Insights and analysisEditorial office

In case you missed out: top crypto and Web3 news for November 24 in brief

Tanja Nechet

News editor

Nov 24, 2022 at 06:50

We have both good news and bad news. While the leading tokens are slowly recovering from a series of crashes in the cryptocurrency market, other coins and their developers are facing problems. Oh yeah, the scams aren’t going anywhere either. Here’s today’s roundup of top news.

Go away and never come back!

South Korea’s five largest crypto exchanges (Upbit, Bithumb, Coinone, Korbit and Gopax), announced the delisting of gaming platform token WEMIX. The reason was false information. Support for WEMIX transactions should end at 3pm on the 8th of next month.

Meanwhile, the price of WEMIX is falling by more than 60% on every exchange after the announcement of delisting DAXA.

That said, WEMIX recently announced a $46 million investment, including from Microsoft. 

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Another scam?

Cryptocurrency lending platform Hodlnaut is under police investigation in Singapore on suspicion of fraud. Both the cryptocurrency platform and its executives are being investigated. Hodlnaut lost nearly $190 million in the collapse of the price of the stablecoin UST. Hodlnaut has 17,513 lenders. 

Centralization and crime

U.K. lawmakers voted for new rules that could make it easier for law enforcement to seize, freeze and recover cryptocurrency linked to terrorist activity.

No stablecoin for Cardano?

The decentralized ecosystem that was working on a stable Ardana coin for Cardano has halted development. That’s when many people started talking about fraud. Following this announcement, the Native token of the DANA platform collapsed by 80%.

Ardana Labs, the authors of the project, cited “recent developments regarding funding and the uncertainty of the project’s timeline” as the reason for the halt. But the source code will remain open source.

Orbis, an Ardana-related project, has also suspended its development.

Coinlist has a problem

Leading cryptocurrency crowdfunding platform Coinlist cannot withdraw its coins. But users are assured that their funds are safe.

Officially, the reason was that the storage partner was undergoing maintenance. But it’s been more than a week now. 

Coinlist is suffering a $35 million loss as a result of the 3AC collapse.

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