Weekly Crypto Digest for June 5 - June 11, 2023.
Monday, June 12, 2023
TOP news of the crypto industry by Yellow Capital.
SEC files lawsuits against Binance and Coinbase
On June 5, the SEC sued the Binance exchange and its CEO, Changpeng Zhao. There were 13 allegations, including unregistered offers and sales of BNB and BUSD, Simple Earn and BNB Vault products, and staking.
Already on June 7th, the SEC demanded to freeze assets held by Binance.US in order to protect investors. On June 9th, the latter announced the suspension of deposits in US dollars and recommended that customers withdraw fiat before June 13th.
Coinbase shares fell 9.1% on June 5, and the next day they sank even lower amid the SEC lawsuit. The regulator accused the company of violating securities laws.
Hong Kong Monetary Authority to Prepare for Retail CBDC
The Hong Kong Monetary Authority (HKMA) is gearing up to implement a retail central bank digital currency (CBDC), according to a recent report. The HKMA has recognized the need to lay the groundwork for future implementation after conducting extensive market consultations and studies.
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Robinhood to end support for Cardano, Polygon, and Solana
Starting June 27, the cryptocurrency platform of the online broker Robinhood will stop supporting Cardano (ADA), Polygon (MATIC), and Solana (SOL) cryptocurrencies.
After the designated date, the respective assets of users are automatically converted into fiat. The company did not explain the reasons for the decision.
Until June 27, users can buy, sell, store, and transfer ADA, MATIC, and SOL.
Curve Finance opened the possibility of issuing crvUSD secured by wstETH
Decentralized exchange Curve Finance has added support for a wrapped version of Lido's stETH as collateral for issuing and borrowing the crvUSD stablecoin. The corresponding proposal received 100% support during the voting with a quorum of 84.5%.
Bitcoin volatility is lower than Meta and Amazon stocks
The volatility of bitcoin in terms of the year has fallen from the characteristic for the entire history of the asset average of 71% to 32%. According to this indicator, digital gold has proved to be more stable compared to the popular shares of Meta and Amazon.
The latter figures are 44% and 34% respectively, according to The Block.
Circle launched USDC on Arbitrum
Circle announced that USDC is now available natively on Arbitrum and accessible to developers and their users – no bridging required.
Coinbase offered to change jurisdiction in Hong Kong
Hong Kong Legislative Assembly member Johnny Ng Kit-Chong invited cryptocurrency exchange Coinbase and other digital asset platforms to the country.
"I hereby offer an invitation to welcome all global virtual asset trading operators including Coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance."
US accuses WEX admin of hacking Mt.Gox
Aleksey Bilyuchenko (Ivanov), a system administrator for the WEX cryptocurrency exchange, and Alexander Verner, a BTC-e developer, were accused of conspiring to launder approximately 647,000 BTC obtained from the Mt.Gox hack in 2011. As reported by the US Department of Justice.
Around September 2011, Bilyuchenko, Werner, and their co-conspirators allegedly gained unauthorized access to a Japanese server that stored Mt.Gox clients' cryptocurrency wallets, according to an indictment by the US Attorney's Office for the Southern District of New York. From that period until May 2014, they withdrew at least 647,000 BTC from the exchange to addresses under their control on two trading platforms.
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