Bitcoin News and Finance: What You Need to Know

In the wake of Binance’s departure from Canada, cryptocurrency exchange Bybit has announced its exit from the nation as well, citing “recent regulatory development” as the reason. Effective May 31, Bybit stated that it would cease accepting applications from Canadian residents. Bybit to Pause Operations in Canada According to a Tuesday announcement , Bybit is withdrawing from Canada and has suspended new registrations from Canadian residents as of Wednesday. Starting July 31, Canadians will be unable to deposit funds; however, they can still withdraw and reduce their trading positions for the time being. “Canadian Customers who are implicated by these measures should take steps by September 30, 2023, 8AM UTC to wind down and manage their positions,” Bybit said. “Failing which, open positions in any margin products and derivative contracts — will be liquidated and the liquidated funds will be available for withdrawal.” While Bybit explained it has always prioritized compliance, it a

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s president stressed, adding: “In the future, it is unlikely that one single currency can dominate the world’s currency system. We will see more local currencies used to settle trade.” ‘We Will See More Local Currencies Used to Settle Trade’ The New Development Bank (NDB), formerly known as the BRICS Development Bank, is seeking to finance more projects in local currencies. The NDB was founded by the BRICS nations, namely Brazil, Russia, India, China, and South Africa. Besides the five founding members, Bangladesh, the United Arab Emirates (UAE), and Egypt have also joined. In addition, Uruguay is currently a prospective member, and recent reports s

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  The global blockchain gaming market will grow significantly during the next seven years and is expected to reach a market cap of $301.53 billion by 2030, according to a report issued by markets and intelligence firm Grand View Research. The “Blockchain In Gaming Market Size” report, found that this growth will be powered by the transition from traditional to blockchain gaming. Entertainment Market to Shift to Blockchain-Based Games The blockchain gaming market will grow significantly during the next seven years according to some predictions. A report issued by Grand View Research, a California-based markets research firm, predicts that the global blockchain gaming market will reach a market cap of $301.53 billion by 2030. According to the report, this growth will be incentivized by the shift from traditional gaming to alternatives that allow ownership of assets, transparency, and

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  Three months have passed since Paxos made the decision to cease the production of new BUSD tokens, complying with the directive issued by the New York Department of Financial Services (NYDFS). Since February 13, 2023, 10.62 billion BUSD tokens have been redeemed thus far. Within the span of the last 30 days, slightly more than one billion BUSD stablecoins have been withdrawn from circulation. BUSD Redemptions Exceed 10 Billion Tokens Since NYDFS Announcement Despite tether ( USDT ) approaching its all-time high in terms of market capitalization, the stablecoin economy is currently experiencing its lowest value range since September 2021. A decent-sized fraction of the stablecoin economy’s decline can be attributed to the redemption of BUSD tokens. Three months ago, or 107 days to be precise, Paxos made an announcement in compliance with the directives from the NYDFS, stating that t

Bitcoin erased recent gains on Wednesday, as markets reacted to the latest points of U.S. economic data. One of which being consumer confidence, which dropped to a six-month low in May. Ethereum was also lower in today’s session, dropping below $1,900. Bitcoin Bitcoin ( BTC ) neared a breakout below $27,000 on Wednesday, as markets reacted to the latest data surrounding consumer confidence in the United States. Following a high of $28,037.69 on Tuesday, BTC /USD slipped to an intraday low of $27,009.69 earlier in the day. The downturn comes as momentum in the market has slightly shifted, with the global crypto market cap falling by 2.59% as of writing. Bitcoin chart by TradingView Overall, today’s decline in BTC comes despite an upcoming crossover between the 10-day (red) and 25-day (blue) moving averages. From the chart, it appears that a failed breakout of a ceiling at 53.00 on the relative strength index (RSI) played a significant role in this. The index is now trac

Cryptocurrency exchange Bybit has received an in-principle approval to work in Kazakhstan, a jurisdiction increasingly seen by crypto companies as a gateway to the former-Soviet space. The trading platform wants to expand its presence in the region and other emerging markets. Bybit on Route to Winning Kazakhstan Crypto License Singapore-based Bybit, one of the world’s leading crypto spot exchanges , is now a step closer to becoming a licensed crypto operator in Kazakhstan. On Tuesday, the company announced it has obtained in-principle approval from the Astana Financial Services Authority (AFSA). “The in-principle approval subjects Bybit to pre-conditions leading to permanent authorization upon Bybit’s completion of the full application process,” a press release explained. When licensed, it will be able to operate as a digital asset exchange and custody service provider. AFSA is the regulatory body overseeing the Astana International Financial Centre (AIFC), Kazakhstan’s financial

What is wrong with the current P2E market Since most P2E projects do not create long-playing products, the Free-to-Play model of the past decade is breaking down, threatening to disrupt a $100B+ industry. The main lessons learned before 2023 are: NFTs were misused for trading and farming, not for gaming, Pay-to-play model anyway to engage in a full-featured game, Low quality graphics and lack of unique generated content, Farming and breeding decrease economy in a long run, Complex onboarding of Web2 gamers. Here’s where Junkineering comes into play, with the goal to improve the model, align incentives between developers and players in a virtuous cycle, as well as deliver a quality product, engaging and Fun-to-Play. The approach they offer is as follows: Game design based on the NFT Utility, Fair free-to-play and Digital Ownership, User Generated Content, No breeding, no farming mechanics, Familiar experience for Web2 audience. What is Junkineering Junkineering is a

According to a report published by the cybersecurity research team known as 0d, a division of Dwallet Labs, researchers discovered a critical vulnerability in the Tron network’s native multi-sig mechanism. The cybersecurity experts explained that the vulnerability could have impacted more than $500 million worth of digital assets held in Tron multi-sig accounts. 0d specified that Tron’s development team addressed the problem by creating a patch for the bug. Cybersecurity Researchers Summarize Bug Found Tied to Tron’s Multisig Mechanism, Tron Devs Patch the Vulnerability On May 30, 2023, the research team 0d from Dwallet Labs published a report that uncovers a vulnerability in Tron’s native multisig scheme. The vulnerability enables any signer of a multi-sig account to bypass the network’s security measures, irrespective of the designated threshold and number of signers. “This vulnerability impacts over $500M in digital assets that are held in Tron multi-sig accounts,” 0d reported o

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  On Monday, May 28, 2023, a pivotal landmark was reached as the aggregate quantity of Ordinal inscriptions minted on the Bitcoin blockchain exceeded 10 million in under half a year. Since Ordinal inscriptions’ inception, bitcoin miners have garnered roughly 1,596 bitcoins, valued at $44.37 million. 10 Million Ordinal Inscriptions and Counting This week witnessed the total Ordinal inscriptions surpassing the 10 million mark; as of this writing, 10,142,233 inscriptions have been issued. Moreover, the BRC20 token economy consisting of 24,677 registered BRC20 tokens boasts a combined value of $433 million . Bitcoin inscriptions have carved out a niche in the realm of non-fungible token (NFT) markets and currently stand as the second-largest blockchain in terms of NFT sales. Data from the past 30 days reveals that $190 million worth of Bitcoin-based NFTs have been traded, with the most

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  Customers of Binance Australia were trading bitcoin and other cryptocurrencies at lower prices than those on other platforms on Tuesday. The discount is apparently due to a popular Australian payment service preparing to cut off the crypto exchange from withdrawals in local currency. Bitcoin Trading at Lower Rates on Binance Australia Australians traded bitcoin ( BTC ) and other cryptocurrencies at discount on Binance Australia compared to other exchanges operating in the country on Tuesday. The price difference has been attributed to a popular domestic payment provider’s decision to quit processing withdrawals in Australian dollars (AUD) for its users. Starting from June 1, customers of Binance’s Australian platform will not be able to withdraw amounts in the national fiat to their bank accounts through the Payid service. The exchange’s announcement came after earlier this month i

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  After announcing its plan to invest 15% of profits into bitcoin, the company Tether Limited has taken another step toward its crypto goals. Tether, the stablecoin issuer, has revealed its latest venture: “sustainable bitcoin mining operations in Uruguay.” Tether has partnered with a licensed local company to make this happen, as it believes Uruguay is the ideal location for bitcoin mining production. Tether’s Bitcoin Mining Operations Take Root in Uruguay Tether, the issuer of the largest stablecoin in terms of market capitalization, said it is gearing up to invest in energy production resources and establish sustainable bitcoin ( BTC ) mining operations in Uruguay. Paolo Ardoino, the CTO of Tether, elaborated on their vision, expressing that the team behind energy production and bitcoin mining is actively seeking talented individuals to join their venture. In a recent blog post ,

The government of Bali, Indonesia, is cracking down on the use of cryptocurrency as a means of payment by foreign tourists. “Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions,” said the governor of Bali. Strict Penalties Imposed for Foreign Tourists Using Crypto in Bali, Warns Governor The Bali provincial government is cracking down on the use of cryptocurrency as a means of payment by foreign tourists in hotels, restaurants, shopping centers, and various other establishments, according to a report from the Antara Indonesian News Agency. Bali Governor Wayan Koster said at the Bali tourism development press conference Sunday: Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment, and violate other provisions will be dealt with firmly. “Strict actions range from deportation, administrative sanctions, criminal p

The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses “a future threat to the participation of South African financial institutions in the global financial system.” Central Bank Tasked With ‘Protecting and Enhancing Financial Stability’ The South African Reserve Bank (SARB) has said the country’s “non-aligned stance” on the war between Ukraine and Russia could “pose a future threat to the participation of South African financial institutions in the global financial system.” According to the central bank, the possibility of secondary sanctions being imposed on South Africa over its alleged pro-Russia stance further threatens financial stability. In its recently released Financial Stability Review (FSR) report , the SARB noted that U.S. Ambassado

U.S. presidential candidate Robert F. Kennedy Jr. says he does not want anti-crypto people on the Securities and Exchange Commission (SEC). He also slammed the securities regulator for protecting banks rather than the American people. “What they’re doing is obscure, it’s not transparent, and it’s not bringing transparency to our system,” said the presidential hopeful. RFK Jr on SEC, Bitcoin, Crypto Regulation U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) expressed admiration for bitcoin while criticizing the regulatory approach of the Securities and Exchange Commission (SEC) towards the cryptocurrency industry in an interview with Thestreet, published Friday. RFK Jr. is a nephew of former U.S. President John F. Kennedy and a son of former U.S. Attorney General Robert F. Kennedy. Sharing his intention to nominate crypto-friendly individuals to the SEC should he be elected president, Kennedy stated: I don’t want people on the SEC commission who are anti-crypto. At mos

Bkex, a crypto exchange based in the British Virgin Islands, has suspended withdrawals due to an allegation that a user’s “funds were involved in money laundering.” In order to assist law enforcement with their investigation and gather evidence, Bkex said it has decided to halt withdrawal activity for the time being. British Virgin Islands-Based Digital Currency Platform Bkex Pauses Withdrawals At 7:56 a.m. Eastern Time on March 29, the digital currency trading platform Bkex took to Twitter to share important news about the suspension of withdrawals. In an announcement on Monday, Bkex revealed that a user’s funds were linked to a money laundering incident. To facilitate the collection of evidence, the crypto exchange will temporarily halt all withdrawals and collaborate closely with the police. “[The] Bkex team will fully cooperate with the regulatory investigation and do its best to restore the normal operation of the exchange,” the announcement details. “The team will actively

On May 29, Huobi HK announced its expansion of services after Hong Kong implemented its new crypto exchange license system. The platform now provides spot and custodial services to both retail and institutional customers in Hong Kong. Huobi’s update comes shortly after Huobi Global faced regulatory hurdles in Malaysia, where authorities prohibited the operation of its crypto trading platform without a proper permit. Huobi HK Launches Spot Trading and Managed Services in Hong Kong Huobi Global’s Hong Kong trading arm Huobi HK has announced it is offering spot trading services and custodial solutions to retail and professional traders. Hong Kong’s new licensing regime was launched in May with help from Hong Kong’s Securities and Futures Commission (SFC) CEO Julia Leung. Leung said at the end of April that the effort could make Hong Kong “more attractive [and] more competitive” for “international and Mainland capital.” Crypto trading platforms will be regulated by the regulator’s Fin

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic development news during the last week. In this issue, Venezuela tries to regain control of the gold stash held in London again; Argentina seeks to expand the Chinese yuan swap line; and Azteco enables bitcoin purchases in more than 55,000 stores in Colombia and Costa Rica. Venezuela Appeals to Regain Control of Gold Held in England The Venezuelan government has introduced a new appeal to try and regain control of the Venezuelan gold held in the vaults of the Bank of England. According to the appeal presented before the London Court of Appeals by the party representing the Central Bank of Venezuela board controlled by President Nicolas Maduro, the disbandment of the interim government of Juan Guaido on January 2022 changes the case’s background. The board named by the Venezuelan assembly, elected back in 2015 to protect the country’s foreign assets, has no official recognition from the U.K

  In the cryptocurrency realm, there are thousands of projects born every year – each with aspirations to set the bar higher. The harsh reality is that most fail somewhere along the way, not for lack of passion or trying, but rather they lack the full list of ingredients required to create something truly great. So what exactly are those ingredients? The truth is – no one determines this except the investors or the user base – So then the real question becomes, what do investors want to see, and what value can a project bring to users in the space? One project, SquidGrow , co-founded by notorious crypto billionaire – Shibtoshi , and renowned trader – AreDub , looks to have discovered these answers through the heart of the bear market. So let’s dive in, what is SquidGrow doing so well where others are struggling? For starters, investors want to see other investors joining them for a common goal. If the sectors where investors communicate and share their thoughts about a projec