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Crypto Exchange Kraken’s Canada Customer Deposits Rose 25% After Binance Announced Departure

Kraken also saw a fivefold increase in app downloads within a week of OKX saying it was leaving the country back in March.

Cryptocurrency exchange Kraken is reaping the benefits of staying in Canada after rivals such as Binance and OKX said they plan to withdraw.

Kraken’s customer deposits in the country grew by 25% in the weeks following Binance’s announced departure in early May, and it saw a fivefold increase in downloads of its two mobile apps for Canadian clients within a week of OKX saying it planned to leave back in March. A Kraken representative shared the data with CoinDesk via email.

Canada tightened its regulatory framework for digital asset trading earlier this year, resulting in an exodus of some of the largest crypto exchanges. As well as Binance, the largest exchange by volume traded, and OKX, crypto firms Paxos, Blockchain.com and Deribit all announced their departures. The most recent leaver was Bybit, earlier this week.

Like Kraken, Nasdaq-listed exchange Coinbase (COIN) said it was happy to commit to Canada’s enhanced Pre-Registration Undertaking (PRU). When compared with the lack of clarity in the U.S., Coinbase went as far as saying it loved working with a regulator the firm could engage with.

Kraken has been in Canada for over 10 years, has more than 250 staff there and has been a money services business in the country since 2019, the firm’s managing director for Canada, Mark Greenberg, pointed out.

“I think the Canadian regulatory approach works for us,” Greenberg said in an interview with CoinDesk. “There are things we really liked about it; things we’ve been doing forever, like the focus on security on customer assets, for example. And then there are things we don’t like as much about it, such as some of the limits on trading and margin.”

One of the demanding new provisions for crypto exchanges set out by the Canadian Securities Administrators (CSA) earlier this year, is the requirement that firms hold a large proportion of client assets with a third-party custodian.

“We’ve all committed to using a third-party custodian as part of the commitments we’ve made, and I think we will continue to have that discussion with the regulators,” said Greenberg. “It’s one of those things where there are pros and cons, and I think the regulator is aware of the pros and cons and options around this. At the end of the day, what matters most for us is that our clients’ assets are safe and secure and not open for rug pulls or other types of things.”

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Synthetix Community Approves Plan to Nudge Positions Off Soon-to-Shut Version One of Its Perpetuals Market

The market, which was replaced by a new version, has been in close-only mode for months, but about $150,000 remains on the original platform.

Community members of Synthetix, a liquidity and derivatives trading protocol built on Ethereum, approved a plan intended to get customer money still on the soon-to-shut version one (v1) of its perpetuals market moved over to version two (v2).

Though v1 has been winding down for the past three months, roughly $150,000 worth of positions remain outstanding. The approved plan will gradually increase the margin requirements on existing positions to eventually liquidate all remaining positions on v1.

The change highlights Synthetix’s focus on its v2 perpetuals markets, which had $22 million in volume over the past day, data from a dashboard created by the Synthetix community shows. Synthetix’s v2 perpetuals markets, which launched in December, increases capital efficiency and improves risk management for market liquidity providers, representing a “significant upgrade” from v1, according to a blog post.

The motivation behind the recent governance proposal was to shut down Synthetix’s v1 perpetuals market “in the least intrusive manner,” allowing users to close their positions with enough time, as stated in a Synthetix’s governance discussion forum.

The price of SNX, the native token for Synthetix, has increased 1.7% in the past 24 hours to $2.36, per CoinGecko, while data from DefiLlama shows that the total value locked for Synthetix stands at $417.7 million, a 2% increase since May 1.

CoinDesk Apologizes to Alex Grebnev

On 25 May 2023 we published a story headed “Alameda-Backed ‘Samcoins’ CEO Alex Grebnev Sued by Coin Telegraph Owner Gregory Fishman. ” Those individuals are engaged in a lawsuit (a claim and counterclaim) in the High Court in London relating to the …

On 25 May 2023 we published a story headed “Alameda-Backed ‘Samcoins’ CEO Alex Grebnev Sued by Coin Telegraph Owner Gregory Fishman.” Those individuals are engaged in a lawsuit (a claim and counterclaim) in the High Court in London relating to the meaning and effect of a 2020 US$750,000 option agreement. Our account of Mr. Fishman’s claims in that lawsuit was incorrect, and we are happy to set the record straight and to confirm that the claims in the litigation do not allege the misconduct by Mr. Grebnev stated in our story. We apologize unequivocally for our error. We have taken down the article and shall not republish it.

Jimbos Protocol to Work With U.S. Homeland Security to Help Recover $7.5M From Flash Loan Exploit

The team is opening more cases in other jurisdictions and offering a roughly $800,000 bounty to the general public for information on the exploiter.

Developers of Jimbos Protocol, an Arbitrum-based application, said Wednesday they opened up a case with the New York branch of the Department of Homeland Security to arrest the attacker who exploited the protocol for millions of dollars this past weekend.

“We warned you. We’d prefer giving you the bounty so we can focus on our protocol. Instead, we will deal with law enforcement to find you,” the Jimbos team wrote to the attacker on Twitter, after giving them several days to return 90% of the stolen funds. “The door remains open for the hacker to return the funds until they are arrested, at which point the offer will be rescinded.”

The recent move to work with the Department of Homeland Security comes three days after Jimbos faced a $7.5 million flash loan exploit and about two weeks after the protocol’s official launch date.

In addition to collaborating with law enforcement in the United States, the team is currently opening more cases in other jurisdictions and is offering a 10% bounty worth about $800,000 to the general public for anyone who provides information that leads to catching the exploiter and funds being returned.

“We have a good idea who it is,” said blockchain sleuth Ogle, who is part of the recovery process and has helped with the Euler Finance exploit. “I think they end up speaking, keeping their 10%, and returning the rest — it’s a win for everybody and makes the most sense. Only an idiot would try to keep the rest, but risk prison for years and losing all of the money.”

First Digital Unveils USD Stablecoin as Hong Kong Crypto Rules Kick In

The stablecoin is issued by a registered trust owned by First Digital.

First Digital Group announced today that it’s launching a USD stablecoin, FDUSD.

The stablecoin is issued on Ethereum and BNB, a spokesperson told CoinDesk, saying that First Digital is in discussions with all major exchanges for a listing.

First Digital says FDUSD is backed by “high-quality reserves” of cash and cash equivalents in regulated financial institutions around Asia, and will be issued by First Digital Trust, a trust company registered under Hong Kong’s Trust Ordinance.

Part of the requirements of Hong Kong’s Trust Ordinance is to keep all reserves in segregated accounts, which prevents co-mingling of assets.

“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions,” Vincent Chok, CEO of First Digital, said in a release.

But as the stablecoin launches, it won’t be available to retail users in Hong Kong.

Regulators in Hong Kong have said that stablecoins should not be allowed for public trading by retail investors until the proposed rules for this asset class are officially implemented in the territory.

As CoinDesk reported in February, The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, and one of its financial regulators are weighing new regulations for stablecoins, which could mandate local incorporation, require real-world asset backing (disallowing algorithmic stablecoins) and mandating separate operations for issuers and virtual asset exchanges.

It’s not yet clear when these regulations will kick in.

Optimism Token Prices Slide 7% Ahead of $580M OP Unlock, Doubling Token Supply

The initial vesting period for early investors and contributors ends today and will nearly double the circulating supply of the tokens.

Tokens worth over $587 million of Ethereum scaling protocol Optimism are set to be released into the open market on Tuesday as part of a planned unlock plan, leading to prices of OP tokens falling 7%.

When tokens are “unlocked,” their holders are then able to sell or swap that token if they wish to do so.

The more than 386 million optimism tokens are currently held by early contributors and investors, and the move will nearly double OP’s circulating supply – which stands at 335 million tokens on Tuesday morning.

Early investors are likely sitting on significant gains and could choose to take profits, contributing to immense selling pressure. As such, immediately available liquidity on OP token pairs across decentralized and centralized exchanges is under $10 million – and a single sell order of $600,000 could dunk prices 2% further on Binance.

The unlock comes as OP tokens have been on a general downturn since February this year, sliding from $3 to $1.5 even as bitcoin (BTC) and ether (ETH) gained at least 50% in that period.

OP trades at $1.50 as of Tuesday, with a trading volume of $103 million over the past 24 hours.

Cardano DEX Minswap Sees Volume Jump Driven by SNEK, BANK Meme Coins

Volumes surged from just over $1 million at the start of May to $18 million on Tuesday, data from Minswap shows.

Transaction volumes on Cardano-based decentralized exchange (DEX) Minswap spiked over the past few days as traders likely scoured the network for profit opportunities on meme coins.

Volumes surged from just over $1 million at the start of May to $18 million on Tuesday, data from Minswap shows. Minswap is the largest application on Cardano by locked value, holding 37% of over $175 million worth of tokens held on the network.

Such activity could bolster prices of Minswap’s min (MIN) tokens, which accrue value from platform usage and are used as a governance token.

A significant part of the increased volumes came from Cardano-based meme coins snek (SNEK) and bank (BANK). Prices of the two tokens surged as much as 34% in the past 24 hours, data shows, with a cumulative $40 million traded on Minswap alone.

The surge pushed snek to a market capitalization of $80 million on Tuesday morning, making it the eighth-largest meme coin by that metric.

Singapore’s Temasek to Exercise Caution in Crypto Space After FTX Nightmare

Temasek wrote down the entirety of its investment in FTX in November.

Singapore’s Temasek Holdings, one of its sovereign wealth funds, has pledged to take “collective accountability” for its failed $275 million investment in collapsed crypto exchange FTX.

In a statement released Monday morning, the fund said there was “fraudulent conduct intentionally hidden from investors, including Temasek.”

“Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced,” Temasek Chairman Lim Boon Heng said in a statement posted to its website.

Days after FTX collapsed in November, the fund said it had written off the entirety of its investment. In November, Temasek said that the $210 million investment, which accounted for 1% of FTX International, and $65 million for 1.5% of FTX.US, represented 0.09% of the firm’s net portfolio value of $293.5 billion (SGD 403 billion) from last year.

At the time, Temasek claimed that it did eight months of due diligence on FTX, reviewing its audited financial statements, analyzing regulatory risk, and cyber security threats.

Post-FTX, Temasek said that intends to refine its investment appraisal procedure, especially for rapidly growing firms.

Temasek reiterated that it does not plan to invest in cryptocurrencies and said it will be cautious when considering new investments in the blockchain space.

FTX was the only investment Temasek had in a crypto exchange.

During the heydays of FTX it was accessible to users based in Singapore, while Binance, its chief rival, was blocked.

The Monetary Authority of Singapore (MAS) added Binance to the Investor Alert List in September 2021, yet made no such move on Binance. MAS later said this was because Binance directly solicited Singaporean customers, and offered trades in Singapore dollar, which was not the case for FTX.

Arbitrum Based Jimbos Protocol Scurries for Revival After $7M Exploit

Version 2 of Jimbos protocol was attacked over the weekend for $7.3 million, just days after going live.

Developers behind the Arbitrum-based Jimbos Protocol are gauging the best way for the project to move forward after its version 2 (V2) faced a $7.5 million exploit over the weekend.

Jimbos said it was working with security researchers to reclaim lost funds – the same people who’ve previously helped Euler Finance recover over $200 million – and added that they would contact law enforcement by 4 P.M. UTC on Monday if the attacker failed to return the money.

Jimbos lost 4,090 ether (ETH) late on Saturday, which security analysts blamed on the lack of slippage control in the main contract. This allowed the yet-unidentified attackers to take out a $5.9 million flash loan, manipulate the prices of jimbo (JIMBO), and walk out with treasury funds.

The protocol planned to issue a semi-stable token backed by a basket of crypto tokens, alluring traders to this concept as similar projects have seen brief success.

Flash loans are a popular way for attackers to gain funds to conduct exploits on decentralized finance (DeFi) systems. The loans allow traders to borrow unsecured funds from lenders using smart contracts instead of third parties.

These do not require any collateral because the contract considers the transaction complete only when the borrower repays the lender – meaning a borrower defaulting on a flash loan would cause the smart contract to cancel the transaction, and the money would be returned to the lender.

Meanwhile, JIMBO, its token, traded at nearly 18 cents on Monday, slightly recovering in Asian morning hours as developers floated their protective plans.

Shiba Inu-Themed Floki Sees Trading Volume Surge Amid China Plans

Floki prices rallied on Sunday amid a bitcoin-led market push and bets on the token’s “China narrative.”

Floki (FLOKI) spiked over 10% on Sunday and saw its highest trading volumes in over three weeks as traders bet on the tokens amid a China-focused push for its Valhalla metaverse game.

Trading volumes for the tokens, which are fashioned after the Shiba Inu dog breed, jumped to over $60 million, up from last week’s $25 million average. The spike comes as ads for its Floki game featured in some Chinese sporting tournaments. This could have attracted some speculators who hypothesized that the move might attract new traders from China.

In a tweet, Floki developers said they saw an influx of Chinese-based community members on their social media groups.

Floki previously said it was targeting China in its latest push toward attracting more users for its Valhalla game, as previously reported. The game’s content and technical documents will be available in both traditional Chinese and simplified Chinese and are specifically targeted toward the Chinese gaming market, developers added at the time.

The “China narrative” has caught on among some on Crypto Twitter ahead of lax laws for retail trading in Hong Kong, driving up prices of some Asia-focused tokens, such as conflux (CFX) in the past few weeks.

Starting June 1, Hong Kong will allow traders to invest in some tokens, such as bitcoin, ether and solana, on regulated exchanges in the country. Traders are not allowed to hold any stablecoins, but the move has fuelled sentiment that wealthy Chinese speculators could soon plough money into the crypto markets.

“While most major economies are expected to slow down this year, the Chinese economy is projected to grow strongly,” said Floki core developer @100bviking in a Twitter message to CoinDesk. “J.P. Morgan projects a 4% GDP growth for China in 2023; that’s 2.5 times more than what is projected for the global economy and 4 times more than projected US economic growth.”

“This strong growth will spill over into crypto, especially with Hong Kong legalizing crypto in a few days’ time which is a sign of China warming up to crypto. There is a very high probability that China will drive the next crypto bull run,” @100bviking added.