Binance Loses Global Market Share Due to Ongoing Regulatory Crackdown, South Korean Traders Bet on Solar and Icon Tokens and More
Meme Coins: Are They a Viable Investment Opportunity or a Risky Scam?
Cryptocurrencies have been around for over a decade, and the rise of meme coins has brought a new twist to the world of digital assets.
> Meme coins are cryptocurrencies inspired by internet memes and are created for fun or to mock the traditional financial system.
> The most famous meme coin is Dogecoin, which has gained popularity over the years, thanks to the support of celebrities such as Elon Musk.
> However, meme coins have also been associated with high volatility and fraud such as “rug pull.”
> In this article we explore the dangers of meme coins and whether they are a money making opportunity or just another scam. Full report here.
> Meme coins are cryptocurrencies inspired by internet memes and are created for fun or to mock the traditional financial system.
> The most famous meme coin is Dogecoin, which has gained popularity over the years, thanks to the support of celebrities such as Elon Musk.
> However, meme coins have also been associated with high volatility and fraud such as “rug pull.”
> In this article we explore the dangers of meme coins and whether they are a money making opportunity or just another scam. Full report here.
Binance loses 16% global market share due to regulatory crackdown
Over the past two weeks, Binance, the world’s largest cryptocurrency exchange, has lost 16% of its market share in trading volume.
> The loss follows the decision to end its zero-fee trading program and a lawsuit by the Commodity Futures Trading Commission (CFTC).
> Despite the decline, Binance is still the largest exchange in the world with 54% dominance.
> According to analysts, Binance’s excess volume largely disappeared with the end of zero-fee trading, resulting in an even spread in market share among remaining exchanges.
> Upbit is the only exchange out of 17 analyzed that claims a significant share of volume, although recent volume on the Korean exchange is concentrated in XRP trading pairs. More here. Details here.
> The loss follows the decision to end its zero-fee trading program and a lawsuit by the Commodity Futures Trading Commission (CFTC).
> Despite the decline, Binance is still the largest exchange in the world with 54% dominance.
> According to analysts, Binance’s excess volume largely disappeared with the end of zero-fee trading, resulting in an even spread in market share among remaining exchanges.
> Upbit is the only exchange out of 17 analyzed that claims a significant share of volume, although recent volume on the Korean exchange is concentrated in XRP trading pairs. More here. Details here.
South Korean crypto market
High trading volumes are driving solar and icon tokens to new heights in the South Korean crypto market
South Korean traders have set their sights on Solar (SXP) and Icon (ICX) tokens, both of which have surged as much as 40% in the past 24 hours, with hundreds of millions of dollars in trading volume on local crypto exchanges.
> The ICX Korean won token pair alone saw over $420 million in trading volume on UpBit, a prominent South Korean exchange, while the SXP won trading pair had over $490 million in volume, surpassing both bitcoin and ether trading pairs.
> It is worth noting that in both cases the trading volume exceeded the market capitalization, with SXP having a market capitalization of $455 million at the time of writing on Tuesday, while Icon’s capitalization is just under $350 million. Continue here.
> The ICX Korean won token pair alone saw over $420 million in trading volume on UpBit, a prominent South Korean exchange, while the SXP won trading pair had over $490 million in volume, surpassing both bitcoin and ether trading pairs.
> It is worth noting that in both cases the trading volume exceeded the market capitalization, with SXP having a market capitalization of $455 million at the time of writing on Tuesday, while Icon’s capitalization is just under $350 million. Continue here.
Crypto Venture Firm Dragonfly Capital Invests $10 Million In Bitget Derivatives Exchange
Bitget, a Seychelles-registered crypto derivatives exchange, has received a $10 million strategic investment from San Francisco-based crypto venture firm Dragonfly Capital.
> This comes during a busy period for Bitget, which recently bought crypto wallet BitKeep after investing $30 million in the startup.
> BitKeep is considered to be Asia’s largest crypto wallet with 9.5 million users, while Bitget had eight million users before the agreement was signed.
> Founded in 2018, Bitget primarily serves clients in Asia, Latin America and Europe, and is best known as a futures trading platform.
> In fact, a Boston Consulting Group report ranked Bitget as a top three derivatives exchange last July.
> The collapse of Sam Bankman-Fried’s FTX late last year blew the competition for derivatives volume wide open. Details here.
> This comes during a busy period for Bitget, which recently bought crypto wallet BitKeep after investing $30 million in the startup.
> BitKeep is considered to be Asia’s largest crypto wallet with 9.5 million users, while Bitget had eight million users before the agreement was signed.
> Founded in 2018, Bitget primarily serves clients in Asia, Latin America and Europe, and is best known as a futures trading platform.
> In fact, a Boston Consulting Group report ranked Bitget as a top three derivatives exchange last July.
> The collapse of Sam Bankman-Fried’s FTX late last year blew the competition for derivatives volume wide open. Details here.
South Korean authorities seize $160 million in assets from Terraform Labs co-founder and former employees
South Korean authorities have reportedly confiscated assets worth about $160 million from eight people linked to the collapse of Terraform Labs, including co-founder Daniel Shin.
> Prosecutors in Seoul’s southern district seized about 210 billion won in property owned by former Terra employees, primarily former vice president Kim Mo, and an unnamed executive.
> Prosecutors have stated that they are investigating the property status of the suspects and plan to recover the proceeds of crime and compensation.
> The prosecutors’ actions were aimed at preventing former Terra employees from disposing of assets that could potentially be used in criminal cases.
> No arrest warrants have been issued for Shin, and the report did not mention any crypto assets seized as part of the investigation. Continue reading.
> Prosecutors in Seoul’s southern district seized about 210 billion won in property owned by former Terra employees, primarily former vice president Kim Mo, and an unnamed executive.
> Prosecutors have stated that they are investigating the property status of the suspects and plan to recover the proceeds of crime and compensation.
> The prosecutors’ actions were aimed at preventing former Terra employees from disposing of assets that could potentially be used in criminal cases.
> No arrest warrants have been issued for Shin, and the report did not mention any crypto assets seized as part of the investigation. Continue reading.
Donald Trump’s NFT Collection Sees 133% Sales Increase Ahead of Trial
The non-fungible token (NFT) collection of former US President Donald Trump saw a 133% increase in sales on Tuesday, just hours before his trial in Manhattan, according to data from CryptoSlam.
> The digital cards, featuring Trump’s image, were worth nearly $37,000 in the past 24 hours.
> This comes as the former president was indicted by a grand jury last week for alleged hush money payments to adult film actress Stormy Daniels, and is expected to appear in US District Court for the Southern District of New York today.
> However, the latest price spike is relatively small, with Trump’s 45,000-item NFT collection selling out within hours and generating $3.53 million in sales just months ago in December. More here
> The digital cards, featuring Trump’s image, were worth nearly $37,000 in the past 24 hours.
> This comes as the former president was indicted by a grand jury last week for alleged hush money payments to adult film actress Stormy Daniels, and is expected to appear in US District Court for the Southern District of New York today.
> However, the latest price spike is relatively small, with Trump’s 45,000-item NFT collection selling out within hours and generating $3.53 million in sales just months ago in December. More here
OPNX Exchange Goes Live: Trade Bankrupt Crypto Companies’ Claims and Major Tokens
Open Exchange (OPNX), a crypto-focused exchange that offers trading of claims from bankrupt crypto companies, has officially launched, according to a tweet by CEO Leslie Lamb.
> OPNX provides a platform for trading claims related to crypto exchange bankruptcies, with an alleged market capitalization of $20 billion.
> The exchange will offer claims from companies such as FTX and CoinFLEX, with FTX claims currently trading at a discounted price of 20 cents on the dollar.
> In addition to claim trading, OPNX also offers spot and futures trading for major tokens, including bitcoin, ether, dogecoin and USD coins.
> The native token of the platform is CoinFLEX’s FLEX token, which can be used to receive up to a 50% discount on trading fees and is expected to improve value for holders in the future. Details here.
> OPNX provides a platform for trading claims related to crypto exchange bankruptcies, with an alleged market capitalization of $20 billion.
> The exchange will offer claims from companies such as FTX and CoinFLEX, with FTX claims currently trading at a discounted price of 20 cents on the dollar.
> In addition to claim trading, OPNX also offers spot and futures trading for major tokens, including bitcoin, ether, dogecoin and USD coins.
> The native token of the platform is CoinFLEX’s FLEX token, which can be used to receive up to a 50% discount on trading fees and is expected to improve value for holders in the future. Details here.
Michael Terpin’s $240M Lawsuit Against AT&T for SIM Swap Hacking Dismissed
After nearly six years of litigation, AT&T has won a lawsuit filed by crypto investor Michael Terpin over the loss of millions in digital assets due to a SIM swapping hack.
> The Central District Court of California granted AT&T’s motion for summary judgment, saying there is no evidence to support Terpin’s claims against the company.
> In mid-2017, hackers used an AT&T employee to swap Terpin’s SIM settings with their own, allowing them to reset passwords and steal $24 million in crypto.
> Terpin filed suit in 2018, seeking damages for the loss of the cryptograph and punitive damages totaling $240 million. More here.
> The Central District Court of California granted AT&T’s motion for summary judgment, saying there is no evidence to support Terpin’s claims against the company.
> In mid-2017, hackers used an AT&T employee to swap Terpin’s SIM settings with their own, allowing them to reset passwords and steal $24 million in crypto.
> Terpin filed suit in 2018, seeking damages for the loss of the cryptograph and punitive damages totaling $240 million. More here.
Ethereum’s Ether Rises to Eight-Month High Outshining Bitcoin
On Tuesday, Ether (ETH), the original token of Ethereum’s blockchain, surpassed market leader bitcoin (BTC) by hitting an eight-month high.
> The rally in Ether’s price to $1,873 was driven by US stock futures trading higher while the dollar index fell, according to CoinDesk data.
> Meanwhile, Bitcoin rose 1.7% to $28,300. The Ether-Bitcoin ratio also saw a slight increase of over 1% to 0.066, recovering a small portion of its 7% decline from last month.
