A second mysterious Ethereum transaction paying $2.6 million in gas fees has been sent by the same user, leading to speculation over whether the account belongs to a malfunctioning trading bot.

Binance has expanded its derivatives offering by adding quarterly bitcoin futures. The quarterly contracts allow traders to speculate on the future price of bitcoin.

Seed CX, a regulated crypto derivatives exchange, has announced that its exchange will close and that the company will focus on its custody and settlement service called Zero Hash.

• A Second Strange Ethereum Transaction With a $2.6M Gas Fee Baffles Experts
• Binance Launches Quarterly Bitcoin Futures
• Seed CX Exchange Closes and Pivots to Focus on Settlements

At the time of writing, bitcoin (BTC) is trading at $9,466.08 (-3.47%) with a daily Top Tier volume of $5.06 bn. As for ether (ETH), it is trading at $236.66 (-4.01%) with a daily Top Tier volume of $1.59 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,051.81 (-6.42%).

A Second Strange Ethereum Transaction With a $2.6M Gas Fee Baffles Experts

A second mysterious Ethereum transaction paying $2.6 million in gas fees has been sent by the same user, leading to speculation over whether the account belongs to a malfunctioning trading bot.

According to Etherscan, the transaction was sent around 03:30 UTC on June 11, and it involved the transfer of 350 ether for a jaw-dropping 10,668.73 ETH (~$2.6 million) fee.

This highly unusual transaction marks the second time in as many days that this user has paid the same enormous gas fee to send Ether (in the first transaction, which took place on June 10, $133 worth of Ether was sent).

Binance Launches Quarterly Bitcoin futures

Binance has expanded its derivatives offering by adding quarterly bitcoin futures. The exchange has quickly become an industry leader for derivatives trading after entering the market last year by launching perpetual contracts, and seems to be solidifying its position with this latest product launch.

Unlike perpetual contracts - which never expire - and trade like normal bitcoin markets, quarterly futures expire on the last Friday of each quarter. The quarterly contracts allow traders to speculate on the future price of bitcoin.

As is the case with Binance's perpetual contracts, the quarterly Bitcoin futures allow traders to use 125x leverage so they can maximize their potential profits, but are exposed to greater losses.

Seed CX Exchange Closes and Pivots to Focus on Settlements

Seed CX, a regulated crypto derivatives exchange, has announced that its exchange will close and that the company will focus on its custody and settlement service called Zero Hash. The ZeroHash product accounts for 95% of the company's revenue and offers back-office settlement services for bitcoin derivatives trading.

CEO Edward Woodford explained the decision to pivot in a recent blog post:

“As a start up, you inherently gravitate towards opportunity and that often leads you to take on more, rather than less. However, it is equally important to begin to refine the business focus as certain opportunities develop into a ‘real venture growth business.”

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