Reddit has launched Ethereum-based tokens on the r/cryptocurrency and r/FortniteBR subreddits. The tokens were launched to incentivize the creation of “quality posts and comments,” and can be used to buy premium features or measure users’ reputation within a community.

Non-custodial cryptocurrency trading platform dYdX has launched a decentralized market for bitcoin perpetual swaps.

Binance has frozen $27,000 worth of ether associated with the Upbit hack of late 2019. The exchange’s CEO said it will work with Upbit and law enforcement to investigate the transaction.

Top stories in the Crypto Roundup today:

• Reddit Launches Ethereum tokens for Cryptocurrency and Fortnite Communities
• dYdX Rolls out Decentralized Market for Bitcoin Perpetual Contracts
• Binance Freezes $27,000 Associated With the Upbit Hack of Late 2019

At the time of writing, bitcoin (BTC) is trading at $9,535.39 (7.39%) with a daily Top Tier volume of $5.38 bn. As for ether (ETH), it is trading at $200.30 (5.42%) with a daily Top Tier volume of $998.13 million. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 2,997.37 (1.96%).

Reddit Launches Ethereum tokens for Cryptocurrency and Fortnite Communities

Reddit has launched two Ethereum-based tokens to incentivize the creation of “quality posts and comments,” according to a slide presentation released Wednesday evening. The tokens users earn can be spent on premium features and used to measure reputation within the community.

According to the social media platform, users are rewarded with the tokens based on their contributions to their favorite channels, with the community deciding how many points a user receives.

Speaking to CoinDesk, a Reddit spokesperson noted:

“We continuously run experiments to explore features that engage our users and communities. With Community Points, we’re working exclusively with two communities to test this feature and gather feedback from our users.”

While the spokesperson didn’t name the two communities, an image of the announcement points to r/Cryptocurrency and r/FortniteBR. Using the ETH tokens users will also be able to tip others for posts they see as valuable, or transfer points directly to another Reddit user.

The system will involve “Vaults,” Reddit’s local blockchain wallet, that can be accessed via scanning a QR code through the official app. The tokens may also be sent to Ethereum addresses. The tokens are controlled by users, so Reddit can’t take them away or decide how they should be used.

Once a user creates a Vault a private key is provided, and stored locally on their device. If a backup isn’t created and the user loses the phone, the tokens will be lost.

dYdX Rolls out Decentralized Market for Bitcoin Perpetual Contracts

Non-custodial cryptocurrency trading platform dYdX has launched a bitcoin perpetual contracts market. According to an announcement the decentralized market isn’t available to U.S. investors and was first open to Alpha participants before being rolled out to the public. The dYdX team wrote:

"With the help of over fifty Alpha traders and Partners, we have spent the last three weeks stress-testing our system during market volatility, collecting UI & UX feedback, and growing liquidity on our order books with market makers. We have specifically asked traders to ramp up slowly, and to start trading with larger amounts gradually. To date, almost $5M has been traded since going into Alpha, with $3M of that coming since Sunday."

The team added that it’s looking to gather initial feedback from its community, and plans on working on the perpetual contracts, as well as on the launch of “new perpetual markets in the coming months.”

Binance Freezes $27,000 Associated With the Upbit Hack of Late 2019

Binance has frozen 137 ETH ($27,000) deposited on its platform from an address associated with the $50 million hack of the South Korean cryptocurrency exchange Upbit. A tweet published by whale monitor Whale Alert pointed out the transaction came from an address associated with the hack.

Shortly after the transaction was flagged, Binance CEO Changpeng Zhao responded saying he was “on it.” He then clarified the funds were frozen and was going to work with Upbit and law enforcement to investigate the transaction.

“Frozen, will work with UpBit to verify and get law enforcement involved and hand off the funds. Waiting for someone to complain on social media about us freezing funds. But fight bad actors, we must.”

Hackers managed to steal a total of 342,000 ETH from Upbit in November 2019, and some of the funds are believed to have already been laundered., although not all.

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