According to a report by the Wall Street Journal, internal investigators at Binance detected fake transactions worth $300 million.

Yesterday, the Wall Street Journal published a report about fake transactions worth $300 million, allegedly carried out by DWF Labs in 2023. The information was disclosed by a former Binance employee, who claimed that DWF Labs manipulated prices of more than five cryptocurrencies, including Yield Guild Game (YGG).

Binance denies any misconduct, assuring that it has a solid market surveillance system, which makes it impossible to manipulate market prices. The company also emphasized its commitment to expelling traders who appear to be committing such crime, and as proof of this, nearly 355,000 users have been expelled in the last three years for violating the terms of use by doing transactions above $2,5 billion.

The European Securities and Markets Authority Asks about Inclusion of Cryptocurrencies in Investment Products

According to PANews, the European Securities and Markets Authority, known as ESMA, has started to contact industry professionals and experts by means of a survey, whose purpose is to determine if cryptocurrencies should be included in investment products.

More specifically, ESMA is said to aim at expanding the reach of what is known as Undertakings for Collective Investment in Transferable Securities, a marked with a size up to 12 trillion euros. If successful, cryptocurrencies could take another step towards their integration into Europe. Sean Tuffy, an expert in financial regulation, stressed that this event could “change the rules of the game.”

Robinhood CEO Frustrated with the SEC

Vlad Tenev, CEO of Robinhood, reported, through an interview with CNBC Last Call, about the sixteen meetings the company held with the SEC in order to register as a special purpose stockbroker.

According to Tenev, Robinhood came to the SEC meeting in good faith, although unfortunately “it was not reciprocated.” The CEO explained that Robinhood was hoping for more of a collaborative and constructive process, but was met with resistance.

Tenev added that the SEC informed them of the impossibility of significant progress, which is why the meetings came to a definitive close.

Core Scientific Records Earnings After Bankruptcy Recovery

Core Scientific is a Texas-based Bitcoin mining company that recently recovered from bankruptcy experienced last year. In the first quarter of 2024, the company registered positive results with a revenue of $150 million in digital asset mining, which represents a 46% increase in its gross margin.

This is part of the overall recovery evident in the cryptocurrency market, and reflects how Core Scientific’s has succeeded in its financial strategy after the bankruptcy event.  

In Q1 2023, Core Scientific had lost $400,000, while in the same period this year it managed to gain $270 million. Such improvement could be attributed to a gain of $143.8 million, after the company was able to get rid of obligations derived from its financial restructuring process.

Before interest taxes, depreciation and amortization, adjusted revenues reached $88 million this quarter. According to available information, Core Scientific ended the quarter with $98.1 million in cash, thereby strengthening its financial position in the market.

By Audy Castaneda


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