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Home > News
Published: 27/03/2024
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Author: Leexim
Coinbase Transfers Customer USDC to Ethereum L2
David Hoffman, co-host of the Bankless podcast, suggests that Coinbase's on-chain move paves the way for a future on-chain financial system.
Azcnews (1)
Coinbase is set to transfer numerous customer and company accounts of the USD Coin (USDC) stablecoin to Base, a Layer 2 Ethereum blockchain they deployed over seven months ago.
Max Branzburg, Coinbase’s Vice President, announced on X on March 26 that this move aims to help the cryptocurrency exchange “manage and secure customer assets with lower fees and faster payment times”. This change only affects accounts on Coinbase.com, excluding the Coinbase Wallet, where users are responsible for their own private keys.
Currently, user tokens on Coinbase.com are stored in a wallet secured by computation from multiple parties. Branzburg emphasizes that Coinbase always holds customer assets on a 1:1 basis and does not lend them out unless instructed. David Hoffman, co-host of Bankless, focused on Ethereum in a post on X on March 26, explaining that Coinbase’s on-chain action opens up opportunities for an on-chain financial system in the future.
Ryan Sean Adams, Bankless co-host, believes this move will also set a precedent for cryptocurrency exchanges and banks to follow suit. “Every asset is a token in the future […] Every bank is a chain in the future,” Sean Adams added. However, not everyone agrees with this move. A user named “callmeKappa.algo” on X suggested that Base is becoming too centralized in its current state.
Currently, Coinbase is the only ordering tool on Base, according to data from L2BEAT, meaning the exchange fully controls the chain. However, the company has committed to gradually decentralizing Base over time.
Base was launched as a scaling solution for Ethereum on August 9, 2023. It uses optimistic rollups to store off-chain transaction data and sends transactions to the Ethereum base layer.
Related: Coinbase Offers Freebies for Ethereum NFT Game Parallel
Coinbase also open-sourced Base in October to increase transparency and accountability, while allowing the community to contribute to the project. According to L2BEAT, Base is currently the fourth largest Layer 2 Ethereum network in terms of total value locked, behind Arbitrum, Optimism, and Blast.
Base reached an all-time high of 2 million daily transactions on March 16, while daily new user numbers continue to rise.
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Home > News
Published: 27/03/2024
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Author: Kane
Kucoin Faces FUD, KSC Price Plummets Instantly
Recently, the Kucoin exchange has been indicted by the U.S. Department of Justice for involvement in illegal trading activities, totaling up to $9 billion. Immediately after, the KCS token plummeted by 25%.
Azcnews Breaking
The U.S. Department of Justice (DOJ) has announced serious charges against the global cryptocurrency exchange KuCoin, along with its two founders, Chun Gan (Michael) and Ke Tang (Eric). According to DOJ figures, KuCoin has received and processed over $9 billion in transactions from illegal sources.
The indictment accuses KuCoin of being an illegal money transfer business and serious violations of the Bank Secrecy Act. Founders Gan and Tang are accused of directing the exchange to circumvent anti-money laundering and counter-terrorism financing programs, failing to conduct customer identity verification (KYC) procedures, or report activities as required.
According to the indictment, financial institutions like KuCoin need to comply with U.S. law to help detect and prevent crimes and other corruption conspiracies. However, KuCoin not only operates illegally in the U.S. but also has become a “haven” for money laundering and financing for criminals in the financial market.
In parallel with the DOJ’s indictment, the Commodity Futures Trading Commission (CFTC) has also filed a civil lawsuit against KuCoin. The CFTC accuses KuCoin of providing both spot and derivative trading services without proper registration and violating the commission’s KYC requirements.
Homeland Security Investigations Special Agent Darren McCormack described KuCoin as “a multibillion-dollar criminal conspiracy,” seeing it as one of the largest cryptocurrency exchanges today.
Latest Update: KuCoin Considers Ceasing Operations and Selling Exchange. KuCoin Under Criminal Investigation by the United States in 2023 and Subject to Multiple Investigations in China.
Related: Binance, Kraken and KuCoin Removed from Apple Store India
Kucoin and Price Volatility
KuCoin was founded in September 2017 by Gan and Tang, operating under three different entities: FLASHDOT LIMITED, PEKEN GLOBAL LIMITED, and PHOENIXFIN PRIVATE LIMITED.
It is a well-known centralized exchange (CEX) with over 649 cryptocurrencies traded and more than 8 million users worldwide. The exchange offers various services such as spot trading, margin trading, derivatives, lending, trading bots, and its own token, KCS.
Following the investigation, the price of the KCS token dropped by 25%.
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