USDC issuer Circle launches MPC wallet beta for Ethereum, Polygon, Avalanche

August 8, 2023 Coin Telegraph

Circle

The stablecoin issuer launched a service and API that allows developers to create customized wallets for their users.

USD Coin (USDC) issuer Circle has released a beta version of a multi-party computation wallet (MPC) service, according to an Aug. 8 announcement. The new service will allow developers of DeFi apps, Web3 video games, e-commerce services, and other blockchain applications to create customized wallets specifically for their users. It will be available initially on Ethereum, Avalanche, and Polygon.

Building crypto apps is still too hard. Plus, less than 0.5% of the 100 million developers worldwide are actively building crypto apps today.

This needs to change. Our new wallet-as-a-service developer platform is a huge step in that regard. Check it out https://t.co/ku9LTz8Z97
— Patrick Hansen (@paddi_hansen) August 8, 2023

MPC wallets are secured by splitting the user's private key into multiple shards and distributing them through a decentralized network. It’s a new wallet technology many Web3 developers have been using. MPC wallets can be accessed via an application programming interface (API), giving them a “Web2 feel” that some developers and users prefer.

According to an explanatory blog post from Circle, the new service will allow developers to “choose the best wallet security and control configurations.” For example, some developers may want to host their own MPC nodes to ensure they are not completely reliant on Circle, while others may want to choose the simpler method of connecting to Circle’s nodes. Developers can also choose to “share transaction signing responsibilities with the users,” allowing them to recover keys if users lose them, or they can make the product noncustodial by requiring users to sign every transaction.

According to Circle co-founder and CEO Jeremy Allaire, the new service is essential in promoting the use of USDC:

“Circle’s Programmable Wallets is part of a new, core pillar of our strategy to advance global, mainstream utility and adoption of digital assets like USDC and public blockchain-based payments[.] This new platform marks the first step for Circle’s Web3 services as we work to ease common pain points for developers[.]"

MPC wallets have faced controversy recently, as the widely used Multichain MPC bridge was hacked on July 7, causing investors to lose over $100 million. The Multichain team later admitted that all MPC shards had been stored on a cloud server under the control of their CEO.

In an emailed statement to Cointelegraph, Circle's senior director of product management Gagan Mac claimed that the new service “is built and maintained in-house, and doesn’t leverage external vendors,” implying that third-party cloud storage systems will not be used. In addition, Gagan stated that “some developers and enterprises may prefer to host an MPC node,” which they will be allowed to do if they wish. Multichain did not allow partners to host their own nodes.

Circle recently stated that the demand for Euro-based stablecoins is heating up and also argued that a Yuan stablecoin will be better than a Chinese CBDC.

Worldcoin’s Orb had serious security vulnerability in operator onboarding: CertiK

August 4, 2023 Coin Telegraph

Coin Telegraph

The smart contract auditor found that operator verification could have let operators into the system without a verified ID or even being a company.

The controversial Worldcoin project had a serious security vulnerability, CertiK has disclosed on X (formerly known as Twitter). Worldcoin pays people to become part of its World ID ecosystem by submitting scans of their irises through a device Worldcoin calls an Orb.

According to security platform CertiK, the vulnerability in the vetting process for operators could have allowed an attacker to bypass the verification process and operate an Orb without being interviewed or having a proper ID. “It would not need to be a company,” according to the post.

1/ On May 29th, CertiK reported a security vulnerability to #WorldCoin’s security team that could potentially allow an attacker to become an Orb operator by bypassing the verification process.
— CertiK (@CertiK) August 3, 2023

CertiK reported the vulnerability to the Worldcoin (WLD) security team as a “standard whitehat disclosure,” and it has been fixed, it said. The discovery of the vulnerability could add fuel to the worldwide controversy surrounding the project’s privacy and data use.

Critics have already suggested that the project, launched by OpenAI founder Sam Altman and intended to support its World App wallet by filtering out bots, is ethically questionable and contains the makings of a “dystopian nightmare.” The project is not open-source. Regulators have been skeptical as well.

The project depends on mass adoption for its success. Millions of people around the world have eagerly lined up for the opportunity to sell their retinal data for around $50. Observers have speculated that the project has not gained the support it was hoping for, but its momentum has not diminished.

HERE WE GO FOLKS: Hundreds of youth voluntarily line-up to have their eyeballs scanned with a Worldcoin orb to get their new digital ID with “free money” Worldcoins in their new digital wallet. This is exactly how #CBDC will be rolled out globally…
pic.twitter.com/whWgxdg7lm
— Patrick Henningsen (@21WIRE) July 26, 2023

The project claimed to be attracting 400,000 new users per week in mid-July, and that number has increased to over 545,000 at the time of writing, according to the project’s website, for a total of over 2,188,000. It recorded a daily average of over 193,000 wallet transactions over the past seven days.

The website also stated that 366 orbs have been active in the last week, and 2,000 of them have been manufactured.

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GameStop will stop support for its crypto wallets, citing ‘regulatory uncertainty’

August 1, 2023 Coin Telegraph

bitcoin regulation

The retail company used to be known primarily for its brick-and-mortar retail stores but has also launched an NFT marketplace and a soon-to-be-canceled line of crypto wallets.

Gaming retail company GameStop has announced it will remove its digital wallets from the market starting in November, citing “regulatory uncertainty of the crypto space.”

In a notice posted to its website, GameStop said iOS and Chrome Extension wallets will no longer be available starting on Nov. 1, advising users to ensure they have access to their secret passphrases by Oct. 1. The wallets, launched in May 2022, allow users to manage cryptocurrencies and nonfungible tokens, or NFTs.

*GameStop notice to users of its crypto wallets. Source: GameStop*

GameStop, once known primarily for its brick-and-mortar retail stores offering trade-ins of used consoles and games, became the center of media attention in January 2021 when a group of retail investors from Reddit caused hedge fund managers to lose billions on short positions. The firm has since launched its own NFT marketplace and announced plans to use digital assets and Web3 applications as avenues for growth.

It’s unclear to which aspects of “regulatory uncertainty” the company was referring. GameStop is headquartered in the United States, where lawmakers and regulators have taken various approaches to tackling the growth of crypto and blockchain. The U.S. Securities and Exchange Commission has brought several lawsuits against crypto firms in the country, and many court cases between blockchain companies and their executives are ongoing.

Cointelegraph reached out to GameStop for comment but did not receive a response at the time of publication.

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Nifty News: Yuga Labs to buy metaverse studio, Etihad NFT staking to take off and more

August 1, 2023 Coin Telegraph

Coin Telegraph

Roar Studios will be acquired by Yuga Labs as the latter looks to onboard talent for its still-in-development Otherside metaverse.

Yuga Labs accelerates Otherside plan

Nonfungible token (NFT) conglomerate Yuga Labs has agreed to acquire the metaverse-building startup Roar Studios as Yuga looks to bolster its Otherside metaverse.

Yuga tweeted the news on July 31 saying the impending acquisition was to “execute our expansive vision” for Otherside.

An accompanying release said Roar Studios' founder and CEO Eric Reid will join Yuga as the general manager of Otherside, charged with leading the development and production of the metaverse.

We are proud to announce Yuga Labs is acquiring Roar Studios, a music and metaverse startup led by long-time entertainment Executive, Eric Reid, to execute our expansive vision for @OthersideMeta.

For more, read here: https://t.co/Ll9OMrSwEP. pic.twitter.com/o2FankWun2
— Yuga Labs (@yugalabs) July 31, 2023

Yuga is also nabbing audio, game and artificial intelligence engineers from Roar’s team which is 14 strong according to LinkedIn.

Otherside has only been glimpsed through a handful of early access demos which started in August 2022 alongside a more recent “vibe check.” It’s unknown when the project will officially launch.

Earlier today we brought together a small focus group of 40 Voyagers in LA to delve into Otherside for a vibe check. pic.twitter.com/fXpyUk81w8
— Othersidemeta (@OthersideMeta) July 28, 2023

In mid-July Yuga chief Daniel Alegre said it's still hard at work building Otherside adding the project will take time as it's “audacious.”

Yuga also scooped up the CryptoPunks and Meebits NFT collections in March 2022 and in November 2022 it acquired the Beeple-founded NFT game 10KTF.

Etihad NFTs to offer priority check-in, lounge access

Abu Dhabi-based airline Etihad will soon take off with an NFT staking loyalty program called “Horizon Club” and is expanding its current NFT collection.

On Aug. 1, 300 new NFTs will be added to Etihad’s EY-ZERO1 collection, which will offer benefits like priority check-in, lounge access in Abu Dhabi and the ability to stake the NFT to earn flight miles.

Introducing ‘Etihad Horizon Club’: one of the world’s first Web3 airline loyalty programs, powered by @arcubenft. Stake your NFTs to earn Etihad miles and spend on travel & web 3 perks.

More miles per day for Etihad: Mission Impossible Livery NFT holders!

Launching in Q3 2023 pic.twitter.com/n6b1GJlvPN
— Etihad NFT (@EtihadNFT) July 28, 2023

Etihad isn’t launching the NFT staking platform until September but a trailer for the product shows users will be able to stake multiple NFTs to earn flight miles which are redeemable for various perks such as flights, upgrades and hotels.

As for the new NFTs, they depict an Etihad aircraft wrapped in branding for the latest Mission: Impossible film which the airline has a promotional partnership with.

NFT service platform Arcube collaborated on the collection and is one of the Web3 partners for the airline.

Lufthansa and Eurowings, two European airlines, have also flirted with Web3 integrations and are seeing how it could apply to their business models.

NFT Now cuts staff as crypto winter bites

NFT-focused news outlet NFT Now is reducing its staff count and restructuring, citing the ongoing crypto market winter.

NFT Now president Alejandro Navia tweeted on July 31 that it over-hired during the bull market and changing market conditions are forcing it to restructure and make cuts.

I have difficult news to share: pic.twitter.com/ufcknaboEO
— ALΞJANDRO (@AlejNavia) July 31, 2023

“Our company experienced rapid growth during the bull run, and we hired to service that growth,” reads Navia’s note.

“However, as we are building the business for the long term, we must adapt to changing market conditions,” he added. “Given the current climate, it is clear that this pace of growth was unsustainable and we over-hired.”

Navia said he takes “full ownership of this mistake” in his role as president. He did not disclose how many staff were impacted by the decision.

Sorare adds fiat in bid to boost adoption

The sports gaming platform Sorare has added support for fiat currencies to purchase its NFT-based digital trading cards, removing the need for users to pay in Ether (ETH).

As part of an update to its wallet users can now use U.S. dollars, euros or British pounds to buy the NFT cards which Sorare said eliminates a barrier to entry, according to a VentureBeat report.

A Sorare-affiliated account tweeted on July 31 that the rollout of what it calls the “Cash Wallet” will progressively start on Aug. 1 with more fiat functionality coming in September.

Cash Wallet Update

Cash Wallet is almost here! Over the next several days and weeks, we'll be rolling out functionality that enables Managers to easily buy, sell, trade cards and receive rewards in cash.

Here’s what to expect on or around the following dates:
-Monday, July…
— Sorare Support (@soraresupport) July 31, 2023

Other Nifty News

Two U.S. lawmakers stung Apple CEO Tim Cook with a letter asking for information on if its App Store’s guidelines are dampening the growth of blockchain and NFT technologies due to it limiting the functionality of Web3 apps.

A computer scientist and an archaeologist have developed a Web3-based verification-as-a-service model for recording the authenticity of cultural artifacts as NFTs.

NFT Collector: Interactive NFTs the future for sport, Vegas Sphere excites

Arkham Intel Exchange approves $5K bounty for info on Do Kwon and Terra wallets

July 24, 2023 Coin Telegraph

Arkham Intel Exchange approves K bounty for info on Do Kwon and Terra wallets

Blockchain

Terra co-founder Do Kwon is currently in a Montenegrin prison as the platform remains under scrutiny in South Korea, but crypto users continue to seek out information on wallets.

A platform aimed at “deanonymizing the blockchain” has accepted its first submission concerning information on wallet addresses connected to Terraform Labs and its co-founder, Do Kwon.

In a July 24 announcement, Arkham Intel Exchange said it had accepted a submission from two “on-chain sleuths,” resulting in a bounty payment of 9,519.2625 Arkham (ARKM) — roughly $5,000 at the time of publication. An anonymous user and Ergo, a self-described “glorified accountant” working with OXT Research, sent the platform “evidence of wallets” owned by Kwon and Terra. Ergo said this information could contradict public statements from Terra on holding only one Luna Foundation Guard wallet, in which a reported 313 Bitcoin (BTC) remains in reserve.

Expanded labels for the LFG BTC address activity after running off with funds intended for defense of the UST depeg have been added to Arkham as a part of their bounty program.

Details and additional color on the attribution are provided below. https://t.co/RzEqz4jj01
— ∴glorified accountant∴ (@ErgoBTC) July 24, 2023

Launched on July 10, Arkham has incurred negative reactions from many in the crypto space, who describe the platform as little more than a glorified snitching service. The firm allows users to post bounties requesting information on blockchain transactions, which will be released to the public 90 days following approval at Arkham. This suggests all information on the Kwon and Terra wallet addresses may become available in late October.

Terra was at the forefront of controversy in the 2022 crypto market crash when the platform’s algorithmic stablecoin, TerraClassicUSD (USTC), depegged from the United States dollar. Kwon’s whereabouts were largely unknown from May 2022 until March 2023, when authorities in Montenegro arrested and later sentenced him to four months in prison for using forged travel documents.

Individuals connected to Terra in South Korea are also currently under scrutiny from local authorities investigating the exchange. In July, co-founder Shin Hyun-seong — also known as Daniel Shin — reportedly had his first hearing for charges related to allegedly illicit profits from the sale of LUNA tokens.

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Reddit engineer shares strategy behind NFT onboarding at EthCC

July 20, 2023 Coin Telegraph

Coin Telegraph

Spasova emphasized that the primary motivation behind running Collectible Avatars on-chain is to empower users with freedom of use.

Mirela Spasova, a Reddit senior engineer on the Collectible Avatars project, took to the master stage at the Ethereum Community Conference (EthCC) event in Paris to shed light on Reddit’s strategy for onboarding millions of users to its blockchain-backed digital collectibles.

In her presentation, Spasova said that the primary motivation behind running Collectible Avatars on-chain is to empower users with freedom of use. By adopting an on-chain approach, users can make their own choices, including an option to resell the avatars on popular nonfungible token (NFT) marketplaces like OpenSea.

After purchasing avatars from creators on Reddit, users can further engage with the NFT ecosystem and potentially benefit from the growing market for digital collectibles.

*Screenshot of Spasova presenting at EthCC. Source: YouTube.*

In 2022, Reddit launched a blockchain-backed collectible avatar featuring an NFT minted on Polygon. Spasova said the aim was to achieve widespread adoption and support creators in monetizing their collections. To accomplish this, Reddit made the user experience a priority, minimizing friction, marketing the product's benefits and delivering an integrated experience, she said.

To minimize user friction, Reddit made strategic trade-offs, including developing a non-custodial wallet, “Reddit Vault” for quick onboarding within 30 seconds, as Spasova explained. They also introduced fiat purchases for Web and IOS users. To enhance the experience, she continued, Reddit ensured users received their collectible avatars instantly upon claiming. They built an asynchronous system to query the minted and transferred state, updating the collectible metadata once the NFT was minted.

In the presentation, Spasova explained how they structured the messaging for interacting with new users, placing emphasis on the product's benefits, value and overall user experience. In her words:

"You're getting a blockchain-backed collectible, and no NFT provides all of that."

Spasova concluded that the user experience strategies applied to Reddit Collectible Avatars led to the onboarding of over eight million users to wallets. She also noted the positive side effects, such as fostering organic community engagement between artists and users within the ecosystem. Additionally, users' investment in building various tools on collectible avatars has enriched the overall experience for the community, she said.

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Telegram Wallet bot enables in-app payments in Bitcoin, USDT and TON

July 13, 2023 Coin Telegraph

Coin Telegraph

Wallet, a custodial wallet bot on Telegram, says that merchants should sort out for themselves whether their jurisdictions allow them to accept payments in crypto.

The cryptocurrency payment industry continues to evolve with a new cryptocurrency payment option coming to crypto-friendly Telegram messenger.

Wallet, a Telegram bot allowing users to buy and sell cryptocurrencies like Bitcoin (BTC), has launched a crypto payment solution based on The Open Network (TON) blockchain.

The new Wallet Pay service provides crypto payment transactions between users and retail businesses, enabling direct payments within the Telegram interface.

Announcing the news on July 13, Wallet told Cointelegraph that the new payment feature is immediately available within all jurisdictions supported by the wallet service.

At the moment, this list of supported jurisdictions supported by Wallet Pay includes most countries except for the United States and those blacklisted by the Financial Action Task Force, a spokesperson for Wallet said. For example, Wallet Pay doesn’t serve countries like Iran, Myanmar and North Korea.

As some countries of Wallet bot’s operation do not allow residents to pay using cryptocurrency, the wallet service puts compliance responsibility on local businesses. The Wallet representative stated:

“Businesses should decide if they are allowed to do business within their jurisdiction before applying to make use of Wallet Pay.”

The list of jurisdictions that do not allow their residents to pay for products and services with crypto includes countries like Russia, Indonesia, Vietnam, Iran, Egypt and others. Russia, which officially banned domestic crypto payments from 2020, is the second-biggest country in terms of Telegram downloads, second after India, according to data from Statista. Indonesia, Egypt and Vietnam are also among the top 10 countries of Telegram app downloads.

*Top 10 countries by Telegram app downloads. Source: Statista*

The Wallet's representative noted that the platform isn’t aware what merchants would be first to test out its payment feature because the firm hasn’t launched the Know Your Business (KYB) procedure yet. The spokesperson said:

"We have had a few hundred requests collected by our support team, but we did not start the KYB procedure with these requests prior to launch, so we don’t yet know who will be the first to implement the feature.”

The Wallet representative also stressed that the firm runs its operations independently from Telegram. The Wallet bot and application are based on the open protocol called the Telegram Web Apps, which allows developers to create their own apps and services on Telegram.

The payment service is available through a dedicated bot on Telegram or via the official Wallet Pay website. Users should be careful to ensure they validate the source of the bot if they think of trying it.

Wallet’s new payment feature supports three cryptocurrencies that are currently featured on its wallet service. These cryptocurrencies include Bitcoin, Tether (USDT) stablecoin and Toncoin (TON).

Unlike self-custodial, or non-custodial wallets like MetaMask, the Telegram Wallet Bot operates a custodial wallet and has its own fee structure.

“As of today, Wallet is a custodial solution,” the Wallet’s spokesperson told Cointelegraph. The representative added that fees for crypto payments will “range from 1% to 3% during the beta period.”

According to the Wallet Support data, the Telegram Wallet bot also currently takes a 0.0004 BTC ($12) commission for withdrawing the cryptocurrency from its custodial wallet. USDT and TON’s withdrawal fees amount to 2 USDT and 0.05 TON, respectively.

Magazine: Asia Express: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival

Coinbase Wallet launches instant messaging feature with XMTP

July 12, 2023 Coin Telegraph

Coin Telegraph

The new feature offers end-to-end encrypted private messaging for anyone with a cb.id username, .eth domain, or Lens ID.

Coinbase Wallet users can now send instant messages to each other using their Ethereum identities, according to a July 12 blog post from Coinbase. The new feature relies on the Extensible Message Transport Protocol (XMTP), an instant messaging system that allows users to communicate using blockchain addresses. XMTP is also used by decentralized social media network Lens.

*Demo of Coinbase Wallet instant messaging function. Source: Coinbase*

According to Coinbase’s post, select wallet users can now send messages to each other’s cb.id, .eth, or Lens usernames. The feature is being rolled out first to all users who scan a QR code from the blog post or who own Lens profiles, with all users gaining access at some point in the future. Messages are end-to-end encrypted to ensure privacy, and users can block addresses they don’t want to see messages from.

Coinbase stated that one of the motivations for releasing the feature was to cut down on fraud in the crypto community. Since users can now send messages directly to the owner of a wallet address, they won't need to rely on a separate platform for messaging where the recipient’s Web3 identity may not be verifiable. Coinbase said this may “eliminate unnecessary risk and potential losses.”

Currently, the most often used chat apps for crypto users are Twitter, Discord, and Telegram, none of which presently allow users to verify their Web3 identities.

The company also argued that using XMTP for messaging reduces centralization. If Coinbase stops offering its wallet or ceases to exist as a company, users can still keep their XMTP chat histories and view them using other XMTP apps such as Lenster or OrbApp. "Your chats will transfer automatically, so you can focus on connecting," Coinbase stated.

According to the XMTP documents, the messaging protocol runs on a network whose nodes are 100% owned by its developer, XMTP Labs. However, the documents also say the company is “working toward a phased decentralization of the network."

In a conversation with Cointelegraph, XMTP co-founder Shane Mac reiterated this point about the value of decentralization. He emphasized that XMTP is not a social media or instant messaging app. Instead, it is a protocol that other applications like Coinbase Wallet and Lens can use. In his view, this allows users to choose which app they want to use without having to give up their identities or chat histories if they change apps.

“To really have a network that is interoperable and decentralized, developers have to want to build on top of it. So we have over 400 developers building on top of XMTP[...]You really have to incentivize developers to build with you, not to build a closed-walled silo.”

Coinbase Wallet has been part of a growing movement to increase adoption of Web3 usernames. It offered free cb.id usernames to all users in September, which helped to create a surge in registrations as the year came to a close. Web3 usernames allow users to send crypto to a human-readable name instead of the long strings of characters that make up a crypto address.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Revoke adds new feature after users complain of fake approvals scam

July 10, 2023 Coin Telegraph

approvals

Scammers have found a new way to make crypto by luring users into revoking fake approval transactions.

Approval management platform Revoke has issued a fix aimed at mitigating a new crypto scam, which involves baiting crypto users into revoking “fake approvals” and then stinging them with excessively high transaction fees.

On July 9, Revoke.cash stated that it had received reports of people seeing unknown approval transactions in their transaction history.

Yesterday, we received reports of people seeing unknown approval transactions in their transaction history.

It turns out that this is a new scam where scammers use so-called gas tokens to steal money when victims revoke these "fake approvals". pic.twitter.com/vpY2sGIv0T
— Revoke.cash (@RevokeCash) July 9, 2023

In reality, scammers have been using what are known as “gas tokens” to trick victims into believing they have suspicious transaction approvals.

“It turns out that this is a new scam where scammers use so-called gas tokens to steal money when victims revoke these "fake approvals".”

Gas tokens were developed when Ethereum network fees started climbing. Users could effectively store cheap gas during periods of low network demand.

“This allowed users to mint gas tokens when fees were low, and burn them when fees were high, effectively "locking in" the lower fee,” explained Revoke.

However, Revoke said that scammers have been creating fake gas tokens that they airdrop with fake approvals that users think they need to revoke.

The spurious tokens have been programmed to generate a lot of gas during the revoked transaction with the newly minted gas tokens being sent back to the scammers leaving the victim with a high transaction fee.

Revoke said it has now addressed the issue by adding a check that disables revoking approvals if there's an excessive gas fee. It advised users to ignore the fake approvals:

“Best thing to do with these fake approvals / fake tokens is to ignore them. As long as you don't interact with them, they can't steal your funds.”

Revoke is a preventative tool that helps users practice safer crypto wallet behavior by managing or revoking active approvals such as those no longer required by DeFi protocols.

*Revoke's new fix to combat the gas token approval scam. Source: Twitter*

Platforms such as Revoke have been urging users to revoke approvals for Multichain following the multi-million dollar network exploit on July 7. This has given scammers a new avenue to lure victims to approve their fake transaction revokes.

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Binance to deactivate some deposit addresses for wallet upgrade

July 6, 2023 Coin Telegraph

Binance

Cryptocurrency exchange Binance continues upgrading its wallet infrastructure, which requires affected users to get new wallet addresses.

Binance cryptocurrency exchange is preparing for another upgrade of its wallet infrastructure, warning users about the upcoming address migration.

On July 6, Binance officially announced that it will be retiring selected deposit addresses in batches as part of a network address migration scheduled for Q3 2023.

Binance’s latest wallet upgrade will affect a total of 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), XRP (XRP), Solana (SOL), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT) and others.

In addition to wallet addresses, Binance will be also deactivating memos. Also known as a destination tag, a wallet memo is an additional address feature necessary to identify a transaction recipient beyond a wallet address. As most centralized exchanges like Binance use one wallet address for all traders, the tag or memo is used to determine the individual account.

According to the announcement, Binance will send notifications to impacted users. The firm strongly encouraged all impacted account holders to get a new address and memo upon receiving the notification.

Binance emphasized that users should continue their current deposit addresses if they have not received an official notification from Binance, stating:

“Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo — if applicable — before the expiry date. [...] Old deposit addresses will expire upon obtaining a new address.”

At the same time, funds deposited into an expired address will not be lost, the announcement notes. But unlike regular deposits, the deposits made into expired addresses would not be automatically credited, requiring users to manually credit them via the transaction history page.

Binance’s wallet upgrades aren’t something new. Binance regularly upgrades its wallet infrastructure in order to provide “better efficiency and fund security for users.”

The exchange previously proceeded with such an upgrade in April 2023, disabling old deposit addresses for networks like Ether (ETH), a number of EVM-compatible coins, Binance Coin (BNB) and others.

Binance didn’t immediately respond to Cointelegraph’s request to comment. This article will be updated pending new information.

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Wallet

Yuga Labs accelerates Otherside plan

Etihad NFTs to offer priority check-in, lounge access

NFT Now cuts staff as crypto winter bites

Sorare adds fiat in bid to boost adoption

Other Nifty News

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