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- Binance in legal trouble again
Binance in legal trouble again
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Binance faces new lawsuit over alleged money laundering
Key points:
Three crypto investors sue Binance for allegedly facilitating money laundering.
Lawsuit claims Binance's lax AML controls enabled laundering of stolen crypto.
News - Binance is embroiled in another legal battle, this time facing a class-action lawsuit from three crypto investors who claim the exchange facilitated money laundering.
The lawsuit, filed in Seattle, alleges that Binance's lax anti-money laundering (AML) controls allowed stolen crypto to be deposited on the platform, making it difficult for authorities to track the stolen funds.
Binance’s role - The plaintiffs argue that the transparency of blockchain transactions would typically help track stolen assets, but Binance allegedly provided a haven for laundering them.
This accusation hinges on the claim that Binance played a crucial role in the money laundering process, potentially violating the Racketeer Influenced and Corrupt Organizations (RICO) Act. However, legal experts remain skeptical about the strength of these allegations.
While the lawsuit could have significant implications for the crypto industry if it goes to trial, it's unclear whether the plaintiffs can prove their claims.
Bitcoin becomes part of El Salvador's civil service curriculum
Key points:
El Salvador to train 80,000 government employees in Bitcoin.
Training program would focus on Bitcoin management and public policy.
News - El Salvador, a pioneer in Bitcoin adoption, is further strengthening its commitment to the cryptocurrency through a comprehensive training program for government employees.
The National Bitcoin Office (ONBTC) has announced plans to train 80,000 public servants in Bitcoin management and public policy.
The 160-hour virtual training program, offered by the Higher School of Innovation in Public Administration (ESIAP), covers various aspects of Bitcoin, including its legal framework, skills, and management.
What’s the goal? The goal is to equip government officials with the necessary knowledge to effectively implement and manage Bitcoin-related policies.
Stacy Herbert, director of ONBTC, believes this initiative will have a significant impact on El Salvador's Bitcoin-driven economy. El Salvador's experience with Bitcoin adoption has attracted interest from other countries facing similar economic challenges.
Argentina, grappling with hyperinflation, has sought to learn from El Salvador's approach. The two countries have initiated discussions on crypto adoption and regulation, with Argentina even implementing registration requirements for crypto firms.
Crypto whale falls victim to phishing attack, loses $55 Million
Key points:
Crypto whale loses $55 million in phishing attack.
Victim inadvertently signed unverified transaction.
News - A crypto whale was targeted in a sophisticated phishing attack, resulting in the loss of $55 million in stablecoins.
The victim, an anonymous wallet holder, inadvertently signed an unverified transaction that transferred ownership of 55.47 million DAI to a malicious actor. Despite attempts to recover the funds, the attacker had already withdrawn the stolen assets and exchanged them for Ether.
What’s more? Blockchain analytics firm Lookonchain warned users about the dangers of signing unknown transactions, emphasizing the importance of verifying the authenticity of any request for a signature.
Phishing attacks often involve tricking victims into clicking on malicious links or downloading fake software, leading to the compromise of their wallets and private keys.
According to CertiK, phishing attacks accounted for nearly $498 million in losses in the first half of 2024. To mitigate the risk of such attacks, experts recommend implementing multi-factor authentication and using security keys.
Mt. Gox transfers massive amounts of Bitcoin, yet market remains stable
Key points:
Mt. Gox continues to liquidate its Bitcoin holdings.
Recent transfers have not significantly impacted Bitcoin's price.
News - The recent transfer of 13,265 BTC by Mt. Gox, the defunct crypto exchange, has failed to significantly impact Bitcoin's price.
Mt. Gox has been gradually liquidating its Bitcoin holdings to repay creditors. In recent weeks, the exchange has transferred over 60,000 BTC to various exchanges, including Bitstamp, SBI VC Trade, and Kraken.
More details - While these large-scale transfers could potentially lead to selling pressure, market analysts remain unconcerned. Alex Thorn, a prominent figure in the crypto space, believes that the impact of these transactions on Bitcoin's price will be minimal.
Instead, several market indicators suggest a potential bullish trend on the horizon. K33 Research analysts have pointed to the low funding rates for Bitcoin perpetual futures as a sign of a potential short squeeze. This scenario could force short sellers to close their positions, driving up the price.
Overall, the recent Mt. Gox transfers have not dampened the bullish sentiment surrounding Bitcoin.
More stories from the crypto ecosystem
Interesting facts
BitClub Network, a cryptocurrency mining pool, operated as a Ponzi scheme from 2014 to 2019, luring investors with promises of high returns. In 2019, three individuals associated with BitClub were indicted for a $722 million fraud.
Japanese cryptocurrency exchange Coincheck experienced a major hack in January 2018, with hackers exploiting vulnerabilities to steal around $530 million worth of NEM tokens. The incident prompted increased regulatory oversight and a focus on enhancing security in the crypto industry.
It's commonly believed that crypto transactions are anonymous, but in reality, they are pseudonymous. While sender and receiver identities are challenging to trace, transaction details can be obtained through data analysis of associated public wallet addresses.
Top 3 coins of the day
Monero (XMR)
Key points:
XMR is trading at a slight premium with buyers in charge.
From April to June, the coin was on a gradual incline.
What you should know - The XMR price chart displays a fluctuating trend over several months with notable volatility. Currently, XMR trades around $158.34 after a recent uptick, as shown by the green candlesticks. The Relative Strength Index (RSI) sits at 55.82, indicating a neutral momentum without signs of overbought or oversold conditions. The 50-day (red line) crossing above the 200-day (blue line), suggests a potential bullish trend reversal. The price has been confined within a descending channel pattern marked by yellow lines but is attempting a breakout, which, if sustained, could signal a bullish continuation toward the upper resistance near $170.
XRP
Key points:
XRP was registering traders’ exhaustion, at press time.
The bullish momentum might be challenged soon.
What you should know - The XRP price chart indicates a recent stabilizing pattern with the current price at approximately $0.5971. We can find the trading range mostly between the support zone around $0.50 and a mid-term resistance level at $0.6845. XRP's price is presently hovering just below the 50-day moving average (yellow line), suggesting a potential resistance point. The Bollinger Bands show decreasing volatility with the price moving towards the middle band, indicating consolidation. The MACD histogram displays a slight bullish crossover, hinting at possible upward momentum if buying interest continues.
Cardano (ADA)
Key points:
ADA’s trading volume has fallen in the last few days.
Buyers have been dominating its short-term market.
What you should know - ADA's daily chart reveals a declining trend with a recent attempt at recovery. Currently, ADA is trading at approximately $0.3540, showing signs of stabilization within a descending wedge pattern outlined by the yellow lines. The Relative Strength Index at 49.67 indicates a neutral market sentiment, neither overbought nor oversold. Price action remains below a critical resistance zone near $0.55, which ADA struggled to breach in recent months. However, the recent price movement towards the upper boundary of the wedge suggests a potential breakout. If ADA can sustain a move above the wedge and approach the resistance zone, it might signal a bullish reversal. Otherwise, failure to break out could lead to continued consolidation or a possible downturn.
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