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🟣 Polygon research lead quits to join its spin-off blockchain project Avail
Ethereum scaling project Polygon has bid adieu to research lead Prabal Banerjee as he joins its spin-off Avail, a modular blockchain project. Banerjee has joined Avail as a co-founder, Avail said Friday. Avail was spun off from Polygon last month, with Polygon co-founder Anurag Arjun leaving to manage Avail as a separate entity by acquiring it.
Polygon initiated the Avail project in late 2020 and introduced it publicly in mid-2021. Avail is a modular blockchain that allows developers to build customizable and scalable applications. Unlike monolithic blockchains — such as Ethereum and Solana — modular blockchains break down the essential functions of consensus, security, data availability and execution, and handle them separately. Avail is currently live on a testnet and its mainnet is expected to launch around the fourth quarter of this year, according to Banerjee. There are currently 20 people working on the project.
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🪙 FTX's mooted restart plan draws interest from Tribe Capital: Bloomberg
FTX’s mooted plan to reboot the bankrupt crypto exchange has attracted interest from the venture capital firm Tribe Capital, Bloomberg reported, citing unidentified people familiar with the matter. Tribe Capital was an investor in the exchange before it collapsed in November and is considering a fresh capital injection, Bloomberg said. Tribe co-founder Arjun Sethi met with FTX’s committee of unsecured creditors in January to discuss the proposal.
The San Francisco-based VC firm is considering leading a $250 million fundraise, anchored by $100 million from Tribe and its investors, Bloomberg said. In a tweet thread following the Bloomberg report, the committee representing FTX's creditors said it was working to evaluate all options to "reboot or sell the FTX exchanges and create value for creditors." "There is no definitive timetable for a reboot or sale of the exchanges at this time," the committee said. "Until a formal process is launched, parties interested in purchasing or sponsoring a reboot of the FTX exchanges should contact the debtors and the committee." Tribe Capital didn't immediately respond to a request for comment.
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📣 Klaytn Burned 52.96 KLAY About 50% Of Total Supply To Raise Token Value
South Korean public chain project Klaytn is said to have burned 52.96 KLAY, which is 50% of the total supply, as planned earlier to raise the value of its token. Klaytn, a public blockchain platform developed by South Korean internet giant Kakao Corp tweeted today that the Cypress KIP-103 hard fork has been implemented at block 119750400, and the cancellation and rebalancing of funds are complete, and 5,296,324,269 KLAY were canceled, representing a total of 50% of the supply.
Accordingly, the burned tokens came from Klaytn’s treasury (total of 7,281 billion) and were minted during the mainnet launch in 2019. These tokens correspond to about 50% of the total supply of KLAY. However, Klaytn will keep 2 billion KLAY and turn it into a “Value Creation for KLAY” fund for KLAY’s uses and deflationary pressure plans. But if usage is not guaranteed, these tokens will be burned within three years. Before that, the Fund announced that it would actively build the necessary infrastructure for the ecosystem, such as Oracle, as well as invest in projects with development potential, thereby increasing the return value for customers’ whole network.
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📣 TrueUSD's Bitcoin Trading Volume Nears Tether’s on Binance but Traders Hesitate to Use the Token
The TrueUSD (TUSD) stablecoin’s market share in bitcoin (BTC) trading volume on Binance is catching up to Tether’s USDT following the exchange’s zero fee trading discount, but data shows traders are still reluctant to use TUSD, according to crypto data firm Kaiko. Between Binance’s BTC-TUSD and BTC-USDT trading pairs, TUSD’s market share rose to 49%, almost equalling Tether's. TUSD’s growth could not offset the rapid decline in the BTC-USDT pair’s trading volume.
TUSD’s rise has come as Binance, the world’s largest crypto exchange by trading volume, picked the token as heir of its preferred Binance USD (BUSD) stablecoin issued by Paxos Trust. The exchange restored trading with TUSD after a six-month pause after Paxos’ decision to stop issuing BUSD and assigned its zero-fee trading discount to the BTC-TUSD pair and waived the promotion from BUSD and USDT starting on March 22. Moreover, larger buy and sell orders are still placed for the USDT pair, per Kaiko.“This suggests that traders are still reluctant to use TUSD despite zero fees,” Medalie added.
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📣 Bitcoin miner Riot Platforms responds to NYT with cheeky video saying facility doesn’t literally produce CO2
Bitcoin miner Riot Platforms posted a tongue-in-cheek video and a written statement defending itself after The New York Times published a story about the "enormous carbon pollution" and high electricity costs created by the mining industry. We were especially disappointed to read a false and distorted view of our company and our industry in the article published by The NYT. Worse still, The NYT chose to publish the article with information its authors knew to be false.
The Times estimated that 96% of the power used by Riot comes from fossil fuels and found that in Texas, increased demand from mining resulted in electric bills nearly 5% higher, another $1.8 billion a year. The additional use of power causes as much carbon pollution as adding 3.5 million gas-powered cars to America’s roads. The Times reported that Riot's mine in Rockdale, Texas, "uses about the same amount of electricity as the nearest 300,000 homes, making it the most power-intensive Bitcoin mining operation in America." bitcoin miner by market cap, said its data center uses electricity from the Texas grid, which it claimed is the cleanest and most renewable energy-sourced grid in the United States.
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📣 MicroStrategy’s Bitcoin Holdings Boosted by Recent Purchases, Shares Up 114%
MicroStrategy’s large Bitcoin holdings have been in the red since last June, but recent Bitcoin purchases lowered its average purchase price. Shares in the firm are up 114% YTD and are trading at $312.78. MicroStrategy has recently made headlines for its large Bitcoin holdings. According to Coinmarketcap, bitcoin was trading at $30,103, up 6% over the past 24 hours. The cryptocurrency is up 82% year-to-date and recently registered its best quarterly increase in two years.
The surge in prices has pushed the price of Bitcoin above MicroStrategy’s average purchase price of $29,803. While that means the company is technically up, it’s only by a few hundred dollars, which is a small buffer. Since the company owns so much bitcoin, it would likely push the price down significantly in the process if it were sold quickly. This means the company probably couldn’t sell all of its bitcoin for a profit if it wanted to. MicroStrategy’s Bitcoin holdings have been in the red since last June. At the time, the collapse of crypto lender Celsius and the failure of crypto hedge fund Three Arrows Capital propelled the markets down even further.
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💰 Sushi Head Chef Jared Grey Reveals Details of SEC Investigation With 17 FAQs
Sushi Head Chef Jared Grey’s statement on the SEC’s non-public investigation into Sushi’s compliance with federal securities laws. Grey can only produce documents in his possession, custody, or control. Sushi Head Chef Jared Grey has received a subpoena from the U.S. Securities and Exchange Commission seeking documents and information relating to Sushi. The SEC’s investigation is a non-public, fact-finding inquiry trying to determine.
Morrison Cohen LLP, a law firm, represents only Jared and his employer, Internet Three Software Company, in connection with the SEC’s investigation concerning Sushi. At present, Morrison Cohen does not represent “Sushi” (as a community) or any other members of the Sushi community in connection with the SEC’s inquiry. Jared can only produce documents and information in his own possession, custody, or control. “Sushi,” as a DAO, consists of a software protocol and people around the world who use it in various ways. Jared can advocate for the interests of the Sushi community but cannot possibly “represent” the entire community.
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⚡️ BitMex’s Former CEO Arthur Hayes Reveals Secret To Crypto Fund Success
Arthur Hayes and Akshat Vaidya founded Maelstrom Capital to beat bitcoin and ether’s returns. Maelstrom is taking things slow, targeting infrastructure companies because “it makes sense in this part of the cycle.”. Arthur Hayes’ family office uses his crypto, so there’s no rush to deploy capital to earn management fees, allowing the firm to be patient. The goal is to identify quality projects instead of spraying investments everywhere.
Arthur Hayes thinks that clone projects will come, just like what happened in the COVID-19 bull market of 2020-2021, when clones of Uniswap, Compound, and Aave became flush with capital. Maelstrom’s goal is to have done the work during the bear market to identify which companies are genuinely valuable and which are just imitations. Maelstrom is willing to invest in a complete piece of [dog excrement] because that’s how crypto-tier returns are made when the market shifts from bear to bull. The projects that Maelstrom invests in now will likely come to a turning point around 2024, when the market starts to question whether these projects have fulfilled their promises.
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📣 Brazilian Investment Bank BTG Pactual Brings Out Dollar-Backed Stablecoin
BTG Pactual, one of Latin America's largest investment banks, has introduced a dollar-backed stablecoin through its crypto platform Mynt. The stablecoin, BTG Dol, is the world's first dollar-backed stablecoin issued by a bank, BTG Pactual said in an announcement on Tuesday. The São Paulo, Brazil-based bank said it is enabling clients to "dollarize part of their equity in a simple, efficient and secure manner."
BTG Dol is available for purchase starting from 100 real ($20) in the bank's crypto app Mynt, which it rolled out in 2021 and which now supports 22 cryptocurrencies. Unlike cryptocurrencies like bitcoin and ether, stablecoins are pegged to traditional financial assets like fiat currencies - usually the U.S. dollar. They allow investors and traders to keep their money in the digital asset ecosystem without being completely exposed to the volatility that are habitual with most cryptocurrencies. The market capitalization of stablecoins sits at around $133 billion with a 24-hour trading volume of nearly $39 billion, according to data by CoinMarketCap.
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🆘 Huobi And Gala Games File A Lawsuit Against pNetwork For Publishing $1B pGALA
According to official news, Huobi and Gala Games have contacted the legal team and will join hands with Gala Games to file a lawsuit against pNetwork for massively releasing pGALA supplements to recover the losses. Gala Games to file a lawsuit against pNetwork for the release of $1 billion of pGALA tokens last year to revoke the token’s losses and resolutely protect its own brand reputation and user interests.
Huobi said that all organizations and users affected by the pGALA incident are welcome to participate in the joint lawsuit against pNetwork. As per previous news, in November last year, pNetwork issued over $1 billion pGALA on the BNB chain and sold it on PancakeSwap, causing the token price to plummet as much as 97%. Gala Games believes that pNetwork’s negligence in causing security breaches and deliberate execution of the failed recovery plan caused further damage, negatively affecting Gala’s market perception. Games and the GALA Token, damaging the reputation of Gala Games and damaging Gala Games The relationship between the Games and the trading platform.
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💰 Bitcoin Miner Marathon Digital's CFO to Retire After One Year
Bitcoin miner Marathon Digital's (MARA) CFO Hugh Gallagher plans to retire from his role on May 12, about an year after he was appointed in the role. “With hash rate growing and becoming more stable and with the team now in a stronger position, I made the decision to retire," Gallagher said in a statement. He was appointed to the CFO role on March of last year.
The move comes as bitcoin miners have gone through a difficult year, with bitcoin prices sinking and higher energy prices driving up costs, which weighed on their profit margins. Marathon's stock price has fallen about 71% in last 12 months, while bitcoin fell about 40%, according to TradingView data. An external search for a new CFO is already in the process, the company said in the statement. Bitcoin miner Marathon Digital's (MARA) CFO Hugh Gallagher plans to retire from his role on May 12. Search for a new CFO is already in progress.
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📣 Stronghold Increases Hashrate Guidance To 4 EH/s As Bitcoin Mining Revenue Dropped 35%
Bitcoin Miner Stronghold announced to increase year-end hashrate guidance to 4 EH/s as bitcoin mining income fell 35% from the previous quarter. According to a Wednesday announcement, Stronghold Digital Mining (SDIG) increased its year-end bitcoin mining processing power prediction to 4 exahash/second (EH/s) from 3 EH/s. The company’s net loss increased 45% year on year to 74 cents per share in the fourth quarter.
The firm increased its 12-month sales expectation from $108 million to $129 million to between $94 million and $129 million. Mining profitability, as determined by hashprice, ranges between 7 and 10 cents per terahash/second (TH/s) every day. It previously said that it projected a hashprice of around 9 cents/TH/s. A million terahash is equal to one exahash. Revenue of $23.4 million in the fourth quarter was mostly driven by selling electricity to the power grid rather than crypto mining. In Pennsylvania, the miner owns two coal plants that employ coal waste, or heaps of the fossil fuel left over after the physical mining process.
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📣 Signature Orders Clients To Shut Down Crypto Accounts
Signature Bank, a New York-based bank, has reportedly given its clients with cryptocurrency funds until April 5 to withdraw their funds and find another bank. The FDIC confirmed on March 28 that the deposits belonging to digital asset clients were not included in New York Community Bancorp’s (NYCB) bid to buy most of the deposits and loans held by Signature Bank on March 19.
Depositors who have their accounts closed will receive a check to their registered address. This means anyone with funds held with Signature but unable to transfer them out should ensure that their registered address is up-to-date. It is important to note that while New York Community Bancorp (NYCB) bought most of the deposits and loans held by SB on March 19, the deal with the FDIC did not include “approximately $4 billion of deposits related to the former Signature Bank’s digital banking business.”. Also excluded from the deal was Signature’s payments platform Signet, which is powered by blockchain technology to facilitate real-time payments with no transaction fees or limits
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💰 Cardano Whales Make Waves With 204 Billion ADA Transaction
Cardano network witnessed a remarkable surge in transaction volume with a whopping 204 billion ADA coins transacted. The surge in transaction volume could be attributed to various factors. One of the potential reasons behind the spike in large transactions on the Cardano network could be the increased adoption of the platform’s smart contract capabilities. With more projects and developers building on Cardano.
Another possible explanation for the massive spike in transaction volume is profit-taking by investors. The recent uptrend in Cardano’s price has been a welcome change after months of lackluster performance, and some investors may be seizing the opportunity to realize gains while they can. This profit-taking could result in large transactions on the network, as investors move their ADA tokens to exchanges or other platforms to cash out. The heightened network activity could also be attributed to the anticipation of future developments within the Cardano ecosystem. With upcoming upgrades and partnerships in the pipeline.
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📣 zkSync’s Overall Transaction Volume Topped 20 Million After The Arbitrum Super Airdrop Ended
The amount of zkSync transactions has grown significantly, surpassing 20 million. According to Dune Analytics, the Ethereum L2 extension solution zkSync has had a transaction volume of around 2,025,135 this week, and the 7-day average transaction volume has reached a new high. The overall transaction volume has already surpassed 20 million. The technique is founded on zero-knowledge proofs, allowing for great degrees of confidentiality and secrecy.
One of zkSync’s primary features is the use of zero-knowledge proofs (ZKPs) to assure transaction integrity. ZKPs enable users to demonstrate that particular information is correct without disclosing any extra information. As a result, zkSync transactions are extremely safe and private. This Layer 2 solution is also noted for its rapid transaction speeds and cheap gas prices, making it an appealing alternative for anybody wishing to transact on the Ethereum network. Based on the on-chain data given by Nansen, users tend to be particularly interested in the retroactive capabilities of zkSync, a layer-2 solution that belongs to the zk-Rollups group on Ethereum.
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🟠 Binance US Voyager Acquisition Agreement Gained US Government Approval
The Voyager Unsecured Creditors Committee (UCC) and the US government have reached a resolution authorizing the planned redemption of Binance US. The resolution is embodied in a general clause that states that appeals will continue against the plan’s waiver provision, which the US government has agreed can continue with the agreement without it and will not be stopped. The Government has agreed that the Plan may move forward without such provision and will not otherwise be subject to the stay.
Voyager and the Unsecured Creditors Committee are working with Binance.US to proceed with the transaction as soon as the District Court approves the terms. Earlier, the US government continued to block the acquisition of the bankrupt cryptocurrency company Voyager by Binance US. Most recently, the Department of Justice filed an appeal against a New York court judge’s approval decision. Or before that, the US Securities and Exchange Commission (SEC) also took a similar action, citing a violation of federal securities laws because Binance US is an unregistered stock exchange with this agency. Bankruptcy crypto company Voyager decided to sell to crypto platform FTX. Still, its sudden collapse in a short time left the acquisition in the hands of Binance US.
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📣 Do Kwon Failed To Stop SEC Searching Terraform-Related Documents
According to court records, a US judge dismissed Do Kwon and Terraform’s request for an injunction compelling the Securities and Exchange Commission (SEC) to abandon its request for papers from the Monetary Authority of Singapore, Bloomberg first reported the news. At a hearing on Friday, U.S. District Judge Jed Rakoff denied Do Kwon and Terraform’s motion, according to court papers. The accused and the Luna Foundation Guard demanded records from the Singapore regulator.
Terraform was headquartered in Singapore, although it is unclear what documents the SEC is requesting from the city-state’s regulator. The SEC sued Kwon and Terraform in February for allegedly issuing and selling unregistered securities and carrying out a scam that resulted in a $40 billion market value loss. Kwon’s whereabouts remained unclear for many months until he was caught in March at Montenegro airport on suspicion of carrying fake travel credentials after fleeing police authorities in South Korea for many months. South Korean authorities said on Monday that they were looking into a massive $7 million financial transfer by Kwon to a major Seoul-based law company prior to Terra’s bankruptcy.
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⚡️ Chia Network Files for IPO With the SEC, Eyes Public Listing
On Friday, Chia Network Inc. announced that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC), requesting an initial public offering (IPO). The blockchain network company, founded by Bittorrent creator Bram Cohen, will initiate the IPO after the U.S. securities regulator approves the filing. Chia’s native token XCH rose 14.2% on the news, and during the past 24 hours.
Bram Cohen’s Chia network intends to go public and took a step in that direction on Friday, April 14, 2023, when the firm submitted a Form S-1 filing with the SEC. The blockchain and cryptocurrency project, launched in 2018, leverages storage for consensus through a mechanism called Proof of Space and Time (PoST), in contrast to Bitcoin’s proof-of-work (PoW). PoST uses hard disk space as the foundation for its consensus algorithm. Chia’s COO Gene Hoffman indicated that the company had been focused on an IPO since May 2021. Chia announced that it had confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities.
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🪙 Uniswap V3 Deployment To Polygon zkEVM Will End Tonight With 100% Support
For quite some time, the idea to deploy Uniswap V3 to Polygon zkEVM has been a source of contention within the Uniswap community. Now that the vote day for this petition has arrived, there is much excitement and anticipation about what the future holds for Uniswap if this plan is accepted. The fact that the current support percentage is 100% demonstrates how enthused the community is about this initiative.
If this proposal is adopted, it will be a huge step forward in the development of the Uniswap ecosystem. Uniswap will be able to reach a larger audience and provide greater access to its platform by delivering Uniswap V3 to Polygon zkEVM. This change will also improve the usability of the Uniswap platform and provide users with a more seamless experience. It has been said that the Uniswap V3 protocol is one of the most advanced decentralized exchange systems now available on the market. Because of its connection with Polygon zkEVM, both its accessibility and its utilization will improve. The fact that the Uniswap community is currently supporting the project at a rate of one hundred percent illustrates.
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💰 Ripple Lawsuit: SEC Files New Arguments In Support Of Summary Judgment
The Securities and Exchange Commission (SEC) of the United States has filed a Letter of Additional Authority in support of its petition for summary judgment in its litigation against Ripple Labs. In particular, the SEC has submitted a letter of additional authority to Judge Analisa Torres in further support of its pending Request for Summary Judgment, as provided by pro-XRP U.S. defense lawyer and prominent commenter on the issue James K. Filan in a tweet on April 11.
The SEC references in the letter to an April 7 decision by a District of Massachusetts court, which allows the financial watchdog’s move for summary judgment and refuses the defendant, the brokerage business Commonwealth Equity Services,’ cross-motion for summary judgment. According to the agency, this opinion supports the SEC’s case against the blockchain company because it refers to the alleged violation of federal securities laws, as well as including the ‘fair notice’ argument advanced by the defendants in both cases but rejected by the court in the Commonwealth lawsuit.
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💰 Coinbase Ignites Bitcoin Lightning Network Integration, Boosting Transaction Speeds
Coinbase CEO Brian Armstrong announced via a tweet on April 8 that the cryptocurrency exchange will be integrating Bitcoin’s Lightning network into its platform. Armstrong’s statement came in response to a tweet by Bitcoin enthusiast Wicked, who challenged him for not publicly commenting on the Lightning network earlier. Armstrong explained that his tweets auto-delete after some months.
While Armstrong did not disclose details on when this integration would occur, many crypto stakeholders reacted positively to the news. For example, MicroStrategy’s founder Michael Saylor praised the move, and Bitcoin holder Derek Ross expressed his excitement about the possibility of “adding Lightning support for deposits and withdrawals.” If Coinbase integrates Lightning, it will be joining its rivals, such as Kraken, Bitfinex, BitStamp, and OKEx, which have already added support for the L2 solution. Others advised Coinbase to expedite the integration process, as they fear the company might end up with nothing to offer apart from Bitcoin, given the current regulatory environment.
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💰 Arkansas Approves ‘Right To Mine’ Bill To Protect Bitcoin Miners
The Arkansas State House has enacted legislation to regulate the state’s Bitcoin mining companies. The law has already cleared the State Senate and now goes to the governor’s office for approval. According to the archives, the law was approved by the House and Senate on April 6. On April 7, it was registered and delivered to the Governor’s office for approval. The act seeks to prohibit local governments from putting limits on crypto-mining operations.
The bill proposes that a Bitcoin mining operation may operate in the state if it follows state laws governing business guidelines and tax policies, and ordinances governing operations and safety, any rules or rates for utility service provided by or on behalf of a public entity, and state and federal employment laws. It also suggests that miners pay appropriate taxes and government fees in accepted forms of money and operate in a way that does not put a strain on an electric public utility’s generating or transmission network.
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📣 Euler Finance To Launch User Redemption Plan
DeFi lending protocol Euler Finance announced a user redemption plan following a severe attack last month. The fund recovered totaled around 95,556 ETH (95,556,36059211764 ETH) and 43.06 million DAI (43,063,729.35 DAI).The attacker delivered a total of 1,100 ETH to Tornado Cash and 100 ETH to the Ronin attacker, and the remaining 100 ETH was returned to the user directly by the attacker, and the user remitted 12 ETH to the Euler DAO vault.
The DAO vault address also has about 3.5 million (3,396,964) USDC and 1 million (1,007,321) DAI in insurance payments through the Sherlock protocol. Euler Finance intends to repay all liabilities when the protocol is disabled for each sub-account, at which point the on-chain oracle price (Uniswap or Chainlink, depending on the market) defined in the smart contract is used to determine the ETH value of assets and liabilities, and each asset of the account (non-collateral) is used proportionally to service the liability. On March 13, Euler Finance was victimized by a flash loan exploit, which robbed the protocol of $196.9 million in multiple cryptocurrencies.
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🟠 Changpeng Zhao: Crypto Industry Should Unite, Not Target Peers.
According to Zhao, bad news may be promoted by other exchanges, and rather than attacking one another, the business should band together. Zhao stressed the significance of business cooperation and mutual support, especially during difficult times. He also mentioned that Binance will continue to support the global adoption of cryptocurrencies and blockchain technology.
To summarize, while recent FUD has created some worry within the industry, Zhao’s statement serves as a warning that it is critical to remain united and focused on the larger picture of advancing the adoption of cryptocurrencies and blockchain technology. It’s worth noting that Zhao’s message isn’t just pertinent to the present circumstance; it also highlights a broader problem within the cryptocurrency business. There have been cases in the past of exchanges and other industry actors assaulting one another, often motivated by rivalry and personal interests.
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📣 Arbitrum Foundation Sold ARB Tokens Ahead of 'Ratification' Vote; ARB Falls
The Arbitrum Foundation began selling ARB tokens for stablecoins even before its governance community of tokenholders had "ratified" the organization's nearly $1 billion budget, according to a blog post from one employee early Sunday. The price of ARB fell after CoinDesk's report of the post, with the token falling to $1.17, down 9% in the last 24 hours.
According to Patrick McCorry, the Arbitrum Foundation – a centralized organization responsible for promoting Arbitrum, a faster and cheaper blockchain for transacting on Ethereum – thought of the omnibus governance package Arbitrum Improvement Proposal (AIP-1) as a "ratification" of decisions it had already made, such as receiving 7.5% of all ARB tokens. To that end, the Foundation "has begun to use these tokens in the interest of the DAO, including conversion of some funds into stablecoins for operational purposes,".
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🪙 34 Million Dogecoin Was Transferred Into Binance Amid CFTC Lawsuit
A large amount of $DOGE was transferred to Binance right during the time when the exchange encountered legal problems from the CFTC. In the past few days, a large amount of Dogecoin (DOGE) has been moved in the market. Whale Alert notes that a total of 350 million DOGEs were transferred between wallets. This amount amounts to more than 26 million USD.
A Whale Alert posted to Twitter revealed that 34,285,849 DOGE tokens worth $2.6 million were transferred to Binance via multiple wallets. The move comes as Binance is being sued by the Commodity Futures Trading Commission (CFTC). Ever since the CFTC sued Binance and CEO CZ, the exchange has seen massive crypto withdrawals throughout the week. The CFTC dealt a major blow to Binance with a lawsuit earlier this week. Since then, Binance has recorded over $2 billion worth of outflows, according to Watcher. In the meantime, approximately 34 million DOGE tokens have been transferred to Binance.
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📣 Stronghold Increases Hashrate Guidance To 4 EH/s As Bitcoin Mining Revenue Dropped 35%
Bitcoin Miner Stronghold announced to increase year-end hashrate guidance to 4 EH/s as bitcoin mining income fell 35% from the previous quarter. According to a Wednesday announcement, Stronghold Digital Mining (SDIG) increased its year-end bitcoin mining processing power prediction to 4 exahash/second (EH/s) from 3 EH/s. The company’s net loss increased 45% year on year to 74 cents per share in the fourth quarter.
The firm increased its 12-month sales expectation from $108 million to $129 million to between $94 million and $129 million. Mining profitability, as determined by hashprice, ranges between 7 and 10 cents per terahash/second (TH/s) every day. It previously said that it projected a hashprice of around 9 cents/TH/s. A million terahash is equal to one exahash. Revenue of $23.4 million in the fourth quarter was mostly driven by selling electricity to the power grid rather than crypto mining. In Pennsylvania, the miner owns two coal plants that employ coal waste, or heaps of the fossil fuel left over after the physical mining process.
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📣 Genesis CEO Gets Priority To Buy Crypto On FTX At Cheap Price
As reported by the Financial Times, people familiar with the matter revealed that the executives of crypto-lending company Genesis have the privilege of receiving FTX-backed crypto first. According to the initial disclosure that was FTT (FTX’s native token launched in 2019) and Serum (established in 2020 with FTX and Alameda support) before its public release, the founder of FTX Sam Bankman-Fried (SBF) has offered a discount to Genesis executives.
According to people familiar with the matter, the FTT and Serum tokens and Solana are also accepted by Genesis as collateral for the Alameda mortgage to secure its loans. After the collapse of FTX, Genesis has long been known as the primary source of funding for Alameda Research. At the same time, the DCG subsidiary is also the largest creditor of FTX and Alameda, with $226 million in debt, according to US bankruptcy court filings. Genesis halted customer withdrawals in November following the shocking collapse of FTX and has been in talks with creditors, and has been trying to secure new funding ever since.
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💰 Bitcoin Difficulty Increases for Third Time in Six Weeks, Miners Remain Undeterred With High Hashrate
On March 23, 2023, bitcoin experienced another difficulty increase, following two previous rises in the last month, jumping 7.56% higher. Currently, bitcoin miners have not been deterred by the increases, as the network hashrate has been coasting along at 346 exahash per second (EH/s). As of writing, there are more than 1,700 blocks left until the next difficulty retarget on April 5, 2023.
Despite the difficulty increase on March 23 at block height 782,208, the hashrate remains high, and block intervals are still faster than the 10-minute average. The April 5 change is expected to be about 6.9% higher, as block times have been between nine minutes and 21 seconds and nine minutes and 14 seconds. The increase at block height 782,208 was 7.56% higher than the difficulty over the previous two weeks. Prior to that, on Feb. 24, 2023, at block height 778,176, the difficulty rose 9.95%, and on March 10, 2023, at block height 780,192, the difficulty jumped by 1.16%.
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📣 Do Kwon Faces 5 Crimes Of Fraud After Getting Arrested
Hours after Terraform Labs founder Do Kwon was arrested by police in Montenegro, New York, federal prosecutors charged him with five criminal charges related to fraud. The petition also alleges that Do Kwon contacted a US trading and investment company representative for help in “changing the market price of UST” that the company had provided. This is also an allegation that the SEC made a similar allegation in its complaint last month.
Kwon was charged with conspiracy to commit fraud, commodity fraud, securities fraud, wire fraud, and conspiracy to manipulate the market, according to the indictment. In February, the US Securities and Exchange Commission (SEC) filed civil charges against Terraform and Do Kwon for defrauding investors and selling unregistered securities and stock swaps. According to previous news, the Minister of Interior of Montenegro Filip Adzic announced that Do Kwon was arrested by the police at Podgorica Airport in Montenegro earlier Thursday using forged documents. The Korean National Police Agency later confirmed his identity.
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