Weekly Top Crypto News (May 22 – May 28)

The month of May has come to an end. Yet, there was a lot of vital news concerning the progress of projects in the company in the recent week. Here, let’s review this week’s top crypto news with Coincu!

Binance Fights Allegations Of Abuse Of Client Funds

Binance has responded to a Reuters special investigation alleging that the crypto exchange mixed consumer cash with company income. According to Reuters, no proof of the exchange’s customer funds being lost or stolen was discovered. Patrick Hillmann, the company’s CCO, termed it “weak” and full of “conspiracy theories.”

MUlTI Huge 30% Off After Rumors Of Multichain Team Being Arrested

Recently, the MULTI token of the Multichain cross-chain bridge has plummeted. After the rumor that the co-founder and CEO of the project were missing, the project team in China was also suspected of being arrested. Facing a lot of negative information, a series of partners as well as investors are looking for ways to get rid of this danger.

Sam Altman’s Crypto Company Raises $115M Led By Blockchain Capital

OpenAI CEO Sam Altman has secured $115 million for a crypto company he co-founded in a Series C fundraising deal sponsored by Blockchain Capital. Worldcoin is a concept that attempts to provide everyone with a crypto token merely for being unique. According to the company, the initiative has already onboarded roughly 2 million users.

Stably Launches First BRC-20 Stablecoin #USD On Bitcoin Network

Stably USD, a US Dollar (USD)-backed stablecoin, aspires to transform the embryonic Bitcoin ordinals industry. The new token, #USD, seeks to become a go-to currency for Bitcoin dealers. Prime Trust is the corporation that holds Stably USD’s fiat backing.

Vitalik Buterin Unveils Ethereum Consensus Limitations

Ethereum co-founder Vitalik Buterin warns against overloading Ethereum’s consensus beyond its core functions of validating blocks and securing the network, promoting the preservation of blockchain minimalism. Overloading the network with additional functions increases costs and risks of running a validator. High systemic risks to the ecosystem are possible if Ethereum’s social consensus is used for other purposes.

Ledger Live Integrated Arbitrum, Optimism With New Coins And Tokens

Hardware wallet Ledger announced that its software service Ledger Live has integrated Layer 2 blockchain Arbitrum and Optimism. Additionally, Energy Web’s native token, EWT, is also available on Ledger Live, and Rootstock’s native token, RBTC, will soon be supported as well.

Circle Launched Fully Reserved Euro-backed Stablecoin On The Avalanche

Circle has announced the availability of Euro Coin on Avalanche. This is the first in a planned series of multi-chain releases for the completely reserved euro-backed stablecoin, which will aid in the delivery of speedier, more efficient payments and financial services. Adding Euro Coin natively to Avalanche may assist in enhancing euro liquidity and provide worldwide users the option to deal in euros using Euro Coin.

Fintoch Team May Have Exit Scammed With $31.6 Million

The team behind Morgan DF Fintoch may have exited scammed with 31.6m USDT on BSC; investors cannot withdraw their funds. Red flags were raised with the use of a well-known brand name, a paid actor as CEO, and bold claims of a 1% daily ROI. The Singapore Government and Morgan Stanley previously warned about this investment scheme.

Tornado Cash Attackers Surrender Governance Privileges After Stealing $1.5 Million

Tornado Cash’s governance structure was taken over by a hacker who exploited a malicious governance proposal and stole over $1 million. The future development of Tornado Cash is uncertain, and although the hacker’s proposal was passed, it is unclear whether they will return any stolen tokens.

Blend Is The Third Largest Holder Of “Fat Penguin” Pudgy Penguins NFT

Since its launch, Blend has captured the NFT lending market share of the entire market. Its contract is already the third largest holder of “Fat Penguin” Pudgy Penguins NFT. The volume on all NFT lending platforms right now is $375 million, so Blend alone has an 82% market share.

Binance Attracts Attention Through New Campaign With Cristiano Ronaldo

Binance and the soccer superstar are gaining attention with a new campaign via the exchange’s tweets. With the deal established, it will be a hit for the world’s largest exchange at the moment. Prior to that, Cristiano Ronaldo joined the exchange’s Web3 campaign with his first NFT collection.

Web3 M2E Game STEPN Incorporates Apple Pay To Grow More Users

Web3 earn-to-move game STEPN incorporates Apple Pay as a fiat onramp for in-app transactions. Users can link their credit cards to Apple Pay and buy the NFT shoes required for gaming. The “Badges & Accomplishment system” has also been revealed by STEPN specifically for iOS users.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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