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Bybit is exiting the UK market ahead of new crypto marketing rules set to be enforced by the country's financial regulator, the FCA
5 mins ago 2 mins read

Bybit Exchange Suspends Operations in the UK After CEO Hints at Exit

Crypto exchange Bybit is exiting the UK market ahead of new cryptocurrency marketing rules set to be enforced by the country’s financial regulator, the Financial Conduct Authority (FCA), next month. The FCA is introducing new rules to make the marketing of crypto products more transparent and accurate, including a cooling-off period for first-time investors. Bybit confirmed its decision to exit the UK market, stating that it chose to embrace the regulation proactively and pause its services in the country. Here are the key dates and actions for UK users: The length of the suspension and whether Bybit will return to

Binance's CZ Files Motion to Dismiss SEC Lawsuit
1 hour ago 1 min read

Binance and CEO CZ Zhao File Motion to Dismiss SEC Lawsuit

Binance CEO Changpeng “CZ” Zhao and his cryptocurrency exchange, Binance, are fighting back against the United States Securities and Exchange Commission (SEC) by filing a motion to have the lawsuit dismissed. This legal battle has been ongoing, with Binance feeling the impact on its American branch, Binance.US, which has seen a significant drop in daily trading volumes. In their 60-page motion filed in the United States District Court for the District of Columbia, Binance and CZ argue that the SEC has overstepped its authority in pursuing the lawsuit. They claim that the SEC failed to provide clear regulatory guidance to

Dormant Binance Wallet Activation Causes Ethereum Gas Fees to Soar Over 1,900%
3 hours ago 1 min read

Ethereum Gas Fees Surge by Over 1,900% Following Binance Wallet Activation

Cryptocurrency exchange Binance inadvertently sparked a 1,900% surge in Ethereum gas fees following a sudden wave of transactions involving dormant wallets. A report from FXStreet noted that a Binance-affiliated wallet, known as Binance 14, experienced a sudden surge in transactions. This unexpected activity led to a rise in Ethereum gas fees from 15 to nearly 300 Gwei, and P2P transactions jumped from an average of 40 cents to about $10, according to data from Dune Analytics. Data from Etherscan revealed that Binance 14 received Ether from wallets that had been inactive for almost three years. These transfers, which took place

Mt. Gox Postpones Repayment Deadline by One Year
1 day ago 1 min read

Mt. Gox Delays Repayment Deadline for Another Year

Mt. Gox, the once-prominent cryptocurrency exchange, has decided to give its creditors more time by pushing back the repayment deadline. Originally scheduled for October 31, 2023, the new repayment deadline is now set for October 31, 2024. This decision comes after a long and challenging journey for Mt. Gox and its creditors. The exchange suffered a devastating hack in 2014, resulting in the theft of a staggering 850,000 bitcoins (BTC). At today’s prices, this amount is equivalent to nearly $23 billion. While the exchange did manage to recover approximately 20% of the stolen bitcoins following the hack, it left many

Sam Bankman-Fried FTX exchange is gearing up for a crucial pretrial release hearing before the U.S. appeals court.
1 day ago 2 mins read

FTX Founder Sam Bankman-Fried Appeals for Pre-Trial Release in New York

Sam Bankman-Fried FTX exchange is gearing up for a crucial pretrial release hearing before the U.S. appeals court. This hearing comes as he prepares to face trial on October 3. Bankman-Fried’s initial plea for release was overturned last month after prosecutors argued that he was undermining the credibility of a key witness, Caroline Ellison, a former executive at Alameda Research. The upcoming pretrial release hearing will involve presentations from Bankman-Fried’s legal team and the Manhattan U.S. Attorney’s office. Each side will have five minutes to make their case in front of a three-judge panel at the 2nd U.S. Court of

Huobi Global finds itself facing risks as investments in the staked USDT (stUSDT) project surge to $1.8 billion.
1 day ago 2 mins read

Concerns Rise as Huobi Global’s stUSDT Investments Reach $1.8 Billion

Huobi Global finds itself facing risks as investments in the staked USDT (stUSDT) project surge to $1.8 billion. Spearheaded by crypto entrepreneur Justin Sun, the stUSDT project offers a promising 5% return linked to low-risk securities, such as government bonds. However, a recent Bloomberg report has raised concerns about Huobi’s extensive involvement in the project. These concerns revolve around the exchange’s ability to manage sudden fund outflows and the transparency of its reserves. The report sheds light on how Huobi’s close affiliation with the stUSDT project has brought about a significant shift in the exchange’s crypto reserves. This transformation, combined

Bankrupt crypto exchange FTX has filed a lawsuit against Joseph Bankman and Barbara Fried
2 days ago 1 min read

FTX Initiates Lawsuit Against Sam Bankman-Fried’s Family in Pursuit of Substantial Funds

Bankrupt cryptocurrency exchange FTX has filed a lawsuit against Joseph Bankman and Barbara Fried, the parents of its founder, Sam Bankman-Fried. The exchange aims to recover millions of dollars it claims were “fraudulently transferred and misappropriated.” In a court filing, debtors of FTX and Alameda Research allege that Bankman and Fried exploited their access and influence within the FTX enterprise for personal gain, at the expense of the debtors and their creditors. The complaint cites fraudulent transfers, breaches of fiduciary duties, and other misconduct. Despite presenting itself as a sophisticated crypto business, the filing characterizes FTX as a “family business”

Bitcoin Fails to Break $27K Barrier Despite Surge in Address Activity
3 days ago 1 min read

Bitcoin Price Faces Resistance at $27K as Address Activity Hits 2023 Peak

Bitcoin’s recent surge above $27,000 has reignited optimism in the crypto market, driven by increased demand from institutional investors ahead of the upcoming halving event in around 6 months. In a surprising turn of events, Bitcoin (BTC) managed to surpass the $27,000 mark in September, bringing hope for a resurgence in altcoin bullish sentiment. According to cryptocurrency analysts, Bitcoin reached as high as $27,400 on Monday before experiencing a minor retracement and stabilizing around $26,800 during early Asian market trading on Tuesday. This sudden spike in Bitcoin’s price follows a positive closing last week and anticipation of high-impact news later

Optimism Spreads the Wealth: $26 Million Airdrop for 31,870 Users
3 days ago 1 min read

Optimism Surprises 31,000+ Users with $26 Million Airdrop

Optimism, a Layer 2 network nestled atop Ethereum, has once again delighted its community with a generous airdrop. On this occasion, they’ve allocated $26 million worth of OP tokens to 31,870 addresses that are actively engaged in their DAO, known as the Optimism Collective. This latest airdrop is part of Optimism’s ongoing efforts to boost user engagement on their Layer 2 network while simultaneously rewarding their dedicated participants. The average reward for lucky recipients was 600 OP tokens, equivalent to around $840. However, the actual reward amount varied depending on specific criteria determined by the Optimism team. For those unfamiliar,

A member of the Terra Classic community has stepped forward to address the technical debt challenge faced by the Terra Classic L1
3 days ago 1 min read

Terra Member Volunteers to Resolve Technical Debt Challenge

A member of the Terra Classic community, known as The Vinh Nguyen on social media, has stepped forward to address the technical debt challenge faced by the Terra Classic L1 Task Force Q4 proposal. Nguyen and his team have volunteered to tackle the accumulated technical debt in the coming quarter for the benefit of the community. This unexpected offer by Nguyen has evoked mixed reactions within the Terra Classic community. While some community members have applauded the initiative taken by Nguyen and his team, others have raised questions about the motives behind their voluntary work. Aru Basu, a community member

The XRP Ledger is on the brink of a significant milestone, with the number of accounts approaching the 5 million mark
4 days ago 1 min read

XRP Nears 5 Million Holders: Key Insights Unveiled

The XRP Ledger is on the brink of a significant milestone, with the number of accounts approaching the 5 million mark, currently standing at an impressive 4.78 million. According to data provided by XRPL Services, these accounts collectively hold a substantial 58.682 billion XRP, which accounts for 58.68% of the total token supply. What stands out prominently in this flourishing XRP ecosystem is the remarkable fact that out of these millions of accounts, a mere 1,115 of them show a zero balance. This indicates that the vast majority of XRP accounts are actively engaged, whether they are holding XRP as

Base network achieved an unprecedented milestone
4 days ago 1 min read

Coinbase’s Base Network Hits Milestone: 1.88 Million Daily Transactions

Coinbase’s Layer 2 network, Base, is rewriting the rules of crypto with its remarkable achievements. On September 14th, the network achieved an unprecedented milestone, processing a staggering 1.88 million daily transactions. This impressive feat propels Base ahead of well-established competitors like Arbitrum and Optimism. Base’s rapid rise to prominence, which began less than two months ago, can be attributed to several factors, including Coinbase’s significant influence and the growing enthusiasm for decentralized applications (dApps) such as Friend.Tech. While the record-breaking transaction count on September 14th grabs headlines, other key metrics underscore the network’s robust health. The base boasts an average

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