1 million ETH has been withdrawn since Ethereum Shanghai hard fork

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1 million ETH has been withdrawn since Ethereum’s Shanghai hard fork; BNB Chain exposes 191 high-risk dApps and fake tokens; SEC accuses Bittrex and its former CEO

More than a million ETH has been withdrawn since Ethereum’s Shapella update went live. ETH’s price surged in the same time frame, currently hovering around $2,100.

The amount of ETH withdrawn since the Shanghai hard fork of Ethereum has exceeded one million.

The Shanghai hard fork, which is part of the upgrade package called Shapella, went live just before April 12. It has allowed Ethereum stakers to withdraw their ETH rewards for the first time since Beacon chain deposits began in late 2020.

According to data from Token.unlocks, the total amount of ETH withdrawn currently stands at 1.02 million coins. Meanwhile, the amount of ETH deposited since the Shanghai hard fork is 373,040 creating a net stake balance of 646,210.

Current staking chart on Ethereum

Just under 15 percent of the total ETH supply has been invested (excluding stake rewards). This corresponds to 17.30 million ETH worth approximately $36.1 billion.

The total amount of ETH waiting to be withdrawn (including rewards) has dropped below $2 billion after exceeding $3 billion yesterday. Currently, 877,880 ETH worth $1.84 billion are waiting to be withdrawn.

In the next 11 hours, an estimated $62.65 million will be withdrawn, reaching an average of $125.23 million per day. ETH price is hovering around $2,100 per coin, while the staking APR, the interest rate for running an Ethereum validator, is just under 5 percent.

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In a tweet dated April 16, Glassnode Alerts shared that the last active 3y-5y supply of ETH is at a 3-month high.

BNB Chain exposes 191 high-risk dApps and fake tokens

BNB Chain, developed by Binance cryptocurrency exchange, has updated its Red Alert list, which includes 191 high-risk projects and decentralized applications (dApps) on the blockchain.

The BNB Chain Red Alert list includes projects and dApps that are considered risky investments based on smart contract evaluation. In this list, which is updated every Friday; There are 191 new BNB Chain projects added to the list. This list includes projects that are suspected of issuing fake tokens, involve high tax fees, or simply have websites and Twitter handles not working.

BNB Chain made this announcement:

“Be sure to check out our weekly Red Alert list to meet suspicious actors on our network.”

BNB Chain strongly stated that its proactive alert is not investment advice and does not represent the level of risk of the underlying dApp projects. This statement is only intended to help users research before making investment decisions.

BNB Chain began testing BNB Greenfield, an in-house initiative to deliver decentralized storage solutions, on April 10.

BNB Greenfield allows users to create wallets and manage data while allowing developers to maintain control over their data assets.

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SEC accuses Bittrex and its former CEO

The US Securities and Exchange Commission (SEC) has sued cryptocurrency exchange Bittrex and its former CEO. According to the statement, the regulator accuses the company of being an unregistered stock exchange.

The SEC has accused cryptocurrency firm Bittrex and co-founder William Shihara of operating an unregistered securities exchange.

The regulator additionally accused Bittrex Global GmbH, the company’s foreign subsidiary, of operating as an unregistered national stock exchange.

Revenue of $1.3 billion

The company, which has been operating in the United States since 2017, served investors as a stock exchange and broker, while earning $1.3 billion in transaction fees without registering with any regulator, according to the SEC’s statement.

SEC Chairman Gensler said:

“Our action today clearly demonstrates once again that the crypto industry is suffering from a lack of regulatory compliance, not a lack of regulatory clarity. As mentioned in our complaint, Bittrex and the companies they work with knew the rules that applied to them. However, they have made extra efforts to avoid these rules by directing companies applying for listing to review material that indicates cryptoassets are securities.”

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