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2023-12-12 19:15:26 Decentralized Exchange Uniswap Expands to Bitcoin Sidechain Rootstock

Decentralized exchange Uniswap expanded to the Bitcoin sidechain Rootstock, in a boost to the world's largest blockchain's decentralized finance (DeFi) landscape. Uniswap version 3 (v3) has been deployed on Rootstock by GFX Labs, the team behind trading terminal Oku, according to an emailed announcement shared with CoinDesk on Monday. According to Uniswap's website, the project, originally designed for Ethereum, has also been deployed on the Ethereum layer-2 networks Arbitrum, Optimism and Polygon.

Oku will provide Rootstock with trading tools that incorporate analytics, limit orders and liquidity provider position management. The combination of Ethereum-based Uniswap's smart contract capabilities with the security of Bitcoin's proof-of-work network could bring deeper liquidity and more DeFi uses cases to the crypto industry. "Rootstock's combination of Bitcoin's security and Ethereum's smart contract capabilities, now augmented with Uniswap v3, introduces a new dimension of on-chain swaps, liquidity depth and yield opportunities on Bitcoin's network," according to the press release. Bitcoin network to capitalize on the rise of BRC-20 – a token standard to enable the issuance of tokens and therefore DeFi applications on Bitcoin.

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2023-12-11 18:51:07 Binance Research Report Reveals 110% Surge in Crypto Market Cap YTD

Positive shift in stablecoin supply, NFT trade volume resurgence, and increased fees signal crypto market maturation. A recent report from Binance Research reveals a remarkable surge in the total cryptocurrency market capitalization, which has climbed by about 110% year-to-date, adding over $870 billion in capital, with a notable 55% increase observed in Q4 alone. This growth follows a period of stagnation after the 2021 crypto highs, marking a potential shift in market dynamics.

A significant finding highlighted in the report is the first positive shift in the quarterly net change of the supply of the top five stablecoins since Q1 2022. This indicates a growing interest and influx of capital into cryptocurrencies. Moreover, there has been a notable resurgence in trade volumes of NFTs, particularly in Bitcoin NFTs, breaking the previous year-long downtrend. NFT trade volume resurgence reflects a renewed market sentiment and a revival in speculation. The study also highlights a surge in fees generated by leading crypto projects in November, suggesting the maturation of these platforms into revenue-generating businesses, with Ethereum leading in fee generation.

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2023-12-09 19:55:50 Zhao can’t return to UAE before sentencing: report

A federal judge in Seattle ruled that Chanpeng Zhao, former CEO of Binance, can’t return home to the United Arab Emirates before he’s sentenced in the U.S. in February. The same ruling was issued on November 27, pending a further review. Prosecutors had warned that Zhao presented a flight risk, citing his wealth and the fact that the UAE has no extradition treaty with the U.S. U.S. District Judge Richard Jones on Thursday rejected the idea of Zhao returning to the UAE.

U.S. District Judge Richard Jones on Thursday rejected the idea of Zhao returning to the UAE outright before he is sentenced, according to the Bloomberg report today. The same ruling was issued on November 27, pending a further review. Chanpeng Zhao, former CEO of Binance, can’t return home to the United Arab Emirates before he’s sentenced in the U.S. in February Prosecutors had warned that Zhao presented a flight risk, citing his wealth and the fact that the UAE has no extradition treaty with the U.S. In November, Zhao pleaded guilty in a Seattle court to violating, and causing a financial institution to violate, the Bank Secrecy Act. He also agreed to pay a $50 million fine. The news comes after an initial ruling that Zhao could not return to the UAE, pending a further review.

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2023-12-08 19:49:21 Bitzlato co-founder pleads guilty to processing $700 million in illicit funds

Anatoly Legkodymov, the Russian co-founder of Hong Kong-registered virtual currency exchange Bitzlato, pleaded guilty to money laundering crimes in a New York court on Wednesday, according to a statement from the U.S. Attorney's Office for the Eastern District of New York. Legkodymov was scheduled to appear in a Brooklyn courtroom before U.S. District Judge Eric Vitaliano at 2:30 p.m. ET for a "criminal cause for pleading," Reuters reported earlier in the day.

"Legkodymov’s guilty plea today confirms that he was well aware that Bitzlato, his cryptocurrency exchange, was being used like an open turnstile by criminals eager to take advantage of his lax controls over illicit money transactions," stated United States Attorney Breon Peace. "The defendant may have thought he was operating from a safe haven overseas for his ‘No Questions Asked’ clearinghouse, but this prosecution and conviction demonstrate otherwise." Legkodymov was arrested in Miami in January and charged with transmitting illicit funds. Bitzlato had been the largest counterparty of the now defunct Hydra darknet marketplace, whose users sent around $700 million worth of crypto through the exchange, according to the indictment.

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2023-12-07 13:03:43 Gate.io blames volume spike on issues with clients’ quant trading strategies

For the second time this week, an Asian crypto exchange finds itself explaining an abnormal spike in trading volume. Gate.io saw daily trading volumes swell to a high of $4 billion on the evening of Dec. 4 — many times larger than what the Asian crypto exchange fields on a typical day. The spike has already caused a spat with the community behind a so-called “animal token” named RATS, created on the Bitcoin blockchain using the BRC-20 protocol.

Gate, however, attributes the outlandish volume to market fluctuations, which disrupted some of its clients trading strategies. “We have confirmed that this is a result of substantial market fluctuations during that evening which caused issues with the trading strategies of some quant institution users. Changes in the strategies of institutional users during market volatility are common and do not impact the overall functionality of our platform,” a Gate spokesperson said. The news comes in the same week that HashKey Exchange, a month-old exchange licensed in Hong Kong, saw daily volumes surge to $4.5 billion.

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2023-12-06 14:06:09 Tether’s holdings of BTC currently have a profit of $1.1 billion

Tether’s holdings of BTC have announced a new investment strategy that will see it allocate up to 15% of its net realized operating profits towards purchasing Bitcoin (BTC). The move is seen as a sign of Tether’s confidence in the cryptocurrency market and its belief in Bitcoin’s long-term potential. Under the new strategy, Tether will only purchase Bitcoin with profits that it has already realized, rather than unrealized capital gains from price increases.

Tether will also store the Bitcoin it purchases in its own custody, rather than using a third-party custodian. This is in line with the company’s philosophy of “Not your keys, not your bitcoin”. Tether’s decision to invest in Bitcoin is based on the belief that the cryptocurrency has the potential to reshape the way we conduct business and live our lives. Bitcoin has a proven track record of impressive returns and is increasingly being recognized and adopted by major financial institutions. Tether believes that Bitcoin is a key component of a diversified investment portfolio. In addition to investing in Bitcoin, Tether is also exploring other opportunities in the digital asset landscape.

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2023-12-05 11:50:55 JPMorgan's JPM Coin to Make Its Debut on Interbank Transactions

Jpm coin, the blockchain token used by JPMorgan to settle billions in same-bank transactions, will be used to complete interbank transactions. The asset recently debuted on Partior, a blockchain ledger that features inter-bank transactions using blockchain assets, which might expand its utilization. Partior, launched in a joint effort of JPMorgan alongside DBS Bank, Temasek, and Standard Chartered, features quick multicurrency transactions alongside its members.

While the Singapore-based project is already live, its inner workings’ details and utilization numbers are still fuzzy. Ledger Insights reported that they believed DBS Bank was live on the platform but that other banks still are not using it. JPMorgan beat other U.S.-based banks that have still to obtain permission to deploy this kind of solution, having received a no-objection letter from the United States Office of the Comptroller of the Currency for Partior’s use in May. However, including jpm coin in Partior might boost its usage, given the size and significance of JPMorgan’s blockchain token and its almost ubiquitous presence in baking markets.

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2023-12-03 16:07:47 Coinbase and Bybit are main winners following Binance settlement: Kaiko

In the wake of Binance's $4 billion settlement with U.S. authorities last week, crypto exchange rivals Coinbase and Bybit have emerged as the main beneficiaries. Despite registering over $1 billion in outflows during the aftermath of the settlement, Binance has not shown signs of a dramatic decline in liquidity, however, with the exchange's market depth rising post-settlement, according to Kaiko research analyst Riyad Carey.

U.S. authorities, including the Department of Justice, Department of the Treasury and the Commodity Futures Trading Commission, settled with Binance last week, concluding a criminal investigation into allegations of money laundering and sanctions violations and marking one of the largest corporate settlements in U.S. history. The settlement involved $4.3 billion in penalties and included criminal charges against former CEO Changpeng Zhao, who stepped down as part of a plea deal. Coinbase was one beneficiary, at least in terms of its share price. Coinbase's stock was already performing well in November, with the Binance settlement adding fuel to the fire, Carey said, as COIN surged by over 75% for the month.

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2023-12-02 22:30:59 Terraform Labs, Do Kwon Fail to Have Singapore Class-Action Suit Rejected: Report

Terraform Labs and its founder, Do Kwon, may be hit with a class-action lawsuit in Singapore after the High Court dismissed an attempt to have it thrown out, Business Times reported on Thursday. Terraform lawyers tried to shift the action to an arbitration process, citing the website's terms of use, according to the Business Times. The lawyers claimed users had foregone the right to trial and to join a class-action suit. The court ruled otherwise.

"To our knowledge, this is the furthest a class-action suit has progressed in the world," Mahesh Rai, a director of Drew & Napier, which represents the claimants, said in an interview. "Now we are approaching discovery stage." The suit was filed in September 2022 by Julian Moreno Beltran and Douglas Gan on behalf of 375 others, who claim they lost a combined $57 million. The claimants are alleging fraudulent misrepresentation by Terraform Labs, Do Kwon and his co-founders in their promotion of the algorithmic stablecoin terraUSD (UST), which led them to purchase and stake the tokens and hold on to them as UST lost its peg to the U.S. dollar in May 2022 and plunged to less than $0.10.

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2023-12-01 17:12:02 AntPool agrees to refund record $3 million Bitcoin transaction fee

Bitcoin mining pool AntPool has agreed to refund the record-breaking $3 million transaction fee it mined last week, pending owner verification. AntPool wrote in the announcement. “The risk control system of AntPool temporarily froze the fee when packaging the transaction. Please contact us before 00:00 (UTC+8) on December 10, 2023 and verify personal identity. After verification, AntPool will refund the fee.”

AntPool requested the original owner of the funds to prepare a signing tool, such as Electrum or Bitcoin Core — the most widely used software implementation of the Bitcoin protocol — using the private key of the address that sent the transaction to sign the message “AntPool”, then send the signed text to its support email address. The transaction was mined by AntPool in block 818,087 but it had not publicly commented on the matter until now. The previous record $500,000 fee paid in September was subsequently identified as a “fat finger” overpayment by the crypto services provider Paxos. F2Pool, the miner facilitating that transaction, agreed to reimburse the fee to Paxos.

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