News of cryptocurrencies of the 4th week of March 2024

FixedFloat API update

We are pleased to announce a major update to our API, which makes it even more flexible and convenient for our users. We now offer three main categories of access to meet the different needs of our customers.

  • For personal use. This category is intended for users who want to use our API for personal exchanges, research or education. Connecting to the API in this category occurs instantly through your personal account, where you can create a new API key in just a few clicks.
  • For commercial use with an affiliate program. In addition to your own established commission from the exchange amounts, you will be able to earn 40% of our earnings.
  • For commercial use without affiliate program. You do not receive 40% of our commission, but you can still set your own commission percentage from your clients' orders.

For all users, we have developed a simple application process that will allow us to quickly review your request and provide the access you need. We are confident that these changes have made using our API even more convenient and efficient for all of our users. Full API functionality and category selection will become available next week.

The Arbitrum community proposes to create a Memecoin fund

Arbitrum DAO participants were asked to consider the idea of creating a special fund worth $3.3 million in ARB to invest in meme coins. If significant support is achieved, the initiative will be put to a vote. The author of the proposal claims that such a move will play a key role in the development of the Arbitrum ecosystem, attracting the attention of new users and activating the DeFi network.

The $3.3 million in funding covers various costs, including compensation for board members, staff and designers. Of this amount, $3 million in ARB will be used to achieve the fund's main goals in the first six months of its operation.

The initiative involves a rapid launch of the structure, followed by an active six-month promotion period. After this time, the results achieved will be assessed, after which Arbitrum DAO participants will vote on whether to continue funding, increase it, or completely terminate the fund’s activities. In the event of dissolution, the assets will be converted into ARB and returned to the Treasury.

Ripple fixes AMM pool bug

Several Automated Market Maker (AMM) pools on the Ripple network experienced a technical issue that was causing transactions to not complete correctly.

The developers later clarified that the bug affected "the DEX payment system, incorrectly distributing liquidity between pools and order books in complex scenarios." The XRPL blockchain team is actively working to resolve the issue.

David Schwartz, Ripple's CTO, emphasized that the problem does not stem from the one-way deposit feature that was built into the AMM framework.

Polygon zkEVM mainnet beta resumes operations

On March 23, an incident occurred on the second layer network of Ethereum, known as Polygon zkEVM, which led to a blockchain shutdown for more than 10 hours. To restore normal operation of the system, emergency mode had to be activated, which allowed the developers to make the necessary corrections to restore interaction with the main network. This incident only impacted the Polygon zkEVM network and did not impact the main Polygon PoS network or other networks deployed using the Polygon CDK.

After the incident ended, the emergency mode was disabled. This means that all protocol updates will be activated according to the standard 10-day delay, as the development team reminds. The results of the investigation into the incident will be presented this week.

Blockchain Life 2024 will gather a record 8,000 participants

Blockchain Life 2024, scheduled for April 15 and 16 at the Festival Arena in Dubai, promises to be a great event. The participation of 8,000 representatives from 120 countries is expected. The venue will feature more than 140 speakers, including prominent industry leaders such as Tether CEO Paolo Ardoino, TRON founder Justin Sun, Binance Chief Marketing Officer Rachel Conlan, and many others. The organizers claim that approximately half of the founders and project managers from the top 100 CoinMarketCap rating will take part in this forum.

US accuses KuCoin of laundering $9 billion

US federal prosecutors have brought $9 billion laundering charges against the KuCoin cryptocurrency exchange and its founders. The US Attorney's office alleges that from 2017 to 2023, the platform's founders, Chun (Michael) Gan and Ke (Eric) Tang, failed to carry out KYC/AML procedures, despite serving more than 30 million customers. Existing users were also not identified or verified. The exchange was allegedly used to launder funds from suspicious and criminal sources, including sanctions violations, darknet markets, and ransomware. According to the indictment, from August 2022 to November 2023, 197 KuCoin deposit addresses received more than $3.2 million in cryptocurrency from the sanctioned mixer Tornado Cash.

Prosecutors say KuCoin's large customer base in the States has made it one of the largest cryptocurrency exchanges in the world, with billions of dollars in daily trading volume.

The CFTC filed a separate lawsuit against KuCoin, accusing it of KYC violations and unregistered status as a futures broker.

At this time, the founders of KuCoin, Gan and Tang, have not been arrested. Due to these allegations, the native token KuCoin fell 15% according to CoinGecko.

Binance executive detained in Nigeria escapes from custody

Nadeem Anjarwalla, a Kenyan-British country manager for Binance in Africa and a suspect in an ongoing criminal investigation into Binance's operations in Nigeria, escaped custody on Friday, the security adviser's office said in a statement. He managed to do this at the moment when the guards took him to the mosque for prayer.

Earlier this week, the Federal Inland Revenue Service (FIRS) announced that four new tax evasion charges against Binance had been filed at the Federal High Court in Abuja, according to multiple local media reports. Nigerian authorities also accuse the exchange of laundering almost $21.6 billion.

Previously, Binance was faced with a requirement to provide data of all its Nigerian users and details of their transactions. In addition, the platform was required to actively resolve all outstanding tax liabilities. This has sparked widespread public dialogue about data privacy and tax ethics in the context of cryptocurrency transactions. Binance could face a fine of $10 billion.

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