Cryptocurrency exchange Binance puts several cryptos under the microscope as it implements the ‘monitoring label’ to manage risks.
Binance, one of the leading cryptocurrency exchanges, has taken steps to manage the volatility and risks associated with certain cryptocurrencies by introducing a “monitoring label.” This label applies to a list of tokens that includes privacy coins such as Monero (XMR), Zcash (ZEC), Horizen (ZEN), and Firo (FIRO).
Binance explained that tokens with the monitoring label exhibit “noticeably higher volatility and risks compared to other listed tokens.” Additionally, these tokens are “at risk of no longer meeting our listing criteria,” which could lead to their removal from the exchange. Binance stressed that tokens marked with this label will be subject to regular reviews.
During these reviews, several criteria will be evaluated. Including trading volume and liquidity, network stability and security, as well as the contribution to the crypto ecosystem in terms of health and sustainability. Responsiveness to regular due diligence requests will also be considered.
EU Regulators in the Spotlight: In-depth Investigation into Banks’ Exposure to Cryptocurrencies
The European Banking Authority (EBA) has announced a thorough investigation into the interconnection of traditional banks with non-banking financial institutions (NBFIs). This initiative seeks to evaluate and understand the complex existing relationships between the banking and non-banking sectors, with special attention to hedge funds, private equity and crypto platforms.
The president of the EBA, José Manuel Campa, shared this decision in an interview with the Financial Times on January 3. Campa emphasized the importance of tracing the entire “underlying chain of NBFIs” to fully understand the potential for contagion among financial institutions in stressful situations.
Campa expressed that “We should do more and we are going to do more. We need to understand the entire underlying chain of NBFIs.” He revealed that the EBA had already carried out previous assessments of banks’ balance sheet exposures to non-banks, including loan analyses. Furthermore, he highlighted the opaque nature of the NBFI sector, characterized by a “not homogeneous” quality of the available data.
Gamma Strategies Faces Security Crisis: Seeks to Negotiate Reward with Attacker Who Stole USD 3.4 Million in Cryptocurrencies
Gamma Strategies, the Ethereum-based liquidity management protocol, is in the midst of a crisis after being the victim of a sophisticated exploit that resulted in the loss of $3.4 million in digital assets. Blockchain security company PeckShield was the first to detect the vulnerability on January 4, initially estimating losses at around 211.9 Ether (ETH), with a market value of approximately $469,000.
However, subsequent investigations by PeckShield revealed that the losses were much greater, reaching $3.4 million. Gamma Strategies took immediate action, closing deposits in its public vaults and allowing only withdrawals. Surprisingly, the protocol adopted an unconventional strategy by sending a direct message to the attacker’s wallet address. Proposing negotiations for a possible reward in exchange for the return of the stolen crypto assets.
Layered Reality Uses AI to Bring Elvis Presley Back
British immersive entertainment company Layered Reality has announced an ambitious initiative that combines artificial intelligence (AI) and holographic projections to resurrect rock and roll icon Elvis Presley in a live show called “Elvis Evolution.”
Layered Reality CEO Andrew McGuinness shared in an interview with Reuters that the climax of the experience will be the “live” performance of Elvis’ artificial intelligence. The combination of technologies will allow the presence and charisma of the King of Rock to be recreated in a way never seen before.
By Leonardo Perez
