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Media personality Jim Cramer voiced his support for Binance in a Twitter post amidst negative speculation surrounding the firm. Cramer stated that he felt reassured by Binance and asked his followers if they shared the sentiment.  CZ Says No to Cramer Endorsement Binance CEO Changpeng Zhao responded to the tweet, alluding to the long-running inverse Cramer strategy. Cramer is widely-known to represent the consensus view in market trends, a position that rarely ever yields returns. This reputation has birthed two…

To prevent another FTX-like blowup, the Financial Stability Board (FSB) is preparing a global framework for crypto companies to be regulated like banks.  Its worldwide policy recommendations are expected to be laid out by early 2023, and enacted soon after. Responding to FTX As FSB secretary general Dietrich Domanski told the Financial Times, The board is already in “strong agreement” about the way forward for industry regulation. The goal, he said, is to have crypto service providers “held to the…

Some of the crypto community’s biggest voices are worried that Binance, the world’s largest crypto exchange, is in financial trouble. Faced with record-high withdrawal requests, influencers debate whether the exchange will soon collapse in the same fashion as FTX.  On Tuesday, Binance faced billions of dollars in withdrawal pressure, which CEO Changpeng Zhao passed off as “business as usual” for the exchange.  CZ added: I actually think it is a good idea to “stress test withdrawals” on each CEX on…

In a Tuesday press release, the US Securities and Exchange Commission announced charges against disgraced FTX founder Sam Bankman-Fried. The charges come shortly after Bahamian authorities took custody of the ex-CEO of the now-defunct exchange. SBF Falsely Promoted FTX The SEC’s complaint pointed out that Bankman-Fried had pushed his exchange platform as a reliable option for crypto trading. As such, since May 2019, the Bahamas-based firm was able to raise over $1.8B from equity investors. About $1.1B of this reportedly…

Binance has addressed reports that it is facing a probe from the US Department of Justice for money laundering. On Monday, the platform took to Twitter to announce to users via its official account that the rumors were untrue. Alleged Charges Over Money Laundering Speculations of a run-in with the law emerged after a publication alleged that Binance was in the middle of a criminal investigation. The release claimed that the authorities were looking into the firm due to suspicions…

The Defi Yield Protocol (DYP) platform has rebranded to “Dypius” to reflect its expanded product suite beyond decentralized finance.  The team is now working on developing the Dypius metaverse, which will enable special features for owners of the company’s native NFT collection.  As revealed in a press release shared with CryptoAdventure, the metaverse will feature play-to-earn game letting players use their Cats and Watches Society (CAWS) NFTs as companions. Those NFTs can allow users to check their crypto portfolios in-game. …

A lending protocol in the Arbitrum ecosystem, Lodestar Finance has fallen victim to a flash loan attack. On December 10, a malicious actor was able to cart off about $5.8M in loot from the platform. Lodestar has since posted a Twitter thread explaining how the culprit was able to do so. Hacker Tweaks Exchange Rate, Withdraws Liquidity Per the post, the attacker’s approach was to manipulate the swap rate of the network’s plvGLP contract. The culprit set the rate at…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $790 billion. Bitcoin climbs above and retains the $17,000 level. Ethereum gained only 1% over the past seven days. XRP decreased by nearly 1% this past week. Almost all altcoins are trading in the red, with few exceptions The DeFi sector maintains the total value protocols (TVL) at around $41 billion. Crypto Trends 5-11…

Mike McAffrey – CEO of The Block – has accepted millions of dollars in undisclosed funding from disgraced FTX boss Sam Bankman-Fried. The former billionaire’s aid was split across three loans – each for $12 million, $15 million, and $16 million. The first loan, received in April 2021 through a holding company MJMCCAFFREY, was used by McAffrey to lead a buyout and restructuring of the crypto media site.  The next was accepted in January 2022 by another LLC, “Lonely Road,”…