Weekly Top Crypto News (Feb 13, – February 19)

Bitcoin has regained its $25,000 mark for the first time since June, after a bear market. This is a great news for the crypto community, as it is a sign of how fierce competition is heating up between the top NFT platforms. Let’s take a look at this week’s top crypto news with Coincu. Binance and Huobi announced Tuesday that they had frozen $1.4 million worth of cryptocurrency in connection to the Harmony Bridge robbery. Elliptic, a crypto-tracing company, claimed that it had given the two exchanges information that led to their accounts being frozen. Elliptic claimed that it had traced the frozen Harmony money via Tornado Cash. Binance, the world’s largest cryptocurrency exchange, said it would pay fines to settle US investigations. Patrick Hillmann, Binance’s Chief Strategy Officer, stated that the company has grown so fast that it was not aware of US laws and regulations. Hillmann is optimistic that reconciliation with the US government will be possible. Binance.US allegedly transferred $400 million to a firm managed by CZBinance.US. According to Reuters, Binance.US allegedly transferred millions from a Silvergate Bank account under the name BAM Trading to a trading firm named Merit Peak. Changpeng Zhao, the CEO of Binance has been appointed manager at Merit Peak. Since Monday, Binance and its US branch had to operate independently. Paxos announced it would cease issuing cryptocurrency amid increased regulatory pressure and the NYDFS imposed sanctions. BUSD supply has dropped by more than 6 percent. Investors are seeking a way out amid regulatory pressure. A Delaware Bankruptcy Court judge rejected the motion to appoint an examiner to investigate the bankruptcy of FTX. Judge John Dorsey of Delaware Bankruptcy Court agreed with FTX and stated that an independent examiner was not necessary to conduct “another expensive probe that would slow down” the case. OKX exchange announced that it would launch OKBChain, a new blockchain that is independent from the existing OKXchain. OKXchain, a blockchain that operates under Proof-of-Stake consensus mechanism and is entirely open source code, was developed by the exchange company and will be launched in the first quarter of 2023. These two chains are distinct. Do Kwon & TFL Appear in Latest SEC Case for Fraud and Selling Unregistered Securities. The latest action by the SEC is to sue Do Kwon (TFL) and Terraform Labs(TFL) following the crypto market review. The SEC has brought charges against Do Kwon and Terraform Labs (TFL) for defrauding investors, and selling unregistered security. The regulator believes this is a scam supported by algorithmic stablecoins. Platypus is currently developing a plan to indemnify users following the attack. The results of the shared project are still being verified. The SEC is looking into a way to recover AAVE funds. Jump Crypto was charged by the SEC with aiding in the backing TerraUSD stablecoin’s de-pegged dollar in 2021. The trading company made more than $1 billion in profits. OpenSea reduces creator earnings and offers 0% trade fees. OpenSea announced significant restructuring to lower platform fees and higher creator earnings to retain customers who were migrating. The measures include introducing optional creator earnings, a temporary 0% fee, and leniency for other operators.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: BinanceBUSDcryptodo kwonFTXhighlightsmarketOpenSeaPaxosPlatypus