Crypto News Roundup: July 14, 2023 🚀

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15 Jul 2023

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Hello, crypto enthusiasts! Welcome to another edition of the Crypto News Roundup, where I bring you the latest and most important developments in the crypto space.

In this article, I will cover:

MultiversX introduces on-chain 2FA to combat theft and scams 🔐
Multichain shutters operations after Chinese police take CEO’s sister into custody 🚨
US crypto exchanges give XRP listings a second chance after court ruling 🙌
First Bitcoin futures contract debuts in Argentina 🇦🇷
Alex Mashinsky’s bail set at $40 million, travel restricted 👮‍♂️

Are you ready? Let’s dive in!

MultiversX introduces on-chain 2FA to combat theft and scams 🔐

MultiversX is a cross-chain interoperability platform that enables users to transfer assets across different blockchains
It has launched “Guardians” - an opt-in, on-chain two-factor authentication (2FA) security standard that uses popular 2FA methods like Microsoft Authenticator, Authy, Google Authenticator, or biometrics to provide a second signature for transactions
The feature has been tested in a public hacking competition and proved to be secure and effective
The feature is currently available for Ethereum and Binance Smart Chain users, and will soon be extended to other blockchains supported by MultiversX
MultiversX claims that Guardians is the first on-chain 2FA solution in the crypto industry, and that it will provide users with an unprecedented level of security and peace of mind

How cool is that? 😎 If you want to protect your crypto assets from hackers and scammers, you should definitely check out MultiversX and its Guardians feature. You can opt-in to use Guardians by visiting the MultiversX website and following the instructions.

Multichain shutters operations after Chinese police take CEO’s sister into custody 🚨

Multichain was a leading cross-chain bridging protocol that enabled users to transfer assets between Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, and other blockchains
It announced that it was shutting down operations due to a lack of operational funds and information about its CEO Zhaojun
It confirmed the rumours that Zhaojun and his sister were detained by Chinese police, who also confiscated his devices and mnemonic phrases
The project was protected by multi-party computation, but the servers running this were controlled by Zhaojun’s personal cloud server account, which prevented the project from fixing its technical issues
The project advised users to withdraw their funds from its bridge contracts as soon as possible, as it will not be able to provide any support or assistance after today

This is a sad and shocking news for the crypto community 😢 Multichain was one of the most promising and innovative projects in the cross-chain space, with a lot of potential and support.

However, due to unfortunate circumstances and lack of transparency, the project has come to an abrupt end. If you have any funds locked in Multichain’s bridge contracts, you should hurry up and withdraw them before it’s too late.

US crypto exchanges give XRP listings a second chance after court ruling 🙌

XRP is the native token of Ripple, a blockchain-based payment network that aims to facilitate cross-border transactions
The SEC filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that they had raised over $1.3 billion through an unregistered securities offering of XRP
The lawsuit prompted many US crypto exchanges to delist or suspend XRP trading, fearing regulatory repercussions
However, a court ruling in favor of Ripple cleared the token from being classified as a security under the SEC’s purview
As a result, many exchanges have decided to relist or consider relisting XRP for trading, citing customer demand and legal clarity
Coinbase, Kraken Pro and Crypto.com have relisted XRP for trading, while Gemini said it was exploring the possibility of doing so
The news of XRP’s relisting has boosted the token’s price and sentiment, as it surged by over 60% in the past 24 hours

This is a huge win for Ripple and the XRP community 🎉 After two years of legal battles and uncertainty, they have finally got some justice and recognition. XRP is back on track and ready to reclaim its position as one of the top cryptocurrencies in the market. If you are an XRP fan or investor, you must be thrilled to see your favorite token back on the major US exchanges.

First Bitcoin futures contract debuts in Argentina 🇦🇷

Argentina is one of the most active and vibrant crypto markets in Latin America, as many citizens have turned to cryptocurrencies as a hedge against inflation and currency devaluation
The country has also seen a growing adoption of crypto payments and remittances, as well as a thriving peer-to-peer trading scene
The country launched its first-ever bitcoin futures contract on July 13, three months after receiving regulatory approval from its securities watchdog
The futures contract will allow investors to bet on the future price of bitcoin without having to own or store the cryptocurrency
The contract will be settled in Argentine pesos and will have a minimum size of 0.01 BTC
The contract will also have a daily price limit of 20% and a margin requirement of 40%
The launch of the first bitcoin futures contract in Argentina is a significant milestone for the crypto industry in the region, as it demonstrates the growing interest and acceptance of digital assets among regulators and institutional investors

This is a great news for Argentina and Latin America 🙌 Bitcoin futures are a powerful tool for hedging, speculating, and diversifying portfolios. They also provide more liquidity, transparency, and efficiency to the crypto market.

Argentina has taken a bold step to embrace the future of finance and become a leader in the region. If you are an Argentine investor or trader, you should definitely check out this new opportunity.

Alex Mashinsky’s bail set at $40 million, travel restricted 👮‍♂️

Alex Mashinsky is the founder and former CEO of Celsius, one of the leading crypto lending platforms in the industry
He was arrested on Thursday on charges of fraud, relating to misleading investors and manipulating the price of his CEL token
He pleaded not guilty and was released on a $40 million bond, signed by his wife and secured by his home and bank account
He will be restricted from travelling and opening new bank or crypto accounts as part of his bail conditions
Celsius was one of the leading crypto lending platforms in the industry, offering users high interest rates on their crypto deposits and low interest rates on their crypto loans
The platform collapsed last year after facing regulatory scrutiny, liquidity issues, and customer lawsuits
Mashinsky’s arrest is another blow to the crypto lending sector, which has been plagued by scandals, hacks, and regulatory challenges

This is a shocking and disappointing news for the Celsius users and investors 😔 Celsius was one of the most popular and successful platforms in the crypto lending space, with a loyal and passionate community.

However, due to alleged fraud and manipulation by its founder, the platform has fallen apart and left many people in losses. Mashinsky is facing serious charges and consequences for his actions.

That’s all for today’s Crypto News Roundup! I hope you enjoyed reading 🙏
Please share your thoughts and feedback in the comments below. And don’t forget to subscribe to my newsletter for more crypto news and updates. See you next time! 👋

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