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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | October 10, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | October 10, 2023

Van Thanh Le

Oct 10 2023

7 months ago3 minutes read

Crypto Market Update

Table of Contents

Banking and Regulatory Updates

  • Binance's Triple Threat: Regulation and Financial Woes
  • FTX's Billion-Dollar Scare and Legal Quagmire
  • Ripple's XRP Movement and Market Impact
  • Trader Joe's vs. Trader Joe: A Trademark Tussle

Country-Specific Developments

  • Crypto in Israel-Gaza Conflict: A Double-Edged Sword
  • Bitcoin's Price Volatility Amid Geopolitical Tensions

Crypto Exchanges and Platforms

  • FriendTech's SIM-Swap Countermeasure After ETH Heist
  • Circle's USDC Tokens Go Live on Polygon
  • Ethereum's Vulnerabilities and Investor Sentiment
  • 3Commas Tightens Security After User Breach
  • Ordswap's Domain Debacle and Shutdown

NFTs and Market Anomalies

  • CrypToadz NFT Sale Raises Money Laundering Concerns
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Binance's Triple Threat: Regulation and Financial Woes

Binance is grappling with a trifecta of challenges: Israeli authorities pushed it to freeze Hamas-linked accounts, sparing ordinary Palestinians; the UK's Financial Conduct Authority imposed restrictions on its UK approver, Rebuilding Society, just days after a partnership announcement; and its $1 billion Industry Recovery Initiative has deployed a mere fraction, less than $30 million, with most funds being pulled back into its corporate treasury. The crypto giant is clearly in a tight spot, facing regulatory hurdles and internal financial shortfalls, plus a noticeable dip in crypto coin prices.


FTX's Billion-Dollar Scare and Legal Quagmire

FTX previously faced a security breach that could've cost over $1 billion, saved by quick asset transfers. Founder Sam Bankman-Fried is also embroiled in a legal battle, probing lawyers for their role in $200M 'sham' loans from Alameda Research. Both stories highlight vulnerabilities and legal complexities in the crypto world.

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Ripple's XRP Movement and Market Impact

Ripple moved 60 million XRP ($30 million) from its recently unlocked tokens, distributing them through different accounts before being sold on four exchanges. The crypto price of XRP on Bitstamp dropped by 8.5% during this sell-off. Ripple still has 140 million tokens that could be sold in the future.

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Trader Joe's vs. Trader Joe: A Trademark Tussle

U.S. supermarket chain Trader Joe's is suing decentralized exchange (DEX) Trader Joe for federal trademark infringement. Trader Joe alleges that the DEX named its platform after the supermarket and developed a fictional narrative around a character called "Trader Joe" to evoke the brand. 

The grocery chain has filed a complaint seeking damages and a trial by jury. The price of JOE, the native token of Trader Joe, has declined in response to the legal proceedings.

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Crypto in Israel-Gaza Conflict: A Double-Edged Sword

Cryptocurrency is being used as a fundraising tool in the escalating conflict between Israel and Gaza. Crypto Aid Israel has been created to collect donations in 12 cryptocurrencies, which will be distributed to Israelis impacted or displaced by the violence. 

Similarly, charities in Gaza have listed crypto wallet addresses to attract donations for Gazans. However, it remains uncertain how quickly these funds can be converted into tangible aid and there are concerns over potential ties to Hamas, which controls Gaza.


Bitcoin's Price Volatility Amid Geopolitical Tensions

Uncertainty looms over Bitcoin's price due to various factors. Research indicates a drop in realized capitalization, echoing the 2022 bear market that's reflected in cryptocurrency charts

Meanwhile, geopolitical tensions between Israel and Hamas are causing traders to anticipate a short-term dip in Bitcoin. Meanwhile, Asian and European stocks rallied on Tuesday amid a surge in risk appetite. The bullish sentiment was fueled by the Federal Reserve's optimistic outlook on bond yields.  

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FriendTech's SIM-Swap Countermeasure After ETH Heist

FriendTech, a decentralized social media protocol, has implemented two-factor authentication to counter SIM-swap attacks. This came as a user lost 22 ETH ($34,958) to a phishing scam. The scam exploited the user's active FriendTech wallet in the same browser, transferring the stolen funds via Orbiter, a cross-chain bridge, to Binance for cashout.


Circle's USDC Tokens Go Live on Polygon

Circle has launched native USDC tokens on the Ethereum layer-2 scaling protocol, Polygon. This allows for near-instant, low-fee transactions and enables developers to build decentralized applications. The USDC tokens are redeemable at a 1:1 ratio for USD and offer interoperability with other blockchain networks. 


Ethereum's Vulnerabilities and Investor Sentiment

The Ether-Bitcoin ratio has hit a 15-month low, largely due to the lackluster performance of newly launched Ether ETFs. Meanwhile, the Ethereum Foundation faced a "sandwich attack" during a 1,700 ETH sale that impacted the Ethereum market cap, resulting in a $9,101 loss. These incidents highlight vulnerabilities and waning investor sentiment in the Ethereum ecosystem.

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3Commas Tightens Security After User Breach

Crypto trading bot provider 3Commas is on high alert after a few user accounts were compromised, resulting in unauthorized trades. The company has implemented additional security measures and urges users to enable two-factor authentication and regularly change passwords. This is not the first security incident for 3Commas, as they previously experienced an API leak.  


Ordswap's Domain Debacle and Shutdown

Bitcoin marketplace Ordswap has been forced to shut down after losing control of its official domain. The website now redirects users to competitor relayx.io. The Ordswap team has shifted blame onto website development and deployment platform Netlify.


Top Altcoin Gainers and Losers

Gainers:

Tezos XTZ (+7.28%)

THORChain RUNE (+4.75%)

Klaytn KLAY (+4.26%)

Losers:

Radix XRD (-8.76%)

Kaspa KAS (-6.31%)

dYdX DYDX (-5.58%)


NFT Market Map

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CrypToadz NFT Sale Raises Money Laundering Concerns

A CrypToadz NFT was sold for $1.6 million on the OpenSea marketplace, drawing attention due to reduced demand for NFTs. The buyer also paid a fee of almost $42,000 worth of ETH. 

The purchase may be linked to wash trading or money laundering, as the buyer's wallet had received funds from Ethereum coin mixing service Tornado Cash. The use of Tornado Cash does not guarantee illegal actions. OpenSea has not commented on the sale.

This article has been refined and enhanced by ChatGPT.

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