Schlagwort: crypto business

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Binance temporarily halts all Solana withdrawals

  • Binance has suspened withdrawals to the Solana network amid issues of increased volumes.
  • The exchange expects normal services to resume by March 9, 2024.
  • Binance, Coinbase and Kraken are among exchanges to experience issues as crypto rallied amid Bitcoin’s run to a new all-time high on Tuesday.

Binance is temporarily halting all withdrawals to the Solana (SOL) network, according to an announcement the world’s largest crypto exchange published today.

Per the exchange, normal operations are likely to resume by March 9.

“Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution. The estimated implementation date of the solution is 2024-03-09 18:00 (UTC),” Binance announced.

As well as Binance, other exchanges to experience increased transaction traffic and issues include Coinbase, Kraken and Bybit. The exchanges have reported huge volumes as Bitcoin price exploded in recent weeks to spark altcoin gains.

SOL price outlook

The news of Binance’s halt of SOL withdrawals coincided with a drop in the price of Solana (SOL), with the altcoin’s value dropping to lows of $117.

However, this happened as the broader crypto market looked to bounce alongside Bitcoin (BTC). The flagship cryptocurrency traded above $67,000 on Wednesday morning, back to winning ways following its sharp drop post new all-time high above $69,000 reached on Tuesday, March 5, 2024.

SOL is back above $130 and looking to retest recent highs above $140.

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WOOFi confirms $8.75 million exploit on its Arbitrum market

  • WOOFi has released a post-mortem report confirming an $8.75 million exploit on its lending market on Arbitrum.
  • The decentralized exchange has offered a 10% whitehat bounty to the attacker.

Decentralized exchange WOOFi suffered an $8.75 million exploit that targeted its lending market on Arbitrum, according to a report the platform released on Wednesday.

In a post-mortem report, the WOOFi team noted that the attacker manipulated its Synthetic Proactive Market Making (sPMM) algorithm.

After pausing the manipulated contracts, an investigation into the attack revealed the hacker carried out a series of flash loan attacks, starting at around 15:49 UTC on March 5.

“The exploit consisted of a sequence of flash loans that took advantage of low liquidity to manipulate the price of WOO in order to repay the flash loans at a cheaper price,” the team noted.

During the attack, the exploiter borrowed approximately 7.7 million WOO tokens as well as other cryptocurrencies. They then sold these tokens into WOOFi, causing the sPMM to incorrectly adjust WOO token’s price to near zero.

With the anomalous pricing in place, the attacker proceeded to quickly swap out 10 million WOO three times.

While various blockchain security platforms, including PeckShield, Chainalysis, Hypernative, and Wintermute swiftly picked up the exploit, the attacker had already made off with $8.75 million in profits.

WOOFi offers 10% whitehat bounty

WOOFi is offering an 10% whitehat bounty to the attacker as efforts to recover the funds continue. The platform has also initiated bounty on Arkham Intelligence.

Meanwhile, the exchange says its WOOFi Pro, Stake, and Earn services were not affected and remain “fully operational.”

The WOOFi team posted on X:

 

WOO price fell sharply after the attack, from around $0.59 to lows of $0.48. The token’s value changed hands at $0.52 at the time of writing.

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Record $10B Bitcoin ETF trading volumes as $7.7M investments pour onto Bitcoin Dogs

  • Record trading volumes on spot ETFs have been linked to profit-taking. 
  • Bitcoin Dogs rides Bitcoin price trends cemented by its Web 3.0 utility.
  • Over $7.7 million has been raised in Bitcoin Dogs presale.

Record ETF trading volumes and BTC cooling off from its record price are two events keenly watched this week. The latest data shows the total trading volume on the 10 spot ETFs surpassed $10 billion. The record trading volumes highlight increased activity on Bitcoin. Nonetheless, buying trends are observed on Bitcoin Dogs, which saw more than $7.7 million in presale. With 9 days to the end of the presale, analysts expect Bitcoin Dogs price to skyrocket after listing.

Record trading volumes spot ETF volumes vs. Bitcoin price

It has been a busy week for Bitcoin after it reached its all-time high above $69,000. However, BTC price cooled off at this crucial market level. At the time of this publication, the world’s largest cryptocurrency had lost an intraday of 2.70%. The cryptocurrency was exchanging hands at $66,716.

Meanwhile, the ten listed spot Bitcoin ETFs inked a new record of $10 billion in trading volume. The volume breached last week’s daily record. Nonetheless, there is a difference in the two trading volumes.

Last week’s record volumes were attributed to large inflows into ETFs. This coincided with a surge in the price of Bitcoin, helping the cryptocurrency to claim its 2021 record. However, the new record trading volumes have been associated with heavy profit-taking. 

New data shared by Bloomberg ETF analyst Eric Balchunas showed that the $BITI ETF blew its record by most. This is not a surprise since it is a short Bitcoin ETF. Conversely, the decline in the price of Bitcoin goes unnoticed, cementing the selling hypothesis. Investors might be locking in some profits after Bitcoin remained bullish for a large part of the month. 

Bitcoin Dogs: A presale sensation breaches $7.7B

Just as Bitcoin continues to rattle crypto markets, Bitcoin Dogs is riding on this sentiment. It is not usual to witness a presale that is barely 3 weeks raise more than $7.7 million. Being the first BRC-20 token, investors have been attracted to the token riding on the legacy Bitcoin network. Even as inflows into Bitcoin ETFs continue, Bitcoin Dogs attract suitors. But let’s look beyond its parent, Bitcoin.

Bitcoin Dogs is a utility token, and one fact that has attracted a lot of attention is NFTs. As its team word has it, Bitcoin Dogs will be the biggest Bitcoin Ordinals NFT collection. The team will mint 10,000 unique tokens to be distributed to $0DOG holders. The opportunity lies in curating and selling these tokens on a decentralised market. This is especially true with the projected NFT market uptake in the bull market of 2024. 

Gaming and metaverse are also articulated goals in the Bitcoin Dogs ecosystem. Owing Bitcoin Dogs tokens entitles holders to perks and immersive experiences within the Dog community. Coin holders can engage in competitions and interactions or simply take their dogs through training sessions. The lively gameplay and virtual experiences cement Bitcoin Dogs’ role in Web 3.0. 

Is it the right time to buy Bitcoin Dogs?

With 9 days to go, there is no other time to purchase Bitcoin Dogs. This is the opportunity to acquire tokens before listing when the price is low. Besides, the $0DOG price rises at each stage of the presale. This has attracted investors looking to acquire tokens at a lower price than the rest.

And then there is the market opportunity. Once the presale ends, investors will buy Bitcoin Dogs on exchanges. As history has shown, highly speculative tokens like $0DOG experience gains immediately after listing. This makes the tokens expensive while boosting the value held by presale buyers at the same time. Thus, it makes sense to buy on presale before the projected price surge. 

To buy Bitcoin Dogs while on presale, investors can visit the project’s website page.

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Bitstamp secures MAS approval for crypto services in Singapore

  • Bitstamp, a major European crypto exchange, secures in-principle approval from Singapore’s MAS.
  • The Major Payment Institution (MPI) license allows Bitstamp to offer digital payment token services.
  • Bitstamp focuses on serving financial institutions in Singapore, marking its strategic entry into the Asian market.

European cryptocurrency exchange Bitstamp has reached a significant milestone in its global expansion efforts with an in-principle approval from the Monetary Authority of Singapore (MAS).

The approval positions Bitstamp as the first major European exchange to receive such recognition in Singapore, marking a pivotal moment for the cryptocurrency industry in the region.

Bitstamp’s MAS approval and Expansion Plans

The MAS granted Bitstamp a Major Payment Institution (MPI) license, granting the crypto exchange the authority to provide cross-border money transfer and digital payment token exchange services to customers in Singapore and select countries across the Asia-Pacific region.

Acknowledging the approval, Leonard Hoh, Bitstamp’s Asia-Pacific general manager, emphasized Singapore’s positive regulatory environment, which is conducive to the institutionalization and broader adoption of digital assets.

With this approval, Bitstamp is expected to spearhead its expansion efforts in the Asia-Pacific region and beyond.

The in-principle approval coincides with a rebound in the cryptocurrency market, with regulatory frameworks in the European Union and the approval of Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) expected to further solidify market dynamics.

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Deutsche Börse launches spot crypto trading platform

  • Deutsche Börse has launched its crypto spot trading platform Deutsche Börse Digital Exchange (DBDX).
  • DBDX will offer crypto trading services to institutional clients.
  • Swiss-based platform Crypto Finance is the settlement and custody partner.

Deutsche Börse, a leading securities and market infrastructure provider, has announced its crypto spot trading platform is now live.

In a press release on Monday, targeting institutional clients.

Deutsche Börse Group said the Deutsche Börse Digital Exchange (DBDX) targets institutional clients and will offer a fully regulated trading ecosystem. Settlement and custody of users’ cryptocurrency assets will tap into the services of custody provider Crypto Finance.

Initially, access to crypto trading on the new platform will be on a Request-for-Quote (RfQ) basis. This means clients will have to solicit for quotes from select providers.

“Our new solution is a game changer for digital ecosystems. We aim to provide trusted market operations for crypto assets, ensuring transparency, security, and regulatory compliance for institutional clients in Europe,” Carlo KölzerCarlo Kölzer, head of FX & digital assets at Deutsche Börse, said in a statement.

The launch of DBDX follows Crypto Finance’s recent approval as a regulated crypto trading, settlement and custody provider. The Swiss-based platform received the required licenses from German regulator BaFin in February this year.

“This marks a pivotal moment in our mission to cultivate a resilient and trusted digital asset ecosystem together with Deutsche Börse, while also strengthening Crypto Finance’s well-established and regulated custody and settlement offering in Germany,” Stijn Vander StraetenStijn Vander Straeten, CEO of Crypto Finance, stated.

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