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Weekly Article Recap: 11/06-11/10
November 11, 2023
MINS
A recap of notable news from the week.
Recapping the Week in DeFi
As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
Binance Unveils Web3 Wallet for Millions of its Users
Binance has launched its highly anticipated Web3 Wallet at the Binance Blockchain Week conference in Istanbul. The wallet enables users to easily swap tokens across various networks, explore decentralized applications (dApps), transfer funds between their wallet and the exchange, and earn yields on cryptocurrencies.
Learn more in the article.
Yuga Labs and Magic Eden Roll Out Royalty-Enforcing Ethereum NFT Marketplace
Magic Eden and Yuga Labs are collaborating to launch a new Ethereum NFT marketplace. Set to debut by year-end, the platform aims to prioritize creators' rights and enforce royalty payments. This partnership represents a significant development in the NFT space, with Yuga Labs describing it as the "first major ETH marketplace contractually obligated to honor creator royalties."
Read the full story here.
Update: Justin Sun Offers 5% WhiteHat Bounty to Hacker Following $100M+ Poloniex Exploit
Crypto exchange Poloniex faced a suspected breach resulting in the unauthorized outflow of over $100 million. Poloniex owner Justin Sun vowed to investigate, ensure full reimbursement for affected users, and collaborate with other platforms for fund recovery. Sun also announced a 5% white-hat bounty for the hacker, offering a seven-day window for fund return before involving law enforcement.
Find more information here.
Update: ETH Surges as BlackRock's Ethereum ETF Takes Center Stage with Nasdaq Filing
BlackRock is expanding its crypto involvement by planning to launch an Ether-focused Exchange-Traded Fund (ETF), as revealed in a Nasdaq filing. This move follows BlackRock's ongoing efforts to introduce a Bitcoin ETF, a development that has influenced recent surges in Bitcoin's price.
Learn more in the article.
Update: CoinSpot Reportedly Falls Victim to $2.4M Hack via “Private Key Compromise”
Australian crypto exchange CoinSpot is reeling from a significant security breach resulting in a staggering loss of $2.4 million. The breach came to light on November 8 when blockchain security firm CertiK detected suspicious transactions from CoinSpot's hot wallets. Two wallets from the exchange sent 1,282 ETH (approximately $2.4 million) to an External Owned Account (EOA).
Get all the details in the article.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
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December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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