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Supported By
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Good morning!
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On Monday, Forbes published an article focused on the recent “shuffling” of funds by giant crypto exchange Binance. It claims to have investigated the on-chain activities of Binance and discovered that the exchange transferred $1.78 billion in users’ funds to various hedge funds.
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Also, the article reveals that the Changpeng Zhao-led exchange completely emptied its collateral for B-peg USDC without reducing its supply. However, the crypto community largely suspects Forbes of spreading Fear, Uncertainty, and Doubt (FUD) against Binance.
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On Tuesday, CZ took to Twitter to respond to the article. Referring to the Forbes article as FUD, CZ says they do not have an understanding how a crypto exchange works.
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Here is our weekly newsletter roundup. Now get a bucket of popcorn and follow through. First, a summary….
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Summary of the news
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- Christie’s House sells NFT for $450k
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More still needs to be done on Ethereum fees
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CZ responds to Forbes Article
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Trezor Wallet warns users of new phishing attack
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Christie’s House sells NFT for $450k
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Renowned auction house Christie’s has sold another NFT digital and physical artwork piece for a hefty price tag of nearly $450,000. On Tuesday, Christie’s announced the auction of Tyler Hobbs’ “Fidenza #724” for a realized £365,400 (approx. $440,000).
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Christie’s described the piece which is part of a wider collection of 999 NFTs as “channeling inspiration from art history and nature into innovative computer code.”
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Tyler Hobbs who is a software engineer created the Fidenza collection using random code-generating algorithms in June 2021. On the creation of the collection, Hobbs commented:
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“While we have physical bodies, we spend a lot of time in digital worlds, and in order to explore this reality, art needs to span both.”
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Fidenza is one of the most popular NFT collections of the year. According to OpenSea, the floor price for NFTs from the collection currently sits at 69.69 ETH, or approximately $115,128. The most expensive one listed on the NFT marketplace is Fidenza #280 for a whopping 1,100 ETH (around $1.8 million).
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More still needs to be done on Ethereum fees
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In a new blog post published on Tuesday, Ethereum co-founder Vitalik Buterin documented the continued need to improve the network to better facilitate Ether as a means of payment.
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Buterin shared how he tried to pay for tea for himself and friends at a coffee shop in Argentina in 2021 but had to pay 0.01 ETH (around $40 at the time), as that was the minimum deposit for the owner’s exchange account. “I did not mind the 3x overpayment and treated it as a tip,” the co-founder wrote.
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In another instance, Buterin explained how he tried to pay for tea at another location in 2022, but two separate transactions failed due to requiring “extra gas to process the transfer” and a UI glitch in his mobile wallet.
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According to Buterin, outliers nevertheless remain on the Ethereum network despite recent improvements.
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A word from Yellow Card
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Trade over $10 worth of crypto or send the equivalent with Yellow Pay to your loved ones from now till March 26th. Sign Up now and carry out a transaction of $10 and above to stand a chance.
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CZ responds to Forbes article
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In response to the article, Binance CEO, CZ said:
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“They seem to not understand the basics of how an exchange works. Our users are free to withdraw their assets any time they want.”
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In his series of tweets, he addressed various claims from the Forbes article. This included a “backroom maneuver” when Binance transferred $1.8 billion in stablecoin collateral to hedge funds such as Tron, Amber Group and Alameda Research between August and December 2022.
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A Twitter user suggested he buy Forbes and “delete it,” to which CZ said, “not worth it.” The article from Forbes comes after the New York Department of Financial Services ordered the blockchain company Paxos Trust Company to terminate its issuance of BUSD.
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Trezor Wallet warns users of new phishing attack
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Hardware cryptocurrency wallet provider Trezor has warned its users about a new phishing attack targeting their crypto investments by trying to steal their private keys. Trezor took to Twitter on Tuesday to caution users about the attack designed to steal investors’ money by making them enter the wallet’s recovery phrase on a fake Trezor website.
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The phishing campaign involves attackers posing as Trezor and contacting victims via phone calls, texts or emails claiming that there has been a security breach or suspicious activity on their Trezor account. According to online reports, the latest phishing attack against Trezor customers was launched on Monday, with users being directed to a domain asking to enter their recovery seed.
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Recall that Trezor wallets were also targeted with phishing attacks in April 2022, with attackers contacting Trezor users posing as the company, asking them to download a fake Trezor app. Also in 2020, rival hardware wallet firm Ledger suffered a massive data breach, with attackers publicly exposing the personal information of more than 270,000 Ledger customers.
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Other stories we are following
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