Saloni Sheelwant

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Nigeria Defends Prosecution of Binance Executive Amid US Lawmakers' Criticism

Jun 6, 2024 | coinnounce.com | Janet Sánchez |Saloni Sheelwant |Saumil Kohli

The Nigerian Minister of Information, Mohammed Idris, has asserted that the prosecution of Binance and its executive, Tigran Gambaryan, for alleged illegal cryptocurrency trading in Nigeria adheres to the country's legal procedures. This statement comes amid growing criticism from U.S. lawmakers urging the release of Gambaryan. Adherence to Legal ProceduresMinister Mohammed Idris emphasized that the legal proceedings against Binance and Gambaryan have followed due process at every stage.
XLink Bitcoin Bridge Gears Up for Comeback After $10M Hack

May 17, 2024 | coinnounce.com | Janet Sánchez |Saloni Sheelwant |Saumil Kohli

Significant Recovery Efforts Lead to Reinstatement Plans Following Security BreachXLink, a prominent Bitcoin blockchain bridge, is set to make a recovery after a devastating $10 million hack that temporarily halted its operations. The security breach, which was first reported on May 15, affected the bridge's Ethereum and BNB Smart Chain (BSC) endpoints.
Binance Develops Algorithm to Combat Address Poisoning Scams After $68M Incident

May 16, 2024 | coinnounce.com | Janet Sánchez |Saloni Sheelwant |Saumil Kohli

Binance's New Security Measure Aims to Safeguard Users Against Spoofed AddressesBinance, the world's largest cryptocurrency exchange, has introduced a groundbreaking solution aimed at combating the rising threat of address poisoning scams. This initiative follows a significant exploit where a trader lost $68 million due to such a scam. The new algorithm developed by Binance's security team has successfully identified millions of spoofed addresses across BNB Smart Chain and Ethereum.
Binance Executive's Bail Appeal Fails Again Amid Ongoing Legal Battle in Nigeria

Apr 19, 2024 | coinnounce.com | Saloni Sheelwant |Saumil Kohli

Tigran Gambaryan's Detention Continues as Court Postpones HearingBinance executive Tigran Gambaryan remains in custody at the Kuje correctional center in Nigeria as his bail appeal has once again been postponed. A Federal High Court in Abuja, which was originally set to hear the bail application on April 18, has rescheduled it for April 22. This development was reported by the local news agency Nairametrics.
Binance Converts $1B SAFU Fund to USDC, Now 3% of Circulating Supply

Apr 18, 2024 | coinnounce.com | Saloni Sheelwant |Saumil Kohli

Strategic Shift to Enhance Fund Stability and TransparencyBinance, the world's largest cryptocurrency exchange, has transitioned its Secure Asset Fund for Users (SAFU) entirely into Circle's USD Coin (USDC), now accounting for 3% of the stablecoin's total circulating supply. This move, announced on April 18, reflects Binance's commitment to utilizing a "trusted, audited, and transparent stablecoin" for its billion-dollar emergency fund.
Omni Network Token Price Plummets 55% Post-Airdrop, Amid Fake Token Scam

Apr 18, 2024 | coinnounce.com | Saumil Kohli |Saloni Sheelwant

Real and Fake OMNI Tokens Experience Turbulent Market MovementsOmni Network's OMNI token, an ERC-20 token associated with the layer-1 testnet blockchain designed to connect Ethereum rollups, has experienced a dramatic price drop of over 55% within 18 hours following its airdrop. Initially, the token's market capitalization was around $560 million, but this sharp decline brought its valuation down to approximately $267.5 million.
SEC Delays Decision on Grayscale Ethereum Futures ETF Until May

Mar 23, 2024 | coinnounce.com | Saloni Sheelwant

The United States Securities and Exchange Commission (SEC) has once again postponed its decision regarding the approval of Grayscale’s Ethereum Futures Trust exchange-traded fund (ETF). Initially set for a decision by March 31, the SEC has extended the deadline to May 30, citing the need for additional time to consider the proposed rule change and address raised issues.
HECO Chain Exploiter Anonymizes $145M of Ether on Tornado Cash

Mar 22, 2024 | coinnounce.com | Saloni Sheelwant |Saumil Kohli

A crypto wallet address associated with the HECO Chain exploiter has transferred and anonymized nearly 40,392 Ether on the crypto-mixing protocol Tornado Cash in just eight days. This move comes as part of an effort to make approximately $145.7 million worth of stolen Ether nearly impossible to trace. Transactions and MethodsThe majority of the funds, including the largest transaction of 11,300 ETH worth roughly $39.5 million, were sent to a single Tornado Cash address.
Uniting Ethereum Rollups: The Need for Infrastructure

Mar 20, 2024 | coinnounce.com | Saumil Kohli |Saloni Sheelwant

Ethereum's Dencun hard fork has reduced costs for layer-2 rollups, but the ecosystem requires infrastructure to unify them. Anurag Arjun, co-founder of Avail, discusses the importance of neutral third-party players in streamlining the user experience. While Ethereum has made progress in scaling layer-2 rollups, there is a need for unifying infrastructure.
Nigerian Court Orders Binance to Disclose User Data Amid Criminality Allegations

Mar 20, 2024 | coinnounce.com | Saloni Sheelwant |Saumil Kohli |Janet Sánchez

A Nigerian High Court has instructed Binance Holdings to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data on all Nigerian users trading on its platform. The directive, delivered in an interim ruling by Justice Emeka Nwite on Feb. 29, follows an ex parte motion filed against Binance by the EFCC.