Top crypto tweets of the day – June 5th

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• Binance CEO reveals ban on futures trading for staff, amid insider trading claims

  TL;DR Breakdown Changpeng Zhao, the CEO of Binance, has revealed that all employees of Binance, including himself, are now barred from participating in futures trading. Description Changpeng Zhao, the CEO of Binance, has revealed that all employees of Binance, including himself, are now barred from participating in futures trading. The move is a part of the cryptocurrency exchange’s ongoing endeavors to prioritize integrity and prevent potential conflicts of interest within its workforce. Binance prohibited from futures trading Zhao revealed that the … Read more Changpeng Zhao, the CEO of Binance, has revealed that all employees of Binance, including himself, are now barred from participating in futures trading. The move is a part of the cryptocurrency exchange’s ongoing endeavors to prioritize integrity and prevent potential conflicts of interest within its workforce. Binance prohibited from futures trading Zhao revealed that the exchange’s employees, including him, are prohibited from futures trading, and the product testing team has a specially assigned quota account. However, he revealed that they hold.   The exchange’s policy requires employees to maintain positions for 90 days before trading, promoting long-term…

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• Tornado Cash suffers governance hijack

  TL;DR Breakdown Tornado Cash encountered a slight setback after its governance was hijacked by an attack. The platform is seeking measures to salvage the situation. In a concerning development, Tornado Cash, a decentralized crypto mixer, has encountered a significant setback as an attacker managed to seize full control of the platform’s governance through a malicious proposal. The incident unfolded on May 20 at 3:25 ET when the attacker granted themselves 1.2 million votes, effectively taking over Tornado Cash’s governance system. This exploit occurred despite the proposal receiving over 700,000 legitimate votes, allowing the attacker to manipulate the platform at will. The attacker designed a malicious program to attack Tornado Cash The details of the attack were shared by @samczsun, a member of Paradigm, a research-driven technology investment firm. According to @samczsun, the attacker cunningly designed the malicious proposal to resemble a previously successful one, exploiting the trust and familiarity of the community. However, this time, the proposal included an additional function. Once the proposal gained sufficient votes, the attacker swiftly executed the emergency stop function, modifying the proposal logic to…

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• IMF declares UK’s 2023 recession risk averted

  TL;DR Breakdown The International Monetary Fund (IMF) has revised its forecast for the UK economy, now predicting a growth of 0.4% in 2023, effectively averting a projected recession. The IMF attributes this turnaround to measures taken by the UK government to stabilize the economy, tackle inflation, and promote wage growth and business confidence. The International Monetary Fund (IMF) has released a revised economic forecast for the United Kingdom, stating that the earlier projected recession for 2023 has been successfully avoided. The IMF attributes this positive shift to effective measures taken by the UK government in stabilizing the economy and combating inflation. However, the organization advises caution, urging the government to resist pre-election tax cuts. UK’s elevation from recession The IMF had previously expected the UK economy to shrink by 0.3% in 2023, the weakest projection among all major economies. The new forecast, however, places the UK’s GDP growth at 0.4% for the year, surpassing certain affluent economies, including Germany. This change, the IMF suggests, is primarily due to a robust rebound in demand fueled by quicker-than-expected wage growth, increased governmental…

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• Economist warns of BRICS currency upheaval – Why?

  TL;DR Breakdown Economist Jim Rickards predicts the introduction of a new BRICS currency that may destabilize the U.S. dollar’s global dominance. Eight nations have formally applied to join the bloc, and 17 others are interested, further strengthening the bloc’s influence. Celebrated economist Jim Rickards, famed for his best-selling book “Currency Wars,” forecasts a potential upheaval in the global economic order. According to Rickards, this shake-up centers around the BRICS nations – Brazil, Russia, India, China, and South Africa – as they could be on the precipice of introducing a novel currency that could potentially destabilize the U.S. dollar’s long-held supremacy. BRICS’ bold bid to upset the dollar dominance Rickards anticipates an upcoming announcement at the BRICS leaders’ summit in August, which could unveil an audacious plan – the launch of a unique currency. This new monetary initiative has the potential to degrade the U.S. dollar’s dominance in global payments and reserves, possibly succeeding in just a few years. This remarkable development, however, isn’t a spur-of-the-moment decision but a strategic move fostered over time by several nations seeking inclusion in the…

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• Is the U.S. about to lose its financial crown to China? Coinbase CEO sounds the alarm

  TL;DR Breakdown Coinbase CEO cautioned that considering the recent volatility in crypto markets, policymakers might be inclined to dismiss cryptocurrencies as an unstable asset class. He added that such a dismissal could result in the U.S. losing its status as a financial leader and innovation hub, with adversary nations like China potentially reaping the benefits. SEC Chair Gary Gensler has previously argued that existing securities regulations already cover digital assets. In a recent op-ed for MarketWatch, Brian Armstrong, CEO of Coinbase, highlighted the potential risks of restrictive cryptocurrency policies in the U.S. Armstrong cautioned that considering the recent volatility in crypto markets, policymakers might be inclined to dismiss cryptocurrencies as an unstable asset class. However, he argued that such a dismissal could result in the US losing its status as a financial leader and innovation hub, with adversary nations like China potentially reaping the benefits. In today’s @MarketWatch I’m sharing an op-ed encouraging policymakers to see the big picture with crypto. It’s important for American technology leadership and national security that this industry be built (at least in part) in…

  Article 2023年6月3日