Look Back on Crypto Market Last Week (Week of Apr 17-23) - Look at the most important moves and news in crypto over the last week.

    Gemini plans to open an offshore derivatives platform

    Gemini will open a derivatives exchange called Gemini Foundation outside the US. According to the announcement, Gemini Foundation’s first product will be a perpetual bitcoin (BTC) contract denominated in Gemini dollars (GUSD), followed by a perpetual ether (ETH) contract also linked to GUSD. Unlike conventional derivatives, perpetuals don’t have an expiration date.

    Base plans to launch mainnet this year

    Base is an Ethereum-focused layer 2 blockchain which has been live in testnet since February and is planning for its mainnet launch this year.

    Binance Labs invests in Web3 game developer GOMBLE

    Binance Labs announced an investment in GOMBLE, a Korean game studio that uses blockchain technology to develop entertaining games. GOMBLE will release its first mobile game, RumbyStars, as a mobile soft launch in Southeast Asian markets in Q2 2023.

    Brazil investigate Binance for guiding clients past stop order

    Brazilian authorities are investigating Binance for guiding customers to evade a stop order on cryptocurrency derivatives investments. As Valor Econômic reported, the Brazilian Securities and Exchange Commission (SEC) reported to the Attorney General of the State of São Paulo that Binance may have continued to offer cryptocurrency derivatives to its clients after the SEC had issued a stop order on those offerings in 2020. Futures contracts are considered securities under Brazilian law regardless of the nature of the underlying assets.

    Sui Network will launch mainnet in early May

    Sui Network announced that the project will launch its mainnet on May 3. Accompanying this information is a series of speculations that the SUI token will also be listed on the exchange on the day the project opens the mainnet. There is also a rumor that SUI token will also be listed on the exchange on the mainnet launch day. 

    Congressional Republicans criticize SEC Chair Gary Gensler’s crypto approach ahead of hearing

    Republicans on the House Financial Services Committee criticized Securities and Exchange Commission Chair Gary Gensler ahead of a congressional hearing on the agency Tuesday, saying his approach to crypto companies was not “compatible” with existing law. However, SEC Chair continued to defend his crypto policy, saying most crypto tokens are securities and there is no industry that violates securities law as much as crypto. This is why he believes intermediaries – like exchanges – need to register with the regulator.

    A hacker stole $10 million in Ethereum and disappeared

    A hacker stole $10 million in Ethereum and no one knows how to attack. This hacker has been targeting experienced crypto users since December of last year, stealing their wallets and leaving security experts confused.

    Hundred Finance hacked, loss of $7 million

    Multichain lending protocol Hundred Finance was hacked with a total loss of $7.4 million. Although the protocol did not disclose how the attack was carried out, blockchain security firm CertiK said it was a flash loan attack.

    Synthetix volume spiked on Optimism incentive program

    Trading volume on Synthetix spiked after Derivative Dex exchange started distributing Optimism tokens.

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