Top stories of the week
Binance Suspends Bridge Token Deposits, Asks Multichain Team For Clarification
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Crypto exchange Binance has suspended deposits of 10 bridge tokens after days of uncertainty surrounding its multi-chain protocol. Transactions on cross-chain protocols have been delayed across multiple bridges for the past few days, with little information from the multi-chain team about the ongoing issues. In a tweet on May 24, Multichain said that some cross-chain routes had become unavailable “due to force majeure,” pointing out that the timing of service restoration is unclear. Binance wasn’t the only company to take action during the unexplained downtime. The Fantom Foundation has removed 449,740 MULTI ($2.4 million) from SushiSwap’s liquidity. The MULTI token plunged during the week. Rumors circulated on Twitter that the Multichain team was arrested by Chinese police and that $1.5 billion in smart contract funds were under the control of the authorities.
FTX 2.0 coming soon? Court filings show reboot plans underway
Plans to revive bankrupt crypto exchange FTX could soon become a reality. According to court filings, FTX’s new management held a series of meetings with creditors and debtors last month to review plans for the exchange’s reopening and finalize the materials needed to relaunch as FTX 2.0. Summarized in The document also suggests that FTX may enter the bidding process soon. Earlier reports indicated that the exchange could see a reboot as early as 2024, as it has already recovered more than $7 billion in assets.
Sam Altman’s Worldcoin Secures $115 Million for Decentralized Identity
Despite the bear market, Worldcoin raised $115 million this week in a Series C round led by Blockchain Capital. Funds will be used to support the decentralized World ID and the recently released gas-free crypto wallet World App. The project was co-founded by OpenAI CEO Sam Altman and built by the developers of Tools for Humanity to address problems arising from the exponential complexity of artificial intelligence, such as proof of humanity. . Worldcoin’s token, WLD, is not available in the United States and some other countries.
Fahrenheit Wins Bid to Acquire Assets of Crypto Financial Firm Celsius
Crypto consortium Fahrenheit has won a bidding war with bankrupt crypto finance company Celsius Network. The tender includes institutional lending portfolios, staked cryptocurrencies, mining units, alternative assets and over $450 million in liquid cryptocurrencies previously valued at nearly $2 billion. It incorporates the assets of Celsius. Venture capital firm Arrington Capital and cryptocurrency mining firm US Bitcoin are behind the consortium. Celsius and its creditors accepted the bid, but the deal still needs regulatory approval to complete. Celsius filed for bankruptcy protection in July 2022, helping to prolong the “crypto winter” in the industry.
Earlier this week, the cryptocurrency community celebrated the 13th anniversary of the first bitcoin transaction, when developer Laszlo Hanjec made the first documented purchase of BTC. The exchange included 10,000 BTC (worth $41 at the time) and two pizzas from a local Florida restaurant. The milestone has become an annual celebration for the cryptocurrency industry, as community members were reminded of how far the industry has come since the transaction. More than a decade later, the Pioneer Cryptocurrency Network faces another wave of disruption with the advent of Ordinals, highlighting the need for developers and capital to build Layer 2 solutions.
winner and loser
Bitcoin over the weekend (BTC) is in $26,737,ether (ethereum) and $1,831 and XRP and $0.46.The total market capitalization is $1.12 trillion, according to Go to Coin Market Cap.
Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Lender Tokens (RNDR) 16.86%, Hippopotamus (Hippopotamus) 10.71% and Huobi Token (HT) It was 9.44%.
The top 3 losing altcoins this week are GMX (GMX) -13.35%, (sui) -12.38% with Fantom (FTM) -11.00%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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Forecast for the week
Bitcoin Realization Price Holds $20,000 As Analysts Eye ‘Big Moves Coming’
Bitcoin is at a 10-week low, but one long-time analyst is telling investors to ignore the “panic.”
Philip Swift, creator of data resource LookIntoBitcoin and co-founder of trading suite DecenTrader, noted the ongoing BTC price breakout in a May 25 Twitter update. “There’s a lot of panic in the market today,” Swift summed up.
Cointelegraph reports that BTC/USD is currently testing the strength of major moving averages as traders’ downside targets widen below $25,000. Even Swift believes Bitcoin could still return to $20,000 in the coming months, despite remaining bullish on the higher timeframes.
“If you zoom out, Bitcoin is actually performing well, as expected at this stage of the cycle. BTC is clearly outperforming realized prices,” he added, adding that BTC supply. mentioned the total price the last time it fluctuated. According to LookIntoBitcoin, it is currently at just over $20,000.
FUD of the week
DeFi Protocol WDZD Swap Exploited for $1.1M: CertiK
DeFi Protocol WDZD Swap Recently Done It was exploited for $1.1 million worth of Binance-Pegged Ether. Blockchain security firm CertiK reports that it is a known exploiter labeled “Fake_Phishing750” by BSCScan. Created A contract that later ejects tokens from the protocol. Once the malicious contract was created, the attacker used it to drain funds from the Swap LP contract where ETH was deposited. According to CertiK, Fake_Phishing750 was responsible for attacks against another protocol called “Swap X”.
ETH could be a security or a commodity, says ex-CFTC commissioner
Ether, Ethereum’s native token, could be both a commodity and a security, argued Dan Berkowitz, a former commissioner of the U.S. Commodity Futures Trading Commission. The CFTC regulates commodity futures and swaps, while the SEC only regulates securities. However, if something is a commodity from his CFTC perspective and a security under the SEC definition, it is quite possible that both regulators have jurisdiction over it.
Binance denies money management fraud allegations as ‘conspiracy theory’
Binance has denied allegations of mismanagement of customer funds in response to a Reuters report alleging that the crypto exchange commingled customer funds with the company’s earnings. According to Reuters sources, Binance will mix billions of dollars in corporate revenue and customer money in 2020-21, with the majority of the mix done in bankrupt Silvergate Bank accounts. Binance Head of Communications Patrick Hillman called the report a “1,000-word conspiracy theory,” on Twitter.
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