The biggest news in the cryptosphere on October 3rd included Binance burning 5.5 billion LUNC tokens, Tether cutting its commercial paper holdings to less than $50 million, and Transit Swap hackers stealing funds. including returning 70% or more of
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As announced on October 3rd, Binance has burned 5.5 billion Luna Classic (LUNC) tokens using approximately $1.9 million worth of transaction fees.
The majority of the LUNC community requested a burn, but the outlier was Fatman Terra Considered the burn “ridiculous”. Binance should have used the $1.9 million to build more useful tools, he said, rather than investing in a burn event that had a meager 0.09% impact on LUNC supply cuts.
American celebrity Kim Kardashian has been accused by the SEC of promoting unregistered EMAX security tokens to her Instagram followers.
Kardashian agreed to pay a $1.26 million fine and refrain from promoting cryptocurrency tokens for the next three years, in accordance with SEC rules.
Tether reduces commercial paper exposure to under $50 million and treasury bills rise to 58.1% of reserves.
Tether has moved to convert all commercial paper into US Treasury securities. As of September 30, stablecoin issuances have significantly reduced commercial paper holdings from $8.4 billion (As reported in June) less than $50 million.
Tether now holds 58.1% of reserve assets in US Treasury securities, up from 43.5% reported in June 2022.
FTX, which recently completed its acquisition of Voyager Digital, is said to be raising around $32 billion to bid for assets in Celsius Network.
The FTX CEO has said that if his exchange decides to buy assets in Celsius, it will be determined by the fair market price. FTX’s goal is “For every $1 he pays $1, his $1 goes back to the customer.”
Security concerns originating from Bogotá Colombia prompt Polygon co-founder Sundeep Nail Wall said they will not be attending the Devcon 2022 conference.
Solana team members reportedly Attack at Bogotá airport. Developers attending Devcon events are advised to exercise caution, as the bad elements in this region are generally hostile to foreigners.
Unfavorable macroeconomic conditions suggest a global banking contagion. Deutsche Bank and Credit Suisse credit defaults are approaching the same levels that caused the collapse of Lehman Brothers in 2008.
When Bitcoin Trading relatively consistently between $18,900 and $20,000, investors looking to escape the bank crash may turn to the flagship cryptocurrency as a safe haven asset.
Further investigation into the days of Celsius CEO Alex Mashinski reveals that he withdrew about $10 million from a lending platform just weeks before filing for bankruptcy.
A Mashinski spokesperson told the FT that the founders of Celsius only deposited the aforementioned amount and withdrew it in May to offset taxes.
A strong supporter of asset-backed tokens, Gray said his administration will focus on positioning SushiSwap to capture the “next run of liquidity” brought through asset-backed tokens. rice field.
Charles Hoskinson said Cardano’s “Era of Voltaire” will introduce a new system of decentralized voting and financial management to the cryptocurrency community.
Since the time of Voltaire, Cardano will be fully autonomous. The treasury system will be designed to fund community-approved Cardano improvement proposals for immediate execution, fully on-chain.
Despite the current bear market, Bitcoin’s hashrate hit an all-time high of 244.25EH/s on October 3rd. So far in 2022, the hashrate is up 84% even though the BTC price is down 72% of his.
Bitcoin mining difficulty is expected to rise between 3% and 10% as more miners reportedly upgrade their equipment and come back online.
Hackers launched an attack on Transit Swap’s unverified contracts, siphoning over $21 million in user funds.
The local currencies of many countries around the world are rapidly losing value due to inflation spikes. As highlighted by CryptoSlate, the Turkish lira (TRY) fell 26% against the US dollar while the British pound fell. 4.3% lost USD in 1 day.
On the contrary, the trading volume of Bitcoin (BTC) It increased significantly during the period as more investors flocked to store their wealth in “safe haven” crypto assets.
News around Cryptoverse
Senior U.S. Regulators Seek Tighter Crypto Regulation
The Financial Stability Council, a group of senior regulators in the United States, has proposed legislation to Congress that would allow it to exercise comprehensive regulation over the cryptocurrency market and stablecoins.
The Council unanimously agreed to tighten regulation of the cryptocurrency market because its activities could pose challenges to the stability of the US financial system.
Bitcoin is trading at $19,564, up 1.94% over the past 24 hours, while Ethereum is trading at $1,319, up 1.58% over the same period.