• Crypto exchange Coinbase will suspend Binance USD (BUSD) trading starting March 13 at noon Eastern Time.
• The SEC requested Paxos to halt further BUSD production on Feb. 13, claiming violations of securities and investor protection laws.
• Between Feb. 13 and Feb. 17, Binance lost 16% of its BUSD holdings, with over $2 billion idle BUSD burned on the BNB Chain in the last seven days.
Coinbase Suspending BUSD Trading
Crypto exchange Coinbase announced via their official Twitter account that they will be suspending the trading of Binance USD (BUSD) starting March 13 at noon Eastern Time. This suspension will include Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms for users to access and withdraw their holdings from after Mar. 13.
SEC Requests Paxos To Halt Further Production
The Securities and Exchange Commission (SEC) requested Paxos to halt any further production of the stablecoin on Feb. 13 due to violations against securities and investor protection laws.
Binance Loses 16% Of Its Holdings
Between Feb.13 and Feb 17th, there was a notable decrease in total holdings of the coin as it dropped by 16%. In an effort to counter this loss over $2 billion idle BUSD have been burned on the BNB chain in the last seven days alone..
Impact On Users
Users will still be able to access their funds held in the stablecoin even after trading is suspended but they will no longer be able to trade them on or around 12pm ET March 13th when it takes effect officially..
Overall this news has come as a shock for many especially for those who were actively trading these digital assets but nonetheless users are still able to access their funds held within these tokens without issue so long as they take appropriate security measures into consideration as always when dealing with digital assets online .
• A trader used confidential information to purchase and sell Gains (GNS) tokens on Binance, making over $100,000 in profit in under an hour.
• This practice is known as front running, which gives traders an unfair advantage by using non-public information.
• Front running is illegal in many countries around the world and can harm the integrity of markets.
Front Running on Binance
A trader recently made a large profit by purchasing and selling Gains Network (GNS) tokens shortly before it was listed on the leading crypto exchange Binance. According to Lookonchain, the trader made over $100,000 in less than an hour by utilizing confidential information about the upcoming listing.
What Is Front Running?
Front running is a practice that involves trading with insider knowledge of a customer’s order. It can occur when a trader or exchange employee uses non-public information to place their trade before the customer’s trade is executed, allowing them to make profits at the expense of the customer. This type of activity breaches any duty of confidentiality that may exist between parties involved in a transaction and is considered unethical due to its unfair advantages.
Insider trading and front running are illegal in many countries including United States, Canada, and European Union jurisdictions. The use of non-public information for personal gain can negatively impact market integrity and fairness for all users involved in trading activities.
Over the past year numerous prominent crypto exchanges have been subject to scrutiny for allegations or confirmation of misconduct related to front-running activities. These allegations include traders taking significant positions prior to token listings that are likely to appreciate due to increased demand associated with their listing on exchanges such as Binance.
The recent incident involving GNS tokens serves as yet another reminder that traders must remain vigilant when dealing with digital asset exchanges and protect themselves from potential fraudulent activities such as insider trading or front running which can lead to severe repercussions both financially and legally if caught engaging in these practices
• Ordinal Punks NFTs have been called out as „sketchy“ due to their inadequate infrastructure and strong FOMO.
• The lack of smart contracts and the „square peg, round hole“ approach with Bitcoin Punks has created a frenzy on Discord to snap one up.
• Concerns have been raised about the legitimacy of these collections given that there is no infrastructure to verify information such as sales or even to accommodate sales in a click-and-buy process.
Ordinal Punks NFTs Called Out As ‚Sketchy‘
A look into the world of Bitcoin NFTs reveals an inadequate infrastructure and strong FOMO, even for clone collections.
Concerns Over Legitimacy
Given that the Bitcoin chain was not originally designed to accommodate NFT functionality, there is no infrastructure to verify information such as sales or even to accommodate sales in a click-and-buy process.
Details about Ordinal Punks are restricted to people’s accounts of what happened rather than openly accessible data derived from on-chain information.
Citing the Director of Research at PROOF Collective, who got this information from a „Google doc,“ TheNorweigan said Ordinal Punks have a current price floor of 55.4 ETH ($85,500). He added that this is the ballpark figure for a blue chip NFT collection but then questioned whether Ordinal Punks are worthy of being classed as blue chip.
- „Everything is happening OTC“
- „There are a lot of scams.“
- „Low to none transparency.“
- „You need to run a Bitcoin node to mint.“
FOMO With Bitcoin Punks
< p > Despite the lack of smart contracts and the „square peg, round hole“ approach, people are going crazy in Discord, trying to snap one up a Bitcoin Punk. @seanbonner tweeted that Bitcoin Punks ,a clone of Ethereum’s CryptoPunsk, is taking off right now . p >
< h2 >Advice Against Falling For The FOMO h 2 > < p > @seanbonner advised against falling for the FOMO due to: < ul >< li >< strong >< em >„There’s no market so you have to rely [on] someone else’s price discovery.“ em > strong >< / li >< li >< strong >< em > „You can’t mint it yourself because you don’t control your private key – you trust someone else with it .“ em > strong >< / li >< / ul >< / p>.