Top Crypto News Of The Day: Shibarium Upgrade, Binance, and More!

Here is the top crypto news of the day curated by CoinChapter.com.

ShibaSwap Moves to Shibarium

ShibaSwap has announced a major upgrade, transitioning from the Ethereum blockchain to the newly launched Shibarium blockchain. This upgrade will provide users with a range of new decentralized exchange and decentralized app (DApp) utilities.

According to the press release, the upgraded ShibaSwap will feature a redesigned dashboard, an enhanced user experience, discovery charts for tracking new and trending tokens, and a streamlined process for onboarding new tokens on the DEX. The upgrade will also utilize a portion of the transaction fees to improve the value of liquidity pools, benefiting yield farmers and increasing the value of their LP tokens.

SHIB developer Kaal emphasized that this upgrade is focused on improving token discovery. He also said that regular updates and upgrades will keep coming in the future.

Binance Develops Solution to Combat Scams

In response to the growing threat of address poisoning scams, which trick investors into sending funds to fraudulent addresses, Binance’s security experts have developed an innovative algorithmic “antidote.”

This algorithm will help detect spoofed blockchain addresses on the BNB and Ethereum networks. The solution aims to identify suspicious transfers, pair them with potential victim addresses, and timestamp malicious transactions to pinpoint the likely point of poisoning.

Through a partnership with Web3 security firm HashDit, the detected spoofed addresses will be registered in a database. The algorithm will also flag spoofed addresses on HashDit’s user-facing products, web browser extensions, and MetaMask Snaps.

Binance’s report states that the algorithm has already identified over 13.4 million spoofed blockchain addresses on BNB and over 1.68 million on Ethereum.

Another Crypto News of the Day: Blast Delays Token Launch

Ethereum Layer 2 network Blast has announced a delay in its token generation event (TGE) and airdrop. The launch date was originally scheduled for the end of May. For now, new launch date is June 26th.

To compensate for the delay, Blast will be distributing two extra allocations of Blast Gold, a points-based system, to decentralized applications (dApps) and users. Consequently, Blur, a prominent NFT marketplace operating on Blast, has extended its Season 3 campaign until June 26th to align with the new TGE timeline.

Tornado Cash Developer Appeals Guilty Verdict

Another top crypto news item is that Alexey Pertsev, developer of the Tornado Cash privacy protocol, has filed an appeal with the s-Hertogenbosch Court of Appeal. The court found him guilty of money laundering and sentenced him to 64 months in prison.

The court spokesperson confirmed the appeal filing. However, they did not provide details on appeal approval or the timeline for the first hearing.

After the guilty verdict, the court immediately escorted him to commence his prison sentence. However, if Pertsev chooses, he can request to await the appeal trial at home.

The verdict stated that “Tornado Cash does not pose any barrier for people with criminal assets who want to launder them,” leading the court to find Pertsev guilty of the money laundering charges.

Chinese Police Bust $1.9B Tether Underground Banking Racket

Chinese authorities have uncovered a massive underground banking operation. It involved the use of the Tether (USDT) stablecoin, valued at approximately $1.9 billion.

The underground banking operations primarily started in Chengdu, where operators utilized the Tether stablecoin to facilitate foreign currency exchanges. The city police issued a report detailing the bust, stating that police arrested 193 suspects across 26 provinces in connection with the racket.

According to the police report, the underground USDT banking operations began in January 2021. Operators primarily used this to smuggle medicine, cosmetics, and investment assets overseas.

Read Full Story Here — Chinese Police Bust $1.9 Billion Underground Bank Using USDT

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