A group of Paraguayan lawmakers is spearheading a bill that seeks to enact a temporary ban on cryptocurrency mining operations in Paraguay for 180 days or until the industry’s activities are properly regulated. The bill alleges that 28% of the energy losses of the National Power Administration (ANDE) correspond, in part, to illegal bitcoin mining […]
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In an unexpected turnaround, Valkyrie has announced that it will cease the purchase of Ethereum (ETH) futures contracts for its Bitcoin Strategy ETF until an amendment to the fund’s registration statement takes effect. Valkyrie confirmed the news in a press release today.
This announcement arrived on the heels of Valkyrie’s initial endeavor into the Ethereum futures market, which has now been put on hold source from SEC’s announcement.
Previously, Valkyrie had planned to be one of the first to provide a U.S based ETF combining Bitcoin and Ethereum futures. This sudden pivot in strategy comes amidst a period of intense activity and uncertainty for crypto ETFs as reported by CryptoSlate.
In addition to Valkyrie’s abrupt decision, the SEC is reportedly preparing to possibly approve an Ethereum (ETH) futures exchange-traded fund (ETF) as early as the first week of October, according to Bloomberg analysts.
The SEC has also begun proceedings to determine the future of several spot Bitcoin ETFs. The commission is currently seeking public comments on a variety of issues related to these ETFs, such as their vulnerability to fraud and manipulation, the inherent resistance of Bitcoin to market manipulation, and the potential effectiveness of a surveillance-sharing agreement with Coinbase in detecting and preventing fraud source.
These recent developments underscore the increasingly dynamic and unpredictable nature of the crypto ETF landscape. As regulatory bodies like the SEC continue to navigate this complex arena, the fate of various cryptocurrency ETFs hangs in the balance. Whether the potential approval of an Ethereum futures ETF will set a precedent for future offerings remains to be seen. Similarly, the outcome of the SEC’s proceedings concerning various spot Bitcoin ETFs could have a significant impact on the future of cryptocurrency investments.
The post Valkyrie temporarily backtracks on ETH futures contracts appeared first on CryptoSlate.
Several investors panicked after seeing their accounts on the Indian exchange Bitbns empty on the morning of June 27. Investors told Business Today that they woke up to find their portfolios wiped out overnight, with no INR or crypto balance.
In a tweet earlier today, Bitbns said that an issue with the overnight database upgrade caused its user balances to become nil. Bitbns CEO Gaurav Dahake told BT it was a “minor technical glitch.”
In a later tweet, the exchange said that the issue is now fixed. The exchange was offline for almost 7 hours after the issue of nil user balances was first highlighted.
According to the exchange website, while user balances should already be restored, deposits and withdrawals will go live at 7 pm IST. Some users confirmed that their accounts have started reflecting the correct balance.
However, several users also told BT they received notifications of unauthorized trades on Bitbns. Some users said that their trading history reflected that all of their cryptocurrencies were sold without authorization, although the INR proceeds of the sales did not reflect in their accounts. One user said:
“Sale of my crypto tokens is also in my trade history, but I had not conducted any of these transactions. Even after the sale is completed, the INR is also not reflected in my account,”
These unauthorized transactions led some to speculate that the exchange was potentially hacked, although Dahake said there was no “external security breach.” It is worth noting that crypto on-chain sleuth ZachXBT pointed out in March that the exchange had covered up a hack in February 2022.
In India, crypto exchanges and the market at large remain unregulated while the government dithers and keeps delaying regulations.
The post ‘Minor technical glitch’ at Bitbns stirs panic after customer accounts temporarily show zero balance appeared first on CryptoSlate.
South Korean crypto lending platform Delio announced on June 14 that it would temporarily halt withdrawals by 18:30 (KST) today to protect customers’ assets.
The company attributed its decision to the heightened market volatility following Haru Invest’s suspension of deposits and withdrawal services. On June 13, Haru halted transactions on its platform to protect investors following a business error.
Local media firm Block Media reported that Delio CEO Jung Sang-ho said:
“Withdrawal requests are pouring in after the one-day incident, so we stopped withdrawing to calm the situation. There is a transactional relationship with Haru Invest, and the amount cannot be disclosed.”
In its statement, Delio said it had to take this measure “to safely protect the assets of customers currently in custody.” The firm further described the decision as “unavoidable” while apologizing for any inconvenience.
Delio did not provide additional information on when it might reopen withdrawals. The platform did not include details of whether it was still accepting deposits.
According to its website, the crypto-lending platform manages over $1 billion in digital assets, including Bitcoin, Ethereum, and several altcoins.
Last year, several crypto platforms offering lending services suddenly paused customers’ withdrawals amid the market downturn. Some firms, like Genesis, Celsius, Voyager Digital, and BlockFi, later filed for bankruptcy.
Following the news, UPbit, one of the largest crypto-asset exchanges in South Korea, stated that it plans to restrict digital assets withdrawals to Delio as part of its investor protection measures.
The exchange said its decision might change depending on the circumstances surrounding Delio’s situation.
The post Another South Korean crypto platform temporarily suspends withdrawals appeared first on CryptoSlate.