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💰 Uniswap Foundation proposal seeks $62.37M in funding for crypto ecosystem growth Uniswap Foundation proposal seeks $62.37M in funding for crypto ecosystem growth and development, with plans for on-chain voting on October 4. Last year, Uniswap governance approved $74 million in funding for the Uniswap Foundation, with the intention of splitting the fund request into two tranches. The second tranche, which includes a 10% buffer to counteract price volatility, now totals $62.37 million. This decision bypasses off-chain votes, emphasizing transparency and decentralization. To engage with the community and address questions, the Uniswap Foundation will host a Twitter Spaces event on October 2. Additionally, they offer a comprehensive overview of their progress over the past year, highlighting their team, grants, and program impact, as well as sharing their vision for the future. Looking ahead, the Uniswap Foundation is committed to growing the Uniswap ecosystem strategically. They plan to invest in projects and teams that will drive growth and strengthen the ecosystem, including developing the Hooks ecosystem. Their initiatives extend through 2023 and into 2024, focusing on adoption, innovation, and governance. Source https://t.me/Blockchain_Explained

🇬🇧 UK’s Chase Bank Crypto Ban Will Be Implemented From October 16: Report Chase Bank Crypto Ban of UK will be implemented from Oct 16, citing fraud concerns. Customers advised to seek alternative options, as per CoinDesk. Chase Bank, the country’s second-largest bank, is planning to prohibit cryptocurrency-related payments for its UK customers starting October 16. This decision is part of Chase’s efforts to combat fraudulent activities in the crypto space, where scammers have increasingly utilized crypto assets to steal large amounts of money from individuals. As reported by CoinDesk, Chase Bank has informed its customers about this decision via email, stating that any payment associated with crypto assets will be declined. The email also advised customers that they can explore alternative banks or providers if they wish to invest in cryptocurrencies. While the event of Chase Bank crypto banning aims to enhance security and safeguard customers from potential crypto-related fraud, it also highlights a broader issue in the UK. Many UK credit institutions have a track record of blocking or restricting customer access to cryptocurrencies. The Financial Conduct Authority (FCA), the local financial watchdog, has recently facilitated discussions between banks and crypto firms due to banks’ hesitancy in offering services to the crypto industry. Source https://t.me/Blockchain_Explained

💰 Base surges past Solana as total value locked nears $400M The total value locked (TVL) on Coinbase’s layer-2 network Base has surged to $397.32 million since launching in August. That figure now places Base ahead of the Solana network, which has a TVL of $358.96 million at the time of writing. The past 30 days have been significant for Base, with data from DefiLlama showing that the network’s TVL increased by a whopping 97.21% over the past month. Decentralized exchange Aerodrome Finance takes the top spot with a TVL of $97.83 million, while decentralized social media app Friend.tech ranks second with a TVL of $36.53 million. Aerodrome was launched on Aug. 28, enabling users to deposit liquidity to earn its native AERO tokens, among several other features. While it failed to pull in significant deposits during its first couple of days, Aerodrome’s TVL skyrocketed on Aug. 31, with $150 million piling in on that day alone. Its TVL reached as high as $200 million on Sept. 2; however, the initial hype appears to have cooled since then, with the TVL decreasing by roughly 51% from its peak. Source https://t.me/Blockchain_Explained

🪙 Tether Calls Out WSJ ‘Tabloid Style’ Reporting, States Outlet ‘Disregarded’ Reporting Banking Industry Woes Tether, the company behind the issuance of USDT, the largest stablecoin in the crypto market, has called out the latest report of the Wall Street Journal (WSJ) on the rise of its loan portfolio. The company stated that traditional banking institutions were “not addressing the needs of their customers” while facing “significant challenges,” with the WSJ not reporting on this issue. Tether, the stablecoin company, has called out a recent Wall Street Journal (WSJ) article as “tabloid-style reporting” directed to “tarnish” the reputation of innovative companies. The article, which points out the rise in Tether loans in the latest financial quarter update, was heavily criticized by the company, which stated that the news outlet had ignored reporting on the problems the traditional banking industry is facing. Furthermore, Tether defended its financial position, boasting more than $3.3 billion in excess reserves, a number that would reduce its exposure to these secured loans. Tether declared it was still committed to removing the secured loans from its reserves. In the article bashed by the company, the WSJ reported that Tether spokeswoman Alex Welch confirmed the company received loan requests from customers with whom they had “cultivated longstanding relationships,” deciding to accommodate them. Source https://t.me/Blockchain_Explained

🇬🇧 Bybit To Suspend UK Services, Urges Customers To Act Before January 2024 Cryptocurrency exchange Bybit has made a significant announcement regarding its services in the United Kingdom. Further changes will follow, with 16:00 on October 8, 2023, marking the point at which UK customers will no longer be able to initiate new deposits, create fresh contracts, or add to existing positions across all of Bybit‘s products and services. However, a vital point of note is that customers will retain the ability to reduce and close their positions while still having access to withdraw funds from the platform. Starting from 16:00 on October 1, 2023, Beijing time, Bybit will cease accepting new user account applications from confirmed British residents and nationals, referred to as “British customers.” This marks a significant change in Bybit’s operations within the UK market. To avoid any potential issues, UK clients affected by these measures are strongly advised to take proactive measures to manage and reduce their positions before 16:00 on January 8, 2024. After this specific date and time, any open positions on Bybit will be automatically liquidated, and the liquidated funds will be made available for withdrawal. UK comes amid a changing regulatory landscape for cryptocurrency exchanges globally. Source https://t.me/Blockchain_Explained

🟠 Binance participated in MiCA discussion with European Banking Authority Binance said that some of the conversation centered on whether stablecoin operators can get a grace period when applying for Electric Money Institution (EMI) licenses in compliance with MiCA, which requires stablecoin issuers obtain an EMI license in the EU or else have their asset delisted from EU exchanges. Binance wrote in a Thursday statement. "While we are confident that there will be a constructive solution in place before the mid-2024 deadline, if left as is, this could have an impact on the European crypto market and the competitiveness of European crypto exchanges in a global market." "As an exchange that believes in the value of regulation and the pragmatic benefits of MiCA, we believe it’s important that these constructive conversations take place to help ensure that MiCA achieves its goals and any unintended consequences are reduced," Binance added. "The broad intent of MiCA is overwhelmingly positive for the crypto industry. As always, there are critical technical details that must be worked through," it continued. "We will continue to work constructively with regulators and engage on these important conversations in the interest of helping to grow the crypto markets around the world." Binance's CEO Changpeng 'CZ' Zhao has previously expressed support for MiCA, stating that it would be the "global regulatory standard copied around the world" since it helps streamline the number of licenses a digital asset provider must apply for. Source https://t.me/Blockchain_Explained

🇬🇧 UK bill to seize illicit crypto moves to final stages of approval The bill will give local courts and law enforcement agencies new powers to quickly seize crypto assets used to launder money, traffic drugs, commit cybercrime or facilitate terrorism offences. The new legislation eliminates specific legal hurdles that currently slow the process of asset seizure, and provisions in the bill allow digital assets linked to criminal activities to be seized by authorities under the Proceeds of Crime Act 2002. The UK's Economic Crime and Corporate Transparency Bill has been passed to the final stages of approval by the House of Lords. Currently, crypto assets that are associated with illegal activities can be frozen but cannot be seized in criminal proceedings unless there is an arrest or conviction. If final approval is granted later this year, it will give local authorities more power to freeze and confiscate crypto assets associated with crime. The Bill was introduced in September 2022. Since then it has progressed through the House of Commons to the House of Lords, and is currently in the final stages of approval. To become law, it needs to go through a final assessment by the House of Commons and then be granted Royal assent by King Charles. Source https://t.me/Blockchain_Explained

🇺🇸 SEC Escalates Battle With Binance.US As The Agency Requests Court Investigation The U.S. Securities and Exchange Commission (SEC) remains resolute in its pursuit of action against Binance.US, intensifying the accusations it has previously leveled at the cryptocurrency exchange, CoinDesk first reported the news. In a recent court filing, the SEC petitioned a Washington D.C. court to grant access for an investigation into Binance.US, reinforcing prior claims that the company had not cooperated fully by failing to produce requested documents during ongoing legal proceedings. The SEC hasn’t limited its scrutiny to Binance alone. Another major player in the cryptocurrency sphere, Coinbase, has also faced allegations from the SEC. The agency accused Coinbase of jeopardizing customers by operating as an unregistered broker, exchange, and clearing agency. Binance.US has repeatedly voiced its discontent, describing the SEC’s demands for more information and testimony from its executives as “unduly burdensome.” Furthermore, Binance.US asserts that the SEC has yet to prove that customer funds were unlawfully diverted. The SEC’s latest gripe centers on Binance.US’s perceived lack of cooperation in the ongoing investigation, citing Binance.US’s holding company, BAM, has submitted a mere 220 documents during the discovery phase. It claims that many of these documents are unintelligible screenshots and lack proper dates or signatures. Source https://t.me/Blockchain_Explained

💰 FTX reopens claims portal following security incident The FTX claims portal has returned to full operation after unfreezing user accounts that were affected by a recent cyber security incident which targeted Kroll, the third-party agent managing the creditor claims for the FTX bankruptcy. In a statement announcing the return to normal operation, FTX asserted that freezing customer accounts was a “precautionary measure” and noted that “additional security measures” have been implemented on the claims platform. In August, Kroll disclosed that a “SIM swapping” attack allowed a threat actor to gain access to “certain files containing personal information of bankruptcy claimants in the matters of BlockFi, FTX and Genesis.” Following the incident, Kroll froze affected user accounts, though the company claims that no FTX passwords or KYC information were exposed in the breach. The FTX claims portal is back online following a security incident in August which affected user data. FTX customers have until September 29 to file a proof of claim with Kroll. While it remains to be seen how much value creditors will recover, the judge in FTX’s bankruptcy case recently approved the estate’s plan to begin liquidating its digital assets. Source https://t.me/Blockchain_Explained

🪙 Metis aims to become Ethereum's first fully decentralized Layer 2 in 2023 Ethereum Layer 2 scaling solution Metis aims to become Ethereum's first decentralized Layer 2 infrastructure, empowering its community to take over key centralized components of the network. Currently, Layer 2 networks introduce elements of centralization, such as relying on single sequencers controlled by the projects’ teams. A sequencer is a component of Layer 2 networks that orders and batches multiple off-chain transactions before submitting them to the Ethereum blockchain. To achieve full decentralization over time, Layer 2s must address these centralization risks, Metis co-founder Elena Sinelnikova told The Block in a recent interview. "One way to do this is by introducing multiple sequencers and relinquishing control to the broader community," Sinelnikova said. "However, it's imperative that this transition is carried out in a safe, secure and well-planned manner." Metis has an ambitious target of implementing such decentralization by the end of the year. By empowering the community to take control over a pool of decentralized sequencers, Metis aims to demonstrate it's possible to maintain the benefits of Layer 2 scalability while reducing centralization risks, Sinelnikova said. Additionally, it involves posting full transaction data to Ethereum, transitioning the Metis Layer 2 back to a classic Optimistic Rollup. Source https://t.me/Blockchain_Explained

🟠 Binance Now Simplifies Verification For Moroccan Users Affected By Earthquake In response to the recent devastating earthquake in Morocco, cryptocurrency exchange Binance has announced measures to assist affected users. The earthquake, which struck on September 8, has disrupted many aspects of daily life, including the ability to obtain traditional Proof of Address (POA) documents. This simplified verification process is designed to expedite aid delivery to those in need and ensure uninterrupted access to Binance services for Moroccan users affected by the natural disaster. Binance is also extending a helping hand by donating a total of $3 million worth of BNB tokens to users residing in the earthquake-affected Marrakesh-Safi province. Users who completed their address verification before September 9 will receive $100 worth of BNB tokens, while those who complete the process afterward will receive $25 in BNB. However, the Financial Times reported that Binance faced criticism for its choice of donation, as humanitarian relief experts argue that readily usable cash or essential items like food and blankets are more urgently needed by survivors. Some also question why the aid is directed only toward existing Binance customers in the region, rather than all victims of the earthquake. Source https://t.me/Blockchain_Explained

⬜️ OKX Unleashes Bold Compensation Plan Amidst Unprecedented Contract Price Turmoil! The official Twitter account of OKX China reported an unusual incident that occurred between 3:38 and 3:43 pm (UTC+8) on September 13. During this brief window, several contract targets on the platform experienced unexpected price anomalies. After a thorough investigation, it was determined that the issue stemmed from an anomaly within the platform’s price limit service. This disruption resulted in certain contracts being unable to execute orders as usual, leading to price disparities and, consequently, causing some users to experience liquidation or trigger stop-loss orders. OKX has demonstrated its dedication to its user base by swiftly addressing this issue and providing a transparent and equitable compensation plan. Users affected by the anomaly can look forward to the timely restitution of their losses, fostering confidence in the platform’s commitment to maintaining a fair and reliable trading environment.To address the inconvenience caused to its users, OKX has taken responsibility and pledged to provide compensation to those affected by this incident. Users whose accounts were compelled to close positions and trigger stop-loss orders between 3:38:07 pm and 3:43:59 pm (UTC+8) on the same day. For users who faced liquidation, compensation will cover the loss incurred between the mark price at 3:38:06 pm and the forced liquidation price during the extraordinary service period. Source https://t.me/Blockchain_Explained

📣 Sony And Startale Labs Join Forces To Shape The Future Of Web3 With Sony Chain Sony Network Communications and Startale Labs are joining forces to establish a new joint venture named “Sony Network Communications Labs Pte. Ltd.” set to launch in mid-September. This collaboration will focus on pioneering developments in blockchain technology. The subsidiary of Sony and Startale Labs, known for their work on Astar Network, announced this partnership to further the advancement of Sony Chain, a prominent project in the blockchain arena. The new company will leverage the company’s wide-ranging involvement across diverse business segments, such as gaming, network services, entertainment, imaging, financial services, and more, to provide value-added services across various sectors. Jun Watanabe, President, and Representative Director of the company’s subsidiary, expressed excitement about this collaboration, emphasizing the combination of the company’s experience in communication, IoT, AI, and solution services with Startale Labs’ expertise in Web3 technology. By combining their expertise, skill sets, and extensive networks of partners, companies aspire to develop a blockchain that could serve as the backbone of the global Web3 infrastructure. Source https://t.me/Blockchain_Explained

🔵 Arbitrum Community Launches Snapshot Voting For Short-term Incentive Program The Arbitrum community has initiated snapshot voting for their groundbreaking “Short-term Incentive Program” proposal, denoted as AIP, and the voting period will culminate on September 18, 2023. This pioneering initiative seeks to allocate rewards amounting to an impressive 75 million ARB from the DAO treasury to bolster the active Arbitrum protocol, catering to the immediate requirements of the community. Currently, the ongoing voting process has generated notable interest and engagement, with several options vying for support. Notably, the option with the highest allocation of 25 million ARB has garnered substantial backing, amassing a substantial 1.5 million ARB votes, constituting a commanding 65.97% of the total vote share. Following closely behind is the option advocating for the full allocation of 75 million ARB, securing 453,000 ARB votes, making up 20.05% of the votes. The outcome of this vote will have profound implications for the short-term incentives and resource allocation within the ecosystem, ultimately influencing the trajectory of the Arbitrum network. Source https://t.me/Blockchain_Explained

🟠 CZ Advises 2FA Usage to Protect Your Assets Changpeng Zhao (CZ) CEO of Binance has raised a critical issue surrounding account 2FA security on Twitter. In a recent statement, CZ emphasized that Twitter, despite its widespread use in the crypto industry, is not primarily designed as a financial platform. As such, he has proposed several crucial security enhancements. One of the primary recommendations put forth by CZ is the widespread adoption of two-factor authentication (2FA). Furthermore, CZ emphasized the importance of differentiating login IDs from usernames or email addresses. This simple yet effective measure can help thwart cyberattacks that rely on hackers identifying login information. CZ’s concerns stem from past experiences where his own Twitter account faced repeated lockouts due to hackers attempting brute force attacks. Brute force attacks involve systematically trying various password combinations until gaining access, highlighting the vulnerability of accounts even for high-profile individuals. It’s worth noting that these security concerns were raised before Elon Musk’s acquisition of Twitter, indicating that the broader crypto community has long been aware of the risks associated with Twitter accounts. Source https://t.me/Blockchain_Explained

💰 Bankman-Fried’s Defense Complains About Internet Access Speeds Too Slow To Explore Lawsuit In an ongoing legal battle, attorneys for Sam Bankman-Fried, the founder of the defunct crypto exchange FTX, are contesting prosecutors’ claims regarding his access to defense materials. The U.S. Department of Justice (DOJ) has argued that Bankman-Fried has ample access to a laptop for his defense, but his defense team insists otherwise. However, prosecutors have countered that he had sufficient access to defense materials even after bail was revoked due to public safety concerns. According to the DOJ, Bankman-Fried has access to a laptop operating in an air-gapped environment for 11 hours on weekdays and 7.5 hours on weekends and holidays. Additionally, he has continuous access to three hard drives containing defense materials and is provided with an internet-enabled laptop twice a week. The DOJ, responding to concerns about battery life and internet speed, stated that a new battery provides up to 8 hours of usage time, with internet speeds ranging between 7.5 and 34 Mbps throughout the day. This legal saga continues as his detention conditions at the Manhattan Detention Center in Brooklyn, New York, are under scrutiny, with the defense and prosecutors at odds over the adequacy of his access to defense materials and the Internet. Source https://t.me/Blockchain_Explained

🟣 Kraken Empowers UK And European Users With PayPal Deposits For Instant Access Cryptocurrency exchange Kraken has begun rolling out support for euro and pound deposits via PayPal for its users in the United Kingdom and Europe (excluding Hungary and Croatia). This development marks a strategic step forward in the exchange’s mission to provide seamless crypto trading experiences. As part of the rollout, the platform has introduced a PayPal top-up method, which was updated just two days ago. Notably, the expansion of PayPal deposit support aligns with Kraken’s ongoing platform enhancements. The exchange is in the process of revamping its primary interface, set to replace the traditional “Kraken Classic” trading platform, as indicated on the website’s login page. These updates aim to modernize the user experience and make trading on Kraken more intuitive and efficient. One of the standout benefits of depositing funds through PayPal is the near-instantaneous processing, ensuring that users have immediate access to their deposited funds for seamless transactions. This feature aligns with Kraken’s commitment to offering fast and reliable services to its diverse user base. Source https://t.me/Blockchain_Explained

🟠 Binance Executive Responsible For The Fiat Business Leaves The Exchange Amid The Crisis According to the Wall Street Journal, several high-ranking executives have bid farewell to cryptocurrency giant Binance, marking a period of significant senior turnover within the company. Notable departures include Gleb Kostarev, who served as the regional head overseeing the Commonwealth of Independent States region, encompassing Russia, Eastern Europe, Turkey, Australia, and New Zealand. Vladimir Smerkis, the Russia chief, also stepped down. Additionally, Helen Hai, a long-standing figure at Binance since 2018, left her role, primarily leading the exchange’s global fiat business. Binance’s recent struggles with regulators have resulted in staff layoffs and benefit cutbacks. Late last month, it revealed its contemplation of withdrawing from the Russian market and ceased allowing customers to transact with sanctioned Russian banks. This action followed a Wall Street Journal report outlining the exchange’s involvement in facilitating Russians’ cross-border money transfers, which may have exacerbated its legal woes in the United States. Source https://t.me/Blockchain_Explained

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