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Binance’s Ethereum PoW mining pool is proof of a friend indeed

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The Merge was successfully completed by Ethereum [ETH], but it also caused a significant industry rift. After switching from proof-of-work (PoW) to proof-of-stake (PoS), the entire network underwent a significant transformation. Therefore, there was no longer a need for miners.

This did not sit well with them, and many people developed a strong desire to keep PoW mining. With it in place, a number of platforms that had previously rejected this chain made the decision to offer support. Through the launch of the Ethereum Proof-of-Work [ETHW] Mining Pool, Binance increased the visibility of ETHW.

By trading volume, the largest cryptocurrency exchange in the world unveiled its most recent project on Twitter. Binance even made the decision to charge no pool fees for mining ETHW for any of its ETHW Pool customers.

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It should be noted that the $0 pool charge deal is only valid through October 29th. This offer will expire once the promotion time was through.

Additionally, Binance clarified the situation by asserting that the most recent news did not portend the listing of ETHW. The announcement stated,

“In order to protect Binance users, ETHW will go through the same strict listing review process as Binance does for any other coin/token. Supporting ETHW on Binance Pool does not guarantee the listing of ETHW. Binance does not guarantee any listings as per our internal policy.”

Only withdrawals were permitted for ETHW on the exchange, according to Binance. Users were able to exchange their ETHW for BUSD and USDT, however deposits were blocked.

EthereumPoW’s success rate

The past few days have been quite helpful to ETHW. while the market as a whole was in a downturn. It seems that EthereumPoW was making gains. The asset’s price was $12.60 at the time of writing, with a rise of 18.00% over the last 24 hours. It should be noted that ETHW was able to climb to a week high of $13.78.

Binance proves to be more dutiful towards executing rules

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The year 2022 was challenging for the entire crypto industry. Numerous businesses and exchanges have collapsed during a protracted bear market, yet Binance has managed to stay afloat. Since it was founded, Binance has developed a name for itself in the cryptocurrency sector. One of the most popular and well-known bitcoin exchanges now uses the platform. Due to its user-friendly platform and reasonably low costs, CZ’s exchange is appealing to everyone.

The number of scams and exploits linked to cryptocurrencies increased along with its popularity. The number of individuals trying to take advantage of this chance and profit from even the smallest security flaw in the cryptocurrency industry is growing.

Binance introduces a global law enforcement training program in an effort to control the exploiters and perhaps apprehend the offenders.

Officials globally to assist Binance in a new endeavor

Over the past 12 months, Binance’s research team has significantly expanded. The present scheme will help lawmakers more in their efforts to seize and prosecute exploiters of digital assets.

Law enforcement representatives from nations like Argentina, Brazil, Canada, France, Germany, Israel, the Netherlands, the Philippines, Sweden, South Korea, and the UK have worked with the Binance Investigations team. Over the previous year, these countries have participated in over 30 workshops on combatting financial and cybercrime. The blog post stated,

“As more regulators, public law enforcement agencies, and private sector stakeholders look closely at crypto, we are seeing an increased demand for training to help educate on and combat crypto crimes,” Tigran Gambaryan, Binance’s Global Intelligence, and Investigations head.

According to Gambaryan, the team has been working and training more closely with international regulators.

The investigative team of Binance will send experts and top practitioners to the program. The one-day training course will help the participants receive a personalized explanation of cryptocurrency and blockchain.

There will also be a talk about the firm’s investigative techniques and anti-money laundering policies. The effort would help international regulators to educate themselves and help them find offenders using digital assets.

LUNC’s Trading Volume Explodes Over 150%; Here’s Why

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After a week of dull price action, LUNC soared by 25% in an hour and registered a hike of over 150% in trading volumes. The current price index also looked optimistic, as the token is trading at $0.0003, rising by 36% in 24 hours.

For the unversed, trading volume demonstrates the amount of intra-exchange trading and in this case, the surge has been attributed to increases in token sales across exchanges.

Anxious investors are still exercising caution since the Terra ecosystem collapse, which wiped out the market prices of TerraUSD [UST] and LUNA tokens.

traders continue treading carefully despite assurances from embattled Co-founder Do Kwon, that crypto exchanges and the community are working together to determine the best path for a sustainable price recovery.

Recently, the CEO of top crypto exchange Binance, Changpeng “CZ” Zhao, suggested a flat 1.2% trading fee on LUNC trades that may be burned to reduce the token’s total supply and enhance its price performance. Speaking about the initiative, CZ stated,

“We will implement an opt-in button [on the Binance exchange], for people to opt-in to pay a 1.2% tax for their LUNC trading.”

To ensure that early adopters “are not the only people paying an extra 1.2%,” the exchange would start taxing opt-in traders after receiving approval from 25% of LUNC investors.

LUNC Burning Proposal Caused Furore

Only if opt-in traders reach 50% of the total volume of LUNC trading on the exchange will a blanket trading fee of 1.2% be applied to all LUNC transactions.

The recommendation caused a rift in the LUNA community because while some people backed CZ’s implementation of the opt-in button, others saw it as market manipulation by a single organization.

CZ supported LUNC burning but called for a community vote, letting traders on the platform approve the proposal, saying, “We listen to and defend our users.”

The top exec said that he is aware that LUNC traders would prefer to transfer assets to other exchanges without the burn unless the modification is made across all exchanges and on-chain.

On the other hand, South Korean law enforcement is attempting to locate and detain Kwon for the Terra collapse.

Kwon and five other people were the subjects of an arrest warrant issued on September 14 by a court in Seoul, South Korea, for allegedly breaking the nation’s capital markets law.

Binance and Bahrain’s EazyPay Join Hands To Expand Crypto Payments

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Binance is expanding into the Middle East. EazyPay, located in Bahrain, has teamed up with Binance Pay to introduce the first regulated and authorized cryptocurrency payment service in the Kingdom.

Nayef Tawfiq Al Alawi, the founder, MD, and CEO of Eazy Financial Services revealed in a LinkedIn post that customers may now use the Binance App to pay in stores using any chosen cryptocurrency.

A Bahraini financial institution called “EazyPay” specializes in online payment gateways and point-of-sale (POS) systems. The Central Bank of Bahrain issues licenses and regulates the purchase of services.

Customers can use Binance Pay in over 5,000 terminals

In the Kingdom of Bahrain, the firm will be able to accept cryptocurrency payments using “Binance Pay” as opposed to “EazyPay” on more than 5000 point-of-sale (POS) terminals.

In keeping with its ongoing efforts to deepen its interactions with both merchants and customers as part of its engaged innovative strategy, EazyPay has formed a strategic partnership with CZ’s exchange to introduce cryptocurrency payments using the Binance app.

This expansion of its acceptance product portfolio with the most cutting-edge and innovative payment method in the Kingdom of Bahrain complements EazyPay’s ongoing efforts to strengthen those relationships.

Customers can pay at merchants’ stores in “Real-Time” with crypto by merely scanning the generated QR from Eazy’s POS using the App and paying with their preferred cryptocurrency.

Merchants like Lulu Hypermarket, Sharaf DG, and Al Zain Jewelry as well as local favorites like Jasmi’s will be able to accept 70+ cryptocurrencies from “Binance Pay” customers thanks to “EazyPay.”

The collaboration between the exchange and EazyPay, which is once again a tribute to Bahrain’s advanced regulatory environment and banking structure, is founded on a shared aim to simplify product offerings for merchants and customers using best-in-class technology.

“Our strategic partnership between “EazyPay” and “Binance” is a historic regional & local milestone for both companies in the payment field. And Thanking the Central Bank of Bahrain for their support towards launching this product, which empowered Eazy to provide its valued merchants & customers with competitive and innovative payment services, which cements Eazy’s position as the leading POS & Online payment gateway provider in the Kingdom of Bahrain.”

Nayef Tawfiq Al Alawi, CEO of Eazy Financial Services

Binance Granted MVP Licence To Boost Its Presence In Dubai

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Binance, the world’s leading crypto exchange, has been issued the Minimal Viable Product [MVP] license from Dubai’s Virtual Asset Regulatory Authority [VARA], per local reports. Bahamas-based FTX subsidiary FTZ was the first recipient of the MVP VASP license back in July 2022.

The MVP license allows Binance to operate inside Dubai’s legal framework for virtual asset service providers [VASPs], providing a range of virtual asset-related services to appropriately qualified institutional and retail investors.

The permit would also facilitate the blockchain services provider to open a client money account with a domestic bank and provide the following services.

Customers can now take advantage of the local banking channels made available by this first-of-its-kind regulatory licensing as Binance will serve a clientele certified by VARA. Trading on a regulated platform under the direction of VARA in Dubai will also provide users with higher levels of consumer protection.

The license is a big achievement that comes after several registrations for Binance’s local branches across Europe in Italy, France, and Spain as well as in the MENA area.

Welcoming the move, Changpeng Zhao a.k.a CZ, founder, and CEO of Binance, stated that this registration is an acknowledgment of its compliance and safety processes in the new regulatory framework and would work closely with industry peers to develop consistent implementation standards.

Recently the top exchange teamed up with a UAE-based company formation and business support services provider Virtuzone, encouraging new entrepreneurs to set up businesses in the nation using cryptocurrencies.

Binance Adds Another UAE Entity Into Its Payment Getaway

After incorporating Binance Pay into its payment gateway, Virtuzone joined the list of well-known entities like JA Resorts & Hotels and Majid Al Futtaim to accept cryptocurrency, in the west Asian nation.

Binance‘s ties to the Gulf nation have become stronger lately as the UAE attempts to position itself as the world’s newest center for digital assets and creates rules.

Last December, the world’s largest crypto exchange by trading volume, announced that it was considering Dubai for its potential headquarters and hired over 100 positions in the United Arab Emirates, its regional head then said.

Dubai, one of the seven emirates in the UAE, established the Virtual Asset Regulatory Authority in March and published the first law governing digital assets [VARA].

Besides Binance, it issued licenses to fellow global powerhouse FTX Europe, and businesses like crypto.com are opening offices there.

Binance’s Accounting Error In Helium Tokens Results In A $20M Loss

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An accounting error at Binance resulted in a jackpot for some users in Helium Network’s native HNT coin and left the largest cryptocurrency exchange in the world with a multimillion-dollar deficit.

According to the report, the top exchange has lost close to 5 million HNT tokens that were mistakenly distributed to users, many of whom sold the tokens for a profit right away. These assets had a value of nearly $19 million on 16th Sept.

The main culprit behind the incorrect payout has been Binance’s tracking of token deposits from the well-known decentralized internet connectivity project Helium network, sources close to the matter said.

For those new, Helium is a decentralized wireless network for “internet of things” devices, powered by cryptocurrency.

The network utilized two types of tokens: the native HNT token, which Helium pays to hotspot hosts, and the MOBILE token, used as a payment to operators of its 5G infrastructure, launched last month and doesn’t have a liquid market or quotable price.

Binance Miscounted The Tokens

The two tokens, like the ERC-20 and ether [ETH] tokens on Ethereum, are independent assets even though they are closely related. They were wrongly counted as one by Binance: HNT. Depositors received an equivalent amount of the more valuable HNT when they sent MOBILE to Binance addresses.

However, not until 4.8 million HNT tokens were sent in place of MOBILE before the error was fixed. The timing of the unexpected windfall matches a big sell-off of HNT tokens, which sent the price of the asset down from around $7 to where it is now, around $4.

“The Helium Foundation was informed by Binance late in the evening [ET] on Sept. 15 that an accounting error involving HNT had occurred,” a spokesman of the project said.

“We can confirm that this is not a chain issue and that this issue is isolated to Binance. To our knowledge, no other exchanges or third parties have been affected. We advise token holders to suspend HNT and MOBILE deposits on the exchange until a comprehensive situation update is provided.”

As previously reported by TronWeekly, Helium developers proposed migrating to the Solana blockchain to fix the scaling woes.

Is Binance A Chinese Company? Here’s What CZ Has To Say

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Binance’s Chief Executive Officer Changpeng “CZ” Zhao has responded to claims over being a Chinese firm. CZ penned down a detailed post offering a rebuttal to the allegations. The top executive criticized the media’s efforts to malign its reputation by portraying it as a company with connections to China.

One of the many strengths that our employees at Binance must possess is thick skin. After all, this industry is the subject of a lot of negative sentiment (much of it is unwarranted, but it’s the reality right now). In recent months, our thick skin has been tested by a noticeable increase in attacks on our company’s reputation.

He lamented that people would still insist on calling it a “Chinese company,” despite establishing itself as a global firm with diverse employee profiles similar to that of FTX, and Crypto.com.

Zhao also took a critical note of the negative campaigns orchestrated by crypto exchanges and projects to target competitors and said these types of attacks are becoming more sophisticated.

“And while it is tempting to launch counter-attacks on the industry’s bad actors who engage in these activities, we will not debase ourselves nor abandon our values,” he added.

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Is Binance A Chinese Company? Here's What CZ Has To Say 3

It is worth recalling that a self-proclaimed whistleblower CryptoLeaks recently published a report alleging Avalanche labs for exploiting litigation to cast doubt on rival blockchain projects. Binance too was served a legal notice at the behest of Ava labs, the report alleged.

“Binance Was Never Incorporated In China”

While Binance has at times shifted its corporate headquarters around the globe, CZ has maintained that the exchange was never incorporated in China.

He also stated that the firm has subsidiaries spread across the globe, including France, Spain, Italy, UAE, and Bahrain [to name a few].

“But we don’t have any legal entities in China, and we do not have plans to.”

According to CZ, it is incorrect to presume that the exchange is “secretly in the pocket of the Chinese government” simply because he is of Chinese ancestry and there are other ethnically Chinese employees.

He referred to Binance as a simple target for Western governments, as well as oppositional media and special interest groups.

Here are Dogecoin co-founder and Elon Musk’s Halloween plans

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Dogecoin [DOGE], which was inspired by a meme, swept the cryptocurrency world. DOGE is an A-lister in the crypto-wood, generating interest among GenZ on TikTok and receiving celebrity endorsements. But the majority of these endorsements and shows of support appear at random and disappear too soon. Elon Musk, the CEO of Tesla, has emerged as the meme’s most ardent advocate despite the arrival and departure of these visitors.

Many tweets were posted in support of Dogecoin. Musk hasn’t missed a chance to support the dog-themed cryptocurrency. The explanation behind Musk’s predisposition toward the asset has time and again been questioned. Some claim he’s trying to artificially inflate the price of the coin, while others claim he was one of the founders. Elon Musk and the memecoin co-founder, however, once again create headlines together.

Billy Markus, the only dogecoin co-founder who is still friendly with Elon Musk, the greatest supporter of dogecoin, took to Twitter to slam YouTube cryptocurrency scammers who use the name of the Uniswap system to bilk unsuspecting small investors looking to make a quick buck on cryptocurrency.

Markus announced that he will dress up as billionaire Changpeng Zhao, the founder and CEO of Binance (commonly abbreviated as “CZ”).

Marcus made a subtle reference to the new technique con artists are using to entice unwary investors to a phoney website. Every tweet on cryptocurrency that they post includes a message from them asking why people aren’t talking about a video. They typically modify their Twitter display name to emulate Binance CZ. The goal is to encourage individuals to click on the video link in the hopes that they will be persuaded to invest in a scam or to give away their seed words.

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Source: Twitter

Elon Musk encouraged the DOGE founder by making a Halloween joke about dressing up as a sink to let this sink in when Markus recommended dressing up as CZ for Halloween.

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Source: Twitter

Elon Musk, the CEO of Tesla, and Markus occasionally complain about cryptocurrency scams on Twitter and YouTube. He recently complained about numerous bots pretending to be CZ. Recently, the CEO of Binance also said on Twitter that these bots are “simply everywhere” on the platform. The Twitter team was tasked with fixing this problem by Binance’s CEO.

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Source: Twitter

Same Dogecoin, Different creator, Different opinion

While Musk shares a great rapport with Markus, there is a sea of people that feel otherwise bout the Tesla founder. Here’s another co-creator of the dog-themed-coin that joins the sea.

When Elon Musk and WallStreetBets’ ripoff Reddit group SatoshiBets sought to send the meme currency “to the moon” last year, Dogecoin co-creator Jackson Palmer said it disturbed him.

Palmer expressed his frustration at being “dragged” into discussions about the currency he helped establish more than eight years ago in an interview with local media. He used to consider Dogecoin to be a “hobby,” but now claims it has turned into a hassle.

With all seriousness aside, Can you truly imagine Billy Markus and Elon Musk in their potential Halloween costumes? That would truly be a sight to “sink in.”

Binance to Halt USDC Trading, Announces That USDT Won’t Have the Same Fate

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The world’s largest cryptocurrency exchange, Binance, has acknowledged that it does not currently have any plans to “auto-convert” Tether (USDT) to Binance USD (BUSD), but that this “may change.”

A spokesperson for Binance confirmed to Cointelegraph that there are no plans at the moment to do the same for USDT, but added that this may change in the future:

“We do not have plans to auto-convert USDT to BUSD as of now, but may change.”

The spokesperson added that the decision to stop providing most trading services for USDC and the auto-conversion is “not temporary measures” and “will continue.”

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Binance to Halt USDC Trading, Announces That USDT Won't Have the Same Fate 8

Binance to discontinue USDC trading

The cryptocurrency exchange shocked the market on September 6 by announcing it would stop supporting USD Coin (USDC), a stablecoin pegged to the US dollar, along with USDP Stablecoin (USDP), and TrueUSD on its platform (TUSD).

On September 29, users who are still holding any of the three stablecoins will start to automatically convert those holdings to BUSD at a 1:1 ratio over a 24-hour period.

While Tether USDT, the largest stablecoin by market cap, was not mentioned, Binance claimed that the decision was made to improve liquidity and capital efficiency for users.

According to a Sept. 6 tweet from Binance CEO Changpeng Zhao (CZ), the company is “just merging all liquidity into one pair” and will provide users with the “best price, lowest slippage” rather than delisting the three stablecoins.

Additionally, the exchange will switch most of the pairings over to BUSD and remove the extensive list of spot trading asset pairs paired to these stablecoins.

Users should also be cautious about using USDC in the exchange’s staking, savings, liquid swaps, or loans because those services will also be discontinued for that asset.

Binance’s action coincides with a brief suspension of Ether (ETH) and Wrapped ETH (wETH) withdrawals and deposits on particular networks from September 6 until the end of the month.

Binance’s Security Team Uncovers 2 KyberSwap Hackers

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Crypto exchange Binance has unearthed two suspects believed to be the hackers behind the $265k pilferage of the decentralized exchange KyberSwap. The dex built on liquidity protocol Kyber Network fell victim to a frontend exploit on Sept. 1.

After noticing “suspicious element, the protocol reportedly shut down its frontend at 8:24 AM UTC on the same date. Upon further investigation, it discovered “a malicious code” in its Google Tag Manager, which targeted “whale wallets with large amounts,” allowing the hacker to transfer funds to different addresses.

“The attack was identified and put a stop to after 2 hours of investigations,” Kyber Network tweeted. “This attack was an FE exploit and there is no smart contract vulnerability.”

On the same day, the protocol published a post updating users that it will compensate all fo the missing funds related to the exploit, and also sent out a message to the attacker that it had identified its addresses and all its suspected interactions.

Asking the hacker to contact them, the KyberSwap team offered a bug bounty of 15% which comes to roughly $40k of the total exploited funds.

Binance too began its own separate investigation and identified two suspects responsible for committing the online robbery. CEO Changpeng Zhao a.k.a CZ announced that the intel had been sent to the Kyber team and was also in touch with law enforcement agencies.

Community Members Praise Binance’s Action

Lauding Binance‘s proactive action, one community member likened the platform’s act to the role of a big brother.

Binance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem. There’s no other platform that has the will or the resources to help the crypto industry like Binance. Binance is doing well.

The biggest crypto exchange in terms of trading volume has recently come forward in helping Curve Finance users by recovering crypto assets worth about $450,000 stolen. The funds represented about 83% of the total amount stolen from users. 

Sharing the update, CZ also noted that the Curve Finance hacker transferred the stolen stash to Binance using different techniques to avoid the exchange’s security. However, the firm identified the transactions and froze the assets.