Weekly Top Crypto News (Feb 13 – Feb 19)

For the first time in 6 months in a bear market, Bitcoin reclaims its favorite $25,000 mark. The crypto community is excited about this as the fierce competition of the top NFT platforms is heating up. Here, let’s review this week’s top crypto news with Coincu!

Binance And Huobi Announced Freeze $1.4 Million Crypto-Related To Harmony Hack

In connection with the Harmony Bridge robbery and the accused North Korean hackers behind it, Binance and Huobi on Tuesday froze $1.4 million in cryptocurrency. Elliptic, a crypto tracing company, claimed to have given the two exchanges knowledge that caused them to freeze accounts. Elliptic added that it had tracked the frozen Harmony money via Tornado Cash.

https://news.coincu.com/167377-binance-and-huobi-announced-freeze-crypto/

Binance Will Pay Fines To Solve US Investigations Since 2018

The world’s leading cryptocurrency exchange Binance said it would accept fines to resolve investigations being carried out by US authorities. Binance Chief Strategy Officer Patrick Hillmann stated that the company had grown so rapidly that it could not be fully aware of US regulations and laws. Hillmann is confident that the possibility of reconciliation with the US government is high.

https://news.coincu.com/167662-binance-will-pay-fines/

Binance.US Detected Transferred $400 Million To A Firm Managed By CZ

Binance.US transferred over $400 million to a company run by Changpeng Zhao, CEO of Binance. According to the Reuters article, Binance.US allegedly transferred millions of dollars from a Silvergate Bank account to a trading company named Merit Peak under the name of BAM Trading.

Changpeng Zhao, CEO of Binance, has been appointed manager of Merit Peak. Since 2019, Binance and its US branch have had to conduct their business independently.

https://news.coincu.com/167809-binanceus-detected-transferred-400m/

Paxos Burns Over $700 Million BUSD

Stablecoin issuer Paxos has burned more than $700 million in BUSD tokens since Monday. Paxos announced that it would stop issuing cryptocurrencies amid increased regulatory pressure, and the NYDFS has imposed sanctions on the company. BUSD supply has fallen by more than 6%. Investors are looking for a way out amid regulatory pressure.

https://news.coincu.com/167297-paxos-burns-700-m-busd/

Judge Rejects The Appointment Of FTX Independent Examiner Worth $100 Million 

The motion to appoint an independent examiner to probe the bankruptcy of FTX was shot down by a judge in the United States. The Delaware Bankruptcy Court’s Judge John Dorsey concurred with FTX and said that there was no need to appoint an examiner to carry out “another costly probe that would slow down the case.”

https://news.coincu.com/167510-judge-ftx-independent-examiner-100-mil/

OKX Launches New Blockchain, OKB Price Reaches New All-Time High

OKX exchange said it would launch a new blockchain called OKBChain, which will be launched in the first quarter of 2023 of this year and is independent of the current OKXchain. OKXchain is a blockchain operating under Proof-of-Stake (PoS) consensus mechanism with completely open source code and built by the community, while OKBChain is developed and operated by the exchange company. These two chains are completely separate.

https://news.coincu.com/167705-okx-launches-new-blockchain/

Do Kwon And TFL Appear In Latest SEC Case For Fraud And Selling Unregistered Securities

In the wake of the crypto market review, the SEC’s latest action is to sue Do Kwon and Terraform Labs (TFL). The SEC has filed charges of defrauding investors and selling unregistered securities. The regulator thinks this is just a scam backed by so-called algorithmic stablecoins.

https://news.coincu.com/167768-do-kwon-tfl-sec-case-fraud-securities/

Platypus Develops A Plan To Indemnify Users After Attack

Stablecoin exchange project Platypus is developing a plan to compensate users after the attack. The shared project needs more time to confirm the results. A method is being explored to recover funds stuck on AAVE.

https://news.coincu.com/168210-platypus-indemnify-users-after-attack/

Jump Crypto Identified As Third-Party Trading Firm Profit $1.28 Billion From Crash UST

The SEC had charged an unnamed U.S. trading company, Jump Trading, of aiding in the backing of the TerraUSD stablecoin when it de-pegged from the dollar in 2021. The trading company earned more than $1 billion in profit.

https://news.coincu.com/167938-jump-crypto-identified-as-third-party/

OpenSea Reduces Creator Earnings And Offers 0% Trade Fees

As competing marketplaces continue to erode their once-dominant user base, major nonfungible token (NFT) marketplace OpenSea announced a significant restructuring around lower platform fees and higher creator earnings.

OpenSea responded by announcing three significant adjustments in an effort to retain its customers who were migrating. The measures include introducing optional creator earnings, a temporary 0% fee, and leniency for other operators.

https://news.coincu.com/168103-opensea-creator-earnings-0-trade-fees/

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News