The Ethereum network failed to finalize transactions, Bittrex filed for bankruptcy, Binance announced the closure of operations in Canada and other events of the outgoing week.
Bitcoin failed to hold the $28,000 level
The US Federal Bureau of Labor Statistics released inflation data this week. In annual terms, in April, its growth slowed down from 5% to 4.9%, which was lower than the forecast of 5%. On a monthly basis, price growth accelerated from 0.1% to 0.4%, in line with market expectations.
Against the background of the publication of the report on May 10, the price of bitcoin tested the level of $28,000, bringing the daily growth rate to 1.3%.
At the time of writing, the first cryptocurrency is trading just above $27,000, while the price of Ethereum is above $1,810.
Digital assets from the top 10 by capitalization closed the week in the “red zone”. XRP showed the worst dynamics – its price fell by 6.6%.
The total capitalization of the cryptocurrency market is ~$1.18 trillion. The Bitcoin Dominance Index dropped to 44.5%.
Binance to Curtail Operations in Canada Amid Tighter Regulation
Cryptocurrency exchange Binance announced the end of operations in Canada due to the tightening of requirements for trading platforms in the country.
Binance clarified that they were postponing the decision in the hope of finding “reasonable ways to protect” users, but were unable to do so. Local clients of the platform will receive emails with detailed information about the next steps.
On May 10, the company launched the Capital Connect service to facilitate communication between its VIP clients and investment fund managers. The exchange also announced that it will allow customers to conduct transactions with bitcoin-NFT.
At the beginning of the week, Binance revealed that it was integrating the Bitcoin Lightning Network micropayment network with the platform. The announcement was made against the background of the suspension of withdrawals in the first cryptocurrency due to the large volume of pending transactions.
Bittrex files for bankruptcy
On May 8, Bittrex bitcoin exchange filed a bankruptcy protection petition with a Delaware court in the United States.
Two “daughters” – Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd. have filed similar applications. According to the documents, the bankruptcy will not affect the international platform Bittrex Global.
The company filed for bankruptcy less than a month after the US Securities and Exchange Commission (SEC) filed a lawsuit. The regulator accused Bittrex of operating an unregistered securities exchange.
Tencent-backed blockchain startup Everledger also filed for insolvency this week. This was preceded by a failure to attract investment.
On March 31, Everledger employees received layoff notices. Vincents Chartered Accounts became the external manager.
Proceedings against the SEC cost Ripple $ 200 million
Ripple has spent $200 million in legal fees in a case against the SEC, CEO Brad Garlinghouse said. He advised aspiring entrepreneurs “to never open a business in the US” and the agency to realize that most people working in the industry are “honest professionals” who lack a structured set of rules.
At the same time, the miner Marathon Digital announced the next agenda from the SEC. According to the document, the regulator finds out whether the company violated “any provisions of the federal securities law.”
Media: Jane Street and Jump Crypto will leave the US due to pressure from regulators
According to Bloomberg, one of the world’s largest market makers Jane Street and Jump Trading will stop trading digital assets in the US amid regulatory uncertainty. In the first case, we are talking about reducing the scale of operations with cryptocurrencies in the whole world, in the second – in the United States while expanding in other jurisdictions.
Bloomberg noted that representatives of Jane Street and Jump Crypto were questioned by the US Attorney’s Office as part of an investigation into the collapse of the Terra ecosystem. The last market maker was the main venture investor in Terraform Labs. Investigators did not press charges.
What to discuss with friends?
- Warren Buffett: Bitcoin has no chance of becoming the world’s reserve currency.
- Elon Musk boosted sales of Milady NFT with a post and announced his resignation as CEO of Twitter.
- The trader paid a $120,000 fee to buy the FOUR meme token.
- Binance will launch Build The Block reality show in the metaverse.
Sam Altman’s Worldcoin Launches Zero Fee Wallet
Sam Altman’s crypto startup Worldcoin has released a “gas-free” wallet for verified users. The new application called World App is designed for iOS and Android operating systems.
The solution is based on the Polygon project and supports USDC and DAI stablecoins, as well as Ethereum, Worldcoin (WDC) and Wrapped Bitcoin (WBTC).
Lido will start redeeming stETH after the release of the second version of the protocol
The Lido Finance liquid staking platform team announced the launch of the second version of the protocol on May 15 after a three-day vote on the proposal. Lido v2 will open the possibility of redeeming stETH for Ethereum.
Initially, about 270,000 ETH will be available in the platform’s storage, which will allow withdrawal requests to be processed without the lengthy process of validators going off the network.
Hong Kong authorities announced a “hard” approach to the regulation of cryptocurrencies
Hong Kong will take a “tough” approach to regulating the digital asset sector, Eddie Yue, head of the local Monetary Authority, said in an interview with Bloomberg.
From June 1, all centralized sites doing business in the jurisdiction or interacting with local investors must be licensed by the Securities and Futures Commission. In addition, by 2024, the authorities will introduce a mandatory licensing regime for stablecoins.
Bankman-Fried asked to drop some of the charges, and the IRS filed $44 billion lawsuits against the FTX group of companies
Lawyers for the founder of the collapsed FTX exchange, Sam Bankman-Fried, have asked the court to dismiss almost all charges except conspiracy to commit securities, commodities and money laundering fraud. According to the defense, some of the points are duplicated or refer to one article, or appeared after the extradition.
Lawyers also argue that the company’s failure is due to the heavy crypto winter, and not to credit manipulation and the inability to support the native FTT token.
This week it became known that the IRS filed a series of lawsuits against FTX and its subsidiaries for a total of $44 billion. The largest of the claims – for $20.4 billion and $7.9 billion – relate to Alameda Research LLC.
Tether earns $1.48 billion in net profit in the first quarter
USDT stablecoin issuer Tether Limited recorded a net profit of $1.48 billion in January-March, which is twice as high as in the previous period.
As of March 31, 2023, the company’s assets reached $81.8 billion, liabilities – $79.4 billion, equity – $2.44 billion. The last figure at the end of 2022 was $960 million.
Tether Limited disclosed that it owns $1.5 billion worth of bitcoin and $3.39 billion worth of physical gold bullion. They represent 1.8% and 4.1% of total reserves, respectively. The largest share of USDT collateral (84.7%) is held in cash, cash equivalents and short-term deposits.
In turn, USDC issuing company Circle revised the stablecoin collateral structure in favor of short Treasury bills to mitigate a potential US technical default.
Transaction finalization failed on the Ethereum network
On May 11, an unknown error occurred in the Ethereum blockchain, in which transactions could not be finalized for some time. The situation repeated itself on May 12.
The developers of the Prysm client have announced an update that contains optimizations to prevent high resource usage by a node during periods of “turbulence”. The update should be released at the beginning of the week.
Also on Cryplogger:
- The Paxful co-founder shared his plan to restart the P2P platform.
- The developer proposed to “ban” the BRC-20 and Ordinals tokens.
- Do Kwon pleaded not guilty to forgery.
- Arbitrum presented a plan for the distribution of tokens among ARB holders.
What else to read?
Traditional digests collected the main events of the week in the fields of cybersecurity and artificial intelligence.
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure, and the increasing attention that companies are showing to bitcoin as an asset class. The most important events of recent weeks are in the Cryplogger review.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The Ethereum network failed to finalize transactions, Bittrex filed for bankruptcy, Binance announced the closure of operations in Canada and other events of the outgoing week.
Bitcoin failed to hold the $28,000 level
The US Federal Bureau of Labor Statistics released inflation data this week. In annual terms, in April, its growth slowed down from 5% to 4.9%, which was lower than the forecast of 5%. On a monthly basis, price growth accelerated from 0.1% to 0.4%, in line with market expectations.
Against the background of the publication of the report on May 10, the price of bitcoin tested the level of $28,000, bringing the daily growth rate to 1.3%.
At the time of writing, the first cryptocurrency is trading just above $27,000, while the price of Ethereum is above $1,810.
Digital assets from the top 10 by capitalization closed the week in the “red zone”. XRP showed the worst dynamics – its price fell by 6.6%.
The total capitalization of the cryptocurrency market is ~$1.18 trillion. The Bitcoin Dominance Index dropped to 44.5%.
Binance to Curtail Operations in Canada Amid Tighter Regulation
Cryptocurrency exchange Binance announced the end of operations in Canada due to the tightening of requirements for trading platforms in the country.
Binance clarified that they were postponing the decision in the hope of finding “reasonable ways to protect” users, but were unable to do so. Local clients of the platform will receive emails with detailed information about the next steps.
On May 10, the company launched the Capital Connect service to facilitate communication between its VIP clients and investment fund managers. The exchange also announced that it will allow customers to conduct transactions with bitcoin-NFT.
At the beginning of the week, Binance revealed that it was integrating the Bitcoin Lightning Network micropayment network with the platform. The announcement was made against the background of the suspension of withdrawals in the first cryptocurrency due to the large volume of pending transactions.
Bittrex files for bankruptcy
On May 8, Bittrex bitcoin exchange filed a bankruptcy protection petition with a Delaware court in the United States.
Two “daughters” – Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd. have filed similar applications. According to the documents, the bankruptcy will not affect the international platform Bittrex Global.
The company filed for bankruptcy less than a month after the US Securities and Exchange Commission (SEC) filed a lawsuit. The regulator accused Bittrex of operating an unregistered securities exchange.
Tencent-backed blockchain startup Everledger also filed for insolvency this week. This was preceded by a failure to attract investment.
On March 31, Everledger employees received layoff notices. Vincents Chartered Accounts became the external manager.
Proceedings against the SEC cost Ripple $ 200 million
Ripple has spent $200 million in legal fees in a case against the SEC, CEO Brad Garlinghouse said. He advised aspiring entrepreneurs “to never open a business in the US” and the agency to realize that most people working in the industry are “honest professionals” who lack a structured set of rules.
At the same time, the miner Marathon Digital announced the next agenda from the SEC. According to the document, the regulator finds out whether the company violated “any provisions of the federal securities law.”
Media: Jane Street and Jump Crypto will leave the US due to pressure from regulators
According to Bloomberg, one of the world’s largest market makers Jane Street and Jump Trading will stop trading digital assets in the US amid regulatory uncertainty. In the first case, we are talking about reducing the scale of operations with cryptocurrencies in the whole world, in the second – in the United States while expanding in other jurisdictions.
Bloomberg noted that representatives of Jane Street and Jump Crypto were questioned by the US Attorney’s Office as part of an investigation into the collapse of the Terra ecosystem. The last market maker was the main venture investor in Terraform Labs. Investigators did not press charges.
What to discuss with friends?
- Warren Buffett: Bitcoin has no chance of becoming the world’s reserve currency.
- Elon Musk boosted sales of Milady NFT with a post and announced his resignation as CEO of Twitter.
- The trader paid a $120,000 fee to buy the FOUR meme token.
- Binance will launch Build The Block reality show in the metaverse.
Sam Altman’s Worldcoin Launches Zero Fee Wallet
Sam Altman’s crypto startup Worldcoin has released a “gas-free” wallet for verified users. The new application called World App is designed for iOS and Android operating systems.
The solution is based on the Polygon project and supports USDC and DAI stablecoins, as well as Ethereum, Worldcoin (WDC) and Wrapped Bitcoin (WBTC).
Lido will start redeeming stETH after the release of the second version of the protocol
The Lido Finance liquid staking platform team announced the launch of the second version of the protocol on May 15 after a three-day vote on the proposal. Lido v2 will open the possibility of redeeming stETH for Ethereum.
Initially, about 270,000 ETH will be available in the platform’s storage, which will allow withdrawal requests to be processed without the lengthy process of validators going off the network.
Hong Kong authorities announced a “hard” approach to the regulation of cryptocurrencies
Hong Kong will take a “tough” approach to regulating the digital asset sector, Eddie Yue, head of the local Monetary Authority, said in an interview with Bloomberg.
From June 1, all centralized sites doing business in the jurisdiction or interacting with local investors must be licensed by the Securities and Futures Commission. In addition, by 2024, the authorities will introduce a mandatory licensing regime for stablecoins.
Bankman-Fried asked to drop some of the charges, and the IRS filed $44 billion lawsuits against the FTX group of companies
Lawyers for the founder of the collapsed FTX exchange, Sam Bankman-Fried, have asked the court to dismiss almost all charges except conspiracy to commit securities, commodities and money laundering fraud. According to the defense, some of the points are duplicated or refer to one article, or appeared after the extradition.
Lawyers also argue that the company’s failure is due to the heavy crypto winter, and not to credit manipulation and the inability to support the native FTT token.
This week it became known that the IRS filed a series of lawsuits against FTX and its subsidiaries for a total of $44 billion. The largest of the claims – for $20.4 billion and $7.9 billion – relate to Alameda Research LLC.
Tether earns $1.48 billion in net profit in the first quarter
USDT stablecoin issuer Tether Limited recorded a net profit of $1.48 billion in January-March, which is twice as high as in the previous period.
As of March 31, 2023, the company’s assets reached $81.8 billion, liabilities – $79.4 billion, equity – $2.44 billion. The last figure at the end of 2022 was $960 million.
Tether Limited disclosed that it owns $1.5 billion worth of bitcoin and $3.39 billion worth of physical gold bullion. They represent 1.8% and 4.1% of total reserves, respectively. The largest share of USDT collateral (84.7%) is held in cash, cash equivalents and short-term deposits.
In turn, USDC issuing company Circle revised the stablecoin collateral structure in favor of short Treasury bills to mitigate a potential US technical default.
Transaction finalization failed on the Ethereum network
On May 11, an unknown error occurred in the Ethereum blockchain, in which transactions could not be finalized for some time. The situation repeated itself on May 12.
The developers of the Prysm client have announced an update that contains optimizations to prevent high resource usage by a node during periods of “turbulence”. The update should be released at the beginning of the week.
Also on Cryplogger:
- The Paxful co-founder shared his plan to restart the P2P platform.
- The developer proposed to “ban” the BRC-20 and Ordinals tokens.
- Do Kwon pleaded not guilty to forgery.
- Arbitrum presented a plan for the distribution of tokens among ARB holders.
What else to read?
Traditional digests collected the main events of the week in the fields of cybersecurity and artificial intelligence.
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure, and the increasing attention that companies are showing to bitcoin as an asset class. The most important events of recent weeks are in the Cryplogger review.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
