Business - The Chain Bulletin

Business

Faruk Özer and his two siblings were sentenced to 11,196 years in prison for their involvement in the $2 billion rug pull of Turkish crypto exchange Thodex in 2021.
Özer fled the country after the collapse of the exchange, but was detained in Albania a year later, and extradited back to Türkiye in April 2023 where he faced seven criminal charges.

September 8, 2023, 1:10 PM

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Bankrupt crypto lender Genesis is trying to recover around $500 million from DCG, and another 4,550.5 BTC from DCGI, which it had loaned to the two companies in 2022.
Both DCG and DCGI requested that the debts were converted to open loans on 9 May, but Genesis declined both offers and demanded the repayment of the loans with interest.

September 7, 2023, 1:06 PM

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The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.

August 24, 2023, 2:22 PM

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Blockchain network Terra said its website was compromised by hackers over the weekend, and warned users against ongoing phishing scams.
The platform later froze its website to prevent the hackers from exploiting it, and reminded users to avoid websites with the terra.money domain for now.

August 22, 2023, 10:07 AM

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Aug 21, 2023

Crypto exchange Bitget will make it mandatory for new users to undergo its level-1 KYC process starting 1 September, old users will have until 1 October to do the same.
The level-1 KYC process requires users to submit a government identification and undergo facial authentication, and is in line with global regulatory guidelines.

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Aug 16, 2023

A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.

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Aug 10, 2023

Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.

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Aug 8, 2023

Bitstamp, the world’s longest-running crypto exchange, has been raising funds since late June, with its advisor being Michael Novogratz’s Galaxy Digital.
The new funds will reportedly be used to launch a new derivatives platform in Europe, expand to new markets in Asia, scale its operations in the U.K..

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Aug 7, 2023

Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.

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Aug 3, 2023

The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against trading platform eToro over its contract for difference (CFD) product.
The regulator claimed the product’s target market was too broad, and that eToro used insufficient screening tests when offering the leveraged derivative contracts to retail users.

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