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Crypto, Bitcoin and Blockchain News Admin: @wanwangg More Crypto News: @BitcoinBreaking
🆘 FTX Warns Of Trade Of Fake “Debt Coins” On Exchanges
The restructuring team in charge of the FTX bankruptcy today issued a warning to investors, cautioning them to watch out for fraudulent tokens that seek to profit on the difficulties facing the defunct cryptocurrency exchange. unknown whether or not former clients will ever again be able to access the money they had on the exchange.
The business tweeted, “The FTX Debtors advise stakeholders to be on guard for scams from entities purporting to be linked with FTX.” “Any such offerings are unauthorized,” the statement reads. “The FTX Debtors have not issued any debt token.” In this context, “debtors” generally refers to the firm itself, whereas “creditors” are the people or organizations that the company owes money to (like its customers). Although FTX did not specifically name a token, it is most likely referring to a brand-new coin dubbed “FTX Users’ Debt,”.
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📣 Blur Token Surpassed $1 Billion In Volume Transactions Amid Price Drops Significantly
BLUR Token has exceeded $1 billion in volume transactions since its debut early today, while Conflux’s native token CFX soared 40% following the announcement of the partnership with China Telecom. According to Coinmarketcap data, the NFT market Blur platform token BLUR’s transaction volume.
Meanwhile, Conflux Network collaborated on blockchain-enabled SIM cards with China Telecom, the country’s second-largest telecom carrier. Its native CFX token skyrocketed in response to the announcement. Conflux Network stated in a Twitter thread following the announcement that the telecom giant will launch the first trial program in Hong Kong later this year. According to TradingView data, Conflux’s native token, CFX, increased by more than 40% after the announcement.
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🚨 SEC action against Paxos paints regulatory target on stablecoins
Stablecoins look to be the next part of the crypto ecosystem facing a regulatory crackdown. The U.S. Securities and Exchange Commission has issued notice to crypto infrastructure provider Paxos over its involvement in Binance USD stablecoin, alleging that the stablecoin is an unregistered security.
According to a statement from Paxos, the notice it received a likely enforcement action from the SEC was only related to BUSD, which is the third largest stablecoin by total supply. The company "categorically disagrees" with the SEC. An SEC spokesperson reiterated the agency's policy of not commenting on "the existence or nonexistence of a possible investigation." The Wall Street Journal first reported the SEC's investigation into Paxos on Sunday evening. The moves follow through on months of concerned rhetoric from regulators over stablecoins.
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🟠 Binance says it's adjusting Tron network withdrawal fees to previous levels
Binance, the leading crypto exchange by trading volume, said Saturday that it had reverted withdrawal levels on the Tron network to previous levels after feedback from the community."Binance has worked with the Tron project team to arrive at a solution for reducing withdrawal fees on Tron network,".
The exchange said Friday that it was increasing fees after the Tron community voted to change the energy charging mechanism on the network to a dynamic energy model designed to more reasonably energy resources on the chain and prevent "excessive concentration of network resources on a few contracts." After the change, the withdrawal fee for USDT and USDC more than doubled, while the fee to withdraw TRX increased 15 times. Tron founder Justin Sun said earlier Saturday that he was working with Binance to reduce the fees.
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⚡️ FanDuel Co-Founders’ New Music Format VAULT Announces $4 Million Fund-Raising Round
The funds will be used to advance the DMC format and quicken the creation of an open-source VAULT protocol. Following a ground-breaking six months, VAULT, the mobile-friendly Digital Music Collectible (DMC) format developed by the co-founders of sports betting industry leader FanDuel.
In order to give her tour attendees a say in the playlist for each night, FLETCHER and VAULT teamed up in October. The winner of a fan vote amongst four DMC-supported “Dream Sequence” setlists was played that evening. The tour also featured additional DMC material, such as behind-the-scenes videos. Singer-songwriter Naika and bands SUM SUN are two other artists preparing DMC-related content. Bullpen Capital, Everblue Management, and AlleyCorp were other investors in the round.
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📣 New SEC Warns Cryptocurrency IRA Investments Could Be Securities
The SEC warns investors that electronic investments in individual retirement accounts (IRAs) may be considered unregistered securities. The companies argued that the SEC did not provide a realistic route to register the exchange, so electronic assets cannot be considered securities.
On Tuesday, the U.S. Securities and Exchange Commission (SEC) warned investors that crypto assets are typically unregistered securities traded on unregistered exchanges. So they should be wary of cryptocurrency’s individual retirement accounts (IRAs). Self-directed IRAs sometimes offer crypto investments, the SEC said, and those “may be securities that are offered without SEC registration or a valid exemption from registration, and may not be accompanied by complete or accurate information to aid investors in making informed decisions. “The SEC has warned that many trading platforms offering these crypto assets refer.
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🪙 Chainlink Labs And StarkWare Collaborate To Increase StarkNet’s Capabilities
To increase app development on its decentralized Layer 2 zk-Rollup network, StarkNet, Ethereum scaling company StarkWare has joined forces with blockchain oracle developer Chainlink Labs. which supports over $7 trillion in transaction volume and has about 725,000 active users, is the most popular in DeFi.
As a result of the partnership, Chainlink’s pricing feeds are now accessible on the StarkNet testnet thanks to StarkWare’s participation in Chainlink’s SCALE program, which aims to accelerate the growth of blockchain and Layer 2 ecosystems. On Monday, a statement revealed the alliance. The transactions generated by StarkWare’s products totaled over 300 million, settled over $800 billion, and produced over 95 million NFTs. Chainlink’s oracle network, which supports over $7 trillion in transaction volume and has about 725,000 active users, is the most popular in DeFi.
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🥭 Mango Markets Hacker Denied Bail And Charged With 3 Criminal Offenses Of Commodities Fraud
Avraham Eisenberg, the Mango Markets hacker, declined to post the bond at his initial appearance in U.S. District Court in New York. The trader is currently accused of three criminal offenses: commodities fraud, commodities manipulation, and wire fraud.
Eisenberg reportedly renounced his right to bond at a hearing in the U.S. District Court for the Southern District of New York on February 2, according to accounts of social media users present at the time. According to reports, federal judge Richard Berman, who will preside over the criminal case, has scheduled a further court hearing for February 14. This suggests that Eisenberg may stay in custody at least until Valentine’s Day.
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🪙 Axie Infinity users can now take loans against in-game assets
Ronin Network, the firm building the Ronin blockchain that Axie is built on, partnered with the crypto lender MetaLend to facilitate the loans. Currently, 1,587 Ronin-based NFTs are being used as collateral on MetaLend, according to the firm's website.
Users can stake their land and NFTs on-chain, with the ability to stake Axie Infinity Shards (AXS), the governance token to the Axie Infinity ecosystem, coming soon. One must assess the value of their digital assets using the MetaLend-provided calculator and borrow ETH against the asset for up to 30% of the asset's value before earning a staking reward. MetaTech takes a 1% fee. MetaLend and Ronin Network first announced their partnership on Jan. 31.
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💰 Cardano's decentralized stablecoin Djed goes live on mainnet
Djed, a decentralized stablecoin designed to track the U.S. dollar, launched on the Cardano blockchain after being in development for over a year. Djed was developed by blockchain firm Coti in collaboration with Cardano's core developer Input Output.
Djed aims to be used on DeFi protocols in the Cardano ecosystem as a stable alternative to volatile cryptocurrencies. Each stablecoin will be over-collateralized by 400-800% with Cardano’s native asset ADA — while using SHEN as a reserve coin. This over-collateralization makes it similar to the dai stablecoin in the Ethereum ecosystem, but it has a minting and burning mechanism like other algorithmic stablecoins.
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🪙 Polygon (MATIC) Ancient Whale Drops His Holdings
In the midst of the asset’s meteoric climb on the market, a pioneering MATIC whale takes an unexpected move by selling millions of tokens. The whale accepts Polygon’s token in return for some DAI. When the token was trading for $0.02, the whale’s wallet saw its first MATIC transaction.
According to on-chain information provided by Lookonchain, the early holder exchanged 4.5 million tokens for 5.2 million DAI at an average cost of $1.14. Given that the addresses received a portion of those monies at an average cost of $0.02, the profit was extremely high. In comparison to the end of 2022, the token’s performance has improved significantly in the new year. Even without the overall market rally, MATIC started moving upward before giants like Bitcoin or Ethereum.
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🪙 DeFi Lender Aave Launches On Ethereum Network Version 3
Aave, a decentralized lending and borrowing system, has launched its third iteration on the Ethereum network in response to unanimity in favor of a governance proposal. Aave protocol has $4.56 billion in total value locked (TVL), a rise of 23.37% over the previous 30 days.
The Aave V3 upgrade will put a special emphasis on reducing user risk and enhancing capital efficiency (High Efficiency Mode) when staking or borrowing correlated assets like stablecoins and liquid staking derivates (LSDs). Liquid staking derivatives are contracts for derivative products that let consumers keep an asset’s liquidity while staking it in exchange for a payout. According to DeFiLlama, the Aave protocol has $4.56 billion in total value locked (TVL), a rise of 23.37% over the previous 30 days.
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💰 Celsius Can Undergo Changes And Launch New Tokens
According to a report from Bloomberg on January 24, bankrupt bitcoin lender Celsius may soon restructure and issue a cryptocurrency token to pay users. Some creditors are urging Celsius to follow Bitfinex’s example and create the UNUS SED LEO coin.
According to Kwasteniet, Cel is also preparing to launch a brand-new cryptocurrency token as payment to the business’s creditors. Ross M. Kwasteniet, an attorney for Celsius, said at a court proceeding that the business might be restructured into a publicly traded company with the right licensing. Given the present unfavorable crypto market conditions, such strategy might be a better option for creditors than selling the company’s crypto assets. In order to give users compensation, Bitfinex promised to buy back the token.
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🪙 Axie Infinity Soars 22% Amid AXS Token Unlock
The price of Axie Infinity (AXS) is up a whopping 21% over the last 24 hours, currently trading at $12.35, further contributing to its 80% rally that started two weeks ago, per data from CoinGecko. The circulating supply of AXS, the governance token behind the NFT collectible game.
While Axie Infinity players use the Smooth Love Potion (SLP) token to facilitate in-game functions, holding AXS lets players vote on the game's development and how to deploy the project's treasury. Unlocks of vested tokens generally result in bearish pressure, as they dilute the circulating supply and often instigate increased selling pressure. AXS currently has a market capitalization of $1.47 billion and a fully diluted value of $3.46 billion, per CoinGecko. it appears that this selling pressure could be underway.
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🆘 Cumberland Disputes Claims On Genesis Totaling $18 Million
Cumberland DRW, a cryptocurrency trading business, objected to the amount contained in Genesis Global Capital. Cumberland was owed $18 million by Genesis Global Capital, according to the company. has sent funds to Cumberland’s counterpart in order to satisfy the debt.
Cumberland DRW announced in November 2022 that it has settled its $18 million fully secured debt to Genesis. Since then, Genesis has been told that it has completed the liquidation of its cryptocurrency and handed over cash to Cumberland’s counterpart to settle the loan, which was described as “misleading and incorrect information” in the Genesis bankruptcy filing, with an outstanding balance of approximately $46,064.34 and no additional exposure to Genesis.
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🟠 Binance Mints 50 Million TUSD Stablecoin Causes TRU Price To Spike 200%
TRU surged almost suddenly after Binance issued a large number of new stablecoins TrueUSD and announced restrictions on using BUSD as the main trading pair. Etherscan data indicates that at roughly 15 UTC on Feb 16, Binance generated 49.99 million TRU
TUSD is currently ranked 53rd among the top cryptocurrencies, with a market cap of $971 million. The decision to issue TUSD, however, might be considered a part of Binance’s increased attempts to support alternative stablecoins in the wake of the collapse of BUSD. Following Paxos’s instruction to stop printing Binance USD, or BUSD, the action was taken just a few days later. Over 35% of the exchange’s spot trading activity in January was in BUSD.
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📣 Judge denies request for FTX bankruptcy examiner
A judge denied a request to appoint an independent examiner in FTX’s bankruptcy case, noting that one would be too expensive when multiple investigations into the troubled crypto exchange are underway. The decision comes weeks after an independent examiner released a nearly 700-page.
The U.S. Trustee overseeing the bankruptcy had asked the court to appoint an examiner. The FTX debtors and others objected, saying an examiner would be too costly to the bankruptcy estate and could pose security concerns. “There’s no indication they were involved in any wrongdoing, and according to Mr. Ray, they’ve been stripped of any decision-making authority,” Dorsey said. He also acknowledged that although some FTX employees remain at the company, they are not accused of mismanaging the exchange or its other entities.
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🪙 Bitcoin miner Iris Energy will nearly triple hashrate after buying 4.4 EH/s in machines
Bitcoin miner Iris energy bought 4.4 EH/s worth of machines with $67 million in Bitmain prepayments and now expects to nearly triple its hashrate. The company turned off about 3.6 EH/s worth of machines collateralizing over $100 million in loans in November.
The new miners (S19j Pro) will be installed "over the coming months" and bring Iris's hashrate up to 5.5 EH/s, the company said. "This is a significant milestone for Iris Energy. We are delighted to have been able to utilize our remaining Bitmain prepayments to acquire new miners without any additional cash outlay," said co-founder and co-CEO Daniel Roberts. The company is also considering selling any surplus miners over 5.5 EH/s of self-mining capacity "to re-invest in growth initiatives and/or corporate purposes."
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🟠 Mining Data “Banknote Capability,” BNB Greenfield Upgrades Web3 Infrastructure
The “power” of data is self-evident. The reason why many Internet products are free to use at present is that they can profit from the data provided by users for free. The vigorous development of the digital economy has made people realize that data is the blood and source of the economy.
From the birth of Ethereum to the attack of “Ethereum killers,” from cloud storage to decentralized storage, the data infrastructure is still expanding and improving. At present, the public chain BNB Smart Chain with the highest user activity (also known as BSC) recently released the decentralized storage infrastructure, BNB Greenfield, hoping to realize the synergy of data-centric smart contracts and tap the data “money ability” in the information age.
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⚡️ Paradigm shift as crypto VC firm names general partners for first time
Crypto investment firm Paradigm, one of most established and active players in the space, named general partners for the first time with the promotion of Charlie Noyes and Dan Robinson. The company, which listed the changes on its website, had not previously had any investors with the title.
A general partner is a manager of venture funds and typically responsible for raising funds, analyzing deals and making decisions on how capital is allocated. They also typically have skin in the game by investing their own money in the fund. Noyes and Robinson's previous titles were venture partner and research partner, respectively, according to Paradigm's website in December 2022. The co-founders of Paradigm, Fred Ehrsam and Matt Huang, hold the titles of managing partner, while the rest of the investing team were either investment partners or associates.
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📣 Genesis, Gemini and DCG reach agreement in bankruptcy court
Genesis, its parent Digital Currency Group, Gemini and other creditors have reached a bankruptcy agreement to recover assets. The deal involves Genesis Global Capital, DCG, two ad hoc creditor groups, including those representing more than $2 billion dollars in claims against GGC, and Gemini Trust Company, he said.
Genesis Global Holdco filed for Chapter 11 bankruptcy protection last month after taking a financial hit following the collapses of crypto hedge fund Three Arrows Capital and exchange FTX last year. Gemini is committed to contributing $100 million to the proposed plan, Anson B. Frelinghuysen, a lawyer representing Gemini lenders, said today during a proceeding in the U.S. Bankruptcy Court for the Southern District of New York. Gemini founders Cameron and Tyler Winklevoss are doing this because they believe in the debtors’ reorganization and the Gemini platforms.
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📣 CoinFlex Mints $14 Million FLEX, Token Price Soars Over 90% After GTX News
CoinFlex minted approximately $14 million in FLEX tokens since the announcement of the partnership with the two founders of Three Arrows Capital on the new project “GTX.”. Currently, FLEX moves from SLP and SmartBCH to ERC20 for users withdrawing funds on ERC20.
According to the Wu Blockchain news site update, the Coinflex exchange FLEX token has been minted in recent days. Since January 26, about $14 million FLEX has been minted. It was then transferred to about 40 addresses, some of which sold these tokens on-chain. Coinflex CEO Mark Lamb tweeted that this is similar to USDC-SOL’s on-chain exchange moving to USDC-ERC20. In this case, involved in user withdrawals on ERC20 is the transfer of FLEX from SLP and SmartBCH to ERC20.
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🪙 Ethereum’s Shanghai Upgrade Will Launch On Zhejiang Testnet On February 7
Ethereum core developers discussed Ethereum’s Shanghai upgrade public test network release schedule and EIP-4844-focused Cancun upgrade progress during a conference call Proposal #154 on February 2. If the test is successful, on February 9, the upgrade will go live on the Sepolia testnet.
On February 2, Ethereum developers gathered for Call #154 of All Core Developers Execution (ACDE). Hosted by Tim Beiko of the Ethereum Foundation, the ACDE calls are one of two biweekly meetings where Ethereum developers discuss and coordinate changes to Ethereum’s implementation layer. According to the meeting minutes, the Zhejiang Ethereum public withdrawal testnet was launched on February 1. Anyone can claim testnet ETH from the faucet and start their validator on the operated network by the Ethereum Foundation.
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📣 Crypto Exchange Archax To Launch FCA-regulated Digital Asset Custody Service
Archax, a cryptocurrency exchange regulated by the UK FCA, has launched a digital asset custody service. The service is a partnership between Archax and Swiss multi-party computation technology provider Metaco and will be launched using IBM Cloud, a battle-tested key security environment familiar to many of the world’s big banks.
The service is a partnership between Archax and Swiss multi-party computation (MPC) technology provider Metaco and will be launched utilizing IBM Cloud, a tried-and-true key security environment that many of the major institutions across the world are accustomed to. All custodial assets will be fully segregated, meaning that if the trading business goes bankrupt, custodial assets will not be included in any bankruptcy proceedings, Archax said. Graham Rodford, CEO and co-founder of Archax, commented in a statement.
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🟠 Binance Disables Several Accounts Due To The Bitzlato Case: ‘Funds are safe’
According to many users, cryptocurrency exchange Binance has been covertly closing down a number of accounts on the platform in connection with the Bitzlato probe. Bitzlato was a little-known cryptocurrency trading platform that let users trade digital currency.
Several Russian-speaking Binance customers complained about restricted accounts and being unable to withdraw money from the exchange on January 18. The affected individuals complained about the problems in a Telegram group conversation, claiming that the accounts had been shut off abruptly. Many chat members have openly admitted that they used Bitzlato, including incoming and outgoing transactions between Bitzlato and Binance accounts. Binance is one among the counterparties of Bitzlato that the US Financial Crimes.
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📣 Argo Blockchain Accused Of Defrauding Investors During IPO In 2021
On January 26, a brand-new lawsuit was launched against the cryptocurrency mining company Argo Blockchain and a number of its executives and board members. The company raised roughly $105 million during its IPO by selling about 7.5 million shares at a price of $15 each.
Investors in Argo have launched a class-action complaint, alleging that the miner misled them and omitted important details during its 2021 initial public offering (IPO). According to the complaint, the company omitted information about its vulnerability to cash limits, power prices, and network issues. A few days after Argo Blockchain resumed compliance with the Nasdaq listing requirement, which requires a business to maintain a minimum closing bid price of $1 for 10 consecutive trading days, on January 23, the company filed a recent complaint.
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💰 Data analytics firm Arkham Intelligence adding support for Polygon in Q1
Arkham Intelligence announced it is adding support for Polygon, giving users the ability to track, monitor and identify wallets on its chain. Arkham said it chose Polygon for its second integration because of its partnerships with Disney, Starbucks and Stripe, as well as its large user base.
Support for additional blockchains is important for data analytics platforms to expand their appeal to wider audience. On-chain activity continues to expand to multiple blockchains and Polygon is of the largest Layer 1 blockchains by Total Value Locked, according to DeFiLlama. Arkham plans to add support for other blockchains in the future and said having multiple chains integrated on its platform “opens new possibilities for on-chain research.”
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💰 Algorand Foundation poaches WhatsApp exec to lead marketing efforts
The Algorand Foundation hired former WhatsApp and Nike exec Jessica Tsai Chin to steer its marketing efforts. Crypto companies have also previously been criticized by advertising watchdogs and regulators alike for their marketing.
"Many web2 companies are having a difficult time embracing the concept of decentralization and data ownership, but there’s a huge opportunity to move in this direction," she said "I believe data privacy needs to be built-in by design and on by default." As part of this change, she sees opportunities in featuring underrepresented voices to drive conversations around inclusion and representation, which she believes has not been widely covered yet in the web3 space. CryptoSlam, but has petered out in recent weeks following the event.
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⚡️ Crypto Banks Borrowed Over $13 Billions To Resist The Effects Of A Surge In Withdrawals
According to an article in The Wall Street Journal, the Federal Home Loan Banks System (FHLB) of the United States is financing billions of dollars to two of the biggest crypto banks in an effort to lessen the impact of a spike in withdrawals. Silvergate, which requested at least $3.6 billion from the FHLB.
According to securities filings, Signature Bank borrowed about $10 billion from its neighborhood home loan bank in the fourth quarter, making it one of the highest such borrowings by any bank since early 2020. The New York Department of Financial Services gave Signature permission to use blockchain technology for its digital platform in 2018. The system, which was started during the Great Depression to promote home finance, now has over 6,500 members and $1.1 trillion in assets.
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📣 Binance-backed Chinese news outlet Marsbit has sights on CoinDesk
Wang Feng, founder of Chinese crypto news outlet Marsbit, said Marsbit is willing to work with other companies to buy crypto news outlet CoinDesk. He added that he would be interested to speak to any investment funds or companies interested in partnering on this.
Crypto conglomerate Digital Currency Group (DCG) is currently looking to sell CoinDesk as it faces troubles with its other subsidiary Genesis, which filed for Chapter 11 bankruptcy on Jan. 20. The news site has retained investment bankers at Lazard to explore a potential sale, according to the Wall Street Journal. Cardano founder Charles Hoskinson, who has expressed interest in buying CoinDesk, said in a YouTube video that the current asking price for the news site is around $200 million.
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