Ethereum News by Thebittimes.Com

Footage has emerged of Binance exec Tigran Gambaryan, who has been detained in Nigeria for seven months, pleading with Nigerian prison staff after authorities reportedly denied his request for a wheelchair. The Binance staffer, who was detained alongside fellow Binance executive Nadeem Anjarwalla when the pair traveled to Nigeria in February, was in court to answer money laundering charges. However, before proceedings could begin, he was seen screaming at prison staff and journalists, begging for help, and accusing the court of instructing warders not to help him. In a video uploaded to X (formerly Twitter) he is seen shouting, “This is f*cked up. Why couldn’t I use a goddamn wheelchair? This is a show. I’m a f*cking innocent person. Why are you doing this to me?” After being refused help from prison staff, he continued, “ I can’t f*cking walk, this is f*cked up. I’m a f*cking human. “I’m not f*cking okay .” Gambaryan has been denied bail on two occasions and alleges that, while i

MilkyWay secures $5M funding led by Binance Labs and Polychain Capital. MilkyWay boasts 156,000+ milkTIA holders and integrates with 10+ DeFi protocols. Binance co-founder emphasizes support for MilkyWay’s growth in the Celestia ecosystem. MilkyWay, a liquid staking protocol operating within Celestia’s ecosystem, has achieved a significant milestone after successfully raising $5 million in its just concluded seed funding round. The seed funding round was backed by notable investors like Binance Labs and Polychain Capital marking a pivotal moment in MilkyWay’s journey towards enhancing liquidity and utility for Celestia (TIA) token holders. MilkyWay’s rise to prominence MilkyWay, spearheaded by a team of seasoned engineers from various renowned projects, has swiftly emerged as a frontrunner in the liquid staking arena. MilkyWay’s primary objective is to augment liquidity, composability, and utility for TIA token holders, ultimately driving capital effic

Binance has released its latest Proof-of-Reserve (PoR) report for March 2024. The report highlights the exchange’s holdings of various cryptocurrencies, including 67.67 trillion Shiba Inu (SHIB) tokens.  The PoR report, which was conducted through an audit on April 1, 2024, at 00:00 (UTC), shows that Binance holds billions of dollars’ worth of cryptocurrencies, with Shiba Inu being a notable holding by the exchange. Also read: Cryptocurrency: 3 Coins You Should Buy For The Bull Run Binance’s Shiba Inu Holdings Exceed User Deposits The report shows that Binance’s Shiba Inu reserve exceeds users’ deposits by 3.59%. According to the data, Binance customers’ net balance stands at 65,321,321,452,095.36 (65.32 trillion) SHIB tokens, while the exchange boasts a reserve of 67,670,462,296,521 (67.67 trillion) SHIB. This suggests that Binance backs its users’ Shiba Inu deposits at a ratio of 103.60%. With SHIB currently trading at $0.00002752, the value of users’ Shiba Inu dep

CommEX has announced that it will “completely shut down the official website on 10 May” due to “strategic planning adjustments,” according to a blog post on its support website. CommEX purchased Binance’s Russian operations in September, though questions swirled about the ownership and financial entanglements between Binance and this newly formed entity.  Binance raises red flags by selling Russian arm to brand-new CommEX These concerns were compounded when users noticed that CommEX seemed strikingly similar to Binance , leading many to assume that it was a white-label Binance Cloud-based exchange.  This was compounded by the fact that CommEX offered a ‘Log in with Binance.com’ option, making it easy for users of Binance in Russia to quickly transition to the incredibly similar CommEX .  Even Changpeng Zhao , then-chief exec of Binance , added that BNB users would “continue to enjoy a 25% trading fee discount on” CommEX.  The Context: Binance woes in Russia disappear How to

Cryptocurrency exchange Binance has denied claims of a leak in its security system . After an X post claiming Binance user data was available on GitHub, Binance support noted in a post dated Feb. 5 that there are no leaks in the platform’s system and user accounts remain secure. This is how company employees responded to a statement from user X, who stated that the KYC data of the Binance user was suspected of being sold on the darknet and leaked by hackers. Our security team has assessed this – as they do all potential threats – and have confirmed there is no such leak from Binance system s. User accounts remains safe. Accounts are secured through many defenses, including MFA, biometrics, authenticators, etc. As always, we… — Binance Customer Support (@BinanceHelpDesk) February 4, 2024 The internet hacker previously claimed they had access to KodexGlobal’s law enforcement requests account, allowing buyers to “subpoena” user information from companies like Coinbase, Binance, C

Cryptocurrency exchange Binance has allowed large traders to store their assets in other banks . According to the Financial Times, before this, Binance users had to store their assets on the exchange or with its custodial partner, Ceffu. Following the changes, exchange clients can are now able to use crypto-friendly institutions such as Swiss banks Sygnum or FlowBank. The publication notes that the decision may reflect user concerns about Binance’s regulatory dispute in the U.S., which resulted in the company being fined $4.3 billion in November, adding to fears caused by the bankruptcy of rival exchange FTX a year earlier. Thus, one head of a trading firm cited by the FT noted that he prefers to keep his money in a Swiss bank than in Binance. “Our banking triparty solution paves the way for greater adoption among institutional investors, as this long-standing model allows investors to manage risk while maximizing their capital efficiency by pledging collateral in the form of t

Crypto exchange Binance has countered an SEC filing, arguing that the points presented by the regulator did not apply to the specific conduct it was analyzing. In a Dec. 12 filing, Binance, its U.S. counterpart Binance.US, and founder Changpeng Zhao have collectively responded to an SEC lawsuit , contending that the SEC did not demonstrate that U.S. customers of the exchanges had entered into contracts that would be considered investment contracts under the Howey Test. The Howey Test is a legal test used in the U.S. to determine whether a transaction qualifies as an investment contract and is therefore subject to securities laws. The Binance group also argued that other necessary conditions of the Supreme Court case were not met. The move is the latest in an ongoing legal saga that began in June when the SEC accused Binance and Binance.US of allowing the public to purchase and trade unregistered securities. The regulator’s allegations pointed to the listing of certain cryptocurre

Barry Silbert successor at Grayscale, Michael Sonnenshein, wants the ability as CEO to commingle the bitcoin backing its $23 billion bitcoin trust, GBTC, in shared, omnibus accounts “from time to time.”  This is according to a letter sent to all GBTC shareholders, that was filed with the Securities and Exchange Commission (SEC). Grayscale would like this bitcoin commingling discretion despite the New York Attorney General’s (NYAG) lawsuit against Barry Silbert and Grayscale’s parent company for concealing over $1 billion in losses from investors. Despite Silbert’s misstatements about over a billion dollars as documented by NYAG, he assures GBTC investors that Grayscale will only commingle bitcoin at its discretion in order to use “the prime brokerage services of an affiliate of the custodian.” Some people thought Grayscale’s filing was simply a step in converting GBTC into an ETF. Not so. Indeed, the filing specifically admits that permission to commingle bitcoin in omnibus accou

Ether price struggles amid regulatory concerns and a drop in DApp usage. Ether (ETH) is struggling to maintain the $2,000 support as of Nov. 27, following its third unsuccessful attempt in 15 days to surpass the $2,100 mark. This downturn in Ether's performance comes as the broader cryptocurrency market sentiment deteriorates, thus one needs to analyze whether  It’s possible that recent developments, such as the U.S. Department of Justice (DOJ) signaling potential severe repercussions for Binance founder Changpeng “CZ” Zhao, have contributed to the negative outlook. In a filing on Nov. 22 to a Seattle federal court, U.S. prosecutors sought a review and reversal of a judge’s decision permitting CZ to return to the United Arab Emirates on a $175-million bond. The DOJ argues that Zhao poses an “unacceptable risk of flight and nonappearance” if allowed to leave the U.S. pending sentencing. Ethereum DApps and DeFi face new challenges  The recent $46 million KyberSwap exploit on Nov. 2

FTX native token, FTT, has surged by over 21% in the daily charts and by over 155% in the last 14 days. Moreover, the token’s price has spiked by over 300% over the previous month. FTX ’s latest FTT spike comes after Binance CEO Changpang Zhao (CZ) pleaded guilty to charges and stepped down as the company’s head. Also Read: Binance Sees $1B Outflow Post CZ Resignation Amid U.S. Legal Woes . Source: CoinGecko According to crypto Analysis firm Santiment, FTX ’s native token entered its second rally after CZ’s departure. The firm highlights that FTT’s price was pushed by the ten largest wallets, accumulating $12.8 million worth of tokens in 19 days. 📈 Those who took a chance on $FTT continue to be rewarded, with a second rally for # FTX 's native token coming after yesterday's #Binance news. Its price appears to have been boosted by the 10 largest wallets accumulating $12.8M worth of coins in 19 days. https://t.co/V3QNq91asF pic.twitter.com/DL5pkVfW96 — Santiment (

The house that CZ built will now be helmed by its Head of Regional Markets as the U.S. Department of Justice has barred the former CEO from his position. Binance has named its head of regional markets outside of the U.S., Richard Teng, as its new CEO. The change comes as founder and former CEO Changpeng “CZ” Zhao has resigned and plead guilty to charges levied against him by the U.S. Department of Justice.  Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. Binance is no longer a baby. It is… — CZ Binance (@cz_binance) November 21, 2023 As Cointelegraph reported earlier, CZ and Binance have agreed to a plea deal with the DOJ over alleged anti-money laundering violations. The resulting settlement will cost the company $4.3 billion dollars and, reportedly, bars CZ from serving as an executive at

Binance transferred $3.9 billion USDT between its wallets, days before a report about a $4 billion settlement with the United States Justice Department was published. Crypto community members on X (formerly Twitter) have turned their focus onto a $3.9 billion Tether (USDT) transaction between Binance wallets that surfaced on social media, following reports claiming that the United States Justice Department is negotiating a $4 billion settlement with the company.  On Nov. 20, a Bloomberg report citing anonymous sources said that the Justice Department is negotiating an agreement with crypto exchange Binance requiring the company to pay $4 billion in fines. Once paid, the firm will be allowed to operate in the U.S. while complying with its laws. The report said this could be announced as soon as the end of November. On Nov. 9, Binance transferred 3.9 billion USDT from its wallet called “Binance-Cold 2” on Tron to its wallet labeled “Binance 3.” After the transfer, 300 million USDT wa

The investment s follow Vitalik Buterin‘s decision to join the Farcaster decentralized network. Binance’s venture arm, Binance Labs, has announced an investment in CyberConnect, a decentralized social protocol. In an X post on Oct. 25, the $9 billion venture capital firm said the decision to back the protocol reflects its confidence in the potential of social finance (sofi) to boost web3 adoption. We have made a follow- on investment round in @CyberConnectHQ, a decentralized social network. We see SocialFi's potential in propelling Web3 into the mainstream, and we’ll be hosting an AMA to dive into the opportunities of social integrations across the ecosystem. Stay tuned! — Binance Labs Fund (@BinanceLabs) October 25, 2023 Although the funding amount was not disclosed, the announcement sent CYBER, a native token for CyberConnect, soaring 30% up to $6.4, as per CoinGecko. Cyberconnect price | Source: CoinGecko The deal comes just a week after Ethereum co-founder Vitali

BNB Greenfield is a decentralised data storage network that offers fast uploads and downloads. Its mainnet release marks a new era for Web3 data ownership, the BNB Chain team said in an announcement. BNB Chain has launched mainnet for Greenfield, a decentralised data storage network natively bridged to the BNB Smart Chain (BSC). Binance ’s BNB Chain is an ecosystem of several decentralised blockchains, including the staking and governance layer BNB Beacon Chain and the EVM-compatible BNB Smart Chain (BSC). Recently launched layer-2 solution op BNB is part of this growing ecosystem that’s powered by native token BNB . BNB Greenfield for Web3 data ownership Greenfield offers a high performance data storage platform with cross-chain programmability, built-in access control, fast bandwidth and data monetization and exchange, the BNB Chain team noted in an announcement. The network also provides users, developers, and data managers among others access t

On Oct. 16, the United States Securities and Exchange Commission published its 2024 examination priorities report.  For over a decade, the agency’s Division of Examinations has consistently issued such reports, although it has never appeared at the beginning of the fiscal year. The growing presence of crypto The SEC’s Division of Examinations states they are closely monitoring the growing presence of various investments, notably crypto assets and their related offerings, as well as the rise of emerging financial technologies.  Specifically, the division will pay close attention to broker-dealers and advisers who are introducing new products, services, or innovative practices, including those employing technology, such as mobile applications and offering online solutions designed to address both compliance and marketing needs. Furthermore, the examination s will give particular attention to transfer agents catering to specific categories of issuers, such as those involved in the

CommEX, the entity that has acquired Binance’s Russian branch, will establish its base in Seychelles but will be accessible to users in Crimea, a sanctioned territory. In a Q&A session on Telegram, a CommEX spokesman said they are working with Crimea, a peninsula in Eastern Europe sanctioned by the U.S., the European Union (EU), United Kingdom (UK), Canada, and Australia. CommEX channel on Telegram | Source: Telegram At the same time, CommEX claims in its Terms of Use that users from Cuba, Iran, North Korea, and Syria, are barred from accessing the platform. You might also like: Crypto exchange SDK adds regional Swiss bank, Hypothekarbank Lenzburg Crimea is notably not mentioned. CommEX Terms of Use | Source: CommEX CommEX also says it will not offer services to “individuals or entities named as a restricted person or party on any list maintained by the United States of America, United Kingdom, European Union or United Nations, including the sanctions lists

Crypto influencer Ben Armstrong, formerly known as BitBoy, took to social media yesterday numerous times to collect donation s via livestream — and has collected over $80,000 from his followers at press time. Armstrong has been struggling since his YouTube channel and other social media accounts were taken from him by the Hit Network — a company that he helped to found — after he was accused of drug use and a family affair. Unable to use the BitBoy name, the crypto influencer has reinvented himself as Ben. Claiming to be down on his luck, Armstrong listed three addresses for individuals to donate to: a Bitcoin address, a Cardano address, and an Ethereum address. So far one of the largest donation s appears to be an almost 11,000 USDT donation from an anonymous source. “The fact is I was under duress, I’ve been under duress.” Armstrong said in a livestream yesterday, “like, when people see what they did to me with this Lamborghini, trying to bleed me out, that’s what they’re tryi

New report by Nansen delves into the distribution of staked ETH, respective holders and possible ramifications as The Merge looms. A report from blockchain analytics platform Nansen highlights five entities that hold 64% of staked Ether (ETH) ahead of Ethereum’s highly anticipated Merge with the Beacon chain. Ethereum’s shift from proof-of-work to proof-of-stake is set to take place in the coming days after final updates and shadow forks were completed in early September. The key component of The Merge sees miners no longer used as validators, replaced by stakers that commit ETH to maintain the network. Nansen’s report highlights that just over 11% of the total circulating ETH is staked, with 65% liquid and 35% illiquid. There are a total of 426,000 validators and some 80,000 depositors, while the report also highlights a small group of entities that command a significant portion of staked ETH. Three major cryptocurrency exchanges account for nearly 30% of staked ETH, namely Coinbase,

Also Read: FTX Freezes User Account on Claims Portal to Mitigate Kroll Hack advertisement US DOJ Probe On Binance Is Coming? Based on recent developments, John Deaton, the attorney representing the XRP token holders in the Ripple Vs SEC lawsuit, predicts that a DOJ indictment is on the cards. Earlier, CoinGape reported that payments company Mastercard will discontinue its crypto card payment partnership with Binance . Similarly, Visa too had announced it was dropping the crypto card partnership with the exchange. It was this development that triggered a suspicion for Deaton, that something ‘related to a criminal prosecution’ is on the cards. “I have to admit that this distancing by Mastercard and Visa make me suspect that something might be on the horizon related to a criminal prosecution. There’s been speculation and predictions that a DOJ indictment was likely to follow the CFTC/SEC filings.” What Will Happen If DOJ Initiates Prosecution Earlier, re

Sei Network’s token SEI gained over 2600% in price on the first day of its listing on Bitfinex, Binance, and Coinbase. Major exchanges , including Binance, Bybit, and Bitget, collectively listed SEI this week. On Aug. 14, Bitfinex announced they would list the native token of the Sei Network, an open-source layer-1 blockchain. On August 15, Binance also opened trading. Coinbase Assets also shared the platform’s added SEI support. ‘Decentralized NASDAQ’ Sei was released as a sector-specific layer-1 blockchain built on the Cosmos framework, tailored for trading optimization. Initially founded by Jeffrey Feng and Jayendra Jong, the team behind the project includes professionals with backgrounds working at Goldman Sachs and Airbnb.  The project has since promised rapid transaction finality of 600ms and a capacity of 22,000 orders per second. It positions itself as a “Decentralized NASDAQ.” Its goal is to deliver a hybrid trading experience that merges centralized finance (cefi) F