Blockchain

Despite CEO Changpeng Zhao stating potential risks, customers of the world's leading exchange Binance have expressed firm support for the platform’s zero-fee trading. Zero-Fee Trading to Pose Certain Challenges Earlier this week Binance implemented a zero-fee trading feature across 13 spot BTC trading pairs. With this move, the company gained yet another edge over its competitors and unsurprisingly earned favor with its users. Eligible swap combinations include BTC/BUSD, BTC/EUR, BTC/USDC, and BTC/USDT among others. Investors in various sectors and particularly…

The Decentral Bank team announced in a tweet that a recent issue with its smart contract has been resolved. A bug on the platform allowed a user to mint roughly 10 trillion USN tokens for only 10 USD. Swap Errors and a Refund Bug Decentral Bank unveiled the problem after a user dubbed “pavladiv. near” attempted a token swap. The user in question tried to exchange 5 of the network’s USN tokens (roughly $5) for 5 USDT tokens. The operation was…

Philippine-based public think tank Infrawatch PH has asked the Department of Trade and Industry (DTI) to probe Binance over illegally promoting offers in the country. Infrawatch PH made this request through a letter, claiming that the exchange has been targeting Filipino users with unregistered offers. The letter, which the think tank’s Convenor, Terry Ridon, addressed to DTI Secretary Ramon Lopez, read: We would like to bring to your immediate attention the illegal sales promotion of Binance which presumably have been…

Luxembourg-based crypto exchange Bitstamp has modified its operational strategy to boost trading volumes. The company announced plans to introduce an inactivity fee starting August 1. Specifically, the exchange intends to charge select inactive accounts €10 ($10.27) per month. According to the announcement, the inactivity fee will not apply to all accounts. Bitstamp specified that it targets users that have not deposited, withdrawn, or staked assets for more than a year. Moreover, the exchange said this change would only affect inactive…

Crypto lending firm Voyager Digital has filed for bankruptcy days after suspending operations. Voyager announced yesterday, noting that it voluntarily started the Chapter 11 process to maximize value for stakeholders. According to the announcement, the firm and its subsidiaries filed reorganization petitions with the US Bankruptcy Court of the Southern District of New York. Through this filing, Voyager seeks recognition of the bankruptcy case in the Ontario Superior Court of Justice pursuant to the Companies' Creditors Arrangement Act. The company…

Switzerland-based crypto lender Nexo has unveiled intentions of buying fellow lending platform Vauld. Nexo announced this news via Twitter on July 5, a day after Vauld halted operations due to financial challenges. Through this acquisition, Nexo hopes to better the crypto space and bolster its presence in Southeast Asia. [embed]https://twitter.com/Nexo/status/1544287488507781120?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet[/embed]   In a subsequent press release, Nexo said it signed an indicative term sheet with Vauld. This agreement will see Vauld offer Nexo a 60-day exclusive exploratory period regarding the…

The Monetary Authority of Singapore (MAS) is looking to bolster consumer protections as bears continue dominating the crypto market. Specifically, the regulator mulls introducing new rules that would further limit crypto exposure for retail traders. In a written response to MP Murali Pillai who asked if the regulator plans to introduce further restrictions for crypto trading platforms to protect unsophisticated users, MAS Chairman Tharman Shanmugaratnam said: MAS has been carefully considering the introduction of additional consumer protection safeguards. These may…

Singapore-based crypto lending platform Vauld has halted withdrawals, deposits, and trading. The company announced this news earlier today, citing financial difficulties as the reason for pausing operations. Vauld claims its financial strains emanate from multiple factors, including market volatility, struggling partners, and the recent crypto market downturn. According to the company, poor market conditions have seen investors withdraw more than $197.7 million since June 12. To help keep stakeholders safe, Vauld claims to have hired Kroll Pte Limited as its…

North Korean state-backed hackers were likely behind the latest crypto attack that saw Horizon lose approximately $100 million. CNBC reported earlier today, citing analysis from blockchain researchers Elliptic and Chainalysis. Per Elliptic, there are strong indications that Lazarus Group was behind the attack. The company added that the Horizon attacker converted most of the stolen funds into Ether (ETH). Following the exploit, the hacker’s address held 85,867.25 ETH. Elliptic claims that the hacker started laundering the funds through Tornado Cash,…