China News by Thebittimes.Com

The new platform Tokenet hopes to capitalize on institutional interest following the potential approval of a spot Bitcoin ETF. A new crypto-lending platform dubbed Tokenet says it will service what it expects to be an influx of institutional clients following the potential United States approval of spot Bitcoin (BTC) exchange traded fund (ETF).  The platform was launched by a team of executives who previously headed financial services firm Cantor Fitzgerald who since joined a new brokerage firm called Digital Prime Technologies. In a Nov. 7 statement, Tokenet said it will allow firms to borrow and lend digital assets while managing collateral positions. The platform also offers risk management tools which allow institutions to mitigate counterparty risks as they would in traditional finance. Digital Prime Technologies’ Tokenet platform is already backed by a number of crypto firms including Hidden Road Partners, Xapo Bank, EDX Clearing and DV Chain. "Given the current markets a...

Kokomo Finance's social media presence and websites are offline, while the price of the KOKO token fell more than 95% within a matter of minutes. Optimism-based lending protocol Kokomo Finance has been suspected of a $4 million “exit scam” that has seen user funds plucked out from the platform via a smart contract loophole. Blockchain Security firm CertiK alerted its followers to the “exit scam” in a March 26 Twitter post, noting that the Kokomo Finance (KOKO) token has plummeted 95% in value in a matter of minutes. CertiK also noted that Kokomo Finance removed all social media accounts immediately following the alleged rug pull too. Kokomo Finance has either deactivated or deleted its Twitter account. Source: Twitter CertiK said the deployer of KOKO attacked the smart contract code of a wrapped Bitcoin token, cBTC, by resetting the reward speed and pausing the borrow function. After that, an address beginning with “0x5a2d..” approved the new cBTC smart contract to spend over 700...

BTC traders at Bitfinex and OKX are unwilling to use margin markets for bearish bets, creating an alarming imbalance that investors should pay close attention to. Crypto traders' urge to create leverage positions with Bitcoin (BTC) appears irresistible to many people, but it's impossible to know if these traders are extreme risk-takers or savvy market makers hedging their positions. The need to maintain hedges holds even if traders rely on leverage merely to reduce their counterparty exposure by maintaining a collateral deposit and the bulk of their position on cold wallets. Not all leverage is reckless Regardless of the reason for traders' use of leverage, currently there is a highly unusual imbalance in margin lending markets that favors BTC longs betting on a price increase. Despite this, so far, the movement has been restricted on margin markets because the BTC futures markets remained relatively calm throughout 2023. Margin markets operate differently from futures con...