The world’s largest crypto exchange platform by volume is receiving $2 billion worth of investments from a state-owned Emirate investment firm focused on technology and artificial intelligence (AI).

In a new thread on the social media platform X, Binance announces that it will be taking its first institutional investment on record – a staggering $2 billion worth of stablecoins from the wealth fund MGX, the single largest investment in a crypto firm ever.

“MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date. This is also the first institutional investment Binance has taken. Onwards… Build!”

In a recent press release, Binance notes that the investment was MGX’s first foray into digital assets and that the firm obtained a minority stake in the exchange “as part of a broader strategy to support blockchain’s transformative impact on society.”

The press release notes that Binance CEO Richard Teng used to be CEO of the Abu Dhabi Financial Services Authority, and “played a key role in initiating one of the world’s first crypto regulatory frameworks.”

In a post on the social media platform X, Binance co-founder Yi He said that Binance welcomes investments from sovereign wealth funds, but not financial investors.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Market intelligence platform CryptoQuant says that the Ethereum (ETH) reserves of Bybit are recuperating after the crypto exchange was hacked to the tune of $1.4 billion.

In a new thread on the social media platform X, Julio Moreno – CryptoQuant’s head of research – says that Bybit is seeing inflows worth over $390 million in ETH.

“Bybit’s ETH reserves are slowly recovering. The exchange has experienced positive net flows of 139,000 ETH since the hack.”

Previous reports indicate that the Singapore-based exchange suffered the biggest exploit in the digital assets industry when a bad actor took control of its ETH cold wallet, which stores keys offline.

According to recent data from the blockchain tracker Lookonchain, Bybit’s rapid recovery of ETH is being aided by other digital asset firms as well as crypto whales.

“Since being hacked, Bybit has received 145,879 ETH ($390 million) in loans and deposits. Whales withdrew 47,800 ETH ($127.56 million) from Binance to Bybit as loans.

Bitget transferred 40,000 ETH ($106 million) to Bybit as loans. Whale ‘0x3275’ transferred 20,000 ETH ($53.7 million) to Bybit as loans.

[The crypto exchange] MEXC transferred 12,652 stETH ($33.74 million) to Bybit as loans.

Whale ‘0xd7CF’” bought 15,427 ETH ($42.2 million) from CEXs (centralized exchanges) and DEXs (decentralized exchanges), then deposited it to Bybit.

A wallet suspected to be Fenbushi Capital deposited 10,000 ETH ($27 million) to Bybit.”

Furthermore, Lookonchain finds that Bybit itself purchased $197 million ETH via over-the-counter transactions.

Ethereum is trading for $2,808 at time of writing, a 1.5% increase during the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

A federal judge is reportedly ruling that top US-based crypto exchange Coinbase must face a class action lawsuit in New York.

According to a new report from Reuters, Paul Engelmayer, a judge for the Southern District of New York, is rejecting Coinbase’s argument that it did not qualify as a “statutory seller” to dismiss a lawsuit that alleges the firm illegally sold securities in the form of digital assets to customers without being registered as a broker-dealer.

Engelmayer says that Coinbase’s claim was invalid because it never passed title to the 79 crypto assets traded by customers, noting that “customers on Coinbase transact solely with Coinbase itself.”

In a statement, Coinbase says,

“Coinbase does not list, offer, or sell securities on its exchange. We look forward to vindicating the remaining claims in the district court.”

Engelmayer further rejected to dismiss claims governed by the laws of California, New Jersey and Florida, noting that the complainants have sufficient grounds to allege that Coinbase was the direct seller of the crypto assets.

In February of 2023, Engelmayer dropped the lawsuit but an appellate court reviewed the case and decided to return some parts of it to the judge.

In June 2023, Coinbase was sued by the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities laws as well as operating as an unlicensed broker-dealer.

However, a year later, Coinbase filed its own lawsuit against the regulatory agency alongside the Federal Deposit Insurance Corporation (FDIC) claiming that they were out to intentionally cripple the digital assets industry.

As stated by Coinbase at the time,

“The SEC has waged a scorched-earth enforcement war on digital-asset firms that, in conjunction with efforts by other financial regulators to de-bank crypto firms, is designed to cripple the digital asset industry.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Yurchanka Siarhei