Coin Bytes Archives - Timescrypto

UAE Telecom Provider DU Unveils Bitcoin Cloud Mining Service

UAE’s second biggest telecom provider du launches Bitcoin cloud mining service for local residents. The application, called Cloud Miner, will aid users in accessing mining services without hassel. Users may easily access bitcoin mining from within the UAE using the service, which is the first official Cloud Mining as a Service (MaaS) offered by a UAE firm. The platform, which was unveiled at a launch ceremony at the Burj Khalifa on November 2, 2025, would only be accessible to UAE citizens in accordance with local regulations. Instead of installing their own hardware, Cloud Miner enables anyone to mine Bitcoin by renting processing power. From November 3 to November 9, there will be an online auction at onlineauction.ae to sell subscriptions. Each contract offers a 24-month mining capability of 250 terahashes per second (TH/s). After subscribing, users pay clear, set costs and may start mining right away.

Thodex Founder Faruk Fatih Özer Found Dead in Prison While Serving 11,196-Year Sentence

Faruk Fatih Özer, once hailed as one of Turkey’s youngest tech entrepreneurs, has been found dead in his prison cell while serving an 11,196-year sentence. Local reports say the 30-year-old founder of the collapsed crypto exchange Thodex was discovered hanging in the bathroom of his single cell at Tekirdağ F-Type High Security Prison, a facility long criticized by rights groups for its harsh isolation practices. Just last year, an Istanbul court found Özer, along with his brother and sister, guilty of massive fraud, money laundering, and running a criminal organization. The verdict came two years after Thodex’s sudden shutdown in 2021, which trapped over 400,000 users’ funds and caused losses of about $2.6 billion, according to Chainalysis.

OKX’s Proof-of-Reserves hits $35.4B, marking 75% YoY growth

As its 36th consecutive PoR report sets a new verifiable milestone for a sector under regulatory scrutiny, OKX currently backs client funds with $35.4 billion in primary assets, a 75% yearly increase. According to the exchange, the reserves demonstrate above 100% coverage across 22 main assets, including Bitcoin, Ethereum, Solana, Tether (USDT), and USD Coin (USDC), as confirmed by blockchain security company Hacken. In addition to revealing a 75% year-over-year growth in total assets and a strong increase in onchain audit participation, the milestone, which commemorates the third anniversary of OKX’s PoR program, also showed that users are actively validating their funds rather than merely holding them.

AUSTRAC Fines Crypto ATM Operator CryptoLink

Crypto ATM operator CryptoLink was fined AU$56,340 (US$37,085) by the Australian financial intelligence agency AUSTRAC on Thursday. The move follows the discovery of “weaknesses” in CryptoLink’s AML regulations and late reporting of significant cash transactions by the regulator’s Crypto Taskforce, which was formed last year. To ensure that “useable intelligence does not slip through the cracks,” AUSTRAC has handed the cryptocurrency company an infringement notice, according to an official statement from AUSTRAC CEO Brendan Thomas. CryptoLink is obliged by the financial crime agency to hire independent reviewers to verify all of its necessary transactions to AUSTRAC. The examiners will also evaluate CryptoLink’s AML and terrorist funding risk assessment as well as whether company has put in place efficient procedures for big currency transactions.

Bank of Indonesia Jumps Stablecoin Bandwagon

The central bank of Indonesia, Bank Indonesia (BI), is advancing preparations to launch a digital currency backed by government bonds (SBN) that it refers to as its “national stablecoin version.” According to a report by CNBC Indonesia, central bank governor Perry Warjiyo announced the proposal on Thursday at the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta. Warjiyo stated during the meeting that Bank Indonesia intends to issue tokenised versions of SBN known as digital central bank securities. The digital rupiah, the nation’s digital currency issued by the central bank, would serve as the foundation for these.

Consensys Reportedly Prepares for IPO with JPMorgan and Goldman Sachs as Lead Banks

According to reports, Consensys, the parent company of MetaMask, is getting ready to go public and has recruited leading banks like JPMorgan and Goldman Sachs to spearhead its initial public offering (IPO). More cryptocurrency companies are going public this year as a result of more legal clarity in the US, according to an Axios story on Wednesday. Consensys would join Circle and Bullish, which just went public in the US, if it were listed. Additionally, the listing would rank among the biggest crypto-native listings made by an Ethereum infrastructure development company to date. According to Axios, which cited anonymous sources, the IPO may happen as early as next year.

Ethereum’s Fusaka Upgrade Rolls Out

The Fusaka upgrade has emerged with major improvements to Ethereum’s scalability and efficiency. The upgrade includes proposals like PeerDAS (EIP-7594), that helps in easier data processing for validators and prepares the network for future upgrades. It consists of parallel execution and zero-knowledge rollups.

On Tuesday, Ethereum’s much-awaited Fusaka hard fork successfully launched on the Hoodi testnet, the final testing step before going live on the mainnet later this year. The test began at about 18:53 UTC and completed Ethereum’s three-stage simulation, following earlier tests on the Holesky and Sepolia networks.

According to the Ethereum Foundation, the mainnet release will happen at least 30 days after Hoodi’s activation, with developers aiming for December 3. Fusaka’s goal is to boost Ethereum’s scalability, security, and cost efficiency, building on the progress made with April’s Pectra upgrade.

Australia Detains Blockchain Global Director in Misconduct Probe

Australia’s corporate watchdog has stopped Blockchain Global director Ryan Xu from leaving the country while it investigates the collapse of a crypto exchange tied to the firm. The Australian Securities and Investments Commission (ASIC) said the Federal Court issued a temporary travel ban against Xu, also known as Zijing Xu, on October 20. The ban intends to prevent him from leaving Australia until December 20. The order was made on an ex parte basis, meaning Xu hasn’t yet had a chance to respond. A full hearing, where both sides will be heard, is set for October 30. The move comes at a time when Australia has seen a growing regulatory scrutiny over crypto-linked corporate failures in Australia.

Polymarket Set to Reenter U.S. in November, Targeting Sports Betting Market

Polymarket is preparing to return to the United States, focussing on the sports betting industry. Bloomberg revealed on Tuesday, October 28, that the prediction platform, which exited the market in 2022, is scheduled to re-enter the United States in November. The company intends to enter the sports betting market, which might upend more established online gambling sites. In particular, the firm is re-entering the market with a sports-focused, licensed product that complies with strict U.S. rules. Based on the market’s response, traders think Polymarket might upend established gaming sites. Specifically, shares of DraftKings and Flutter, two sports betting websites, dropped 5% and 3%, respectively, after the news.

Changpeng Zhao Confirms YZI Owning Minority Stake in Opinion

Binance’s Changpeng Zhao has confirmed that YZI Labs owns a small stake in the newly launched prediction market place Opinion. CZ’s clarification seems intended to quell rumours circulating on Crypto X, where one user claimed he wanted to “kill Polymarket.” The comment referenced his previous involvement with Aster, a YZi-backed project that later became a rival to Hyperliquid. Meanwhile, Opinion recently announced its mainnet launch on BNB Chain, positioning itself as an on-chain platform for trading macroeconomic events such as inflation, interest rates, employment data, and geopolitics. The company also revealed a $5 million seed round led by YZi Labs, with participation from Animoca Ventures, Amber Group, Manifold, and Echo Community. CZ’s remarks suggest that these investors collectively hold a larger stake in Opinion, maintaining considerable influence over its strategic direction.

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