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04 Dec 2022 05:52

🚨 Crypto criminals set to launder $10 billion by 2025

As the increasingly popular yet largely unregulated cryptocurrency industry expands, it attracts a growing number of dishonest and malicious participants for whom the budding blockchain technology has presented new opportunities to get rich quickly.

According to the study, Elliptic has, by 2022, “identified over $4.1 billion of illicit or high-risk crypto that has been laundered through either asset-hopping or chain-hopping,” made possible by decentralized exchanges (DEXs), cross-chain bridges and coin swap services.”. carried out by blockchain analytics platform Elliptic and published on November 30.

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02 Dec 2022 06:20

🏦 Kraken to layoff 1,100 people to ‘adapt to current market conditions’

U.S.-based crypto exchange Kraken has announced laying off 1,100 staff members, equating to 30% of its workforce, as a response to weathering crypto winter. with Powell saying the company will assist in finding new work opportunities for those impacted.

Powell said Kraken had tripled its workforce over the past few years to cope with rising demand. The reduction in headcount reverts numbers back to a year ago. Departing staff will “receive comprehensive support,” including 16 weeks of separation pay, performance bonuses for eligible individuals, four months of healthcare, and support with visa issues and work placement opportunities.

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30 Nov 2022 04:42

🇪🇺 Fintech Plum rolls out crypto investing to customers in Europe

European fintech platform Plum is rolling out crypto investing services to customers in France, Belgium, Spain and Ireland. Customers will be able to buy fractional shares in five of the leading cryptocurrencies.

Plum will provide the service through a partnership with crypto unicorn Bitpanda, according to a release from Plum. The app will integrate Bitpanda's API tools to enable customers to access Bitpanda's crypto services through Plum's user interface. All investments are physically backed and kept in cold storage, according to the release.

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28 Nov 2022 04:07

📶 Ethereum’s Shanghai upgrade confirms 1st testnet “Shandong”

2022 will certainly be considered a major year for several platforms. For FTX, Terra, and other troubled platforms, it certainly wasn’t a pleasant year. But, for the Ethereum [ETH] network, with its transition from proof-of-work [PoW] to proof-of-stake [PoS].

Now, once again, the network was back making headlines. During a recent weekly call, developers at the Ethereum Foundation shed light on the Shanghai update. This is expected to be the next major upgrade following the Merge. The Shanghai update is scheduled to take place in the second half of 2023.

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26 Nov 2022 05:23

💰 DEX aggregator 1inch to protect MetaMask users from frontrunning

Decentralized exchange aggregator 1inch is introducing a feature called RabbitHole that's designed to prevent MetaMask users from getting hit by a certain form of frontrunning.

The issue at hand is sandwich attacks. This is where a trader frontruns a large buy order by buying the token first, pushing up the price. Once the buy order goes through, the token's price rises higher, at which point the trader sells at the higher price (or vice versa for the whole maneuver). It results in the victim seeing the trade executed at a worse price.

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25 Nov 2022 04:23

🟠 Ravencoin spikes 20% following Binance Pool announcement

Ravencoin (RVN) spiked 20% following Binance Pool’s announcement of mining services for the proof-of-work (PoW) coin. According to CryptoSlate data, RVN jumped to $0.024 from $0.021 within one hour of the revelation.

Binance Pool’s announcement revealed that it would charge a 1% mining fee, and users could only participate in the pool after verifying their accounts. Ravencoin was one of the proof-of-work networks miners flocked to after Ethereum transitioned to the Proof-of-Stake consensus mechanism. The initial rush saw its hashrate increase by as much as 5-times.

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23 Nov 2022 04:20

🇦🇪 Dubai's DMCC partners with ComTech for blockchain-based gold trading

Dubai Multi Commodities Centre (DMCC) has partnered with ComTech Gold to enable blockchain-based trading of physical gold bars. an online platform created by the DMCC to track the provenance of physical commodities kept in its vaults in the UAE.

The actual tokenization will happen on the XDC blockchain network with the creation of ComTech Gold Tokens, or CGO. Each CGO will represent one gram of gold stored in a DMCC vault. Every gold bar deposit will carry a Tradeflow warrant for additional security and transparency. The UAE ranks fourth on the list of global gold consumption behind China, India, and the United States. Gold consumption in the UAE reached 12.5 tonnes in Q1 2022, a 50% increase from the previous year.

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21 Nov 2022 04:02

💰 FTX Launches Strategic Review of Assets as Hacker Dumps ETH

Bankrupt FTX has launched a strategic review of all its assets to see how they can be recovered for maximum value for its stakeholders’ benefit. A Nov. 19 press statement from the bankrupt crypto exchange said the strategic review would be for FTX Trading Ltd, known as FTX.com, and the over 100 companies affiliated with it.

According to the press release, many of the regulated and licensed subsidiaries of FTX, both inside and outside the US, like LedgerX LLC and Embed Clearing LLC, have “solvent balance sheets, responsible management, and valuable franchises.”. To go ahead with the assets review, the bankrupt exchange has submitted motions before the bankruptcy court. It is asking for an interim relief that will allow the operation of a global cash management system and allow the company to pay critical vendors.

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19 Nov 2022 04:13

🏦 Bitstamp Follows Other Exchanges in Canceling Orders for FTX and Celsius Tokens

Bitstamp is set to disable new orders and cancel existing orders for all FTT and CEL trading pairs, it announced on Friday. FTT is the proprietary exchange token of FTX, which offered customers small discounts on trades for holding FTT before the firm’s high-profile slide into bankruptcy last week.

CEL offered users of the now defunct crypto lender Celsius a small increase in rewards on the platform before the lender shut down withdrawals in June. The move comes after many other exchanges in the crypto world have already started prohibiting users from trading FTT: Binance removed the FTT/BTC, FTT/BNB, FTT/ETH and FTT/USDT trading pairs from its platform earlier this week.

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17 Nov 2022 04:24

📉 Temasek, Sequoia, SoftBank take more the $600 million in FTX write-downs: Bloomberg

FTX investors including Temasek, Sequoia Capital and SoftBank are writing off hundreds of millions of dollars they poured in the now-failed exchanged, Bloomberg reported, citing people familiar. The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets.

Singapore's Temasek International is writing off its up to $300 million FTX investment, while Sequoia Capital wrote down the full value of its $214 million bet on the exchange. SoftBank Group Corp. is expecting a loss of $100 million on its investment. The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets by former CEO Sam Bankman-Fried that he's trying to raise liquidity and make customers whole.

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15 Nov 2022 03:37

📊 DeFi Weekly Exchange Volume Hits $32 Billion Amid FTX Collapse

The shockwaves from FTX’s historic collapse are still being felt across the industry today, but some industry segments, like DeFi, are actually doing better because of it. Trading volumes on decentralized exchanges (DEXs) hit a whopping $32 billion over the last seven days, according to data from Dune Analytics.

The lion’s share of the volume comes from Uniswap, which accounts for $20.9 billion of the trades made over the same period. On November 8, volumes on Uniswap more-than-tripled from the day before. That was the same day Binance announced it had signed a non-binding agreement to bail out FTX for an undisclosed amount. Many exchanges posted an overnight doubling of trade that day, including Curve, which went from $700 million to $1.3 billion.

Source

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13 Nov 2022 05:43

🚨 Binance CEO expects more regulatory scrutiny following FTX implosion

Binance CEO Changpeng Zhao said his firm backed out of the FTX deal because it did not make sense and the huge financial hole they would have had to cover. Speaking at the Indonesia Fintech Summit on Nov. 11, CZ said Binance already covers most of the markets that FTX.com operates in.

The Binance CEO also referenced the regulatory scrutiny FTX has drawn as one of the reasons it dropped the deal. Reports have revealed that US agencies were investigating FTX’s handling of customer funds and lending activities. CryptoSlate research revealed that FTX and Alameda Research had used Binance as an unsuspecting intermediary in siphoning funds from each other.

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11 Nov 2022 06:39

⚡️Kraken CEO on FTX collapse: 'The damage here is huge’

The crypto industry needs to raise its standards in the wake of the implosion of Sam Bankman-Fried’s cryptocurrency exchange FTX. That’s according to fellow exchange Kraken's CEO and co-founder Jesse Powell, who hit out at “clowns” in the industry who sell out their customers.

Kraken is one of several companies with exposure to FTX. It holds about 9,000 FTT, the native token of FTX. Amber Group, Crypto.com, Galaxy Digital, Multicoin Capital, Selling Capital, Sequoia Capital and Wintermute have also released statements detailing their exposure to the company. FTX ran into trouble at the start of this month following reports that Sam Bankman-Fried’s trading firm held significant amounts of FTT.

Source

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09 Nov 2022 05:26

⚡️ Alameda provides proof it holds 100 million bit tokens after BitDAO query

Under pressure crypto trading firm Alameda Research provided proof it still holds 100 million bit tokens it received in a swap agreement with BitDAO after a request for clarification from the one of the world's largest investment DAOs. The tokens — worth about $39 million at current prices — have been moved to a designated wallet, BitDAO tweeted.

Alameda and FTX, a trading firm and crypto exchange both founded by Sam Bankman-Fried, have come under pressure this week after Binance CEO Changpeng Zhao tweeted that Binance would beginning selling its holdings of FTT, FTX's token. Zhao cited “recent revelations” for the decision — seemingly a reference to a CoinDesk report that revealed details of Alameda’s balance sheet. The swap agreement from 2021 saw BitDAO receive almost 3.4 million FTT in exchange.

Source

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07 Nov 2022 05:54

Layoffs sweep crypto as economic concerns mount; Dapper Labs, Bitmex among hardest hit

The industry faces not only an ongoing bear market marked by depressed digital asset prices, but also a tough macroeconomic environment where inflation and a series of U.S. interest rate hikes have intensified fears of a recession. Coinbase, which recently restructured its product team and laid off staff earlier this year, is one company worried that conditions might worsen.

GSR made layoffs equal to less than 10% of its staff in the third quarter. The market maker and liquidity provider made the cuts to focus on long-term growth, a GSR spokesperson said, adding that the company currently employs 300 people. Back in July 2021, GSR co-founder Rich Rosenblum said during The Scoop podcast that the company had plans to grow its staff from 25 to more than 200 in a year’s time. New York City-based Galaxy Digital has been eyeing staff cuts of 10-15%, Bloomberg reported.

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03 Dec 2022 05:13

🚨 Attackers pocket $20 million in exploits on Ankr and Helio

The first attack targeted a liquid staking token product run by Ankr, resulting in a loss of more than $5 million. An unknown hacker leveraged a vulnerability in Ankr's smart contract to mint trillions of aBNBc, a reward token tied the price of Binance’s exchange token BNB, as noted by BlockSec and other analysts.

Once the attacker minted those tokens, they sold and drained all of its liquidity across decentralized exchanges on BNB Chain to get away with more than $5 million. Ankr acknowledged the exploit, adding that it was working with exchanges to stop deposits from addresses connected with the attacker. aBNBc on decentralized exchanges, the price of the aBNBc token collapsed by more than 99%.

Source

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01 Dec 2022 05:21

📣 BitDAO launches modular Ethereum Layer 2 network Mantle

BitDAO, a decentralized autonomous organization with a treasury worth over $1.7 billion, has launched an Ethereum Layer 2 network called Mantle, the DAO announced on Wednesday. This type of design is said to create networks that are more efficient and have greater scalability.

BitDAO’s Layer 2 network stack has three distinct layers, according to the announcement. One layer is for transaction execution while the other two handle transaction finality and data availability, respectively. Mantle is BitDAO’s attempt to solve some of the challenges facing Layer 2 networks, a spokesperson for the DAO told The Block. “BitDAO aims to bring the spotlight back from Alt-L1s.

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29 Nov 2022 05:41

🚨 LINE’s Crypto Exchange Bitfront to Shut Down Amid Bear Market

Bitfront will halt trading services by December 30, 2022, while clients have until March 31, 2023, to withdraw their funds. Bitfront – a cryptocurrency platform operated by internet company LINE Corporation – announced it will cease its services as of March 31, 2023.

The US-based exchange Bitfront informed its customers they should withdraw their assets by the end of March 2023 as it will halt all services and delete their information after that date. The notorious crash of FTX is a prime example of an industry participant that triggered a wave of criticism. It filed for a voluntary Chapter 11 Bankruptcy at the beginning of November after failing to honor customer withdrawals and revealing severe liquidity issues.

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27 Nov 2022 04:38

💰 Crypto Lending Still Popular as Biggest Lender in Asia Aims to Raise $100 Million

The biggest crypto lender in Asia- Matrixport, aims to raise funding of $100 million amidst the recent FTX turmoil. The recent FTX contagion has put other lending protocols, such as Genesis, BlockFi, and Gemini earn, into trouble. The news about the new funding round when the crypto lending platforms are struggling has surprised everyone.

Matrixport is a Singapore-based startup founded by Jihan Wu. Earlier, Jihan Wu also co-founded Bitmain, a company that designs integrated circuit chips for Bitcoin mining. He left Bitmain in 2019 to start Matrixport. According to a Bloomberg report, the crypto lending company handles $5 billion of monthly trading volume and has over $10 billion of assets under management. Matrixport raised over $100 million in a Series C funding round in Aug. 2021.

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25 Nov 2022 08:47

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24 Nov 2022 04:57

⚡️ Block Earner Sued For Alleged Unauthorized Crypto Services

Block Earner, a fintech business in Sydney, has been sued by Australia's financial watchdog over suspicions that it sold unregistered cryptocurrency goods. There are numerous levels of products available from Block Earner that provide a return on cryptocurrency holdings.

According to the Australian Securities and Investment Commission, or ASIC, these services are unauthorized managed investment schemes that ought to have been regulated. In a statement given by the regulator, ASIC stated that it has started a civil fine case with the federal court to obtain proclamations, injunctions, and monetary sanctions. The court has not yet set a date for the initial hearing.

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22 Nov 2022 05:05

💰 South Korea and Singapore Hit Hardest by FTX Collapse: Report

The fallout from the FTX collapse will be measured for years to come. Geographically, three Asian countries have been impacted the most. The report is slightly misleading, however, as it ranked the top 30 countries by monthly users, not the amount lost by customers in each country.

The third largest user base was also an Asian country, with Japan accounting for 223,513 unique users on average visiting FTX.com monthly. Japanese investment giant, SoftBank, invested $100 million in FTX earlier this year, it reported. Taiwan and India were also in the top ten, and Asian countries in the top 15 accounted for more than 25% of the users of FTX. The details from the FTX bankruptcy filings were unveiled over the weekend.

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20 Nov 2022 04:43

🇨🇦 Canada’s largest pension fund writes off $95M FTX investment

According to the pension fund, it made two investments in the embattled exchange between October 2021 and January 2022 through its Teachers’ Venture Growth (TVG) platform. Its first investment in Oct. 2021 was worth $75 million, while its second investment was $20 million.

Ontario Teachers revealed that it carried out a robust due diligence process that explored the exchange-provided materials and other research materials on commercial, regulatory, tax, financial, technical, and other matters. The pension fund said the financial loss from the FTX investment would have a minimal impact on its plan, given its size relative to its total net assets and strong financial position.

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18 Nov 2022 06:25

💰 FTX bankruptcy filings highlight 'complete failure of corporate controls'

Fresh FTX bankruptcy filings called out Sam Bankman-Fried and the rest of the failed crypto exchange's leadership for a "complete failure of corporate controls" and cited the former CEO's "incessant disruptive tweeting" since the exchange imploded. If granted, the move would help consolidate the myriad of bankruptcies into one U.S. court.

The company’s bankruptcy lawyers argue that Bankman-Fried is actively trying to disrupt the bankruptcy process for the myriad of corporate entities that fall under the FTX umbrella. The embattled crypto mogul has set up a fight against the lawyers and executive hired to shepherd the wind-down process, the new CEO and lead lawyer for FTX’s bankruptcy argue. The filing lays out FTX’s current assets and describes the case as “unprecedented”

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16 Nov 2022 03:50

💰 Solana Foundation reveals minimal exposure to FTX

According to the Foundation, it also had 3.43 million FTX tokens (FTT) and 134.54 million Serum (SRM) tokens on the exchange before it stopped processing withdrawals. Serum is a Solana-based decentralized exchange founded by Sam Bankman-Fried (SBF).

The Foundation continued that FTX and its sister company Alameda Research purchased 50.5 million units of Solana between August 2020 and January 2021. These tokens are valued at over $700 million based on the current value of SOL and are scheduled to unlock in 2028. Apart from that, Solana Labs said it sold over 7.56 million SOL ($106 million) to Alameda Research in 2021.

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14 Nov 2022 03:23

🚨 Crypto Exchanges Gate.io and Crypto.com Appear to Be Faking Proof of Reserves

Crypto.com have replied the movement of funds, stating The ETH transfers were made over three weeks ago, on October 21st to Crypto.com whitelisted corporate account at Gate.io. Crypto.com proceeded to withdraw the funds back to its cold wallets over the following days.

Etherscan data, as cited by Conor, showed that Crypto.com sent the funds to Gate.io on Oct. 21 while Gate.io sent back 285k ETH within a week. He noted that both the sender and receiving addresses were connected to Crypto.com. However, the CEO of the exchange, Kris Marszalek, explained that the transfer was a mistake. He claimed they were supposed to be transferred to another cold wallet but instead sent to a whitelisted external wallet.

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12 Nov 2022 04:35

📣 Centralized exchanges are scrambling in attempts to prove their reserves

Multiple centralized crypto exchanges have indicated over the last few days that they will be offering proofs of reserves, a system through which users will be able to check the amount of funds held on the platforms, though not necessarily their liabilities.

Trust has been plummeting for centralized exchanges over the collapse of FTX exchange, which most traders had considered to be trustworthy. Its CEO, Sam Bankman-Fried, never disclosed that it was loaning out customers' deposits for venture investment and lending activities. Much of the current distrust stems from FTX's mishandling of customer funds.

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10 Nov 2022 08:30

🚨 Multicoin Capital hit by FTX collapse, with 10% of its fund's AUM stuck on the exchange

Multicoin Capital, one of the top crypto-focused venture capital firms, is significantly impacted by crypto exchange FTX's collapse, a letter obtained by The Block shows. The letter, sent Tuesday by Multicoin Capital managing partners Kyle Samani and Tushar Jain to partners of the firm's "Master Fund," shows that around 10% of the fund's.

Assets including BTC, ETH, and USD are pending withdrawal and represent approximately 15.6% of the assets in the Fund (excluding side pockets) and approximately 9.7% of total Fund AUM. Before FTX halted withdrawals on Tuesday, Multicoin Capital was able to withdraw around 24% of the fund’s assets that were held on the exchange, according to the letter. The letter does not mention dollar figures corresponding to the percentages.

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08 Nov 2022 04:11

🚨 Investors Withdraw Millions From FTX as Binance Begins Liquidating FTT Token

Crypto exchange FTX is under the industry's microscope again. Hot on the heels of Binance CEO Changpeng “CZ” Zhao declaring that Binance is liquidating its stash of FTX’s native exchange token FTT, mass withdrawals from FTX have accelerated, with weekly stablecoin outflows from FTX reaching a whopping $451 million, according to Nansen data.

Conversely, Binance has seen net inflows of more than $411 million over the same period. Some of those stablecoin withdrawals, as highlighted by blockchain analysts at PeckShield, were executed by Jump Trading, which has transferred about $40.4 million worth of USDC stablecoin from FTX in the past 24 hours. The trading firm has since transferred $6.1 million in USDC back to FTX. Stablecoins haven’t been the only asset leaving FTX, either.

Source

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06 Nov 2022 05:19

🇺🇸 74 US Lawmakers Violated Insider Trading Laws but Won’t Face Charges as Ex-Coinbase Employee

US regulators have been complicit as belligerent lawmakers allegedly broke a law meant to prevent insider trading and conflict of interest. Some 74 members of Congress will likely go scot-free after they bought and sold millions of dollars in stocks that they failed to report.

US Securities and Exchange Commission (SEC), which oversees issues of market manipulation, clamped down on similar violations in crypto. The sector has always maintained a cynic detachment from any form of central control. Issues of insider trading in crypto might have festered for some time. But its characteristic distrust of centralized oversight could be justified after this apparent selective application of the law by the securities regulator, according to observers.

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