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Binance Weekly Report: Binance Recovers Stolen Funds, Introduces BNB Vault

2020-11-06

In this weekly report (October 31 to November 6, 2020): Learn how the Binance Sentry team helped recover $344,000 from an exit scam, discover our new BNB Vault product, and get a chance to win a Tesla Model X in our Kava trading competition.

Crypto Market Overview

Bitcoin breaks $15,500. Is the next ATH in play?

For most of the week, Bitcoin traded between $13,300 and $13,900. Then, over the span of 48 hours, Bitcoin rallied, first breaking the $14,000 threshold on Thursday, then soaring past $15,000 on Friday. BTC’s peak of $15,900 this week was the highest the digital asset has reached since January 2018, in the middle of the crypto bubble back then. BTC closed the week at $15,500.

Bitcoin’s bullish run rubbed off on most of the altcoin market as well. Ethereum rose from $380 to above $400 on Monday and then again on Thursday, before mirroring Bitcoin’s 48-hour climb to end the week at $440, a two-month high. However, not all altcoins benefited from Bitcoin’s record rise. BNB saw sideways price movement this week, descending from $28.50 as low as $26 on Thursday, before recovering slightly to $29 to close the week.

The cryptocurrency industry’s total market capitalization started the week at $390 billion, with a sideways movement throughout the week, before starting to pump on Wednesday and reaching $446 billion on Friday, the highest point since May 2018.

For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond. 

From the Binance Team

1.  Keeping DeFi SAFU: Binance Recovers Over $344,000 from Wine Swap Exit Scam. Recently, the Binance Security team helped recover 99.9% of an estimated $345,000 worth of funds stolen as the result of an exit scam, exemplifying how we continue to put our users first and take action in the best interest of the industry and our community.

2. All in on DeFi: Why the Days of Centralized Exchanges Are Numbered. Read CZ’s latest article which was originally published on CoinDesk, where he shares his thoughts on how DeFi can both challenge and complement centralized exchanges.

3. Meet the Speakers for the Binance Summit: Blockchain Applied. The upcoming Binance Summit on November 10 will feature innovators and leaders in the blockchain applications space. Register now!

Binance Exchange Updates

4. Introducing BNB Vault: One-Click Earning for Your BNB Holdings. Explore Vault, a new feature on Binance Earn that combines the multiple income benefits of BNB Smart Chain (BSC), Launchpool, Savings, DeFi Staking, and more through just one interface.

5. Binance Launchpool introduces Hard Protocol, a decentralized, cross-chain money market, enabling the supply and borrowing of assets like BTC, XRP, BNB, BUSD, KAVA, and USDX. Stake BNB, BUSD & KAVA tokens to join this Launchpool offering.

6. Binance completes Axie Infinity token sale lottery draw. 22,096 participants claimed a total of 158,315 tickets during the ticket claim period. 12,287 participants had at least one winning ticket (55.61% user win rate) and 14,850 tickets won out of the 158,315 tickets claimed (9.38% ticket win rate).

7. Binance Launchpad: Axie Infinity Token Sale Results

8. NEW LISTINGS:

9. NEW TRADING PAIRS: BNB/BRL & LTC/EUR

10. NEW on Binance Isolated Margin:  AVA, DUSK, and new BUSD trading pairs.

11. Binance supports upcoming Bitcoin Cash hard fork. Read on to be aware of the potential scenarios for the hard fork and how it will affect trading pairs connected to BCH. Here’s a separate note from Binance Pool on the matter.

12.  Binance Staking launches KNC, KAVA, & ONE super rewards with up to 31.49% APY.

13. Binance Loans adds KAVA as a borrowable asset and USDC as collateral option

14. Binance Pool launches 15th phase of Dual Savings products for BTC, USDT, and BUSD.

15. Binance will delist POE & TNT on November 12.

Binance Futures and Margin Updates

16. October Trading Report: Alt-Season Ends Abruptly as Bitcoin's Dominance Marks a New High. Bitcoin registered its best month since April, gaining more than 27% in October. The bellwether cryptocurrency briefly crossed $14,000 for the first time in more than a year, making it one of the month's largest movers. 

17. Binance Futures launches Price Protection function. This new function protects your trading strategy from extreme market movements and comes enabled by default for all new Futures users. 

18. Binance Futures now available on desktop app.

19. NEW Coin-Margined Contracts: BNBUSD and DOTUSD Quarterly 1225 & 0326 (up to 75x leverage)

20. NEW USDT-Margined Perpetual Contract: OCEAN/USDT-Margined (up to 50x leverage)

Binance Ecosystem Updates

21. Binance Cloud Now Offers Perpetual Futures, DeFi Enterprise Solutions. Binance Cloud now offers services for building DeFi products on BNB Smart Chain and Ethereum for its partners globally, as well as a direct network with leading payment providers in the space.

22. Binance Academy’s newest articles:

23. Binance Research’s newest reports:

24. Are you a content creator interested in cryptocurrencies? Do you want to promote Binance to your audience and build your affiliate network? Join the Binance Affiliate Program and boost your earnings!

25. Binance Africa Affiliate Program Launches. We are excited to re-activate the Binance Affiliate Program across Africa for all interested crypto enthusiasts. Get rewarded for your efforts when you introduce your followers to crypto and Binance.

BNB Smart Chain (BSC) Updates

26. BSC Community Weekly Report (November 3) + Latest DeFi Landscape

27. BSC guidelines on upcoming Bitcoin Cash hard fork. As this hard fork may result in an additional token, BNB Beacon Chain and BNB Smart Chain will issue and airdrop the token from the hard fork’s resulting minority chain. 

28. Read these community-contributed pieces for BSC from AnySwap, a decentralized cross-chain exchange protocol, and Bithumb Global.

Binance Fiat/Stablecoin/BNB Updates

29. Deposit AUD via PayID to buy Bitcoin in Australia via app. Binance Australia has added the Australian Dollar (AUD) deposits via PayID/Osko to the Binance app. You can now deposit AUD with zero fees via PayID transfers directly from your Australian bank account. 

30. How to Buy Bitcoin with Cash on Binance P2P. When it comes to buying and selling cryptocurrency, one of the most popular questions is: “Can I buy Bitcoin with cash?” Get the answer in this article and learn how to buy BTC with cash. 

Promos and Community

31. NEW: Win a brand new Tesla or a share of the $27,800 prize pool with our KAVA trading competition ending on November 9! 

32. NEW: FIL Trading Competition, 40,000 USD in BNB Tokens, and 5x iPhone 12 Pro Max to Be Won! Check our two FIL trading competitions and get a share of $40,000 worth of BNB, or get a shot at winning a brand new iPhone 12 Pro Max! The competition started on November 4 and ends on November 11.

33. NEW: 5th Binance Learn & Earn Series: A Total of $20,000 in $ORN to be Given Away!

34. ONGOING: Win Limited-Edition Animated Halloween Binance NFTs! 

35. ONGOING: Thailand Promo: Trade Anywhere with the Binance App Challenge ends November 10.

36. ONGOING: The Return of SEA Olympics: The SEA Trading Competition. The first round ends November 11!

37. ONGOING: AERGO Trading Competition - $60,000 in AERGO to be Won!

38. ONGOING: WazirX (WRX) Trading Competition - $50,000 to be Won!

39. COMPLETED: Week 11 of the 12-week SXP token airdrop to BNB holders on Binance.

40. COMPLETED: AERGO Trading Competition - $60,000 in AERGO concluded on November 4

41. COMPLETED: Binance Learn & Earn Recap and Quiz: $20,000 AVAX Giveaway

42. COMPLETED: CHR Campaigns and NEO & DATA Campaigns Have Now Concluded.

43. COMPLETED: #AXSLottery - Share Your Lucky Numbers!

44. READ: Classic Tales From The Crypt(o) World: Six Cryptocurrency Horror Stories to Devour. Whether you stayed home and put on a movie or carved pumpkins in your backyard, no Halloween weekend is complete without a dose of scares. Read on for six creepy cryptocurrency tales that will make you shiver. 

That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community. 

Updated on July 27, 2022