Binance Faces Serious Accusations ! 🔒
Welcome to the Daily Tribune on Friday, February 2, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, February 2, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Sunny ☀️
24-hour crypto summary ! ⏱️
🌐 Russia opens up to cryptos for international trade
The Central Bank of Russia is actively exploring the use of cryptocurrencies and central bank digital currencies (CBDCs) for cross-border payments, while maintaining a firm stance against their use for domestic transactions. This outward openness contrasts with internal reluctance and highlights a strategy to facilitate foreign trade despite international sanctions. The bank's governor, Nabiullina, mentioned the development of a digital ruble that can be integrated with other CBDCs for fast and cost-effective international transactions. This initiative aims to strengthen trade exchanges with countries that are not aligned with Western sanctions, such as China, India, and Iran, by creating an alternative payment system that could reduce dependence on the US dollar.
Russia is cautiously moving forward with the integration of cryptocurrencies for foreign trade, aware of the risks of secondary sanctions. While domestic use of cryptocurrencies remains prohibited, the country is considering their use to facilitate international transactions with strategic partners. A legal framework is being developed to allow certain entities to use cryptocurrencies under special authorization.
By turning to cryptocurrencies, Russia seeks to secure its trade exchanges with strategic partners while bypassing the Western-dominated financial system. This move could accelerate the global adoption of cryptocurrencies and CBDCs.
🔒 Binance in the storm: Data breach and complicity allegations
Binance, one of the largest cryptocurrency exchange platforms, is currently in a difficult situation, facing a data breach and accusations of complicity with an organization designated as a terrorist group. A data breach on GitHub exposed crucial information about Binance's internal operations, including infrastructure schemes and passwords. Although Binance quickly responded to limit the damage, initially stating that the breach represented a \"major risk\" before downplaying the incident by claiming that the data was outdated and posed a \"negligible risk,\" this situation raises questions about the platform's information security management.
At the same time, Binance is facing lawsuits from victims of Hamas, accusing it of facilitating the organization's activities through its services. Judith Raanan, an American who survived a hostage-taking by Hamas, is leading this legal action, relying on investigations by the US Department of Justice that established Binance had violated US banking laws. However, a report by Elliptic questioned the extent of cryptocurrency funds received by Hamas, suggesting that the amounts have been greatly overestimated.
The data breach at Binance and the accusations of complicity with Hamas highlight the security and regulatory compliance challenges facing cryptocurrency exchange platforms. These incidents underscore the need for strengthened governance and cybersecurity, as well as increased transparency in exchange operations.
💸 $1.5 billion Bitcoin transfer for almost nothing: Revolution or risk?
In a move that defies the usual criticism of high Bitcoin fees, a transfer of 35,000 BTC, equivalent to approximately $1.5 billion, was made for a minimal fee of $3.21. This transaction highlights the ability of the Bitcoin blockchain to facilitate large-scale transactions at minimal costs, in stark contrast to traditional banking fees that can reach 2.5 to 3%. Moreover, it not only demonstrates the efficiency and cost-effectiveness of value transfers via Bitcoin but also raises questions about its disruptive potential, especially in the context where BRICS countries are considering using Bitcoin as a tool to counter the dominance of the US dollar.
The impact of this transfer on the market could be significant, encouraging more actors to opt for Bitcoin transactions, taking advantage of its ability to reduce costs while ensuring speed and security. With the price of Bitcoin stabilizing around $42,157 and optimistic forecasts by Tim Draper and Anthony Scaramucci predicting values of $250k and $170k respectively for 2025, the future still looks promising.
This transfer not only demonstrates the efficiency and disruptive capabilities of Bitcoin as a payment network but also highlights the growing maturity of blockchain infrastructure. Such transactions could encourage major financial institutions to further explore the use of Bitcoin for high-value fund transfers, potentially as a complement or alternative to traditional settlement systems like SWIFT.
🚦 Bitcoin Spot ETF: Options will have to wait
January 10, 2024, marks an important milestone for the crypto world with the approval by the US Securities and Exchange Commission (SEC) of a Bitcoin Spot ETF. This decision, highly anticipated by industry players, validates Bitcoin as a legitimate financial asset. However, the enthusiasm could have been greater if the approval had also included options on these Bitcoin Spot ETFs. For now, regulators hesitate to take this additional step. Bitcoin Spot ETFs, already seen as a major financial tool for crypto investments, could see their usefulness and attractiveness increased by the introduction of options, offering more flexibility and diversification to investors.
However, the absence of options on Bitcoin Spot ETFs raises unresolved regulatory and surveillance issues, notably by the Commodity Futures Trading Commission (CFTC). This situation could delay the necessary regulatory approval for these financial instruments by several months. Options on Bitcoin Spot ETFs represent contracts that give the buyer the right, but not the obligation, to buy or sell the ETF at a predetermined price on a specific date. They provide an opportunity to speculate on the rise or hedge against the decline of Bitcoin's price, potentially increasing liquidity in the BTC market and reducing its volatility.
The approval of Bitcoin Spot ETFs without options shows regulators' caution towards financial innovation based on cryptocurrencies, but it also implies implicit recognition of the potential of Bitcoin as a legitimate investment asset. The future introduction of options on these ETFs could not only provide institutional investors with additional risk management and speculative tools but also mark a turning point in the perception of Bitcoin, solidifying it as a mature asset class. This could encourage broader adoption of cryptocurrencies in traditional investment portfolios, increasing institutional demand for Bitcoin and potentially stabilizing its long-term volatility.
Crypto of the day: Chainlink (LINK)
Chainlink stands out in the blockchain ecosystem for its role as a bridge between smart contracts on the blockchain and real-world data. This innovation, known as a decentralized oracle, allows smart contracts to interact with external data reliably and securely. The added value of Chainlink lies in its ability to secure and ensure the reliability of this data, which is crucial for the execution of smart contracts in various sectors such as finance, insurance, and logistics.
The native cryptocurrency of Chainlink, LINK, is used to incentivize data providers, node operators, and ensure network reliability. LINK holders play a crucial role in the ecosystem, participating in securing and operating the network, while also having the opportunity to be rewarded for their contribution. LINK can be used for payment of services within the Chainlink ecosystem, offering a tangible advantage to its holders.
Recent performance
Current price: $18.12 (approximately €16.67, approximate conversion)
Percentage increase/decrease: +16.55% (1-day increase)
Market capitalization: $10,291,608,208.70 (approximately €9.47 billion, approximate conversion)
Rank on CoinMarketCap: 12
NFT Ticketing: The Revolution of Digital Ticketing
NFT ticketing is revolutionizing the way we think about ticketing for events and offers a secure, transparent, and advantageous solution for both organizers and participants. But what exactly is NFT ticketing, and how does it work? Let's dive into the details of this disruptive technology.
NFTs, or non-fungible tokens, are unique digital assets stored on a blockchain, certifying ownership of a virtual or physical object. When applied to ticketing, NFTs transform tickets into digitally secured collectibles backed by blockchain technology. Each NFT ticket is unique, allowing for easy verification of its authenticity and eliminating the risks of counterfeiting or duplication.
The operation of NFT ticketing is simple yet extremely effective. When an organizer creates an event, they issue tickets in the form of NFTs on a specific blockchain. Buyers acquire these NFTs through specialized platforms, often using cryptocurrencies. Once the purchase is made, the NFT ticket is transferred to the buyer's digital wallet, ensuring undeniable proof of ownership and access to the event.
Beyond security and authenticity, NFT ticketing opens the door to a multitude of innovative features. Organizers can incorporate exclusive benefits such as special merchandise, VIP experiences, or additional content accessible only to NFT ticket holders. Moreover, these tickets can be designed to increase in value over time, becoming digital keepsakes that participants can hold, trade, or sell.
Another significant advantage of NFT ticketing is its ability to create a more direct and engaging relationship between event organizers and participants. Through the blockchain, organizers can track the lifecycle of a ticket, from creation to usage, and even beyond, opening up unprecedented post-event marketing and loyalty possibilities.
In conclusion, NFT ticketing represents a major advancement in the ticketing industry, offering security, transparency, and a host of creative possibilities to enhance the event experience. As this technology continues to evolve, it promises to radically transform how we access and interact with events, ushering in a new era in the events industry.