Binance, the world’s largest cryptocurrency exchange, has implemented new security measures to prevent the misuse of account features and enhance the platform’s integrity.
This decision was prompted by the discovery of account misuse, which gave certain users unfair advantages.
The new measures aim to create a fair and sustainable market environment that prioritizes the interests of all users.
Binance has warned that it will take stricter actions against account misuse, including suspending or terminating accounts if necessary.
The exchange emphasized that such misuse damages the platform’s reputation and negatively affects the majority of users who adhere to the rules.
The platform offers various account types, including sub-accounts, managed sub-accounts, and fund manager accounts, which are essential for legitimate use cases.
However, bad actors can misuse these features to bypass controls and access better fee rates and higher application programming interface (API) limits.
Binance considers any unauthorized access to other users’ accounts a severe breach of its Terms of Use, Know Your Customer (KYC), and Know Your Business (KYB) policies.
To combat account misuse, Binance has enhanced monitoring of all account usage and related activities.
The platform encourages users to report any suspected incidents of misuse and offers a reward for verified cases.
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The reward amount will be determined on a case-by-case basis. Users can report misuse incidents to misuse-reporting@binance.com.
Binance’s efforts to enhance its security measures are part of its broader attempts to combat security breaches.
ZackXBT, a blockchain investigator, praised Binance on June 22 for its efforts in supporting the broader community during security incidents.
He noted that despite facing media criticism, Binance’s security team actively works to support victims and provide incident response, showcasing a dedication to community support that goes beyond mere words.
According to Binance CEO Richard Teng, the exchange collaborated with authorities to investigate a malicious attack on the Turkish crypto exchange BtcTurk, resulting in the successful freezing of over $5 million in stolen funds.
However, Binance currently faces money laundering charges in Nigeria, where authorities have accused the company of illegally moving $26 billion out of the country.
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Bitcoin‘s price hit a six-week low on June 24, but buyers quickly intervened, pushing it back above $62,000 within 24 hours.
Trader Jelle analyzed Bitcoin’s market structure and noted renewed buyer interest around the $60,000 support zone.
He expressed optimism in a June 25 post on X, saying, “If #Bitcoin can lock in a lower-timeframe higher low today, I think we run it back to $63,500 before the week is out.
“Above that, and red Monday, green week becomes a reality.”
Jelle highlighted Bitcoin’s oversold conditions after it dipped to $58,400 on June 14, comparing it to the price action around $26,000 in August 2023.
Despite differences in the 2024 cycle, Jelle believes significant gains are forthcoming, supported by the relative strength index (RSI).
The RSI, an indicator showing overbought or oversold levels, paints an optimistic picture on the daily timeframe.
“Bitcoin’s daily RSI has not been this low in nearly a year,” Jelle wrote on June 24.
He recalled the last oversold conditions when Bitcoin was at $26,000, suggesting a potential summer shakeout.
Historically, Bitcoin’s strongest upward movements occur when the RSI is in the “oversold” zone below 70, leading to sustained rebounds before a rally becomes stable.
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” also commented on Bitcoin’s dip below $60,000, viewing it as an opportunity to increase his holdings.
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He advised, “Bitcoin is crashing. Most people should sell.
“I am waiting to buy more.”
He suggested those fearful of crashes should sell and maintain steady employment during downturns.
The recent crash was partly due to selling pressure from the defunct crypto exchange Mt. Gox.
On June 24, the Mt. Gox trustee announced plans to repay creditors in July, with repayments estimated at over $9 billion in Bitcoin and Bitcoin Cash.
Bitcoin attempted to reclaim the $62,000 level after dropping below $60,000 on June 24.
The support area between $60,000 and $64,000 is crucial, as a breach could lead to deeper corrections.
Trader Aksel Kibar noted in his analysis, “$BTCUSD still a steady uptrend.
Still can be considered a pullback to the channel,” emphasizing the significance of the $60,000 support level.
He warned that breaking this support with a long black weekly candle could shift the outlook from bullish to bearish.
Data from CoinGlass showed significant bid concentrations around $60,200, $60,600, and $61,230 within 24 hours of writing.
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WikiLeaks co-founder Julian Assange is free after a 14-year battle against extradition to the United States.
In a final effort to secure his freedom, an anonymous Bitcoiner donated over 8 Bitcoin, worth around $500,000, to help Assange’s family pay off the debt incurred by his travel and settlement expenses.
On June 24, Assange was released from the high-security Belmarsh prison in the United Kingdom after reaching a plea agreement with U.S. authorities.
Shortly after his release, he departed the U.K. on a private plane from a London airport to Saipan in the Northern Mariana Islands, a U.S. territory.
Assange appeared in a district court in Saipan on June 26, where he pleaded guilty to one charge of breaching the U.S. Espionage Act by leaking classified documents.
The journey was planned to prevent Assange from touching foot on American soil.
In an interview, Stella Assange, Assange’s wife, stated that “freedom comes at a cost.”
Assange is required to pay $520,000 to the Australian government for the “forced” chartering of flight VJ199 to travel to Saipan and Australia.
Stella started a crowdfunding page to help the jailed founder with his debts after his return home to Australia.
The donation link was posted by Stella Assange on June 25, and within 10 hours, an anonymous Bitcoiner paid over 8 Bitcoin to the fund, almost clearing the goal of $520,000.
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He has also received over 300,000 British pounds ($380,000) in fiat donations so far.
The single Bitcoin donation was the largest donation to the fund, more than all other donations in all currencies combined.
As a result, Assange will arrive in Australia debt free.
At Assange’s court appearance on June 26, Judge Ramona Manglona sentenced him to five years and two months in prison for pleading guilty to espionage charges.
However, Assange has already served the exact amount of prison time in the United Kingdom while fighting extradition.
As a result, he walked from the courtroom a free man.
Assange then took a private flight and arrived in Canberra, Australia, at 9:39 am UTC.
Assange argued that the Espionage Act, under which he was charged, conflicted with First Amendment rights in the U.S. Constitution.
However, he acknowledged that encouraging sources to provide classified information for publication could be illegal.
As part of the plea deal, he was required to destroy all classified information provided to WikiLeaks.
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Outflows from United States spot Bitcoin exchange-traded funds (ETFs) have surged to $1.3 billion over the past two weeks, correlating with a decline in Bitcoin’s price.
Data from Farside Investors shows that Bitcoin ETFs saw a total outflow of $1.298 billion, with Grayscale experiencing the highest outflow of $517.3 million during this period.
In contrast, BlackRock’s Bitcoin ETF was the only one to report positive inflows, attracting $43.1 million over the same timeframe.
Bitcoin’s price has dropped 11.6%, from $69,476 on June 10 to $61,359, according to TradingView data.
This recent trend of outflows is the worst since April, when Bitcoin ETFs recorded net outflows of over $1.2 billion from April 24 to early May.
Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap, shared with Cointelegraph that the broader crypto market is still struggling.
He predicts Bitcoin’s price may drop to its “key support” level of around $57,000 in the coming weeks due to Mt. Gox creditor repayments.
“BTC and ETH are actually holding up surprisingly well given the rest of the market, with key support at 63,000 and 3,400 respectively, and still clearly within the price range over the past few months,” de Wet said.
Concerns about further downward pressure have been echoed by many market analysts.
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They point to Bitcoin sales by the German government and the nearly $9 billion in BTC from Mt. Gox creditor repayments expected in July as major contributing factors.
De Wet believes that while Bitcoin and other cryptocurrencies might face additional declines in the short term due to these repayments, the long-term outlook remains positive.
“Medium to long-term we are constructive given the ETH ETF launch expected easing bias toward the end of 2024 […] before actual easing in 2025.”
However, some analysts argue that the impact of Mt. Gox creditor repayments may not be as severe as anticipated.
eToro market analyst Farhan Badami told Cointelegraph that Bitcoin often prices in significant market events ahead of time.
He expects Bitcoin’s price to stabilize and potentially rally to new all-time highs in the coming months. “Within the next few weeks, it’s possible we will be range-bound between $60-70K USD,” Badami said.
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FTX has been granted court approval to survey its creditors on whether they prefer to receive their recovered funds in cash under the current liquidation plan or in crypto at its current market value.
On June 25, Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware approved FTX’s plan to gather this feedback.
Several FTX creditors have voiced displeasure with the company’s liquidation plan proposed in May.
The plan suggested a 118% return for 98% of the creditors — those with claims under $50,000 — based on the U.S. dollar value of asset prices at the time of FTX’s bankruptcy filing in November 2022.
Many creditors are advocating for payouts in crypto, taking into account the crypto market’s 165% increase in total market cap since the exchange’s collapse.
For context, Bitcoin was trading around $16,900 when FTX declared bankruptcy but has since soared 265% to $61,770 at the time of publication.
FTX’s lawyer, Andy Dietderich, explained the vote aims to gather feedback from the broader base of FTX customers who have not been involved in the repayment negotiations so far.
FTX lawyers emphasized that bankruptcy laws mandate the firm to value claims as of FTX’s Chapter 11 filing, which aligns with its proposed plan.
They also noted that the cash repayment plan would be simpler to execute as it would avoid capital gains tax implications for creditors.
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It is important to note that even if creditors favor in-kind crypto repayments, the court is not obligated to approve them.
Creditors have until Aug. 16 to vote on the plan, and Judge Dorsey will decide on its approval on Oct. 7.
FTX has recovered $11.4 billion in cash since its bankruptcy filing, with expectations to reach $12.6 billion by Oct. 31, when FTX’s Chapter 11 plan could take effect.
FTX was one of the world’s largest cryptocurrency exchanges before its collapse in November 2022.
Around $8 billion in customer funds were misappropriated, largely by FTX’s trading firm Alameda Research, leading to a liquidity crisis when customers attempted to withdraw their assets.
The exchange is now led by John Ray, a turnaround specialist, who is managing the bankruptcy case.
Former CEO Sam Bankman-Fried was convicted of multiple fraud and money laundering charges in November 2023 and sentenced to 25 years in prison in March.
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Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Oil King Pepe (OILPEPE) presents a similar opportunity for a limited time.
Oil King Pepe (OILPEPE), a newly launched Solana memecoin, is poised to explode over 18,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
OILPEPE will be listed on KuCoin, one of the largest centralized exchanges in the world, within two days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Oil King Pepe.
On its launch day (Thursday), Oil King Pepe rallied over 2,000% to reach a market cap of $194,000 – and it is expected to hit a $30 million market cap before the end of June.
Currently, Oil King Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy OILPEPE on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Oil King Pepe by entering its contract address – GRUCh82C2aUXo2487mNWJx92s5K26pCtZp8HF47ZZAkc – in the receiving field.
OILPEPE currently has a market cap of just under $200,000, with over $16,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Crypto losses due to deep fake scams are projected to surpass $25 billion in 2024, more than doubling last year’s losses, according to Bitget Research.
In a June 27 report, Bitget noted a 245% increase in deep fakes worldwide, based on earlier Sumsub research data.
The report identified China, Germany, Ukraine, the United States, Vietnam, and the United Kingdom as having the highest occurrences of deep fakes in the first quarter of 2024.
The crypto industry alone saw a 217% increase in deep fake incidents compared to Q1 2023.
Bitget reported that the rise in deep fakes led to $6.3 billion in crypto losses in the first quarter, with expectations of losses reaching $10 billion per quarter by 2025.
“Deepfakes are moving into the crypto sector in force, and there is little we can do to stop them without proper education and awareness,” Bitget CEO Gracy Chen told Cointelegraph.
Interestingly, deep fake fraudsters have not significantly changed their tactics over the years.
Most crypto losses occur through fake projects, phishing attacks, and Ponzi schemes, using deep fake technology to gain the trust of cryptocurrency investors.
These methods have accounted for more than half of all deep fake-related crypto losses over the past two years.
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“By impersonating influential figures, these schemes create the illusion of credibility and substantial project capitalization, thereby receiving large investments from victims without thorough due diligence,” said Bitget Research.
MicroStrategy executive chairman Michael Saylor has been a frequent target for fraudsters.
In January, Saylor mentioned his team removes around 80 AI-generated fake videos of him daily, typically promoting Bitcoin-related scams.
Bitget also noted the use of deep fakes in cyber extortion, identity fraud, and market manipulation, though these represent a smaller share of crypto scams.
For example, a fake statement from an influencer might be used to manipulate token prices.
Bitget predicts that without effective measures, deep fakes could be used in 70% of crypto crimes by 2026.
“Criminals are increasingly employing fake photos, videos, and audio to exert a stronger influence over their victims,” Bitget Research chief analyst Ryan Lee told Cointelegraph.
Lee highlighted concerns over AI-backed voice impersonators and deep fakes that circumvent Know Your Customer (KYC) measures to access user funds.
He emphasized the importance of “Proof of Life” features in KYC systems to prevent such fraud.
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A cryptocurrency wallet labeled by the German Government (BKA) has sold over $54 million worth of Bitcoin.
On June 25, the wallet executed three transactions, offloading a total of 900 Bitcoin. The first transaction, involving 200 BTC, was sent to the Coinbase exchange, while the second, also of 200 BTC, was directed to the Kraken exchange.
The third transaction, amounting to 500 BTC, worth over $30 million, was sent to an unknown wallet labeled “139Po,” as reported by Arkham Intelligence.
Although the identity of wallet “139Po” remains a mystery, it has previously interacted with the German government’s wallet.
On June 20, 800 BTC were transferred to “139Po,” following a 500 BTC transfer on June 19.
After the latest transactions, the German government-labeled wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.
There are concerns that the German government’s actions might impact Bitcoin’s price, potentially pushing it below the $60,000 mark.
The wallet currently holds over $2.8 billion worth of Bitcoin, which could exert significant selling pressure.
Bitcoin’s price has been on a downtrend, dropping 11% over the past month and more than 7% in the past week, hovering just above $61,000 as of 9:40 am UTC, according to Bitstamp data.
Popular analyst Willy Woo suggests that Bitcoin might undergo a correction lasting up to four weeks before resuming its price rally.
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In a June 22 post on X to his 1.1 million followers, he wrote: “Eyeballing this model… probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring. Chart: Intensity of speculators playing casino games.”
On June 19, suspicions about potential Bitcoin selling were sparked when the government-labeled wallet transferred 6,500 BTC, valued at over $425 million.
The majority of Bitcoin from the government’s wallet is being sent to centralized exchanges, indicating potential sales.
Prior to these transfers, the wallet held nearly 50,000 BTC since February 2024, believed to be seized from the operator of the pirated movie website Movie2k.
Further selling pressure could arise in July, as the collapsed cryptocurrency exchange Mt. Gox announced it would start repaying its users.
Mt. Gox creditors, owed over $9.4 billion worth of Bitcoin, have been waiting more than ten years to recover their funds, which could add significant pressure on Bitcoin’s price.
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Memecoins have broken free from a week-long bearish trend in the crypto market, recording impressive double-digit growth over the past 24 hours.
While Bitcoin has been struggling to build bullish momentum, hitting a monthly low of $58,554 on June 24, most memecoins have experienced a trend reversal, showing significant gains.
Before this recent uptick, memecoins were among the biggest losers in the declining crypto market.
DOGECOIN followed the broader market trend, achieving a 2.4% price increase in the past 24 hours.
In contrast, Shiba Inu saw minimal progress with only a 0.15% gain on the daily chart.
The most significant beneficiaries of the bullish surge are newer memecoins that have emerged in recent months.
Solana-based Popcat (POPCAT) saw a remarkable 50% surge on the 24-hour chart, while Mog Coin (MOG) experienced a 39% price increase.
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This recent rise in memecoin prices has not only reversed the market trend but also brought memecoins back into the spotlight after many predicted the end of the meme token frenzy following the recent dip.
Dogwifhat (WIF), a memecoin that made headlines earlier in 2024 after reaching a $4 billion market cap, fell to $1.47 earlier this week, marking a multi-month low.
However, on June 25, the memecoin surged over 25%, recovering the majority of its losses from the past week.
The token’s price rose from a daily low of $1.47 to a daily high of $1.94, trading at around $1.83 at the time of writing.
In addition to WIF, Pepe was another major memecoin in the top 50 crypto rankings by market capitalization to post double-digit growth in the past 24 hours.
PEPE’s price increased from a daily low of $0.00001028 to a daily high of $0.00001198, reflecting a 13% surge over the past 24 hours.
Floki (FLOKI), another popular memecoin this season, recorded an 11% growth, while Bonk (BONK) saw a 16% surge.
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King Pepe (KINGPEPE), a new Solana memecoin that was launched today, is poised to explode over 12,000% in price in the coming days.
Currently, King Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and King Pepe could become the next viral memecoin.
In fact, many early Shiba Inu and Dogecoin investors have been pouring funds into this new Solana memecoin.
King Pepe launched with over $3,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy King Pepe on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for King Pepe by entering its contract address – CM4bhHDSiPTYxmsVSetnARhH9tQtcbMrMDcfq58dkJTF – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like KINGPEPE.