Esa Congress 2018

• Binance has stopped its wallet services for the Indian cryptocurrency platform WazirX following a public argument over ownership.
• Binance gave Zanmai Labs an ultimatum to withdraw their false statements or end the partnership, and since no satisfactory reply was received, they have discontinued their association.
• The proof of reserves report showed that 90% of WazirX’s user assets were stored in Binance wallets, however Binance has emphasized that they do not own WazirX and only provide wallet and tech services to it.

Binance Ends Wallet Support for WazirX

Binance, the biggest crypto exchange globally, has discontinued its wallet services for WazirX, an Indian cryptocurrency platform. This decision was made due to false claims made by Zanmai Labs which manages WazirX regarding who holds authority over the exchange. Binance set a deadline of February 3rd 2023 at 11:59 UTC for Zanmai Labs to retrieve the funds utilized for WazirX’s operations before ending the association.

Public Argument Over Ownership

The dispute between Binance and Zanmai Labs began after Indian authorities started looking into alleged violations of foreign exchange regulations by WazirX. A public argument then sparked between WazirX’s co-founder Nischal Shetty and Binance CEO Changpeng Zhao on Twitter regarding who held authority over the exchange.

Proof of Reserves Report

A proof of reserves report recently revealed by CoinGabbar – a third-party website – showed that 90% of user assets were stored in Binance wallets with a total value of $285 million USDT tied to U.S dollar value. This was represented as 92% ($259 million) belonging to Binance while other exchanges held only $26 million worth of user assets.

Ultimatum Given by Binance

Binace gave Zanmai Labs an opportunity to withdraw their untrue statements or end the partnership however when they didn’t receive a satisfactory reply they ended the association setting a deadline for them to retrieve all funds used in operation before doing so.

Binance Denies Ownership Claims

Despite announcements back in 2019 pointing otherwise, binance has emphasized that they do not own Wazirx but simply provide wallet and tech services to it instead.

• Polygon MATIC surged 16% in the past week, reaching a 48% surge since late December last year.
• The token has a $1.19 billion trading volume with a $9.4 billion market cap.
• Recent partnerships and launches such as the most recent AMA with Ovix Protocol have helped foster an increase in daily active users.

The crypto space has been abuzz with news of Polygon MATIC’s recent surge. The token has seen a 16% surge in the past week, with a 48% surge since late December last year. MATIC is now valued at $1.09, making it the second-largest asset per daily active users, recording over 344,000 users, beating out both Ethereum (ETH) and Solana (SOL).

The token has seen a significant increase in trading volume, reaching $1.19 billion with a $9.4 billion market cap. This surge in activity has been largely attributed to recent partnerships and launches that have helped foster an increase in daily active users. This includes the most recent AMA with Ovix Protocol, which explored 2023’s largest DeFi natives, LSD, and zero-knowledge EVM (zk-EVM). The AMA was conducted through a Twitter thread, and it was followed by the launch of GainsNetwork_io and Giddy DeFi’s newly created $GNS staking pool.

Moreover, a Polygon crypto whale sold MATIC tokens worth $7.7 billion on 8 January, leaving tokens worth $23.7 million in the address. This could be attributed to the whale’s confidence in the token’s long-term value, as the token continues to surge and attract more users.

In conclusion, Polygon MATIC has seen tremendous growth in the past few weeks, due to increasing user activity and recent partnerships and launches. The token has a $1.19 billion trading volume with a $9.4 billion market cap, and it is currently the second-largest asset per daily active users. Furthermore, the whale’s confidence in the token’s long-term value could be a sign of more positive things to come.

• Justin Sun, co-founder of Ethereum and Tron, has recently moved over $281 million worth of tokens since Jan. 16.
• The transactions include a swap on decentralized exchange 1inch Network, several interactions with DeFi protocol Aave, Binance, and Compound, and to a null address.
• The most notable transfers are three transactions sent to Circle, worth a total of nearly $113 million.

Justin Sun, co-founder of the prominent blockchain networks Ethereum and Tron, has recently moved a considerable amount of tokens, totaling over $281 million. This activity has been tracked on blockchain analytics service Arkham Intelligence, showing transactions sent from or to Sun’s known wallets since Jan. 16.

It is important to note, however, that much of these transactions could have been the same assets being moved into Sun’s wallets and then immediately out. Despite this, the on-chain activity has certainly been of note, and the most notable of these transfers were three transactions sent to Circle alone, worth a total of nearly $113 million. All of these were processed on Jan. 18 and sent USD Coin (USDC) back to its issuer, with one transfer amounting to nearly $94 million, one for $10 million, and the last for nearly $9 million.

Apart from this, there have also been several other major transactions, including $10 million of USDC moved from Compound to Sun’s wallet, $94 million coming in from Binance, and more than $5 million of TrueUSD (TUSD) being sent and then deposited on Compound. Lastly, the account also moved $2 million of Binance USD (BUSD) and $2 of TUSD to Binance.

Overall, Sun’s on-chain activity since Jan. 16 has been quite noteworthy. It is unclear, however, what exactly is motivating the transfers, and what Sun’s plans are with the tokens. Whatever the case, Sun’s movement of tokens has certainly created a stir in the crypto community.

• A member of the Ethereum Name Service (ENS) DAO has proposed to liquidate 10,000 ether (ETH) to fund running expenditures over the course of the next two years.
• The ENS DAO’s treasury currently holds 40,746 ETH and 2.46 million USDC.
• The value of the ENS token has increased from $10.73 to $13.68 since the beginning of the year.

The Ethereum Name Service (ENS) DAO, a decentralized autonomous organization, has recently proposed to liquidate 10,000 ether (ETH) in order to fund running expenditures over the course of the next two years. The ENS is a decentralized framework for registering domain names, and in 2022 it managed to record more than 2.8 million domain registrations. The ENS community is now engaged in conversation over the draft proposal that was handed in on the 18th of January.

The treasury of the DAO has a current balance of 40,746 ETH as well as 2.46 million USDC. To create a minimum of $13 million worth of USDC stablecoins, the sale of 10,000 ETH would be conducted through a Gnosis auction. Despite the fact that ENS brings in income in the form of ETH, thanks to its protocol, the DAO is in a precarious situation since it has such a high degree of exposure to a single volatile asset.

The price of ether has decreased by 68.6% from the debut of ENS in November 2021, going from $4,850 to $1,526 in that time. However, the value of the ENS token has increased from $10.73 to $13.68 since the beginning of the year. This development comes amid various assumptions surrounding ETH’s staking making rounds. Staking on Ethereum has been picking up steam over the last few months as an increasing number of users opt to stake their ETH in order to receive rewards.

The DAO will now debate the issue further and could vote on whether or not to execute the proposal. If the proposal is accepted, it will be the first time that the DAO liquidates a significant portion of its funds in order to fund its operations. The move would also provide an interesting insight into the potential implications of a large-scale sale of ETH, as well as the perception of the asset by the broader Ethereum community.

• Busan, South Korea, will be launching the world’s first decentralized digital commodity exchange in H2 2023.
• The exchange will tokenize intellectual properties, gold, ships, and real estate.
• The project is expected to kick off in February 2023, and a legal corporation will be established to carry out technical tests.

Busan, South Korea, is set to launch the world’s first decentralized digital commodity exchange as early as this year. This exchange, headed by Chairman Kim Sang-min and his promotion committee, will tokenize a variety of commodities such as intellectual properties, gold, ships, and real estate. The exchange is expected to start with tokenizing intellectual properties in movies and games due to the city’s rich cultural content like the Busan International Film Festival and G-Star video game exhibition.

This launch is part of the Seoul Metropolitan Government’s effort to promote a traditional asset center in the United States and then a digital asset center in Busan. To ensure a level playing ground for everyone, the tokenization of highly-priced assets is being implemented. The project is likely to kick off in February 2023 and the legal corporation will be responsible for the technical tests and eventually expanding the exchange offerings to blockchain-based digital assets.

Interestingly, the city shelved previous plans to launch a city-backed crypto exchange in order to prevent altercations with local regulators. This is a noteworthy move as Busan will now become the hub for digital commodities and tokenization of real world assets.

The promotion committee is optimistic about the project and believes that the tokenization of highly-priced assets will make it possible for anyone to trade on these assets with minimal capital. It remains to be seen if the project will be successful and if Busan will be able to establish itself as a leading city for digital commodities.

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