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THORSwap acknowledged the ongoing illicit use of the DEX and are acting to find a permanent block to the misuse. THORSwap, a decentralized exchange (DEX) powered by multichain THORChain, has entered maintenance mode to prevent bad actors from moving illicit funds through the platform. On Oct. 6, THORSwap transitioned into “ maintenance mode” as an immediate measure to counter the potential movement of illicit funds . The decision comes after consultation with advisors, legal counsel, and law enforcement, according to the original announcement. Fellow THORChads, A pressing and persistent concern has recently come to light: the potential movement of illicit funds through THORChain and, specifically, THORSwap. Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any and all criminal… — THORSwap #BetterThanCEX (@THORSwap) October 6, 2023 Bad actors often use cross-chain platforms like THORSwap to move funds across multiple blockchains, making ...

Minnesota Congressman Tom Emmer plans to present a budgetary amendment to limit the U.S. Securities and Exchange Commission (SEC) from utilizing its crypto regulations budget. Emmer, a Republican who holds the role of Majority Whip in the U.S. House of Representatives, is gearing up to sponsor a significant appropriations amendment bill, citing worries of excessive authority exerted by SEC chair Gary Gensler. This amendment seeks to limit the SEC’s ability to allocate taxpayer funds for digital asset enforcement efforts. Gensler’s actions negatively impact Americans’ ability to explore the potential of Bitcoin (BTC) and other cryptocurrencies, Emmer argued in a social media post. Congress, he says, must employ proper procedures to prevent any potential misuse of taxpayer funds by the SEC. .@GaryGensler has abused his authority to grow the Administrative State to the detriment of the American people. Congress must use all our tools, including the appropriatio...

Twenty-seven percent of the funds stolen in the July 30 exploit have yet to be returned. Binance Labs, the venture arm of cryptocurrency exchange Binance, has invested $5 million in Curve (CRV), the namesake token of the decentralized stablecoin trading platform. “Curve is the largest stableswap and second-largest DEX [decentralized exchange], with approximately $2.4B in total value locked and $215M in daily volume at the time of writing," Binance Labs said in the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, said the firm is pledging its full support to the DEX “given recent events that have impacted the protocol."  The firm says in exchange for the investment, Curve will deploy to BNB Smart Chain. The protocol currently operates on multiple chains, having been originally based on Ethereum, and serves as one of decentralized finance's (DeFi's) biggest market makers with several hundred pools in use. On July 30, Curve was drained of $7...

While the spot Bitcoin ETF exists in other parts of the world, the investment product has yet to hit the US market. As per NYDIG estimates, a total of $28.8 billion of combined AUM already exists in Bitcoin investment products across the world. Of these, $27.6 billion have been invested in spot products. advertisement NYDIG explains that the positive reasons for a spot ETF are that it would solve some issues with current investment options in Bitcoin. An ETF would have better protections for investors and function as a reliable choice because of the BlackRock and iShares brand. It would also be easier to buy and sell through brokers and report positions, measure risks, and do taxes. Compared to other options like private funds or trusts, a spot ETF would likely have better liquidity, less tracking error, and possibly lower costs. However, there’s no decision over the fees charged for trading spot Bitcoin ETFs. Bitcoin and Gold Analogy, $30 Billion Inflows L...