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Futures News, April 29th - According to foreign media reports, palm oil futures on the Malaysian Derivatives Exchange (BMD) are likely to open higher on Wednesday morning, following gains in external markets. International crude oil futures continued to rise on Tuesday, gaining nearly 3%, due to ongoing concerns about supply constraints caused by the closure of the Strait of Hormuz. This, coupled with a firm rise in Chicago soybean oil futures, will boost the early performance of Malaysian crude palm oil futures. However, weak palm oil export demand will limit the upward momentum. The Indian Refiners Association (SEA) stated that increased biodiesel production in global palm oil exporting countries, diverting more palm oil for domestic energy use, will lead to a reduction in export supply.On April 29th, Futures News reported that Chicago Board of Trade (CBOT) corn futures closed higher on Tuesday, with the benchmark contract rising 1.3%, primarily due to stronger international crude oil futures, robust corn demand, and the possibility that rainfall in the Midwest might slow spring planting. Traders stated that continued rainfall in the US Corn Belt, strong corn export demand, and rising crude oil prices supported corn prices. High fertilizer costs are expected to lead farmers to reduce corn planting area, which also supported corn futures prices. Soybean and corn planting in the US is progressing well, but storms in the Midwest may delay planting in some areas. A report from the US Department of Agriculture showed that as of Sunday, US corn planting progress was 25%, well above the five-year average of 19%. The report also showed that among the 18 major producing states, only North Dakota has not yet made any progress in planting.On April 29th, HSBC stated in a research report that the UAEs exit from OPEC+ will have a limited impact on the oil market in the short term, but may weaken the organizations supply discipline and price management capabilities over time. HSBC expects little change in global oil supply in the short term, as crude oil exports from the Gulf region have remained restricted since the end of February. The UAEs room for production increases is limited during the period of restricted shipping routes. The Abu Dhabi crude oil pipeline has a daily capacity of approximately 1.8 million barrels and is likely already operating at full capacity. Once the Strait of Hormuz reopens, the UAE will no longer be bound by OPEC+ production quotas and can gradually increase production. The bank estimates that Abu Dhabi National Oil Company (ADNOC)s daily production could rise to over 4.5 million barrels, while OPEC+s quota until May 2026 is approximately 3.4 million barrels per day. HSBC stated that any supply increases are expected to be released in stages over 12 to 18 months, rather than immediately.On April 29th, Futures News reported that, according to foreign media, Chicago Board of Trade (CBOT) soft red winter wheat futures surged on Tuesday, with the benchmark contract rising 4.5%, reaching its highest level in 14 months. This was mainly due to the ongoing drought in winter wheat producing regions and the continued rise in international crude oil futures, attracting technical buying. The benchmark contract touched its highest level since the end of February 2025 during the session. The severe drought in the US winter wheat producing regions could lead to crop failure, attracting a large influx of speculative buying.On April 29th, former Federal Reserve Vice Chairman and economist Roger Ferguson stated, "Regarding the dual mandate, the Fed will indicate that the labor market is broadly stable. As for the inflation mandate, (with inflation still hovering at a high 3%), there is still much work to be done." He anticipates the Fed will say, "We will hold steady for now and see how things develop." Similarly, Goldman Sachs economist David Merrick expects the Feds post-meeting statement to acknowledge improvements in the labor market and rising inflation data, but to maintain its current policy guidance. We expect a majority to still support keeping interest rates unchanged, with only one dissenting voice, similar to the situation in March.

DEX dYdX Blocks Tornado Cash Affiliated Accounts Citing US Sanctions

Jimmy Khan

Aug 12, 2022 14:47

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This week, the Office of Foreign Asset Control (OFAC) and the US Treasury imposed an outright ban on Ethereum, putting the decentralized non-custodial privacy solution therein in serious jeopardy.


The government not only forbade its residents from utilizing the services, but it also established similar guidelines for cryptocurrency firms, telling them not to collaborate with the platform. Since that time, dYdX has been the first decentralized exchange to take action in its direction.

After a tornado, dYdX

The DEX gave its clients an explanation of the cause of the Tornado Outage on the platform in a blog post published yesterday.


As the $625 million Axie Infinity Ronin Bridge assault, where Tornado was utilized as a way to transport the stolen cash around, is one of the most well-known hacks in the history of cryptocurrency, the OFAC banned Tornado Cash.


Beyond this, however, Tornado's privacy regulations made it a go-to for thieves. Thus, the OFAC declared it obligatory to avoid Tornado Crash in order to eliminate the likelihood that the same would be sponsored from inside the nation.


As a result, a sizable number of customers saw that dYdX had disabled their accounts because of their connection to Tornado Cash, according to what the DEX had to say.


"This sudden influx of flags affected many account holders who have never directly interacted with Tornado Cash, and frequently such users do not realize the origin of the funds transferred to them during various transactions prior to interfacing with our platform, but we must nonetheless maintain certain restrictions," said Tornado Cash.

A terrifying storm with a tornado

Things started to fall apart as the crypto facilitator platform dealt with OFAC prohibitions, and in only three days, the network's native token, TORN, reached new lows.


Trading for TORN was spotted at $16.3, down from $30 less than a week ago, a drop of more than 45%.


Investor losses as a result of this abrupt blacklisting are unprecedented since the platform has been permanently blacklisted, making it unable to recoup from the price collapse of 45%.


And now that both DeFi and non-DeFi crypto exchanges are acting in this way, things are only going to grow worse for TORN moving ahead.

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