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Top news stories of this week
Binance Suspends Deposits for Bridged Tokens, Seeks Clarity from MultiChain Team
Crypto exchange Binance suspended deposits for 10 bridged tokens after days of uncertainty surrounding the MultiChain protocol. Transactions on the cross-chain protocol have been delayed on several bridges over the past few days, with little information from MultiChain’s team about the ongoing issues. In a May 24 tweet, Multichain said some cross-chain routes were unavailable “due to unforeseen circumstances,” noting that the timing of service resumption was unclear. Binance wasn’t the only company to step in amid the unexplained downtime – Phantom Foundation removed 449,740 MU ($2.4 million) from liquidity on SushiSwap. Multiple tokens fell during the week. Rumors spread on Twitter that the Multichain team was arrested by Chinese police with $1.5 billion of smart contract funds under the control of the authorities.
FTX 2.0 launching soon? Court filing shows a reboot plan in the works
The revival plan of bankrupt crypto exchange FTX may soon become a reality. According to court filing documents, FTX’s new management held several meetings with creditors and debtors last month, reviewing plans to relaunch the exchange and finalizing the materials needed for its rebooting as FTX 2.0. The documents also suggest that FTX may soon enter a bidding process. Previous reports suggested that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.
Sam Altman’s Worldcoin secures $115M for decentralized ID
The bear market didn’t stop Worldcoin from raising $115 million this week in a Series C round led by Blockchain Capital. The funds will be used to support its decentralized World ID and recently released gas-free crypto wallet, World App. The project was co-founded by OpenAI CEO Sam Altman and created by Tools for Humanity developers to address issues emerging from the exponential complexity of artificial intelligence, such as proving individuality. Worldcoin’s token, WLD, is not available in the United States and some other countries.
Fahrenheit wins bid to acquire assets of crypto lender Celsius
Crypto consortium Fahrenheit won the bidding war for bankrupt crypto lender Celsius Network. The bid covers approximately $2 billion worth of assets, including institutional debt portfolios, staked cryptocurrencies, mining units, alternative assets and more than $450 million in liquid cryptocurrencies. Venture capital firm Arrington Capital and crypto miner US Bitcoin Corp are behind the consortium. While Celsius and its creditors have accepted the bid, regulatory approval is still required to complete the acquisition. Celsius filed for bankruptcy protection in July 2022, contributing to a prolonged “crypto winter” in the industry.
Earlier this week, the crypto community celebrated the 13th anniversary of the first bitcoin transaction when developer Laszlo Hanecz made the first documented purchase of a good with BTC. The exchange included 10,000 BTC – worth $41 at the time – and two pizzas from a local restaurant in Florida. The milestone has turned into an annual celebration for the crypto space, with community members being reminded of how far the industry has come since the transaction. For more than a decade, leading cryptocurrency networks are facing a new wave of disruption thanks to the arrival of Ordinals, highlighting the need for developers and capital to build layer-2 solutions.
winners and losers
bitcoin at the end of the week ,B T c, is on $26,737ether ,ETH, But $1,831 And XRP But $0.46, stands at total market cap $1.12 trillion, According For Coinmarketcap.
Among the 100 biggest cryptocurrencies, the week’s top three altcoin gainers are RENDER Token (RNDR) At 16.86%, Kava (To move a horse around in a circle) 10.71% and on Huobi Token (HT) at 9.44%.
The top three altcoin losers of the week are GMX (gmx) Needle at -13.35% (SUI) -12.38% and on Phantom (ftm) -11.00%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
features
You Can Now Clone NFTs As ‘Mimix’: Here’s What That Means
features
Wild, Wild East: Why the ICO Boom in China Refuses to Die
most memorable quotes
“I don’t think a lot of people understand the concept of other people owning their data, so I think blockchain will be a big thing in the future.”
Gary Vaynerchukcrypto entrepreneur
“Don’t Overload Ethereum’s Consensus.”
Vitalik Buterinco-founder of ethereum
“You have every right to do bitcoin. The only reason these people in Washington don’t like it is because they don’t control it.
Ron DeSantisgovernor of florida
“This experience (with Ledger Recovery) has been very humbling. (…) We understand the direction of the community and apologize for the miscommunication.
Pascal GauthierLedger CEO
“[Bitcoin]is so cool. There’s no marketing department, no foundation, no incentives. So it’s grassroots decentralized and most decentralized operated.”
Muneeb AliTrust Machines CEO
“By adopting AI responsibly, we can change policies to better serve our society.”
Sabin DimaCEO of Humans.ai
week forecast
Bitcoin Holds Real $20K Price As Analyst Eyes ‘Bigger Moves Coming’
Bitcoin is at a 10-week low, but one longtime analyst is telling investors to ignore the “panic.”
In a Twitter update on May 25, Philip Swift, creator of data resource LookIntoBitcoin and co-founder of trading suite DeckTrader, said the BTC price breakout was still a work in progress. Swift summarized, “There’s a lot of panic in the market today.”
Cointelegraph reported that BTC/USD is currently testing the mettle of key moving averages against a backdrop of downside targets for traders at $25,000 and below. Even Swift believes that bitcoin could still drop as low as $20,000 in the coming months, despite remaining stable on higher time frames.
“Zooming out, bitcoin is performing really well and as expected for this stage of the cycle. A clear BTC breakout above realized price,” he said, referring to the total price at which the BTC supply last moved. According to LookIntoBitcoin, it currently sits above $20,000.
FUD of the week
DeFi Protocol WDZD Swap Exploited For $1.1M: CertiK
DeFi protocol WDZD swap happened recently Exploited for $1.1M worth of Binance-pegged Ether. A known exploit labeled “Fake_Phishing750” by BSCScan, according to a report by blockchain security firm CertiK created The contract that later removed the token from the protocol. Once the malicious contract was created, the attacker used it to execute nine transactions that withdrew funds from the Swap LP contract where ETH was deposited. CertiK said that Fake_Phishing750 was responsible for an attack on another protocol called “Swap X”.
Former CFTC Commissioner Says ETH Can Be Both a Security and a Commodity
Dan Berkowitz, former commissioner of the United States Commodities Futures Trading Commission, has claimed that Ethereum’s native token, Ether, can be both a commodity and a security. The CFTC regulates futures and swaps on commodities, while the SEC only regulates securities. However, if something is a commodity in the eyes of the CFTC as well as a security under the SEC’s definition, it is entirely possible for both regulatory bodies to have jurisdiction over it.
Binance denies allegations of fund mismanagement, calls it a ‘conspiracy theory’
Binance denied allegations of mismanagement of customer funds, in response to a Reuters report that claimed the crypto exchange mixed customer funds with company revenue. According to Reuters sources, Binance reportedly mixed billions of dollars in corporate revenue and customer funds between 2020 and 2021, with much of it taking place on accounts held at the now-bankrupt Silvergate Bank. On Twitter, Binance Head of Communications Patrick Hillman called the report “1000 words of conspiracy theories.”
Best Cointelegraph Features
Getting a Home Loan Using Crypto Collateral: Crazy or Risky?
Crypto investors are often rich on paper but cannot get a home loan from a bank. But keeping your bitcoins as collateral for a mortgage is extremely risky.
Ethereum Is ‘Sadly Underpowered’ But Getting More Powerful: DeFi Dad, Hall of Flame
The DeFi dad has dabbled in everything from selling cameras to delivering food, but it was his crypto insights that earned him over 152,100 followers on Twitter.
Crypto City: Guide to Japan’s Second Largest City Osaka
Decentralized ledger technology is arguably everything AI is not: transparent, traceable, trustless, and free from tampering. Can it overcome the opacity of black-box solutions to AI?
subscribe
The hottest reads in blockchain. Offered once a week.
[ad_1]
Top news stories of this week
Binance Suspends Deposits for Bridged Tokens, Seeks Clarity from MultiChain Team
Crypto exchange Binance suspended deposits for 10 bridged tokens after days of uncertainty surrounding the MultiChain protocol. Transactions on the cross-chain protocol have been delayed on several bridges over the past few days, with little information from MultiChain’s team about the ongoing issues. In a May 24 tweet, Multichain said some cross-chain routes were unavailable “due to unforeseen circumstances,” noting that the timing of service resumption was unclear. Binance wasn’t the only company to step in amid the unexplained downtime – Phantom Foundation removed 449,740 MU ($2.4 million) from liquidity on SushiSwap. Multiple tokens fell during the week. Rumors spread on Twitter that the Multichain team was arrested by Chinese police with $1.5 billion of smart contract funds under the control of the authorities.
FTX 2.0 launching soon? Court filing shows a reboot plan in the works
The revival plan of bankrupt crypto exchange FTX may soon become a reality. According to court filing documents, FTX’s new management held several meetings with creditors and debtors last month, reviewing plans to relaunch the exchange and finalizing the materials needed for its rebooting as FTX 2.0. The documents also suggest that FTX may soon enter a bidding process. Previous reports suggested that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.
Sam Altman’s Worldcoin secures $115M for decentralized ID
The bear market didn’t stop Worldcoin from raising $115 million this week in a Series C round led by Blockchain Capital. The funds will be used to support its decentralized World ID and recently released gas-free crypto wallet, World App. The project was co-founded by OpenAI CEO Sam Altman and created by Tools for Humanity developers to address issues emerging from the exponential complexity of artificial intelligence, such as proving individuality. Worldcoin’s token, WLD, is not available in the United States and some other countries.
Fahrenheit wins bid to acquire assets of crypto lender Celsius
Crypto consortium Fahrenheit won the bidding war for bankrupt crypto lender Celsius Network. The bid covers approximately $2 billion worth of assets, including institutional debt portfolios, staked cryptocurrencies, mining units, alternative assets and more than $450 million in liquid cryptocurrencies. Venture capital firm Arrington Capital and crypto miner US Bitcoin Corp are behind the consortium. While Celsius and its creditors have accepted the bid, regulatory approval is still required to complete the acquisition. Celsius filed for bankruptcy protection in July 2022, contributing to a prolonged “crypto winter” in the industry.
Earlier this week, the crypto community celebrated the 13th anniversary of the first bitcoin transaction when developer Laszlo Hanecz made the first documented purchase of a good with BTC. The exchange included 10,000 BTC – worth $41 at the time – and two pizzas from a local restaurant in Florida. The milestone has turned into an annual celebration for the crypto space, with community members being reminded of how far the industry has come since the transaction. For more than a decade, leading cryptocurrency networks are facing a new wave of disruption thanks to the arrival of Ordinals, highlighting the need for developers and capital to build layer-2 solutions.
winners and losers
bitcoin at the end of the week ,B T c, is on $26,737ether ,ETH, But $1,831 And XRP But $0.46, stands at total market cap $1.12 trillion, According For Coinmarketcap.
Among the 100 biggest cryptocurrencies, the week’s top three altcoin gainers are RENDER Token (RNDR) At 16.86%, Kava (To move a horse around in a circle) 10.71% and on Huobi Token (HT) at 9.44%.
The top three altcoin losers of the week are GMX (gmx) Needle at -13.35% (SUI) -12.38% and on Phantom (ftm) -11.00%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
features
You Can Now Clone NFTs As ‘Mimix’: Here’s What That Means
features
Wild, Wild East: Why the ICO Boom in China Refuses to Die
most memorable quotes
“I don’t think a lot of people understand the concept of other people owning their data, so I think blockchain will be a big thing in the future.”
Gary Vaynerchukcrypto entrepreneur
“Don’t Overload Ethereum’s Consensus.”
Vitalik Buterinco-founder of ethereum
“You have every right to do bitcoin. The only reason these people in Washington don’t like it is because they don’t control it.
Ron DeSantisgovernor of florida
“This experience (with Ledger Recovery) has been very humbling. (…) We understand the direction of the community and apologize for the miscommunication.
Pascal GauthierLedger CEO
“[Bitcoin]is so cool. There’s no marketing department, no foundation, no incentives. So it’s grassroots decentralized and most decentralized operated.”
Muneeb AliTrust Machines CEO
“By adopting AI responsibly, we can change policies to better serve our society.”
Sabin DimaCEO of Humans.ai
week forecast
Bitcoin Holds Real $20K Price As Analyst Eyes ‘Bigger Moves Coming’
Bitcoin is at a 10-week low, but one longtime analyst is telling investors to ignore the “panic.”
In a Twitter update on May 25, Philip Swift, creator of data resource LookIntoBitcoin and co-founder of trading suite DeckTrader, said the BTC price breakout was still a work in progress. Swift summarized, “There’s a lot of panic in the market today.”
Cointelegraph reported that BTC/USD is currently testing the mettle of key moving averages against a backdrop of downside targets for traders at $25,000 and below. Even Swift believes that bitcoin could still drop as low as $20,000 in the coming months, despite remaining stable on higher time frames.
“Zooming out, bitcoin is performing really well and as expected for this stage of the cycle. A clear BTC breakout above realized price,” he said, referring to the total price at which the BTC supply last moved. According to LookIntoBitcoin, it currently sits above $20,000.
FUD of the week
DeFi Protocol WDZD Swap Exploited For $1.1M: CertiK
DeFi protocol WDZD swap happened recently Exploited for $1.1M worth of Binance-pegged Ether. A known exploit labeled “Fake_Phishing750” by BSCScan, according to a report by blockchain security firm CertiK created The contract that later removed the token from the protocol. Once the malicious contract was created, the attacker used it to execute nine transactions that withdrew funds from the Swap LP contract where ETH was deposited. CertiK said that Fake_Phishing750 was responsible for an attack on another protocol called “Swap X”.
Former CFTC Commissioner Says ETH Can Be Both a Security and a Commodity
Dan Berkowitz, former commissioner of the United States Commodities Futures Trading Commission, has claimed that Ethereum’s native token, Ether, can be both a commodity and a security. The CFTC regulates futures and swaps on commodities, while the SEC only regulates securities. However, if something is a commodity in the eyes of the CFTC as well as a security under the SEC’s definition, it is entirely possible for both regulatory bodies to have jurisdiction over it.
Binance denies allegations of fund mismanagement, calls it a ‘conspiracy theory’
Binance denied allegations of mismanagement of customer funds, in response to a Reuters report that claimed the crypto exchange mixed customer funds with company revenue. According to Reuters sources, Binance reportedly mixed billions of dollars in corporate revenue and customer funds between 2020 and 2021, with much of it taking place on accounts held at the now-bankrupt Silvergate Bank. On Twitter, Binance Head of Communications Patrick Hillman called the report “1000 words of conspiracy theories.”
Best Cointelegraph Features
Getting a Home Loan Using Crypto Collateral: Crazy or Risky?
Crypto investors are often rich on paper but cannot get a home loan from a bank. But keeping your bitcoins as collateral for a mortgage is extremely risky.
Ethereum Is ‘Sadly Underpowered’ But Getting More Powerful: DeFi Dad, Hall of Flame
The DeFi dad has dabbled in everything from selling cameras to delivering food, but it was his crypto insights that earned him over 152,100 followers on Twitter.
Crypto City: Guide to Japan’s Second Largest City Osaka
Decentralized ledger technology is arguably everything AI is not: transparent, traceable, trustless, and free from tampering. Can it overcome the opacity of black-box solutions to AI?
subscribe
The hottest reads in blockchain. Offered once a week.
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