Binance Denies Improper Use of $1.8B of Users’ Funds

Binance was accused of moving almost $2Bn without permission. The exchange denied the rumors. Is it just FUD or damage control?

Binance, the world’s largest cryptocurrency exchange, denied a report published by Forbes titled “Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX,” which argues that the crypto giant transferred $1.8 billion associated with its users’ funds.

According to Forbes, between August 17 and early December 2022, Binance moved “silently” $1.8 billion deposited “as collateral intended to support its customers’ stablecoins,” leaving many of its users with unbacked funds.

Spotify Runs Pilot for Token-Enabled Playlists with NFT Partners

 The Swedish music streaming giant confirmed the development in tweet reply.

Spotify is testing a new service – “token-enabled playlists” – with one of its partners to enable non-fungible token (NFT) holders to connect their wallets and access curated music. It is currently in the pilot phase.

The new service was designed in partnership with the Web3 gaming ecosystem, Overlord, and involves a token-enabled community-curated playlist that can be accessed via Web3 wallets of those who hold the Creepz NFTS on Spotify.

According to the official announcement, the service will be available to only Android users from the United States, United Kingdom, Germany, Australia, and New Zealand.

Apart from Overlord, the product is available to token holders within the Fluf, Moonbirds, and Kingship communities.

Universal Music Group’s NFT band Kingship revealed creating a token-gated playlist for NFT holders that will feature Queen, Missy Eliott, Snoop Dogg, and Led Zeppelin. Its tweet read,

Beware of Bing AI chat and ChatGPT pump-and-dump tokens — Watch The Market Report live

 On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss ChatGPT pump-and-dump tokens and why you should be cautious.

This week on The Market Report, the resident experts at Cointelegraph discuss dozens of pump-and-dump tokens purporting to be related to ChatGPT and Bing AI chat.

We will be doing things a little differently this week since our handsome and charming host, Joe Hall, will be somewhere over the Atlantic during the livestream and will not be able to join us. Not to worry, though, as our resident experts Marcel Pechman and Sam Bourgi are here, as always, to break down the latest news in the markets.

Weekly Crypto Investment Product Outflows Hit $32M: CoinShares

 Rising crypto prices have pushed AuM to the highest level since August 2022. 

According to the latest edition of CoinShares’ weekly report, outflows in digital asset investment products reached $32 million last week, a level not seen since late December 2022.

The sentiment could be attributed to exchange-traded product (ETP) investors being less optimistic about recent regulatory pressures in the US relative to the wider market.

Bitcoin Bears the Brunt

Outflow figures surged to $62 million the mid-way through last week, even as the sentiment improved significantly by Friday. Bitcoin was the most affected crypto asset during the turmoil in the market, experiencing an outflow of $24.8 million over the past week.

Keanu Reeves amazed by idea of cryptocurrency

 Hollywood star Keanu Reeves has come out supporting cryptocurrency, non-fungible tokens (NFTs), and the metaverse.

In a recent interview with Wired, Reeves suggested the idea behind crypto was tremendous and that it would come out of its current struggles to become better and stronger.

“I think the principles and ideas behind an independent currency are amazing. These are amazing tools for exchanges and the distribution of resources. To pooh-pooh crypto or the volatility of cryptocurrency, it’s only going to make it better in terms of how it’s safeguarded.”

Keanu Reeves, actor.

How changing rate of bitcoin from beginning till now

 Bitcoin, the world's first and most well-known cryptocurrency, has seen significant fluctuations in value since its creation in 2009. Here is a brief history of how the value of Bitcoin has changed over time:

2009-2010: Bitcoin was first created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. At the time, it had no value on any exchanges.

2010: The first Bitcoin transaction took place, in which 10,000 BTC were exchanged for two pizzas. The first known value of Bitcoin was established when a user on a Bitcoin forum offered to sell 10,000 BTC for $50.

2011-2012: Bitcoin began to gain popularity, and its value rose from a few cents to over $30 in 2011. However, the value dropped to around $2 in 2012 due to concerns about security and regulation.

Why Bitcoin? Nigeria Faces Violent Protests Amid Cash Scarcity

 The cash shortage in Nigeria has led to violent protests, leaving countless citizens injured and a few dead. 

The cash withdrawal restrictions imposed by the Central Bank of Nigeria (CBN) have made a strong case for Bitcoin as a solid store of value and a censorship-resistant currency.

Nigeria is currently facing a shortage of physical cash after the CBN redesigned its banknotes, causing the old bills of the local naira currency to become useless. The policy prompted citizens to flood banks and ATMs to swap their old bills for new ones.