FlowBank, an online Swiss bank that offered cryptocurrency trading services, has been shut down and forced into bankruptcy after the Swiss financial regulator found it “seriously breached” standards required for it to operate as a bank.

“This measure became necessary as the bank no longer has the minimum capital required for its business operations,” the Swiss Financial Market Supervisory Authority said in a June 13 statement.

There’s “no prospect of a restructuring,” and there are “fears that the bank is over-indebted,” FINMA added.

“The bank must be wound up,” FINMA concluded after finding the bank “seriously breached” its obligation to hold sufficient capital upon an investigation last week.

FlowBank launched in 2020, offering crypto trading services and was the banking partner for Techteryx, the stablecoin issuer behind TrueUSD (TUSD).

It was part-owned by crypto asset management firm CoinShares and reportedly even offered banking services to Binance, the world’s largest crypto exchange.

Les comptes 2022 – les derniers publiés – de @FlowBank_SA , #néobanque mise en faillite par l'a @FINMA_media ce matin, ne sont plus accessibles en ligne. En voici l'essentiel: le bilan et le PP. pic.twitter.com/NHlDXzEufw

— Yves Genier (@YvesGenier) June 13, 2024

Customers with up to $111,710 (100,000 Swiss francs) in funds will be protected first, stressed FINMA, which will aim to help customers recoup those funds “as quickly as possible.”

FlowBank has $760 million (Swiss francs 680 million) in total assets, holds more than 22,000 client accounts and employs around 140 staff worldwide.

FlowBank Was Put On FINMA’s Watchlist A Year After Launching

The Swiss financial regulator first took enforcement action against FlowBank in October 2021, when it “identified serious breaches of supervisory law,” specifically with regard to capital requirements.

An independent auditor was appointed 12 months later to monitor FlowBank’s path back toward compliance.

FINMA appointed another supervisor to monitor FlowBank’s financial activities and further investigate its compliance failures in June 2023 when more issues arose.

That investigation notably found “numerous higher-risk business relationships” and processed large transactions without doing proper due diligence, FINMA said.

FINMA ordered the withdrawal of the bank’s license on March 8, 2024. However the ruling hasn’t taken legal effect yet as it is pending an appeal at the Federal Administrative Court.

The Orissa High Court in India ruled that crypto dealings are not illegal in India according to the Indian law. 

This decision arose from a case involving individuals accused of fraud through a Ponzi scheme. 

Justice Sasikanta Mishra clarified that cryptocurrency is not considered money under the Prize Chits and Money Circulation Schemes (Banning) Act or a deposit under the Odisha Protection of Interests of Depositors Act, thus deeming mere cryptocurrency dealings not offenses under these laws.

Dealing in Crypto ‘Cannot Be Treated as Illegal in Any Manner’

The Orissa High Court in India has issued a significant ruling clarifying the legal status of cryptocurrency dealings under Indian law. 

This landmark decision emerged from a case involving two individuals accused of defrauding people through a Ponzi or multi-level marketing (MLM) scheme.

The primary legal question was whether these activities constituted offenses under the Prize Chits and Money Circulation Schemes (Banning) Act and the Odisha Protection of Interests of Depositors Act (OPID). 

Justice Sasikanta Mishra, presiding over the single-judge bench, ruled: “Cryptocurrency is not money within the meaning of Prize Chits and Money Circulation Schemes (Banning) Act and the investment made by the general public in cryptocurrency cannot partake the nature of deposit within the meaning of OPID Act.” 

The judge added:

“Mere dealing in crypto currency cannot be treated as illegal in any manner. Hence, it cannot be treated as an offence under the OPID Act.”

The accused in this case were allegedly operating under the guise of a fictitious cryptocurrency company, enticing people to invest in a digital currency called Yes World Token. 

They purportedly lured private individuals into investing by creating trust wallets and promising substantial returns. 

This investment approach required participants to recruit additional members, who would then be promised bonuses or interest payments that increased with the number of new recruits.

The scheme appeared to follow multi-level marketing principles, raising concerns about its legality and investor protection.

Justice Mishra noted the absence of evidence indicating that the accused had dishonestly induced any person to deliver property to them. 

He emphasized that the investment method did not support allegations of cheating, as the invested amounts remained secure in the investors’ trust wallets. 

“Thus, the offence under section 420 does not appear, prima facie, to be made out,” the judge concluded, elaborating:

There is no evidence that any documents, records etc. were forged, manipulated, manufactured etc. so as to attract the offences under section 467/468/471 of IPC.

What do you think about this ruling? Let us know in the comments section below.

UwU Lend offers a $5M bounty in ETH for locating the hacker behind recent exploits, following failed negotiations to recover $23.7M in stolen funds.

UwU Lend sets $5M bounty for hacker after $23.7M stolen via flash loan attacks.

Failed negotiation leads UwU Lend to offer bounty, no recovery of funds required.

Persistent security flaws exposed after two major exploits on UwU Lend platform.

UwU Lend has put up a $5 million bounty in ETH for anyone who can apprehend the hacker behind the recent heists.

Yesterday UwU Lend was the target of an exploit involving a sophisticated attack. The team reacted swiftly and the protocol was paused within minutes. Rates for borrows and deposits have been set to 0% so users’ positions will not be affected by this pause.

— UwU Lend (@UwU_Lend) June 11, 2024

This move comes after the efforts to get the hacker to release the stolen funds proved futile.

UwU Lend Offers $5M to Catch Hacker

UwU Lend, a decentralized lending protocol, is offering a $5 million bounty in Ethereum for ‘the first person to identify and locate’ the hacker who has been carrying out attacks lately. 

In the announcement made through Input Data Message (IDM) on Ethereum, there is no demand for the recovery of funds or facing the criminal charges.

This bounty comes after unsuccessful talks with the hacker where UwU Lend proposed to give the hacker 20% of the stolen funds if the rest 80% would be returned. 

The hacker did not follow the offer that was made to him/her, and therefore UwU Lend had to step up its actions.

On Monday, the exploiter utilized a flash loan attack to hack UwU Lend, and the platform lost $20 million. Another raid occurred on Thursday, resulting in the loss of another $3.7 million. 

According to blockchain security experts, the same person is behind both attacks.

Previous Offers and Deadlines

UwU Lend at first tried to settle the dispute without involving the police by offering the exploiter a deal. If the hacker decided to return 80% of the stolen amount, he would be allowed to retain the 20% and be let off the hook.

This offer was extended with a deadline of Wednesday, 1 p.m. ET (17:As at 00:00 UTC, which was the agreed time to shut down the system, the hacker did not do so. 

By Thursday, UwU Lend informed that the repayment period had been over and, therefore, the protocol had to think about other options which resulted in the creation of the $5 million bounty.

Repeated Exploits and Security Concerns

The first incident on June 10 was a flash loan attack that manipulated price oracles of sUSD stablecoin which left the platform to lose $20 million. 

After this, UwU Lend came out and said that the problem has been noted and fixed. However, another attack on June 13 resulting in a loss of $3.7 million, showed that the security issues had not been fully addressed. 

Both of these attacks have caused concerns in the DeFi industry on the effectiveness of security measures that have been put into place in decentralized platforms.

Due to its connection with Michael Patryn, also known as Omar Dhanani and 0xSifu, co-founder of the collapsed cryptocurrency exchange QuadrigaCX, UwU Lend has attracted criticism. 

This background has compounded the problem of rebuilding user trust in the wake of the exploits.

The experts advise the application to utilise better real-time tracking and stronger security measures to reduce the risk to the users’ valuables. 

However, in light of the recent breaches, UwU Lend has ensured its clients that their funds are secure and that all the losses incurred will be recovered at the earliest.

The company has also thanked security firms such as Hypernative Labs for their timely notifications that allowed the company to act quickly to minimize the effects of the exploits. 

UwU Lend has also ceased and is slowly bringing back its markets, and working on getting back to normalcy.

Worldcoin says it will make Argentina its “regional operations center,” and will expand its presence in the country and the wider LATAM region.

Per the media outlet Criptonoticias, the firm, which operates the WLD token, says it will open iris-scanning offices “in 50 locations” “in more than 10 cities in Argentina.”

New Worldcoin Argentina Expansion Plans

Worldcoin executives met with top government officials in Buenos Aires earlier this year. They have also met with President Javier Milei. These talks appear to have laid the groundwork for the new move.

The altcoin’s representatives have scanned the irises of more than half a million Argentines in just 10 months.

While this has provoked no shortage of controversy for lawmakers and government regulators, long lines have formed outside Worldcoin centers nationwide.

An unofficial Worldcoin reselling industry has also sprung up, with many WLD recipients swapping their coins for fiat at “50% of their market value.”

The firm says it plans to turn Argentina into the “nerve center” of its operations in the Latin American region.

Officials said Worldcoin will also open two centers where citizens “will be able to learn about the technology and discover more about the project.”

Worldcoin said that the decision to focus on Argentina was made after a meeting with Milei in San Francisco, California.

Argentina a Natural Choice, Says Operator

Martín Mazza, the regional manager of the Worldcoin operator Tools for Humanity, said that Argentina was a natural choice.

Mazza said that the nation’s advanced “technological ecosystem” and highly qualified workforce made it “an ideal place for the development of […] artificial intelligence.”

Additionally, Mazza said that Buenos Aires will become “a regional center.” He added that Tools For Humanity wants to “deepen its collaboration with the Argentinean community.”

Such a move, he said, would “promote the development of AI and financial inclusion in the country.”

The executive concluded that the decision to focus on Argentina “underlines the strategic importance of Latin America for Worldcoin” as the project “targets further growth.”

As well as Argentina, WLD is also gaining traction fast in other Latin American nations like Chile, Peru, Colombia, and Mexico.

In April, the firm also announced expansion plans for Mexico, where it began operating in July 2023.

Popular Solana meme coin Pepe ($PEPE ) has posted the heaviest intraday price losses among the eight biggest meme coins by market capitalization.

At the time of writing, the token has shed 4.4% overnight to trade at $0.00001178.

Pepe Price Chart | Source: Coinstats

 

Over the last seven days, Pepe’s price has fallen about 17%.

This makes its losses both over the day and over the week far greater than sector leader Dogecoin’s $DOGE.

 In comparison, the original meme coin fell 1.6% overnight and 11.3% over the week to change hands at $0.1416.

Broadly speaking, meme coin holders in general are feeling the effects of a market-wide dip that has shaven 1% off the original and biggest cryptocurrency Bitcoin ($BTC) overnight.

BTC’s intraweek losses amount to about 6% as it trades at around $66,935 on Friday afternoon UTC .

Pepe’s rising support throughout May (indicated by the green line) helped the price rally to an all-time high of $0.00001717 on the 27th. 

Since then, stiffening resistance (indicated by the red line) has driven the token back about 30%, but it has still largely kept its gains.

Pepe’s falling relative strength index of 32 is dangerously close to the oversold threshold of 30.

This could be a sign that the post-ATH price correction/sell-off may continue today, although the token’s performance over the last week suggests Pepe has found strong support around its current price level.

As Pepe’s Price Sinks, Investors Dive Into Crypto’s Next Viral Water Dweller

Analysts are beginning to wonder how much mileage the Ethereum-based Pepe has left, even despite new price highs.

Next to a rising wave of viral Solana meme coins posting serious returns, the frog is looking a little dated.

Solana coins DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME) and Popcat ($POPCAT), all quickly rose to become top ten meme coins by market capitalization within a year of launch.

Sealana ($SEAL) is looking like the next contender. He has already raised well over $4 million since his presale launched two months ago.

He’s a not-so-subtle semi-aquatic homage to Gamer Guy, a character that first appeared in South Park’s World of Warcraft episode.

Gamer guy’s milk-bottle glasses, screen-locked stare, messy room and gravity-defying girth, quickly made him go viral as a symbol of excessive screen use, from keyboard warriors to degen traders and desk potatoes.

Sleepy Joe's speech 'bout raisin' fuel taxes and turning trucks electric ain't go down well at $SEAL Truck Fest!

Time for #Sealana and his buddies to take matters into their own hands and make sure those god damned liberals stick their hairdryer cars where the sun… pic.twitter.com/0BDlaomsEZ

— Sealana (@Sealana_Token) June 12, 2024

When the Solana meme coin gold rush begins, Sealana has the potential to eclipse Pepe on his way out of mom’s basement and into the world of high-volume meme coins; a true patriot fattening his blubber on greenbacks as he lives the American dream.

Investors who want to prepare for potentially blistering returns have eleven days to snap up $SEAL at a fixed presale price of $0.022.

The Sealana presale concludes at 6PM on June 25. So this could be the last opportunity to get in early before post-listing appreciation potentially blows it sky-high.

At the current price, a $100 investment yields around 4,545 $SEAL tokens. If the price rises to $1, that same $100 investment would become worth over $4,500.

Should the price reach $5 per SEAL, a $100 investment would skyrocket to over $20,000 – incredible returns for early investors.

With Pepe’s price plummeting, it’s no surprise that investors are flocking to Sealana, the hottest new meme coin in the crypto market.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Resolving the claims brought by New York’s Attorney General, crypto exchange Gemini Trust has agreed to pay $50 million.

Gemini will now be banned from operating a crypto lending program in New York.

Gemini Trust, a cryptocurrency exchange, has consented to a $50 million settlement over fraud allegations.

A report on Friday cited by Bloomberg revealed that Gemini was sued by Attorney General Letitia James in October. The exchange was accused of misleading over 230,000 investors about the risks of its investment program, Gemini Earn.

As part of the settlement, Gemini will return approximately $50 million in digital assets to investors who were unable to access their accounts when the program collapsed. Furthermore, Gemini will be barred from operating a crypto lending program in New York.

James stated, “Hundreds of thousands of people, including at least 29,000 New Yorkers, had their trust broken and their money swindled by Gemini through its bogus Earn program.” 

This settlement comes in the wake of a series of investigations initiated by James, targeting the crypto industry.

This settlement marks a significant development in the ongoing scrutiny of the crypto industry by regulatory authorities. It serves as a stark reminder for crypto companies about the legal implications of misleading investors.

The case also highlights the risks associated with crypto lending programs, which have come under increased regulatory scrutiny in recent times. 

The settlement could potentially influence the operations of other crypto exchanges and lending programs, prompting them to ensure compliance with regulatory norms to avoid similar legal repercussions.

The price of Dogecoin (DOGE) has decreased 7.02% over the past 24 hours to $0.13, continuing its downward trend over the past week of -9.0%, moving from $0.15 to its current price.

The chart below compares the price movement and volatility for Dogecoin over the past 24 hours (left) to its price movement over the past week (right). 

price movement and volatility for Dogecoin 

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has decreased 41.0% over the past week, while the overall circulating supply of the coin has decreased 0.11% to over 144.68 billion. 

Doge Price Chart | Source: Coinstats

 

The current market cap ranking for DOGE is #10 at $19.20 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The Federal Reserve issued a cease and desist order to Evolve Bank and Trust due to unsafe banking practices and inadequate anti-money laundering measures.

Evolve Bank faces challenges with regulatory compliance following issues with fintech partnerships, notably with Synapse Financial Technologies.

After financial setbacks and legal troubles, Evolve Bank’s operations with major crypto firms like BlockFi and FTX are scrutinized.

The Federal Reserve has recently delivered a cease and desist order to Evolve Bank and Trust for engaging in “unsafe and unsound banking practices” and having an inadequate AML program. 

This has focused on the bank, especially given the recent mishaps of the financial technology firms linked with Evolve.

Evolve Bank Scrutinized by Federal Reserve

The cryptocurrency industry and the fintech sectors’ banking service provider, Evolve Bank and Trust, are set to encounter new hurdles after the Federal Reserve’s order. 

The bank will be required to present detailed proposals for its measures to ensure compliance with the laws on internal and anti-money laundering standards.

 These directives arise from apparent weaknesses in the bank’s collaborations with fintech firms, especially the recent debacle with Synapse Financial Technologies. 

This has caused Synapse to have different account balances, impacted fintech clients like Yotta, and added more problems to Evolve’s operations.

It has also benefited from partnerships with major crypto firms such as BlockFi and FTX. These firms have gone through a lot of pressure, and the banks have offered them much-needed financial services. 

For example, the bankruptcy of FTX provided that FTX had about $10 million in Evolve accounts. 

Also, Protos and a US Secret Service affidavit reports show that Evolve was also used by the alleged fraudsters in ‘pig-butchering’ scams, which posed another compliance and operations risk to the bank.

Fed Maintains Rates Amid Evolve Bank Issues

These are the problems that occurred at Evolve Bank and Trust. They indicate the more significant issues within the financial services industry regarding the soundness and legal permissibility of banks that are very active in the fintech and cryptocurrency space.

These recent actions by the Federal Reserve depict some of the dangers that can be posed by these partnerships to the financial systems. 

This way, Evolve deals with the above-listed regulatory issues, and its impact spreads across the entire fintech industry, influencing the customers’ trust and the operational environment of the fintech partners.

The Fed most recently left the benchmark federal funds rate at 5. 25% and 5. 50 % reflects the regulator’s conservative stance, especially on matters related to the economy. 

Speaking in New York, Federal Reserve Chairman Jerome Powell said that keeping the current interest rate is crucial to support the economic recovery of the United States even with the decrease in inflation rates. 

This decision aligns with the current measures to guarantee that other financial institutions, such as Evolve, are running within the acceptable standards of safe and sound banking practices.

The regulatory actions against Evolve coincide with significant legislative discussions concerning the role of the Federal Reserve. 

US Congressman Thomas Massie’s proposed bill to eliminate the Fed reflects a growing sentiment among certain groups advocating for major reforms in the central banking system.

This proposal has garnered substantial support from the online Bitcoin community, highlighting the ongoing debate over the future of monetary policy and regulation in the United States.

The price of Shiba Inu (SHIB) has decreased 7.73% over the past 24 hours to $0.000020, continuing its downward trend over the past week of -14.0%, moving from $0.000023 to its current price.

The chart below compares the price movement and volatility for Shiba Inu over the past 24 hours (left) to its price movement over the past week (right). 

price movement and volatility for Shiba Inu

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has fallen 34.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which has increased 0.63%. 

Shiba Inu Price Chart | Source: Coinstats

 

This brings the circulating supply to 589.26 trillion. According to our data, the current market cap ranking for SHIB is #12 at $11.70 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The price of Solana (SOL) has decreased 5.0% over the past 24 hours to $141.28, continuing its downward trend over the past week of -12.0%, moving from $161.0 to its current price.

The chart below compares the price movement and volatility for Solana over the past 24 hours (left) to its price movement over the past week (right). 

price movement and volatility for Solana 

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has fallen 19.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which has increased 0.26%.

SOL Price Chart | Source: Coinstats

 

This brings the circulating supply to 461.66 million. According to our data, the current market cap ranking for SOL is #5 at $65.13 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Over the past 24 hours, the price of Avalanche (AVAX) has fallen 7.24% to $29.53. 

This continues its negative trend over the past week where it has experienced a 10.0% loss, moving from $32.98 to its current price.

The chart below compares the price movement and volatility for Avalanche over the past 24 hours (left) to its price movement over the past week (right). 

price movement and volatility for Avalanche

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has fallen 42.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has decreased 0.78%. 

This brings the circulating supply to 393.30 million, which makes up an estimated 54.62% of its max supply of 720.00 million. 

AVAX Price Chart | Source: Coinstats

 

According to our data, the current market cap ranking for AVAX is #13 at $11.59 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The price of Ripple XRP has decreased 3.15% over the past 24 hours to $0.47, continuing its downward trend over the past week of -4.0%, moving from $0.49 to its current price.

The chart below compares the price movement and volatility for XRP over the past 24 hours (left) to its price movement over the past week (right). 

price movement and volatility for XRP

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has decreased 42.0% over the past week, while the overall circulating supply of the coin has decreased 0.24% to over 55.57 billion. 

XRP Price Chart | Source: Coinstats

 

This puts its current circulating supply at an estimated 55.57% of its max supply, which is 100.00 billion. The current market cap ranking for XRP is #8 at $25.99 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The New York Attorney General’s office on Friday said it has recovered approximately $50 million from cryptocurrency platform Gemini on behalf of more than 230,000 investors who participated in the company’s Earn program.

“Hundreds of thousands of people, including at least 29,000 New Yorkers, had their trust broken and their money swindled by Gemini through its bogus Earn program,” said Attorney General Letitia James in the release. 

“Gemini marketed its Earn program as a way for investors to grow their money, but actually lied and locked investors out of their accounts.”

This latest announcement is in addition to a $2 billion settlement that James’ office secured from Gemini’s Earn partner Genesis last month, which went to reimburse Gemini Earn users. 

With Gemini’s additional $50 million, investors will now be made completely whole on an “in-kind coin-for-coin basis,” the consent order states.

“Today’s settlement will make defrauded investors whole and should remind cryptocurrency companies that deceiving investors is illegal and will not be tolerated by my office,” James said.

Both settlements allege that Gemini misled investors about the risks associated with the Earn program, which it offered in partnership with Genesis Global Capital. 

The agreement provides full recovery of the assets that investors were unable to withdraw when the program collapsed in November 2022. As part of the agreements—in which Genesis neither admitted nor denied the allegations—the company is also banned from operating in New York.

The agreement also requires the company to cooperate with the Attorney General’s ongoing litigation against Digital Currency Group, its CEO Barry Silbert, and Genesis’ former CEO Michael Moro.

Gemini will return approximately $50 million worth of digital assets directly to Earn investors within seven days, according to the consent order filed with the court. 

Affected investors will be able to access their digital assets in their accounts without taking separate action, according to the announcement. 

Gemini can no longer offer crypto lending products in New York, as well.

Last week, the New York Attorney General’s office announced a $1 billion lawsuit against a linked pair of crypto companies that James said “targeted immigrant and religious communities with promises of financial freedom but instead stole their money and drained their life savings.”

Former Binance CEO Changpeng Zhao (CZ) reportedly owns 64% of Binance Coin’s (BNB) circulating supply, or roughly 94 million BNB tokens, a Forbes report revealed.

According to a forensic analysis conducted by Gray Wolf Analytics and the financial outlet, 80 million BNB tokens were allocated to the Binance founding team, and the company still controls 46 million of those original tokens.

The report also noted that Binance and CZ jointly hold 71% of the 147 million BNB in circulation. Zhao’s 90% equity stake in Binance and the value of his crypto holdings have catapulted him to become the 24th richest individual on the planet, with an estimated $61 billion net worth.

BNB Tokenomics 

BNB is the native token of the Binance exchange, used for fees and rewards on the Binance platform. 

The utility token has a maximum supply of 200 million, with over 153 million BNB tokens circulating on the market.

At $593 per token, the current market cap of BNB stands at over $91 billion. BNB has been enjoying a bull run that more than doubled the price of the token from lows of around $290 in January 2024 to a high of $724 in June.

Department of Justice vs. CZ

In 2023, the U.S. Department of Justice (DOJ) announced indictments against Zhao and Binance for allegedly violating sanctions and money laundering laws. Zhao, who was CEO at the time, entered into a plea deal with U.S. prosecutors.

CZ pleaded guilty to violating the Bank Secrecy Act and agreed to step down from his leadership role at Binance; he was succeeded by current CEO Richard Teng. 

The settlement also included fines of $50 million for the former CEO and a whopping $4.3 billion fine for Binance. 

Additionally, the DOJ also appointed the Forensic Risk Alliance, an independent consulting firm, to act as a monitor for Binance over the next three years.

On April 30, Zhao was sentenced to four months in prison by U.S. federal judge Richard Jones, a far cry from the three years recommended by US prosecutors for Zhao’s alleged role in skirting sanctions violations and facilitating money laundering.

If you want to make better crypto decisions, you need proper portfolio tracking, and that must include accurate profit and loss analysis. Everyone will agree on this.

At CoinStats, we’re committed to our mission of providing top-tier crypto portfolio management to our users. Earlier in May, we rolled out Portfolio Analytics 2.0, and now we’re bringing you our most precise Profit & Loss calculation yet. It’s designed to help you manage your crypto portfolio with greater accuracy.

See how you can benefit from CoinStats’ latest updates below.

Advanced Portfolio Profit & Loss (P/L)

With our new update, you can now view your total portfolio P/L through various metrics:

Total Cost: The total amount spent on acquiring the asset.

Unrealized P/L: The profit or loss on assets you haven’t sold yet.

Realized P/L: The profit or loss on assets you’ve sold.

All P/L: The sum of Unrealized and Realized P/L.

1.00

 

These metrics offer a comprehensive view of your portfolio’s performance, helping you make informed investment decisions.

Let’s break it down with an example.

You bought 3 SOL for $100 each

When SOL price reached $200, you sold 1 SOL

Now SOL Price is $300, and you still have 2 SOL

Total Cost (Of current holdings): $200

Unrealized P/L: (Current coin amount * Current coin value) – (Current coin amount * Cost of each coin) = $400

Unrealized P/L: (2 SOL * $300) – (2 SOL * $100) = $400

Realized P/L: (Sold coin amount * Sold coin price) – (Sold coin amount * Cost of each coin) = $100

Realized P/L: (1 SOL * $200) – (1 SOL * $100) = $100

All P/L: (Unrealized + Realized P/L) = $500

All P/L: ($400 + $100) = $500

 

Detailed Asset P/L

See exactly how much profit or loss you’ve made on each asset, now more accurate than ever. Go to the ‘Holdings’ tab of any coin to see detailed insights. When there, click on any P/L to view your average buy and sell prices for that coin!

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Wanna flex your gains?

On the same page, click on any of your P/L and click the Share button to get a share banner!

 

Transactions P/L 

You can now see detailed Profit & Loss based on your transactions when filtered by single coins in the ‘History’ tab.

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DeFi Holdings 

You asked, we delivered! You can now include your DeFi holdings in your total balance. This feature has been highly requested by our users, and we’re thrilled to integrate it into our platform. Go to your Portfolio and click on the ‘DeFi’ tab, then click on ‘Total DeFi’ to toggle it!

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These new features are live now, designed to provide you with greater clarity and success in your crypto investments. Your feedback has been instrumental in shaping these updates, and we look forward to hearing more from you. Try out the new features and share your experience with us on Twitter.

New York, New York, June 14th, 2024, Chainwire

Kadena, the world’s only scalable Proof of Work blockchain, announces a partnership with Lurk Lab to build out a Zero-Knowledge tech stack on the Kadena blockchain that will pave the way for provably secure cross-chain messaging. 

Kadena and Lurk Lab are developing a robust ZK roadmap that includes a ZK bridge between Ethereum and Kadena. In total, there are two milestones that are expected to be accomplished in the second half of 2024, and a third milestone that will be completed later. 

Given Lurk’s comprehensive and unique approach, John Wiegley, Kadena’s Chief Technology Officer, is excited about the robust capabilities being developed for ZKs on Kadena by Lurk Lab. 

“We’re excited to work with Lurk Lab to integrate their zero-knowledge technology into Kadena, particularly for the impact it will have in enabling zero-knowledge cross-chain messaging,” said Wiegley. 

John Burnham, Co-Founder and CEO of Lurk Lab, also shared in the enthusiasm for the partnership and bringing ZK to Kadena. 

“It’s now generally accepted in Web3 that zero-knowledge cryptography is critical to building a world of fast, reliable, and interoperable blockchains, but what’s not yet as widely understood are the tremendous performance and safety advantages unlocked by defining zero-knowledge proofs – and blockchain infrastructure in general – using functional programming techniques. Kadena has long been a leader in this space, and we’re thrilled to be working together to achieve this shared vision of the functional future,” said Burnham. 

About Kadena 

Kadena offers the industry’s only Proof of Work Layer 1 blockchain that is infinitely scalable, secure, and decentralized. Its infrastructure-grade performance and impenetrable network empower users to develop high-value systems using Kadena’s security-focused smart contract language, Pact. Founded in 2017 by Stuart Popejoy and Will Martino, who previously created J.P. Morgan’s first blockchain and led the SEC’s Crypto Steering Committee, Kadena aims to drive widespread blockchain adoption by providing a Web3 platform for solving real-world problems for businesses. Explore more about Kadena at https://www.kadena.io.

About Lurk Lab

Lurk Lab builds tools that make provable computing fast, safe and easy. By combining zero-knowledge cryptography, formal verification and distributed consensus technologies, Lurk enables software to be as reliable and as powerful as mathematics without sacrificing performance.

Contact

Kadena PressKadenapress@kadena.io

Tortola, BVI, June 14th, 2024, Chainwire

Stage, with it’s $STAGE token that is set to launch soon on the BNB Chain, launches a platform where music fans directly influence the rise of new stars and get rewarded for it. This platform combines talent, technology and tokens to create a dynamic music ecosystem.

Stage is where artists and fans alike actively participate in shaping the future of music. On Stage, artists upload their video performances and compete in exciting rounds to rise to stardom. Fans play a crucial role by voting for their favorite artists, potentially earning exclusive rewards, and engaging with unique Real World Asset (RWA) Badges. The innovative business model ensures that artists receive 60% of the proceeds from votes cast for them, alongside 10% royalties on RWA Badges. Fans, on the other hand, are rewarded with Stage Badges for their support, making every interaction on the platform mutually beneficial.

The mission at Stage is straightforward: to empower music fans and artists, ensuring that everyone gets a piece of the action. The vision is to build a thriving community where every interaction enriches both fans’ and artists’ journeys.

Backed by top-tier crypto entities such as the Solana Foundation and key industry figures, including the CEO of Kraken US, Stage has additional support from RR2 Capital, Moonrock Ventures, and Cogitent (among others).

The powerhouse team behind Stage includes André Cruz, CEO and Co-Founder, a musician and e-commerce expert with three successful exits; Geoffrey Doyen, CTO and Co-Founder, who brings extensive AI experience from working with Fortune 500 companies; and Francisco Quartin de Macedo, COO and Co-Founder, who previously led a trading desk at blockchain.com.

Stage has also attracted high-profile ambassadors, including celebrities with millions of followers who will help amplify the mission. Among them is Jerry Heil, who ranked Ukraine as Eurovision 3rd Place. Their influence helps Stage reach a global audience and attract top-tier talent to the platform.

By integrating Web 3.0 principles, Stage aims that both artists and fans are fairly compensated and deeply engaged. The platform’s unique approach includes:

Play-to-Earn Model: Gamify the user’s music experience and potentially earn as they participate.

Real World Assets (RWAs): Users can collect and trade digital badges linked to exclusive artist rewards.

AI Music First: Users can compete in AI music competitions and tokenize music samples, melodies, beats, and vocals.

The Token Generation Event (TGE) for $STAGE will be conducted through the reputable launchpads ChainGPT, Decubate and Eesee. This will aim to a broad and invested audience, to potentially maximize the impact and reach of the token launch.

Users can stay updated with Stage’s journey by following on Twitter and joining the Telegram community, to be the first to know about the latest updates and exclusive rewards.

Contact

CTO & Co-FounderGeoffrey DoyenStage Token Inc.info@stage.community

DeFi lending protocol UwU Lend has suffered two attacks in the past three days. The second exploit occurred on Thursday during the protocol’s reimbursement process from the first hack. The ongoing saga has taken around $23 million from the protocol.

DeFi Protocol Hit With $20 Million Exploit

On June 10, DeFi project UwU Lend was hit by a sophisticated attack that took $19.3 million. The attack seemingly involved the use of flash loans to exploit the protocol. 

The project quickly addressed the situation by pausing the protocol and assured users that most assets were safe.

Additionally, the team offered a $4 million white hat bounty for the return of the funds. The list of stolen assets included Wrapped Ethereum (wETH), Wrapped Bitcoin (wBTC), Curve DAO (CRV), Tether (USDT), Staked USDe (sUSDE), and others.

Blockchain security firm Beosin revealed that the attacker manipulated the price of USDe (USDE) by swapping it for other tokens through flash loans. Seemingly, this move lowered USDe and sUSDE’s price.

Analysis of @UwU_Lend attack:

UwU Lend attack is caused by price manipulation. The attacker first use flash loan to swap $USDe for other tokens, which led to a lower price of $USDe and $sUSDe.

The attacker deposited some to UwU Lend and then lent more $sUSDe than expected. pic.twitter.com/wanIwZymBZ

— Beosin Alert (@BeosinAlert) June 11, 2024

Following the price manipulation, the hacker deposited part of the tokens to UwU Lend and “lent more $sUSDe than expected,” driving USDe’s price higher. 

Similarly, the attacker deposited the sUSDE to the DeFi protocol and borrowed CRV.

On Wednesday, UwU Lend informed users that its team had identified the vulnerability.  Per the post, it was a vulnerability unique to the sUSDE market oracle and had been resolved at the time of the report.

As a result, the protocol was unpaused, and the markets were slowly relaunched to return to their normal operations. 

The DeFi project also announced it would repay all its bad debt and that users’ funds had not been lost during the exploit, claiming that their funds “are safu at UwU Lend.”

Do You Get DéFì Vu?

What seemed to be the end of the story turned out to be the first installment of a saga. On Thursday, reports of a second attack on UwU Lend appeared as the protocol carried out its reimbursement process.

According to the reports, the same attacker drained another $3.7 million from the DeFi protocol before converting the funds to ETH again. The affected pools included uDAI, uWETH, uLUSD, uFRAX, UCRVUSD, and uUSDT.

The crypto community expressed their concern about the second attack, with many questioning if their funds were indeed safe. Users started to joke that funds were not “safu” but were “with Sifu” instead.

UwU Lend was founded by Michael Patryn, also known as Sifu. Patryn was the co-founder of the now-collapsed QuadrigaCX. 

As reported, Canadian authorities were pursuing an unexplained wealth order (UWO) against Sifu for his involvement in the exchange’s criminal activities.

The DeFi project has paused the protocol for the second time this week, and the situation is being investigated. However, online reports claim that the second exploit was caused by a vulnerability similar to the first attack.

MetaTrust Labs explained the hacker seemingly used 60 million uSUSDE obtained from Monday’s hack “as collateral to drain the pool.”

Due to the @UwU_Lend paused the protocol, we'd like to expose the reason of the today's hack.

The hacker used 60M $uSUSDE he/she got in the previous hack as collateral to drain the pool, and now still has 5M $uSUSDE.

For UWU Lend, it is recommended to stop supporting the $SUSDE… https://t.co/KWWFu6bYmk pic.twitter.com/UecVF5p9Qi

— MetaTrust Labs (@MetaTrustLabs) June 13, 2024

The news caused users to wonder whether the UwU Lend team was unaware of the tokens in the attacker’s wallet. Some also questioned why they didn’t stop supporting the sUSDE collateral.

At the time of writing, an official explanation for the second exploit has not been published.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Blockchain tokenization platform Holograph’s native token, HLG, fell as much as 79.4% after a malicious actor hacked the protocol’s operator contract and minted 1 billion HLG tokens worth $14.4 million.

Holograph’s X account confirmed the hack on June 14. It revealed that it has since patched up the initial exploit and is working with cryptocurrency exchange partners to freeze the malicious actor’s accounts.

https://twitter.com/holographxyz/status/1801332482262110301

Holograph added that it has launched its own investigation and is contacting law enforcement.

How the HLG Exploit Happened

The 1 billion HLG tokens were minted across nine transactions by the hacker, taking advantage of a smart contract vulnerability — with the first mint on June 13 at 9:47 am UTC, according to Etherscan.

Seven of them were sent in 100 million batches.

It took only 10 minutes for HLG’s price to start tumbling. Within nine hours, the token fell 79.4% from $0.014 to a local low of $0.0029, while HLG’s market cap fell from nearly $22 million to $4.8 million in that timeframe, according to CoinStats. HLG has since recovered slightly to $0.008.

The 1 billion HLG tokens are now worth $7.4 million at the current prices, but the hacker had already started converting the minted HLG into stablecoin Tether (USDT) about four hours after the first exploit.

Matt Casto, cryptocurrency researcher at venture capital firm CMT Digital believes the hacker was a “rogue dev” who funded Holograph’s operator contract address 26 days ago.

https://x.com/mcasto_/status/1801336933873791207

Holograph didn’t immediately respond to Cointelegraph on whether it knows the identity of the hacker.

Holograph is based in the Omnichain ecosystem and enables tokens to move between blockchains while maintaining the same contract address, thus allowing asset issuers to index cross-chain data.

It has received venture capital funding from the likes of Animoca Brands and Mechanism Capital.

Nearly $19 billion in cryptocurrencies have been stolen since the first industry hack was reported in June 2011, a recent Crystal Intelligence report shows.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

OKX, a prominent cryptocurrency exchange, has announced the launch of ONE subscriptions on its On-chain Earn platform. According to OKX, the new feature will be available starting from 1:00 pm UTC on June 13, 2024.

On-chain Earn Highlights

On-chain Earn allows users to stake their digital assets and earn rewards directly on the blockchain. This initiative aims to simplify the process of earning on-chain rewards for users. OKX has provided a straightforward guide to stake ONE on the On-chain Earn platform:

How to Stake ONE

On Browser: Navigate to the Grow section, then to Earn, and select On-chain Earn. Search for ONE and select subscribe.

On the OKX App: Navigate through Grow, then to Earn, and select On-chain Earn. Search for ONE and select subscribe.

Important Considerations

OKX has highlighted several key points for users to consider before subscribing to On-chain Earn products:

Each Proof of Stake project may have different rules. Users should carefully read and understand these rules, which include details on the minimum redemption amount, interest accrual start time, reward distribution time, principal redemption period, and expected annualized earnings.

OKX will extract a certain percentage of fees from users. Detailed fee information is available on the product introduction page.

OKX assumes no responsibility for disputes over any agreement, hacking incidents, project fraud, or other risks that may result in asset loss for subscribers.

OKX expressed gratitude for user support and mentioned that more On-chain Earn products would be launched in the coming weeks.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.