Detail: Binance Addresses CyberConnect CYBER Simple Earn Flexible Products Redemption Issues

Binance, one of the world’s leading cryptocurrency exchanges, has issued a statement addressing concerns over the redemption of its CYBER Simple Earn Flexible Products. The announcement comes in the wake of a significant price discrepancy of the CYBER token between Upbit and other exchanges on August 31, 2023.

Key Events

On August 31, 2023, a notable price difference was observed for CYBER between Upbit and other trading platforms. The discrepancy was linked to Upbit’s exclusive support for CYBER (ERC20) and the absence of a cross-chain bridge for CYBER (ERC20) and CYBER (BEP20). This led to a liquidity shortage for CYBER (ERC20) on Binance and other exchanges.

The rising price of CYBER prompted arbitrage traders to borrow the token, resulting in a spike in loan requests. Binance’s risk management protocol was triggered, halting new loan requests and significantly increasing loan interest rates.

Due to the high demand for borrowing CYBER and simultaneous redemption requests, Binance faced challenges in immediately fulfilling CYBER Simple Earn Flexible Products redemptions.

Binance’s Response

To address the situation and enhance user experience, Binance has outlined several measures:

* Dynamic adjustment of Crypto Loans and Margin interest rates, especially during high volatility periods.

* Implementation of a stricter risk management framework for tokens with smaller market caps. Tokens with reduced liquidity might face delisting from * various Binance products.

* Display of risk warnings for specific tokens and periodic reviews of borrowing limits.

* Introduction of a second confirmation step, highlighting potential risks before completing a subscription.

Compensation for Impacted Users:

Binance has committed to compensating affected users

* 887 users who couldn’t redeem their CYBER Simple Earn Flexible Products between August 29 and September 5, 2023, will share a pool of 800,000 USDT and an additional 871 CYBER. The distribution will be proportional to their daily average CYBER holdings during the specified period.

* All other users holding CYBER Simple Earn Flexible Products during the mentioned timeframe will equally share a pool of 200,000 USDT worth of CYBER Locked Trial Fund vouchers, sponsored by CyberConnect Foundation.

In their statement, Binance acknowledged the crypto industry’s nascent stage and expressed gratitude for user feedback, emphasizing their commitment to refining the platform.

CyberConnect has recently become a focal point of discussion in the cryptocurrency world. As previously reported by Blockchain.News, CYBER coin experienced a sharp 40% decline in a single day following the introduction of Proposal CP-1. Subsequently, CyberConnect announced its decision to reject the proposal and took full responsibility for the rumors suggesting that the proposal fueled manipulation of the CYBER token.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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CyberConnect Rejects Proposal CP-1 After CYBER Coin Dropped Over 40%

CyberConnect, a blockchain project focused on decentralized social protocol championing identity sovereignty for mass adoption and network effects, announced the rejection of its much-anticipated snapshot proposal CP-1. The official Twitter account of CyberConnect @CyberConnectHQ stated,

There was a mistake in the snapshot proposal CP-1 and so it was rejected. The intended usage of Community Treasury for providing liquidity was 1,088,000 CYBER which was unlocked already.

What The Proposal CP-1 Says

The primary objective of proposal CP-1 was to enhance the liquidity of the CYBER token across Ethereum (ETH), Binance Smart Chain (BSC), and Optimism networks. It states:

To optimize CYBER liquidity across ETH, BSC, Optimism networks, we propose a series of active balancing strategies for CYBER token on these networks. 

The proposal outlined a series of active balancing strategies, including:

Deployment of Bridges: The plan was to deploy CYBER-ETH, CYBER-BSC, and CYBER-OP bridges, powered by LayerZero’s ProxyOFT. This would have allowed users to bridge CYBER tokens from any chain to another via Stargate. LayerZero Documentation

Utilization of Community Treasury: The CyberConnect foundation intended to use 1,088,000 unlocked CYBER tokens from the Community Treasury to provide liquidity for these bridges. The foundation aimed to maintain 25,000 CYBER in each of the CYBER-ETH, CYBER-BSC, and CYBER-OP bridges.

Supply Maintenance: In case of liquidity issues on any of the networks, the foundation would burn and mint CYBER tokens across chains to maintain a balanced supply. The total supply of CYBER tokens across all chains would remain constant at 100,000,000.

Market Reaction: A 40% Drop in CYBER Token Value

Following the announcement of the proposal, the value of CyberConnect’s native token, CYBER, experienced a sharp decline, plummeting over 40% within hours. This has raised concerns among traders that the CyberConnect project owners and early investers would like to dump CYBER. However, upon the subsequent rejection of the proposal, the CYBER token experienced a slight rebound in price.

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Binance to Open Trading for CyberConnect (CYBER) and Sei (SEI) on August 15, 2023

Binance, one of the leading cryptocurrency exchanges, has announced the listing of CyberConnect (CYBER) and Sei (SEI), with trading set to commence on August 15, 2023, at 12:00 (UTC). The trading pairs for these new listings include CYBER/BNB, CYBER/BTC, CYBER/FDUSD, CYBER/TRY, CYBER/USDT, SEI/BNB, SEI/BTC, SEI/FDUSD, SEI/TRY, and SEI/USDT.

CyberConnect (CYBER)

CyberConnect (CYBER) is a Web3 social network that enables developers to create social applications. The total token supply for CYBER is 100,000,000, with 3,000,000 CYBER (3% of the total token supply) allocated for Launchpool Token Rewards. Users were able to stake their BNB, TUSD, and FDUSD to farm CYBER tokens over a 30-day period, starting from August 2, 2023, until August 31, 2023.

Sei (SEI)

Sei (SEI) is identified as a layer 1 blockchain optimized for the exchange of digital assets. The total token supply for SEI is 10,000,000,000, with 300,000,000 SEI (3% of the total token supply) designated for Launchpool Token Rewards. Similar to CYBER, users were able to stake their BNB, TUSD, and FDUSD to farm SEI tokens over the same 30-day period.

Additional Features

Binance has also announced that Binance Spot Grid will be enabled for the CYBER/BTC, CYBER/USDT, SEI/BTC, and SEI/USDT trading pairs within 48 hours of the trading start time. Furthermore, users will enjoy zero maker fees on CYBER/FDUSD and SEI/FDUSD trading pairs until further notice.

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Binance Users Reach 150M

According crypto exchange Binance CEO Changpeng Zhao’s tweet, Binance has achieved several key milestones, reflecting its ongoing commitment to expansion and innovation.

Binance announced that it has hit the 150 million registered users mark. This milestone underscores the platform’s growing popularity and reach in the global cryptocurrency community. In July 2022, Binance revealed that its registered user count had surpassed 120 million, meaning that the exchange has seen a growth of 30 million users within the past year.

Binance officially launched its operations in Japan, marking a strategic move into one of the most prominent cryptocurrency markets in the world. The launch date and specific details of the services offered to Japanese users have not been disclosed at this time.

In a first-of-its-kind achievement, Binance secured an Operational Minimum Viable Product (MVP) License in Dubai. This makes Binance the first exchange in the world to obtain this particular license. The license was granted this week, although the exact date and the implications of this license for Binance’s operations in the region remain to be clarified.

Binance introduced two new Launchpools this week, featuring $CYBER and $SEI. Launchpools allow users to stake their tokens to earn new ones, and these additions represent the latest in a series of such offerings by the exchange. The specific details of the staking requirements and rewards for these new Launchpools have not been provided.

Binance’s History and Leadership

Founded in 2017 in China, Binance moved its servers and headquarters out of the country in advance of the Chinese government’s ban on cryptocurrency trading in September 2017. The company’s growth has been meteoric.

In 2022, new estimates claimed that the CEO of Binance, Changpeng Zhao, is the world’s richest crypto billionaire. His net worth is said to rival the sums amassed by tech billionaires such as Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg.

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Binance Lists CyberConnect (CYBER) and Sei on Launchpool; Farming to Begin on August 2, 2023

Binance has announced the addition of two new projects to its Launchpool platform: CyberConnect (CYBER) and Sei (SEI). The announcements were made on August 1, 2023, detailing the specific information about the projects and their integration into the Launchpool.

CyberConnect (CYBER)

CyberConnect (CYBER) is described as a Web3 social network that enables developers to create social applications. The total token supply for CYBER is 100,000,000, with 3,000,000 CYBER (3% of the total token supply) allocated for Launchpool Token Rewards.

Users will be able to stake their BNB, TUSD, and FDUSD into separate pools to farm CYBER tokens over a 30-day period. The farming will commence on August 2, 2023, at 00:00 (UTC), and will continue until August 31, 2023, at 23:59 (UTC).

Binance will list CYBER on August 15, 2023, at 12:00 (UTC), and open trading with CYBER/BTC, CYBER/USDT, and CYBER/BNB trading pairs.

Sei (SEI)

Sei (SEI) is identified as a layer 1 blockchain optimized for the exchange of digital assets. The total token supply for SEI is 10,000,000,000, with 300,000,000 SEI (3% of the total token supply) designated for Launchpool Token Rewards.

Similar to CYBER, users can stake their BNB, TUSD, and FDUSD to farm SEI tokens over a 30-day period, starting from August 2, 2023, at 00:00 (UTC).

Binance will list SEI on August 15, 2023, at 12:00 (UTC), and open trading with SEI/BTC, SEI/USDT, and SEI/BNB trading pairs.

Participation and Eligibility

Both projects require KYC verification for participation, and there are specific restrictions based on users’ country or region of residence. The staking terms, supported pools, and other details are provided in the official announcements.

The addition of CyberConnect (CYBER) and Sei (SEI) to Binance’s Launchpool represents a continued expansion of the platform’s offerings. By providing opportunities for users to stake and farm these tokens, Binance is facilitating access to new and emerging projects within the crypto space.

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Aussie cyber spies to control critical infrastructure during ransomware attacks

Australia’s top cyber spies are set to gain greater powers in the event of ransomware or other cyber attacks on critical infrastructure.

The Australian Signals Directorate (ASD), a government agency in charge of cyber warfare and information security, would be able to take over control of critical infrastructure — including energy, communications and banking systems — under new legislation introduced into Parliament.

The legislation even includes health care and grocery businesses under the definition of critical infrastructure and imposes new positive security obligations.

For ASD operatives to provide assistance, operators from the affected infrastructure would have to report a serious cyber incident.

According to The Australian newspaper, the Critical Infrastructure Bill will be introduced to parliament, on Wednesday, with bipartisan support from the committee that examined it.

Home Affairs Minister Karen Andrews stated the measures proposed will ensure the safety of essential services that Australians rely on:

“Recent cyber-attacks and security threats to critical infrastructure, both in Australia and overseas, make these reforms critically important.”

But a coalition of Australian and international tech industry groups is opposed to the new law.  “Without significant revision, the bill will create an unworkable set of obligations and set a troubling global precedent,” they wrote in a joint letter.

There have been a string of high-profile ransomware attacks this year, including the Colonial Pipeline cyber attack in the United States in May, which forced governments around the world to rethink their vulnerabilities and highlighted crypto’s role in the attacks.

Another ransomware attack in May, on Australian meat processor JBS, pushed Australian lawmakers to take a tougher stance. A new Ransomware Action Plan, which was released last week, will allow Australian authorities to seize or freeze financial transactions in cryptocurrencies that are associated with cybercrime, regardless of the country of origin.

The Parliamentary Joint Committee on Intelligence and Security said the “threat of cyber security vulnerability and malicious cyber activity has become increasingly evident in recent years” with about a quarter of reported cyber security incidents affecting critical infrastructure organizations.



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