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In Bloomberg’s SEC investigation into the BNB token, Ethereum developers turned the Ropsten testnet into a Proof-of-Stake algorithm, PayPal added the option to withdraw crypto to third-party wallets,
In Bloomberg’s SEC investigation into the BNB token, Ethereum developers turned the Ropsten testnet into a Proof-of-Stake algorithm, PayPal added the option to withdraw crypto to third-party wallets, and other highlights of the week ahead.
Bitcoin opened the week with over $31,000 growth, but failed to gain ground at this level amid the investigation into the BNB token and news about accelerating inflation in the US.
On Sunday, June 12, prices of the first cryptocurrency tested the range below $27,000 (on the Binance exchange). At the time of writing, the asset is trading around $27,900.
At the end of the week, all assets in the top 10 by market cap were in the red zone. The worst performers were Ethereum (-15.8%), Polkadot (-14.8%) and Solana (-12.8%).
According to the CoinCodex service, the Mrweb Finance wallet token was the cryptocurrency that increased in price the most during the week among mid-cap digital assets. AMA price increased 68.64%.
The price of the Celsius Network DeFi platform’s token has dropped more than any other. The price of CEL fell 38.51%.
The total capitalization of the cryptocurrency market has reached $1.18 trillion. The Bitcoin dominance index rose to 45.4 percent.
Ethereum developers successfully migrated the Ropsten testnet from a Proof of Work (PoW) algorithm to a Proof-of-Stake (PoS) consensus algorithm. Following Ropsten, the Goerli and Sepoila testnets will be migrated to PoS. This will take several weeks.
The so-called “Merge” (Merge) is a rehearsal that is tentatively scheduled for the fall, before a similar update to the Ethereum mainnet.
According to Reuters, from 2017 to 2021, cybercriminals laundered at least $2.35 billion through the Binance cryptocurrency exchange from attacks, investment fraud and drug sales due to poor AML procedures.
Binance stated that contrary to popular belief, cryptocurrencies are not the main method of money laundering by attackers. The company’s chairman, Changpeng Zhao, also published a 50-page correspondence with Reuters. Binance CEO described media representatives as “misleading and time-wasting journalists”.
At the same time, Bloomberg said that the US Securities and Exchange Commission (SEC) was investigating whether the Binance BNB token was a security during its sale in 2017.
Broadcast sources noted that the investigation would not necessarily lead to any lawsuits and could take months. Binance said it “did not find it appropriate to comment on ongoing communication with regulators, including training, assistance, and voluntary responses to information requests.”
PayPal payment company has opened the transfer of cryptocurrencies between accounts and their withdrawal to third-party wallets. The ability to send Bitcoin, Ethereum, Bitcoin Cash and Litecoin to various addresses is currently available for select US users. Option support for all US customers will appear in the coming weeks.
4.3 of the Terms and Conditions of Service, which provides the suspension of inbound and outbound foreign currency inbound and outbound transactions in case of suspicion of being related to prohibited activities, including forex trading and electronic money transfers. The monobank support service referred to in the article.
At the same time, P2P transfers on Binance are working as usual.
The collapse of Terra, evident even at the design stage, was inevitable. The developers of the leading ecosystem protocol Anchor told JTBC on the condition of anonymity.
According to them, when developing the protocol, the calculations meant a steady rate of return of 3.6%, but a week before the start of the project, Terraform Labs president Do Kwon abandoned the idea and the bar is up to 20%.
At the end of the week, media surfaced about the ongoing SEC investigation into the algorithmic stablecoin TerraUSD (UST).
A U.S. court dismissed Do Kwon’s appeal and ordered him to cooperate with the authorities in investigating a possible unregistered securities offering using the Mirror protocol.
The hacker seized 20 million OP tokens (~$17 million) sent by the Optimism Foundation to market maker Wintermute. According to the Wintermute team, due to an internal error, they specified the Gnosis Safe multisig wallet for the Ethereum L1 network instead of the L2 address for the transaction.
An unknown person sold 1 million OPs for ETH and then withdrew funds to the mainnet via Synapse and Hop bridges to send Tornado Cash to the mixing service. The attacker sent another 1 million OPs to Vitalik Buterin, and out of 1 million OPs, Ethereum Foundation security researcher Yoav Weiss voted.
On Friday, the hacker sent another transaction to Buterin, returning 17 million OPs to Wintermute.
The Tron team plans to keep the USDD algo stablecoin “overfunded” at 140% to avoid a TerraUSD-like crash. Today the figure exceeds 200% – 14,040 BTC, 140 million USDT and 1.9 billion TRX are in reserve.
The developers of the Chainlink decentralized oracle network announced the introduction of the LINK token staking mechanism in the second half of 2022. The team noted that the move will increase the security of the ecosystem as it scales.
According to the developers, the first step is to create “a reliable and simple foundation that will allow you to gather feedback.” Over time, the scope of staking will expand and its structure will become more complex.
On Wednesday, June 8, Osmosis, the blockchain platform of the Cosmos ecosystem, suspended block production due to a security flaw in the Osmosis DEX implementation that could lead to the depletion of liquidity pools. Allowed withdrawal of liquidity from pools with 50% premium.
The project team estimated the damage at around $5 million and said it would take several days to fix the problem. At the end of the week, the developers reported that the new code has already been tested and the update will be rolled out over the weekend. The OSMO token responded with growth.
Circle, the operator of USD Coin (USDC), has added support for Polygon’s tier two solution for using the stablecoin on its payment platform. Circle has automated the ability for users to transfer USDC to Ethereum to the Polygon network via the Polygon Bridge cross-chain protocol.
The structural division of Jack Dorsey’s Block company – TBD – introduced the concept of a decentralized open source platform Web5. According to the developers, the project will give users full control over their personal data and digital identities.
Also on ForkLog:
ForkLog tutorial flashcards explained what a management token is, DeFi 2.0, the Chainlink network, and who Mike Novogratz is.
Who are “hodler”, “hamster” and what else are “shitcoins”? Try to figure out what’s behind the weird expressions and run a new test from ForkLog.
Traditional recaps gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
The cryptocurrency industry is attracting a growing number of institutional players. This is evidenced by new investments in infrastructure and the growing interest of companies in bitcoin as an asset class. The most important events of the last weeks are in the ForkLog review.
This week we did an audio stream on the ForkLog LIVE Telegram channel with Input Output HK researcher Roman Oleinikov. We talked about first-level blockchains, their similarities and differences.
In a new ForkLog LIVE special report, we figured out how to find work in the cryptocurrency industry.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
