Bitcoin (BTC) ends the week on a positive note
Interest in “Bitcoin Request for Comment,” or BRC-20, tokens built with Ordinals and stored on the Bitcoin base chain has shot in the air, raise the market value by several hundred percent. At the time of writing, the combined market capitalization of more than 8,800 BRC-20 tokens was $137 million, a staggering 682% increase from $17.5 million a week ago, according to data tracked by Ordspace. A pseudonymous analyst at the chain is called Dome created the BRC-20 token standard in early March to facilitate the issuance and transfer of fungible tokens on the Bitcoin blockchain. The experimental invention came weeks after the Ordinals Protocol was published, allowing users to enter digital art references into small transactions on the Bitcoin blockchain. The BRC-20 standard sounds similar to the popular ERC-20 standard, but the two are different, and the former lacks the ability to interact with smart contracts.
Crypto lender Celsius Network seeks to mix its UK and US units, as court documents claim the distinction between the two was a “moist one”. The bankrupt crypto firm is the latest to face allegations of poor record-keeping in its corporate structure, in a legal battle that pits its clients against Series B investors. In 2021, the firm – whose Celsius Network Limited arm had been warned to cease operations in the UK by that country’s Financial Conduct Authority (FCA) – created a limited liability company (LLC) in Delaware and attempted to transfer assets through a series of financial transactions.
Tron founder Justin Sun said on Monday that he has arranged a full refund of a $56 million transfer to exchange platform Binance following a warning from the latter’s CEO against a potential token grab of the new SUI token. After the sizeable transfer made in trueUSD (TUSD) was flagged by Whale Alert early Monday, Binance CEO Changpeng Zhao took to Twitter to say that his platform has warned Sun that it will take action if he used any of the funds to buy up large amounts of SUI tokens from Binance’s Launchpool. “Binance LaunchPool is meant as airdrops for our retail users, not just for a few whales,” Zhao said. The SUI token release, the native token of the layer1 blockchain Sui, is set to take place when the mainnet goes live on May 3rd. On Sunday, Binance announced that the SUI token will be available via Launchpool, which allows users to stake their crypto assets. to provide funds to a liquidity pool and receive rewards in return.
