• Binance saw $1.2 billion in net inflows over 24 hours during the recent market volatility.
• This marks one of the highest net inflow days for Binance in 2024, according to CEO Richard Teng.
• Other exchanges like Bybit, Crypto.com, and OKX also saw significant inflows.
• The inflows occurred despite a sharp market downturn, with Bitcoin and Ethereum prices dropping significantly.
• Overall crypto trading volume surpassed $200 billion on August 5, 2024.

Leading exchange Binance reported a massive $1.2 billion in net inflows over a 24-hour period, coinciding with significant market volatility. This influx of capital marks one of the highest net inflow days for Binance in 2024, according to CEO Richard Teng.

The surge in inflows came during a period of intense market activity on August 5, 2024, when global cryptocurrency trading volume surpassed $200 billion.

Despite sharp price declines in major cryptocurrencies like Bitcoin and Ethereum, which saw drops of 10% and 18% respectively in a two-hour window, investors appeared eager to capitalize on the dip.

Amid the macroeconomic climate and yesterday's market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics.

This marks one of the highest net inflow days of 2024, indicating strong investor…

— Richard Teng (@_RichardTeng) August 6, 2024

Binance wasn’t alone in experiencing this influx. Other major exchanges also saw significant inflows, with Bybit reporting $301.4 million, Crypto.com $107.8 million, and OKX $97.7 million in net inflows over the same period. This widespread increase in exchange activity suggests a broader trend of investors moving funds onto trading platforms, possibly in anticipation of market opportunities.

Richard Teng, Binance’s CEO, commented on the situation:

“Despite facing significant market downturns over the past several hours, this potentially indicates investors’ confidence and interest in buying in at a lower cost when they deem it’s the right timing.”

He added that the day also marked one of the highest trading volume days for Binance in 2024.

The influx of capital to Binance is particularly noteworthy given the exchange’s recent history. In January 2024, just months after its founder pleaded guilty to various financial crimes and the company paid a $4.3 billion fine to the U.S. Department of Justice, Binance attracted $3.5 billion in inflows. This continued trust from investors suggests a level of resilience in Binance’s market position, despite ongoing regulatory challenges.

The exchange is working to establish a global headquarters, appoint a board, and ensure an independent monitor for three years as part of its agreement with U.S. authorities. Additionally, Binance lacks full licenses in several major cryptocurrency hubs and its U.S. affiliate is dealing with a lawsuit from the Securities and Exchange Commission.

The market volatility that sparked this influx of capital was significant. Over $600 million in leveraged long positions were liquidated during the price drop, indicating the scale of the market movement. Bitcoin’s price fell to a low of $49,780 before recovering to around $56,770, demonstrating the rapid price swings characteristic of cryptocurrency markets.

Despite the turbulence, some industry participants remain optimistic. Ben Rose, general manager of Binance Australia and New Zealand, stated,

“History shows that the cryptocurrency market has demonstrated resilience and recovery following periods of correction. Despite the current challenges, we do not view this downturn as indicative of a long-term negative trend for the crypto market.”

The influx of capital to exchanges during this volatile period could be interpreted in several ways. It may indicate that investors see the price dip as a buying opportunity, believing in the long-term potential of cryptocurrencies.

Alternatively, it could suggest that traders are preparing for further market movements, whether bullish or bearish.

The post Binance Reports Record $1.2 Billion Inflow Amid Recent Market Volatility appeared first on Blockonomi.

• Bybit announced it will withdraw from the French market, citing “regulatory developments”
• From August 13, French users will only be able to withdraw funds, with all positions automatically liquidated if not closed by then
• The French financial regulator AMF had previously warned citizens that Bybit was operating without proper registration as a digital asset service provider
• Bybit’s exit follows the implementation of Europe’s Markets in Crypto-Assets (MiCA) regulation
• Despite restrictions in key markets, Bybit has grown to become the second-largest exchange by trading volume globally

Cryptocurrency exchange Bybit announced on August 1, 2024, that it will cease operations in France, citing “recent regulatory developments” as the primary reason for its withdrawal. This move comes in the wake of increased scrutiny from French financial regulators and the implementation of new European Union crypto legislation.

Starting August 2, French users will face restrictions on their Bybit accounts, including the inability to open new positions or purchase any products.

By August 13, all unclosed positions will be automatically liquidated, and users will only be able to withdraw their remaining funds. Bybit has stated that it looks forward to returning to the French market in the future, once it has secured the appropriate licenses under French law.

The exchange’s troubles in France are not new. In May 2024, the Autorité des Marchés Financiers (AMF), France’s financial regulator, issued a warning to French citizens that Bybit was operating without proper registration as a Digital Asset Service Provider (DASP). The AMF had previously blacklisted Bybit in 2022 for non-compliance with French regulations.

Bybit’s exit from France is part of a broader trend of cryptocurrency exchanges adapting to evolving regulatory landscapes. The move follows the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation, which sets guidelines for crypto providers and stablecoin issuers.

While some provisions of MiCA took effect in June 2024, the remaining rules for cryptocurrencies and service providers will be implemented starting December 30, 2024.

The regulatory pressure in France is not unique to Bybit. Other major exchanges, including Binance, have faced scrutiny from French authorities. In December 2023, the AMF forced Binance’s founder, Changpeng Zhao, to relinquish ownership of Binance France to comply with U.S. sanctions.

Despite these regulatory challenges, Bybit has managed to grow significantly in the global cryptocurrency market. As of August 2024, it stands as the second-largest exchange by trading volume, according to data from CoinGecko. The exchange processed more than $5.5 billion in trading volume on August 1, second only to Binance’s $11.4 billion.

However, Bybit’s growth has been accompanied by a series of market exits. In addition to France, the exchange has previously withdrawn from markets in Canada and the United Kingdom due to tightening regulations. Bybit’s website currently lists the United States, the UK, China, Hong Kong, Singapore, and Canada among the jurisdictions where it no longer operates.

For French users of Bybit, the exchange’s exit means they will need to find alternative platforms for their cryptocurrency trading activities.

The post Au Revoir: Bybit Exits French Market Amid Regulatory Pressures appeared first on Blockonomi.

• Coinbase is facing allegations of violating campaign finance laws by donating $25 million to the Fairshake super PAC in May 2024
• The accusation claims Coinbase made the donation while engaged in negotiations for a federal government contract
• Coinbase’s chief legal officer Paul Grewal denies the allegations, stating the company is not a federal contractor under relevant regulations
• Grewal argues that funds from the U.S. Marshals Service contract are not from appropriated funds, exempting Coinbase from certain restrictions
• The Fairshake super PAC has raised over $200 million in 2024, with Coinbase being a major donor along with other crypto firms

Coinbase, one of the largest cryptocurrency exchanges in the United States, is facing allegations of violating campaign finance laws. The company has strongly denied these claims, calling them “misinformation.”

The controversy stems from a $25 million donation Coinbase made to Fairshake, a crypto-focused super Political Action Committee (PAC), on May 30, 2024. This donation, along with previous contributions totaling $45.5 million, has raised questions about potential violations of federal campaign finance regulations.

Molly White, a prominent crypto critic, brought these allegations to light on July 31. She claimed that Coinbase’s donation appears to violate federal laws prohibiting contributions from entities engaged in federal contract negotiations. White pointed out that the U.S. Marshals Service had issued a request for proposals on March 4 for a contract to manage and dispose of crypto holdings, with Coinbase being awarded a $32.5 million contract on July 1.

In response to these accusations, Coinbase’s chief legal officer Paul Grewal took to social media to refute the claims. In an August 1 post on X (formerly Twitter), Grewal stated, “Coinbase is not a federal contractor under the plain language of 11 CFR [Code of Federal Regulations] 115.1.”

He emphasized that the U.S. Marshals Service is not paying Coinbase with appropriated funds, a distinction made clear in the public request for proposal.

1/3 Whether intentional or not, this is misinformation. Coinbase is not a federal contractor under the plain language of 11 CFR 115.1. USMS isn’t paying us with appropriated funds—something it made clear in the public RFP. https://t.co/72T22m8rI5

— paulgrewal.eth (@iampaulgrewal) August 1, 2024

Grewal further explained that all funds associated with the request for proposal had been paid out of the Assets Forfeiture Fund, which receives proceeds from the sale of property forfeited to the U.S. Government under the purview of the Department of Justice. This distinction, according to Grewal, exempts Coinbase from certain campaign finance restrictions that apply to federal contractors.

Fairshake, the super PAC at the center of this controversy, has emerged as one of the most well-funded political action committees of the 2024 election cycle. It has raised over $200 million, with significant contributions from prominent crypto firms and executives.

Coinbase is not alone in its support for Fairshake. Other major players in the crypto industry, such as Ripple and the Winklevoss brothers, have also made substantial donations to the super PAC. Ripple, for instance, has contributed a total of $50 million, while Tyler and Cameron Winklevoss donated nearly $5 million in February 2024.

The allegations against Coinbase come at a time when the cryptocurrency industry is seeking greater political influence and regulatory clarity.

As the sector continues to grow and evolve, it faces increased scrutiny from regulators and lawmakers. The outcome of this controversy could have significant implications for how crypto companies engage in political activities and navigate campaign finance laws.

Coinbase maintains that it complies with all applicable laws, including those related to campaign finance. The company’s strong denial of the allegations and its detailed explanation of why it believes it is not subject to certain restrictions demonstrate the complexity of the regulatory landscape in which crypto firms operate.

The post Coinbase Refutes Campaign Finance Violation Allegations Over Super PAC Donation appeared first on Blockonomi.

• Coinbase reported Q2 revenue of $1.45 billion, beating analyst estimates of $1.4 billion
• Total trading volume increased 146% year-over-year to $226 billion
• Transaction revenue rose 138% to $780.9 million, while subscription and services revenue grew to $599 million
• Coinbase reported net income of $36 million, marking its third consecutive profitable quarter
• The company’s shares rose 3-5% in after-hours trading following the earnings report

Coinbase, the leading cryptocurrency exchange in the United States, reported better-than-expected second-quarter earnings on August 1, 2024, demonstrating continued recovery in the crypto market. The company’s shares rose 3-5% in after-hours trading following the announcement.

For the second quarter of 2024, Coinbase reported total revenue of $1.45 billion, surpassing Wall Street analysts’ estimates of $1.4 billion. This figure represents a 104% increase from the same period last year, highlighting the significant growth in crypto trading activity.

The company’s total trading volume saw a substantial year-over-year increase of 146%, reaching $226 billion. This growth was primarily driven by institutional customers, with institutional trading volume jumping 142% to $189 billion. Retail trading volume also saw a significant spike, increasing 164% to $37 billion.

Coinbase’s transaction revenue, which is its primary source of income, soared 138% to $780.9 million. This growth was largely attributed to a 130% increase in consumer transaction revenue. However, the result fell slightly short of analysts’ predictions of 141% total transaction growth.

Subscription and services revenue, which includes stablecoin revenue, blockchain rewards, and fees, grew to $599 million. This marked a 17% increase from the first quarter and nearly doubled from Q2 2023. Coinbase partially attributed this rise to its role as a custodian for several asset managers issuing spot Bitcoin exchange-traded funds (ETFs).

The company reported net income of $36 million for the quarter, marking its third consecutive profitable quarter and sixth on an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) basis.

However, this figure included $319 million in pre-tax cryptocurrency losses in its investment portfolio, mostly paper losses due to lower market prices at the end of Q2 compared to Q1.

Despite the overall positive results, Coinbase’s adjusted EBITDA of $596 million fell short of the consensus estimate of $607.7 million. The company’s earnings per share came in at 14 cents, improving from a loss of 42 cents last year but missing the FactSet expectation of 95 cents per share.

Looking ahead, Coinbase provided guidance for Q3 subscription and services revenue to be between $530 million and $600 million, compared to $334 million in the same quarter last year.

The company’s CEO, Brian Armstrong, highlighted the progress made in driving regulatory clarity for the crypto industry in the U.S. and globally during Q2.

“Crypto legislation has become a mainstream issue in the US, garnering bipartisan support, and there is real energy within both the House and the Senate to pass meaningful legislation,” he stated in the shareholder letter.

Coinbase’s role in the growing crypto ETF market was also emphasized. The exchange is serving as the custodian for a majority of the U.S. spot Bitcoin ETFs that launched in January, as well as many of the spot Ethereum ETFs that began trading on July 23.

The post Coinbase Reports 104% Year-Over-Year Revenue Growth in Q2, Revenue Surpasses $1.4 Billion appeared first on Blockonomi.

• WazirX, an Indian cryptocurrency exchange, suffered a $230 million hack on July 18, 2024, losing about 45% of its assets.
• The exchange proposed a “socialized loss strategy” and conducted a poll asking users to choose between two options for fund recovery.
• WazirX faced significant backlash from customers and industry players for its handling of the situation.
• The exchange clarified that the poll was not legally binding and was meant to gauge user opinions.
• There are concerns about the fairness of the proposed strategy and its impact on the broader crypto ecosystem in India.

Indian cryptocurrency exchange WazirX is under fire for its handling of a recent security breach that resulted in the loss of approximately $230 million in user funds.

The hack, which occurred on July 18, 2024, saw about 45% of the exchange’s assets drained, including significant amounts of popular cryptocurrencies such as Shiba Inu, Matic, Pepe, USDT, and Gala.

In response to the breach, WazirX proposed a “socialized loss strategy” aimed at distributing the impact among all users. On July 27, the exchange launched a poll asking customers to choose between two options.

• The first option would allow users to access 55% of their funds without the ability to withdraw, but with priority for potential recovery proceeds.
• The second option offered access to 55% of funds with withdrawal capabilities, but with second priority for recovery proceeds.

This approach, however, quickly drew criticism from both customers and industry leaders. Many viewed the strategy as unfairly penalizing users for the exchange’s security failure. Sumit Gupta, co-founder of rival exchange CoinDCX, argued that “the first contribution to losses should ALWAYS come from the Company.”

He added that WazirX’s handling of the situation “isn’t community first” and could harm other participants in the crypto ecosystem.

Other industry players echoed these sentiments. Giottus co-founder Arjun Vijay suggested that the poll was designed to force customers into choosing the option that best suited the exchange. Unocoin co-founder Dr. Sathvik Vishwanath expressed concern that the way the issue was being handled was “worsening the situation” for the entire crypto industry in India.

1. This poll is a preliminary step to understand your opinions.
2. This poll is not legally binding upon the users or WazirX
3. We will soon launch feedback form to collect more ideas
4. We are now looking into next steps based on all the feedback received

This is a major… https://t.co/tcdDjWzIYI

— Nischal (Shardeum) (@NischalShetty) July 29, 2024

Customers also voiced their frustration, with many questioning the legality and fairness of the proposed strategy. Some labeled it as “socialized loss, privatized profits,” while others asked why users with non-stolen tokens should be penalized.

Facing mounting backlash, WazirX and its co-founder Nischal Shetty issued statements clarifying that the poll was not legally binding. They described it as a “preliminary step to understand” customer opinions and promised to launch a feedback form to gather more ideas from users.

Shetty defended the socialized loss approach, arguing that it would allow the exchange to reopen and continue operations while exploring other options for recovering lost tokens and reimbursing affected users. However, critics maintain that this method unfairly shifts the burden of the hack onto customers.

Adding to the complexity of the situation, Indian news outlet The Print reported that India’s Enforcement Directorate (ED) had deposited nearly $1.1 million in seized crypto assets into a WazirX wallet account in January 2024, months before the hack occurred.

This revelation has led to further questions about the exchange’s security protocols and its relationship with regulatory bodies.

The post WazirX Faces Criticism Over Proposed Recovery Plan Following $230 Million Hack appeared first on Blockonomi.

• WazirX, an Indian crypto exchange, suffered a $235 million hack on July 18, 2024.
• WazirX’s investigation found no evidence of compromise in their own systems.
• The exchange suggests the breach likely originated from Liminal, their multi-party computation (MPC) wallet provider.
• Liminal denies any breach of its infrastructure and suggests the attack might have occurred by compromising WazirX devices.
• The incident highlights security risks associated with “blind signing” in hardware wallets.

On July 18, 2024, WazirX, a major Indian cryptocurrency exchange, fell victim to a sophisticated cyber attack resulting in a loss of $235 million.

This incident has sparked a heated debate between WazirX and its multi-party computation (MPC) wallet provider, Liminal, over the source of the security breach.

WazirX’s preliminary investigation, released on July 25, found no evidence that their infrastructure’s signer machines were compromised.

In light of the recent cyber attack on WazirX, our preliminary investigation reveals no evidence of compromise on our signers' machines. We are continuing to explore all possible sources of the breach.

For more details, please read this blog https://t.co/UQD7LVUy0v

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 25, 2024

Instead, the exchange pointed to Liminal as the likely origin of the breach. According to WazirX, the malicious transactions were processed through Liminal’s infrastructure, using three WazirX signatures and one Liminal signature.

The exchange highlighted several issues with Liminal’s security measures. The Liminal MPC wallet, designed to prevent withdrawals to non-whitelisted addresses, failed to do so during the attack.

Additionally, the malicious transaction included a contract upgrade that transferred control to the attacker, a process that Liminal’s interface is not supposed to allow.

WazirX’s investigation revealed that no new connection requests were sent to their hardware wallets, and all requests came from whitelisted addresses. The exchange argues that this evidence suggests a breach in Liminal’s system rather than their own.

However, Liminal has strongly denied these allegations. In a report released on July 19, Liminal maintained that its platform remains secure and fully operational.

In light of recent events, we want to clarify that Liminal's platform was not breached. Our platform continues to remain secure and fully operational for all our clients, including WazirX.

As part of our security process, we've conducted a comprehensive forensic analysis. Our…

— Liminal Custody (@liminalcustody) July 19, 2024

The wallet provider suggested that the attack might have occurred by compromising all three WazirX devices, a claim that WazirX’s investigation disputes.

The incident has brought attention to the security risks associated with “blind signing” in hardware wallets. This process, where transaction details are not displayed on the wallet’s LED screen, forces users to rely on a separate device or the custody provider’s interface for information. This practice is considered a security problem within the hardware wallet community.

The hack has raised concerns about the reliability of third-party infrastructure in securing digital assets. WazirX pointed out that other organizations, including the Central Bureau of Investigation (CBI), also use Liminal to store seized assets, questioning the trustworthiness of such custodians if their security measures can be bypassed.

As the investigation continues, WazirX has halted its operations and is working on a plan to resume services. The exchange’s co-founder, Nischal Shetty, has outlined steps to involve the community in deciding the platform’s reopening and recovery plans.

These steps include running a poll to help customers decide the approach to reopening the platform and exploring solutions to unlock tokens affected by the hack.

The post WazirX and Liminal Disagree on Source of $235 Million Hack appeared first on Blockonomi.

• BlockFi estate clients are expected to receive 100% of their eligible claims.
• US clients may receive their distributions within 90 days.
• International clients face longer wait times due to regulatory requirements.
• Eligible US clients need to set up a Coinbase account by August 23, 2024 to receive crypto assets.
• BlockFi sold its FTX claims for an amount exceeding their face value.

The bankrupt crypto lending platform BlockFi has announced plans to return 100% of eligible claims to its clients. This development comes as welcome news to many in the crypto community who have been closely watching the aftermath of the FTX collapse and its impact on related companies.

BlockFi, which filed for bankruptcy in November 2022, attributes this positive outcome to successful recovery efforts, particularly the sale of its outstanding claims against FTX.

The company reported that it managed to sell these claims for an amount exceeding their face value, a move that has significantly boosted its ability to repay clients.

The repayment process, however, will not be uniform for all clients. US-based customers can expect to receive their distributions within the next 90 days, according to the company. This relatively quick timeline for US clients is a bright spot in what has been a long and complicated bankruptcy process.

BlockFi is pleased to announce that, based on the BlockFi Estate’s recovery efforts, clients can now expect to receive 100% of your eligible claim from the BlockFi Estate.

— BlockFi (@BlockFi) July 25, 2024

International clients, on the other hand, may need to exercise more patience. Due to regulatory requirements in Bermuda, where BlockFi’s international operations were based, these clients face a longer wait.

The company explained that additional identity verification and “Know Your Customer” (KYC) procedures will be necessary before distributions can be made to international account holders.

For US clients looking to receive their distributions in cryptocurrency, BlockFi has set an important deadline. These clients must set up a Coinbase account by August 23, 2024, to receive their claims in crypto assets.

Those who do not set up a Coinbase account, or who have already submitted their claims to BlockFi by the specified deadline, will receive their eligible distributions in cash.

It’s important to note that the value of the claims will be based on the “dollarized petition date value.” This means that the amount clients receive will be calculated based on the value of their assets at the time of BlockFi’s bankruptcy filing, not their current market value.

The BlockFi estate has emphasized its commitment to prioritizing the safety of client assets while working on the final distribution plan. This approach aligns with broader efforts in the crypto industry to enhance user protection and regulatory compliance following several high-profile bankruptcies in 2022.

BlockFi’s ability to return 100% of eligible claims stands out in the context of crypto company bankruptcies. Many other failed crypto firms have left clients with significant losses. The company’s success in this regard is largely due to its recovery of funds from FTX and Alameda Research, reaching a settlement of over $874.5 million in principal.

The post BlockFi to Repay 100% of Eligible Client Claims appeared first on Blockonomi.

Its rise to the top has been boosted by its promise of “zero fees with deep liquidity”, regular promotions and activities, listing the latest cryptocurrencies at lightning speed, lower slippage, and powerful features.

Originally going by the name AQX, which stands for “Access, Quality, and Xtraordinary”, Flipster was founded in 2021 to address the many challenges crypto investors face. These challenges included the lack of risk protection, low liquidity, and a lack of features that made it easy to make use of their DeFi assets.

Today, Flipster has become a favorite among those looking to trade altcoin/Bitcoin derivatives with virtually no fees, up to 100x leverage, and instant flips.

Let’s take a closer look at what they have to offer…

Visit Flipster

Flipster Features

One of the biggest challenges the crypto space faces today is making a technically complex technology like blockchain and cryptocurrency easily accessible to its users. Exchanges like Binance choose modularity by offering a wide range of features and options that can be overwhelming for newcomers.

Flipster has taken a different approach. By focusing on a limited and powerful set of features, Flipster aims to simplify the crypto derivatives trading experience while still providing robust functionality. In other words, Flipster knows its target market.

Flipster offers its crypto derivatives trading services through its mobile app and website. Their mobile app is available on iOS or Android. The user-friendly web and app interface makes it easy to learn and execute trades with speed and ease, lowering the entry barrier even for traders with limited experience. Traders can capitalize on market opportunities wherever they arise in a few taps on the Flipster app, or analyze their portfolio on the web interface, for a fast and frictionless trading experience anytime, anywhere.

Registering for a Flipster account is a quick process that can be completed in a few simple steps. Users who own crypto on another platform or wallet can deposit it to Flipster to start trading.

Trading

As expected, altcoins and Bitcoin derivatives trading are the meat of Flipster. With a selection of more than 250 perpetual futures listings, the platform offers up to 100x leverage.

• Flipster’s trading feature is characterized by its low slippage, high liquidity, and narrow bid-ask spreads.
• This, combined with Flipster’s high performance at times of low and high market demand, makes it a great choice for anyone looking to trade cryptocurrency derivatives efficiently.
• Flipster’s trade feature can be explained in less than 60 seconds: choose a coin, select the leverage, choose a short or long position, and confirm the order.
• Users who want to use features such as Take Profit/Stop Loss, Instant Flip, Trigger Order, etc, can do so at any time, making Flipster a good choice for veteran and new traders alike.
  • Instant Flip: All it takes is one click to instantly reverse an existing position and open a new position in the opposite direction (long/short). Traders can adjust their trading strategies quickly and easily in response to changing market conditions.
  • Multiple Positions: Open up to five positions or pending orders per symbol, supporting diversification and risk management.
  • Trigger Order: Traders can set instructions to execute a trade only if specific predefined conditions are met, such as price levels and market movements.

Flipster’s trading analysis interface comes with all the tools any experienced trader will need.

While the standard view will be more than enough for a beginner, more advanced traders can also make use of indicators such as:

• Average Directional Index
• Relative Volatility Index
• Price Oscillators
• Bollinger Bands
• Moving Averages,
• RSI

Flipster Earn Campaign

Flipster’s Earn Campaign is all about helping investors maximize their crypto assets, by allowing them to trade using USDT as a margin while earning APR at the same time. By depositing USDT to fund their accounts, users will start earning an APR as high as 20% at the time of writing. The perfect choice for those who are in crypto for the long term, users can put their idle crypto to work during market downturns, ready to be used on the next trading opportunity.

Unlike similar features in other exchanges or platforms, Flipster doesn’t require users to lock in their assets or opt-in in any way. As long as there are USDT funds in the account, users will be passively earning interest on their deposits, up to a wallet balance of no more than 1 million USDT.

Any rewards resulting from the Earn Campaign are automatically deposited in the user’s account within 1 business day from the system snapshot.

Launchpool

Flipster’s Launchpool provides users an opportunity to earn more on their cryptocurrency holdings, by allowing them to earn daily USDT rewards on their staked crypto tokens. By staking their assets, users can start generating a stream of daily USDT rewards, earning on top of any potential price appreciation of their crypto.

Users can boost their earnings by up to 4x by achieving a minimum trading volume and/or becoming a Flipster VIP. This offers an attractive way for users to maximize their returns, especially for those who have crypto sitting idle and are holding for the long term.

Cryptocurrency Perpetual Futures Listings

Flipster currently supports Bitcoin and over 250 altcoins, including some of the most popular projects out there. This includes popular coins like BTC, ETH, XRP, SOL, BNB, DOGE, ADA, etc, as well as top movers like PEOPLE, GAS, SUPER, BOND, ZEN, and ZEN. You can see all the available coins here.

Customer Support

Users can access live customer chat support on the Flipster app or website, which is available in all time zones.

Fee Structure

Flipster’s fees are virtually non-existent. In the case of trading taker and maker fees, the fee is 0% on all perpetual swap contracts at the time of writing. Similarly, no fees are charged on any deposit beyond the network fees any user might incur when transferring funds.

Now, you might be wondering why we said “virtually”. This is because withdrawals do have a fee that will depend on the coin being transacted with. For example, withdrawing USDT through Ethereum will incur a non-internal fee of 10 USDT, while a TON withdrawal would result in no fee at all. You can find Flipster’s current fees here.

Withdrawal Fees

Flipster’s Security

Flipster adheres strictly to global regulations and upholds the highest level of protection for user assets and accounts, with its world-class security, real-time monitoring of deposits and withdrawals, 2FA, and more. All customer assets are held on a 1:1 basis, and the platform has published its Proof of Reserves on its website, which is updated regularly.

Flipster Referral/VIP/Affiliate Programs

Flipster offers three programs that its users can be part of: Referral Program, VIP Program, and Affiliate Program. These allow them to further benefit from the Flipster ecosystem while helping it grow.

The Affiliate Program offers trading commissions, referee qualification rewards, and exclusive perks to those who apply and are selected. What do selected users need to do? Spread the word to their community and get other users to enjoy the campaigns and features offered by Flipster.

The Referral Program works similarly to the Affiliate Program but is meant for every user, instead of those with an audience. This program offers referrers the opportunity to earn 3% APR on their referee’s USDT wallet balance and trading commissions, within the first 90 days of account registration.

For big traders, the VIP Program offers special privileges such as ”trading rebates, VIP-exclusive Earn Pools with daily rewards of up to 3,000 USDT at the time of writing, and extra APR for special campaigns” to those who achieve VIP status. To do so, a user must have a 15-day trading volume of over 3M USDT or maintain more than 50K USDT in their Flipster wallet.

Flipster Rewards hub

Flipster’s Rewards hub offers both new and existing users a head start on their crypto journey. Users can earn up to 150 USDT by completing simple tasks such as completing identity verification, making a 50 USDT net deposit, executing their first trade, and achieving a trading volume of 100,000 USDT or more. With 5+ USDT in guaranteed reward, this initiative is designed to encourage engagement and reward users for their activity on the platform.

Flipster Airdrop Campaigns

The airdrop campaigns offer users the chance to win up to 1,000 USDT worth of position airdrops without requiring any investment. To participate, users have to register for the campaign and collect one chip daily, with each chip guaranteeing a minimum of 2 USDT worth of airdrop. The more chips collected, the higher the chances users have of winning the top prize of airdrops worth 1,000 USDT.

Who is Behind Flipster?

While Flipster’s success is driven by its powerful features, user-friendly platform, almost non-existent fees, and wide range of perpetual futures listings, the team behind the project has played the biggest role.

The company is led by Chief Executive Officer (CEO) Yongjin Kim. He previously founded Presto Labs after working for over 3 years as an algorithmic trader for Jump Trading. He has served as Flipster’s CEO since August 2022.

The company currently has a team of over 200 employees globally.

Flipster has collaborated with leading brands across industries including Presto Labs, Sumsub, TON, Over Protocol, BONK, Klaytn, and Jasmy.

Conclusion

Flipster’s decision to focus on improving the experience of altcoin and bitcoin derivatives traders through an easy-to-use platform seems to be working.

Not only has it made it easy for the platform to develop its features by prioritizing user-friendliness and functionality, but it has also built more competitive offerings that enable users to elevate their crypto game. The result is a high-performance platform, streamlined user interface, and specialized trading tools.

Flipster caters to both newcomers and experienced traders. The platform’s focus on simplicity, combined with its Earn Campaign and various reward programs, makes it an attractive choice for those looking to maximize their crypto trading experience.

We recommend you take a look.

Visit Flipster

The post Flipster Review: Crypto Futures Exchange With Zero Fees & Deep Liquidity appeared first on Blockonomi.

• Kraken has begun distributing Bitcoin and Bitcoin Cash to customers affected by the Mt. Gox hack from 10 years ago.
• Mt. Gox was once the largest crypto exchange, handling 70% of all Bitcoin transactions globally before collapsing in 2014.
• Hackers stole 850,000 Bitcoin from Mt. Gox, worth $56 billion at current rates.
• Kraken received 48,641 BTC (valued at over $3 billion) from the Mt. Gox Rehabilitation Trustee to distribute to creditors.
• Other exchanges involved in returning funds to Mt. Gox creditors include Bitstamp, SBI VC Trade, Bitbank, and Coincheck.

A decade-long cryptocurrency saga is approaching its final chapter as Kraken, a major crypto exchange, has initiated the distribution of Bitcoin and Bitcoin Cash to customers affected by the infamous Mt. Gox hack.

This development marks a significant milestone in the resolution of one of the most notorious incidents in cryptocurrency history.

Mt. Gox, once the dominant player in the crypto space handling over 70% of all Bitcoin transactions globally, filed for bankruptcy in February 2014 following a devastating hack.

The breach resulted in the theft of 850,000 Bitcoin, valued at an astounding $56 billion based on current market rates. This event sent shockwaves through the nascent cryptocurrency industry and left thousands of investors in limbo.

In the years following the hack, efforts to compensate affected users have been ongoing. A rehabilitation proposal approved in 2021 promised to reimburse about 90% of the assets owed to affected customers.

As part of this process, Kraken was selected by the Mt. Gox Trustee to facilitate the investigation and return of client funds.

UPDATE: MT. GOX MOVING $2.85B BTC

Mt. Gox moved a total of $2.85B BTC to new wallets this morning in order to distribute 5110 BTC ($340.1M) BTC to 4 separate Bitstamp addresses.

Bitstamp is one of the 5 exchanges that the Mt. Gox Trustee is working with to return funds to Mt.… pic.twitter.com/KsKuxMpvZS

— Arkham (@ArkhamIntel) July 23, 2024

On July 16, 2024, Kraken received 48,641 BTC, valued at over $3 billion, from the Mt. Gox Rehabilitation Trustee. This transfer was intended to be distributed to creditors within one to two weeks.

True to this timeline, Kraken announced on July 24 that it had “successfully distributed” Bitcoin and Bitcoin Cash to Mt. Gox customers.

Dave Ripley, CEO of Kraken, stated,

“It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty.”

While the exact amount distributed by Kraken has not been disclosed, this event represents a significant step forward in the reimbursement process. Creditors are reportedly awaiting more than $7 billion worth of Bitcoin, Bitcoin Cash, and cash distributions from various entities involved in mediating the process.

Kraken is not alone in this endeavor. Four other cryptocurrency exchanges – Bitstamp, SBI VC Trade, Bitbank, and Coincheck – have also been tasked with returning funds to some of the 127,000 creditors affected by the 2014 collapse. The timing of distributions from these other exchanges remains unclear.

Recent blockchain data has shown significant movement of Mt. Gox-related funds. Blockchain analytics firm Arkham Intelligence reported that Mt. Gox had begun moving a total of $2.85 billion worth of Bitcoin to new wallets, with $340 million of that heading to four separate addresses owned by Bitstamp.

Despite these positive developments, it’s worth noting that the recovery process has been far from complete. Local Japanese law enforcement managed to retrieve just 140,000 of the 850,000 digital assets stolen to repay creditors. The Mt. Gox estate still holds approximately 85,234 BTC valued at $5.7 billion, according to Arkham.

As this long-standing case inches towards resolution, it serves as a reminder of the early challenges faced by the cryptocurrency industry and the ongoing efforts to address them. The distribution of funds to Mt. Gox creditors represents a significant step towards closure for many long-waiting investors in the cryptocurrency space.

The post Kraken Begins Distribution of Mt. Gox Funds After 10 Years appeared first on Blockonomi.

• Robinhood has agreed to a $9 million settlement over unsolicited text messages sent through its referral program.
• The lawsuit claimed Robinhood violated Washington state’s consumer protection laws.
• The settlement covers approximately 827,327 consumers who received text messages between August 2017 and February 2024.
• Each participating member is expected to receive between $111 and $170.

Robinhood, the popular crypto and stock trading platform, has reached a $9 million settlement in a class-action lawsuit over unsolicited text messages sent through its referral program.

The settlement, approved by Judge Barbara J. Rothstein of the U.S. Western District Court of Washington, resolves claims that Robinhood violated Washington state’s consumer protection laws.

The lawsuit, filed by plaintiffs Cooper Moore and Andrew Gillette, alleged that Robinhood’s referral program violated the Washington Commercial Electronic Mail Act and the Washington Consumer Protection Act.

The program allowed existing users to send referral text messages to their contacts, inviting them to join the platform. When recipients clicked on the referral link and signed up, both the referrer and the new user would receive a reward in the form of free stock.

The settlement covers approximately 827,327 consumers who allegedly received text messages on Washington area code telephone numbers between August 2017 and February 2024. Judge Rothstein found the terms of the settlement “reasonable and adequate in light of the complexity, expense, and duration of the litigation.”

Each participating member is expected to receive a cash payment between $111 and $170, depending on the number of validated claims. Over 51,000 claims have been submitted, with the notice plan approved by the court reaching 96% of the identified settlement class members.

“This is an excellent result for the approximately 827,327 consumers who allegedly received Robinhood referral text messages,” the motion read.

The court also approved $2,250,000 in attorneys’ fees and $142,400 in litigation expenses from the settlement fund. Moore and Gillette, the lead plaintiffs, were granted $10,000 each in service payments for their roles in the case.

Bitstamp Acquisition

This settlement comes at a time when Robinhood is making significant moves in the cryptocurrency space.

The company recently announced plans to acquire Bitstamp Ltd., one of the oldest cryptocurrency exchanges, in a deal valued at $200 million. Expected to close in the first half of 2025, this acquisition marks Robinhood’s entry into the institutional crypto market and signifies a major expansion of its global footprint.

Bitstamp, established in 2011, operates worldwide with offices in Luxembourg, the UK, Slovenia, Singapore, and the US. Through this acquisition, Robinhood aims to leverage Bitstamp’s extensive regulatory approvals and established presence across key markets to bolster its international expansion.

Johann Kerbrat, General Manager of Robinhood Crypto, emphasized the strategic value of the acquisition:

“Bitstamp’s globally trusted exchange has demonstrated resilience across various market cycles. By integrating their customer-centric approach with our platform, we aim to enhance safety and user experience, solidifying our reputation among both retail and institutional investors.”

The Bitstamp acquisition will allow Robinhood to offer an expanded portfolio of over 85 crypto assets, including innovative staking and lending products.

The post Robinhood Settles $9M Lawsuit Over Referral Texts appeared first on Blockonomi.