Binance’s CZ refutes allegations of company’s ties to China, LUNA Classic pumps 2,400%
The biggest news in the cryptoverse on September 2nd included CZ’s statement that Binance is not being incorporated into China, Cardano’s Vasyl upgrade scheduled for September 22nd, and the US regulator’s massive Includes amendments to hedge fund reporting.
CryptoSlate Top Stories
CZ denies claims that Binance is ‘in the pocket of the Chinese government’
Changpeng ‘CZ’ Zhao has responded to allegations regarding Binance and the Chinese government. He explained that cryptocurrency exchanges have never been incorporated into China and that his birthplace and ethnicity should not be the “scarlet letter.”
“Binance has never been incorporated in China. Nor does it culturally operate like a Chinese company. We have subsidiaries in many countries…but China has We don’t have a legal entity, we don’t have a plan.”
CZ also responded to allegations regarding a Chinese covert operative named “Guangying Chen.” He said Chen is a back office manager and is neither an owner nor an agent of the Chinese government.
Cardano’s Vasil Upgrade Coming September 22nd
Input Output (IOHK), the parent company of Cardano, has confirmed that the tentative date for the Vasil upgrade is September 22nd.
The Vasil upgrade will increase Cardano’s network capacity and reduce transaction costs. The upgrade is expected to be seamless and not interfere with users or disrupt the block production process.
Digital casino Stake.com faces $400 million lawsuit filed by former partner
Former Stake.com partner Christopher Freeman is suing a casino platform that has been cut off from the company.
In the early days of the startup, Freeman owned 20% of the company, but 6% was cut to be distributed among other team members. He is seeking his $400 million in punitive damages.
Terra LUNA Classic continues its incredible comeback with a 2,400% jump in the last 7 days.
The 2,400% increase in LUNC in Terra over the last 7 days is due to new features introduced by developers.
LUNC offers high staking rewards of up to 2.6% and is expected to reach a high of 37% annually.
The token burn mechanism also helped the price skyrocket. Over 3 billion tokens have been burned since the re-launch.
SEC, CFTC Propose Modifications to Crypto Reporting for Large Hedge Funds
US regulators are working to provide a framework for hedge funds to report their crypto exposure.
The regulator said that investments in digital assets are becoming more popular, increasing the need to gather more information about funds’ exposure to cryptocurrencies. They also asked the cryptocurrency community to clarify whether “virtual currency” or “digital asset” is the best term to use for cryptocurrency.
Celsius will receive $70 million in loan repayments to fund operations from November onwards.
According to Celsius’ cash flow projections over the next three months, the company expects to record an inflow of $70 million from the repayment of its US dollar-denominated loans.
The extra cash will fund Celsius’ operations and restructuring plans through November, still leaving a surplus of about $42 million.
research highlights
On-chain metrics suggest more pain lies ahead for long-term Bitcoin holders
CryptoSlate analyzed three key on-chain metrics, none of which suggest the market has yet to bottom out. Let’s look at an example of an analysis using the long-term holder (LTH) metric Bitcoin Total Supply.
Every time the total supply exceeds 5 million tokens, the BTC price will return to an upward trend. At the moment, the current supply of BTC has yet to cross the threshold, indicating that Bitcoin holders are suffering losses and may withstand further price declines.
News around Cryptoverse
IMF plans platform for cross-border CBDC trading
The IMF hinted in September preliminary report They are considering building a digital platform to facilitate cross-border CBDC trade.
The platform will enable public and private sectors to write smart contract code with the ability to implement payment functionality that meets user needs.
Bybit celebrates 10 million with zero commission offer
vivid is announced is offering to celebrate the milestone of 10 million users.
Users trading on the platform will receive a zero commission offer on all spot trading pairs starting September 6th. Users can also earn up to 12% of her APY through staking with Bybit Savings.
crypto market
Bitcoin fell -0.55% to trade at $19,972 on the same day, while Ethereum traded at $1,578, reflecting a -0.47% gain.
