Author: Max Bauer
Binance, a leading cryptocurrency exchange, recently revealed in its official blog that its robust security measures successfully prevented more than $2.4 billion in losses from potential scams and fraudulent activities between January and July 2024. These scams could have impacted over 1.2 million users. The company credits its advanced internal risk engine, which combines artificial intelligence with manual review, for enabling 24/7 real-time monitoring of suspicious activity. A significant portion of the prevented losses, over $1.1 billion, were related to withdrawals suspected to be connected to cryptocurrency scams. This figure accounts for 45 percent of the total amount prevented and…
Brazil’s Securities and Exchange Commission (CVM) has given the go-ahead for the country’s second Solana exchange-traded fund (ETF), further cementing the nation’s growing embrace of cryptocurrencies. The new ETF will be spearheaded by Hashdex, a Brazilian asset manager with over $962 million under management, in collaboration with local investment bank BTG Pactual. Hashdex has a proven track record in the Brazilian ETF market, having previously introduced products tied to the Nasdaq Crypto Index, Bitcoin, and Ethereum. This latest approval follows closely on the heels of the CVM’s green light for Brazil’s first Solana ETF on August 8, which is being…
Blast Network, a layer-2 scaling network for Ethereum, has seen its total locked value (TVL) drop by a significant 62% from its all-time high. Additionally, the number of daily active users on the network has fallen to its lowest level in six months. These concerning metrics come after Blast experienced a massive loss of users following its airdrop in June, highlighting challenges in maintaining growth and recovery. The network suffered a liquidity loss of over $300 million in early August, pushing its TVL down from $1.1 billion to $785 million, marking the lowest point in six months. Data from Defi…
Binance Labs, the venture capital and incubation arm of Binance, has announced a strategic investment in Corn, a groundbreaking Ethereum L2 network aimed at simplifying the use of Bitcoin in decentralized finance (DeFi). Corn is the first hyper-yield network built around Bitcoin, with the goal of creating a DeFi hub where Bitcoin can thrive. A key innovation from Corn is the launch of BTCN, a hybrid tokenized Bitcoin designed to enhance Bitcoin’s utility in DeFi. BTCN integrates multiple custodians, smart contracts, and bridge protocols to deliver a more secure, scalable, and versatile solution. Corn’s network also features a unique yield…
Bitcoin miners, after a period of underperformance, are showing signs of a potential resurgence due to a surprising alliance with the artificial intelligence (AI) industry. Matthew Sigel, VanEck’s head of digital assets research, shared this insight in a recent CNBC interview, suggesting that the large-scale selling pressure on Bitcoin has likely subsided. Bitcoin itself has rallied by about 35% this year, while Bitcoin miners’ stocks have remained relatively flat. This divergence is atypical, as miners usually experience higher volatility and returns compared to the underlying cryptocurrency. Sigel attributes the recent sell-off in miner stocks to factors like a lack of…
The U.S. Securities and Exchange Commission (SEC) recently held discussions with potential issuers of Solana-based exchange-traded funds (ETFs), raising concerns regarding Solana’s possible classification as a security. These discussions led to the Cboe BZX Exchange retracting related 19b-4 filings, a key regulatory step in ETF approval, according to a source familiar with the situation. As a result of these talks, the SEC and Cboe agreed to refrain from submitting the 19b-4 forms to the Federal Register, which would have initiated the formal review process for the proposed ETFs. This decision temporarily relieves the SEC from making immediate determinations on Solana…
Recent speculation regarding Securities and Exchange Commission (SEC) Chairman Gary Gensler’s potential nomination as Treasury Secretary under a hypothetical Kamala Harris administration has been firmly dismissed. Caitlin Long, CEO of Custodia Bank, addressed the rumors on social media, stating that multiple Democratic contacts had clarified that the claim is false. Long remarked, “OK, multiple Dems contacted me to say the ‘Gensler as Treasury Secretary’ rumor is false. One thinks the source of the rumor is Gensler himself — (thinks he planted it just to mess with all of us…that sounds about right TBH).” The speculation began when various senior Senate…
China’s top judicial bodies, the Supreme People’s Court and the Supreme People’s Procuratorate, jointly issued a new judicial interpretation today, specifically targeting money laundering activities involving virtual assets. The “Interpretation on Several Issues Concerning the Application of Laws in Handling Criminal Cases of Money Laundering,” effective August 20th, 2024, explicitly lists virtual asset transactions as a method of money laundering. This landmark move underscores China’s commitment to combatting financial crimes in the rapidly evolving digital landscape. The Interpretation clarifies that the transfer and conversion of criminal proceeds through virtual asset transactions and financial asset exchanges can now be legally recognized…
Democratic Party of the United States has officially released its party platform on the first day of the Democratic National Convention. Notably, the platform lacks any mention of blockchain technology, Bitcoin, digital assets, or cryptocurrencies. Fox Business reporter Eleanor Terrett highlighted this omission, pointing out that the U.S. Republican Party’s platform, in contrast, includes a special section dedicated to “supporting innovation.” This section specifically mentions cryptocurrencies, artificial intelligence, and space travel, signaling a clear difference in focus between the two major political parties. In addition, recent rumors suggest that if Kamala Harris is elected President of the United States, current…
Vice President Kamala Harris is reportedly considering nominating Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC), as her Treasury Secretary if she wins the upcoming presidential election in November. These rumors have been corroborated by top Republicans. In a recent interview, Rep. Tom Emmer (R-Minn.) warned that Harris might pick Gensler or Sen. Elizabeth Warren (D-Mass.) to serve as Treasury Secretary, a move he described as potentially disastrous for the economy. Emmer criticized Gensler’s track record, stating, “Gensler has been bringing lawsuits all over the place — and losing all over the place. That time’s past.…