Connect with us
DAPA Banner

Crypto World

Lighter Enables Unified Collateral for Spot and Futures Trading

Published

on

LIT Chart

LIT surged 13% following a week of product updates.

LIT, the native token of decentralized perpetuals exchange Lighter, rose as much as 13% over the past 24 hours as the platform rolled out new trading features, including unified collateral accounts.

LIT Chart
LIT Chart

The token traded as high as $1.62, but has since retraced to $1.59, up just over 11% on the day, according to CoinGecko. However, LIT is still down around 50% from its launch price of above $3.

The price action follows a series of product updates from Lighter this week. On Thursday evening, the DEX launched new trading account types that let users switch to a unified collateral system for spot and perpetual futures trading.

The company explained in a post on X that this is the first phase in a set of upgrades aimed at allowing “arbitrary tokens” to be used as collateral on the platform. Lighter also added that the next step is the tokenization of LLP, the platform’s market-making vault.

Advertisement

Lighter currently has $925.8 million in total value locked (TVL) and ranks fourth among perpetual DEXs by daily trading volume, according to DeFiLlama. The platform has also accumulated more than 801,000 users and processed over 59 billion transactions, according to its explorer.

Earlier this week, Lighter also announced new markets, including Korean equity perpetual futures. The platform now offers contracts linked to Hyundai, Samsung, SK Hynix, and the Korean Composite index, with up to 10x leverage, according to a post on X.

The upgrades come as perpetual futures trading continues to heat up across decentralized finance (DeFi), with exchanges racing to capture market share. Competitors like Hyperliquid and Aster remain the largest players, with $5.1 billion and $1.86 billion in open interest (OI), according to DeFiLlama. As of Friday, Lighter’s OI stands at $782 million.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Crypto Scam Leader Extradited to China to Face Charges

Published

on

Crypto Scam Leader Extradited to China to Face Charges

Li Xiong, a key member of a group that allegedly helped crypto scam rings in Asia to move money, has been extradited from Cambodia to China, where he will face fraud and money laundering charges, according to Hong Kong-based news outlet Ta Kung Wen Wei.

On April 1, with strong support from the relevant authorities in Cambodia, a task force sent by China’s Ministry of Public Security successfully escorted Li Xiong, a core key member of the Chen Zhi criminal syndicate, back to China from Phnom Penh, Cambodia,” it said on Wednesday, citing a statement from China’s Ministry of Public Security on WeChat.

Xiong previously served as chairman of Huione Group, an alleged criminal organization that served scam centers in Cambodia that carried out “pig butchering” scams and other investment schemes to steal crypto from victims around the world. 

Huione Group was responsible for one of the largest illicit online marketplaces in the world, handling over $89 billion in cryptoassets.

Advertisement
Source: Jacob in Cambodia

His extradition comes three months after the arrest of Chen Zhi, the head of Prince Group, which operates Huione Group. In October, it was reported that the US Department of Justice seized 127,271 Bitcoin (BTC) worth more than $15 billion from Zhi.

Related: Hong Kong retiree loses $840K in triple ‘crypto expert’ scam

The US Treasury Department’s Financial Crimes Enforcement Network directed US banks to cut payments and accounts tied to the Huione Group in October.

Authorities ask other Huione members to surrender

Ta Kung Wen Wei noted that several other members of Zhi’s criminal syndicate have been brought to justice “one after another,” citing comments from Chinese public officials.

“Public security authorities will continue to intensify efforts to capture fugitives,” it said, adding:

Advertisement

“At the same time, they once again warn criminals to recognize the situation, stop before it is too late, surrender as soon as possible, and strive for lenient treatment.”

Magazine: Banks want to run Vietnam’s crypto exchanges, Boyaa’s $70M BTC plan