U.S. seizes web domains tied to Burma-based crypto investment fraud ring

KuCoin, the Seychelles-based cryptocurrency exchange, has revealed a strategic move in its investment and incubation initiatives through the KuCoin Labs program. In a press release which was published on Tuesday, KuCoin announced its investment in ISSP, a project focused on developing an inscription protocol on the layer one Sui network, renowned for its throughput and scalability.Photo by Towfiqu barbhuiya on UnsplashFirst cross-chain inscription protocolISSP introduces the first cross-chain inscription protocol system, seamlessly integrating an inscription marketplace and inscription swap. The project is in its early stages. Last week ISSP took to social media to announce its inscription-related product launch. It stated:”We are launching the first multi-chain interoperability system for inscription protocols, focused on the BTC ecosystem to enable interoperability between BTC's inscription protocols and other chains.” With the launch, it’s introducing the Sui network’s first inscription protocol under the SUI-20 standard. Leveraging the unique Objects model of the Sui network, ISSP aims to naturally enhance inscription systems. Having already launched the SUI-20 inscription standard protocol on the Sui network, it is utilizing the built-in indexer of the network node to index inscription data. Seamless CEX inscription integrationTo ensure optimal performance and stability of inscription data, ISSP utilizes the indexer integrated into the Sui Chain node. Notably, ISSP facilitates the integration of inscriptions with centralized exchanges (CEX), eliminating the need for additional development to interface with inscription protocols. While the exact financial details of the investment remain undisclosed, ISSP plans to utilize the funds to expand its operations and further its development efforts. ISSP recently achieved a significant milestone by completing its Free Mint process, attracting 13,947 addresses and 2,002,186 transactions (TXs). The surge in user activity led to the Sui Chain's transactions per second (TPS) exceeding 1,000 for the first time. Sui-related investmentsThis marks KuCoin Ventures' continued interest in projects related to the Sui network. Last year, the exchange participated in a funding round for Cetus, a decentralized exchange (DEX) and concentrated liquidity protocol built on the Sui and Aptos blockchains. Alongside KuCoin Ventures, prominent investors such as Comma3 Ventures, AC Capital, Adaverse, Animoca Brands, Coin98 Ventures, IDG Capital, Leland Ventures, NGC Ventures and OKX supported Cetus. In April, the KuCoin crypto exchange actively promoted the SUI token as part of its Spotlight Token Program. The Sui Network seeks to distinguish itself as the first Layer 1 blockchain designed to cater to creators and developers targeting the next billion users in Web3. It provides horizontal scalability for diverse dApp development. Claiming to be a step-function advancement in blockchain technology, Sui prioritizes high throughput, instant settlement speeds, rich on-chain assets and user-friendly Web3 experiences. KuCoin's investment in ISSP underscores its commitment to supporting innovative projects on the Sui network, reinforcing the exchange's role in shaping the future of blockchain development. Similarly, the ISSP's product development demonstrates that following a big year for inscriptions in 2023, further progress is likely to unfold in 2024.

Bitcoin Miners Likely Selling at $28K Level, Says MatrixportAccording to a report by Singapore-headquartered digital asset financial services provider Matrixport, Bitcoin (BTC) is facing selling pressure at the $28,000 price level, possibly due to miners offloading their newly mined coins.The report, cited by CoinDesk on Friday, suggests that miners are being compelled to liquidate their inventory as profit margins have contracted in recent weeks.Photo by Pixabay on PexelsHashrate all-time highMining has become an intensely competitive and often unprofitable endeavor due to the ongoing rise in Bitcoin miner difficulty. The hashrate, or measure of how easily miners can discover a new block of Bitcoin reached an all-time high earlier this week. Markus Thielen, Head of Research at Matrixport, noted that given the current input cost and potential revenue expectations, most machines produced before 2022 appear to be unprofitable.“At the current input cost and potential output revenue expectations, most of the machines produced before 2022 appear to be unprofitable,” Thielen wrote.Forced sellingConsequently, miners are forced to sell their inventory at the current level rather than holding out for higher prices, which Matrixport anticipates. The report highlights the significant upside potential for miners if Bitcoin prices were to increase by 10% or more, as profitability could quadruple.The narrowing profit margins for miners reflect the challenges they face in a highly competitive market. As mining difficulty continues to rise, miners must allocate more resources and computing power to mine new coins, reducing their profitability. The situation is particularly tough for miners operating older machines, which are less efficient and more costly to run.The selling pressure exerted by miners can have a short-term impact on Bitcoin’s price. However, Matrixport’s analysis suggests that if Bitcoin experiences a notable price increase, miners could see a substantial improvement in their profitability. This potential upside convexity creates an incentive for miners to continue their operations and withstand the current market conditions.Ordinals bring increased feesOn the other hand one recent development that is assisting miners is the increase in transaction fees, with the development of Bitcoin Ordinals and BRC-20 tokens over the course of the past six months. That interest seems to be ongoing, and if anything we’re likely to see further development of tokens running on top of the Bitcoin blockchain. On Thursday, Seychelles-based crypto trading platform OKX proposed a new BRC-30 token standard which would enable staking of those tokens, alongside staking of bitcoin.Singapore-based Matrixport is a portfolio company of crypto investment venture capital firm Foresight Ventures, which is also headquartered in Singapore. The firm provides a suite of products that it is positioning to be innovative and easy to use, offering an all-in-one crypto financial services platform, enabling users to earn, invest, loan, and trade digital assets.The Matrixport report indicates that miners are likely selling their Bitcoin at the $28,000 level due to squeezed profit margins. While this selling pressure may affect short-term price dynamics, the potential for increased profitability if Bitcoin prices rise significantly provides miners with an optimistic outlook for the future.

Crypto Exchange Bithumb Holds Free Trading Event To Boost User Base and LiquidityBithumb, South Korea’s second-largest cryptocurrency exchange, has announced a major “no trading fee” event in an attempt to narrow the gap with its competitor Upbit, the leading exchange in the market.The event started on August 1, with select listed virtual assets available for trading without having to pay a fee on the exchange’s Korean won market.Photo by Pierre Borthiry — Peiobty on UnsplashAssets with no trading feesAptos (APT), Stacks (STX), Flow (FLOW), Sui (SUI), Bitcoin Gold (BTG), FirmaChain (FCT2), Blur (BLUR), Waves (WAVES), Metal (MTL), and Loom Network (LOOM) will be the first assets to have no fees during the event.The cryptocurrencies eligible for free trading can easily be distinguished by the blue “Free” badge displayed next to their names. Users can also check the full list through the “Fee-Free” category displayed at the top of the exchange chart.The event is scheduled to continue until further notice and an additional ten assets eligible for free trading will be added every week as well.Boosting liquidityAccording to a Bithumb official, the virtual assets to be unveiled later on will be “subject to active domestic and international investment,” and the exchange will strategically select those that have the highest potential to expand liquidity.Through this event, Bithumb aims to support the diversification of cryptocurrency investors’ portfolios and increase its user base, thereby enhancing trading liquidity.