In a week that brought forth a very exciting ending to an already eventful month, we take a look at the events that happened this week in the cryptocurrency world
CZ Binance Dispels FUD, Speculates on Next Big Crypto Trend
Addressing recent controversies and shedding light on global regulations in the cryptocurrency space, Changpeng Zhao (CZ), CEO of Binance has dispelled several FUD about his company. In response to negative media coverage, CZ emphasized that mainstream news tends to portray cryptocurrencies in a negative light and that Binance’s large size attracts unwarranted attention. Zhao however, reiterated that the company remains committed to transparency and provides proof-of-reserve reports.
Kucoin Burnt Million Dollars of ETH By Mistake
KuCoin, the popular Cryptocurrency exchange platform recently announced that they accidentally burnt millions of dollars’ worth of Ethereum. There is no officail reason behind this action.
On the 31st of May 2023, the crypto exchange sent a significant amount of ETH, worth tens of millions of dollars, to the Ethereum burn address over three days, encompassing over 3,500 transactions of USDT and ETH. The reasons behind this move remain unknown, with theories proposing a one-time agreement with Bitfinex to redeem USDT or a system malfunction or oversight. However, these hypotheses do not explain why such a significant quantity of ETH was burned.
BYBIT Exits the Canadian Market
Bybit, a leading cryptocurrency exchange, is making an exit from the Canadian market. Bybit has made the difficult decision to pause its activities and products in Canada starting May 31, 2023 as a result of recent regulatory developments in the country. Existing Canadian customers will have limited access until July 31, with a deadline of September 30, 2023, to wind down positions.
The UAE-based exchange market expressed its commitment to regulatory compliance, but in light of changing circumstances, the company has concluded that exiting the Canadian market is the most appropriate course of action. From May 31, Bybit no longer accepted account opening applications from new users identified as Canadian nationals.
Hong Kong Unveils Digital USD
Hong Kong’s First Digital has announced the launch of their USD stablecoin FDUSD in the wake of the country’s new Cryptocurrency driven economy. FDUSD is issued on Ethereum and BNB, and as a trusted entity. First Digital Trust, a registered trust company under Hong Kong’s Trust Ordinance will oversee the issuance and management of the stablecoin.
While the launch is certainly a game-changer, it’s important to note that initially, FDUSD will not be accessible to retail users in Hong Kong. Nonetheless, First Digital is actively engaged in discussions with major exchanges for listing opportunities, paving the way for wider adoption and accessibility in the near future.
$60M Lost in May Due to Crypto Scams and Exploits
In the month of May, the cryptocurrency market witnessed a surge in scams and exploits, resulting in a staggering loss of $60 million according to blockchain security firm CertiK. These incidents highlight the ongoing challenges and risks associated with the nascent crypto industry.
Scammers and malicious actors have been targeting various aspects of the crypto ecosystem, including decentralized finance (DeFi) protocols, token launches, and smart contract vulnerabilities. This underscores the importance of robust security measures and thorough audits to protect users and their funds.
Musk Reclaims Top Spot in World Billionaire Ranking
Elon Musk has reclaimed the top spot as the wealthiest person in the world according to Bloomberg Billionaires Index.
The Twitter and SpaceX CEO sits above Bernard Arnault and Jeff Bezos who occupy the second and third spots respectively.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page. The figures are updated at the close of every trading day in New York.
Elon Musk Sued for Manipulating Doge Price
According to a recent lawsuit filed by investors, Musk is accused of insider trading and manipulating the price of the meme cryptocurrency through his Twitter posts, paid influencers, and his appearance on Saturday Night Live.
The investors claim that Musk used his online influence to artificially boost the price of Dogecoin by more than 36,000% over two years and then sold off his holdings at a profit. They allege that he engaged in a “deliberate course of carnival barking, market manipulation and insider trading” to defraud them and promote himself and his companies.