Crypto Flipsider Information – Crypto.com Suspends Withdrawals, Loses $15M, Binance’s Thai Alternate, $792M in BNB Burned, EIP-1559 Dwell on Polygon, Spain and Singapore Crypto Advert Ban, Bulgaria and UK Prime Crypto Holding by DailyCoin – Investing.com

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Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15M, Binance’s Thai Exchange, $792M in BNB Burned, EIP-1559 Live on Polygon, Spain and Singapore Crypto Ad Ban, Bulgaria and UK Top Crypto Holdings

Read in the digest:

  • Crypto.com suspends withdrawals as unauthorized activity results in $15 million loss.
  • Binance to set up an exchange in Thailand burns $792 million in BNB.
  • Polygon begins burning MATIC with the launch of EIP-1559 on its mainnet.
  • Spain and Singapore ban crypto ads. Bulgaria and UK top crypto holding charts.

Crypto.com suspends withdrawals as unauthorized activity results in $15 million loss

Singapore-based cryptocurrency exchange Crypto.com announced the suspension of withdrawals on its platform on Monday, January 17, after users reported “unauthorized activity.”

According to the exchange, payouts were only suspended for a short time to investigate reports of suspicious activity. After about 14 hours, Crypto.com notified users that withdrawals had resumed and all funds were safe.

Flipsider:

  • Despite reporting that all funds are safe, multiple sources have reported that as much as $15 million, or 4,600 ETH, has been stolen from the exchange.
  • Users have taken to Twitter (NYSE:) to criticize the exchange for not mentioning how much was lost in the hack.

Why you should care

While hacks and scams are rampant in decentralized finance, it remains unclear how a centralized exchange was scammed out of $15 million by such a reputation.

Binance sets up exchange in Thailand and burns $792 million in BNB

Binance, the world’s largest cryptocurrency exchange, has continued on its mission to expand its crypto services, with Thailand as the latest entry. Binance has partnered with Gulf Energy Development to launch a digital asset trading platform in Thailand.

According to the Bangkok-based company, its MoU with Binance will help fuel the “rapid growth” of digital infrastructure in Thailand over the next few years. A Binance spokesperson noted that this MoU represents “the first step” for Binance in exploring opportunities in Thailand.

Flipsider:

  • In July 2021, Binance was on bad terms with the Thai regulator when it was sued for operating without a license.

Following its 18th quarterly fire that turned (BNB) into a deflationary asset, Binance has reduced the outstanding BNB by 1.68 million, or $792 million. Additionally, Binance has assured users that 50% of its initial 200 million BNB will be burned.

The latest burn represents an amount equivalent to 0.84% ​​of Binance’s initial supply. The 18th Quarterly Burn was the first such burn to be conducted using the platform’s new “Auto-Burn” feature, which automatically calculates how much BNB should be burned based on market prices and the number of blocks.

Why you should care

As Binance looks to expand its crypto services globally, the exchange has pledged to be more compliant with regulations.

Polygon begins burning MATIC with the launch of EIP-1559 on its mainnet

The Improvement Proposal (EIP) 1559 upgrade, which introduced a network fee burning mechanism in Ethereum in August 2021, is now live on the Polygon layer-two scaling network.

The highly-anticipated network upgrade went live on the Mumbai testnet in Block 23,850,000 following its successful deployment. With the upgrade, Polygon plans to improve “fee visibility” on the network.

The upgrade introduced Polygon to a fee burning mechanism, meaning that by destroying MATIC tokens, MATIC becomes a deflationary asset. The Polygon team has predicted that 0.27% of the total supply of 10 billion MATIC will be burned each year.

Flipsider:

  • In the past 24 hours, MATIC’s value has fallen 9.2%, which is in contrast to the effect that holders had expected to accompany the upgrade.

Why you should care

Along with introducing deflation, the upgrade aims to address growing concerns about Polygon’s skyrocketing gas fees, which led to some validators failing to submit blocks earlier this month.

Spain and Singapore ban crypto ads. Bulgaria and the UK Top Crypto Holding Charts

Alongside the UK, Spain and Singapore have both taken steps to regulate the ever-growing number of crypto-related advertisements. In Spain, crypto firms are now required to notify the CNMV at least 10 days in advance of the content of campaigns targeting over 100,000 people.

Singapore has taken a tougher stance and has completely banned any advertising or marketing of cryptocurrency-related services. The country has labeled cryptocurrencies as “high-risk assets” and bans their advertising on public transport, websites, social media, broadcasts and print media.

Flipsider:

  • Despite its strict regulations, the UK has become the third largest Ethereum holding country after Singapore and Australia.
  • According to a study by Kraken, the Bulgarian government currently holds the most of any country with 213,519 bitcoins, or 1% of all bitcoins, worth over $10 billion.

Why you should care

With digital assets rising in popularity, the IMF has called for a unified global regulatory framework to guide crypto industry growth.

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