Crypto sleuth ZachXBT, known for his tireless pursuit of uncovering alleged financial misconduct in the cryptocurrency industry, finds himself at the center of a legal storm. In a surprising turn of events, an entrepreneur he had previously investigated, Jeffrey Huang, has filed a defamation lawsuit against him. The lawsuit filed recently in the U.S. District

Tether, the stablecoin issuer, has responded to reports that its reserves once included securities issued by Chinese state-owned companies. Tether clarified that the information presented is outdated, and its exposure to Chinese commercial papers has been reduced to zero. The response comes amid ongoing scrutiny and criticism regarding the transparency of Tether’s reserve holdings and

Binance is set to exit the Netherlands after its attempts to secure a virtual asset service provider (VASP) license failed. Starting from today, the crypto exchange is no longer registering new users residing in the country. It is also sending emails to existing users with information regarding their accounts and any assets they currently have

OKCoin faces accusations of making false claims on three separate instances that is FDIC-insured.The Federal Deposit Insurance Corporation (FDIC) slammed crypto exchange OKCoin with a demand to halt misleading claims about being insured. Recently, the FDIC addressed a cease-and-desist to the CEO of OKCoin, Hong Fang, intimating the latter of a potential violation of the

After a regulatory crackdown that significantly reduced market depth on controlled exchanges, cryptocurrency traders are turning to over-the-counter (OTC) venues to obtain illusive liquidity.According to Zahreddine Touag, head of trading at Paris-based market maker Woorton, OTC demand has been steadily increasing since the collapse of FTX in November. Subsequent spikes have been attributed to the failure of several crypto lenders last year and more recently, the SEC’s decision to sue Binance. The substantial decline in market depth across exchanges has served as the driving force behind this need.By calculating the amount of capital needed to move an asset in either direction, or at a spread of 2%, market depth is a metric that evaluates liquidity. Two well-known market makers, Jane Street and Jump, declared last month that they were, at the very least, curtailing their trading activities.According to Kaiko, this made the liquidity problems that had been present since FTX’s demise worse, with market depth on exchanges declining by more than 50% between November and May.The market depth on Binance.US, the exchange at the core of the SEC’s case, had fallen by more than 76%, it was revealed this week. Since order books are still weak, this practically means that traders attempting to complete larger transactions will have to contend with unavoidable slippage.As a result, it appears that the OTC market, which enables traders to complete sizable transactions without visiting an exchange, is spreading more widely.According to Touag of Woorton, “OTC demand” has increased significantly.“Spreads are tight due to daily recurring flow we have on both sides from payment providers, brokers, and algorithmic traders.” This pattern is uncannily reminiscent of the period in 2014 following the hacking of Mt Gox, the biggest cryptocurrency exchange at the time, which led to the shutdown of its operations. Peer-to-peer markets on exchanges like LocalBitcoins emerged as the winners of the 2014 bear market, despite the major exchange’s collapse, since demand for digital assets persisted.However, as cryptocurrency made further inroads into the world of traditional finance, the stature of companies entering the sector started to noticeably rise.By 2020, counterparties on LocalBitcoins would no longer be an arbitrage trader, and publicly traded firms like MicroStrategy would deal directly with Coinbase, an exchange that is listed on the Nasdaq. In an effort to establish a safe investment vehicle for funds and trading companies to increase their exposure to cryptocurrencies, BlackRock, the largest asset management in the world, filed for a spot bitcoin ETF this week.However, traders will have to return to OTC deals until that is allowed by the SEC, which is becoming more confrontational.

Attorney General Letitia James has reportedly made a major impact against illicit cryptocurrency operations in the United States by disclosing the recovery of over $1.7 million from the cryptocurrency network CoinEx. The New York Attorney General has ordered the offshore cryptocurrency exchange CoinEx to immediately suspend operations in the United States, pay penalties, and reimburse

Seychelles-based crypto exchange, OKX, announced acquiring a provisional virtual assets license in Dubai.allowing it to get ready for when the license becomes operational. OKX Middle East has already taken up residence in a new office in Dubai World Trade Center, and says it plans to expand the number of staff to 30, with a focus

Bybit, the world’s third most visited cryptocurrency exchange, is thrilled to announce the release of its latest tool, ToolsGPT. This innovative based platform combines ChatGPT’s state-of-the-art machine learning technology with Bybit’s robust market data, revolutionizing the way traders make informed and profitable decisions ChatGPT is a chatbot founded by startup OpenAI that uses natural language

Bit2Me, a giant Spanish crypto exchange, has raised $15 million in a funding round led by Investcorp. The investment round also included Telefónica Ventures, the investment unit of Spain’s largest telecommunications company Telefónica, Stratminds VC, Cardano and YGG Fund, Bit2Me said in a recent press release Funds will be used by Bit2Me to expand its

According to a notice on the regulator’s website, ESMA, the securities market agency of the European Union, will consult in July on proposed new complaint management and conflict-of-interest guidelines that crypto businesses within the EU will have to adhere to.The EU’s new Markets in Crypto Assets (MiCA) regulations will be put into practice according to proposals made by the European Securities and Markets Authority (ESMA) that will be released next month. These proposals will include the forms and notifications that established funds and crypto companies must submit in order to provide services within the bloc. According to ESMA, a third series of consultations due early in 2024 would examine market abuse and investor protection. A second set of consultations planned in October will look at disclosures of environmental implications and may possibly address trading transparency and governance requirements.After years of discussions, MiCA was finally approved on Friday and would, as of the end of 2019, allow crypto exchanges to operate throughout the EU with just one license.Stablecoin issuers must comply with requirements requiring them to retain adequate reserves as of June 2024, and industry lobbyists have warned that how the standards are enforced under subsidiary legislation may be very important in practice. The European Banking Authority, which will be in charge of establishing capital requirements and overseeing major stablecoins, also anticipated to issue further procedural guidelines.

Polygon Labs, a blockchain infrastructure sounds an alarm over the Securities and Exchange Commission’s (SEC) proposed redefinition of ‘exchange.’ The tech titan expressed these concerns recently thereby requesting the SEC to reevaluate its proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934. The SEC’s reopening release suggests that not only DeFi software

Stablecoin issuer TrueUSD has recently announced that it is working tirelessly to resume the minting of TUSD on Prime Trust. According to the latest announcement the resumption of operations to ensure a stressfree experience for its users. Previously, the minting of this stablecoin on Prime Trust was pioneered when the company was caught up in

Recently stakeholders in Blockchain related companies in Australia are taking a stand against recent prohibition by local banks on crypto payments. Industry body, Blockchain Australia, called out restrictions and said it wants to tackle the issue “head-on by using real data,” in a recent press statement However, Australia has seen a string of instances in

The main market for remittances from the United States, which, according to the company, accounts for almost 95% of all remittances received by Mexicans from outside, is Mexico. As a result, the digital payments startup Strike is expanding its Lightning Network-based cross-border payments service to this country. According to a press release given to CoinDesk, the service, Send Globally, will be accessible in Mexico beginning June 14. The Lightning Network, a second layer payment mechanism for the Bitcoin blockchain created to offer less expensive and quicker transactions than the base network, powers it. According to the press release, money transmitted across the border utilizing the service can be received in the recipient’s bank account as pesos. Jack Mallers, the CEO and co-founder of Strike, announced just last week that the business has stopped using third party service providers and shifted custody operations in-house.Less than a month after it announced it had expanded to over 65 countries and opened an office in El Salvador for its worldwide arm, the new service strengthens its position in Latin America. According to the press release, “Strike’s expansion to Mexico brings a better alternative to 12 million Mexican Americans,” highlighting the plight of an increasing number of Mexican immigrants in the U.S. who are troubled by “high fees, slow settlement, and lack of innovation in incumbent cross-border payments services.”

According to data compiled by blockchain analytics company Glassnode, the velocity of bitcoin (BTC) transfers from miners to centralized exchanges has increased since May 31. According to Glassnode data, since May 31, miners—or organizations that create currency by validating blockchain transactions—have transferred 6671.99 BTC ($174 million) to exchanges. Miners transported 2,606 BTC to exchanges on June 3, the most in a single day in more than four years. Since March 2021, the 14-day average of miner transfers to exchanges has climbed significantly, reaching a peak of 489.26 BTC.In the meantime, over the course of the last two weeks, the balance in wallets linked to miners has dropped by approximately 2,000 BTC. It’s common to assume that moving coins from miner or investor wallets to exchanges indicates a desire to sell or liquidate those particular currencies.Therefore, a greater flow of coins from miners to exchanges is generally regarded as bearish. However, the recent transactions only make up 1.3% of the $13 billion in 24-hour trading activity for bitcoin and do not appear to be significant enough to have a significant effect on the price. Additionally, a spike in miner transactions is frequently interpreted as a sign of optimism about the future value of bitcoin.According to this reasoning, miners increase their sales when they believe the market is robust enough to absorb more supply because their income is intimately related to bitcoin’s price.This is comparable to a central bank of a country with a current account deficit purchasing US dollars on the open market when the dollar is broadly offered.In this manner, it can increase reserves without running the danger of local currency depreciation.According to data from CoinDesk, the price of bitcoin is still trading in a familiar range above crucial support at $25,200.

BOCI, the investment banking subsidiary of the Bank of China, has successfully launched tokenized structured notes valued at 200 million offshore renminbi ($28 million) on the Ethereum blockchain. This marks the bank’s inaugural attempt at issuing a tokenized security in Hong Kong and also sets a precedent as the first Chinese financial institution to take

In a recent official statement the Solana Foundation has addressed the classification of its native token, SOL, as a security. The foundation expressed surprise over the mention of the token by the U.S. regulator, emphasizing its commitment to building exceptional blockchain products. While the crypto community had previously debated the SEC’s decisions to label top

U.S. lawmakers must develop “a comprehensive framework on how to regulate the crypto industries and the relative responsibilities of SEC vs. the Commodity Futures Trading Commission (CFTC),” JPMorgan (JPM) stated in a research report released on Thursday. This is because the Securities and Exchange Commission (SEC) has filed lawsuits against Binance and Coinbase.According to the SEC, the majority of cryptocurrencies should be classified as securities, which means that most crypto firms and trading should be subject to its oversight and adhere to the same legal frameworks as traditional securities, according to the article. According to analysts lead by Nikolaos Panigirtzoglou, this is not a “straightforward legal case,” and it is unclear whether cryptocurrencies would be categorized as securities.This ambiguity in the law is evident in the SEC v. Ripple case.On grounds of alleged violations of federal securities laws, the regulator announced last week that it was suing Binance, Binance founder and CEO Changpeng “CZ” Zhao, and the operating business for Binance.US.A day later, it brought a similar lawsuit against Coinbase (COIN), a competing exchange.The actions are “increasing the urgency for US lawmakers to develop a thorough regulatory framework by this year,” according to JPMorgan. Cryptocurrency activity will probably keep migrating to decentralized entities and locations outside the United States until this happens.The bank predicted that funding for cryptocurrency venture capital will likely stay low.The majority of cryptocurrencies would be considered as securities and Coinbase, Binance.US, and other U.S. exchanges would be required to register as brokers if lawmakers agree with the SEC’s position, according to the letter.While this might be more “onerous and costly” for the business, it would have some benefits because crypto markets would be properly regulated and provide more transparency and investor protection, the letter stated. The SEC’s actions from last week have raised questions about several other layer 1 tokens that are claimed to be securities, favoring bitcoin (BTC) and ether (ETH), the bank claimed.

In the midst of the ongoing regulatory scrutiny faced by leading cryptocurrency exchanges Coinbase and Binance, long-term Bitcoin holders have displayed remarkable resilience. Glassnode, a prominent crypto market analytics provider, has revealed that these holders remain unpertubed by the uncertain regulatory cloud, with only a minute fraction of their supply being sent to exchanges. The

Renowned crypto billionaires Cameron and Tyler Winklevoss have issued a cautionary message to the Democratic Party, emphasizing the risk of losing crucial youth voters due to their perceived “war on crypto.” The twin brothers, who co-founded the Gemini cryptocurrency exchange, contend that the party’s anti-crypto stance, championed by figures like Senator Elizabeth Warren and SEC

In a bid to decentralize CRV tokens via it’s lending platform, The founder of Curve, Michael Egorov has deposited $24 million worth of Curve DAO (CRV) tokens This is keenly necessary for Aave to reduce the liquidation risk of a $65 million stablecoin loan. Since April, Egorov borrowed stablecoins on Aav with $37 million worth

The need of promoting a favorable legal environment for cryptocurrencies, according to United States Senator Cynthia Lummis, is increased by their quick development and rising use. Crypto Twitter applauded Lummis for her dedication to creating a legal framework that will make it easier for Americans to own and trade digital assets.She brought up the anticipated bill in a tweet that serves as a reminder that it was meant to be released in April.Lummis has been working on a bipartisan movement to suggest stringent rules for cryptocurrency with Senator Kirsten Gillibrand.This year, Congress is expected to make substantial headway on the impending legislation endeavor, which will provide an essential foundation for the quickly developing digital asset market. The politician praised her party’s accomplishment in blocking the inclusion of a 30% tax on digital asset mining in the most recent debt ceiling agreement in a tweet.Lummis noted that there is still much work to be done in order to create an open regulatory system for the cryptocurrency industry.The proposed bill seeks to accomplish a number of goals, including a precise definition of cryptocurrencies and perhaps a removal of the “security” label. The legislation aims to build a stable framework for businesses and investors in the cryptocurrency market by defining a clear classification for tokens.The initiative will alleviate regulatory uncertainty, encourage innovation, and support responsible sector growth.Gillibrand has emphasized the value of being thorough. The amended bill will set forth clear instructions on the steps required to obtain tokens, creating a complete framework that covers various facets of tokenization.According to the proposed regulation, algorithmic stablecoins will be outlawed globally.However, more thought must go into deciding which organizations are permitted to issue stablecoins and what is needed to keep U.S. dollar reserves.

In a recent press interview, The CEO of Coinbase Brian Armstrong expressed that crypto entrepreneurs would only return to the U.S. when the government finds the “right outcome” for regulations. Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, reiterated that regulating crypto isn’t “rocket science” and is confident that the United States will attain regulatory

Recently, users of Bitget in Latin America increased to 43%, with a 134% Surge in deposits. Owing to lawsuits By United States regulators against Binance and Coinbase, Crypto exchange Bitget has seen an increase in new accounts Compared to daily averages, new users in the region increase, Brazil and Argentina leading market share growth. According

TrueUSD (TUSD) has stopped the minting of TUSD stablecoin tokens via fintech infrastructure provider, Prime Trust, causing a brief depegging. Recently USD informed its users via it’s Verified Twitter handle that the minting of TUSD tokens via Prime Trust had been temporarily paused until further notice. The fifth-largest stablecoin by market capitalization traded at $0.9964

Scammers have used more than eight Twitter identities belonging to well-known personalities in the cryptocurrency industry over the past several weeks to spread phishing scams.According to blockchain investigator ZachXBT, the organization has so far stolen cryptocurrency valued at close to $1 million.ZachXBT detailed his discovery of multiple “linked on chain” wallets tied to phishing schemes advocated by the recently compromised accounts in a thread on Twitter on June 9. While a SIM Swap caused the majority of these attacks, ZachXBT noticed that more accounts may have been potentially taken through a panel. The accounts belong to individuals including DJ and NFT collector Steve Aoki, founder of Pudgy Penguins Cole Villemain, and editor of Bitcoin Magazine Pete Rizzo.It’s very ironic that Peter Schiff, a staunch supporter of gold and a fierce opponent of cryptocurrencies, too had his account compromised in order to promote a bogus link regarding tokenized gold in decentralized finance.ZachXBT stated, “I hope Twitter Safety investigates each attack closely as they have resulted in almost seven figures being stolen,” and added:“Phishing scams are tweeted out practically instantly once the fraudster takes over a Twitter account.Some of these tweets have been available for many hours or even days as a result of Twitter Support’s slow response times. Instead of using two-factor authentication that relies solely on SMS, the blockchain detective advised users to employ security keys.Mira Murati, the chief technology officer of OpenAI, was the target of yet another account hack, as revealed by ZachXBT.Her account shared a phishing link on June 2 that advertised a phony airdrop for the ERC-20 token OPENAI, prompting complaints from the crypto community.Before it was removed, this post had been up for almost an hour and had received 79,600 views and 83 retweets.Notably, in order to prevent others from tweeting warnings, the scammers limited who could react to the tweet.The same kind of Twitter account attack that resulted in Arthur Madrid, co-founder and CEO of metaverse platform The Sandbox, being targeted also happened to him in late May.

Bitget has recently announced the addition of the Martingale AI technique to their Innovative trading tools offers. The Martingale method entails raising investments following a downturn to recover losses and profit. According to a Bitget team statement, the Martingale AI function allows traders to automate their trades by selecting risk levels and investment frequency based

The U.S. Commodity Futures Trading Commission (CFTC) has won a lawsuit against Ooki DAO. A federal court has ruled that the DAO provided users with unregistered commodities. The CFTC was granted a default judgement after Judge Orrick ruled that Ooki DAO operated an illegal trading platform and unlawfully acted as an unregistered futures commission merchant

On June 27, the well-known trading platform Robinhood (HOOD) will stop supporting the tokens Cardano (ADA), Polygon (MATIC), and Solana (SOL), which the Securities and Exchange Commission (SEC) recently labeled securities in litigation against Binance and Coinbase.In a blog post, Robinhood stated that it had chosen to discontinue support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET.”No other coins are affected, and your crypto is still safe on Robinhood,” the statement continued. Up to the cutoff, users can use the app to exchange and transfer the three tokens.Tokens held in a user’s account after support ends on June 27 will be automatically sold for market value, according to Robinhood.The choice is a result of the company’s ongoing evaluation of cryptocurrencies.Currently, 15 different crypto currencies are available for trading on Robinhood, including avalanche (AVAX), dogecoin (DOGE), ether (ETH), and bitcoin (BTC). While Polygon earlier declined to comment to CoinDesk regarding the claims that the tokens are securities, Solana and Cardano have both refuted such claims.The three tokens lost some value earlier this week as a result of SEC lawsuits, but they largely held their value on Friday.

European Union governments seems  to drum support for the  new bank-capital standards, which could see unbacked crypto treated as the riskiest kind of asset for lenders to hold, according to an official leading talks on new legislation. The move sets such as bitcoin (BTC) and ether (ETH) are given the maximum possible risk weight as