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James Carter

January 24, 2023

Today in Cryptocurrency

Today in Cryptocurrency: Creditors of Genesis Filed a Lawsuit Against DCG and Barry Silbert, Binance Kept Some Collateral in the Same Wallet as Customer Funds, and also Binance Handled $346 Million for Bitzlato.

Exchange news

According to Bloomberg, which cited a spokeswoman for Binance, the cryptocurrency exchange made a mistake and stored the collateral for some of the digital assets it provides in the same wallet as monies belonging to its customers. According to what was reported about this individual, they were quoted as claiming, “Collateral assets have already been placed into this wallet in error and mentioned accordingly on the B-Token Proof of Collateral page.” “Binance is well aware of this error and is currently in the process of moving these assets to separate collateral wallets,” “have been and continue to be backed 1:1” by the exchange are the assets that are stored there.

According to Reuters, which cited data provided by blockchain research company Chainalysis, the cryptocurrency exchange Binance processed nearly $346 million worth of bitcoin (BTC) for the Bitzlato exchange. US authorities arrested the founder of Bitzlato last week on suspicion that he ran a “money laundering engine.” A spokesman for Binance said that the company had “offered substantial assistance” to foreign law enforcement agencies to help them investigate Bitzlato.

In order to provide market abuse monitoring on the exchange, Deribit decided to go with the Validus platform offered by Eventus. Eventus is a provider of market risk solutions and transaction surveillance for many asset classes. In a press release, it was said that Deribit would start using Validus at the beginning of this quarter.

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Financial news

QuickNode just finished a $60 million Series B funding round. This round was led by 10T Holdings and included Tiger Global, Seven Seven Six, Protocol Labs, QE, and others. This latest round of funding makes QuickNode worth $800 million and will be used to “accelerate the company’s global expansion and further empower the builders who are laying the groundwork for a decentralized, globally connected future,” according to an announcement.

Legal news

Several creditors of Genesis have initiated a class action (SCA) lawsuit against the ailing cryptocurrency corporation Digital Currency Group, which is Genesis’s parent (DCG). According to the press release, the lawsuit was brought against DCG and its creator Barry Silbert by the legal firm Silver Golub & Teitell, which is based in the United States. The action alleges that DCG violated various federal securities laws.

Payments news

ZEBEDEE, a provider of financial services, and Fountain, a platform for podcasting where listeners and podcasters are compensated for the value they provide, made the announcement today that they had entered into a collaboration and integrated bi-directional bitcoin streaming into the Fountain app.

According to the statement made in the announcement, “with this new integration, the Fountain app does not just broadcast audio; it also streams money effortlessly alongside it, in both directions.” This enables listeners to financially support content creators by paying for content on a minute-by-minute basis as they consume it.

When you turn off the music or podcast, the flow of money ceases, and you’re only charged for the content that you’ve really consumed. Perhaps even more interesting is the fact that the integration works both ways; users of Fountain will receive money (in the form of Bitcoin) for listening to their first hour of daily podcasts, as stated in the announcement.

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DeFi news

The scalability solution for Ethereum zkSync built their Wallet and Checkout apps with Unstoppable Web3 domain support. According to the announcement, this makes it possible for the community to send and receive cryptocurrency with other zkSync Wallets by utilizing names that are accessible by humans rather than random addresses. Additionally, customers of zkSync Checkout have the ability to make payment links with their Unstoppable Web3 domains in order to share and collect cryptocurrency payments.

The cryptocurrency wallet known as Lemon Cash included the Aave Protocol in its application, which enabled Lemon Earn to provide access to the decentralized finance (DeFi) network. A release stated that the integration, which would be the first of its type in the LATAM region, would make it possible for users in Argentina and Brazil, which together have over 1.7 million users, to invest in a number of different tokens.

FXDX is a decentralized on-chain derivative exchange, and Router Protocol, an infrastructure layer that enables the communication between blockchains, just announced a cooperation with FXDX to facilitate the cross-chain launch of Optimism, a layer two scaling solution for Ethereum. According to a press release, “coming live on Optimism marks a big step in FXDX’s multi-chain expansion.” This expansion plan will propel trade volumes and bring new customers to the decentralized application (dApp).