BitcoinBreaking - Your source for CryptoNews

06 Dec 2022 17:58

⚠️ Insights and Breaking News on Bitcoin and the whole ecosystem.

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05 Dec 2022 09:58

🚨AAX Users Storm Crypto Exchange's Nigerian Offices, Attack Employees

Nigeria users of the crypto exchange AAX, which suspended withdrawals on Nov. 12, reportedly stormed its offices in Lagos and began assaulting employees. Reports that disgruntled AAX users have harassed the crypto exchange’s workers came just days after the Nigerian crypto and blockchain advocacy group.

According to a local report, a group of disgruntled Nigerian users of Atom Asset Exchange (AAX) recently stormed the crypto exchange’s offices in Lagos and assaulted employees. The angry mob reportedly demanded the lifting of a freeze on withdrawals, which came into effect on Nov. 12. Dec. 2 report by Legit does not state when the incident occurred.

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03 Dec 2022 04:15

⚡️ Red Cross to reveal prototype for blockchain-based aid distribution project

The charity organization is in the prototype stages of developing a crypto alternative to cash-and-voucher assistance through a partnership with layer one blockchain Partisia that began earlier this year. If successful, it could result in the ICRC providing assistance.

Vincent Graf Nabel, head of the ICRC's data protection office, said in an interview with The Block: "Our activity in a humanitarian context is what we call assistance, and over the 20 years or so, a growing part of our assistance is what we call cash-and-voucher assistance. ... Instead of giving goods to an affected population, we give the means by which they can decide themselves.". The advantage over cash or vouchers is that the ICRC would be able to better manage.

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01 Dec 2022 04:07

📶 Ethereum storage coming to custodian Casa as centralized exchanges lose their luster

Crypto custodian Casa will offer customers the ability to store ethereum, with its CEO referencing the FTX collapse as a reason for its appeal. Casa CEO Nick Neuman says the collapse of FTX simply reinforces the shortcomings of centralized finance and builds the case for self-storage.

Casa is launching a refreshed app in January that will provide ethereum storage on its platform in addition to bitcoin as it says the shortcomings of keeping cryptocurrency on centralized exchanges like FTX and Binance become apparent. Centralized exchange spot trading volumes decreased by 26% to $544 billion in October from the previous month, according to The Block Research.

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29 Nov 2022 04:10

🇺🇸 Texas wants to be the centerpiece of Bitcoin innovation, says Governor Abbott

Texas Governor Greg Abbott sees value in what Bitcoin means to the entire world, adding that his state “wants to be the centerpiece of that.”. Texas Blockchain Council, Abbott encouraged Bitcoin entities to set up shop in Texas.

According to a recent SmartAsset study on crypto-friendly U.S. states, Texas ranked joint fourth with New Jersey, behind Nevada in first place, then Florida, followed by California. In compiling the rankings, the study examined factors including crypto job availability and the friendliness of local state legislation. Texas announced it would divest state funds from several providers.

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27 Nov 2022 03:39

⚡️Amber Group’s co-founder Tiantian Kullander passes away at 30

Tiantian Kullander, known to many as TT, unexpectedly died in his sleep on Nov. 23. Amber Group’s co-founder Tiantian Kullander, also known as “TT,” unexpectedly passed away in his sleep on Nov. 23, according to the company’s official website. Kullander was 30 years old and leaves behind a wife and a son.

Besides co-founding the Hong Kong-based Amber Group, TT sat on the board of esports company Fnatic and founded KeeperDAO, a decentralized finance protocol that allows participants to trade, borrow and stake assets with protection from minervalue-extracted bots, before returning it to the community. Amber Group noted that TT had devoted his heart and soul to the company.

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25 Nov 2022 03:10

🇺🇸 35% of Bitcoin core team is from the U.S. as monthly active developers falls in 2022

Bitcoin (BTC) investment firm NYDIG’s report revealed that 35.1% of Bitcoin’s core developer team is residing in the U.S., and the core team grows by 5 to 20 people every month. NYDIG’s report examines the technical development of this open-source technology.

According to the report, there are 13,057 unique developers who contributed to the broader Bitcoin ecosystem, excluding the ones who work on closed-source solutions. Another 1,140 unique developers, on the other hand, have contributed to the Bitcoin Core. The average monthly number of active unique developers for Bitcoin Core varies between 40-60.

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24 Nov 2022 03:54

⚡️ ENS DAO votes for Karpatkey to manage its endowment fund

ENS DAO, the decentralized community for the Ethereum Name Service project, has voted to select the treasury management platform Karpatkey DAO to manage its endowment fund. The vote, which began on Nov. 18, ended on Nov. 23, according to details from Snapshot.

Karpatkey was among four other choices that included DeFi management protocols Avantgarde and Llama, as well as an option for none of the above. The vote was via ranked choice, which meant voters had to rank the options in their order of preference. Karpatkey emerged as the most popular option, securing over 57% of the votes cast. “We’d prefer to wait for the treasury management space to mature further,” Coinbase added.

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22 Nov 2022 04:04

🇬🇧 Unbacked Exchange Tokens Like FTX’s FTT ‘Extreme Risk’: Bank of England Deputy Governor

The Bank of England’s Deputy Governor, Sir Jon Cunliffe, has weighed in the need for regulators to come up with strong consumer safeguards after the FTX crisis, according to a speech he delivered at a DeFi and crypto conference this morning.Cunliffe said one of the catalysts in FTX’s historic collapse.

FTT,” which had “no intrinsic value” and should not have been accepted “as collateral for loans and margin payments, as there are indications may have happened with FTX,” because doing so “creates extreme risk.”. Cunliffe pointed to “limited evidence” that FTX’s collapse prompted a consumer migration onto decentralized exchanges (DEXs).

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20 Nov 2022 03:24

💰 FTX’s Beginning of the End Traced Back to This Alameda Tweet: Analysis

Alameda’s CEO made a suspicious offer to CZ, which the latter ultimately refused. After Hacktober, which saw countless DeFi projects being exploited for hundreds of millions of dollars in total, November was expected to be a calmer month for crypto. However, that was not the case as the industry saw one of the fastest, loudest, and most shocking deterioration of a giant – FTX.

According to some estimations, Binance held more than 23 million tokens, valued at over $500 million back then. This was approximately 10% of FTT’s market cap at the time. Alameda’s CEO, Caroline Elison, quickly responded to CZ, offering to purchase all FTT coins at $22 per one. The problem stemmed from the fact that this offer was below the market’s price. Zhao refuted the proposition, saying Binance will “stay in the free market.” But there might be bigger ramifications from Elison’s tweet than just trying to buy tokens below their market price.

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18 Nov 2022 12:51

New comfort zone in crypto?

After FTX crushed, the crypto market revealed a liquidity problem. Regulators are turning their eyes to the overflow of liquidity from many major crypto exchanges to stabilize their reputation on the eve of reporting periods.

This turbulence leads to game-changing strategies and offers, and big market players start considering new sources of investments and even changes of beneficiaries. Experienced investors are taking advantage of this. Today we discovered the noteworthy proposal of $200M investments into a global crypto exchange from the European crypto millionaire and founder of two short video platforms – Cheelee and NUTSon.

This way Roman Alekseev intends to “diversify his crypto market presence and create a new comfort and secure zone for storing and managing digital assets of a multi-million audience that has absolutely no confidence in any crypto exchange now”.

Read more on Cointelegraph.

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17 Nov 2022 15:25

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16 Nov 2022 08:52

💰 GOP lawmaker donates FTX exec’s campaign contribution

FTX Digital Markets Co-CEO Ryan Salame gave $5,000 to Hern Victory Fund, a joint fundraising committee with ties to Hern’s campaign, the Help Elect Republicans Now leadership PAC and the National Republican Congressional Committee. “Rep. Hern has donated the money from FTX,” Hern’s campaign said. The $5,000 donation will go to Food On The Move, a charity in Oklahoma.

FTX filed for bankruptcy protection last week after a run on its utility token. The firm was once valued at $32 billion. Salame was a major political donor during the 2022 midterm cycle. He spent millions to support more than a dozen Republicans with his American Dream Federal Action super PAC. Salame also gave individual contributions to many lawmakers and candidates. Rep. Hern has donated the money from FTX,” Hern’s campaign said. The $5,000 donation will go to Food On The Move.

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02 Jun 2021 16:56

Coinbase Adds Apple Pay to Crypto Debit Card

The tie-up of Coinbase and Apple Pay could help spur broader use of crypto debit cards.

In brief

▪️Coinbase will begin unrolling the service to U.S. users starting this week

▪️Apple Pay means users will not need a physical debit card

▪️Coinbase Card rewards mean there can be an economic value to using the service

✍By Jeff John Roberts✍

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01 Jun 2021 18:38

Belt Finance Exploited for $6.2 Million in Flash Loan Attack

Belt Finance is the latest in a growing list of Binance Smart Chain-based projects that have fallen victim to ingenious hackers.

In brief

▪️An as-yet-unidentified hacker used flash loans to drain $6.2 million out of Belt Finance’s beltBUSD pool.

▪️With fees included, the total cost of the attack was more than $50 million worth of BUSD.

✍By Andrew Asmakov✍

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06 Dec 2022 03:45

🪙 Bitcoin Could Drop to $5,000 in 2023 ‘Surprise’: Standard Chartered

Bitcoin could still have much further to fall next year, according to analysts at Standard Chartered. The world’s first and biggest cryptocurrency could plummet as low as $5,000 in one scenario imagined by the banking group.

The prediction was made as part of Standard Chartered’s annual list of surprises that analysts believe the markets may be overlooking or under-pricing. Other possible upsets for the year ahead include a fall in oil prices, the impeachment of U.S. President Joe Biden, and a collapse in food prices. send people back to the classic safe haven of gold.

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04 Dec 2022 04:27

🇺🇸 U.S. House Committee Chairwoman Under Fire For Tone of SBF Invitation

The crypto community is criticizing the U.S. House Committee on Financial Services leadership for the tone of its invitation to Sam Bankman-Fried (SBF).Waters commended SBF’s candidness in discussing what happened at the firm, saying his “willingness to talk to the public will help the company’s customers, investors, and others.”

The House Committee scheduled an investigative hearing for the failed exchange on December 13. The Committee into FTX’s demise and its “broader consequences for the digital asset ecosystem.” It invited all related entities like Binance that played a role in the eventual collapse of the exchange. Chairwoman Waters also reportedly dodged questions about whether she was concerned about these political donations.

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02 Dec 2022 04:42

🚨 BlackRock lost $24M in FTX collapse

BlackRock‘s CEO Larry Fink revealed that the asset manager had invested $24 million in FTX, which it considers lost. Fink confirmed the loss on Nov. 30 during an interview with New York Times columnist Andrew Sorkin.

After Fink’s confirmation, Sorkin mentioned that the majority of the large firms like Blackrock and Sequoia Capital had invested in FTX, and they all lost. Fink said that he didn’t think nobody was “minding the stores.” “If you look at the Sequoias of the world,” Fink said, “they’ve had unbelievable returns over a long period of time. I’m sure they did the due diligence.”.

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30 Nov 2022 03:26

📣 NEXO releases proof of reserves showing no exposure to FTX

According to the Nov. 28 tweets, most exchanges were submitting proof of reserves but failing to prove whether their assets exceeded the liabilities. Nexo praised its risk engine as the sole reason for no bad debts.

Nexo’s audit of custodial assets revealed $3.4 billion in customer liabilities and a 100% collateralized ratio for adequately backing the assets. In the thread, the firm insisted on the importance of Proof of Reserves but called for more transparency in the space, citing the need for credible attestation from external accounting firms. Through the help of the PCAOB auditors board in 2021.

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28 Nov 2022 03:58

💰 Shiba Inu to aid traveling with American Air & Air Canada

Shiba Inu [SHIB] emerged as one of the most popular crypto assets in the industry. Despite being increasingly new to the market, the asset managed to become the talk of the crypto town. Collaborations and partnerships.

Additionally, Shiba Inu was seen emerging as a travel-friendly crypto as other platforms were also seen elevating the asset’s presence within their network. Travala for instance recently announced an “exclusive special” for SHIB. Prior to this, the platform only allowed users to employ 20 other stablecoins. Therefore, SHIB emerged as the very first non-stablecoin to operate on the platform.

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26 Nov 2022 03:59

💰 On-chain data flashes multiple bear market bottom signals

Crypto markets have historically been cyclical based on Bitcoin halving events. Bitcoin halvings happen every time 210,000 blocks are mined — roughly every four years. The last halvings occurred in 2012, 2016, and 2020.

Supply P/L Bands depict the total amount of Bitcoin supply in either profit or loss. The blue line shows the total number of Bitcoin in profit; the green line shows the number currently making a loss. The blue and green lines have recently converged for the fifth time in Bitcoin’s history. The previous events were during bear markets, close to the cycle’s lowest mark.

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24 Nov 2022 12:38

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23 Nov 2022 08:51

⚡️ Three U.S. senators ask Fidelity to reconsider bitcoin exposure in retirement plans

Three U.S. senators have again asked Fidelity Investments to reconsider a decision to allow retirement plan participants to invest in bitcoin, saying the industry has become increasingly "volatile, tumultuous and chaotic.". Senators say the digital asset industry is full of “charismatic wunderkinds, opportunistic fraudsters.

Fidelity Investments has opted to expand beyond traditional finance and delve into the highly unstable and increasingly risky digital asset market," the senators wrote. "The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems. The industry is full of charismatic wunderkinds, opportunistic fraudsters and self-proclaimed investment advisers promoting financial products.

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21 Nov 2022 07:10

💰 SBF’s lawyers terminate FTX representation due to conflicts of interest

Paul, Weiss, the law firm backing FTX CEO Sam Bankman-Fried (SBF) amid bankruptcy, renounced representing the entrepreneur, citing a conflict of interest. The decision to withdraw from representation after SBF’s tweets were found to disrupt the law firm’s reorganization efforts.

SBF published a series of tweets that amassed extensive attention across Crypto Twitter. The move, however, sparked speculations that the cryptic tweets were used to distract bots from noticing concurrently deleted tweets. While no ill-intent could be concluded, Paul, Weiss attorney Martin Flumenbaum believed that SBF’s “incessant and disruptive tweeting” was negatively impacting the reorganization efforts.

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19 Nov 2022 03:26

💸 Confidential Doc Reveals Genesis Sought $1B Emergency Loan From Investors: WSJ

According to The Wall Street Journal, the confidential fundraising document stated that the company needed access to the credit facility by 10 a.m. Monday, specifying a “liquidity crunch due to certain illiquid assets on its balance sheet.” Genesis, however, failed to get the funds. reportedly sought an emergency loan of $1 billion from investors before notifying its clients of suspending redemptions this week.

Genesis’s spokeswoman further clarified that the document in question was prepared over the weekend in the wake of FTX’s collapse. It is, however, no longer current. The report also revealed that the company had “very positive conversations” with potential investors to recuperate its liquidity. The document offered potential investors a chance of a controlling ownership in Genesis, an ownership stake in one of Digital Currency Group’s subsidiaries, or a minority stake in the holding company. DCC is the parent company of the brokerage firm.

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18 Nov 2022 07:41

📣 Bankrupt Compute North selling $1.55 million in assets to Crusoe

Bitcoin mining hosting provider Compute North is selling 11 containers for around $1.55 million to Crusoe Energy Systems. The U.S. Bankruptcy Court in the Southern District of Texas, Houston Division approved the sale, according to documents filed Wednesday. Crusoe had already made a deposit worth $187,000 on Oct. 28, according to the filing.

Compute North filed for Chapter 11 bankruptcy in September, stating that it had between $100 million-$500 million both in estimated liabilities and estimated assets. Recently it also agreed to sell two mining facilities to its former lender Generate Capital for $5 million. also acquiring its competitor Great American Mining in October and electrical manufacturer Easter-Owens Electric Co in July.

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17 Nov 2022 03:39

🚨 Genesis Global Capital suspends redemptions, with impact spreading to Gemini

Genesis Global Capital, the lending business of Genesis Trading, temporarily suspended redemptions and new loan originations in the wake of FTX's recent collapse and the earlier Three Arrows Capital implosion, kicking off another wave of reactions from crypto players with which it did business.

The parent company last week gave its Genesis Trading unit a $140 million equity infusion after it said its derivatives business had $175 million locked up on the FTX platform. The trading unit said last week that its operating capital and net positions in FTX were not material to its business. Genesis will continue to offer over-the-counter trading for spot and derivatives trading, plus its custody services.

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15 Nov 2022 06:58

💰 Multicoin Capital's third VC fund has exposure of more than $25 million to FTX

Multicoin Capital, a top-tier crypto venture capital firm, has revealed its more than $25 million stake in FTX via its $430 million venture fund, according to a letter obtained by The Block. The crypto venture capital firm's third venture fund invested $25 million into FTX US, according to the correspondence, which said it represented 5.8% of the fund.

Multicoin announced the $430 million fund in July. At the time, it told The Block that its founders, Kyle Samani and Tushar Jain, were the biggest LPs in the fund, along with other unnamed institutional backers. Along with the $25 million investment into FTX US, the venture fund also held approximately $2 million on FTX International. It said it held these funds as some of its investments were funded by sending USDC over crypto rails on the exchange rather than via USD wire.

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02 Jun 2021 08:56

Ethereum Mining Revenue Topped Bitcoin in May With $2.35 Billion

Over $1 billion in Ethereum mining revenue came from transaction fees.

In brief

▪️Bitcoin mining revenue lagged behind Ethereum last month.

▪️The future of Ethereum mining is uncertain.

✍By Jeff Benson✍

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01 Jun 2021 15:38

India’s Central Bank Tells Banks Not to Rely On Defeated Crypto Ban

The Reserve Bank of India (RBI) told banks not to rely on an old circular that restricted them from working with crypto companies.

In brief

▪️The Reserve Bank of India told banks not to rely on an old circular that the Supreme Court debunked last year. The circular said that banks shouldn’t work with crypto exchanges.

▪️Indian crypto executives told Decrypt that today’s notice is unlikely to convince major banks to work with them.

✍By Ekin Genç✍

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