Category: crypto

South Korea’s Financial Services Commission (FSC) will investigate Upbit, the largest crypto exchange, over concerns about its market dominance and its ties to K Bank. Upbit’s deposits significantly impact K Bank, raising fears of a potential bank run. The FSC will thoroughly review K Bank’s upcoming IPO and its collaborations.

Threshold Network aims to further decentralize BitGo’s Wrapped Bitcoin (WBTC) in response to challenges in the DeFi market. The proposal involves expanding the signer pool for greater asset management security. Recent custody changes and multi-signature systems have raised concerns, prompting calls for a decentralized solution to enhance asset protection and access.

TRON DAO hosted the TRON Builder Tour at Columbia University on October 5, 2024, in collaboration with local blockchain groups. The event featured a 12-hour hackathon with over 120 participants, mentoring from industry experts, and awards for top projects across various blockchain application tracks, advancing innovation and knowledge in the field.

Taiwan’s Financial Supervisory Commission (FSC) will launch a pilot program in early 2025 for banks interested in digital asset custody services, aiming to support financial innovation. Three banks have shown interest. Security and compliance with anti-money laundering protocols are key priorities as the FSC prepares for comprehensive digital asset legislation by 2024.

Jeff Zirlin, co-founder of Axie Infinity, criticized the view that altcoins’ revenues make them less attractive than memecoins, calling it an “inductive fallacy.” He emphasized Uniswap’s growth potential and past successes like Axie Infinity’s rise, arguing that future regulatory clarity could enhance altcoins’ prospects and market dynamics.

OpenAI filed a motion to dismiss Elon Musk’s lawsuit, claiming breaches of contract and fraud. The motion argues Musk’s allegations are baseless, lacking enforceable contracts, and that his claims are speculative. OpenAI asserts Musk lacks legal standing as a donor to challenge the organization’s decisions. A hearing is set for November 12.

Bitcoin (BTC) fell below $61,000, trading at $60,935, down 2% despite the Federal Reserve’s dovish signal for a potential 50 basis point rate cut. Other cryptocurrencies like Ethereum and Solana also declined. Meanwhile, US equities reacted positively, with traders awaiting further economic data before making significant moves.

Stablecoins, especially USDT, have become essential in Latin America to combat economic volatility. The region saw nearly $415 billion in crypto from July 2023 to June 2024, with Argentina and Brazil leading. Institutional interest surged, particularly in Brazil, as local currencies depreciated, highlighting stablecoins’ role in financial stability.

Decentralized applications (dApps) saw a 70% increase in daily unique active wallets, reaching 17.2 million, driven largely by AI-related dApps. Although gaming remains dominant, its market share fell from 28% to 26%. DeFi’s total value locked dropped 12%, yet DEXs like Raydium and Uniswap thrived amid this decline.

A US government filing indicates Bitfinex may be the only entity eligible for restitution from the 2016 hack that stole 120,000 BTC, causing the LEO token to rise 14%. After compensating users with BFX tokens, Bitfinex’s recovery efforts focus on redeeming Recovery Right Tokens and potentially benefiting LEO holders.