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💰 Block's Q4 Cash App bitcoin profit drops 25%
Block reported its fourth-quarter bitcoin gross profit from its Cash App dropped by one-quarter to $35 million. The total sale amount of bitcoin sold to customers, recognized as bitcoin revenue, was $1.83 billion, down 7% year-over-year.The year-over-year decrease in bitcoin revenue and gross profit was driven by a decline in the price of bitcoin
Gross profit for the company as a whole increased 40% to $1.66 billion from a year earlier. As of Dec. 31, "the fair value of our investment in bitcoin was $133 million based on observable market prices, which was $30 million greater than the carrying value of the investment after cumulative impairment charges," the company said in its earnings release. Block reported fourth-quarter net revenues of $4.65 billion, up 14% from 2021. For the full year, net revenues were roughly flat at $17.53 billion. the company said in its earnings release.
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💰 PolygonScan Stopped Working, Unfounded Fears Of Blockchain Outage Were Raised
Unfounded rumors that the Polygon blockchain was momentarily offline were spread due to an outage at network explorer Polygonscan. Since then, the Polygon team has stated that blockchain development has not ceased and that the problem was caused by “a few nodes” becoming out of sync.
A block hadn’t been processed by the blockchain for more than an hour and a half, according to data from PolygonScan, which sparked rumors that layer-2 scaling solution Polygon may have been experiencing an outage. The spokesperson said the team was also aware that Polygonscan is down, but alternative explorers can be used. Speculation of a possible outage first emerged on Feb. 22, with some pointing to an apparent halt in block production based on data from Polyscan — which showed the blockchain’s last block and transaction was processed at around 8:35 pm UTC on Feb. 22.
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⚪️ Microsoft and Ankr partner to offer blockchain node infrastructure service
Microsoft partnered with web3 infrastructure provider Ankr to offer a node service for enterprises in need of blockchain data access. The two firms will work together on a new node hosting service in Microsoft's Azure cloud marketplace, with tailored memory and bandwidth specifications for blockchain nodes.
The enterprise node deployment service would enable web3 projects or developers to deploy smart contracts, relay transactions and read or write blockchain data, according to a company release. Ankr provides a remote procedure call service (RPC) that allows application developers and users to connect cloud nodes to 19 blockchains, including BNB Chain, Ethereum, Polygon, Solana, and Avalanche. After this collaboration, developers will be able develop on Ankr's RPCs and middleware platform for decentralized apps, and meet their scaling needs with Microsoft's cloud platform.
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🇧🇷 Brazilian Government Preparing New Decree to Clarify Cryptocurrency Rules
The Brazilian government is preparing to release a decree to fill the blank spaces that the recent approval of the cryptocurrency law has left open. The document, prepared by the Ministry of Finance, will establish the areas of oversight and responsibilities for the Central Bank of Brazil and the national securities regulator (CVM).
Members of the Brazilian government are working to extend the cryptocurrency rules established by the cryptocurrency law sanctioned on Dec. 21 by outgoing president Jair Bolsonaro. According to reports from local outlets, the Ministry of Finance is working on a decree to fill in the blanks that the general formulation of the law left unaddressed. The document will have to be reviewed by executive aides of president Luis Inacio “Lula” Da Silva before getting sanctioned. giving them clear items and market areas to attend to.
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🆘 Norway Confiscates $6 Million Worth of Crypto Stolen in Axie Infinity Hack
Norway completed its record-high crypto seizure, confiscating approximately $5.9 million worth of digital assets. The assets were previously stolen by the notorious North Korean hacking collective – the Lazarus Group – which breached the security of the blockchain-based game Axie Infinity.
Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) confiscated almost $6 million worth of digital currencies, a record-high crypto seizure in the Scandinavian country. The agency noted that the funds are part of the massive exploit on Sky Mavis (a technology company that develops the popular blockchain-based game Axie Infinity) carried out by North Korean hackers. Økokrim joined forces with international law enforcement partners, including the FBI, to track the stolen proceeds.
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🚨 Bankman-Fried banned from using VPN, bail arguments set for Thursday
A judge banned Sam Bankman-Fried from using a VPN after the former FTX boss said he used a private network to watch the Super Bowl while under house arrest. U.S. Distrct Judge Lewis Kaplan wrote. “I hereby amend the conditions of defendant’s release, effective immediately, to prohibit the defendant’s use of any VPN.”
The move comes as Bankman-Fried’s lawyers negotiate his bail terms with prosecutors. The judge recently barred Bankman-Fried from using encrypted messaging apps like Signal after he was accused of contacting a potential witness in his criminal case. Bankman-Fried is also banned from contacting current or former FTX employees until his bail conditions are settled. Lawyers asked Kaplan to extend the deadline to propose new bail terms until Friday, which the judge denied.
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📣 US government partner Mitre is hiring a web3 economist
Not-for-profit U.S. government partner Mitre is seeking a new economist to help analyze and evaluate the web3 ecosystem, according to a job advertisement posted to LinkedIn. Mitre, according to its LinkedIn page, operates federally funded research and development centers.
The job advert calls for applicants with experience with "digital assets, cryptocurrencies, NFTs, DAOs, DeFi protocols, and/or blockchain applications" plus knowledge "of smart contracts." The new economist will work out of Mitre's Cost & Business Analytics Department. Mitre, according to its LinkedIn page, operates federally funded research and development centers and works to solve the "nation’s biggest challenges in defense, cybersecurity, healthcare, homeland security, the judiciary and transportation."
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🏦 Coinbase says its staking services are not securities
Missteps in regulating the technology underlying staking ecosystems may have serious — and negative — consequences, including forcing U.S. consumers to less-regulated foreign platforms, Coinbase Chief Legal Officer Paul Grewal argued in a blog post.
“Given the importance of this technology, getting regulation wrong could do serious harm to the development of the crypto industry in the U.S.,” Grewal wrote. By presenting “aggressive mandates” and superimposing securities laws onto the staking ecosystem, regulators may “prevent U.S. consumers from accessing basic crypto services and push users to offshore, unregulated platforms,” he added. Grewal was adamant that Coinbase's staking services are not securities.
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💰 Celsius' extension request denied by US trustee and creditors as cash burn continues
Several parties have objected to bankrupt crypto lender Celsius's motion to extend its timeline for filing a Chapter 11 restructuring plan once again. The crypto lender, which filed for Chapter 11 bankruptcy protection in July 2022, filed a motion on Jan. 25 to extend its exclusivity period.
Given the rate at which professionals are consuming debtors’ assets, a further extension through June 31st without a proper basis is inappropriate," said William Harrington, the U.S. trustee, a Department of Justice official responsible for overseeing the administration of the bankruptcy case, in a filing. Celsius borrowers echoed these concerns in their own objection citing that Celsius was "consuming enormous amounts of professional fees and the outcome remains highly uncertain."
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⚡️ Li.Fi Urged Uniswap V3 Not To Launch On The BNB Chain With Only Bridge Provider
According to a governance post published on February 6 by the project, Li.Fi has pleaded with the Uniswap community not to proceed with the present vote to authorize the deployment of Uniswap v3 on the BNB Chain with Wormhole as the sole bridge provider. The team argued in favor of a deployment.
The creation of bridges, especially arbitrary messaging bridges (AMBs), is in its infancy. Wormhole, LayerZero, Celer, Axelar, and deBridge are undoubtedly workable cross-chain governance solutions in the short term and have gained a lot of traction in terms of volume at the liquidity layer and dApp development at the messaging layer. A protocol as large as Uniswap should not rely on only one cross-chain bridge. If the proposal is accepted, the deployment of Uniswap on the BNB Chain may change even further.
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⚡️ Crypto Exchange Bitfinex Transfers $8.5M to Alameda Consolidation Address
The transfers from Bitfinex to Alameda’s consolidation address have raised questions about the relationship between both firms. Blockchain security firm PeckShield has disclosed a series of transfers from three addresses, including one from crypto exchange Bitfinex to Alameda Research’s consolidation wallet.
According to Etherscan, the address labeled “Alameda Consolidation” received $13 million worth of crypto assets from three different wallets. The first belongs to the leading crypto exchange Bitfinex. It transferred approximately 6 million USDT and 1,545 ether (ETH), amounting to roughly $8.5 million. Although it is unclear why Bitfinex transferred the funds to Alameda, the transactions have raised questions about the connections between the two firms. a recent report revealed that Alameda’s liquidators incurred losses amounting to $11.5 million in the first two weeks of January.
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⚡️ Metis Announcing Integration With Banxa To Simplify Crypto Adoption
Ethereum scaling solution at Layer 2 Metis has merged with cryptocurrency payment gateway Banxa, allowing Metis customers to utilize Banxa’s fiat-to-crypto on-and-off ramp as well as supported cryptocurrencies like as ether, wBTC, aave, link, and dai.
According to a survey conducted by The Ascent in June of last year, more than 46.5 million Americans planned to purchase bitcoin in the next 12 months. Despite this, 24% of Americans say they don’t understand crypto or digital wallets, and another 17% say they haven’t invested in digital assets because they don’t know how. Metis’ integration with Banxa intends to streamline the crypto onboarding process, particularly at Layer 2, by lowering complexity for customers in an effort to make cryptocurrencies more user-friendly and accessible to the next wave of adopters.
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⚡️ EIB Launches First £50 Million Digital Sterling Bond On Blockchain
According to Reuters, the European Investment Bank (EIB) said it had partnered with BNP Paribas, HSBC and RBC Capital Markets to launch the first sterling-denominated digital bond issued on the private blockchain.version of the 50 million pounds floating-rate bond, which was recorded on a private blockchain.
The £50 million ($61.6 million) floating-rate bond is registered on a private chain, while the mirror record on the public chain will improve transparency on an anonymous basis, the EIB said. The bank’s tokenization platform, HSBC Orion, provides access to the digital bond. The bank listed the advantages as cost savings, increased effectiveness, and real-time data synchronization. The architecture of the system is distributed by HSBC, BNP Paribas, and RBC Capital Markets. The transaction came after earlier EIB sales of digital bonds denominated in euros.
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💰 Bitcoin miner Gryphon releases operational update ahead of going public
Bitcoin miner Gryphon mined 71 bitcoin-equivalent coins in December, it said in an operational update after announcing plans to go public last week. The miner had an average hashrate of 0.625 EH/s, a 13% month-over-month decrease, in part due to the winter storm.
"Despite this, Gryphon’s bitcoin efficiency for December increased by 7% from November and remained tied as the top performing operation for the month," it said in a statement. The company has a 22.5% net operating profit interest royalty with a third party, whose reported hashing power is around 0.37 EH/s, it said. Gryphon will go public via a deal to buy Akerna Corp. in an all-stock transaction. The company is going public via a deal to buy cannabis software company Akerna.
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💰 White House Blames Congress for Failure to Enact Crypto Regulations
The White House pointed the finger at Congress Friday for stalling on a comprehensive, national crypto regulatory framework, outlining numerous actions lawmakers could take to reign-in fraud and bad actors in the crypto sector. The post goes on to highlight a number of moves Congress could make immediately.
Stablecoins are cryptocurrencies whose values are tied to sturdy assets like gold and the U.S. dollar; this relationship is meant to keep the values of stablecoins relatively constant, even in periods of crypto market volatility. That theory has been repeatedly tested, however, most notably last May when so-called algorithmic stablecoin UST de-pegged from the U.S. dollar and subsequently collapsed, leading to a chain of events that wiped out some $40 billion in value. UST was not actually backed by a reserve of dollars.
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🇭🇰 Hong Kong to accelerate Web3 innovation in region with $50 million spend
TRON founder Justin Sun linked details of a $50 million spend by the Hong Kong government to accelerate Web3 development in the region. Details of Hong Kong’s Web3 ambitions were laid out in a budget document updated on Feb. 22. Lawmakers acknowledged Web3.
The document disclosed that “many innovative enterprises” had enquired about setting up a base in the city-state. It also recognized “Virtual Assets (VA)” as an intrinsic aspect of a “vibrant Web3 ecosystem.” A task force is currently looking into the responsible development of the cryptocurrency sector. Sun reiterated previous comments about the changing Hong Kong crypto landscape being a pilot program for the mainland. Rumors that Hong Kong was softening toward cryptocurrency had been circulating for several months.
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🚨 SEC May Sue Against Paxos, Stablecoin Market Suffers Huge Impact
If the US Securities and Exchange Commission formally files a lawsuit against Paxos, it will have a significant impact on the $137 billion stablecoin market, as reported by CNBC. Paxos disagrees with the arguments from the regulator. If Paxos takes action against the SEC, it could incur huge costs.
Although there has been no formal action yet, there are indications that the regulator has targeted Paxos and all other stablecoin issuers. On February 13, the SEC issued a “Wells Notice” to Paxos, announcing that it plans to sue Paxos over BUSD; The New York State Department of Financial Services has ordered Paxos to stop issuing new BUSD tokens. Soon after, the New York State Department of Financial Services ordered Paxos to halt issuing new BUSD tokens, and Paxos also agreed to enforce it.
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📣 Sam Bankman-Fried is embroiled in legal drama. FTX is moving on without him.
Beleaguered crypto exchange FTX is charging ahead in bankruptcy court, preparing for high-profile clawbacks to begin at the end of the month. Meanwhile, the company’s former CEO could lose most of his access to the internet before his criminal trial.
The split screen between Sam Bankman-Fried’s mounting legal woes and his ex-company’s progress in bankruptcy court came into view in courtrooms in Manhattan and Delaware this week. Bankman-Fried has been in legal limbo for weeks after the government accused him of contacting a potential witness in his criminal case and using a virtual private network that could conceal his internet use. a partner at the law firm Mintz & Gold who represented infamous Ponzi schemer Bernie Madoff.
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📣 CZ Don’t Believe Circle Report BUSD And Binance To Regulators, “Circle Is Smarter Than That”
In a wide-ranging Twitter Spaces AMA on February 14, Binance co-founder and CEO, Changpeng Zhao (CZ), addressed the ongoing FUD around stablecoin BUSD. Amid the information about Binnace and Circle’s FUD, CZ said he did not believe in those baseless rumors.
As mentioned in an earlier Coincu News article, Bloomberg reported that Circle had directed the attention of regulators in New York to complaining to regulators about the fraud Binance’s BUSD manager. From CZ’s point of view, he thinks any professional player in the industry knows that what hurts one player, hurts others. If BUSD was affected, USDC would have also been heavily bought back and seen its market cap shrink. Changpeng Zhao said: “Even if new BUSD minting stops, the current circulating supply is safe and no user should suffer any loss.
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📣 Coinbase CEO Visits Washington To Push For Clearer New Rules Targeting The Crypto Industry
Coinbase CEO Brian Armstrong is trying to clarify crypto regulations with an impact on US authorities. Following enforcement moves this month against Kraken and Paxos, Coinbase CEO said he was in Washington, D.C., today to fight for clearer regulations amid growing uncertainty in the industry.
After Coinbase CEO used a Twitter thread to warn about what he said would be a “terrible path” for the U.S. The CEO has increased the defense of his exchange’s staking services. Previously, Armstrong claimed to have received whispers that the U.S. Securities and Exchange Commission wants to prohibit ordinary investors from participating in cryptocurrency staking, the revenue-generating strategy at the heart of operating blockchains like Ethereum. This is an issue affecting later “limits” to the services of exchanges.
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⚪️ Nexo Stopped Offering Lending Products In The US In April After Paying A Fine Of $45M
Cryptocurrency lending platform Nexo will stop offering its “Earn Interest Product (EIP)” lending product to all US customers (including citizens and residents) on April 1. “We ask that you begin planning the withdrawal of your funds at a convenient time by this date,” the company said in a blog post, adding that no other Nexo services will be affected.
The course of action “reflects our belief that the development of clear regulatory frameworks is the best way to protect the crypto industry and usher it into the mainstream safely and compliantly,” the company said. Nexo began offering EIPs to US customers in June 2020. The SEC previously accused Nexo of issuing and selling EIPs without registration. Nexo agreed to pay a $22.5 million fine to the SEC and an additional $22.5 million to settle similar fees brought by state regulators. the crypto company has agreed to pay a $45 million fine and stop offering EIPs.
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🟠 Voyager Digital Plans To Recover User Money Through Binance.US Accounts
Bankruptcy cryptocurrency company Voyager Digital seeks court permission to recover users’ funds through Binance.US accounts.Voyager US customers will need to provide personal information such as email address, social security number, and date of birth to create their Binance.US account.
According to court filings, insolvent crypto broker Voyager Digital has filed a plan for customers to get their assets back through Binance US. The documents show that Voyager Digital’s deal with Binance.US is expected to close in March and allow users to withdraw funds. However, users in Hawaii, New York, Texas, and Vermont will have to wait another six months as they cannot create accounts on Binance.US. Binance.US did not obtain the necessary licenses or authorizations to operate in unsupported countries within six months of the end of the acquisition agreement.
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🪙 ENS DAO Passed Proposal To Sell 10,000 Ether To Support ENS Labs
The ENS DAO has decided to liquidate 10,000 ETH for USDC in order to pay for running expenses for the following two years.Delegates of the Ethereum Name Service (ENS) DAO have decided to sell 10,000 Ether from the DAO’s funds in order to pay for the project’s operations for the upcoming 18 to 24 months.
The initial submission of the governance plan was made on January 18. Tally data shows that 89% of participants supported the plan, which also seeks to lessen the project’s exposure to Ether in the event of a market move to the negative. ENS Foundation chair Brantly Millegan and founder Nick Johnson are two prominent ENS figures who backed the decision. The ENS DAO will now sell 10,000 ETH on the decentralized exchange aggregator CoW Swap, anticipating at least $13 million in the USDC stablecoin in return. This fund will come from the project’s.
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⚡️ Trader Joe's native token 'joe' goes omni-chain with LayerZero partnership
Decentralized exchange Trader Joe, not to be confused with the American grocery chain, has partnered with interoperability protocol LayerZero to convert its native ERC-20 token "joe" into an omni-chain fungible token (OFT). The integration will enable joe tokens to be easily transferred from its native chain.
LayerZero relies on a unified "omni-chain" communication protocol that can be used to move assets back and forth between blockchains. Such tokens are moved through LayerZero's decentralized communication protocol rather of relying on wrapping — a process where tokens have to be minted and burned continually. LayerZero's approach is considered more secure than wrapping, the Trader Joe team noted in a blog post. It also caters to lending and borrowing requirements of crypto users.
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🆘 tZero Cryptocurrency Trading App Will Stop Working On March 6
Trading platform tZero will be shutting down its tZero Crypto app, which combines digital wallets with exchange services, on March 6, the company tweeted Friday morning. The app outage comes as the company struggles to build its business while regulators are looking for specific regulations to control the crypto market.
Users will have to withdraw their assets from the app before tZero Crypto ceases operations on March 6. Until then, the platform’s custodians will continue to custody customer cryptocurrencies. TZero Crypto was launched in 2019 to create the first platform where customers can trade cryptocurrencies, blockchain-based securities, and traditional stocks using a single application, pending approval, according to the law. But those aspirations are complicated by the company’s troubles with regulators and other controversies.
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🪙 Tether denies it borrowed $2B from Celsius, as described in court report
According to a nearly 700-page report filed Tuesday from court-appointed examiner Shoba Pillay, Celsius at one point had lent approximately $2 billion to Tether. But Tether, which also invested in Celsius, denies it ever borrowed funds from the failed firm.
The document contains a mistake/typo, probably due to the amount of workload and pressure that putting together this filing required and this resulted in a mischaracterization,” Paolo Ardoino, Tether's chief technology officer, said in a statement provided to The Block. "In fact, in the document Celsius is referred as the counterparty that had to post additional margin, an activity that is performed in fact by the borrower, in order to remain within the agreed risk parameters.
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🇬🇧 UK Regulator Has Launched An Investigation Into Charities Linked To FTX
Accordingly, the charity reported this as a serious incident as FTX’s charity fund is an essential donor to the charity. The investigation was opened on December 19, 2022, under section 46 of the Charity Act 2011. The trustees have fulfilled their duties and responsibilities in submitting the RSI, and there is no indication that they have done wrong at this time.
The regulator’s investigation will focus on the extent to which the charity’s assets are at risk and the time to which the trustee is complying with legal obligations, administration, and management of the trustee’s charity, including the charity’s relationships between the trustees and their donors, conflicts of interest, etc. In addition, the regulator may expand the scope of the investigation as appropriate. An investigation has been opened to establish the facts and help ensure trustees protect the charity’s support.
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🇺🇸 White House Requests Public Comment On Crypto Assets As Upcoming Policies In 2023
The Biden Administration is seeking public feedback on crypto assets and blockchain technology in order to develop future crypto policy. The White House’s Office of Science and Technology Policy (OSTP) has requested public assistance in identifying critical areas of the crypto industry that require additional research.
The White House also asks the public in the document which segments of the market they believe virtual assets are affecting. The White House goes on to say that it is now investigating the prospect of developing a central bank digital currency (CDBC), or a crypto asset backed by a country’s central bank and that it would like to know what the public thinks of a US CDBC. The White House is now investigating the prospect of developing a central bank digital currency (CDBC).
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💰 Optimism (OP) hits new ATH despite 70% transaction volume decline
Layer 2 (L2) network Optimism (OP) transaction volume has declined by over 70% to 200,000 from an all-time high (ATH) of 800,000, according to Etherscan data. Meanwhile, despite the steep decline in its transaction volume, Optimism’s OP printed a $2.49 ATH on Jan. 25.
Binance research pointed out that the decline in volume coincided with Optimism ending its NFT incentive program, “Optimism Quests,” on Jan. 17 — the NFT program majorly drove user engagements and transactions to the L2 network. For context, the L2 network registered over 600,000 transactions on Jan. 17 and declined by over 50% to 239,000 by Jan. 18, according to Etherscan data. Since then, the network volume has ranged between 160,000 – 200,000. Optimism’s growth was inorganic in 2022 because incentives in its ecosystem fueled its growth.
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