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Hot Crypto News You Should Not Miss: Binance Probing, Ethereum Merge, Optimism Hack

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There's been lots of interesting news and updates in the crypto space as well as a few bad ones. No one certainly wants to hear bad news but we can't help it either because bad players are always among us. It is what it is, I'd say.

All the same, it is important to get familiarized with all the recent developments as it may help you make your investment and trading decisions.

Here are some of the top and recent happenings in the crypto industry.


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The SEC Probes Binance: BNB Under Scrutiny Over Token ICO

  • Following the launch of the now largest crypto exchange by trading volume Binance, an initial coin offering (ICO) for its native token event was being staged in 2017 across many platforms.
  • Reports from Bloomberg show that half of the token's supply was being sold during the days of the initial coin offering
  • Of recent, the Securities and Exchange Commission led by Gary Gensler has been closely looking into the origin of the Binance Coin, BNB. The aim is to ascertain whether Binance violated the agency's rule.
  • Specifically, the SEC is investigating if the 2017 initial coin offering of BNB amounted to the sale of a security without registration with the agency.
  • On the other hand, Binance holds that its coin is not a security. However, should the findings reveal BNB as a security that Binance will be walking in a similar shoe as Ripple Inc (XRP).
  • In essence, Binance could be fined or coerced to change its mode of operation - According to SEC Chair Gary Gensler, all ICOs are virtually securities and as securities, ICOs should be registered with the US regulators.
  • Based on this premise, the agency has brought several cases on ICOs. - Aside from this ICO probing by the SEC, Binance is also facing multiple investigations in Washington.

Read the full story here _____

Unstoppable Domains To Give All Women in Abu Dhabi Free Crypto Domains

  • Every woman resident in Abu Dhabi should be very excited about this development. This development aims to encourage more women to learn and participate in the Web3 industry. It is believed that only a handful of women have shown interest in crypto, NFT, and blockchain technology.
  • The UAE Capital which strives to become a global crypto hub is seeking to increase the number of women participants in the Web3 industry.
  • In late May 2022, Unstoppable Domains -a crypto and NFT domain provider partnered with Access Abu Dhabi and the Abu Dhabi Investment Office (ADIO) to issue free crypto, NFT, and blockchain domains to all women residing in the UAE capital.
  • Women in this region can now visit the Unstoppable Domains’ website through the link https://unstoppabledomains.com/?gift=WoW3AbuDhabi to get their free domains.

Read the full story here ____

Ethereum Moves Closer to Becoming a Proof of Stake (Pos) Blockchain: Ropsten Testnet Merge Successful

  • Ethereum developers recently completed the Ropsten Testnet Merge. This is reportedly the last step before the actual upgrade
  • The just-concluded Testnet merge is a rehearsal of the actual merge that will take place very soon in the future according to people familiar with the matter
  • Ethereum blockchain which operates using the proof of work (PoW) consensus algorithm has previously scheduled three upgrades to achieve its chain migration - Beacon Chain, The Merge, and Shard Chain
  • The beacon chain went live first and now the Merge is set to take place soon.
  • Currently, the Ethereum blockchain (PoW) is operating parallel to the Beacon Chain (PoS).
  • The Merge will bring the two chains together to become a single PoS chain.

Optimism Hacked: OP Tokens Stolen

  • In a recent news, Optimism announced a hack that resulted in huge $OP token theft.
  • Specifically, 20 million OP tokens have been stolen by the hacker.
  • The Ethereum layer 2 project recently rolled out its first OP token airdrop

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