This Week in Crypto - 8th of June

Welcome to our weekly update. Here you’ll find a brief overview of the main news and happenings in the crypto market.

1.SEC crypto crackdown: US regulator sues Binance and Coinbase

The US financial watchdog accused the crypto exchange Binance and its founder Changpeng Zhao of operating a “web of deception,” charging him and his exchange with 13 offences. On Tuesday, the SEC accused another crypto platform, Coinbase, of putting customers at risk by operating as an “unregistered broker, exchange and clearing agency”.

2.BNB Drops to 6-Month Low as ADA, MATIC, SOL Lead Altcoin Tumble

Major cryptocurrencies targeted as unregistered securities in U.S. Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase dropped sharply to lead an altcoin sell-off Wednesday as traders sought the relative safety of bitcoin. BNB, the Binance Smart Chain’s native token, dropped 8% in the last 24 hours. Cardano’s ADA, Polygon’s MATIC and Solana’s SOL, all top 10 tokens by market capitalization, also nosedived between 6% and 8% through the day.

3.North Korea hackers suspected in new $35 million crypto heist

North Korean hackers were likely behind the theft of at least $35 million from a popular cryptocurrency service. The hackers drained the cryptocurrency accounts of certain customers of Atomic Wallet, an Estonia-based company that claims 5 million users of its software.

4.Louis Vuitton to sell $41,000 NFTs to top customers

French luxury fashion house Louis Vuitton will soon debut a limited series of NFTs, each priced at about $41,712 (€39,000), which will unlock exclusive products and experiences for high-level customers, the company announced Tuesday.

5.Stablecoin issuer Circle receives digital token license in Singapore

The license issued by the Monetary Authority of Singapore (MAS) allows Circle Singapore to offer digital payment token services, cross-border money transfer services and domestic money transfer services in the city-state.