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A large whale added over $10 million worth of SHIB tokens on Tuesday, data shows.

A long-running industry narrative is that limited-supply cryptocurrencies like bitcoin can hold their value against inflation – similar to gold or bonds.

Haru Invest has suspended deposit and withdrawal requests until further notice as of 12:40 a.m. UTC today.

“Recently, we have come across a certain issue with one of the service partners we have worked with,” the South Korea-founded and Singapore-based crypto investment platform explained, adding: “We are now further investigating the issue with them and seeking the contingency plan to rectify the situation.”

“For the purpose of protecting our users’ assets under our custody, we have come to make a tough decision that any deposit and withdrawal requests will be suspended until further notice,” it declared.

Haru Invest did not immediately respond to a request for comment.

This story is developing and may be updated.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The firm blamed the pause on a “certain issue” with one of its service partners, and said it is working on a contingency plan, according to a blog update.

The core team at Polygon has unveiled its plan for building Polygon 2.0 — envisioned as a network of zero-knowledge-powered Layer 2 blockchains. 

Polygon operates a proof-of-stake sidechain network called Polygon POS, which runs parallel to Ethereum and hosts notable crypto apps, such as Uniswap and Aave. It also manages a Layer 2 network based on ZK-Rollups, named Polygon zkEVM, complementing its existing proof-of-stake chain.

However, the team is preparing to create additional Layer 2s that leverage ZK-Rollups — one of the two most adopted solutions designed to scale Ethereum with off-chain computation. Such individual Layer 2s could interact with each other securely. 

The team explained that the architecture of Polygon 2.0 is being designed to facilitate instantaneous and secure cross-chain interactions with Layer 2 chains without additional trust assumptions. The team stated that this initiative aims to establish the “Value Layer of the Internet.”

“Individual blockchains aren’t infinitely scalable; they have strict throughput limits,” the team noted. “We can add capacity by creating new chains, but not without fragmenting liquidity and reducing security and capital efficiency. Enter Polygon 2.0.”

Polygon has previously shown interest in creating multiple chains using its software stack called SuperNets. The team has been involved in developing individual chains for Immutable and Aavegotchi. With Polygon 2.0, the emphasis will shift towards creating more interconnected chains, leading to ecosystems akin to Cosmos and Polkadot. However, the unique approach, in this case, involves developing them as Layer 2s that leverage ZK-Rollups.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The FTX founder’s lawyers argue that a new Supreme Court judgment shows that he has not committed fraud.

John Reed Stark argues that the United States Department of Justice will file — or has already filed under seal — a Binance-related criminal indictment.

“There exist a litany of indicators that U.S. DOJ will file, or has already filed under seal, a Binance-related criminal indictment,” the 19-year Securities and Exchange Commission veteran and former SEC Office of Internet Enforcement chief tweeted.

“To me, the CFTC and SEC complaints read more like criminal indictments, replete with allegations of fraud, deception, obstruction of justice and money laundering,” Reed added.

Binance under siege from regulators

The SEC sued Binance, the largest crypto exchange by volume, over several violations of the country’s securities laws on June 5. The regulator also filed a motion to freeze crypto assets held by Binance.US and owner Changpeng Zhao.

A 76-page Commodities and Futures Trading Commission complaint, meanwhile, claims certain parties at the exchange were aware that some were using the exchange for criminal activities — drawing parallels to collapsed rival FTX — but leaves the door open for the DOJ to charge the exchange on money laundering.

“Neither the CFTC or SEC case intensely focus on money laundering,” Reed noted. In his opinion, “that is the prosecutorial space that has been carved out and reserved for a U.S. DOJ criminal prosecution relating to Binance.”

“My take is that U.S. DOJ is working with the SEC, CFTC and multiple informants/whistleblowers, and the next axe to fall is the filing, or unsealing of, Binance-related criminal charges,” Reed concluded, adding: “Fail not at your peril.”

In preparation for its legal defense against regulators in the U.S., Binance.US added four lawyers from Milbank LLP to its legal team — including former co-director of the SEC’s Enforcement Division, George Canellos.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

ALSO: The co-founder of crypto security firm De.Fi called the price stabilization of crypto assets that plummeted after SEC lawsuits against Binance and Coinbase “mean regression.”

Crypto lending firm BlockFi, which was forced to suspend withdrawals last year in the wake of the collapse of the FTX exchange, said that it expected to finish work and necessary testing to allow for some customers to start getting their money back this summer.

“At that time, we will be in a position to begin allowing clients to withdraw digital assets held in BlockFi Wallet accounts that are not subject to potential preference claims,” the company said in an email to clients on Monday.

BlockFi said that any withdrawals must be done in batches, and that those who are eligible will receive an email from the firm. In the mean time, the company recommends users set up third-party wallets to withdraw funds.

BlockFi has been struggling to allow customer returns ever since it paused customer withdrawals on Nov. 13 and subsequently filed for Chapter 11 bankruptcy protection two weeks later. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.