Binance Founder changpeng zhao released from prison

@newsontheblockchain, 28/09/2024

Confidence in Knowledge. Providing daily news to make sure you're up to date!

Daily market overview:

The global cryptocurrency market capitalization stands at an impressive $2.31 trillion, reflecting a 0.44% growth over the past 24 hours. In terms of trading activity, the total crypto market volume in the last 24 hours has reached $70.58 billion, which marks a significant 21.88% decline compared to the previous day.

Looking deeper, the Decentralized Finance (DeFi) sector accounts for $4.42 billion of this trading volume, representing approximately 6.26% of the overall 24-hour crypto market volume. Meanwhile, stablecoins have demonstrated their dominance, with a trading volume of $63.17 billion, making up a substantial 89.49% of the total market's 24-hour volume.

When focusing on Bitcoin, the largest cryptocurrency by market cap, its dominance is currently at 56.27%, experiencing a slight dip of 0.09% over the last day. This subtle shift could indicate a broader interest in alternative cryptocurrencies within the market.

Top 5 Coins by Niches/Sectors:

1. Cryptocurrencies:

- Bitcoin (BTC): $65,775.41 | 24h %: 0.38% | Volume: $25,960,337,704

- Ethereum (ETH): $2,674.44 | 24h %: 1.15% | Volume: $15,126,175,797

- Tether (USDT): $1.00 | 24h %: 0.01% | Volume: $54,189,674,176

- BNB (BNB): $601.06 | 24h %: 0.54% | Volume: $2,205,363,953

- Solana (SOL): $157.38 | 24h %: 0.68% | Volume: $2,353,050,540

2. Exchanges:

- OKB (OKB): $42.57 | 24h %: 1.00% | Volume: $50,123,123

- KuCoin Token (KCS): $8.10 | 24h %: 0.54% | Volume: $25,573,322

- Bitget Token (BGB): $1.04 | 24h %: 1.12% | Volume: $15,653,987

- GateToken (GT): $9.09 | 24h %: 0.48% | Volume: $8,789,234

- Cronos (CRO): $0.09 | 24h %: 0.22% | Volume: $20,320,567

3. Community:

- Shiba Inu (SHIB): $0.00001984 | 24h %: 1.54% | Volume: $1,470,550,641

- Dogecoin (DOGE): $0.1235 | 24h %: 0.09% | Volume: $1,204,276,720

- Floki (FLOKI): $0.00 | 24h %: 2.50% | Volume: $10,234,555

- Pepe (PEPE): $0.00 | 24h %: 0.32% | Volume: $5,123,123

- Bonk (BONK): $0.00 | 24h %: 3.00% | Volume: $4,562,768

4. Products:

- Chainlink (LINK): $12.65 | 24h %: 0.32% | Volume: $298,728,900

- Uniswap (UNI): $7.61 | 24h %: 0.42% | Volume: $120,342,230

- Filecoin (FIL): $4.10 | 24h %: 1.10% | Volume: $95,324,433

- Aave (AAVE): $165.82 | 24h %: 0.58% | Volume: $53,234,120

- The Sandbox (SAND): $0.29 | 24h %: 0.75% | Volume: $45,123,001

Heat Map:

Fear and Greed Index:

News for today:

Binance Founder changpeng zhao released from prison

Binance founder Changpeng Zhao has been officially released from California’s Lompoc II detention center after serving a four-month prison sentence. Zhao and Binance faced federal charges by the US Department of Justice in 2023 for violating anti-money laundering laws, unlicensed money transmission, and sanctions violations, resulting in a $4 billion financial penalty for the exchange. Although Zhao's sentence was shorter than the three years prosecutors sought, he is now barred from any management role at Binance. The company expressed its support, saying they are eager to see what Zhao does next.

• Changpeng Zhao, the founder of Binance, was released from a California detention center after a four-month prison sentence for charges related to anti-money laundering and sanctions violations, with Binance paying a $4 billion fine.

• Zhao is now barred from managing Binance, but the company has expressed support and interest in his future endeavors.

FBI Recovers $6 Million from Cryptocurrency Scam

The FBI recently recovered $6 million stolen from U.S. citizens by a Southeast Asia-based cryptocurrency scam ring. The scam, known as "Pig Butchering," initially gained traction in China in 2016 and expanded across Southeast Asia during the COVID-19 pandemic. Victims were lured into transferring funds to fake offshore platforms, often through scammers building trust on social and dating apps. Assistant Director Chad Yarbrough from the FBI highlighted the devastating impact, stating that many victims lost substantial sums, sometimes even taking out multiple mortgages in search of the next big investment. The report underscores the rising threat of cryptocurrency scams and the importance of vigilance in the crypto space.

• The FBI's operation seized $6 million from a Southeast Asia-based scam that tricked U.S. citizens into transferring funds to fake offshore cryptocurrency platforms.

• Known as "Pig Butchering," the scam became widespread during the pandemic, with scammers often using social and dating apps to build trust before targeting victims, leading to devastating financial losses.

U.S. Uncovers $1.4B Crypto Laundering Network, Indicts Two Russians

U.S. authorities have dismantled a $1.4 billion cryptocurrency laundering network, seizing two illicit exchanges, Cryptex and Joker's Stash, and indicting two Russian nationals, Sergey Ivanov and Timur Shakhmametov. The DOJ revealed that these platforms facilitated illegal activities such as fraud, ransomware, and darknet transactions, with Cryptex processing over 31% of its $1.4 billion in transactions for criminal purposes. The operation represents a significant victory in global cybercrime efforts, emphasizing the importance of international cooperation in combating crypto-related financial crimes.

• The dismantling of Cryptex and Joker's Stash marks a crucial win in the fight against cybercrime, with U.S. authorities seizing $1.4 billion in illicit funds and charging two Russians for their involvement.

• The crackdown highlights the evolving use of cryptocurrencies in facilitating illegal activities and underscores the need for global collaboration to address cyber-enhanced financial crime.

Grayscale Dominates Ethereum Spot ETFs with $4.51B, Seeing Daily Inflows of $58.65M

Grayscale's ETHE leads the Ethereum Spot ETFs market with $4.51 billion in assets, despite a net outflow of $10.72 million on September 27, while the overall Ethereum Spot ETFs recorded a $58.65 million daily inflow but showed a cumulative net outflow of -$522.97 million. Other key players include BlackRock's ETHA, which reported an $11.46 million inflow, contributing to a cumulative net inflow of $1.13 billion, and FETH from Fidelity, showing a $42.54 million inflow with a cumulative total of $478.64 million. Smaller ETFs like ETHY (Bitwise) and ETHV (VanEck) also reported inflows of $5.43 million and $1.98 million, respectively, with daily price increases exceeding 1.8%.

• Grayscale's ETHE leads with $4.51 billion in assets despite a $10.72 million outflow, and the Ethereum Spot ETFs saw a daily inflow of $58.65 million but a cumulative net outflow of -$522.97 million.

• Other significant ETFs include BlackRock's ETHA with $1.13 billion cumulative inflow, Fidelity's FETH with $478.64 million cumulative inflow, and smaller ETFs like ETHY and ETHV, both showing positive daily inflows and price gains.

Canada Extends Crypto Compliance Deadline Citing Stablecoin Risks

Canada has extended its crypto compliance deadline to the end of 2024, primarily due to concerns over stablecoin risks, allowing exchanges more time to meet the new regulations or propose safer alternatives. Major exchanges like Binance and KuCoin have exited the Canadian market, while others like Kraken and Coinbase continue to operate under stricter rules set by the Canadian Securities Administrators (CSA). These tighter regulations aim to emphasize investor protection, with non-compliant exchanges potentially facing penalties or product restrictions.

• Key Points: Canada extends crypto compliance deadline to end of 2024, citing stablecoin risks, allowing exchanges more time to comply or propose safer alternatives.

• Additional Details: Major exchanges like Binance and KuCoin exit, while Kraken and Coinbase remain under tighter regulations to protect investors.

"Bitcoin is Winning" Michael Saylor Tweets as BTC Surpasses Gold and BondS

Bitcoin's recent surge has led it to reclaim the $66,000 mark, demonstrating a 5.32% increase over just two days and a total gain of over 10% since last week. Prominent Bitcoin advocate Michael Saylor highlighted this performance, noting that Bitcoin's annual gains of 51% significantly outpace traditional assets, with leading stocks averaging 27% and gold only 7%. This surge has been supported by recent interest rate cuts by the Federal Reserve and substantial investments in Bitcoin, including a $388.19 million inflow into the spot Bitcoin ETF IBIT over four days.

• Bitcoin has surged back to $66,000, gaining 5.32% in two days and over 10% since last week, supported by interest rate cuts and significant ETF inflows.

• Michael Saylor emphasized Bitcoin's 51% annual gain, surpassing traditional investments like stocks (27%) and gold (7%).

Fake WalletConnect App Exploits Google Play and Steals $70,000 from Crypto Users

A fraudulent WalletConnect app on the Google Play Store deceived over 150 users and stole $70,000 in cryptocurrency by mimicking the official app’s name and logo. Users unknowingly connected their wallets to the fake app, which redirected them to a phishing site where attackers accessed their funds. Despite being downloaded over 10,000 times, the app remained active for five months due to fake positive reviews, with only 20 users reporting the scam before its removal. Security experts recommend users uninstall the app, monitor their accounts for suspicious activity, and enable multi-factor authentication to enhance their security.

- A fake WalletConnect app on Google Play deceived over 150 users and stole $70,000 in cryptocurrency by redirecting them to a phishing site, remaining undetected for five months due to fake reviews.

- Security experts advise affected users to uninstall the app, monitor their accounts for unusual activity, and activate multi-factor authentication to better protect their digital assets.

Hong Kong Adapts the European Crypto Model to Its Advantage!

Hong Kong is positioning itself as a future epicenter for crypto derivatives by reinterpreting European regulatory models to attract market players. The city aims to create a flexible yet robust framework for OTC crypto derivatives, adopting international standards while innovating with tools like Digital Token Identifiers. By simplifying reporting requirements and aligning with ISO 20022 standards, Hong Kong seeks to differentiate itself from Europe and the U.S., establishing itself as a key regulatory player that not only complies with but also refines global practices.

• Hong Kong is redefining crypto derivatives regulations by adapting European standards to create a flexible framework, focusing on innovation and simplification to attract investors.

• By adopting international reporting standards and introducing new identifiers, Hong Kong aims to position itself as a leading regulatory player in the crypto market, distinguishing itself from traditional European and U.S. models.

Crypto Fear & Greed Index Returns to Greed levels

The Crypto Fear & Greed Index has recently surged into the "Greed" territory, reaching a score of 64 on September 28, the highest since July, coinciding with Bitcoin's price touching $66,000. This shift from August's lowest score of 17 indicates a growing sentiment among traders and investors, influenced by factors such as market momentum, volatility, and social media trends. Analysts are predicting a potential fourth-quarter rally for Bitcoin, as significant inflows are expected from traditional assets like gold and stocks, positioning Bitcoin as a top-performing asset in 2024.

• The Crypto Fear & Greed Index reached a score of 64 on September 28, indicating a shift to "Greed" sentiment as Bitcoin's price hit $66,000, following a low of 17 in August.

• Analysts predict a potential fourth-quarter rally for Bitcoin, fueled by inflows from traditional assets, reinforcing its status as a top-performing asset of 2024.

Bitcoin ETF inflows exceed $1 billion this week

This week, Bitcoin ETF inflows surpassed $1 billion, driven by strong institutional interest, with spot Bitcoin ETFs alone recording $494 million in inflows on September 27. The ARK 21Shares Bitcoin ETF led the charge, achieving its largest single-day inflow of $203 million since its launch. Other notable inflows included Fidelity's Bitcoin ETF with $124 million and BlackRock's iShares Bitcoin Trust at $110.8 million. Additionally, spot Ethereum ETFs saw inflows of $58 million, signaling a growing optimism among institutions for a potential Bitcoin rally in the fourth quarter, influenced by global monetary easing and increasing investments from Chinese investors.

• Bitcoin ETF inflows exceeded $1 billion this week, with the ARK 21Shares Bitcoin ETF leading at $203 million on September 27, followed by Fidelity and BlackRock.

• Spot Ethereum ETFs also gained traction, while institutional optimism hints at a potential Bitcoin rally in Q4 due to monetary easing and Chinese investor interest.

That’s all for today folks, see you tomorrow. 👋

Disclaimer

The information provided in this overview is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.