Monat: August 2023

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New Zealand crypto exchange Dasset faces liquidation, customer funds trapped

Key takeaways

  • Crypto exchange Dasset has denied customer access to funds. 

  • The New Zealand-based crypto exchange has gone into liquidation. 

Dasset denies customers access to funds

Auckland-based crypto exchange Dasset has denied customers access to their funds as it faces liquidation. This is according to a report by The Herald earlier today. 

According to the report, some customers have tens of thousands of dollars worth of crypto trapped on the platform. 

A customer told The Herald that they had been trying to withdraw $40,000 — their entire life savings — from their Dasset account for three months. However, their attempts had been unsuccessful. 

Another customer revealed that had been direct-credited by the company’s CEO, Stephen Macaskill. However, they were still unable to access the funds in their account. 

The CEO said the company has been unable to find a replacement banking provider after losing its previous provider earlier this year. He added that Dasset has gone into voluntary liquidation, and the company has appointed a liquidator. 

However, a liquidator hasn’t been approved, and the customers are still unable to access their funds. 

Dasset still accepting new users

The cryptocurrency exchange is still accepting new users despite a halt in withdrawals. 

The company has removed email addresses and phone numbers from their website. However, a request form is still available. 

Dasset is the latest in a long line of cryptocurrency exchanges to face financial challenges. Last year, FTX, one of the leading crypto exchanges at the time, filed for bankruptcy following some financial mismanagement by the CEO and other executives. 

Auckland-based Dasset exchange was launched in 2017. However, compared to Binance, which was launched around the same period, Dasset remains a relatively small cryptocurrency exchange. 

The post New Zealand crypto exchange Dasset faces liquidation, customer funds trapped appeared first on CoinJournal.

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THORChain (RUNE) up 65%: here’s why the token is rising

  • THORChain (RUNE) token price has gained 65% over the past week and 53% over the past month.
  • There has been a significant surge in social volume around THORChain.
  • The social volume is driving notable attention toward the cross-chain liquidity protocol.

Although the price of THORChain (RUNE) is still down 10% from its start of the year price, the token has been on a strong bullish trend since the beginning of August. It has risen by 68% since August 1, pushing the price from around $0.92 to the current price of $1.55.

While some are super excited with RUNE’s upward trajectory, some are sceptical that the token could experience a pullback seeing that the rise has been so sharp. To fully understand how far the token could rise and the possibilities of a pullback, we shall delve into the factors pushing the price up.

Why THORChian (RUNE) price is rising

According to data on Santiment, the THORChain price surge is fueled by a surge in social volume. According to the data, RUNE’s social volume increased by 4,300% between August 7 and August 13, driving significant attention toward the THORChian protocol and its native token.

In addition, THORChain’s positive investor sentiment also grew 6,100% within the same timeline. This further caused RUNE’s trading volume to spike as more investors jumped in.

THORCHian, which is a cross-chain liquidity protocol, in April, partnered with the web3 company Unizen to allow users to swap their Ethereum (ETH) and Avalanche (AVAX) for Bitcoin (BTC) while also permitting users to store assets on different chains. This has been a great driver of the increased activity in the THORChain ecosystem.

The post THORChain (RUNE) up 65%: here’s why the token is rising appeared first on CoinJournal.

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Binance seeks court’s protection against US SEC’s probe

  • The US SEC charged Binance for offering unregistered securities in the United States.
  • The SEC then went ahead to seek for the freezing of Binance.US assets although the two later reached an agreement.
  • Binance.US is now complaining that the SEC is overstepping its mandate according to the agreement.

Binance.US, the US subsidiary of Binance, has filed to limit the extent of investigations by the Securities and Exchange Commission (SEC) in its case against the cryptocurrency exchange.

The SEC attempted to freeze all of Binance.US’s assets in June after expressing worries about the security of clients’ digital assets owned by the company. However, the US arm of Binance, doing business as BAM Trading Services and BAM Management US Holdings, entered into an agreement with the SEC as a result.

The agreement, which some commentators referred to as “burdensome” gave the SEC permission to conduct “limited expedited discovery” about the custody and accessibility of client funds.

SEC’s investigations into Binance.US

Binance in a late Monday filing claimed that the SEC’s discovery demands have exceeded the parameters set forth in the consent agreement and constitute an improper “fishing expedition.”

In particular, Binance.US asserts that the SEC is requesting lengthy correspondence and deposition evidence from firm executives on “dozens of topics” irrelevant to client assets, including its CEO and CFO, who the filing argues have no understanding of the custody concerns at the heart of the matter.

Binance’s request states that the company “worked in good faith to respond to the SEC’s requests” by supplying hundreds of documents, providing depositions from staff members knowledgeable about asset security, and taking actions to guarantee assets are in US custody.

The crypto exchange, in its protective request to the court, argues that despite years of investigation by the SEC and all the provided information, “the SEC still has not identified the slightest evidence that customer assets have been misused or mishandled in any way.” It also opposes deposing top executives like the CEO and CFO stating that that would be unproductive, unduly burdensome, and disruptive to operations.

The crypto exchange suggests that the SEC should first investigate employees responsible for asset custody since they are the ones with “far deeper knowledge” about digital asset custody.

The post Binance seeks court’s protection against US SEC’s probe appeared first on CoinJournal.