BNB 0.51%
$579.85
BTC 1.00%
$66,851.47
DOGE 1.08%
$0.15
ETH 2.71%
$3,100.06
PEPE -1.02%
$0.000010
XRP 0.27%
$0.52
SHIB 0.18%
$0.000024
SOL 2.49%
$172.90
Best Crypto Poker
Online

Today in Crypto: US SEC Candidates Unwilling to Divest Crypto Assets, BSC Ranks 4th in Q3 Fiat Losses

Sead Fadilpašić
Last updated: | 3 min read
Source: AdobeStock / MuhammadIlyas

Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news.
__________

Career news

  • The US Securities and Exchange Commission (SEC) is having trouble hiring crypto experts – as many hold crypto, according to a new report from the agency’s inspector general. The SEC “faces challenges in recruiting specialists in crypto assets, which Enforcement considers critical to strengthening its capabilities to investigate new and emerging issues in crypto-asset markets,” said the Inspector General’s Office. The report stated that the reasons include a “small candidate pool of qualified experts,” competition with offers from the private sector, and candidates’ conflicts with rules that prohibit the holding of cryptocurrencies. “This prohibition, according to SEC officials, has been detrimental to recruiting, as candidates are often unwilling to divest their crypto assets to work for the SEC,” said the report.

Security news

  • Crypto threat intelligence company Hashdit and AvengerDAO, the community that protects users from possible exploits, scams, and malicious actors on the BNB chain, released their Q3 Security Report, finding that fiat losses dropped by 37% from $69 million in Q2 to $43.5 million in Q3. There were fewer hacks: 45 in Q3 compared to 79 in Q2. BSC ranks fourth in Q3, with 4% of the total fiat losses across all chains in Q3. The third place goes to Fantom with 15%, the second place to Tron with 32%, and the first place to Ethereum with 36%. In regards to BSC, Q3 financial losses dropped by 27% between 2022 and 2023. Rugpulls remain the most common exploit vector, representing 67% of fiat losses on BSC. It is followed by price manipulation, lack of validation, access control issues, and private keys being compromised.

Investment news

  • Payment platform Digital Asset Management Limited (DAMEX) implemented FM Liquidity Match within its trading technology stack. According to the press release, through the DAMEX OTC Desk, businesses can buy and sell digital assets using fiat or stablecoins, with access to 24/7 customer support. “DAMEX ensures competitive rates by leveraging multiple liquidity sources,” it said. FM Liquidity Match is a ready-to-deploy trading solution with a proprietary matching engine that enables institutional market players to launch a fully electronic over-the-counter (OTC) trading business and manage client relations throughout the entire trade cycle. Besides the OTC desk, the DAMEX group also provides Damex Direct, which enables businesses to manage their digital and fiat assets through dedicated IBANs, instant settlements, and multi-user access.

Exchange news

  • Binance still holds the top position among centralized exchanges, but its dominant position has weakened in the past year, especially in the last three months, with a continuous decrease in trading volume and other indicators estimated to be around 10% lower overall, according to the 2023 CEX Market Report from data intelligence platform 0xScope. Among other exchanges, OKX has been steadily growing into the second-largest exchange for spot and derivative trading. Bybit, Bitget, and MEXC closely follow as the second tier of exchanges. Huobi, Kucoin, Gate, and others form the third tier, the report said. Meanwhile, OKX Ventures, the investment arm of OKX, announced an investment in 0xScope in September this year.
  • Bitget released its Protection Fund Valuation Report for October 2023, stating that the fund’s value averaged $357 million for the month, thanks to the recent surge in market movements. According to the press release, throughout  October, the fund consistently maintained a value exceeding $300 million, as tracked daily. The fund’s book value experienced a significant surge, surpassing $388 million, primarily driven by the volatile nature of bitcoin (BTC) prices, it said. Launched in August 2022, The Protection Fund is entirely self-funded and encompasses a diversified portfolio of high-liquidity cryptocurrencies such as BTC, USDT, and USDC, the exchange added.