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Binance Market Update (2023-09-22)
The global cryptocurrency market cap now stands at $1.06T, down by -1.14% over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $26,378 and $26,848 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $26,627, down by -0.74%. Most major cryptocurrencies by market cap are trading mixed. Market outperformers include LOOM, FRONT, and ARK, up by 47%, 31%, and 29%, respectively. Top stories of the day: Apple Releases Patches for Three Active Zero-day Vulnerabilities; Urges Users to Upgrade Data Breach at Nansen due to Third-party Supplier Attack Market movers: ETH: $1593.83 (-1.05%) BNB: $210.9 (-0.28%) XRP: $0.5092 (+0.08%) DOGE: $0.06161 (-0.74%) ADA: $0.2447 (-1.53%) SOL: $19.66 (-0.35%) TRX: $0.08358 (+0.25%) DOT: $4.018 (-1.28%) MATIC: $0.5213 (-1.97%) LTC: $64.94 (+2.06%) Top gainers on Binance: LOOM/BUSD (+47%) FRONT/BUSD (+31%) ARK/BUSD (+29%)
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Worthless Calcium Token Gains Traction on Uniswap
According to CoinDesk, Calcium (CAL), a token created by the Shiba Inu team and deemed worthless by its developers, has been resurrected by a group of followers who have turned it into a serious project. The token was issued on Friday as part of a plan to renounce the bone (BONE) token contract. Over 50% of its supply was picked up by a bot shortly after going live, and the tokens were live on the decentralized exchange (DEX) ShibaSwap. Despite warnings from the Shiba Inu community, traders purchased the tokens in hopes of making a quick profit, only to end up losing money. A group of community members who claim to have lost money used their CAL token holdings to create a new trading pair on Uniswap. The token quickly found over 1,400 holders in less than 12 hours. Participants in this new trading pair said they were 'tired of Shiba Inu's promises,' and intended to make Calcium a real project. This led to the original CAL token's price dropping 99% and having an on-chain liquidity of just $4,800 on ShibaSwap. However, CAL tokens on the Uniswap DEX racked up $4 million in trading volumes and amassed $164,000 in liquidity. Shiba Inu developers had issued calcium tokens to renounce the contract ownership of bone (BONE), the governance tokens of the newly launched Shibarium blockchain. Renouncing a smart contract means that the contract's creator will no longer have control over it, giving investors a sense of security as the contract can no longer be changed or updated, and is saved from possible manipulation by the contract creator. Despite the developers' warnings against trading the token, community members rallied around it, seeding liquidity on decentralized exchanges (DEXs) and gathering outside developers to work on use cases.
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FTX Files Lawsuit Against Former Employees, Aiming for $157 Million Recovery
According to CoinDesk: Bankrupt cryptocurrency exchange FTX has initiated legal action against former employees of Salameda, a firm incorporated in Hong Kong and associated with FTX. The company claims that the ex-CEO of FTX, Sam Bankman-Fried, controlled Salameda. The aim of the lawsuit is to recover approximately $157.3 million from the alleged wrongdoing. The lawsuit names Michael Burgess, Matthew Burgess, their mother Lesley Burgess, Kevin Nguyen, Darren Wong and two companies, asserting they controlled several firms that had accounts with FTX.com and FTX US. It alleges that they fraudulently withdrew assets leading up to FTX's bankruptcy declaration. During the 90 days preceding the bankruptcy filing on Nov. 11, 2022, termed the "Preference Period," the defendants reportedly benefited from withdrawals characterized as preferential transfers, which are deemed avoidable under the Bankruptcy Code. They purportedly rushed to withdraw assets and misused their connections with FTX staff to ensure priority over other customers. The filing also alleges that Matthew Burgess manipulated Slack, a communication application, to encourage other FTX employees to expedite certain pending withdrawal requests from one of Michael Burgess' accounts on the FTX US exchange, while falsely representing the account as his own. The defendants completed these transfers mere hours before FTX stopped withdrawals on Nov. 8, 2022. Of the total $157.3 million claimed (calculated according to Aug. 31, 2023, pricing), over $123 million were withdrawn on or after Nov. 7, allegedly with the intention to obstruct, delay or defraud present or future creditors of FTX US. Bankman-Fried, who is currently in jail, is preparing for his trial starting Oct. 3. His recent attempt for an early release before the trial proceedings was rejected by the appeals court.        
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Ethereum Core Developers Discuss Devnet-9 and Consensus Layer Changes
According to Foresight News, Galaxy Research Vice President Christine Kim summarized the 118th Ethereum Core Developer Consensus Meeting (ACDC), which mainly discussed the preparations for Devnet-9 and changes to the Ethereum Consensus Layer (CL). Devnet-9 is the second testnet, including a full set of code changes in the Dencun upgrade. Devnet-9 will be the first testnet to activate EIP-7514 and EIP-7516, two new EIPs added to the Dencun upgrade during last week's execution layer meeting. Ethereum Foundation DevOps engineer Parithosh Jayanthi said that his team will launch Devnet-9 on September 27. EL and CL client teams such as Lodestar, EthereumJS, Lighthouse, and Geth have confirmed they are prepared for this testnet release. Developers also discussed the deployment strategy for EIP-4788 and deploying trusted settings for EIP 4844 on Devnet-9. Ethereum core developer Tim Beiko questioned the Dencun test schedule, stating that if developers cannot confirm the release of Dencun on the public testnet before the Ethereum Developer Conference Devconnect in November 2023, it is unlikely that Dencun's mainnet activation will take place this year. Previously, Tim Beiko suggested launching Dencun on the Holesky, Goerli, and Sepolia testnets in sequence, but due to Holesky's failed launch on September 15 and its rescheduled launch on September 28, Jayanthi proposed launching Dencun on Goerli first, followed by Holesky. As Goerli is a soon-to-be-deprecated testnet, this means developers can freely experiment with modifying the Dencun specifications. Tim Beiko and Del Fante agreed to test Dencun on Goerli before Holesky, and many developers also supported releasing Dencun on the public testnet before Devconnect.
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Ether Prices Expected to Stabilize as Options Market Makers Hedge, Says Analyst
According to CoinDesk: Ether's price volatility could be dampened ahead of next Friday's derivatives expiry due to the hedging activity from options market makers, according to market analysts. Options dealers have built net positive or long gamma exposure, indicating a potential approach where they buy low and sell high. Ether has seen a 2% decrease this week, finding solid ground beneath the pivotal support of the 200-week simple moving average, at $1,660. For the upcoming days, its prices may stabilize, influenced by market makers' strategy. A market maker or dealer is an entity that provides constant liquidity in a market by posting both a bid and ask, profiting off the bid-ask spread. These entities typically maintain delta-neutral portfolios, requiring continual purchasing and selling of the underlying asset to minimize exposure to price fluctuations. "Dealers predominantly hold long [gamma] positions for the $1,650-$1,700 strikes, both for 22nd and 29th September [expiries]... This could constrain Ethereum’s mobility leading up to the 29th September expiry, especially on the bullish side," said Imran Lakha, Founder of Options Insights. When market makers and dealers have net long gamma, they attempt to achieve market neutrality by buying low and selling high, effectively limiting price swings and enhancing liquidity. With the nearing expiry date, gamma increases substantially, necessitating further hedging by dealers with net positive gamma exposure, which in turn suppresses price volatility further. Ether options worth over $1.7 billion are scheduled to settle next Friday at 08:00 UTC on Deribit, the world's largest crypto options exchange.  
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OpenAI Faces GDPR Breach Probe by Poland's Data Protection Authority
According to Cointelegraph: Artificial intelligence research lab OpenAI has become the subject of an investigation by Poland's data protection authority, the Personal Data Protection Office (UODO), following a complaint lodged against OpenAI's ChatGPT product. The unnamed claimant alleges that OpenAI processed data in an "unlawful, unreliable manner." The applicant also accused OpenAI and its language model, ChatGPT, of generating false information about him. They further claim that OpenAI failed to fulfil their rights under the European General Data Protection Regulation (GDPR). UODO President, Jan Nowak, expressed on September 20 that this isn't the first time concerns have been raised about ChatGPT's adherence to European data protection and privacy standards. However, Nowak admitted that given OpenAI is not based in the European Union, the resolution could be challenging. Nowak stated, "The case concerns the violation of many provisions on the protection of personal data, which is why we will ask OpenAI to answer a number of questions in order to be able to thoroughly conduct administrative proceedings.” Jakub Groszkowski, deputy president of UODO, noted that the allegations in the complaint cast uncertainty over OpenAI's commitment to Europe's standards for personal data protection. The primary concern rests on the principle of privacy by design outlined in the GDPR. The investigation aims to primarily elucidate these doubts.          
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Bitmain Invests $53.9 Million in Core Scientific to Expand Bitcoin Mining Partnership
According to Coincu, Bitmain, a leading cryptocurrency mining company, has announced a $53.9 million investment in Bitcoin mining firm Core Scientific. This strategic decision aims to strengthen their long-term partnership and propel both companies further into the digital currency mining industry. As part of the investment agreement, Bitmain will supply Core Scientific with 27,000 high-efficiency S19J XP 151 TH Bitcoin mining machines in exchange for $23.1 million in cash and $53.9 million worth of Core Scientific common stock. The stock's value is contingent on the approval of a Chapter 11 restructuring plan currently under consideration by the bankruptcy court, which is expected to gain approval in the fourth quarter of this year. In addition, Bitmain has entered into a new hosting agreement with Core Scientific, demonstrating its commitment to supporting its mining operations in North America. The S19J XP mining servers, known for their high efficiency at 21.7 Joules per TH/s, will significantly enhance Core Scientific's capabilities. Core Scientific, which has been a Bitmain hosting customer for nearly five years, already operates more than 600,000 Bitmain miners across its data centers. This investment underscores Bitmain's continued commitment to the North American digital asset mining industry and promises a stronger and more efficient future for both companies in the cryptocurrency mining landscape.
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Nouns DAO's $27M Split Exposes Strains Between Profit-Seeking Traders and Blockchain Idealists
According to CoinDesk: The decentralized autonomous organization (DAO), Nouns DAO, experienced a painful rift resulting in a $27 million crypto loss from its $50 million treasury. It occurred due to the strained relationship between blockchain idealists and profit-orientated traders in the DAO. Infamous for spending $90,000 on naming rights for a rare frog, the Nouns DAO community parted ways, with a group of dissenting investors "forking" from the main body. A DAO operates similarly to a traditional company but aims to function with more democracy and ideally no centralized leadership. Anyone who purchases an NFT from a DAO earns a voting right in the group's decisions, including financial allocation. However, such organizations are ever-evolving, which can lead to internal conflict. For Nouns DAO, issues arose between those who wanted to use the treasury funds for imaginative, culture-populating projects and those who believed that funds should contribute to a higher NFT trade value. The debate over the decision to instigate forks, or splits in the network, was infamously heated. However, the fork was eventually implemented as it was considered an innovation towards improved overall governance and decentralization. The $27 million fork has received criticism for some, being perceived as a mechanism that lured in 51% attackers instead of deflecting them, drawing in arbitrageurs who exploited the governance for profit. This event raises tough questions about the viability of unregulated decentralized governance and serves as a cautionary tale for other DAO projects.   In light of recent events, Nouns DAO now faces the challenge of operating with a significantly reduced treasury. While some view the fork as highlighting the flaws in DAO structure, others believe it was a necessary step towards pushing the limits of DAO design.          
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