Binance Convinces DeFi Scammer To Return Funds + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Exchanges news

• Binance announced that its Security team helped recover 99.9% of an estimated USD 345,000 worth of funds stolen as the result of an exit scam conducted by an automated market maker Wine Swap. On October 13, Wine Swap launched on Binance Smart Chain, and within an hour it had ‘pulled the rug.’ Binance said that the day after they identified the scammer and made contact with them – the scammer agreed to return the funds to avoid “impending consequences,” and then the recovery process began.
• Bithumb and a subsidiary of the commercial banking giant Woori are set to create an automatic crypto tax returns platform, reported ZDNet Korea. The deal will involve Woori’s Woori Fund Services, a company that deals with asset management services, as well as Bithumb Custody, the recently established Bithumb crypto custody arm. The parties said their solution will allow crypto traders to automatically calculate and file their tax returns. As of October 2021, crypto enthusiasts in the nation will need to pay 20% tax on their trading profits if they earn over USD 2,100

Legal news

• Telegram will pay legal costs to an American crypto firm named Lantah over the use of the Gram trademark – in the wake of the chat app giant’s aborted attempts to launch a crypto token of the same name. Per legal documents from an American District Court, Telegram will need to pay legal costs of almost USD 625,000 to Lantah after the former dropped its two-year-long trademark infringement and unfair competition lawsuit. Lantah claimed it registered an application with the American patents office back in 2017, but Telegram had disputed the claim.

Investments news

• Decentralized oracle platform Razor Network has raised a total of USD 3.7m in their seed and private sales round, they said in an emailed press release. The funding rounds were led by major investors in the blockchain world, including NGC Ventures and Alameda Research among others.
• The Vision Hill Composite Index, which shows the performance of crypto hedge fund strategies, was down nearly 5.6% in September, after a strong summer of positive returns, as the Vision Hill Group stated. The digital asset management firm said that “year to date through September, the Vision Hill Crypto HF Composite Index, composed of all eligible actively-managed crypto hedge funds, continues to outperform bitcoin (+114.3% vs. +50.0%).”

Blockchain news

• Dongguan, a city in China’s Guangdong Province, is set to expand the scope of its citywide blockchain technology-powered administrative platform, per TimeDG. The Dongguan branch of the State Administration of Foreign Exchange, China’s foreign exchange market regulator, has approved the Dongguan branch of the state-run China Construction Bank (CCB)’s move to introduce paperless tax filing processes for cross-border trade financing deals on the platform. The CCB is one of China’s big four commercial banks, and is also involved in the central bank’s digital yuan project.