Crypto exchange Bitget is looking to create its own on-chain ecosystem by following the footsteps of exchanges, such as Binance, OKX and KuCoin.
Here are some of the major developments in the world of crypto over the past few days.
Crypto exchange Bitget is looking to create its own on-chain ecosystem by following the footsteps of exchanges, such as Binance, OKX and KuCoin.
BWB is the native token of the exchange’s namesake self-custody wallet analogous to the Trust Wallet token (TWT).
Meanwhile, the exchange itself also has a native token, BGB, which can be used to offset trading fees similar to Binance’s BNB token, KuCoin’s KCS token and OKX’s OKB token.
At present, Bitget Wallet is one of the more popular self-custody wallets in the Asia-Pacific region, with over 20 million users. The wallet’s native token, BWB, is scheduled for launch this quarter, with 5 per cent of its 1 billion maximum supply reserved for community members in its pre-generation event.
Solana-based pseudonymous Cypher protocol developer Hoak has confessed to stealing approximately $300,000 worth of user funds and gambling them away.
Hoak's confession follows a May 13, 2024 post by the pseudonymous lead author Kobra disclosing the missing funds.
A total of $317,000 in Solana’s SOL, Tether USDT and USD’s USDC were sent by the address associated with Hoak to the Binance exchange, according to on-chain data compiled by Cobra.
Previously in August 2023, the decentralised exchange (DEX) was also hacked, which resulted in the loss of over $1 million of digital assets.
Crypto analysts have unearthed details from a March 2024 filing with the United States Securities and Exchange Commission (SEC) that suggests that the regulator may consider labelling Ether’s exchange-traded fund (ETH) as a security.
According to Bloomberg ETF analyst Eric Balchunas, the SEC filing was “buried 50 feet deep in a pile of legalese,” but this did not change his speculation of the regulator’s odds of signing off on a spot Ether ETF were “slim to none.”
The SEC must now decide whether to approve or deny VanEck’s spot Ether ETF by May 23, 2024 — the first in several applications waiting in the pipeline.
Central to the SEC’s decision is whether the commission considers ETH a security or commodity. Despite many previous public statements from SEC Chair Gary Gensler declaring ETH was not a security, reports suggest that the commission has launched a probe into Ether.
Gensler will speak at the Investment Company Institute summit in Washington, D.C., on May 23, 2024.