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KuCoin dispels layoff rumours amidst business development plans

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Avalanche Foundation unveils $50 million “Avalanche Vista” initiative to drive tokenization on blockchain

On July 25, the Avalanche Foundation moved significantly towards tokenization with the launch of “Avalanche Vista.” The $50 million initiative aims to promote tokenization on the Avalanche blockchain, tapping into the growing trend within the blockchain community.

Tokenization is a process that enables the conversion of off-chain assets into digital, on-chain tokens, offering increased accessibility and liquidity. Among the early use cases for tokenization, the real estate sector stands out, granting smaller investors opportunities to participate in a market traditionally dominated by larger investors and corporations. This move is set to reshape the real estate investment landscape dynamics.

KuCoin dispels layoff rumours amidst business development plans

Cryptocurrency exchange KuCoin has debunked rumours of an imminent 30% staff layoff, clarifying that no such plans have been initiated. A spokesperson for KuCoin stated that any potential adjustments are part of the company’s broader business development strategy and regular semi-annual employee performance reviews, common in organizational development. KuCoin CEO Johnny Lyu confirmed in a tweet that the exchange is operating smoothly, and any staff cuts would align with a standard performance evaluation, aiming to remain competitive in the fast-paced crypto sector.

The clarification comes in response to earlier claims that strict Know Your Customer policies in the United States had impacted the exchange’s profits. Currently, the percentage of staff affected and specific positions remain unspecified.

KuCoin currently employs approximately 1,000 staff worldwide, with Lyu indicating steady growth in their workforce.

Binance and CZ Zhao plan to file a motion seeking the dismissal of CFTC lawsuit

Cryptocurrency exchange Binance and its CEO, Changpeng “CZ” Zhao, are preparing to request the dismissal of a lawsuit filed by the United States commodities regulator. In a recent filing to an Illinois District Court on July 24, multiple Binance entities, Zhao, and former Chief Compliance Officer Samuel Lim revealed their intention to file two separate motions to dismiss the complaint before July 27.

The Foreign Binance Entities and Zhao intend to file a joint Motion to Dismiss the Complaint. Lim intends to file a separate Motion to Dismiss the Complaint and join parts of the motion filed by the Foreign Binance Entities and Zhao,” as stated in the filing.

The CFTC’s lawsuit accuses Binance of adequately registering with the regulator. Despite blocking U.S. residents from its platform, the CFTC alleges that Binance knowingly facilitated transactions in multiple cryptocurrencies for U.S.-based individuals since at least 2019, thus intentionally violating U.S. laws.

The CFTC further claimed that Binance’s compliance process was a “sham” and accused the exchange of conducting activities outside of the U.S. while obfuscating the location of its headquarters to evade U.S. regulations.

Alphapo hack losses surge to over $60 million

The alleged hack of Alphapo, a centralized crypto payment provider, which occurred on July 23, has now been estimated to have caused losses exceeding $60 million, according to an on-chain sleuth ZachXBT’s report on July 25. The initial reported loss was around $31 million.

Alphapo is a payment provider for various e-commerce subscription services, gaming sites, and online businesses, including mystery box platform HypeDrop and gambling sites like Bovada and Ignition. Security experts first noticed the draining of the site’s hot wallets, with losses initially estimated at $21 million and later exceeding $31 million.

Alphapo has yet to comment on the alleged hack officially. However, the company informed Cointelegraph that deposits and withdrawals were reinstated with new addresses, and funds deposited to old addresses would undergo additional verification. HypeDrop confirmed the “issues” with its payment provider, causing withdrawal delays, but reassured users that withdrawals would resume once resolved.

Understanding Bollinger Bands: a powerful technical indicator

bolinger bands

Bollinger Bands are a popular technical indicator for gauging market volatility and identifying potential trading opportunities.

The bands consist of three lines:

  • Simple Moving Average (SMA): Based on the last 20 periods, calculated by adding the closing prices of the last 20 candles and dividing the result by 20.
  • Upper Band: Represents one standard deviation (SD) above the SMA.
  • Lower Band: Represents one standard deviation (SD) below the SMA.

The difference between the Upper and Lower Bands defines the Bollinger Band width, which changes with market volatility. Wider bands indicate higher volatility, while narrower bands suggest lower volatility.

With the SMA usually set at 20 periods, Bollinger Bands provide valuable insights into market trends and potential price movements.

Learn how to leverage this popular indicator and spot potential trading opportunities now!

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Top Crypto Meme of the Week

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July 27, 2023

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