Lưu trữ cho từ khóa: Binance

Pháp Lý

Binance, Indian police bust renewable energy scam, seize $100,000 in USDT

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Binance and the Delhi Police have dismantled a $100,000 scam, which misled investors with false claims tied to India’s renewable energy initiatives.

Cryptocurrency exchange Binance has teamed up with Indian police to bust a sophisticated scam involving a fraudulent entity dubbed “M/s Goldcoat Solar.” The operation, which falsely claimed ties to India’s renewable energy initiatives, resulted in multiple arrests and the seizure of over $100,000 in Tether’s (USDT) stablecoin, per an Inc42 report on Tuesday, Oct. 15.

The scam centered on deceptive claims that the had received rights from the Ministry of Power to help India expand its solar power capacity to 450 gigawatts by 2030. Promising high returns, the scheme attracted numerous investors by falsely aligning itself with the nation’s renewable energy goals. Binance reported that the fraud gained momentum on social media, where scammers impersonated high-ranking officials and used the names of prominent dignitaries to bolster credibility.

Victims were deceived by fake earnings reports, allegedly from previous investors, which the syndicate used to build trust in the scheme, while investigators discovered that multiple SIM cards had been activated under the identities of unsuspecting individuals to conceal the perpetrators’ true identities. Some of these SIM cards were even sent overseas, adding complexity to the investigation, the report reads.

Funds from victims were funneled through various bank accounts, with some converted into crypto, further complicating tracing efforts. Binance assisted Delhi Police by providing analytical support, helping investigators track the financial transactions involved, the report reads.

This development follows Binance’s recent re-entry into India, where it registered as a reporting entity with the Financial Intelligence Unit as part of ongoing efforts to comply with local regulations amid a crackdown on unregistered crypto platforms.

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Theo Crypto News

Bitcoin

CoinGecko: Major asset classes outperformed Bitcoin in Q3

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Bitcoin ended Q3 with a modest 0.8% price increase, overshadowed by gold’s significant 13.8% rise, fueled by concerns about the economy and global tensions.

As global uncertainties loom, investors are turning to safe havens for stability, leaving Bitcoin (BTC) trailing with a modest 0.8% price increase in Q3 2024, according to data compiled by crypto price aggregator CoinGecko. For comparison, major assets like gold surged 13.8% amid growing fears of an economic slowdown in the U.S. and escalating tensions in the Middle East.

Bitcoin’s price performance in Q3 2024 vs. traditional assets | Source: CoinGecko

Moreover, even the Japanese Yen demonstrated strong performance, climbing 12.0% after the Bank of Japan’s surprise rate hike alongside rate cuts by the Federal Reserve. In contrast, Bitcoin outperformed only crude oil and the U.S. Dollar Index, as all major fiat currencies gained against the dollar, reflecting shifting market dynamics amid fears of weakening demand and monetary policy adjustments.

Bitcoin’s modest gains lead to decline in trading volumes

While Bitcoin posted modest gains, the top ten centralized crypto exchanges reported a combined spot trading volume of $3.05 trillion, reflecting a nearly 15% decline quarter-on-quarter. Despite this downturn, Binance retained its status as the largest CEX, although its market share slipped below 40% for the first time since January 2022, ending September at 38%.

Crypto.com emerged as the second-largest CEX, leaping from ninth place in Q2, with a remarkable 160.8% growth in trading volume, capturing a 14.4% market share. Meanwhile, OKX and Gate.io struggled, each experiencing trading volume declines exceeding 30%. U.S.-based crypto exchange Coinbase also faced challenges, with a 23.8% drop in trading volumes, resulting in a fall from sixth to tenth place among the top exchanges.

Despite the market’s modest gains in Q3, analysts at CoinGecko noted that Bitcoin increased its dominance to 53.6%, a rise of 2.7% quarter-on-quarter, adding that the “last time BTC was able to achieve such dominance was in April 2021.”

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Theo Crypto News

Phân tích

Reef Finance triumphs, token up 1,200% since Binance delisting

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Reef Finance, a blockchain for decentralized finance, gaming, and non-fungible tokens, has surged in the two months since Binance delisted it.

Reef (REEF) token rose to $0.010 on Monday, Oct. 14, up by over 1,500% from its lowest level this year, making it one of the best-performing cryptocurrencies.

Notably, the Reef coin has risen by almost 1,200% since Aug. 26, when it was delisted by Binance, the biggest crypto exchange in the industry. Its market cap has jumped to over $223 million.

Reef price performance since Aug. 26 | Source: TradingView

In a statement at the time, Binance also delisted other tokens like ForTube, Loom Network, VGX Token, and Ellipsis. It cited several factors such as low trading volume and liquidity, the commitment of the team to the project, new regulatory requirements, and smart contract stability.

Most of Reef’s trading has shifted to other centralized exchanges. According to CoinGecko, WhiteBit had the biggest share of trading volume in the last 24 hours. It is followed by other exchanges like HTX, KuCoin, and Bitget.

This rebound is likely due to the developers making significant improvements after the Binance delisting. They initiated a new community developer fund to incentivize developers in the ecosystem. Some of the potential dApps to be funded include those in industries such as lending, DAO infrastructure, and hardware.

Reef has also made other progress since the Binance delisting. For example, Hydra Coin announced that it was building the first NFT battle card game on the Reef Chain.

Additionally, the developers are collaborating with VIA Labs, a blockchain bridging solution, which will begin bridge development this week. They are also in discussions with perpetual decentralized exchanges about revenue sharing and RPC infrastructure providers.

Reef has also gained momentum as the number of holders has increased. According to CoinCarp, the token now has almost 23,000 holders, significantly higher than its level before the Binance delisting.

Reef token has become overbought

Reef Finance price chart | Source: TradingView

Reef’s surge continued as Bitcoin (BTC) and other cryptocurrencies maintained their strong rebound on Monday. It has flipped the key resistance point at $0.0053, its highest swing since March 2024.

Reef has remained above the 50-day and 100-day Exponential Moving Averages, which is a bullish sign. However, the Relative Strength Index and the Stochastic Oscillator have moved to overbought levels.

Therefore, while more gains are possible, the coin may experience a pullback in the coming days due to profit-taking. If this happens, it may retest the key support at $0.0053.

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Theo Crypto News

Pháp Lý

Nigerian court denies Binance executive’s health bail application

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A Nigerian court denied bail for Binance executive Tigran Gambaryan, who is facing money laundering charges, despite concerns over his deteriorating health.

A Nigerian court on Friday, Oct. 11, rejected a bail application on medical grounds for Binance executive Tigran Gambaryan, who is facing trial on charges of money laundering and currency manipulation.

According to a Bloomberg report, despite denying bail, the court instructed prison officials to refer Gambaryan to a hospital for treatment. U.S. lawmakers have criticized his detention as unjust, while his legal team has repeatedly raised concerns about his deteriorating health, which they say requires surgery.

In September, Gambaryan’s lawyer Mark Mordi informed the court that the executive has been awaiting surgery since mid-July and that his condition requires urgent care not available in prison. Mordi outlined several health issues affecting Gambaryan, including malaria, pneumonia, tonsillitis, and complications from a herniated disc, which have at times required the Binance executive to use a wheelchair.

The court had previously deferred a bail decision in September before denying this latest request.

Gambaryan, Binance’s head of financial crime compliance, who holds American citizenship, was arrested alongside his colleague, British-Kenyan Nadeem Anjarwalla, by Nigerian law enforcement in February. The two were captured at an Abuja airport after authorities called for Binance representatives to come to the capital city. After their arrest, all naira and peer-to-peer services on Binance in Nigeria were halted.

Anjarwalla fled the country in March using a concealed Kenyan passport. Later, reports surfaced saying Nigerian security forces were able to identify the location of the Binance representative, arresting him in Kenya at the request of the Nigerian Bureau of Interpol.

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Theo Crypto News

Công nghệ

CZ’s first public appearance since release set for Dubai

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Former Binance CEO Changpeng ‘CZ’ Zhao will make his first public appearance since stepping down at Binance Blockchain Week in Dubai.

According to Zhao’s Oct. 10 X post, the event is slated to be one of the biggest web3 events of the year, and he has confirmed that he will be attending in a personal capacity.

Zhao’s upcoming appearance has stirred up plenty of chatter in the crypto space with key figures and projects curious about what he might share. Tron founder and CEO Justin Sun joined others in welcoming the Binance co-founder:

Zhao’s upcoming appearance will be his first public engagement since pleading guilty to violating U.S. anti-money laundering regulations and paying a $50 million fine. Binance itself was fined $4.3 billion, one of the largest corporate settlements in U.S. history.

As a part of the settlement, Zhao resigned from his role as the CEO of Binance and served four months in prison. He has now been barred from managing the company for life.

However, he still retains a 90% ownership stake in Binance, keeping him among the wealthiest in the crypto space with an estimated net worth of $61 billion.

Binance Blockchain Week

Binance Blockchain Week 2024, set for Oct. 30-31, is expected to be one of the biggest Web3 events this year, building on the success of last year’s Istanbul edition. 

According to the official announcement, the event’s theme centers around “Momentum,” focusing on the ongoing progress in the crypto industry despite challenges. It will explore the current state of the sector, its hurdles, and the direction it is heading.

Held at the Coca-Cola Arena, the event will feature discussions on how the crypto industry can maintain its decentralized values while adapting to evolving regulations.  Attendees will have the chance to participate in interactive sessions and workshops designed to engage with new blockchain tools and platforms.

Besides Zhao, the event also boasts a lineup of several key industry players who’ll be making appearances. Notable speakers include Circle CEO Jeremy Allaire, Nansen CEO Alex Svanevik, Dubai Future Foundation CEO Khalfan Belhoul, and Sotheby’s Vice President of Digital Art Michael Bouhanna.

What’s next for Zhao after Binance?

Zhao’s departure from Binance marked the end of a momentous chapter in his career, with speculation growing around what his next move would be.

The former CEO has stated his intention to shift focus away from the crypto sector. At a hearing earlier this year, Zhao said he plans to dedicate his next chapter to “providing opportunities for youth,” particularly through educational platforms for underprivileged children. 

A website called Giggle Academy has been created for this initiative, but it remains in its early stages.

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Theo Crypto News

Phân tích

Whale is down $46m on BTC, but continues to accumulate more

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A large crypto whale decided to accumulate more Bitcoins despite standing in a huge loss as the asset’s price remains below $63,000.

According to an X post by Lookonchain, this whale, “1L7g……xeTs,” accumulated 750 Bitcoins (BTC), worth $46.8 million, from Binance over the past day. This is the first transaction recorded by the whale in over six months.

The whale extended their Bitcoin holding to 10,908 BTC, worth $681 million at the current price, per Lookonchain. 

Lookonchain’s X post suggests that the whale bought a total of 10,158 BTC at an average price of $67,026 over six months ago from Binance, the largest cryptocurrency exchange by trading volume.

This whale is currently witnessing a loss of roughly $46 million on their Bitcoin holdings as the flagship cryptocurrency consolidates below the $63,000 mark.

Notably, this is not the only whale to accumulate at this time. Per a crypto.news report on Oct. 7, the number of addresses holding over $1 million worth of BTC increased by 2,000 between Sept. 29 and Oct. 2.

According to data provided by IntoTheBlock, Bitcoin recorded a total of $109.96 billion in whale transactions consisting of at least $100,000 worth of BTC over the past seven days. The whale activity started to increase on Oct. 5 as the broader crypto market gained bullish momentum.

BTC price and exchange net flows – Oct. 9 | Source: IntoTheBlock

Data from ITB also shows a net outflow of 2,620 BTC from centralized exchanges on Oct. 8. The indicator hints at an accumulation trend as the market-wide selloff cools down.

Bitcoin is down 0.3% in the past 24 hours and is trading at $62,400 at the time of writing. Its market cap is holding above the $1.2 trillion mark with a daily trading volume of $27 billion.

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Theo Crypto News

Bitcoin

Binance will facilitate users swapping ORN to LUMIA this October

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Global crypto exchange Binance will help users transition their Orion tokens to Lumia starting Oct. 15 until Oct. 18.

Binance announced on Sep. 30 that it will support Orion Protocol‘s rebranding to their liquid layer 2 blockchain Lumia through a network upgrade.

As part of the transition process, the crypto exchange will remove all Orion-Bitcoin(BTC) and Orion-Tether(USDT) trading pairs on Oct. 15, 2024, at 06:00 UTC, and all pending ORN spot trading orders will be canceled. Additonally, deposits and withdrawals of ORN tokens will be suspended on this day.

Binance will reopen trading for LUMIA/USDT trading pairs on Oct. 18, 2024, at 12:00 UTC, while deposits of LUMIA will be open on the same day at 08:00 UTC. Moreover, Binance Margin services for ORN will be terminated on Oct. 9, 2024, at 09:00 UTC.

After the event is completed, Binance claimed it will no longer support deposits and withdrawals of ORN tokens, only LUMIA. Therefore, users are encouraged to update or cancel their trading bot services before this date.

In preparation for the transition, Binance will increase their Orion token supply from 92,631,255 ORN to 238,888,888 LUMIA. According to the announcement, all ORN tokens will be swapped to LUMIA with the ratio of 1 ORN = 1 LUMIA.

Binance explained that users will not be able to update their positions during the transition process, therefore it advised users to close their positions in margin wallets or transfer assets to spot wallets.

Additionally, The exchange explicitly stating that it will not be responsible for any losses that may occur during the delisting process.

This transition and rebranding will also impact other Binance services, including Simple Earn, Binance Loans, Binance Convert and Auto-Invest.

On Feb. 26, 2024, Orion Protocol unveiled Lumia, the first ever hyper-liquid re-stake rollup layer 2 blockchain.

According to their blogpost, Lumia is meant to be “a robust liquidity infrastructure protocol interconnecting Layer 1’s and Layer 2’s with boundless liquidity from CEXs and DEXs.”

On April 4, 2024, Orion Protocol announced that they will officially start to transition from ORN to LUMIA. The protocol stated that a token swap event to help users trade their ORN to LUMIA will be hosted by major crypto exchanges.

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Theo Crypto News

Phân tích

BNB forms a rare bullish pattern as Binance catalysts rise

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Binance Coin price continued its strong comeback, driven by rising volumes in its decentralized exchanges, higher non-fungible token sales, anticipation of Changpeng Zhao’s release, and positive technicals.

The Binance Coin (BNB) price surged to a high of $616 on Friday, Sept. 27, its highest point since June 27.

Data shows that the BNB Smart Chain ecosystem is thriving. According to CryptoSlam, sales of its NFTs jumped by nearly 40% to $4.1 million in the past seven days. Its weekly increase was the second-largest, after Bitcoin, which rose by 78% to $21.8 million.

The most popular NFTs on the chain were Luxewalker, Primary Energy Pool, AkitaNFT, and Paraluni Perpetual Bond.

Further data revealed that the volume on BNB’s decentralized exchange jumped by 52% in the last seven days to $5.2 billion. BNB has become the third-largest blockchain for DEXes, behind Ethereum and Solana, which processed transactions worth $8.45 billion and $6.53 billion, respectively.

The biggest BNB DEX networks were PancakeSwap, Dodo, and Uniswap, which handled tokens worth $4.4 billion, $364 million, and $247 million, respectively. 

BNB’s DeFi total value locked has risen by over 13% in the last 30 days, a better performance than Ethereum, Solana, and Tron.

Another catalyst for Binance Coin’s rise is the growing anticipation of Changpeng Zhao’s release after serving his four-month sentence. Zhao is the largest holder of BNB, with the top ten wallets holding 75% of the tokens. Analysts expect that BNB, and other cryptocurrencies could stage a strong comeback when he is released.

BNB price has formed an inverse H&S pattern

BNB price chart | Source: TradingView

Meanwhile, Binance Coin has formed a rare bullish chart pattern that could push it higher. It has formed an inverse head and shoulders pattern, shown in blue in the chart below. On Friday, BNB’s price was near its neckline.

It has also formed a small bullish flag pattern, a popular continuation signal. Additionally, it remains above the 50-day and 100-day Exponential Moving Averages. Therefore, a break above the key resistance point at $617 could indicate further gains, potentially driving the price to the year-to-date high of $721, which is about 20% above the current level.

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Theo Crypto News

Phân tích

Whale unstaked $30m in SOL; will Solana crash again?

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A Solana validator, with a history of price fall, unstaked a large amount of the asset again as the market saw a mild correction.

On-chain data shows that a Solana (SOL) whale unstaked 200,000 tokens over the past three days. The validator then deposited the assets, worth roughly $30 million, to Binance, the largest cryptocurrency exchange by trading volume.

According to data from Solscan, the validator unstaked and sold 1.2 million SOL, worth $178 million, between June and July. That caused the Solana price to plunge from $170 to $125 in less than three weeks.

Solana witnessed a pretty similar sentiment to the whale’s movements. According to data provided by Santiment, the weighted sentiment around Solana on social platforms on June 7, when the validator started unstaking.

SOL price and sentiment – Sept. 26 | Source: Santiment

The social sentiment around the asset has been constantly declining over the past week and is currently seeing a neutral momentum.

It’s important to note that the current $30 million is almost six times lower than the $178 million selloff four months ago.

Solana recorded a 9% price hike over the past week and has been consolidating around the $150 mark in the past 24 hours despite the market-wide correction. 

SOL price and RSI – Sept. 26 | Source: crypto.news

So far, there have been no signs of a massive SOL selloff and the asset’s daily trading volume decreased by 33%, currently hovering at $1.9 billion.

Per data from crypto.news, the SOL Relative Strength Index is sitting at 48. The indicator shows that Solana is in a neutral zone — neither overbought nor oversold — at this price point.

If the broader crypto market continues its upward momentum, SOL’s price fall is unlikely, but caution would be advised.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News