Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15 Million, Binance’s Thai Exchange, $792 Million in BNB Burnt, EIP-1559 Live on Polygon, Spain and Singapore Crypto Ad Ban, Bulgaria and U.K. Top Crypto Holding
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Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15 Million, Binance’s Thai Exchange, $792 Million in BNB Burnt, EIP-1559 Live on Polygon, Spain and Singapore Crypto Ad Ban, Bulgaria and U.K. Top Crypto HoldingYou can read the Digest here:
- Crypto.com suspends withdraws because of unauthorized activity leading to $15 Million loss
- BNB: Binance invests $792million to create an exchange in Thailand.
- Polygon will start burning MATIC after the launch EIP-1559 is made available on its mainnet.
- Spain and Singapore ban crypto advertising Top crypto holdings in Bulgaria and the U.K.
Crypto.com Bans Withdrawals because of Unauthorized Activity – $15 Million Loss
Singapore-based cryptocurrency exchange Crypto.com announced the suspension of withdrawals on its platform on Monday, January 17th, after users reported “unauthorized activity.”
According to Crypto.com, the exchange was halting withdrawals temporarily to look into reports of suspicious activity. Crypto.com informed users after 14 hours that withdrawals were resumed and that all funds had been safe.
Flipsider:
- Even though all reports are positive, Funds were secureMultiple SourcesHave reported that as much as $15,000,000, 4,600ETHIt was taken from the exchange.
- User have used to To criticize the exchange, use Twitter (NYSE :).You did not include how much was stolen in hacking.
Why you should care
Hacks and frauds continue to be rampant in decentralized financial services, but it is not clear how $15 million was defrauded from a central exchange.
Set Up Exchange in Thailand by Binance.
Binance, the world’s largest cryptocurrency exchange, has continued with its mission of expanding its crypto services, with Thailand as its newest entry. Binance has joined forces with Gulf Energy Development in Thailand to establish a platform for digital asset trading.
According to the Bangkok-based firm, its MoU with Binance will help further push the “rapid growth” of digital infrastructure in Thailand over the next few years. A Binance spokesperson remarked that this MoU represents “the first step” for Binance in exploring opportunities in Thailand.
Flipsider:
- For July 2021, Binance found itself on bad terms with Thailand’s regulator when it was sued for operating without a license.
Binance reduced its BNB circulation to 1.68million, which is $792 million USD, after the 18th quarter burn. Binance also assured that half of the initial 200 million BNB would be burned.
The latest burn represents an amount equal to 0.84% of Binance’s initial supply. The 18th quarterly burn was the first such burn carried out using the platform’s new “Auto-Burn” feature, which automatically calculates how much BNB should be burnt based on market prices and the number of blocks.
Why you should care
Binance continues to expand its cryptocurrency services worldwide, and the exchange made an agreement with regulators.
Polygon Launches EIP-1559 to Its Mainnet, To Start Burning MATIC
Now, the Improvement Proposal 1559 upgrade which introduces a network fee burning mechanism to Ethereum in Aug 2021 is live on Polygon’s layer-two scaling network Polygon.
After its successful implementation on the Mumbai testnet, block 23,850,000 went live with much-anticipated network upgrades. With the upgrade, Polygon plans to improve “fee visibility” on the network.
Polygon introduced a fee burning mechanism in the upgrade. MATIC tokens will be destroyed and MATIC tokens become deflationary assets. According to the Polygon team, 0.27% from 10 billion MATIC’s total supply will be burnt each year.
Flipsider:
- In the last 24 hours, MATIC’s value has fallen by 9.2%, which is contrary to the effect holders had been anticipating would accompany the upgrade.
Why you should care
In addition to introducing deflation, the upgrade seeks to solve the rising concerns of Polygon’s skyrocketing gas fees, which led to some validators failing to submit blocks earlier this month.
Spain and Singapore will ban Crypto Ads. Top Crypto Holdings Charts in Bulgaria and the U.K.
Along with the United Kingdom, Spain (and Singapore) have begun to regulate crypto-related ads. Now, in Spain, cryptocurrency firms must inform the CNMV at least 10 days before campaigns are targeted over 100,000 people.
Singapore took a more severe stance and banned all advertising or marketing related to cryptocurrency. The country has termed cryptocurrencies “high-risk assets” and prohibits their advertisement on public transport, websites, social media, broadcasts, and printed media.
Flipsider:
- Despite its strict regulations, the U.K. has become the third-largest “Ethereum holding” country after Singapore and Australia.
- A study done by Kraken found that the Bulgarian government holds 213,519 Bitcoins or 1%, of the total Bitcoin value of over $10 billion.
Why you should care
With the increasing popularity of digital assets, the IMF has called for a unified global regulatory framework to guide the crypto industry’s growth.
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