Stay updated with the latest developments in the world of blockchain and cryptocurrencies with Blockchainreporter weekly news roundup.
Despite the rise in strict regulations as well as the enforcement actions taken by the financial regulators against crypto, the world’s positive developments are taking place. Nonetheless, the crypto sector is still struggling with the attacks. But, in general, the former severe blockage on the innovations in the crypto industry is now lifting as the prominent players are making the latest moves in this respect. The crackdown against Binance is becoming stronger while prosecutors are digging deeper into Do Kwon’s assets. Read the top 5 news from this week all in one piece here if you couldn’t catch up this week.
Suspected Ethereum Validators Target MEV Bots Transactions
Recently, a few MEV Bots (or sandwich bots) were attacked by several suspected Ethereum validators. The reports pointed out that the validators aimed at the transactions performed by MEV Bots as well as invalidated those transactions to substitute them with their transactions. As a consequence, a great loss of up to $25 million was experienced by the MEV Bots. The reports pointed out that attacker turned into a validator a few days back. In this way, the attack seems to be well-managed and pre-planned as it effectively drained $25 million.
OKX Wallet Announces Unique MPC Technology-Related Upgrade
OKX, the 2nd-largest centralized crypto exchange in terms of trading volume, recently launched the latest upgrade of its OKX Wallet. The wallet has become the earliest that is Web3-based and utilizes exclusive multi-party computation (MPC) technology. Moreover, the wallet is now compatible with the prominent 37 blockchain platforms.
Additionally, the latest upgrade contains a feature dealing with the asset-recovery procedure, letting users extract their assets without needing OKX to intervene. The MPC technology eliminates the need for traditional keys as well as seed phrases. With this technology, the private keys belonging to the consumers can be divided into three parts. As a result of this, security gets a remarkable boost. Along with this, the vulnerability of the one complete private key is removed.
Australian Regulatory Agency Dismisses Derivatives Trading License of Binance
The Australian Securities and Investments Commission (ASIC) has recently terminated the Australian financial services license secured by Oztures Trading Pty Ltd. The crypto entity operates as Binance Australia Derivatives. The termination of the license is witnessed after ASIC’s directed review of the financial services of Binance in Australia.
ASIC released a notice for a hearing on if ASIC should suspend or cancel the AFS license obtained by Oztures Trading Pty Ltd. After this cancellation, the consumers will be unable to raise their derivatives positions as well as open unique positions. They will also be required to close the already present derivative positions before April 21 and the remaining positions will be closed by Binance on that day.
Bybit Releases In-House AI Instrument to Revolutionize Personalized Trading of Crypto
Bybit, the 3rd-most visited crypto exchange around the world, announced the launching of its exclusive AI project named Tools Discovery. The innovative AI-powered engine enables smart trading with personalized strategy and product recommendations for individuals according to their distinctive interests and trading patterns. Additionally, clients can leverage the discovery of insights into their preferences and investing styles with its latest algorithm. This provides a set of tools to simplify trading along with offering exclusive investment opportunities and huge returns.
Prosecutors Probe into Terra Founder’s Suspected Conversion of Embezzled Funds to BTC
South Korean prosecutors are now inquiring about Do Kwon (the co-founder of Terraform Labs) and his fellows for suspected engagement in converting embezzled Luna funds to Bitcoin. The officials have detected more than $314M in illegal assets connected to Kwon and companions with nearly $69M of them being associated straightly with Kwon.
During the investigation, the officials requested Binance to freeze withdrawal requests linked to Kwon and the crypto exchange responded in the affirmative. Notwithstanding the challenges witnessed in the stolen funds’ recovery, the prosecutors are endeavouring to trace the properties connected to the Terraform Labs executives.