In the face of strict regulations and enforcement actions by financial regulators against the crypto industry, positive developments are still taking place. Despite ongoing attacks on the sector, prominent players are making the latest moves and innovation is no longer blocked. Here are the top 5 news stories from this week.
Suspected Ethereum Validators Attack MEV Bots
Several suspected Ethereum validators recently attacked a few MEV Bots (or sandwich bots), invalidating their transactions and substituting them with their own. As a result, the bots experienced losses of up to $25 million. Reports indicate that the attacker became a validator a few days before the attack, suggesting that it was well-planned and managed.
OKX Wallet Launches Unique MPC Technology Upgrade
OKX, the world’s second-largest centralized crypto exchange in terms of trading volume, recently announced the launch of the latest upgrade of its OKX Wallet. The wallet is now Web3-based and utilizes exclusive multi-party computation (MPC) technology. The MPC technology eliminates the need for traditional keys and seed phrases, allowing users to extract their assets without OKX’s intervention. This technology also boosts security and removes the vulnerability of one complete private key.
Australian Regulatory Agency Terminates Binance’s Derivatives Trading License
The Australian Securities and Investments Commission (ASIC) terminated the Australian financial services license of Oztures Trading Pty Ltd, which operates as Binance Australia Derivatives, after reviewing Binance’s financial services in Australia. Consumers will be unable to raise or open new derivatives positions and must close existing derivative positions before April 21. Binance will close any remaining positions on that day.
Bybit Launches AI-Powered Trading Tool
Bybit, the world’s third-most visited crypto exchange, launched an exclusive AI project called Tools Discovery. The AI-powered engine enables personalized trading with product recommendations and smart trading strategies for individuals based on their unique interests and trading patterns. Clients can also leverage the discovery of insights into their preferences and investing styles with its latest algorithm. This simplifies trading and offers exclusive investment opportunities and significant returns.
Prosecutors Investigate Terra Founder’s Suspected Conversion of Embezzled Funds to BTC
South Korean prosecutors are investigating Do Kwon, the co-founder of Terraform Labs, and his associates for their suspected involvement in converting embezzled Luna funds to Bitcoin. Officials have detected over $314M in illegal assets connected to Kwon and his companions, with nearly $69M being directly associated with Kwon. Binance has frozen withdrawal requests linked to Kwon, and prosecutors are working to trace the properties connected to the Terraform Labs executives.
In conclusion, despite the ongoing attacks on the crypto sector and strict regulations, innovative and positive developments continue to take place. The latest upgrades, AI-powered tools, and investigations all contribute to the evolution of the crypto industry. Stay tuned for more updates on the latest developments in the crypto world.
