Binance Halts Filecoin (FIL) Withdrawals Over the Weekend

Over the weekend, leading spot crypto exchange Binance stopped the withdrawal of the Filecoin (FIL) without any announcement.

Even after 24 hours, it continued to show, “The current currency is not open for withdrawal.”

The exchange finally told its customers that it was due to the sudden failure of the wallet. The weekend was to blame, and Binance has to do internal technical repairs to restore the FIL network mainnet.

“The industry suspects that a large amount of FIL has been lent from Binance before,” tweeted Colin Wu of Chinese publication Wu Blockchain

“Binance Filecoin inventory has been drained it seems like, withdrawal of FIL has been paused for over 24hr now Lots Chinese FIL miners rekt badly and the rough total investment into FIL mining is way over its circulating market cap,” also noted Dovey Wan, the founding partner of Primitive Crypto.

“As total Filecoin investments number floating is over 10b RMB (adding up sales number from all rigs manufactures and sales channel) ~1.5B in USD,” she added.

FIL is the 21st largest cryptocurrency with a $1.34 billion market cap while trading around $30.

The price of the token started uptrending in June this year, when it was trading under $7 only to climb above $56, on the anticipation of its mainnet going live in mid-October.

It was during this time, Coinbase Custody announced support for the cryptocurrency. Last week, Filecoin was also tradeable at Coinbase.com and on the San Francisco-based cryptocurrency exchange’s Android and iOS apps.

Last week, Coinbase also allowed people to earn up to $6 in FIL tokens through its Earn program.

Filecoin is a decentralized peer-to-peer file storage network that was initially released more than six years back. The project aims to let anyone store, retrieve, and host information, and for this service, FIL tokens are used as payment.

In other news, YUANLIQU, one of China’s largest Filecoin companies, has been reportedly frequently attacked by investors to defend its rights in its Shanghai office because “too many Filecoin mining machines are sold, but the profit design is confusing. The police have stepped in.”

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Author: AnTy

BlackRock CIO: Bitcoin Will Replace Gold Because it is So Much More Functional

  • In 2020, everyone is finding a soft spot for Bitcoin.
  • The latest one to join the ranks is BlackRock.

In an interview with CNBC this morning, BlackRock, CIO of Fixed Income Rick Rieder said Bitcoin and cryptocurrencies are here to stay.

Talk about a sharp U-turn, although not at all surprising for the bitcoin community given all the new bitcoiners we see this year thanks to the fiat devaluation and bitcoin’s over 150% YTD rally to $18,500.

BlackRock is the world’s largest asset manager, with $7.4 trillion in AUM as of end-Q4 2019, whose CEO Larry Fink said in 2018 that they are evaluating cryptocurrencies but don’t see “huge demand” for them.

Last year, the company’s global chief investment strategist said they see them “potentially becoming more widely used in the future as the markets mature,” Richard Turnill warned that one should invest only if you’re ready for “complete losses.”

Now, Rieder said that “millennial receptivity of technology and cryptocurrency is real, and the digital payments system is real, so I think the bitcoin system is here to stay.”

As for being a bitcoin bull, he isn’t really sure bitcoin is worth the price it is trading today. But Reider’s vague statements suggest he might be a closeted bitcoiner and not ready to reveal it to the world yet. He said,

“I don’t do a lot of it or much any of it.”

Like everyone, JPMorgan and Deutsche, he also sees Bitcoin replacing the precious metal – the traditional safe-haven asset with advantages over gold. He said,

“Do I think it is a durable mechanism that will take the place of gold to a large extent.. yeah I do because it is so much more functional than passing a bar of gold around.”

BlackRock is already getting exposure to Bitcoin via MicroStrategy, in which it has a 15.24% stake, and Vanguard Group holds an 11.72% stake. In August, the software company replaced cash with Bitcoin in its balance sheet as a reserved asset.

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Author: AnTy

Binance Files a Defamation Lawsuit Against Forbes to ‘Protect its Hard-Earned Reputation’

The leading spot cryptocurrency exchange Binance has filed a defamation suit against Forbes and its two writers for publishing a story —“Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators” — last month.

The lawsuit mentions Binance as “a limited company organized under the laws of the Cayman Islands,” which is in contrast with CZ’s comments on the company not having a physical entity rather being decentralized, just like Bitcoin.

Filed in US District Court in the District of New Jersey, the complaint says the article “contains numerous false, misleading and defamatory statements about Binance.”

Forbes staff writer Michael del Castillo, who wrote the article, and Jason Brett, who contributed to it, are named alongside Forbes in the lawsuit.

According to the lawsuit, the false public statements and innuendo by the defendants that the exchange seeks to evade regulators and is engaged in money laundering are “highly damaging to Binance.”

Before filing the lawsuit, Binance asked the Defendants to “remove, retract, and apologize” for the false statements. Still, Forbes’ refusal has led the exchange to take this step to,

“Protect its hard-earned reputation and business, which has been severely damaged by Defendants’ false and defamatory statements and wrongful conduct.”

Binance, whose CEO has previously said they would sue the media publication The Block, has hired Charles Harder as one of the attorneys. Harder represented Hulk Hogan in a privacy invasion against Gawker Media and won the wrestler a $31 million settlement leading Gawker to file for bankruptcy. Bitcoin proponent Andreas Antopolous believes Binance is unlikely to win it as,

“The bar for defamation in the US is, rightly, exceptionally high. There has to be malice and statements of fact, not opinion.”

“In my opinion, this will fail, quickly, and Binance will probably end up paying the court costs too.”

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Author: AnTy

Binance Launches ‘Innovation Zone’ to Justify DeFi FOMO Listings

Leading spot exchange Binance has created an “Innovation Zone” to list newer tokens.

“The team has created the Innovation Zone, which will allow users to trade newer token offerings from the comfort of their Binance account, while at the same time protecting less suited users from being exposed to the “risk” that comes with trading them,” wrote the CEO Changpeng “CZ” Zhao on Monday.

Whatever this means, you ask? Just that Binance will list all the DeFi tokens as fast as it can, as it has been doing.

The Innovation Zone was introduced along with the listing of SUN, Justin Sun’s DeFi venture.

What can we do?

The clarification came in the light of the fastest listing of UNI token by a centralized cryptocurrency exchange.

As we reported, exchanges rushed to list the highly anticipated governance token of DEX Uniswap. While Coinbase, Poloniex, FTX, Kucoin, OKEx, and Huobi all jumped in, it was Binance that was the first to induce the FOMO listing.

It wasn’t the first time either, the SUSHI saga earlier this month pointed many accusing fingers on Binance as well.

At that time, Zhao tweeted, now deleted, that if they don’t list DeFi coins, “traffic goes to other exchanges, and we become … obsolete. We provide access to liquidity; we don’t force you to buy.”

As the DeFi craze continued to roar, exchanges continued to take advantage of this opportunity by listing these DeFi tokens as fast as possible despite having a framework in place that requires significant and diligent efforts to review a project before listing.

CZ says so himself this time, “We don’t list every coin under the sun. We have a selection process that is often viewed as overly strict, especially by project communities that haven’t been listed yet.”

But with the DeFi sector so hot now, Binance has the dilemma of listing the token quickly or wait until the project is proven.

We’ll Continue to list DeFi coins!

According to CZ, unlike 2017, Binance is “bigger and has a wider user base” now. Not to mention, getting a listing on top exchanges is a time consuming and hard process with many, like Digibyte, complaining about exchanges asking for a listing fee.

The tables have turned for sure.

In the latest announcement, CZ argues that not only Binance needs to “stay competitive” by listing popular coins, but it is also hard to find what is good or bad as everyone’s definition is different.

“So, in keeping on-trend and delivering what our users (you) want, we (Binance) will continue listing DeFi coins,” he said.

Also, trading on DEX requires a “high degree of capability and understanding.” With Innovation Zone, Binance wants to provide you a “safer space for accessing newer tokens,” which have higher volatility.

You also don’t have to remember your password/seed phrases or suffer the loss in case of a wrong transaction as CZ will take care of it.

So, how exactly does this zone work?

If in the event of incurring losses, you answer it is your fault, and you are responsible because “it was a choice that you alone made” and the likelihood of incurring losses to your principal capital in the zone is less than 50%, you get a green light to trade.

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Author: AnTy

Binance On The Spot As Ransomware Attackers Cash Out Over $1 Million On The Exchange

Quick Look:

  • Binance on the spot as authorities trace over $1 million in Bitcoin (BTC)-paid ransomware to the exchange.
  • The exchange maintains it is working to curb all ransomware, money laundering, and illicit cash activities on its platform.

A new report from unnamed researchers points at Bitcoin as one of the contributors to increased hacking by popular ransomware, Ryuk – launched in 2018. According to Interpol, BTC is rising as a favorite option for hackers as the payment is given the privacy associated with the token. Since launch, over $61 million in BTC has been paid out to these Ryuk ransomware attackers, FBI reported.

Ransomware is a hack that sees attacker encrypt files on personal computers and then asking for payment to decrypt the files. These hacks are skyrocketing with the advent of remote working as companies look for ways to deal with the global COVID-19 pandemic.

A compiled report from the researchers further pointed at Binance, the world’s largest crypto exchange, as one of the channels these attackers are using to exchange the crypto ransoms into cash.

Read More: Ransomware Demands Jump 200% In 2019: Crypsis Report

Binance and the Ransomware BTC

The largest crypto exchange in the world is at the forefront of these ransomware attacks, with over $1 million in crypto cashed out at the exchange since Ryuk’s launch. One wallet connected to the Ryuk attacks has received over 2,795 BTC since its creation in January 2018.

“Out of the 63 sampled transactions worth around $5,700,000, it was found that over $1 million was sent from the hacking team wallets to the Binance exchange platform to cash out their ransom payments,” the researchers speaking to Forbes reported.

“Thirteen other bitcoin addresses associated with Ryuk, containing a total of $1,064,865, followed a similar pattern. All were sent from the hackers’ wallets to several other addresses, and eventually to Binance, enabling them to cash out their ransom payments.”

The rest of the amount is being held across several exchanges – yet to be fully identified.

Binance responds: “There’s no easy answer!”

The researchers shared their findings with the exchange, who were quick to respond that they are fixing up security and KYC measures on their platform. Despite the “safety of customers and the integrity of the broader crypto space” at the center of Binance’s goals, the practical tracking of illicit acts on the platform is not easy.

One of the reasons is that the network is intertwined such that stopping bad actors could affect other users. An anonymous source from Binance said,

“If you clamp down with policies and procedures in order to try to slow these bad actors, it negatively affects all the innocent users. [There’s] no easy answer.”

However, Binance is enhancing its efforts through “in-platform analysis,” partnerships with external firms such as Chainalysis, and also follow-ups through social media platforms.

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Author: Lujan Odera

Binance Launches DeFi Staking Promising ‘Generous Rewards’ Starting with DAI

The leading spot cryptocurrency exchange Binance has now launched Decentralized Finance (DeFi) staking.

The first DeFi product available for this service is the stablecoin DAI, and DAI staking is already live on the platform with annualized earnings of 12%.

Compared to traditional banking, the returns are high, but it is much lower to the APR via yield farming, which goes as much as over 100% and, in some cases, can go even 10x of this.

binance-defi-staking

DeFi products are all about higher annualized earnings. With DeFi staking, Binance says using its service means users get to “obtain generous online rewards without having to keep an on-chain wallet.” It further points out how Binance only offers the top DeFi projects to reduce the risks.

Currently, the lock-up period for DeFi staking is one day, which will vary as more products are added. Also, Binance doesn’t bear any losses if an on-chain contract is attacked during DeFi staking.

The exchange further points out that DAI will be used to participate in the popular DeFi project Compound Staking, and “once your tokens are locked-up using a DeFi Staking product, your assets will no longer earn monthly staking rewards.”

Binance is taking full advantage of the ongoing DeFi craze, with constantly listing DeFi tokens and even launching perpetual contracts with high leverage.

This week, Binance Smart Chain also partnered with cross-chain data oracle platform Band Protocol to “bring decentralized and customizable oracles,” to its ecosystem and “open a gateway for truly scalable DeFi applications.”

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Author: AnTy

YFI Now Trading on Leading Spot Exchange, Price Explodes to a New ATH Approaching $7k

  • The hot DeFi token YFI has been listed on the leading spot exchange Binance, announced the exchange today.
  • The exchange announced four trading pairs — YFI/BNB, YFI/BTC, YFI/BUSD, and YFI/USDT.

While today, YFI went live on Binance, last night Andre Cronje, the developer behind the yEarn project, and YFI took to Twitter to share that he doesn’t care about centralized crypto exchanges listing the decentralized token as whatever they offer DeFi has it all covered.

The listing, however, had the price of the digital asset skyrocketing. YFI price went as high as $6,941. At the rate YFI is growing, it won’t be long before YFI hits $10,000 and surpasses even bitcoin.

It’s not even a month since YFI was launched, July 18, but the coin that started with zero financial value and no supply has exploded from zero value to nearly $7,000, trading at $6,403 at the time of writing as per CoinGecko, and capped its supply at 30,000.

Even Cronje didn’t think it would gain so much value, no more than between “$2 or $3.” As such, if you are in “for speculative reasons and you don’t care about the protocol or governance, no offense, but you shouldn’t have this thing,” he said.

Just last week, the price of YFI dropped 30% from its previous ATH after the reports that Cronje is quitting because of the “toxic” community, yet again, but as we reported, he isn’t going anywhere any time soon.

He is very clear about the DeFi space, “it’s a beautiful concept, but it comes with certain responsibilities. It means you need to understand what you’re doing with your money,” said Cronje in an interview with The Defiant.

But Centralized Exchanges want DeFi

Decentralized finance (DeFi) tokens are getting a lot of traction on centralized exchanges lately. As we are seeing with Coinbase, the exchange is particularly interested in DeFi and released a potential list of tokens to be listed, which was skewed towards DeFi projects.

Coinbase’s DeFi craze started with COMP listing on its platform, the exchange is also an investor in the project and so far has listed four tokens including Maker, Kyber, and 0x. According to Coinbase, DeFi is like Bitcoin ten years back when it was just starting, and no one understood it but was attracted to its wild price action.

Binance and Poloniex have also jumped in to take full advantage of this mania. Binance has been actively listing DeFi governance tokens, including COMP, MKR, SNX, BAL, and many others.

FTX didn’t only list the DeFi tokens but has also announced a derivatives decentralized exchange (DEX) itself in collaboration with Solana blockchain.

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Author: AnTy

OKEx Rolls Out A P2P Crypto Exchange in India With Zero Transaction Fees

The popular Malta-based spot and derivatives exchange – OKEx – has been eyeing the Indian crypto market for some time, and has now announced its plans to launch a peer-to-peer crypto exchange in India with zero trading fees. The firm is set to launch the platform by August 5.

Jay Hao, the chief executive of OKEx, commented on their recent endeavor into India and promised to improve the ecological layout and overall trading experience for Indian users. He said:

“We’re committed to connecting Indian traders to the international crypto-trading marketplace by providing a one-stop service for Indian traders, including spot and many kinds of derivatives. What’s more, OKEx will also further improve the ecological layout in India and enhance the trading experience of Indian users.”

The platform would offer Bitcoin and USDT trading pairs against the national fiat – INR. The firm has promised to add other coins later as the demand picks up. The platform would also allow INR deposits via popular online payment portals like UPI, IMPS, and NEFT.

OKEx Launches 30,000 USDT Giveaway Campaign to Promote Their Launch

OKEx launched a giveaway program to promote its new platform with 30,000 USDT being up for grabs. Users can benefit by participating in the giveaway contest comprising of quizzes, social media postings, and referring friends.

There remains an interest in international exchanges in the Indian crypto ecosystem, despite the uncertainty of over-regulation. OKEx also invested in the Indian derivative exchange CoinDCX during its seed funding round. Apart from OKEx, Binance, the world’s leading exchange, has also shown great interest in the Indian market and has already availed INR on-boarding for Indian customers. Apart from that, Binance also acquired WazirX exchange.

Research from OKEx also revealed the growing interest of Indian customers in the crypto space, and there are currently 5 million Indians with crypto holdings. While another analysis from CoinDCX revealed a 1031.4% month-on-month increase in BTC/INR trading volume.

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Author: Hank Klinger

Amidst DeFi Boom, Binance Lists Two New Hot DeFi Tokens Maker (MKR) & DAI

Leading spot cryptocurrency exchange Binance is listing MakerDAO’s governance token Maker (MKR) and stablecoin DAI.

The exchange is adding support for eight trading pairs viz. MKR/BNB, MKR/BTC, MKR/BUSD, MKR/USDT, DAI/BNB, DAI/BTC, DAI/BUSD, and DAI/USDT.

This is no surprise given the ongoing DeFi crazy. Binance has been increasingly adding support for these projects, and as we reported, Binance CEO Changepeng “CZ” Zhao is a “very strong proponent” of this sector. However, he did warn that they are “very inherent high risk” and doesn’t see an “overwhelmingly large proportion” of them succeeding.

The DeFi sector actually surpassed $3 billion in total value locked this week, after reaching $2 billion earlier this month only. The hot trend in the DeFi market is yield farming, which is trying to get the highest yield from DeFi products.

The decentralized credit platform built on Ethereum, Maker, is back to dominating the DeFi space at 20.90%, a substantial loss from over 50% up until the launch of COMP token, which momentarily even took Maker’s place.

Also, the majority of ETH, 2.7 million ETH, out of the total 3.9 million ETH locked in DeFi, are in Maker protocol. However, when it comes to DAI, it’s the third biggest protocol with the highest amount of DAI locked at 21 million after Uniswap and InstaDapp.

The 27th largest cryptocurrency by market cap is also enjoying gains today, up 22.50% trading at $572.

Binance’s MKR listing came after Coinbase listed the digital asset last month and DAI a month before that. Both the tokens are also supported on DEXs like Balancer and Uniswap.

The USD pegged stablecoin DAI has been seeing an increase in supply by over 40 million since July 17th, which again is likely due to high demand for it in the DeFi ecosystem. Currently, DAI has a 7.47% supply APY on Compound, 4% to 6% higher than either USDT or USDC.

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Author: AnTy

CZ Reveals Binance Card Powered by Swipe Is Currently Being Beta Tested

The leading spot cryptocurrency exchange, Binance, is now working on a Binance Card that will be launched soon.

Binance CEO Changpeng Zhao took to Twitter to share that currently, he is testing the card which is in beta. With this card, the user will be able to make transactions at the likes of Amazon and Grab.

You will be paying in cryptocurrency directly from your Binance account, while merchants will be accepting the fiat.

These cards are powered by the wallet app Swipe, Binance’s latest acquisition. The exchange is also joining the company’s board of directors, but apparently, Swipe is “able to run the company independently from Binance.”

Earlier this week, Binance announced that it is acquiring the multi-asset digital wallet and debit card platform that allows users to buy, sell, convert, and spend cryptos in 31 countries within the European Economic Area.

The idea has been to work together to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets.

At the time, the Philippines-headquartered Swipe, which already supports 20 cryptos, also listed BNB on its platform, and Binance listed Swipe’s token SXP on its exchange.

Binance Cards will be usable in most places globally that accept a credit card but will be released to users country by country, shared CZ.

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Author: AnTy