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Here are the top crypto news of the day curated by CoinChapter.com
Binance Returns to India After 7-Month Ban
Crypto exchange Binance has reappeared on Indiaâs Google Play Store and Apple App Store following a seven-month ban. The ban was imposed in January due to noncompliance with local regulations, specifically the failure to register with Indiaâs Financial Intelligence Unit (FIU-IND).
Source: X
Binance has now confirmed its registration as a reporting entity with FIU-IND. While the exchange has successfully re-entered the Indian market, it remains unclear whether Binance paid the previously imposed $2.25 million fine for noncompliance.Â
Crypto News: Crypto Influencer made $3M from âCeleb metaâ
Independent blockchain investigator ZachXBT has estimated that Sahil Arora, a celebrity memecoin promoter, earned approximately $2-3 million from launching various celebrity-themed tokens in 2024. This estimate contradicts earlier reports by Bubblemaps, which had claimed Aroraâs earnings to be around $30 million.
Source: ZachXBT on X
Arora has been accused of running social engineering scams and fraudulent activities by multiple celebrities and crypto industry figures. His alleged modus operandi involved launching tokens using celebritiesâ names, sometimes without their knowledge. Arora would then reportedly sell his holdings, causing the tokenâs value to plummet. Several high-profile individuals, including Iggy Azalea, Caitlyn Jenner, and Rich the Kid, have publicly accused Arora of scams related to these memecoins.
Spot Bitcoin ETFs Experience Outflows
U.S. Spot Bitcoin exchange-traded funds (ETFs) saw a net outflow of $81.36 million on Wednesday. The Grayscaleâs GBTC recorded largest outflows with $56.87 million, followed by Fidelityâs FBTC at $18.05 million. Only two funds, BlackRockâs IBIT and Franklinâs EZBC, reported net inflows of $2.68 million and $3.42 million respectively.
BTC ETF saw a net outflow of $81.36 million. Source: SoSoValue
Despite the outflows, the total daily trading volume for all spot bitcoin funds reached $1.3 billion, up from $1.18 billion the previous day. Meanwhile, Spot Ethereum ETFs saw a total of $10.77 million in net inflows across nine funds. The Grayscale Ethereum Trust (ETHE) was the only Spot Ether ETF to experience outflows.
Crypto News: Aave Hits New Record in Weekly Borrowers
Decentralized finance (DeFi) protocol Aave has reached a new all-time high of approximately 40,000 active weekly borrowers. The figure surpassed its previous record from late 2022. This growth has been largely driven by the emergence of new lending markets on platforms like Base and Scroll.
Aave weekly active borrowers. Source: Dune Analytics
Aave, the third-largest DeFi protocol by total value locked (TVL), currently reports a TVL of $11.85 billion. While this represents a 70% increase year-to-date, it remains below the protocolâs peak of around $20 billion in October 2022. The platform is also seeing weekly depositors approach peak levels, indicating a broader resurgence in DeFi activity.
Australian Regulator Claims Majority of Crypto Ads on Facebook are Scams
The Australian Competition and Consumer Commission (ACCC) has claimed that over 58% of cryptocurrency advertisements on Facebook are either scams or violate Metaâs advertising policies. This preliminary finding is part of an ongoing legal case against Meta, which the ACCC accuses of âaiding and abettingâ celebrity crypto scam ads on the platform.
The ACCCâs investigation identified 600 ads, with a focus on 234 that potentially involve scams. These ads often use images of high-profile Australians and international celebrities to promote fraudulent crypto investment schemes. While specific losses from these Facebook scams are not mentioned, Australian government data shows that investment scams remain the most prominent way Australians are losing money, with over $78 million in losses reported so far in 2024 from 3,456 cases.
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