisa Torres has given the green light for the U.S. Securities and Exchange Commission (SEC) to pursue an interlocutory appeal in its ongoing case against Ripple Labs.　　The development comes as the SEC seeks to challenge the courts ruling that Ripple did not violate securities laws when making XRP available to retail traders via exchanges.　　The decision by Judge Torres, who presides over the U.S. District Court for the Southern District of New York, allows the SEC to file an appeal, which must be submitted by August 18.　　Ripple Labs, along with its CEO Brad Garlinghouse and co-founder Christian Larsen, had opposed the SECs appeal request, contending that no new legal matters were at play.　　The case, a pivotal testing ground for the SEC‘s regulatory purview over cryptocurrencies, could potentially reshape how the agency oversees the digital asset market. The dispute revolves around whether Ripple’s XRP sales required registration with the SEC, as the agency argued in a lawsuit initiated in 2020.　　In her initial judgment, Judge Torres deemed that only Ripples sales of XRP to institutional investors were subject to securities laws, a finding that excluded the approximately $757 million in XRP sales to retail investors on crypto exchanges from the

2023-08-21Deep Dive

Binance CEO CZ bans employees from futures trading

Binance CEO CZ bans employees from futures trading and strict internal monitoring and violators face termination. Last week, Binance recorded the Largest liquidation order at $55.9M.　　Binance CEO Changpeng Zhao (CZ) recently tweeted that Binance employees, including himself, are not allowed to trade futures.　　　　In addition, Binance requires all employees to hold positions for at least 90 days before trading. The internal security team monitors employee trading activities on multiple platforms, and any violation of these rules will result in immediate termination.　　We reported that during a sharp market drop on Friday, an investor in Binances ETH/BUSD contract was liquidated at $1,434.37 for $55.9211 million, the largest liquidation order of the day. According to Wu Blockchain, this could be a market maker who hedges on other exchanges.　　Binance recorded the total of liquidations today with almost $220 million, of which long positions liquidated $188 million. These numbers show Binances futures trading scale and the potential risks involved.　　Recently, Binance announced the issuance and conversion of its users‘ delisted New Bitshares (NBS) tokens. The transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users’ Binance Wallet location records.　　

2023-08-21Deep Dive

Binance Converts Delisted NBS Tokens To USDT For Profitable Transition

Binance has announced the issuance and conversion of delisted New Bitshares (NBS) tokens held by its users.　　This transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users Binance Wallet location records.　　Following the snapshot, Binance will work diligently to replace the NBS token balances with an equivalent amount of USDT (Tether) by December 8th, 2023, at 23:59 (UTC). This conversion will be carried out using the average NBS/USDT exchange rate between the specified time frame of September 9th, 2023, at 00:00 (UTC) and December 8th, 2023, at 23:59 (UTC). This period aptly termed the “Conversion Period,” aims to ensure a fair and accurate exchange rate for the benefit of users.　　To offer transparency and insight into the transition, Binance plans to provide users with comprehensive information about the average NBS/USDT exchange rate during the Conversion Period. This valuable data will be made available at the end of the transition period, allowing users to understand and assess the exchange rate dynamics that influenced the token conversion.　　Binances commitment to providing its users with a seamless and user-friendly experience remains at the forefront of this initiative. By enabling the conversion

2023-08-21Deep Dive

FTX 2.0 Coalition: FTX Seeks Court Resolution for Genesis Claim Dispute and Resolves $175 Million Cu

The FTX 2.0 Coalition, representing FTX creditors, has stated on Twitter that FTX is seeking a court resolution to settle a $175 million claim dispute with Genesis, waive $175 million in customer claims, and address the nearly worthless Alameda claim. The claim amount has decreased from an initial $3.9 billion to $2 billion, making it undoubtedly one of the most unfavorable deals to date, particularly considering the ongoing Department of Justice investigation into DCG and Genesis.　　Even though Genesis claim amount remains higher than FTXs claim amount, the balance of Genesis loan has inflated due to interest earned from loans to Alameda and others.　　In 2022, Alameda used billions of FTX customer funds to repay Genesis. The crypto assets they hold can be directly traced back to FTX customer deposits. It is expected that the UCC will oppose this “transaction.”　　Earlier on August 5th, according to Bloombergs sources, the office of New York Attorney General Letitia James requested information from former executives of cryptocurrency lending firm Genesis. Michael Patchen, former Chief Risk Officer of Genesis, has recently been questioned. Federal prosecutors and the U.S. Securities and Exchange Commission (SEC) have initiated investigations and sought interviews with potential witnesses from Genesis and its parent

2023-08-18Deep Dive

Binance to Delist SNM, SRM, YFII as Prices Experience Decline

Official Announcement: Binance will halt trading and delist the following tokens on August 22nd at 11:00 AM (GMT+8): Sonm (SNM), Serum (SRM), DFI.Money (YFII). Please take note of the following details:　　Trading pairs to be removed: SNM/BTC, SNM/BUSD, SRM/BUSD, YFII/USDT.　　All open orders will be automatically canceled after trading is halted.　　After trading stops, kindly unhide any small assets to view the mentioned tokens.　　Token deposit services for the aforementioned tokens will be terminated on August 23rd, 2023 at 11:00 AM (GMT+8), and any deposits made after this time will not be credited.　　Users can make withdrawals until November 22nd, 2023 at 11:00 AM (GMT+8), after which withdrawals will be closed.　　Delisted tokens, if applicable, will be converted to stablecoins and distributed to users Binance accounts after November 22nd, 2023 at 11:00 AM (GMT+8).　　Following the delisting news, the prices of the three tokens have begun to decline. Market data shows a 13.61% drop for YFII to 632 USDT, a 13.25% drop for SRM to 0.06 USDT, and a 5.92% drop for SNM.　　Note: All times mentioned are in GMT+8.　　

2023-08-16Deep Dive

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