Binance NFT Marketplace looks to capture market share via ‘100 Creators Campaign’

In an increasingly crowded marketplace for marketplaces, Binance is going on the offensive with a business development push aimed at bringing “100 Creators” to their forthcoming NFT platform.  In a press release today, Binance announced a drop from Misha Most, a noted street artist who currently holds the world record for the largest wall mural. Most will be making 10 NFTs made in collaboration with other artists, and the pieces will be available for sale in the first week of launch of the marketplace, currently scheduled for June 24th. “Digital…

Binance Smart Chain’s BurgerSwap drained of $7.2M in exploit

Another decentralized finance protocol was subject to a major exploit on Friday, May 28, after $7.2 million was drained from BurgerSwap (BURGER) on Binance Smart Chain. Varying amounts of seven different cryptocurrencies were stolen amid the attack, including $3.2 million worth of BURGER tokens, $1.6 million worth of Wrapped BNB (WBNB) and $1.4 million worth of Tether (USDT). The funds were still being sold off at time of publication. BurgerSwap launched in late 2020 as what was thought to be a clone of the Uniswap decentralized exchange. However, a post-mortem…

CipherTrace expands to cover Binance Smart Chain amid wave of exploits

Cryptocurrency and blockchain intelligence company CipherTrace has announced analytics support for Binance Smart Chain (BSC) amid a rise in attacks and vulnerabilities on protocols running on the network. In an announcement on May 27, the firm stated that it aims to identify higher-risk financial transactions taking place on BSC and its decentralized applications which now number more than 600. CipherTrace already tracks the activity of over a thousand digital assets. Dave Jevans, CEO of CipherTrace, stated that once support for a blockchain is added, the firm can add analytics for…

Bitcoin drops to $46K, altcoins sell-off as report claims Binance is under investigation

Within the last hour Bitcoin (BTC) price dropped by more than 3%, extending the decline which started on May 12 and saw the digital asset drop as low as $46,000 on some exchanges.  Initially, on May 12 it was Tesla’s announcement that it would stop accepting Bitcoin as payment over environmental concerns, along with technical weakness and a nearly complete head and shoulders technical pattern that pushed BTC price down to $46,000. Daily cryptocurrency market performance. Source: Coin360 Today’s bearish catalyst appears to be a Bloomberg Tax report claiming that…

Binance is reportedly under investigation from IRS and Justice Department

Major cryptocurrency exchange Binance is reportedly under investigation by both the United States Department of Justice and Internal Revenue Service in an apparent effort to stymie illegal trading activity from users in the United States. According to a Bloomberg report, the two government agencies are looking into Binance Holdings Ltd as part of an investigation into U.S. residents using cryptocurrencies for illegal transactions. Officials are reportedly seeking information from Binance employees and customers, but not all their inquiries are necessarily tied to allegations of wrongdoing. The report said the information came from…

Shiba Inu hits another exchange as SHIB deposits overwhelm Binance

Shiba Inu (SHIB) was listed on three different cryptocurrency exchanges in the past 48 hours, after an explosive 966% surge in the same time frame sent the token to 18th in the market cap rankings. Self-described as the “Dogecoin Killer”, Shiba’s instant addition to Binance on May 10 surprised onlookers, many of whom expected a more in-depth listing process by the world’s largest crypto exchange. What’s more, the fact that 50% of the SHIB token supply is in the hands of one individual made Binance’s decision to list the token…

DeFi hacks on Binance Smart Chain rise as TVL and volumes increase

Binance Smart Chain, or BSC, was launched in September 2020 as a parallel blockchain to Binance Chain. It enabled the creation of smart contracts and a staking mechanism for the native token of both blockchains, Binance Coin (BNB).  In its brief nine-month existence, there have been a lot of decentralized finance, or DeFi, projects built on it, but there have been numerous instances of hacks on the blockchain’s protocols as well. The latest victim in the series of exploits is Spartan Protocol. The liquidity platform for synthetic assets was the…

Dogecoin imitator Shiba Inu pumps 146% on Binance listing

Having emerged with the self-applied moniker of “Dogecoin Killer,” the latest cryptocurrency to succeed on laughs alone is making its way to Binance. Shiba Inu (SHIB) burst into CoinMarketCap’s top 20 rankings just two days ago, likely a response by traders to the hype surrounding Dogecoin (DOGE). Within 48 hours, the SHIB token went from a valuation of $0.000003 to $0.000032 — a 966% increase, which added to over 2,300,000% growth since the start of the year. When Binance announced it would list SHIB in its innovation zone (a high-risk…

Binance CEO warns of CBDC drawbacks as digital dollar pilots proceed in US

Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) will co-exist “for a while” with more restrictive digital currencies like China’s digital yuan, Binance CEO Changpeng Zhao said in a Bloomberg interview on Monday. According to Zhao, some of the key features of cryptocurrencies like Bitcoin (BTC) — freedom of use and limited supply — won’t be offered by CBDCs. “At the end of the day, those are core properties that users care about,” he stated. Zhao said that the differences between the two types of digital assets could make central bank-issued currencies…

DeFi adoption on the Binance Smart Chain reaches new highs

Decentralized finance (DeFi) has taken a well-deserved break from the spotlight over the past couple of months after being one of the hottest sectors at the start of 2021, but recent growth on several top platforms may hint at another DeFi run in the near future.  While projects that operate on the Ethereum (ETH) network continue to deal with wild fluctuations in gas fees and transaction times, several that operate on the Binance Smart Chain (BSC) have seen an uptick in protocol activity and token value over the past week.…