Crypto Watcher

Binance to end support for USDC, two other stablecoins in favor of its own BUSD Binance said on Sept. 29 it will convert existing balances and new deposits of stablecoins USDC, USDP and TUSD to its own stablecoin, BUSD. In addition to the conversion, Binance will end trading pairs for the three stablecoins against BUSD and Tether (USDT), as well as major cryptocurrencies like bitcoin and ether. "With effect from 2022-09-29 03:00 (UTC), users will trade with a consolidated BUSD balance on the Binance Platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP and TUSD) post conversion. This will not affect users' choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance," the company said. The result of the decision means Binance, the world's largest crypto exchange by volume, will prioritize the use of its stablecoin above other market contenders.

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$ADA: Robinhood Adds Support for Cardano Ahead of Highly Anticipated Network Upgrade Popular commission-free trading platform Robinhood, which allows users to buy a number of financial assets including equities, options contracts, and cryptocurrencies, has listed the popular smart contract platform Cardano ($ADA). The platform now supports a wide number of cryptocurrencies after first launching its offering back in 2018, with BTC and ETH being the only cryptoassets available. It then added Litecoin and Bitcoin Cash, before adding several other tokens. Robinhood’s listing announcement on social media implies Cardano was added to the platform in response to customer demand. Cardano’s ADA is now being actively traded on the platform, with the listing coming ahead of a major upgrade to the cryptocurrency’s network, the Vasil hard fork.

Crypto.com accidentally transfers $10.5m to woman instead of $100 It took crypto.com more than seven months to realise the error. The company accidentally entered an account number in the payment field instead of the $100 refund. It happened in May last year, but the mistake was only discovered in a company audit just before Christmas. When crypto.com tried to recover the money, the cash had already been moved and used to buy a multi-million dollar mansion. But now a judge has ordered the property be sold, and the remaining money to be returned.

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JUST IN: Meta now allows users to connect digital wallets and post NFTs across Facebook and Instagram.

US Dollar Index hits 20-year high of 109.48 👀

Binance to Help South Korean City of Busan Grow Crypto Adoption, Develop Blockchain Ecosystem Cryptocurrency exchange Binance announced Friday that it has signed a Memorandum of Understanding (MOU) with Busan Metropolitan City. Busan, located on the southeastern tip of the Korean peninsula, is the second largest city in South Korea with approximately 3.4 million residents. “As part of the agreement, the city of Busan will receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange,” Binance explained. Binance CEO Changpeng Zhao (CZ) said: “We are happy to be working with the city of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts.”

Survey Reveals 72% Russians Yet To Purchase Bitcoin crypto stance was conducted by Tangem, a Switzerland-based crypto wallet provider. Kommersant, a local news agency, reported the event on August 25 and noted that the survey aims to uncover more about Russian crypto investors. About 2,100 respondents participated in the poll, of which 72% disclosed that they’ve never purchased any crypto assets, including Bitcoin. This figure indicates that cryptocurrency investors in Russia significantly fall in the minority. From the poll, there is still a great desire for potential crypto investment amid the larger population. About 31% of the participants disclosed their willingness to purchase crypto tokens over the next six months. While 30% indicated not having plans for future crypto investment, about 40% said they are still unsure about their stance on crypto investment.

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Tron Uses Nearly 100% Less Energy Than Bitcoin and Ethereum, Study Shows Tron beats top cryptocurrencies Bitcoin and Ethereum in the energy saving department, new research shows. Web3 has gained a very poor reputation in the field of environmental protection and sustainable development. This is mostly attributable to blockchains like Ethereum and Bitcoin, whose protocols demand enormous amounts of energy. POW blockchains, such as Bitcoin and Ethereum, consume more than 83 million (kWh) and 22 million kWh, respectively. After “The Merge,” Ethereum will transition to a POS consensus method in mid-September. Tron reported an annual energy use of 162,868 kWh for over 2.31 billion transactions, which is 99.9% less than Bitcoin and Ethereum. Recent study has revealed, however, that Tron is one of the greenest networks available.The Crypto Carbon Ratings Institute released a research on Wednesday stating that the Tron network’s low power requirements make it one of the most eco-friendly blockchains.

Cybercriminals Have Stolen Over $100 Million in NFTs. Over $8 million of illicit funds has been laundered through NFT-based platforms since 2017 – representing 0.02% of trading activity originating from known sources. Over $100 million worth of NFTs were publicly reported as stolen through scams between July 2021 and July 2022, netting perpetrators $300,000 per scam on average. July 2022 saw over 4,600 NFTs stolen – the highest month on record – indicating that scams have not abated despite the crypto bear market. Tornado Cash, a US-sanctioned mixer, was the source of $137.6 million of cryptoassets processed by NFT marketplaces and the laundering tool of choice for 52% of NFT scam proceeds before being sanctioned by OFAC in August 2022. Its prolific use by threat actors engaging with NFTs further emphasizes the need for effective sanctions screening by NFT platforms.

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‘India’s TikTok’ Chingari launches the world’s first-ever video NFT marketplace Creator Cuts is set to be the world’s first-ever video non-fungible token (v NFT) marketplace, as the company commits to fostering and propagating the creator economy. In this marketplace, video NFTs will be minted based on premier videos produced by Chingari’s most successful creators, according to a press release shared with Finbold. The purpose of Creator Cuts is not only to provide content creators with an innovative financial and community engagement opportunity but also to make it possible for users to connect with the creators of the content they enjoy the most by purchasing a piece of the original artwork that they have produced and thereby gaining financial benefit from the purchase.

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