Stablecoins
Binance: Will hack attempt overshadow new FDUSD trading pairs?
Binance introduces FDUSD trading pairs with major cryptos following a thwarted hack attempt. Diversification and resilience shine even as BUSD’s regulatory concerns linger.
- FDUSD to be paired with ETH and BTC on Binance with zero maker and trading fees.
- Binance also recently foiled a hack attempt of 20 million USDT.
Binance [BNB] has made a recent announcement stating that the newly introduced FDUSD will now be paired with both Bitcoin [BTC] and Ethereum [ETH]. The decision comes just one day after successfully foiling an attempted hack on the network.
Read Binance’s [BNB] Price Prediction 2023-24
Additionally, the CEO emphasized the company’s commitment to expanding the ecosystem.
Binance introduces FDUSD trading pair
On 3 August, Binance made an official announcement to introduce new trading pairs, BTC/FDUSD and ETH/FDUSD. According to the announcement, the pairing will be available on the platform starting on 4 August.
The decision came shortly after the Binance CEO discussed the new stablecoin and the importance of diversifying stablecoins within the platform. The pairs also followed a period wherein BUSD minting was suspended due to regulatory issues.
First Digital, a Hong Kong licensed trust company, launches a new USD pegged stablecoin (FDUSD), on #BNB Smart Chain.
— CZ ? Binance (@cz_binance) June 1, 2023
During this time, the platform shifted its focus to TUSD, resulting in a surge in trade volume.
However, the recent move indicates the company’s willingness to explore and incorporate various stablecoins into its offerings.
The stablecoin will also be included in the zero-fee Bitcoin trading program along with the trading pair’s announcement. This would allow users to trade BTC/FDUSD without incurring any fees.
FDSUD 24-hour volume declines
As per CoinMarketCap data, FDUSD was ranked 13th among stablecoins in market capitalization at press time. Its market cap was approximately $258.4 million.
In the past 24 hours leading up to this moment, FDUSD experienced substantial growth, witnessing an increase of over 25% in its market cap. However, its trading volume had decreased significantly, dropping by over 79%.
Source: CoinMarketCap
Binance thwarts zero-address scam attack
When Binance announced the introduction of the new trading pair for FDUSD, the platform also encountered a hacking attempt involving another stablecoin. According to a statement by Binance’s CEO, Changpeng Zhao, the hacker tried to execute a zero-transfer scam attack.
However, the platform’s operators promptly identified the issue after executing a 20 million USDT transaction. Fortunately, Binance acted swiftly and managed to freeze the USDT funds in time, thwarting the hacker’s attempt.
I want to share this (luckily) unsuccessful, but very clever and close scam incident from yesterday ?. Saved $20m. Hope it may also save you one day.
The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check… https://t.co/DFpdX8aNay
— CZ ? Binance (@cz_binance) August 2, 2023
How much are 1,10,100 BNBs worth today?
The recent listing and pairing of FDUSD by Binance were indicative of the company’s efforts to expand its network and diversify its range of stablecoins.
By introducing FDUSD trading pairs with Bitcoin and Ethereum, Binance aims to provide more options for its users and enhance the platform’s stability.
