Jun 22, 2024 12:05

WIF Plunges 11% As Whale Deposits Millions To Binance, Whos Behind It?

Memecoins are in red this week as most sectors of the crypto market struggle. Dogwifhat (WIF) has not been the exception.  The memecoin sensation of Q1 saw a significant price drop following the movements of a whale. Recently, an address transferred millions of WIF to a crypto exchange, which ignited speculation about who was behind the transaction. Related Reading: LayerZeros ZRO Token Airdrop Receives Backlash For Proof-Of-Donation Mechanism 6 Million WIF To Binance On Friday, reports of a massive WIF transfer to Binance hit the crypto community. Per the report, one of the top dogwifhat holders moved millions to the largest crypto exchange. The whale transferred 5.97 million WIF, worth around $11 million, on June 21. Additionally, the address offloaded 48 million Trump Coin (DJT), approximately $500,000. After the news, the crypto community began speculating who was behind the transfer. Some users claimed the whale was crypto trader Ansem, who was very vocal about WIF. The trader was also part of the Las Vegas Sphere project, where users donated around $700,000 to project the tokens image in the Sphere.   Users on X criticized Ansem for the alleged deposit, expressing their disappointment in his capitulation. Some investors took the opportunity to express their discontent with the trader for grifting and dumping on investors. The discussion sparked an important conversation: should Key Opinion Leaders (KOLs) not move their money? One user considers that Ansem, and all KOLs, are free to do what they want with their money.  The user argued that KOLs are subjected to criticism regardless of their route. When people sell before you do, they are jeet. When KOLs sell some of their holdings or even move it around, they are pump and dampers. Several community members agreed and questioned if KOLs are obligated to hold a token until investors are happy with their profits.  However, others argue that community members are arbiters of traders reputations.   Dogwifhat Take A Blow, But Was It Ansem? Despite the rumors, online reports suggest the wallet is not linked to the crypto trader. After deep-diving into the address, a community member found that the address was not associated with Ansem. The post notes that the only reason it was linked to the trader was the large WIF balance and many Solana memecoins. However, the address has a record of selling their token at a loss to FOMO into new shiny stuff. Furthermore, the wallet seems to be linked to a now-deleted X account.  At the time of writing, the trader has not acknowledged the rumors.   After the reports, WIFs price dropped from the $1.90 to the $1.80 price range. On the last day, the memecoin plunged from the $2.15 mark, representing a 13% decrease. Related Reading: Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree The token has also seen a 25.3% and 36.1% drop in the weekly and monthly timeframes. Crypto analyst Bluntz forecasted a bearish $1 target for the dog-themed memecoin. Ultimately, the analyst stated that a descent to the $1 support level was inevitable before the next parabolic leg. As of this writing, WIF is trading at $1.83. Featured Image from Unsplash.com, Chart from TradingView.com

Dec 15, 2022 06:30

Binance Customer Withdrawals Reach Record Levels – Is Bankruptcy Looming?

Binance, the world’s largest crypto exchange by trading volume, endured a series of withdrawals on Monday, December 12, amid concerns about its proof of reserve [...]

Apr 23, 2022 04:20

Binance TAKES BACK $5 Million+ in Stolen Crypto from North Korean Hacker Group 'Lazarus'...

Binance says they were able to recover about $5.8 million worth of the stolen crypto that made its way onto its platform, originally taken from the Ronin Network/Axie Infinity bridge security breach that occurred at the end of last month, the original story is here.

Last week, the  U.S. Treasury Department identified North Korean hacking group 'Lazarus' as the attackers behind the theft.

Immediately after the theft occurred resources were deployed to follow every step the stolen coins would make...

The thieves attempted to use tornado.cash, a service that aims to make transactions that go through it private by breaking the chain of custody, they explain their service "uses a smart contract that accepts ETH deposits that can be withdrawn by a different address" and suggest the longer users wait to withdraw the funds they hold, the harder it becomes to link the person withdrawing to the original deposit.

This wasn't enough to hide their tracks, "We coordinated with industry leading blockchain analytics firms and immediately froze the funds when exposure to our platform was identified" a spokesperson for Binance said. 

We believe Chainalysis is the analytics firm they're referencing, as we know they've worked closely with Binance on legal compliance and anti-fraud issues for years, they also develop software specifically for the purpose of following tokens through transactions intended to hide their trail.

According to Binance CEO 'CZ' they also discovered 86 fraudulent accounts by following these funds. 

A Small Part Of The Massive Total...

The theft totaled more than $600 million in cryptocurrency, so recovery of just $5.8 million isn't even 1% of the total taken..  

But this was just the first battle in what will be an ongoing war, that we're now learning more about.

A Target On Them Every Second, of Every Day...

Speaking 'unofficially' with a cyber security coordinator from another top exchange (who requested to remain unnamed) the industry is taking an ultra-aggressive approach to dealing with the issue of hacks and ransomware that target or use cryptocurrencies.

"The coins are being watched by software that doesn't lose track of them just because they've been shuffled around and split up countless times before attempting to cash out" he explained "as soon as one of the firms monitoring these flagged coins sees them being transferred to an exchange capable of turning them in to cash - if we're that exchange, our phone is ringing seconds later. Someone capable of immediately freezing those funds will actually be there to answer it 24/7".

This coordination between organizations has one main goal "we want people from that world to see crypto as the worst, most headache-inducing way to do business" specifically regarding this latest theft, he added "I can imagine the celebrating these crooks did when they believed they had stolen $600 million.  Then I imagine these next few months, failing again and again to get their hands on it - unintentionally returning it to their victim.  At some point they'll need to evaluate how much time they've wasted for these $0 paydays."

We ended our conversation with him making a rather bold prediction "No joke - in the near future I see the scammers, hackers, thieves, hostile governments and whoever else may be from that world of illegitimated earnings demanding 'NO CRYPTO!' because we've made doing their business in crypto such an awful, stressful experience".

That's Exactly How it Continues to Play Out...The thieves 'awful, stressful experience' continues as the US Treasury Department adds three more addresses to its list of blacklisted wallets connected to the Ronin Network hack.

Vowing to continue the "disruptive action against entities facilitating the movement of the stolen virtual currency" and calling on the crypto industry to "lock its digital doors" leaving the thieves with hundreds of millions of dollars... that are impossible to spend. 

Chainalysis recently released a completely free tool that any company or organization can easily integrate into whatever service they provide, allowing them to automatically check wallet addresses they or a user are transacting with are not on the blacklist of wallets involved in various illegal activities.

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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

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Feb 01, 2024 04:02

Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

According to a recent CoinGecko report, Binance, the world’s largest centralized exchange (CEX) by trading volume, has retained its market leadership position in 2023.  Despite facing increased regulatory scrutiny and undergoing significant leadership changes, Binance maintained a market share of 43.7% and saw its spot trading volume rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) increase. Binance Trading Volume Reached $3.8 Trillion In 2023 According to CoinGecko’s report, Binance started the year with a commanding 63.5% market share but experienced a gradual decline throughout 2023, ending with a 43.7% market share in December.  While Binance still dominated the market with 52.6% of the total spot trading volume in 2023, the exchange’s relative market share decline was notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year. Related Reading: Analyst Compared Solana To Ethereum ICO Boom, What Does This Mean For SOL Price? As previously reported, Binance faced significant regulatory pressure throughout 2023, culminating in a settlement agreement in November that required the exchange to pay a $4.3 billion fine to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial breaches.  As part of the settlement, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step down. Richard Teng has assumed the role of the company’s head, while CZ remains restricted from traveling outside the jurisdiction of the United States as the legal battle unfolds.  Upbit And OKX Follow Closely Upbit, South Korea’s largest cryptocurrency exchange, managed to maintain its position as the second-largest centralized exchange in 2023, with a 9.5% market share and $687.0 billion in spot trading volume for the year. According to the report, Upbit benefited from the Kimchi Premium, which resulted in strong local demand and premium prices for crypto assets.  The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) increase. Related Reading: Shiba Inu Prints Rare Bullish Signal, Eyes This Price Target Conversely, OKX secured the third position among centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in trading volume. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December. The exchange’s trading volume in Q4 reached $177.9 billion, reflecting a notable 151.6% QoQ gain. Among the top 10 centralized exchanges, CoinGecko reports that MEXC recorded the highest growth in Q4 2023, with trading volume surging by 203.7% to $90.4 billion.  Bybit followed closely with a growth rate of 162.1% ($107.5 billion), while KuCoin experienced a growth rate of 161.2% ($49.2 billion). KuCoin regained its spot in the Top 10 in Q4 after briefly losing it in Q3, with a market share of 3.3% at the end of December. Binance Coin (BNB) has successfully maintained its position above the $300 threshold, with the current trading price standing at $304. This represents a 1.8% decrease in price over the past 24 hours. Featured image from Shutterstock, chart from TradingView.com

Jun 12, 2023 10:30

Binance.US Plunges As Market Makers Rush To Exit, Market Depth Down 80%

Binance.US, the US subsidiary of popular cryptocurrency exchange Binance, has experienced a significant drop in liquidity, with market makers and traders reportedly fleeing the exchange in large numbers. According to data from crypto market data provider Kaiko, liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over [...]

The post Binance.US Plunges As Market Makers Rush To Exit, Market Depth Down 80% appeared first on Crypto Breaking News.

Jun 06, 2023 12:40

The TRUTH About The SEC's Lawsuit Against Binance - Why The SEC Has NOT Been Telling The FULL Story...

Just a month ago, the scent of a showdown was in the air when Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), expressed his distaste for Binance during an interrogation by Congress. Labeling the cryptocurrency exchange as a deceiver of customers and a circumventor of U.S. securities laws, Gensler signaled a storm brewing on the horizon.

Fast forward to today, Binance finds itself squarely in the SEC's sights. A formal lawsuit against Binance, its CEO, and associated parties has been filed, alleging severe breaches of federal securities laws. According to the SEC, these supposed violations jeopardized investors' assets and enabled the accused to unlawfully accumulate profits totaling billions.

Before diving into the lawsuit, it's important to understand how things got here...

There are some vital details that set the stage for the ensuing legal battle. This is not your regular SEC operation.

- SEC Chairman Gary Gensler is one of the most contentious leaders to date.

His leadership style significantly deviates from his predecessors, instigating a tense atmosphere between the SEC and regulated firms.

Formerly, the SEC used to handle compliance issues in a manner that fostered dialogue between enterprises and regulators. However, attempts to uphold this tradition of open communication under Gensler's leadership were met with silence. A notable point of concern is Gensler's often refusal to respond to inquiries, even when he is the sole authority capable of answering.

His silence speaks volumes when firms, after being overlooked, find themselves on the receiving end of an SEC lawsuit. "Leveraging enforcement actions to interpret law in a burgeoning industry is neither an effective nor equitable regulatory approach," argues a congressional representative.

SEC Chair Gary Gensler takes questions from Congress.

- Under Gensler has we have witnessed a large number of disgruntled employees leaving the SEC, and unhappy businesses leaving the country...

Gensler's management style has been controversial, eliciting criticism from within the SEC. Commissioner Hester Pierce described his leadership as 'lethargic,' critiquing the reliance on enforcement actions for legislative interpretation in an emerging industry as inefficient and unfair.

An odd and concerning illustration of the SEC's operations is its interaction with Coinbase.

Despite obtaining SEC approval and listing on the stock exchange following detailed disclosure of operations, Coinbase, without any operational changes, received a Wells Notice stating an impending lawsuit for potential violations.

Essentially, after SEC approval and subsequent investment of hundreds of millions of dollars, the same stock is now at risk due to SEC's targeted legal action despite no changes in business operations.

Criticized for Missing in Action When the SEC was Actually Needed - FTX Debacle Occurred on Gensler's Watch.

While firms seeking guidance were ignored, then slapped with lawsuits for violating undisclosed rules, FTX, under Gensler's supervision, ascended to be the #2 global exchange free of any interference. Ironically, the Binance CEO, now facing a lawsuit, exposed FTX's underlying fraud.

The SEC was conspicuous by its absence as users traded assets that were non-existent or misplaced due to FTX's deficient and fraudulent accounting.

These are not criminal charges.

The lawsuit seeks financial penalties for regulation violations. No criminal incarceration can result from the legal actions taken thus far.

A recurring name you will see in the charges 'BAM Trading'.

Listed as the 'owner' of Binance.us, BAM Trading was purportedly created to comply with U.S. laws. However, the SEC alleges that Binance.com CEO CZ controls both Binance.com and Binance.us, implying that BAM Trading is merely a facade for Binance's U.S. operations.

Armed with this background, let's delve into the lawsuit:

The SEC accuses Binance and BAM Trading of deceptive practices, enticing U.S. investors into buying, selling, and trading crypto assets through their unregistered online platforms, Binance.com and Binance.US. The defendants are alleged to have offered unauthorized crypto asset securities, imperiling investor wealth.

The charges extend to Binance and BAM Trading's operations, helmed by Zhao Changpeng, for providing securities market services—trading, brokering, and clearing—on their platforms without SEC authorization.

Moreover, the lawsuit alleges that Binance and BAM Trading partook in illegal, unregistered offers and sales of crypto asset securities, concealing crucial investment-related information.

Another accusation centers on BAM Trading and BAM Management's deceitful promises about the Binance.US Platform's controls, while allegedly accumulating about $200 million from private investors and billions in trading volume.

The lawsuit goes on to accuse Binance of an underground operation, alleging a multi-step strategy since 2018 to evade U.S. laws. The scheme involved the establishment of BAM entities in the U.S. under Zhao and Binance's control, disguised as independent operators of the Binance.US Platform.

Furthermore, the defendants are accused of circumventing U.S. regulatory oversight while providing securities-related services to U.S. clients. The defendants also reportedly failed to implement vital trading surveillance or manipulative trading controls, leading to 'wash trading' and self-dealing on the Binance.US Platform.

The lawsuit portrays Binance and BAM Trading as willful evaders of key disclosure requirements and other investor and market protections, thereby violating the Securities Act of 1933 and the Securities Exchange Act of 1934.

Binance Vows to Stand Its Ground...

As this report was in preparation, both Binance.com and Binance.US responded.

Binance.US's response emphasized that "the lawsuit is baseless, and we intend to defend ourselves vigorously." The full statement is available on their Twitter account.

Binance.com denounced the SEC's actions on their website, asserting the SEC has "zero justification" to suggest customer assets were at risk. They stated that instead of engaging in a productive dialogue about the platform's safety and security, the SEC preferred to "make headlines."

CEO and Founder CZ took to Twitter, sarcastically polling "Who protects you more?" between the SEC and Binance—with Binance commanding an 85% lead. He also retweeted the SEC Chairman's lawsuit announcement, provocatively asking "Wonder if he ever reads the comments under his post, from the consumers he is suppose to protect?" 

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Author: Mark Pippen
London News Desk | Breaking Crypto News

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Aug 05, 2023 04:45

Binance Celebrates Significant Milestone After Six Years In Operation

Binance, the world’s largest crypto exchange by trading volume, has achieved another significant milestone. The firm, which recently turned six, keeps racking up several achievements despite the FUD that has surrounded it in recent times.  A Worthy Feat For Binance The world’s largest crypto exchange by daily trading volume has recently disclosed that its registered users now stand at a whopping 150 million. This was revealed in a tweet by its CEO, Changpeng “CZ” Zhao, on Thursday.  Related Reading: Bitstamp Makes Highly Anticipated XRP Announcement, But Does It Live Up To The Hype? In the tweet, CZ noted his company’s milestone amidst growing regulatory scrutiny of its operations the world over. However, despite navigating through different challenges, Binance has managed to captivate the interest of several millions of users around the globe. So this is a testament to the platform’s quality service delivery and amazing features.  Just over a year ago, in July 2022, the exchange’s user base stood at about 120 million. The astonishing growth of 30 million users within the span of just 12 months tells of Binance’s undeniable hold in the constantly evolving cryptocurrency ecosystem.  A cursory look at the platform’s traffic data for the last three months shows that the top five nations contributing to this spike are Vietnam, India, Russia, Turkey, and Argentina. The increased expansion across various diverse geographies demonstrates the heightened acceptance and penetration of digital currencies.  BNB price trends at $241 as users base reaches new high | Source: BNBUSD on Tradingview.com Navigating Regulatory Challenges As expected, with growth comes challenges and Binance’s journey has not always been all growth and triumph. The platform has been the subject of various legal challenges across diverse jurisdictions.  The exchange was recently charged with “will evasion” and fraud by the United States Securities and Exchange Commission (SEC) in June this year. In Europe, Binance is under probe by French regulators who accused the platform of engaging in money laundering. It has also been ordered to cease rendering crypto services by Belgium’s financial watchdog.  In China, the services of the platform are restricted and inaccessible to millions of users within the country. Binance has also withdrawn its license applications and canceled its registration bids in several countries.  Related Reading: Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes However, Binance has been able to make some gains in recent times. Earlier this month, it restored services in Japan, following the purchase of the local exchange Sakura Exchange BitCoin (SEBC) in November 2022. It has also been given a license to render cryptocurrency services in Dubai.  All these hurdles make the latest milestone not only remarkable but testamentary. The road to 150 million registered users has been paved with various challenges, but Binance has so far emerged victorious and triumphant.  Featured image from Reuters, chart from Tradingview.com

Aug 03, 2023 10:10

Binance Denies WSJ Report That It Does $90 Billion a Month in Illegal Trades in China

Binance, the world’s largest crypto exchange, denied a Wall Street Journal report that said it trades $90 billion in China in a month despite the [...]