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first_img RedotPay responds to Binance's $473 million lawsuit: will actively defend and deny the relevant accusations

According to CoinDesk, RedotPay responded to the lawsuit filed by Binance, stating that it will actively defend itself. The company stated in a statement that it is aware of the legal proceedings initiated by Binance and will mount a strong defense against all allegations, denying the related accusations against the company and its co-founders, claiming that these allegations are baseless.Previously, Bloomberg reported that a Binance-affiliated entity filed a lawsuit in Hong Kong against RedotPay's co-founder, accusing him of breaching the agreement by directing over 470,000 Binance users to the RedotPay platform, resulting in approximately $473 million in losses. Binance stated in the lawsuit that it discovered in March 2026 that RedotPay allowed and encouraged the use of Binance Pay funds for unauthorized purposes without isolation, including recharging the RedotPay card. Binance's Chaintecs also filed a lawsuit against RedotPay affiliates in Singapore, with a related hearing scheduled for this Friday.Public information shows that Binance and RedotPay first reached a commercial cooperation in November 2023, which was terminated less than six months later due to Binance's claim that its funds were used for recharging RedotPay prepaid cards. The two parties reached a second agreement in March 2025, requiring Binance funds to remain isolated, allowing Binance users to exchange cryptocurrencies for fiat currency on RedotPay, conduct in-app transfers, and purchase RedotPay branded merchandise, but not to recharge the RedotPay card. Binance terminated the agreement in April 2026, stating it was part of a merchant partner review. RedotPay had previously planned to go public in the U.S. with an estimated valuation of about $4 billion, intending to raise over $1 billion.

Canton Network (CC) discloses dynamic supply model, denying fixed maximum supply cap

Canton Network recently issued a statement to clarify the market's misunderstanding regarding its native token, Canton Coin (CC), which has a "supply cap" of 100 billion, and to explain its dynamic supply model.The official statement indicated that CC adopts a supply mechanism similar to Ethereum and Solana, with an infinite cap but a stable actual supply. CC does not have a fixed cap, but each transaction burns CC, offsetting new issuance. The higher the network usage, the more is burned, resulting in lower net issuance, ultimately forming a mint-burn equilibrium (BME).The official emphasized that the value of CC should be measured by market capitalization rather than theoretical supply cap.Supply outlook and key milestones:After entering BME, the total supply will fluctuate stably around network demand. According to the current model, if balance is achieved by 2026, the total supply may be below 50 billion by 2034.On January 1, 2026, a "double halving" will occur: the total block issuance will be halved, and the Super Validator (SV) share will decrease from 48% to 20%.Three years later, another "double halving" will occur, further reducing the SV issuance share to 10%, making it the only major source of inflation that gradually shrinks.Canton Network stated that it has burned over 1 billion CC to date, with a daily burn value of approximately 900,000 USD. As issuance decreases, it is expected that by the early 2030s, the inflation rate of CC will become one of the lowest among mainstream Layer-1s.

The Baby Shark token on Story Protocol plummeted 90% due to the creator denying authorization issues

ChainCatcher news, according to CoinDesk, claims that the Baby Shark token, which represents the most viewed video on YouTube, plummeted 90% after the company that minted this Meme coin realized it had no issuance rights from the issuing platform. The token's price on Story Protocol fell from a high of 35 cents on Tuesday to less than 0.064 cents.Previously, the brand owner Pinkfong Co., based in Seoul, released an official statement on the X platform on Friday, stating that the token "is in no way associated with the company." "Baby Shark" is a two-minute animated music short aimed at young children, which has garnered over 16 billion views since its release in 2016. The token was issued through IP.World, which at one point had a market cap of up to $200 million. IP.World stated that the rights provided by its licensing partner Pinkfong were flawed, and its verification process hindered the distribution of creator fees.Pinkfong Co. stated in the announcement that only the Meme coin Baby Shark on Solana and the Baby Shark Universe token on BNB Chain are officially recognized assets. However, this statement failed to calm traders' emotions, as they previously mistakenly believed that the token was an official collaboration project of Pinkfong Co., and this misunderstanding was further exacerbated by influencer endorsements and the promotional efforts of Story Protocol itself.
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