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2021-12-15 14:45:50 ​​$33.5 billion worth of ETH ‘trapped’ in largest Ethereum contract

The largest Beacon chain staking contract worth $33.5 billion is awaiting the Ethereum mainnet merger to unlock.

The single largest Ethereum contract containing 8,641,954 Ether (ETH) worth $33.5 billion is sitting idle because it cannot be spent or sent.

A Twitter user highlighted the Beacon chain contract claiming it to be the largest Ethereum contract with billions of dollars worth of ETH “trapped” inside it.

The contract in question is an Ethereum 2.0 Beacon Chain staking contract launched in November 2020, and it cannot be spent without a hardfork.

What makes this even more astonishing is the fact that the terms of the hard fork are yet to be decided and people sending their ETH into the contract were well aware of the fact. The terms of the hard fork could be decided once the Beacon chain merges with the Ethereum mainnet.

The Beacon chain is the first key step in Ethereum’s move from a proof-of-work mining consensus to a proof-of-stake (PoS) one. In order to become a validator in Eth 2.0, a trader must stake a minimum of 32 ETH. Thus, the $33.5 billion worth of ETH in the largest Beacon chain contract shows the high demand and trust in the upcoming Eth 2.0.

At the start of December, Ethereum developers called upon community members to test the merger to PoS based ETH 2.0. The testing phase has been divided into three phases, namely for non-technical users, developers with limited experience in blockchain, and highly technical and experienced blockchain developers.

The merger of the Beacon chain into the Ethereum mainnet would complete the transition to PoS Eth 2.0. The official Ethereum org page for Eth 2 suggests the merger could complete by Q1 or Q2 of 2022. Open / Comment

2021-12-13 13:09:32 ​​Binance Singapore withdraws crypto license application

Binance plans to “wind down” all services in Singapore by Feb. 13, 2022. Users are no longer allowed to deposit cryptocurrencies or fiat on the Binance sg platform.

Crypto exchange Binance has withdrawn its application with the Monetary Authority of Singapore (MAS) for a digital payment token (DPT) services license.

Starting Dec. 13, Binance sg has stopped onboarding new users and will not allow Singaporeans to deposit cryptocurrencies or fiat on the exchange.

By Feb 13, 2022, Binance plans to “wind down” all services that relate to dealing with cryptocurrency tokens. However, the exchange announced to take no responsibility for the users’ assets after the self-determined deadline:

“With immediate effect, users must start to make plans to withdraw their crypto and fiat from Binance sg. Accounts of registered users who have not passed KYC will be suspended.”

Binance Singapore users are currently allowed to buy and sell crypto using their existing assets until Jan. 12, 2022. Starting Jan. 13, Binance sg users will be barred from buying and selling crypto. During this phase:

“Users can only withdraw and move their crypto to third-party platforms or crypto wallets; and/or withdraw their SGD. All accounts must be closed by 13 February 2022.”

Binance plans to make further arrangements to release users’ assets upon an official request to the company’s customer service.

Following the final date, Binance will not allow any Singapore users to close positions or withdraw crypto assets. “The locked crypto assets will be held in an escrow account and your fiat assets will be transferred to your StraitsX Personal Account,” the announcement read.

“We recommend that you take action as soon as possible before the deadline for account closure (13 February 2022). Please note that BAS will not be held responsible for any losses that result from your failure to withdraw your assets and close your account by 13 February 2022.”

Binance CEO Changpeng Zhao explained that the exchange will still have a presence in the Singapore market and that the withdrawal was connected to the recent acquisition of the Singapore-regulated private securities exchange Hg Exchange (HGX). The 18% stake signaled an attempt to overcome the existing regulatory hurdles as HGX was recently granted a recognized market operator license from the MAS. Open / Comment

2021-12-10 13:02:29 ​​Binance reportedly in talks to launch crypto exchange in Indonesia

Binance is reportedly in talks with the richest family in Indonesia regarding a new crypto venture.

Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks with Indonesia’s richest family, the Hartonos, to open a crypto exchange.

As per a report published in Bloomberg, Binance Holdings Ltd. is looking to finalize a crypto venture with billionaire siblings Budi and Michael Hartonos-controlled PT Bank Central Asia (BCA), and Indonesia’s largest state-owned telecom firm PT Telkom Indonesia.

The report also claimed that the BCA may enter into the partnership using a separate business entity and the terms of the partnership could vary at the time of finalization. If finalized, it would be the second crypto venture for Binance in Indonesia. The first came in the form of a partnership with crypto trading platform Tokocrypto.

A new crypto venture involving the country’s richest family and the largest telecom firm would give Binance a strong foothold in the country with positive crypto regulations. The Indonesian government treats the crypto market as an investment class and allows its trading alongside commodity futures.

BCA didn’t immediately respond to Cointelegraph’s requests for comments. Binance declined to comment.

After facing major regulatory challenges in the second and third quarters of 2021, Binance is now looking to expand its footprint in the Asia Pacific region. The Singapore arm of the crypto trading giant recently acquired an 18% stake in a local private securities exchange, Hg Exchange. The crypto exchange giant led another $1.5 million funding round for an Asian tokenized messaging platform, the BBS Network.

Apart from new acquisitions and fundings, Binance’s sister company in the United States, BinanceUS, is reportedly in the final stages of closing a multi-million funding round. Changpeng Zhao, the CEO of the global exchange, had revealed in November this year that the firm is expected to raise “a couple hundred million.” Open / Comment

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2021-12-08 13:23:58 ​​Binance Singapore arm acquires 18% stake in private stock exchange

Binance's most recent acquisition is still subject to some regulatory requirements.

Binance Asia Services, the Singapore arm of major cryptocurrency exchange Binance, has acquired a stake in a local private securities exchange, Hg Exchange (HGX).

On Dec. 7, the company officially announced an acquisition of a post-money 18% stake in HGX, a stock exchange licensed and regulated by the Monetary Authority of Singapore.

Binance Singapore CEO Richard Teng said that the new investment will help Binance and HGX further expand the scale of products and services “supported by blockchain technology” in Singapore.

“Crypto and traditional financial offerings continue to converge. We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore,” Teng stated.

HGX is a community-driven private stock exchange, founded by financial institutions like wealth management firm PhillipCapital, local financial services group PrimePartners, and Fundnel, a Southeast Asian private investment technology platform. The exchange reportedly uses the Zilliqa blockchain.

After working as CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market, Teng joined Binance Singapore as CEO in August 2021, a few years after the Singaporean branch was launched. According to the CEO, Binance continues working closely with “key government agencies” to support the growth of the blockchain ecosystem and is actively hiring local talent.

The new investment comes soon after Binance experienced some regulatory issues in Singapore. In late September, Binance restricted Singapore users from using its platform, citing compliance matters. Previously, Binance limited product offerings in Singapore amid regulators alleging that the company may have violated payments laws.

Huobi opted to exit Singapore as a global company in order to launch a dedicated local entity in November 2021. Open / Comment

2021-12-06 12:03:51 ​​Huobi and Shiba Inu community to help BitMart overcome $200M hack

Over the weekend, hackers made away with nearly $200 million in 20 different tokens.

Following a near $200 million hack on the BitMart exchange, the Shiba Inu (SHIB) community and crypto exchange Huobi Global aim to help the exchange strengthen security and track inflows of stolen assets.

On Dec. 5, crypto exchange BitMart became victim to a hot wallet compromise hosted over the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains. As a result, the hackers were able to steal over $196 million, roughly $100 million over the Ethernet network and around $96 million over the BSC blockchain. Open / Comment

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2021-12-03 12:26:37 ​​Academic research claims ETH is a 'superior' store of value to Bitcoin

The report highlights the merits of EIP-1559 as a tool for making ETH a deflationary cryptocurrency and potentially better store of value than Bitcoin.

Australian university researchers have questioned Bitcoin’s reputation as the best store of value network in cryptocurrency, with Ethereum on track “to becoming the world’s first deflationary currency.”

A Nov. 18 paper by four Australian researchers discusses how the EIP-1559 upgrade makes ETH a potentially better store of value. The research comes was coauthored by Ester Félez-Viñas from the University of Technology Sydney, Sean Foley from Macquarie University, Jonathan Karlsen from the University of Western Australia, and Jiri Svec from the University of Sydney.

Ethereum's EIP-1559 upgrade in August saw the network burn a portion of transaction fees and more than one million ETH has been burned from the 118,583,580 circulating supply.

At times, the report says, transaction fees amounting to more than 50% of the 12,000 newly minted ETH per day are burned thanks to EIP-1559. They believe that as demand for Ethereum increases due to its robust ecosystem of decentralized finance dApps, more ETH will be burned.

The researchers write that Ethereum is already less inflationary than Bitcoin.

“Annualizing the rate of Ethereum creation since EIP-1559, the expected increase in the total Ethereum supply is only 0.98%, being less than half the 1.99% increase in Bitcoin supply which is almost certain in the same period.”

The researchers conclude Ether provides “better inflationary hedging properties than Bitcoin, and Ether may therefore offer a superior long-term value storage than Bitcoin.”

There has been growing interest in Bitcoin’s hard cap of 21 million coins and its suitability as an inflation hedge due to rampant money printing during the pandemic and inflation increasing throughout to hit 6.2% in the U.S in October. However the research suggests investors may also wish to consider Ethereum for this purpose.

Ethereum proponents have begun calling ETH “ultra sound money” in response to Bitcoiners touting BTC as "hard money" or "sound money." Open / Comment

2021-11-29 16:23:00 ​​Binance resumes DOGE withdrawals days after Elon Musk’s comments

Binance users were unable to withdraw Dogecoin due to a “combination of unlikely factors,” the exchange said.

Binance, one of the world’s largest cryptocurrency exchanges by daily trading volumes, has resumed Dogecoin (DOGE) withdrawals following a system glitch caused by the DOGE wallet upgrade.

The exchange officially announced on Monday that it had restarted DOGE withdrawals after experiencing a major issue where Binance users were unable to withdraw Dogecoin for 17 days.

Additionally, 1,634 users on Binance were sent old transactions due to a conflict of several DOGE wallet versions. This happened due to a “combination of unlikely factors” and ultimately affected only Binance. The exchange wrote:

“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then updated to v1.14.5 — you can have an issue.”

“Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built,” the announcement reads.

Binance emphasized that “no single entity was at fault” as neither Binance nor the DOGE Network had prior knowledge of the issue.

The fix came after Tesla CEO Elon Musk brought up the issue on Twitter on Tuesday, arguing that Binance’s DOGE withdrawals problem was “shady.” Binance CEO Changpeng Zhao stated right away that the problem was related to the latest DOGE wallet upgrade. Open / Comment