Polymarket plans a $50M funding round and potential token launch amid rising election bets. Polymarket, a blockchain-based prediction market, is reportedly preparing for new funding rounds of over $50 million. The Information also revealed that the platform is planning its own token that can change the dynamics of its operation. This comes as users’ activity associated with the elections has increased sharply, thus placing Polymarket at the forefront of political betting markets. The proposed funding round should include warrants for investors, potentially allowing them to purchase tokens later if Polymarket proceeds with its token issuance. These tokens would primarily function…

BlackRock CEO Larry Fink revises stance on Bitcoin, now sees it as a legitimate digital asset with critical global utility. The CEO of BlackRock, the largest asset management company in the world, has recently changed his view about Bitcoin, and in a recent interview with CNBC TV, Fink, who once questioned the existence and future of Bitcoin in the market, admitted that he changed his mind after observing the cryptocurrency market for a while. Fink admitted that his initial skepticism was a mistake, arguing that he gained a more profound understanding of Bitcoin and its possibilities over the past five…

The SEC’s Wells notice highlights that OpenSea faces a class-action lawsuit in Florida for selling unregistered securities Anthony Shnayderman and Itai Bronshtein have filed a class-action lawsuit against OpenSea, an NFT marketplace. The lawsuit was filed in a federal court in Florida on the 19th of September and alleges that OpenSea is selling unregistered securities with emphasis on Bored Ape Yacht Club. This lawsuit comes amid the latest developments of OpenSea receiving a Wells notice from the US Securities and Exchange Commission (SEC), which means that the SEC might bring an enforcement action against OpenSea soon. OpenSea Faces Legal Issues…

Ether outshines Bitcoin with a 2.6% rise as Token 2049 wraps up, while the overall crypto market shows minimal movement. Following the Singapore conference of Token 2049, Ether has been performing better than Bitcoin. The conference, one of the biggest forums dedicated to cryptocurrency market participants and investors, ended with Ether exhibiting a 2.6% increase per day and a trading price above $2,600. Conversely, Bitcoin only registered a marginal rise of 1.2%, and its price remains around $63,700. Nevertheless, the overall crypto market did not significantly fluctuate, advancing a trend of stagnation even during active industry events. The lack of…

BingX responds to hot wallet breach on Sept 20 by securing assets and enhancing security, promising full user compensation. Singapore-based cryptocurrency exchange BingX admitted a security threat as someone was able to initiate unauthorized withdrawal from one of its hot wallets. The breach occurred on September 20, Singapore time in the early hours, which resulted in what the exchange called a “minor asset loss. ” BingX Secures User Assets Post-Breach BingX’s technical team discovered an unusual network connection at around 4:00 AM and took necessary measures to prevent further loss. According to Vivien Lin, Chief Product Officer at BingX, the…

Revolut is set to launch its own stablecoin, leveraging its new UK banking license and a $45B valuation to expand into crypto trading. UK-based financial technology company and payment app Revolut is planning to enter the stablecoin market as it has recently acquired a UK banking license and has a substantial valuation of $45 billion set earlier this year. The company incorporated a cryptocurrency trading feature in its application and recently launched an exchange for advanced traders earlier this year. Revolut’s decision aligns it with traditional payment giants like PayPal and emerging blockchain firms like Ripple and BitGo in the…

The US Securities and Exchange Commission (SEC) has pursued legal actions against eight individuals and officers affiliated with two bogus crypto-related firms, NanoBit and CoinW6.  These charges were made on September 17, 2024, and are the first enforcement steps taken by the SEC concerning what they term ‘relationship investment scams’ in the crypto market. The complaints revolve around organized schemes to deceive social media users into investing in a certain venture through misleading information. Details of the Allegations The SEC’s complaints outline how NanoBit and CoinW6 operated as scams that relied on familial trust to target investors. NanoBit was active…

Bitget celebrates 6 years with over 45M users and 400% growth, ranking fourth in crypto exchanges amid strong community engagement. Cryptocurrency exchange Bitget has recorded a significant increase in its user base worldwide to more than 45 million registered users, marking a 400% increase in growth from 2023.  This impressive increase in the sixth year of the cryptocurrency exchange’s operations indicates its strong development and stable position in the foreign cryptocurrency market. The platform’s commitment to continuous evolution and improvement has led it to become the world’s fourth-largest crypto exchange in terms of trading volume. Gracy Chen, the head of…

The US Securities and Exchange Commission SEC has continued to ramp up its scrutiny of non-fungible tokens NFTs as evidenced by the issuance of a cease-and-desist letter to Flyfish Club LLC. The New York-based entity raised about $ 14. 8 million using approximately 1,600 NFTs sold between August 2021 and May 2022.  These NFTs were sold as memberships offering access to a glamorous dining club, promising token holders substantial utility value-adds. The SEC’s enforcement position categorizes these NFTs as securities due to the possibility of reselling at higher prices and the possibility of holders earning rental income based on leasing…

The Hong Kong government is now developing a comprehensive new policy on how artificial intelligence (AI) is to be used in the financial industry. This new guideline is set to launch in the future to address AI implementation across different financial activities such as stock market, investment banking, and cryptocurrency. Hong Kong’s Ethical AI Framework As reported by Bloomberg, the FSTB is in the process of building a guideline framework that aims to clarify ethical issues and create key presumptions that would regulate AI usage in finance.  The formulated policy, including contributions from industry players, aims to re-affirm Hong Kong’s…