Tag: hodlnaut

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Binance Deploys $1B for Crypto Recovery Fund – Top Crypto Updates

Binance allocates $1B for ‘Crypto Recovery Fund’

Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the fund size to over $2 billion. The fund would have a “loose” structure and be publicly visible on the blockchain. Binance first announced the launch of an “industry recovery fund” on November 14 to support firms that “are otherwise strong but in a liquidity crisis” amid the FTX collapse.

Crypto prices today: Bitcoin falls 1.5%, ETH down 2.4%

Bitcoin is currently trading at $16,434.13, a decline of 1.5% over the previous day. Ethereum fell 2.4% over the last 24 hours to $1,181.77. Solana fell 2.81% to $14.14, while Cardano is trading lower by 1.9% at $0.312. Avalanche (AVAX) is down 3.9% to $12.69. The global crypto market cap stands at $827.36 billion, a 1.29% decline over the previous day.

Singapore police probe Hodlnaut for alleged fraud

Singapore’s Commercial Affairs Department (CAD) launched a probe into troubled crypto lender Hodlnaut for “possible cheating and fraud.” Between August and November, the police received “multiple reports” that Hodlnaut and its directors had made “false representations” about the lender’s exposure to “a certain digital token.” 

Cardano DeFi project Ardana halts development

Ardana (DANA), a decentralized finance (DeFi) project built on the Cardano blockchain, has halted development. The project cited “funding and project timeline uncertainty” as the reason for ceasing operations. The project was working on stablecoin minting and foreign exchange services. DANA token is down over 80% in the last 24 hours.

Indian crypto exchanges seek to reassure investors after FTX collapse

Indian crypto exchanges are implementing measures to provide full transparency on their reserve funds to win back investor confidence after FTX’s collapse. Co-founder of CoinDCX, Sumit Gupta, said his exchange will publish its proof of reserves by the fourth week of November. CoinSwitch has declared that its crypto and fiat currency holdings exceeded the total amount held on behalf of its users.

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FBI Issues Warning Over Vulnerable DeFi Platforms – Top Crypto Updates

FBI issues warning over vulnerable DeFi platforms

The Federal Bureau of Investigation issued a new warning focused on attacks against decentralized finance (DeFi) platforms. Cybercriminals have been exploiting vulnerabilities in the smart contracts that govern them. Between January and March 2022, cybercriminals stole $1.3 billion in crypto, almost 97% of which was stolen from DeFi platforms,” the agency said.

The FBI recommended the careful study of DeFi platforms, protocols, and smart contracts before investing.

Crypto prices today: Bitcoin up 3.5%, ETH rises 10%

Bitcoin is currently trading at $20,542.64, an increase of 3.5% over the previous day. Ethereum is up 9.8% over the last 24 hours to $1,595.61. Solana surged 8.1% to $32.97, while Cardano is trading higher by 5.15% at $0.454. Avalanche (AVAX) has jumped 13.5% to $20.44. The global crypto market cap stands at $996.5 billion, a 4.55% increase over the previous day.

Meta adds Ethereum, Polygon NFT cross-posting between Facebook and Instagram

Meta has added the ability to cross-post non-fungible tokens (NFTs) across Facebook and Instagram for select U.S. users. The company wants to make it easier for users to share their NFTs by only requiring a one-time wallet connection on either Facebook or Instagram. The user’s wallet can be automatically recognized if cross-posting is enabled under account settings on either application. 

Crypto lender Hodlnaut placed under interim judicial management

Troubled crypto lender Hodlnaut has been placed under interim judicial management (a form of creditor protection) by a Singapore court. The company will be protected from legal proceedings from third parties. Three weeks earlier, Hodlnaut froze withdrawals due to “difficult market conditions”.

Argentina’s Mendoza Province accepts crypto for tax payments

The Argentine province of Mendoza has enabled the payment of taxes with cryptocurrencies. Users will be able to pay with any crypto wallet, including Binance, Bitso, Buenbit, Bybit, Ripio, and Lemon. Mendoza will only accept stablecoins such as DAI and USDT for tax payments. Crypto payments will be converted to Argentine Pesos by an undisclosed online payment service provider.

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U.S Fed To Release New Guidelines for Crypto Banks – Top Crypto Updates

Federal Reserve releases new guidelines for crypto banks

The U.S. Federal Reserve is publishing its final guidance for new financial institutions (like crypto banks) to access its “master accounts,” which are required to participate in the global payment system. The guidelines are set to ensure that any new requests for access to Federal Reserve accounts and payment services would be reviewed in a “transparent, risk-based, and consistent set of factors.”

Crypto banks Custodia and Kraken applied for master account access in 2021, shortly before the Fed published its initial proposal.

Crypto prices today: Bitcoin, ETH falls 2%

Bitcoin is currently trading at $23,991.4, a decline of 1.8% over the previous day. Ethereum fell 2.3% over the last 24 hours to $1,877.6. Solana fell 3.24% to $43.21, while Cardano is trading lower by 0.9% at $0.552. Avalanche (AVAX) fell 1.26% to $27.61. The global crypto market cap stands at $1.14 trillion, a 0.93% decline over the previous day.

Eqonex shuts down crypto exchange due to low volume

Blockchain services company Eqonex Ltd (EQOS) announced it will shut down its crypto exchange operations due to declining trading volumes, intense market competition, and low margins. Customers will get one week to close their derivatives trading positions, after which all trading on the platform will cease. Users will also be given time until September 14 to withdraw their crypto assets to an external wallet.

Revolut gets approval to offer crypto services across Europe

The Cyprus Securities & Exchange Commission (CYSEC) has granted authorisation to digital bank Revolut to offer crypto services across the European Economic Area (EEA). The EEA includes 27 countries in the European Union, plus Iceland, Liechtenstein and Norway. Revolut will now be able to offer crypto services to 17 million customers in the EEA out of a new crypto-asset hub in Cyprus. 

Crypto lender Hodlnaut applies for creditor protection in Singapore

Crypto lending platform Hodlnaut has filed an application with the Singapore High Court for creditor protection. The firm filed the application on Aug. 13, five days after it froze withdrawals. It will temporarily safeguard the lender from any legal claims. Hodlnaut is the latest in a long line of crypto companies that have been severely impacted by the recent market downturn.