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dYdX decentralized exchange found itself at the center of scandal because of the KYC bonus program

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dydx decentralized exchange

The dYdX decentralized exchange found itself in the center of scandal because of the new promotional campaign, a condition of which was to send selfies.

In the framework of the bonus program, which at the moment of writing this article is already closed, the exchange was offering users a bonus of $25 for depositing $500 and successfully passing photo verification.

Almost immediately after the launch of the promotion, the exchange was under a barrage of criticism. Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, said the exchange crossed the line by introducing photo verification.

Users also called for a boycott of the trading floor because the exchange had previously been caught in scandals over the centralization of power. The exchange itself, amid criticism, curtailed the program, citing “extremely high demand.

Recall that in mid-August, dYdX exchange began blocking accounts that contacted the Tornado Cash mixer. The exchange did not block accounts on a case-by-case basis, but denied everyone who had contacted the mixer with the help of an intermediary. The exchange later revealed that a “significant number of accounts” fell under sanctions, but dYdX declined to provide details.

Members of the cryptocurrency community criticized dYdX exchange, saying that the exchange does not differ from its centralized counterparts in the design of user regulation. Users also raised the claims of dYdX exchange about decentralized services in laughter. Meanwhile, dYDX native token quotes are moving in the opposite direction to the mood of the crowd.

We previously reported that El Salvador will spend more than $200 million to build a bitcoin beach.

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Korea begins blocking bitcoin holdings of Terra founder

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Terra founder

The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.

The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.

According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.

Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.

Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.

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Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services

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Revolut cryptocurrency wallet

Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked. 

In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.

Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.

Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.

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U.S. exchange regulator fines Tether auditor company $1.5 million

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Tether full audit

Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).

According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.

Tether full audit

Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.

The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.

Earlier we reported that Vitalik Buterin announced the release of his book.

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