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12 May 2026, 11:13
Bitunix Launches “TradFi vs Crypto” Trading Competition With 630,000 USDT Prize Pool
Bitunix exchange has announced a new trading campaign called “TradFi vs Crypto: The Ultimate Showdown,” offering a total prize pool of 630,000 USDT for eligible participants. The campaign will run from May 12, 2026, at 10:00 UTC until May 25, 2026, at 23:59 UTC. The event is open only to invited users who successfully register. Users only need to register once to join both competitions: The TradFi Trading Competition, with rewards of up to 180,000 USDT The Crypto Trading Competition, with rewards of up to 450,000 USDT To qualify for rewards, users must reach at least 50,000 USDT in valid trading volume in either competition. Bitunix said only futures trading volume with actual trading fees paid will count toward the competition. Both opening and closing trades are included. Trading done using fee discount vouchers or futures bonuses will only count partially based on the actual fees paid. Leaderboard rankings and trading volume data will be updated every 15 minutes during the event. Rewards will be distributed within seven business days after the campaign ends, and they will be issued as futures bonuses. Bitunix also stated that users who engage in unfair activity, including wash trading, volume manipulation, or registering multiple accounts, may be disqualified from the event. The campaign comes as Bitunix exchange continues expanding its TradFi offering, which includes trading access to assets linked to traditional financial markets. The exchange said user interest in these products has continued to grow in recent months. Bitunix keeps extending its product lineup and trading infrastructure as the platform continues growing its global user base. The exchange is focused on derivatives trading but also offers spot trading. More information about the campaign is available on the official website of Bitunix . About Bitunix Bitunix is a global cryptocurrency derivatives exchange trusted by over 5 million users across more than 150 countries. Guided by its core principle of better liquidity, better trading, the platform is built for traders who expect more, committed to providing Ultra Trust, Ultra Products, and Ultra Experience. Bitunix offers a fast registration process and a user-friendly verification system supported by mandatory KYC to ensure safety and compliance. With global standards of protection through Proof of Reserves (POR) and the Bitunix Care Fund , the exchange prioritizes user trust and fund security. Industry-first innovations like Fixed Risk, TradingView-powered chart suite, along with indicator alerts, cloud-synced templates, provide both beginners and advanced traders with a seamless experience. Making Bitunix one of the most dynamic platforms on the market. Bitunix Global Accounts X | Telegram Announcements | Telegram Global | CoinMarketCap | Instagram | Facebook | LinkedIn | Reddit | Medium Disclaimer: 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.
12 May 2026, 11:00
VVV jumps 16% as Upbit listing boosts Venice Token – More gains ahead IF…
Venice Token extended the rally surging 16% to $19.4 amid rising market demand.
12 May 2026, 10:12
Bitget Under Fire As $480m Withdrawal From Lab Sparks Allegations Of Coordinated Exchange Action
With a wave of suspicious on-chain transactions connected to Bitget, the crypto market is finding itself once again faced with accusations of lack of transparency and practices by centralized exchanges. Massive 500 million withdrawn from CEXs, abundant discussions about the potential “Price Manipulation” on Centralized platforms have reemerged. ZachXBT Dives Deeper into $LAB Token Scandal: Offers Bounty Following Market Manipulation Allegations Central to the controversy are allegations of collusion, opaque business practices and what some observers now call a Chinese CEX cartel dynamic at play. Another Under-Collateralised Protocol at A Glance Blockchain analytics firm Lookonchain revealed the incident after noticing a strange pattern of transactions In their analysis, they found that 10 newly created wallets withdrew a total of 100 million LAB tokens from Bitget in just over 12 hours. That movement is big. This withdrawn volume makes up approximately 32.26% of LAB’s total circulating supply, a sufficiently large amount to be transferred over that short period of time, particularly through undeveloped wallets without previous transactions history. The valuation intensifies the significance. The tokens were worth around $480.33 million at the time of going offline, making this one of the largest large-scale single-exchange token movements over recent months. Ten fresh wallets withdrew 100M $LAB ($480.33M) from #Bitget over the past 12 hours, 32.26% of the circulating supply. https://t.co/hKh7C1lvKA pic.twitter.com/c8ABgvBJ8R — Lookonchain (@lookonchain) May 12, 2026 ZachXBT Makes Serious Allegations Against Bitget These transactions first came to light shortly after on-chain investigator ZachXBT publicly criticized Bitget and its top brass. He said exchange executive Shawn Liu was allowing “shady” stuff to go on behind the scenes on the platform in a pointed statement. Going on to describe Bitget and its behavior within what ZachXBT described as a “Chinese CEX cartel,” which includes certain centralized exchanges working together typically to maximize profit without regard for transparency or their users’ interests. He said those are the kinds of entities that have been operating for years with few checks, reaping income from market operations without real oversight. His comments highlight a mounting frustration among parts of the crypto community, especially those pushing for greater accountability at centralized trading venues. Shawn Liu is the Bitget big boss who allows these scams to operate behind the scenes while Gracy Chen is only the face of it. The Chinese CEX cartel has gone unchallenged for years and doesn’t care as long as they benefit from the activity. I think it is almost time to… — ZachXBT (@zachxbt) May 12, 2026 Coincidence Or Some Fugazi Timing with Market Consolidation This makes the timing of the withdrawals a juicy subplot. These were all conducted while LAB was stuck in between tight consolidation as it did not show any early signs of a breakout. On-chain observers had noticed suspicious wallet activity, with hints of developments lurking beneath the surface, even before the withdrawal. Such an abrupt removal of a whole lot of provide finally really seems to corroborate those suspicions. Shortly after, there was a violent spike in LAB that then promptly hit all time highs at $6.6. The rapid surge in price has increased speculation that the withdrawals could have been an effort to position coordinated activity ahead of the breakout. Even though there is little explicit proof of intent, the pattern, bond price going sideways, sizable withdrawals and then an explosive move upward in clustering price, casts significant doubt on whether or not this market move was for real. Market Impacts On LAB And Supply Concentration More than 32% of the awake LAB has been withdrawn from circulation, and this is already influencing market dynamics. Taking such a large amount of tokens out of exchange liquidity can significantly decrease selling pressure and increase volatility in price. In this case, the lower token supply on the exchange probably helped to push up its price sharply afterwards. A decrease in supply equals a larger influence on price, even with moderate buying pressure. This dynamic creates a positive feedback loop: as prices go up, more buyers want in, which further raises prices. Still, by their nature, not a large number of wallets can control the supply, which creates risk because if these holders decide to liquidate prices drop sharply. LAB reached a peak of $6.6, and has an FDV of ~$3 billion today, an incredible number in light of the events that led to it recently. Increased Transparency Concerns about Centralized Controlled Exchanges This event goes beyond just one token or platform, as it really underscores the problem with how centralized exchanges operate and lack of transparency. Centralized exchanges tend to be more opaque, compared to decentralized platforms where transactions and liquidity are entirely on-chain. Internal order books (2nd layer CEXs), custody & wallet management practices are usually obfuscated from users. It allows big moves to happen without immediate reason. Even if not all such activity is inherently ill-intentioned, lack of clarity can erode trust, especially when matched with atypical market behavior.The reference to a “cartel” from ZachXBT is indicative of an increased belief among some players in the crypto market that exchanges may collude in ways they do not fully disclose publicly. Q&A Market Side: What is Still in Play As of now, Bitget and its management have not further issued a public statement regarding the allegations. The silence contributes to the ambiguity surrounding the episode. At the same time, traders and analysts keep an eye out for wallets associated with the withdrawal. Depending on movements in the future, either accumulation or distribution might be able to clarify intention. The crypto market has seen its share of these types of pre-move disruption events, where huge block movements of suspicious origin occurred just prior to big price moves. For some of them, these were eventually linked to institutional positioning or internal exchange operations; while others raised more troubling questions about market manipulation. The matter is still open for now. With the withdrawal scale and subsequent price jump unfolding so rapidly, it was certainly an event that got Bitget into a negative spotlight. The Moment of Trust in Crypto Markets Perhaps this episode will be remembered as a major test of transparency and accountability for the crypto industry. With the expansion of institutional participation and market caps into the billions, expectations for governance and disclosure are rising too. What the investors need to know, however, goes deeper than LAB price action, it is also amiss with regard to the structural factors that lead massive amounts of capital being tied up in poorly understood, opaque systems. What happens next depends on whether the accusations against Bitget are pursued or ultimately fade away over the next several days. The only thing that can be said for sure is that the discussion about responsibility of centralized exchanges is still not over. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. 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12 May 2026, 09:40
South Korea uncovers $7.4 billion in illegal forex trades using Tether stablecoin
BitcoinWorld South Korea uncovers $7.4 billion in illegal forex trades using Tether stablecoin South Korean customs authorities have uncovered illegal foreign exchange transactions linked to cryptocurrencies totaling over 10 trillion won (approximately $7.4 billion) over the past five years, with the stablecoin Tether (USDT) playing a central role in the illicit activity, according to a report from the Korean economic daily Hankyung. Rapid escalation in scale and frequency The value of detected illegal transactions has surged dramatically since 2021. Customs data shows that the total rose from 823.8 billion won in 2021 to 4.7566 trillion won in 2022, representing a more than fivefold increase in just one year. The number of reported cases also grew, from 10 in 2021 to 16 in 2025, indicating not only a rise in the volume of illicit flows but also an expanding pattern of abuse. Tether, a stablecoin designed to maintain a 1:1 peg with the U.S. dollar, has become a preferred instrument for these schemes due to its stability, liquidity, and relative ease of transfer across borders without traditional banking oversight. Authorities note that the pseudonymous nature of blockchain transactions, combined with the stable value of USDT, makes it an attractive tool for circumventing South Korea’s strict foreign exchange controls. Implications for cryptocurrency regulation The revelations come at a time when South Korea is tightening its regulatory framework for digital assets. The country’s Financial Services Commission has been pushing for clearer guidelines on crypto exchanges and transaction monitoring, partly in response to concerns over money laundering and capital flight. Industry experts point out that while stablecoins like Tether offer legitimate utility for trading and remittances, their misuse in illegal forex activities underscores the need for more robust compliance measures. Customs officials have indicated they are enhancing data-sharing agreements with crypto exchanges and employing advanced blockchain analytics to trace suspicious transactions. Why this matters to readers For South Korean investors and the broader crypto community, this development signals increased regulatory scrutiny ahead. It also highlights the dual-use nature of stablecoins, which can facilitate both lawful financial innovation and illicit financial flows. The growing scale of detected violations suggests that enforcement agencies are becoming more effective at identifying abuse, but it also raises questions about whether current regulations are sufficient to deter future misconduct. Conclusion The scale of illegal forex transactions linked to Tether in South Korea represents a significant challenge for regulators and law enforcement. With the total value of detected cases now exceeding $7.4 billion, the trend points to an urgent need for coordinated international oversight of stablecoin usage in cross-border finance. As authorities refine their investigative tools, market participants should expect heightened compliance requirements and closer monitoring of crypto-fiat corridors. FAQs Q1: Why is Tether specifically used in illegal forex transactions? Tether (USDT) is a stablecoin pegged to the U.S. dollar, meaning its value remains stable. This stability, combined with its wide availability on exchanges and relatively fast, low-cost transfers, makes it a convenient tool for moving value across borders without traditional banking oversight, which can be exploited for illicit purposes. Q2: What actions are South Korean authorities taking? South Korean customs and financial regulators are increasing data-sharing agreements with cryptocurrency exchanges, deploying advanced blockchain analytics tools, and pushing for stricter regulatory frameworks to monitor and prevent the misuse of digital assets in foreign exchange violations. Q3: Could this lead to stricter crypto regulations in South Korea? Yes, the surge in detected illegal transactions is likely to accelerate regulatory efforts. South Korea’s Financial Services Commission has already been working on comprehensive digital asset legislation, and this case provides further impetus for tighter controls on stablecoins and cross-border crypto transactions. This post South Korea uncovers $7.4 billion in illegal forex trades using Tether stablecoin first appeared on BitcoinWorld .
12 May 2026, 09:10
Bitcoin Tests True Short-Term Holder Cost Basis Near $81K, Analyst Says
BitcoinWorld Bitcoin Tests True Short-Term Holder Cost Basis Near $81K, Analyst Says Bitcoin is currently testing a critical on-chain resistance level that, according to analyst Darkfost, reflects the true average acquisition price for short-term holders (STH) at around $81,000. The level, which has been adjusted to account for a data distortion on Coinbase, represents a key hurdle for the market’s near-term momentum. Unpacking the STH Cost Basis Distortion On-chain analyst Darkfost explained in a recent post on X that while some charts may indicate Bitcoin has already broken above the STH cost basis, this reading is misleading. The distortion originated from an internal movement of approximately 800,000 BTC on Coinbase. This transfer was reclassified by on-chain data providers as new short-term holder unspent transaction outputs (UTXOs), artificially lowering the calculated cost basis. After filtering out this anomaly, Darkfost calculates the true STH cost basis to be near $81,000. This level now acts as a resistance zone that Bitcoin has approached for the third time since May 6. What This Means for Bitcoin’s Price Action Bitcoin is currently attempting to close above this adjusted $81,000 level. The analyst noted that a daily close above this zone would represent meaningful technical progress, while a weekly close above it would be a significantly positive signal for the broader market. Short-term holders are typically defined as entities that have held their Bitcoin for less than 155 days. Their cost basis is a closely watched metric because it often acts as a support or resistance level during market cycles. When the price trades below the STH cost basis, short-term holders are, on average, in a loss position, which can increase selling pressure. Why This Matters for Investors For traders and investors, the distinction between the distorted and the true STH cost basis is important for interpreting market sentiment. Relying on the unadjusted figure could lead to premature conclusions about a breakout. The adjusted data provides a more accurate picture of where short-term holders stand financially, offering a clearer signal for potential trend shifts. The repeated testing of this level also suggests that the market is at a decision point. A sustained move above $81,000 could encourage further buying from both short-term and long-term participants, while a rejection might reinforce the current consolidation phase. Conclusion Bitcoin’s on-chain data, once adjusted for the Coinbase UTXO anomaly, points to a true short-term holder cost basis near $81,000. The asset is now testing this level for the third time in recent weeks. A confirmed close above this resistance would carry meaningful weight for market sentiment, while a failure to hold would keep Bitcoin within its established range. As always, on-chain metrics should be considered alongside broader market conditions and risk management strategies. FAQs Q1: What is the short-term holder (STH) cost basis? The STH cost basis is the average price at which short-term holders (entities holding Bitcoin for less than 155 days) acquired their coins. It is a key on-chain support and resistance level. Q2: Why was the STH cost basis distorted? An internal transfer of approximately 800,000 BTC on Coinbase was incorrectly classified as new short-term holder UTXOs by some data providers, artificially lowering the calculated average cost basis. Q3: What does a close above $81,000 mean for Bitcoin? A daily close above the adjusted $81,000 level would be a positive technical signal. A weekly close above it would be a stronger indicator of renewed bullish momentum, potentially attracting more buyers. This post Bitcoin Tests True Short-Term Holder Cost Basis Near $81K, Analyst Says first appeared on BitcoinWorld .
12 May 2026, 09:05
Bitcoin Rally to $82,766 Could Trigger $860 Million in Short Liquidations
BitcoinWorld Bitcoin Rally to $82,766 Could Trigger $860 Million in Short Liquidations Bitcoin’s price trajectory is approaching a critical threshold that could trigger a significant cascade of liquidations across major cryptocurrency exchanges. According to data from CoinGlass, a market analytics platform, a BTC price increase to $82,766 would lead to the forced closure of approximately $858.8 million in short positions. Conversely, a decline below the $80,300 support level could result in the liquidation of roughly $402 million in long positions. Understanding the Liquidation Dynamics Liquidations occur when leveraged trading positions are forcibly closed by an exchange due to insufficient margin. The data compiled by CoinGlass aggregates open interest and liquidation levels across major centralized exchanges, providing a real-time snapshot of market vulnerability. The current figures highlight a pronounced asymmetry: the potential short-squeeze scenario involves more than double the capital at risk compared to a long-side liquidation event. This imbalance suggests that market sentiment has been leaning bearish, with a higher concentration of traders betting on a price decline. A move to $82,766 would force these bearish positions to close, potentially accelerating upward price momentum as short sellers are compelled to buy back BTC to cover their positions. Market Context and Implications These liquidation levels come at a time of heightened volatility in the cryptocurrency market. Bitcoin has been testing key resistance zones, and the concentration of liquidity at specific price points often acts as a magnet for price action. Traders and analysts closely monitor such data to anticipate potential ‘squeeze’ events, which can amplify price movements beyond typical technical or fundamental drivers. The $80,300 level is equally significant. A breakdown below this support could trigger a wave of long liquidations, adding downward pressure. This creates a two-sided risk environment where the market is primed for a sharp directional move depending on which level breaks first. Why This Matters for Traders For active market participants, understanding liquidation clusters provides a tactical advantage. These zones represent areas of potential price acceleration. A break above $82,766 could see a rapid spike as shorts are squeezed, while a drop below $80,300 might lead to a swift decline. The data serves as a risk management tool, helping traders set stop-losses and identify entry or exit points with greater precision. Conclusion The CoinGlass data underscores a pivotal moment for Bitcoin’s short-term price direction. With $860 million in short positions vulnerable to a rally and $402 million in longs at risk on a decline, the market is set for a potentially decisive move. While liquidation data is not a predictive indicator, it reveals the structural leverage in the system and the price levels that could act as catalysts for significant volatility. Traders should remain cautious and monitor these thresholds closely. FAQs Q1: What is a liquidation in cryptocurrency trading? A liquidation occurs when a trader’s leveraged position is forcibly closed by the exchange because the margin balance falls below the required maintenance level, often due to adverse price movements. Q2: How does CoinGlass calculate liquidation data? CoinGlass aggregates open interest and liquidation levels from major centralized exchanges using their public APIs. The data reflects the cumulative value of positions that would be liquidated if the price reaches a specific level. Q3: Can liquidation data predict Bitcoin’s price movement? No. Liquidation data shows potential zones of price acceleration but does not predict direction. It is a risk analysis tool that highlights where concentrated leverage exists, which can amplify existing trends. This post Bitcoin Rally to $82,766 Could Trigger $860 Million in Short Liquidations first appeared on BitcoinWorld .
