Presidential Adviser's Call For Ban On Binance In Nigeria Raises Scrutiny

Here are some of the major developments in the world of crypto over the past few days.
some of the major developments from the world of crypto
some of the major developments from the world of crypto

Binance, a leading cryptocurrency exchange, is facing scrutiny in Nigeria as a presidential adviser, Bayo Onanuga, has called for a ban on the platform, along with KuCoin and other trading platforms. Onanuga alleges that these platforms are manipulating Nigeria's fiat currency, the naira, contributing to its decline in the forex market. He accuses Nigerians trading on Binance of being unpatriotic and urges regulatory bodies like the EFCC and the CBN to quickly halt cryptocurrency exchanges' operations in the country to prevent further currency devaluation.

In response, Binance has stated that its platform is market-driven and not intended to influence the value of the naira. However, crypto users in Nigeria have reported difficulties accessing various exchange websites, including Binance, amidst speculation of a possible government ban on cryptocurrency platforms. Binance has assured its users that it is engaging with regulators to address the situation and ensure transparent dialogue regarding cryptocurrency management in the country.

Despite the challenges, Nigeria remains the biggest P2P market in the world, a status that emerged after the CBN banned institutions from buying and selling crypto in 2021. However, a circular sent to banks in December 2023 lifted the crypto ban on Nigerian banks, allowing them to facilitate cryptocurrency transactions once again.

DeFi protocol Blueberry pauses lending following mystery exploit

Blueberry, a decentralized finance (DeFi) lending and leverage protocol, recently paused its operations due to an ongoing exploit. The protocol advised users to withdraw their funds immediately upon discovering the exploit and worked swiftly to pause the protocol to limit potential damage. However, users faced difficulties with withdrawals as the front end of the platform was also down.

Despite the challenges, Blueberry was able to pause the protocol and confirmed that funds currently deposited are no longer exploitable. The website and app, which had briefly gone offline, were back up and running. The protocol team reassured users that deposited funds were safe and that only three markets were affected. They also mentioned that a significant portion of the drained funds had been rescued and returned to the multi-signature wallet, with efforts underway to recover the remaining funds.

In a later update, Blueberry stated that all drained funds had been front-run by a user named c0ffeebabe.eth and were now safe in the Blueberry multisig. The team was working to contact the validator to return the remaining funds. Despite the exploit, Blueberry remained committed to ensuring the safety of user funds and aimed for a full repayment to affected users.

Marathon Digital Holdings Introduces New Service for Direct Bitcoin Transaction Submission

Marathon Digital Holdings, a prominent Bitcoin mining and digital asset technology company based in Las Vegas, Nevada, has recently launched a new service called "Slipstream." This service is designed to streamline the process of submitting large and non-standard Bitcoin transactions, addressing the delays often encountered in such transactions.

The "Slipstream" service aims to provide a simple, transparent, and reliable method for users to add complex Bitcoin transactions to the blockchain, as long as they comply with Bitcoin's protocol. This new offering reflects Marathon Digital's commitment to innovation and its recognition of the growing demand for efficient transaction processing in the cryptocurrency market.

Marathon Digital Holdings is known for being one of the largest and most active Bitcoin miners globally. In December 2023, the company set a record by mining 1,853 BTC, contributing to a total of 12,852 BTC mined throughout the year, valued at over half a billion dollars. This significant mining activity underscores Marathon Digital's position as a key player in the Bitcoin mining sector and its ability to introduce innovative solutions like "Slipstream" to enhance the efficiency of Bitcoin transactions.

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