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Binance to implement Lightning Network nodes

Binance announced that it had commenced operating nodes on the Bitcoin Lightning Network as a crucial step toward integrating it for deposits and withdrawals.

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Binance announced that it had commenced operating nodes on the Bitcoin Lightning Network as a crucial step toward integrating it for deposits and withdrawals.

In a tweet, Binance acknowledged users who noticed their new Lightning nodes and confirmed their presence. However, Binance highlighted that additional technical work must be completed before the Lightning integration is fully implemented, promising to provide updates along the way.

In response to the congestion witnessed on the Bitcoin network on May 7, Binance announced its plans to incorporate the Lightning Network to alleviate bottlenecks. In a tweet, Binance mentioned its ongoing efforts to enable BTC Lightning Network withdrawals, recognizing its potential in such situations. The increased congestion was primarily caused by a surge in BRC-20 transactions, with the popularity of meme coins being a contributing factor. 

The Bitcoin Lightning Network is a layer-two protocol built on the Bitcoin blockchain to address scalability issues. It allows participants to create payment channels, conduct off-chain transactions quickly and inexpensively, and settle the channels on the Bitcoin blockchain when necessary. The Lightning Network aims to enhance the speed, scalability and privacy of Bitcoin transactions, making it more efficient for microtransactions while reducing fees and congestion on the main network.

Recently, Binance has been entangled in a legal battle with the United States Securities and Exchange Commission (SEC), causing a period of uncertainty for the company. However, there is a sense of relief after Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia approved a consent agreement between Binance, Binance.US and the SEC. The agreement effectively dismissed a temporary restraining order filed by the SEC that would have frozen all Binance.US assets. 

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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