Kategorie: Crypto Markets

• X (formerly Twitter) has restricted the account of ex-Binance CEO Changpeng ‘CZ’ Zhao.
• The Binance founder stepped down on Tuesday after pleading guilty to DOJ charges.

Binance founder and former CEO Changpeng ‘CZ’ Zhao’s X account has been restricted. While its not clear why the ex-Binance chief’s X (formely Twitter) is restricted, the move comes as a surprise to many.

On Thursday, US prosecutors wanted CZ prevented from leaving the US for the UAE, with allegations that he was a flight risk. This is after he pleaded guilty to money laundering charges and was released on a $175 million bond.

Binance will also pay a $4.3 billion penalty as settlement with the US Department of Justice (DOJ).

After he stepped down, CZ was replaced by Richard Teng, the former head of Abu Dhabi Global Market, UAE.

Update:

CZ’s account restriction was due to several name changes, which is what he noted in a comment as he urged against FUD.

Happy Thanksgiving! 🦃

No need to FUD. All good now. 🙏 pic.twitter.com/IhkSTNwFvi

— CZ 🔶 BNB (@cz_binance) November 23, 2023

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• Ripple’s XRP looks to be breaking from a descending channel, suggesting further upside momentum.
• Dogecoin price is poised amid a notable surge in DOGE transactions.
• Both coins traded lower this week as markets reacted to Binance news.

The Ripple token, the fifth-largest by market cap with over $33 billion, was trading near $0.61 at the time of writing. Meanwhile, Dogecoin (DOGE) has surged to highs of $0.075 and could break higher as on-chain activity swells.

Both XRP and DOGE saw a negative flip this week as cryptocurrencies dumped after news that former Binance CEO Changpeng Zhao was stepping down.

Analyst shares XRP and DOGE price outlook

While XRP failed to break the psychological barrier at $1 in July, crypto analyst Ali says a breakout from a descending parallel channel could see XRP/USD push to the $0.65 – $0.66 region.

#Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX

— Ali (@ali_charts) November 23, 2023

Recent lawsuits by the SEC have listed several altcoins as securities – but not XRP has not been. In as much as there’s a likely battle over a settlement with the SEC in April next year, the previous wins against the regulator has the community buzzing on what next when the case that started in December 2020 finally recedes into the rear mirror.

As for DOGE, the analyst looks at a spike in large transactions amid institutional interest as pointers to a potential price spike.

#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.

This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW

— Ali (@ali_charts) November 23, 2023

The intraday gains stand at 3.5%, while the 24-hour trading volume is currently over $1.1 billion. It’s the fourth biggest volume in the period among non-stables, with Bitcoin, Ethereum and Solana – which has been flying in the market – ranking higher.

Dogecoin has seen a 24-hour trading volume of nearly $452 million. While the top meme coin lags some tokens in the $16 billion dog-meme market, its gains over the past month have cut yearly losses to just 5.5%.

Positive moves in the market could see DOGE/USD break above $0.1 going into next year. However, DOGE bulls have a steep hill to climb if they are to reclaim the all-time high of $0.73 reached in May 2021.

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• InfStones, a Lido node operator, will rotate its validator keys followng a vulnerability disclosure by blockchain security firm dWallet Labs.
• The vulnerability was acknowledged by Lido, which said its security team was working with the node operator to assess the scope and potential impact.

InfStones, a blockchain infrastructure provider and one of the key node operators for liquid staking protocol Lido Finance, will look to address a recent vulnerability issue by rotating its validator keys.

The platform is expected to take the security step by temporarily withdrawing its Ethereum validators from Lido. 

Why is InfStones taking this security measure?

InfStones’ move follows the discovery of a security threat connected to the open-source library Tailon in July, and which was disclosed by researchers at blockchain security platform dWallet Labs.

That chain of vulnerabilities at InfStones that put over $1 billion worth of assets at risk. The dWallet Labs team disclosed this to the Lido node operator to allow for remediation, Elad Ernst, cybersecurity researcher at dWallet Labs wrote on X.

1/ Our team at @dWalletLabs discovered a chain of vulnerabilities that could result in a loss of more than $1B in crypto assets. The full article here: https://t.co/cUUfevvUQ9 Let’s take a closer look

— Elad Ernst (@EladErnst) November 21, 2023

Lido Finance acknowledged the vulnerability, noting the potential for an impact on 25 of InfStones servers.

“Lido contributors are now actively working with the Node Operator on investigating the incident to understand its full scope and potential impact,” the platform said in an update.

However, the protocol’s security team clarified that there had been no indication that keys had leaked or been compromised. The vulnerability was also unlikely to have impacted Lido Finance validators.

To clarify: There is currently no indication of key leakage or compromise, and the vulnerability may not affect validators related the Lido protocol.

— Lido (@LidoFinance) November 22, 2023

While InfStones notes that its keys have not been compromised, it has decided to transition to new keys. To continue with operations and to ensure stability of the liquid staking protocol, InfStone will redirect staked Ether (ETH) to Lido for re-staking.

Lido is the largest liquid staking platform on Ethereum, with more than $18 billion in total value locked (TVL) as of November 23

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• The collaboration is aimed at combating digital asset fraud and enhancing anti-money laundering efforts.
• The two will work to address the record-high $20.6B in global cryptocurrency-based illicit transactions.
• They will provide advanced blockchain monitoring and governance.

In a strategic move to address the escalating threat of fraud and criminal activities in the digital assets sector, KPMG Canada has joined forces with blockchain analytics firm Chainalysis.

This partnership aims to bolster companies’ capabilities in adhering to evolving crypto regulations and advancing their anti-money laundering compliance programs.

Enhancing crypto security measures amid growing threats

The collaboration between the Canadian arm of KPMG and Chainalysis comes as the digital asset sector witnesses an increase in the sophistication of exploits and frauds.

The Chainalysis 2023 Crypto Crime Report revealed a record-high global cryptocurrency-based illicit transaction volume of $20.6 billion in the previous year. Notable incidents, such as wallet hacks and SIM swaps, have underscored the need for robust security measures within the crypto space.

KPMG Canada aims to leverage its extensive knowledge in cryptoasset financial crimes by providing advanced blockchain monitoring, support, governance, and risk management.

Chainalysis and KPMG Canada partnership

This collaboration will enable organizations to adopt a more comprehensive approach to mitigating fraud risks in crypto transactions. Jonathan Levin, Chainalysis co-founder and chief strategy officer, expressed confidence in the partnership, stating that combining KPMG’s expertise with Chainalysis’ industry-leading risk capabilities will contribute to a more effective defence against fraud in the crypto space.

KPMG Canada has been actively involved in the cryptocurrency sector, extending its footprint into the metaverse and making strategic additions to its balance sheet with bitcoin and ether. This move underscores the consulting giant’s commitment to staying ahead in a rapidly evolving digital landscape.

The collaboration between KPMG Canada and Chainalysis signifies a joint effort to navigate and address the complexities of financial crimes in the crypto sector, which continue to pose challenges to the security of digital assets.

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• Austria’s Raiffeisen Bank will launch crypto trading in 2024.
• Raiffeisen Bank International has $215B in assets and a customer base spanning the European Union and Eastern Europe.
• Bitpanda crypto exchange has complied with the crypto regulations in Austria and Germany.

In a significant move signalling the increasing adoption of cryptocurrencies in the traditional banking sector, Raiffeisen Bank International has announced its plans to introduce cryptocurrency trading services for retail customers by the end of January 2024.

The initiative will commence in Vienna, where the 97-year-old bank is headquartered, in collaboration with local cryptocurrency exchange Bitpanda.

Raiffeisen Bank’s partnership with Bitpanda 

Raiffeisen Bank’s cryptocurrency services, designed to cater to digital-savvy customers, will leverage a partnership with Bitpanda. Through the Raiffeisen app, customers in Vienna will be able to access Bitpanda’s platform using their mobile devices seamlessly.

Curt Chadha, the bank’s head of innovation, emphasized that the user experience will be familiar, with the confirmation of trades resembling the security measures associated with traditional bank transfers.

The decision to initiate services in Vienna, home to approximately a quarter of Austria’s population, aligns with Raiffeisen Bank International’s strategy to tap into the growing demand for cryptocurrency services in a controlled manner. Chadha noted that the focus is on customers looking to make smaller investments, distinguishing the offering from those of other banks that target wealthier individuals with substantial investment portfolios.

Bitpanda’s regulatory compliance

Bitpanda, founded in Vienna in 2014, operates under the supervision of the Financial Market Authority (FMA) in Austria and the Federal Financial Supervisory Authority (BaFin) in Germany. The exchange provides regulated trading, investment, and custody services for various assets, including stocks/ETFs, cryptocurrencies, precious metals, and commodities.

This regulatory compliance adds an additional layer of credibility to the partnership and positions Bitpanda as a platform facilitating secure and regulated access to various asset classes.

As Raiffeisen Bank International enters the cryptocurrency space, the collaboration with Bitpanda signifies a strategic move to cater to the evolving financial preferences of a digitally inclined customer base. The initiative underscores the bank’s commitment to innovation and reflects the broader trend of traditional financial institutions adapting to the growing influence of digital assets.

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