After the grim crypto scenario of the previous year, the crypto industry has been witnessing a change as the entities are endeavouring to advance its progress. In this respect, a major event of the cryptocurrency market is related to the well-known crypto exchange Binance’s collaboration with law enforcement platforms to mutually launch anti-scam campaigns. On the other hand, the troubled crypto bank Silvergate’s uncertain situation is compelling the crypto entities to move toward other options.
Recently, Gate.io voiced support for Comprehensive PoR and improved security at the Blockchain Economy London Summit. The other prominent events of this week take into account Hodlnaut’s announcement to sell to circumvent its closure and Solana’s issuance of an exclusive strategy to expand its network upgrades.
Binance Collaborates with Law Enforcement Agencies for Joint Anti-Scam Campaign in the Crypto Sector
The top crypto exchange is endeavouring to partner up with law enforcement agencies operating in diverse regions to initiate a joint anti-scam campaign. Changpeng Zhao (the CEO of Binance) took to Twitter to announce this move. The platform disclosed that the bad actors took their operations to the extreme amid the spread of the COVID-19 pandemic.
The Hong Kong Police Force’s Cyber Security and Technology Bureau additionally mentioned that it is making effective moves to prevent crime and the partnership with Binance is also a part. Binance also intends to expand such efforts to other jurisdictions.
Crypto Hedge Fund Moves toward Swiss Banks as Silvergate Struggles for Existence
Recently, a crypto hedge fund named Digital asset management – which manages up to $400M – is considering a move toward Swiss banks as the US lending platform “Silvergate” is witnessing some issues. In recent years, several cryptocurrency exchanges and entities managing digital assets have utilized Silvergate for funds flows. Nonetheless, after the exclusive report signifying Silvergate’s fallout, the majority of the companies including Crypto.com, Gemini, and Coinbase are presently endeavouring to eliminate their connections with Silvergate.
Gate.io Promotes Improved Security and Comprehensive PoR
At the recently held Blockchain Economy London Summit, the prominent crypto exchange Gate.io discussed the stability challenges posed to the crypto ecosystem. Daniel Actcliff, the Head of Business Development and Operations at Gate.io, discussed this subject. He stated that comprehensive proof-of-reserves (PoR), adequate compliance, as well as security are things of vital importance. The United Kingdom is making great efforts to support financial innovation as well as offer unparalleled access to the worldwide market.
Hodlnaut Indicates Selling to Prevent a Likely Shutdown
Singaporean cryptocurrency lending firm Hodlnaut Pte’s proprietors recently proposed to potentially purchase the company instead of completely closing it. Bloomberg reported that this was mentioned in an affidavit. The company’s co-founders Zhu Juntao and Simon Lee had conversed with many likely investors in this regard, as per an affidavit.
In the words of Lee as well as the rest of the co-founders, Hodlnaut’s user base might be obtained and included in digital asset companies owned by or linked to such investors. Lee considers that the respective move would pave the way for the maximization of value to facilitate the creditors.
Solana Proposes a Strategy to Expand the Network Upgrades
The dApp-hosting blockchain platform Solana has recently revealed a plan to bring more scalability, reliability, and rapidity to the network. It also discussed that the latest 1.14 update of the network, which was carried out to improve speed and scaling, signified issues related to stability maintenance.
The platform is also focused on incorporating additional outside developers and auditing firms to conduct trials and detect exploits. As per the company, its core engineers as well as validators will jointly cooperate to improve the software release process. It has also established an adversarial team of developers to form more instrumentation dealing with the validator code, assisting in the detection of exploits and offering solutions.