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🏦 Coinbase cuddles up to UAE policymakers as tensions with US regulators grow
Crypto exchange Coinbase is bolstering its relationship with regulatory authorities in the United Arab Emirates as it faces mounting challenges back home in the U.S. "There is no doubt that UAE has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world," Coinbase said in a blog post on Sunday. "It further serves as a particularly strategic bridge between Asia and Europe — two of our existing focus international regions to date."
Coinbase's executive team, including CEO and co-founder Brian Armstrong, is in the UAE this week for meetings with policymakers, regulators, crypto founders and clients. Armstrong will also provide a keynote address at the inaugural Dubai Fintech Summit. Armstrong admired the UAE for its proactive and progressive regulatory approach to crypto in a tweet, saying the region "deserves a lot of credit for being forward thinking on crypto." Coinbase sued the SEC in order to force the agency to respond to a petition that the company filed demanding the SEC publish specific rules for digital assets. Last week, the SEC was ordered by a U.S. court to respond to Coinbase's complaint within ten days.
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🐴 Uniswap To Deploy A New Subdomain To Track The Deployment Of V3
On May 5, the Tally voting page shows that the Uniswap community’s proposal on “create v3deployments.uniswap.eth subdomain and populate its text fields” has been voted on the chain, with a final support rate of 99.98%. According to the proposal, the canonical deployment of Uniswap V3 will be recorded in a new subdomain. The proposal seeks to create this subdomain (v3deployments.uniswap.eth) to track the official deployment of V3 on L1 and L2.
The text records are formatted as follows: the key is the network number of the chain in question, and the value is a string that includes the address of the bridge sender contract on mainnet associated with the deployment, followed by the UniswapV3Factory address on the destination chain, separated by a space and a comma. Since 2022, the crypto sector has undergone various changes, but Uniswap has retained its position in the defi area. The platform trade volume has surpassed Coinbase’s for the second month in a row. Another factor that has helped its success is the current PEPE meme fad. The site has been at the vanguard of the NFT boom, with many users flocking to it to purchase and sell these assets.
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🔵 Ethereum transaction fees at their highest since May 2022 amid memecoin mania
The median average transaction fee on Ethereum has risen to its highest level since May 2022 following increased on-chain activity. Fees on the Ethereum network jumped to around 87 gwei on May 2, according to a Dune analytics dashboard from Hildobby, a pseudonymous data researcher at VC firm Dragonfly. The increase was mostly down to memecoin trading, Hildobby told The Block.
Memecoins have enjoyed somewhat of a renaissance recently. The Pepe the Frog-themed token has seen particularly high interest. The token price soared over 266 times in just four days last month. The memecoin's market cap soared to over $500 million this week before crashing below $400 million again. Many of these tokens lack liquidity, or market depth, meaning the ability for traders to buy and sell close to the market price is limited — leaving coins susceptible to sharp price swings. Decentralized exchanges on Ethereum have attracted the highest level of users since 2021 due to the demand for memecoin trading. Ethereum-based DEXs saw over 72,000 unique traders on one day in April.
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🇦🇪 OPNX hit with reprimand from Dubai regulator
Dubai's digital assets regulator issued a formal reprimand to the co-founders of bankrupt crypto investment firm Three Arrows Capital, according to a statement. The Middle Eastern country's so-called Virtual Assets Regulatory Authority said Kyle Davies and Su Zhu's latest venture, OPNX, is operating without the requisite licenses, adding that it is investigating the firm "to access further corrective measures that may be required."
"VARA became aware of OPNX soliciting, and collecting personal data from the public to participate in its new (to be launched) exchange," the agency added. "Through social media platforms, OPNX had been engaged in marketing the exchange without establishing warranted restrictions for residents of Dubai/UAE." Davies and Zhu — former classmates — launched OPNX last month out of crypto trading platform Coinflex, which was founded by Mark Lamb. The firm, which offers traders a platform to trade bankruptcy claims, is led by Lamb's wife Leslie Lamb, who told Bloomberg that the firm is operating above board. Zhu told Bloomberg that he and Davies are not involved in day-to-day operations.
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🇰🇪 Kenya to Start Levying Tax on Revenue Earned by Crypto Exchanges
According to regulations published by the country’s treasury secretary, global crypto exchanges used by Kenya’s estimated 4 million users will start paying a 1.5% tax on revenues earned. Initially proposed in 2020, the digital tax is the Kenyan government’s attempt to extract revenue from leading crypto exchanges and tax-avoiding digital asset platforms. As reported by Bitcoin.com News in early January 2021.
Meanwhile, as shown in the 2023 regulations’ value added tax (electronic, internet and digital marketplace supply) published by Treasury Cabinet Secretary Njuguna Ndung’u, Kenya can now target global crypto exchanges. Alongside Nigeria and South Africa, Kenya has one of Africa’s highest proportions of the population owning crypto. However, like its peers on the continent, Kenya has not recognized cryptocurrencies. The Central Bank of Kenya (CBK) and its governor have warned residents against dealing with crypto assets like bitcoin. Despite the warnings, Kenyan residents continue to acquire and trade cryptocurrencies and this has prompted the government.
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💰 Google Cloud Partners With Polygon Labs To Help Grow Ecosystem
Google Cloud partners with Polygon Labs to support Polygon blockchains, adding support for Polygon to its Blockchain Node Engine and building infrastructure to support Polygon zkEVM. Google Cloud will add support for Polygon to its Blockchain Node Engine, which currently only supports Ethereum and Solana. Google Cloud will also build infrastructure to support Polygon zkEVM, a new blockchain within the Polygon ecosystem. By the end of Q3, Google Cloud will help developers deploy application-specific blockchains built with Polygon tech on its servers.
As part of its extensive partnership with Polygon Labs, Google Cloud has announced a range of benefits for Polygon Ventures, including hosting credits on its servers and access to its Web3 startup program. Polygon developers will also receive similar benefits, while Google Cloud will tailor its infrastructure to suit Polygon’s ecosystem. Polygon’s impressive list of clients, which includes Starbucks and Mastercard, demonstrates its growing importance in the industry. This partnership represents a significant expansion of Google Cloud’s engagement with blockchain protocols. It goes beyond the level of support provided to Celo developers under the existing Google for Startups Cloud Program. Despite the current regulatory climate and market conditions.
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📣 Apple’s Unlawful Payments Ban Sparks NFT And Crypto Revolution
United States Court of Appeals for the Ninth Circuit decided that Apple had violated state competition laws by preventing app developers from using alternative in-app payment methods other than its own that included a 30% commission. The court’s decision was in the case of AP vs Epic Games, the creator of the popular video game Fortnite. While the court ruled in favor of Apple on most issues, it upheld a lower court’s decision from 2021 and explained that Apple’s anti-steering provision had harmed Epic Games.
The anti-steering condition is an Apple policy that states that developers cannot communicate out-of-app payment methods through certain mechanisms, such as in-app links. The court explained AP’s anti-steering violation through a second angle, ruling that consumers would have flocked to Epic Games directly had they learned about its much lower commission rate of 12%, compared to Apple’s 30%. The court further explained that if consumers could learn about lower app prices, which are made possible by developers’ lower costs, and can substitute to the platform with those lower prices, they would do so. This would increase the revenue generated by the Epic Games Store.
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📣 The NYDFS to Start Charging Crypto Firms Supervised by the Regulator
Each crypto company registered with the regulator should pay fees five times per fiscal year. The New York State Department of Financial Services (NYDFS) said it will start billing cryptocurrency entities registered in the state in exchange for annual examination and supervision. Superintendent Adrienne Harris explained the fees will be different for each organization, depending on their size and complexity.
The NYDFS stated the new rule will apply to those entities which have already obtained the so-called Bitlicense. The financial regulator adopted the regulatory regime in 2015, requiring crypto businesses to meet various standards for capitalization, anti-money laundering protocols, and cyber-security protection. Each firm will pay fees five times per fiscal year (four estimated quarterly settlements and one based on the actual expenses). The legislation coincides with the beginning of New York’s budgetary year (April 1) and its end (March 31). The amendment aims to align the cryptocurrency sector more closely with banking institutions and insurance firms since they are obliged to pay annual fees to the NYDFS in exchange for supervision.
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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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♦️ Polkadot’s KILT Identity Blockchain Integrates With Deloitte
Polkadot announced that Deloitte Switzerland is integrating the former’s parachain KILT blockchain technology for issuing reusable digital credentials to support KYC and KYB processes. With this move, Deloitte has become the latest major enterprise partner to come to the Polkadot ecosystem. The digital credentials in question will have extensive use cases such as regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins, and fundraising.
The official blog post explained that reusable KYB and KYC credentials, generated on KILT’s identity infrastructure, address the challenges associated with offering control and flexibility to the customer. As such, clients remain in control since credentials are stored in the wallet on their own devices, thereby granting them the power to choose with whom they share their credentials and which data points of the credential they make available. As part of the integration, Deloitte will provide a wallet to the customer for the purpose of managing and sharing their credential. This new feature will be in the form of a browser extension, setting up, which would not require any prior knowledge of blockchain.
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📣 Merlin DEX ‘Rugpull’ Backfires As $160K Frozen By Blockchain Security Firm
Smart contract auditor CertiK has recently announced that they have successfully blocked hackers from withdrawing $160,000 from Merlin, which is a zk-Sync-based decentralized exchange (DEX). CertiK updated its 257,700 Twitter followers on May 5, sharing the news of their successful $160,000 freeze of the stolen funds. In addition, they are also monitoring the movement of the stolen funds to ensure that it remains blocked.
Although the firm tried to “collaborate” with Merlin to recover the funds that were stolen from the April 25 “rugpull,” their efforts were to no avail. As a result, CertiK reached out to law enforcement in the United States and the United Kingdom to uncover the identities of the pseudonymous operators who are believed to be based in Europe. CertiK also explained, “This lack of cooperation has complicated our efforts to validate and aid victims. We focus on working with law enforcement and have submitted information to relevant US & UK agencies.” This is indeed a bold move that will help to protect users of decentralized platforms from future losses.
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🟠 ChatGPT Provides False Information Attack On Binance’s CEO Changpeng Zhao
Recently, Binance has been the target of a false information attack by ChatGPT, a language model designed to answer questions. In this case, ChatGPT responded with false information about Binance’s founder and CEO, Changpeng Zhao. The false information suggested that Zhao was an official in the Chinese Communist Party and an employee of the Chinese state-owned company PetroChina in the 1990s.
Binance has denied these claims, stating that they are completely false and that there is no evidence to support them. The company has received numerous requests from various sources, including congressional offices, about the authenticity of these claims. Patrick Hillmann, the Chief Strategy Officer at Binance, has shared his thoughts on the matter, stating that they have been quietly spending a lot of time and resources to test how AI might help further empower users on their platform, as well as how Blockchain could help address some existing gaps in how AI verifies certain information.
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💰 Binance To Launch Sui (SUI Token) As 33rd Project On Launchpool
Binance introduces Sui as the 33rd project to Launchpool, allowing users to farm SUI tokens by staking BNB and TUSD. Binance has announced the addition of Sui (SUI) as the 33rd project on its Launchpool. Sui is a DPoS layer 1 blockchain based on the move programming language. As per the announcement, users will be able to stake their Binance Coin (BNB) and TrueUSD (TUSD) into separate pools to farm SUI tokens over 2 days, starting from May 1, 2023 00:00 (UTC).
The supported pools include Stake BNB and Stake TUSD. Stake BNB offers 32,000,000 SUI in rewards (80%), while Stake TUSD offers 8,000,000 SUI in rewards (20%). The farming period is from May 1, 2023, 00:00 (UTC) to May 2, 2023, 23:59 (UTC). Following the farming period, Binance will list SUI when its liquidity meets the requirements and open trading with SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading pairs. The exact date and timing for this will be announced once available. Moreover, users will enjoy zero maker fees on the SUI/TUSD trading pair until further notice. The SUI Farming Distribution includes Dates (00:00:00 – 23:59:59 UTC daily). The dates are from May 1, 2023, to May 2, 2023.
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🆘 DeFi Protocol 0VIX Loses Nearly $2M in Flash-Loan Exploit
Decentralized-finance protocol 0VIX has lost roughly $2 million in a flash-loan exploit, according to on-chain data on Polygon's block explorer. A total of 1.45 million USDC, along with other tokens, was stolen before being bridged to the Ethereum mainnet on Stargate Finance, where it was eventually swapped for ether (ETH). The protocol had $6.4 million in total value locked before the exploit.
The protocol had $6.4 million in total value locked before the exploit. That figure has now slumped to $1.7 million as investors rapidly withdrew their capital. This is the latest in a series of crypto exploits, with ZkSync-based decentralized exchange Merlin suffering a $2 million rug pull on Wednesday. 0VIX confirmed the attack on Twitter, stating that it is "working with its security partners to look into the current situation." "Only POS has been currently affected but zkEVM has been paused as a precaution and will likely be enabled shortly again," it added.
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🟠 Binance CEO denies his net worth is $28 billion: 'Numbers all wrong'
Changpeng Zhao, co-founder and CEO of Binance, the world's largest crypto exchange, has yet again challenged estimates of his personal wealth. This time, Zhao commented on a report published by Bloomberg on Tuesday, which estimated his wealth at $28.2 billion and ranked him as the world's third-richest person in the finance category. This isn't the first time Zhao, who is known by his initials "CZ," has denied reports of his wealth.
Last June, the Guardian, citing the Bloomberg Billionaires Index estimates, reported that Zhao's wealth had fallen by more than $75 billion since January, to $20.6 billion. Referring to the $75 billion number, Zhao said: "I actually have no idea how they come up with those numbers. You need to understand that net worth are just estimates. When I look at my wallet, I don't have anywhere close to any of those numbers." Last October, Business Insider reported Zhao's net worth at $30 billion, and at the time, he tweeted: "Too much focus on net worth, who cares."
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📣 Bitcoin-Tether Pair Is Most Liquid on Binance Even as TUSD Pair Sees Higher Volume
Trading volume on Binance of bitcoin (BTC) denominated in ArchBlock's dollar-pegged stablecoin trueUSD (TUSD) has surged over the past four weeks after the crypto exchange introduced zero trading fees in the pair on March 23 while simultaneously reintroducing fees for all other pairs. "Market depth data on Binance shows us that BTC-USDT is still king from a liquidity standpoint, with market makers evidently more comfortable with exposure to Tether over TUSD,".
Liquidity conditions are commonly assessed with the help of a metric called market depth – a collection of buy and sell offers within 1% or 2% of the mid-price or the average of the bid and the ask/offer prices. The more significant the depth, the more liquid an asset is said to be and the less the slippage. Slippage is the difference between the expected price at which a trade is placed and the actual price at which the transaction is executed. Slippage usually occurs when there is low market liquidity or high volatility. The chart shows liquidity in BTC/USDT was $30 million at the 1% depth last week or 200% greater than $10 million in BTC/TUSD.
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📣 Phezzan Shuts Down In Team Effort, Discord Sever Closes After 24 Hours
The zkSync ecosystem decentralized perpetual contract agreement Phezzan Protocol announced that after many discussions, the team decided to close Phezzan. According to previous news by Coincu, Phezzan Protocol announced on April 6 that it had decided to close due to lack of funds, but said yesterday that a new team has taken over the Phezzan Protocol project, will assume the management role of the project.
Jack and Roland, the protocol’s two founders, are said to have tried to save the project as they burned through more than $50,000 a month in vain. A further discussion among the internal team took place, but they don’t think “there will be sufficient demand in the near-team to build a good business.” In addition, the team suggests GMX or dYdX as a close substitute for a DEX that democratizes perpetual trading for everybody. In the Orderbook, the protocol employs the retail liquidity model, which maximizes capital efficiency and enhances the trading experience of the customer. Simultaneously, it maximizes liquidity via the use of a multi-asset collateral system, which allows LP tokens to be used as collateral.
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📣 3AC’s OPNX Has Been Denied Partnerships By Many Companies
The newly established cryptocurrency exchange of the founders of failed crypto hedge fund 3AC, OPNX, has released a list of investors. But surprisingly, many companies and funds have denied it. Yesterday, OPNX shared an article about the significant investors participating in its project, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China, Merchant Bank International, Token Bay Capital, Nascent, Tuwaiq Limited, etc.
DRW and Nascent refused to become investors in OPNX after the exchange said on Twitter that they had invested with others. MIAX declined to support and said it had not purchased any FLEX tokens. Susquehanna later joined the opt-out list. “We are aware of Coinflex’s proposed transaction with OPNX. We did not vote for or otherwise approve this proposed transaction, and we have not provided any funding to OPNX and have no intentions to do so,” Susquehanna told The Block. The cryptocurrency exchange founded by Su Zhu and Kyle Davies after their hedge fund Three Arrows Capital (3AC) collapsed revealed its investors today. Still, many investors now out disclaim any connection.
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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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