Tag: coinflex

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ED Probing Crypto Exchanges for Alleged Laundering – Top Crypto Updates

Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration/file photo

ED probing crypto exchanges for alleged laundering of over Rs 1,000 crore

The Enforcement Directorate (ED) is probing at least ten crypto exchanges for allegedly laundering more than Rs 1,000 crore as crime proceeds of the accused companies in an instant loan app case. Several loan apps had reportedly approached these exchanges to buy crypto worth Rs 100 crore and send them to international wallets. The crypto exchanges did not conduct any due diligence and also failed to raise suspicious transaction reports.

Crypto prices today: Bitcoin up 7%, ETH jumps 12%

Bitcoin is currently trading at $24,550.8, an increase of 7% over the previous day. Ethereum jumped 12.4% over the last 24 hours to $1,888.64. Solana rose 13.6% to $44.9, while Cardano is trading higher by 6.5% at $0.544. Avalanche (AVAX) rose 9.2% to $29.88. The global crypto market cap stands at $1.16 trillion, a 7.14% increase over the previous day.

CoinFLEX plans $84M restructuring in Seychelles

As per a Bloomberg report, crypto derivatives exchange CoinFLEX is seeking a quick resolution to its latest legal troubles as it files for restructuring in a Seychelles court. It intends to raise $84 million to pay off its debt. CoinFlex is seeking approval from depositors and the court on its proposed plan to issue depositors with rvUSD tokens, equity, and a locked version of its native token FLEX coin.

Ripple to consider buying bankrupt Celsius’ assets: Report

According to a Reuters report, Ripple Labs may be interested in purchasing assets of the insolvent crypto lending company Celsius. CEL, the native utility token of Celsius’ platform, jumped 23% on Wednesday following the news. In June, Celsius froze its users’ assets due to “extreme market conditions”. It quickly paid off its outstanding debts on various DeFi loans, reclaimed its collateral, and filed for bankruptcy a month later. 

Ethereum’s final testnet merge goes live

The final test environment network (testnet) merge before the Ethereum blockchain makes its move from proof-of-work to proof-of-stake has been completed successfully. Goerli was the last of three public testnets to run through a “dress rehearsal” of the merge. The mainnet merge is expected to occur towards the end of September.

Proof of Work is a competition between miners to solve cryptographic algorithms or equations and validate the transactions to earn blockchain rewards. Meanwhile, Proof of Stake implements randomly chosen validators to make sure transactions are reliable, compensating them in return with crypto.

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Binance Gets License to Operate in Spain – Top Crypto Updates

Binance gets license to operate in Spain

The Bank of Spain has allowed Binance’s Spanish subsidiary to register as a virtual asset services provider (VASP). The registration will allow Binance to offer crypto asset exchange and custody services in Spain. The company will have to comply with the central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules. The approval comes after authorities in France and Italy allowed Binance to offer crypto-related services in May.

Crypto prices today: Bitcoin, ETH up 0.3%

Bitcoin is currently trading at $20,467.21, an increase of 0.29% over the previous day. Ethereum rose 0.33% over the last 24 hours to $1,144.63. Solana fell 0.05% to $35.16, while Cardano is trading higher by 0.68% at $0.452. XRP rose 1.8% to $0.325. The global crypto market cap stands at $910.91 billion, a 3.43% decline over the previous day.

CoinFLEX enters $84 million arbitration against ‘large individual customer’

Crypto trading platform CoinFLEX has detailed its strategy to combat its current liquidity crisis. The company has entered arbitration in Hong Kong to recover $84 million in losses from a “large individual customer,” claimed to be prominent Bitcoin evangelist Roger Ver. The customer allegedly defaulted on a massive position last month and failed to honor a contract with CoinFLEX.

Argentina-based Ripio to launch Ethereum sidechain, Web3 wallet

Argentina-based crypto exchange Ripio announced the launch of two products. The first one is an educational textbook to help newcomers navigate the crypto market. The second product is a Web3 wallet that the company aims to position as an easy gateway to the metaverse. Ripio is also working on developing a solution to facilitate internal transactions and promote the growth of the Ripio ecosystem.

Celsius lost over $350 million in DeFi: Report

As per a report from blockchain analytics firm Arkham Intelligence, crypto lender Celsius deployed over $1 billion of assets in decentralized finance (DeFi) and incurred over US$350 million in losses. It also handed over about $530 million in corporate funds to an asset manager who used high-risk leveraged crypto trading strategies. Those trades resulted in forced liquidations worth $61 million.

The troubled crypto firm has hired new lawyers to carry out its restructuring process. Last month, Celsius paused withdrawals for customers to stabilize liquidity and operations.

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CoinFlex to Issue Tokens After Withdrawal Freeze – Top Crypto Updates

CoinFlex to issue tokens after withdrawal freeze

Crypto exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return. The company aims to resume withdrawals after a client failed to repay a $47 million debt. The platform will start to issue $47 million of “Recovery Value USD” tokens on Tuesday. The resumption of withdrawals (targeted for June 30) will depend on the level of demand for the new tokens.

Crypto prices today: Bitcoin falls 2%, ETH down 1.3% 

Bitcoin is currently trading at $20,905.4, a decline of 1.9% over the previous day. Ethereum is down 1.3% over the last 24 hours to $1,208.2. Solana fell 4.2% to $38.61, while Cardano is trading lower by 2.49% at $0.489. Avalanche (AVAX) is down 4.38% to $19.62. The global crypto market cap stands at $938.08 billion, a 1.93% decline over the previous day.

Crypto.com removes Dogecoin, Shiba Inu from Earn program

Crypto.com announced it is removing 15 cryptocurrencies from its Crypto Earn rewards program. Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are among those being removed from the list. However, Crypto.com will add Zilliqa (ZIL), Fantom (FTM), and NEAR to the program. The Crypto Earn program enables users to obtain interest on their crypto holdings.

400+ crypto ads found violating ASCI guidelines

The Advertising Standard Council Of India (ASCI) has found more than 400 crypto ads to be potentially violating advertising and promotion guidelines of virtual digital assets (VDAs) and guidelines for influencer advertising. In the first five months of 2022, ASCI took up 453 complaints where 419 crypto ads required modifications.