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18 Jul 2023 11:10

💰 Sui Blockchain Breaks 29 Million Transactions With Launch Of On-chain Game

Record-high transactions on Sui blockchain fueled by first on-chain game Sui 8192. Potential to revolutionize gaming industry with persistent digital assets. The game is a sliding tile game where players use their arrow keys to shift and combine tiles until they reach a tile worth 8192. Despite its simplicity, Sui 8192 has the potential to revolutionize the gaming industry. On-chain games are becoming increasingly popular as they are ubiquitous and can be played from any device connected to the internet.

Sui 8192 is a dynamic NFT, exhibiting the unique properties of NFTs on Sui in that it can change its appearance based on user inputs. It demonstrates many interesting new use cases for NFTs, such as using an NFT for an app’s interface. Ethos was programmed as the first wholly on-chain Sui game. Each newly minted Sui 8192 object contains the game logic, while the interface was coded in javascript, CSS, and HTML. Sui is a layer-1 blockchain launched in May 2023 and was touted at the time as a “Solana killer.” SUI prices were down 0.5% on the day at $0.678 at the time of writing. This capability sets an example for other apps, such as collaborative productivity tools.

Source

@TradeCryptoNow

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16 Jul 2023 15:25

📣 OPNX Now Offers Immediate Liquidity for FTX and Celsius Network Bankruptcy Claims

In a move aimed at providing relief to users affected by the collapse of crypto exchange FTX and lender Celsius Network, the Open Exchange (OPNX) has announced the availability of trading for their bankruptcy claims. This development allows users to monetize their claims and regain control over their funds, according to a press release. FTX, which faced a substantial collapse in November, owes its customers as much as $8 billion, contributing to a broader market downturn. On the other hand, Celsius Network owes around $4.7 billion to its users, as stated in its bankruptcy filing.

By selling their claims on OPNX, users will receive the platform’s native tokens, reborn OX (reOX) or oUSD, the profit-and-loss currency of the platform. These tokens can then be utilized as collateral for trading on OPNX. Claims are currently trading at approximately $0.30 per dollar on OPNX’s competitor, Claims Market. Mark Lamb, the founder of OPNX, emphasized the benefits of claim tokenization, highlighting that it provides customers with liquidity, control over their funds, and the opportunity to participate in market activities once again. The platform was co-founded by Mark and Leslie Lamb, known for their involvement with CoinFlex, alongside Kyle Davies and Su Zhu from Three Arrows Capital. FTX and Celsius Network both filed for Chapter 11 bankruptcy protection in the latter half of the previous year .

Source

@TradeCryptoNow

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14 Jul 2023 13:21

🏦 Huobi Addresses Asset Decline Speculations, Blames Data!

Huobi has responded to recent comments circulating on social media regarding an alleged “asset decline.”. According to Huobi’s analysis, the data collected by Glassnode fails to accurately reflect the current state of HB’s assets. It was discovered that the main hot wallet and cold wallet addresses used for asset storage have undergone changes since the data was collected. Furthermore, HB’s assets are distributed across multiple chains, including 400 million USDT on TRON, 6,500 TRC20 BTC, and partial collateralization of ETH as an ETH validator.

Huobi has taken proactive steps to establish contact with Glassnode, urging them to update the necessary data. HB recognizes the importance of accurate and up-to-date information to maintain transparency and provide an accurate picture of its asset holdings. Huobi recently revealed the Merkle tree asset reserve certificate for July 1st. The total assets held by users on the Huobi platform have surpassed $3 billion, demonstrating the significant trust and participation of the user base. It is crucial for accurate data to be utilized in assessing the financial health and performance of platforms like HB. HB’s efforts to rectify the inaccurate data provided by Glassnode demonstrate their commitment to transparency and ensuring accurate reporting to the crypto community.

Source

@TradeCryptoNow

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12 Jul 2023 17:29

🏦 Cboe reaches surveillance agreement with Coinbase for spot bitcoin ETFs

Cboe on Tuesday submitted amendments for five proposed spot bitcoin ETFs to say that it has “reached an agreement on terms” with Coinbase to enter into surveillance sharing agreements. The changes were made for 19b-4 filings for the Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin ETF and ARK 21Shares Bitcoin ETF. The race is on for a spot bitcoin ETF as more and more firms, including big names such as BlackRock and Fidelity, have listed Coinbase as a surveillance sharing partner.

The U.S. Securities and Exchange Commission has not yet approved of a spot bitcoin ETF, and proposals could face headway from the agency as it has repeatedly cited concerns of fraud and market manipulation when assessing previous applications over the years. “On June 21, 2023, the Exchange reached an agreement on terms with Coinbase, Inc. (‘Coinbase’), an operator of a United States-based spot trading platform for Bitcoin that represents a substantial portion of US-based and USD denominated Bitcoin trading, to enter into a surveillance-sharing agreement (‘Spot BTC SSA’) and executed an associated term sheet,” the exchange said in one of the amendments. Previous filings said the exchange was expecting to enter into that agreement.

Source

@TradeCryptoNow

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10 Jul 2023 11:34

💰 Marathon mined 21% less bitcoin in June partly due to bad weather in Texas

Marathon Digital Holdings, a bitcoin (BTC) mining company with operations in the United States and the United Arab Emirates, has revealed that its performance in June was mixed, partly because of bad weather. In the last month of H1 2023, the miner produced 979 BTC, marking a 21% decrease from May. The decline in production was attributed to weather-related constraints in Texas and a significant reduction in bitcoin transaction fees in June.

Despite this contraction, Marathon achieved notable milestones in other operations. For instance, the report reveals that the miner posted a 16% month-over-month increase in its operational hash rate, reaching 17.7 EH/s. Moreover, the installed hash rate rose by 8% to 21.8 EH/s. Notably, these improvements are a year before Bitcoin slashes mining rewards by half in 2023. Roughly every four years, the Bitcoin network automatically halves rewards, a development that not only makes bitcoin scarce but historically tends to support prices. Besides capacity increment, Marathon also announced a new joint venture in Abu Dhabi, which commenced hashing activities earlier in the week.

Source

@TradeCryptoNow

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08 Jul 2023 12:36

🟠 CZ Responds To Reports Of 3 Binance Senior Executives Resigning

Binance CEO Changpeng Zhao (CZ) responded to reports of “three Binance executives resigning” on Twitter. He said the reports about their reasons for leaving were utterly untrue. CZ also confirmed that it will continue to grow and continue to recruit. Earlier today, Fortune magazine cited three Binance executives who resigned this week as Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President of Compliance. Prime Minister Steven Christie.

Reportedly, their departure is related to the reaction of Binance founder Zhao Changpeng to the ongoing investigation by the US Department of Justice. Hillmann later confirmed his departure on Twitter and said he would “continue to respect and support” Changpeng Zhao. According to previous news, Matthew Price, Binance’s senior director of investigations, recently resigned. Despite the difficulties, Binance and Coinbase staged a counter-attack by protesting the charges from the SEC and asserting their compliance with US laws. This is a bright spot, helping exchanges focus on restoring user confidence and proving their credibility. Binance has been under strain for months amid regulatory investigations that have severed many of its key banking relationships globally.

Source

@TradeCryptoNow

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06 Jul 2023 17:57

📺 WATCH: BRICS (Brazil, Russia, India, China, South Africa) plans to introduce new gold-backed currency.

@CryptoCommunity ™️

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06 Jul 2023 08:13

NEW: 70% of #BTC is either long-term savings, or lost, there is no in between.

The end result is the same 📈

@CryptoCommunity ™️

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05 Jul 2023 17:05

🇬🇧 UK financial regulator issues compliance deadline for crypto promotions

The Financial Conduct Authority (FCA) wrote to firms marketing crypto-assets to UK customers to comply with the incoming financial promotions regime or risk criminal charges. The FCA's order is effective from 8 October, and includes overseas firms that market their products to UK customers. In a statement, FCA crypto financial promotions lead Jayson Probin said, "Failure to comply may result in firms committing a criminal offence... This is a critical change for the industry."

The FCA has outlined the requirements for promoting crypto-assets in the UK, with four legal methods. The FCA letter issued Tuesday stated: "Promotions that are not made using one of these routes will be in breach of section 21 of the Financial Services and Markets Act 2000 (FSMA), which is a criminal offence punishable by up to 2 years imprisonment, an unlimited fine, or both." Those seeking registration with the Financial Conduct Authority (FCA) must be prepared for a stringent application process, pay a registration fee, and wait for up to three months. An authorized person communicates the promotion.

Source

@TradeCryptoNow

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03 Jul 2023 15:34

🪙 Ethereum Co-Founder Thinks The Over $40 Billion Staked ETH Can Be Stolen

It appears that the co-founder of Ethereum, Vitalik Buterin, doesn’t trust the security of infrastructure allowing ETH staking. Consequently, in a recent interview, Buterin stated that he would only stake a limited amount of coins to ensure the network is distributed and remain robust against malicious agents who might try to take over the platform, reversing transactions. Buterin has raised concerns about the potential risks of ETH staking through third-party infrastructure, specifically regarding the exposure of private keys and the danger it poses to his entire stake.

In a multi-sig system, users have their private key to sign transactions. A specific number of signatures must be provided to approve a transaction, which varies based on the Ethereum wallet’s configuration. This setup boosts security and reduces the risk of unauthorized access to funds. According to on-chain data, there are over 643,000 validators spread across the globe who have staked over 20.5 million ETH. On average, each validator has staked 32.17 ETH. Notably, the validator count has steadily risen over the years, and the number of ETH staked has sharply increased despite the recent upgrade permitting stakers to unlock their coins.

Source

@TradeCryptoNow

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01 Jul 2023 11:28

🇳🇿 New Zealand’s RBNZ Will Strengthen Unregulated Crypto Surveillance

The Reserve Bank of New Zealand (RBNZ) said on Friday that it is intensifying its supervision of stablecoins and crypto assets owing to uncertainty about how the industry will evolve and the potential dangers they may pose to the financial system. The decision was made after the central bank received public feedback to better understand the possible ramifications of new forms of private money on both the financial system and monetary sovereignty.

Woolford’s announcement was accompanied by a summary of 50 stakeholder contributions to a previous RBNZ study on crypto and decentralized finance. Respondents included BlockchainNZ, the country’s crypto advocacy group, Ripple, and institutions such as Westpac and the Bank of New Zealand. The RBNZ’s statement on Friday follows its announcement in December that it was developing a monitoring framework to monitor and appraise developments in new forms of “private money,” including cryptoassets. As part of its Future of Money initiative, the bank is doing a comprehensive research. This involves an ongoing study on the eventual establishment of a central bank digital currency (CBDC).

Source

@TradeCryptoNow

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30 Jun 2023 11:50

🇭🇰 Largest Hong Kong ETF Manager Considers Cryptocurrency Expansion

Hang Seng Investment Management, the largest ETF manager in Hong Kong, is considering incorporating cryptocurrencies into its investment products following HSBC’s plan to allow customers to buy cryptocurrency ETFs. Hang Seng Investment Management is considering the possibility of using cryptocurrencies in its existing investment products after HSBC, Hong Kong’s largest bank, announced its plan to allow customers to purchase cryptocurrency ETFs.

Since the launch of ETF Connect last July, it has attracted stable net inflows of funds. In just one month, the average daily assets under management exceeded HKD 12 billion, representing a growth of nearly 80% compared to December of last year. During this period, the average daily trading volume was nearly HKD 1.7 billion, an increase of over 7 times since the planned launch in July last year, accounting for 6% of the overall Stock Connect. HSBC to embrace cryptocurrency ETFs reflects the growing popularity of virtual assets as an investment option. As more financial institutions begin to offer cryptocurrency ETFs and other related products, it is expected that they will continue to gain acceptance as a legitimate investment option.

Source

@TradeCryptoNow

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27 Jun 2023 14:01

🇺🇸 U.S. Has Room for a Compliant Crypto ETF to Grow Market Share as a Bitcoin On-Ramp: Bernstein

The largest bitcoin (BTC) asset management product is Grayscale, which runs a $19 billion BTC trust (GBTC), but its dominant position may be under threat following news that investment giant Blackrock (BLK) has filed for a spot bitcoin exchange-traded-fund (ETF) in the U.S., Bernstein said in a research report Monday. Grayscale earns around $380 million in annualized fees “despite the product being inefficient, illiquid, and has traded at a significant discount over the last 28 months,” the broker said.

While the U.S. Securities and Exchange Commission (SEC) has approved multiple bitcoin futures ETFs, it has yet to approve a spot bitcoin ETF despite receiving numerous applications. The iShares unit of fund management giant Blackrock filed paperwork earlier this month with the SEC for the formation of a spot bitcoin ETF. This prompted other asset managers including Invesco and Wisdom Tree to apply or reapply for a bitcoin ETF product. Bernstein notes that the Grayscale Bitcoin Trust is only 3% of the total bitcoin market cap, which means there is the “headroom for a compliant ETF to grow its share as a bitcoin on-ramp solving the pain of custody.”

Source

@TradeCryptoNow

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25 Jun 2023 14:10

🟢 Bitcoin Cash Grows Over %200 In Just 2 Weeks

Bitcoin Cash also maintained its spectacular run, which was started earlier this week by news that the crypto exchange EDX Markets, a cryptocurrency exchange sponsored by Wall Street firms, had gone online and was now accepting Bitcoin Cash as one of its cryptocurrencies. EDX is funded by Charles Schwab, Fidelity, and Citadel, indicating yet another entry into the digital asset area by major financial institutions. Just four cryptocurrencies were listed on EDX: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Despite today’s big increase, the BCH rate remains optimistic on a local time frame. At the moment, it reached $194 and quickly retraced to $180. If looking for a potential buying opportunity, buyers should keep an eye on the $150 price zone, as this is the resistance, it just broke through quickly. Bulls seem to need more time to collect energy for future expansion since the majority of currencies have started a corrective phase. BCH is no exception, now perhaps what we should do is wait for a correction to enter. Not except for the scenario that Bitcoin is at a price that excites investors and continues to increase, perhaps BCH will reach the $200 price zone in the near future without any price retest.

Source

@TradeCryptoNow

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23 Jun 2023 19:07

💰 Bitcoin illiquid supply reached a new ATH of 15.2M BTC this week, whilst exchange balances have fallen to the lowest levels since Jan 2018 at 2.3M BTC.

➡️ @CryptoMagazine

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17 Jul 2023 09:22

💰 Ripple CEO Rejoices Landmark Court Ruling, New Development For XRP

Ripple Labs, the company behind the cryptocurrency XRP, received a major boost as Chief Executive Officer Brad Garlinghouse announced that a federal court ruling declared XRP “is not a security.”. The decision provides Ripple with increased flexibility to explore various business opportunities and promote a wide range of use cases for its technology. Speaking with Bloomberg, Garlinghouse expressed relief that he no longer has to worry about the regulatory implications of promoting Ripple and its services.

The court ruling, delivered by US District Judge Analisa Torres in New York, classified XRP as a security when sold to institutional investors but not when sold to the general public. This decision was seen as a victory for the crypto industry, as it challenged the US Securities and Exchange Commission’s (SEC) claim that XRP was an unregistered security. The SEC filed a lawsuit against Ripple in late 2020, accusing the company and its executives of misleading investors through the sale of unregistered securities. He highlighted that 95% of Ripple’s customers are located outside the United States, underscoring the significance of this ruling for the company’s global operations.

Source

@TradeCryptoNow

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15 Jul 2023 17:06

💰 Sui Network Reaches Explosive Growth With 1 Million Active Addresses!

Sui network, a blockchain platform known for its focus on gaming, NFTs, and user-centric applications, has surpassed one million active addresses. This significant milestone comes less than 70 days after the launch of the Sui Mainnet, highlighting the rapid growth and adoption of the platform. By providing a platform for developers to create immersive games, unique NFTs, and user-friendly applications, Sui has attracted a dedicated user base that has helped drive the network’s rapid expansion.

Reaching one million active addresses within such a short timeframe is a testament to the enthusiasm and support from the Sui community. The network’s users, developers, and creators have played a crucial role in the platform’s success by building engaging games, captivating NFT collections, and compelling applications that have delighted users worldwide. The Sui team expressed their gratitude to the community, recognizing the collective effort that led to this momentous achievement. They praised the creativity and dedication of the Sui ecosystem, emphasizing that the success of the network is a direct result of the outstanding contributions made by its users.

Source

@TradeCryptoNow

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13 Jul 2023 08:48

💰 New York Prosecutor Goes After Hacker Behind $9M Solana Exchange Heist

A former security engineer for an international technology firm has been arrested and charged for allegedly using a smart contract bug to steal $9 million in cryptocurrency from a Solana-based decentralized crypto exchange.The attack happened in July 2022, and the United States Attorney for the Southern District of New York Damian Williams has recently announced the first-ever criminal case involving an attack on a smart contract operated by a decentralized exchange (DEX).

The attack was carried out by exploiting a vulnerability in the exchange’s smart contracts to generate inflated fees with flash loans. These were then withdrawn and laundered through a series of complex transfers on the blockchain where Ahmed swapped cryptocurrencies, hopped across different crypto blockchains, and used overseas crypto exchanges. Although Williams did not disclose the DEX that was exploited in July, previous reporting from Cointelegraph reveals that an unknown hacker exploited Solana-based liquidity protocol Crema Finance on July 2, 2022, stealing $9.6 million in cryptocurrency. The exploiter later returned most of the funds but was allowed to keep $1.6 million as a white hat bounty.

Source

@TradeCryptoNow

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11 Jul 2023 12:49

🚨 Poly Network Hacker Unites Stolen ETH In Dual Ethereum Addresses

In the ongoing aftermath of the Poly Network hack, it has been revealed that the exploiter responsible for the attack has consolidated approximately 566.4 ETH into the Ethereum address 0x712. Additionally, another 1,007.4 ETH has been transferred to the address 0xcC2bb, raising concerns about the fate of the stolen funds. The hacker exploited a vulnerability in the network’s smart contract, allowing them to gain unauthorized access and transfer funds to their control.

The consolidation of approximately 566.4 ETH into the address 0x712 indicates the perpetrator’s efforts to centralize their ill-gotten gains into a single location. This move raises questions about their intentions and potential plans for the stolen funds. Law enforcement agencies, blockchain analysts, and the crypto community at large are closely monitoring these transactions for any potential leads that could help recover the stolen assets. It remains unclear whether this address belongs to the hacker or if it represents an attempt to obfuscate the flow of funds. The tracing of these transactions poses a significant challenge due to the pseudonymous nature of blockchain transactions, but efforts are underway to identify and track the movement of the stolen assets.

Source

@TradeCryptoNow

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09 Jul 2023 10:43

🆘 $63 million in USDC frozen by Circle following Multichain breach

USDC issuer Circle blacklisted three wallet addresses that received a significant outflow of funds from the cross-chain bridge platform Multichain in its potential security breach. Security firm PeckShield noted that about $63 million in USDC, part of the assets involved in the alarming outflow, has been frozen. The incident saw $126 million worth of crypto assets mysteriously transferred from Multichain’s bridge deployments on Fantom, Moonriver and Dogechain to various third-party wallets.

Following the incident, Multichain tweeted from its official account, “The Multichain service has currently stopped, and all bridge transactions will remain stuck on the source chains. There is no confirmed resumption time. Please refrain from using the Multichain bridging service for now.” Security firm PeckShield noted that about $63 million in USDC, part of the assets involved in the alarming outflow, has been frozen. The incident saw $126 million worth of crypto assets mysteriously transferred from Multichain’s bridge deployments on Fantom, Moonriver and Dogechain to various third-party wallets.

Source

@TradeCryptoNow

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07 Jul 2023 11:43

🪙 Neo Partners With OKX To Launch APAC Hackathon

Hong Kong-based blockchain platform Neo has announced its partnership with OKX, a leading cryptocurrency exchange, to launch an exciting new hackathon in the Asia-Pacific region. The event will feature live competitions in six cities across Asia, allowing participants to engage in person. Additionally, virtual meetings will be organized to accommodate those who cannot attend physically, ensuring inclusivity and widespread participation. The Neo Foundation has allocated a generous bounty of $120,000 for the hackathon.

Participants in the hackathon will have the opportunity to explore innovative projects in five distinct categories: Decentralized Finance and Payments, NFT and Games, AI, Social and DAO, Infrastructure and Tools, and Comprehensiveness. The winners will be announced during the final round in Hong Kong and will receive NEO tokens as their well-deserved reward. The partnership between Neo and OKX is expected to create a synergistic effect, enhancing the influence of both organizations. As part of their collaboration, OKX will contribute to the hackathon through the use of non-fungible tokens (NFTs). This collaboration opens the door for the NFT teams to engage in technical exchanges with OKX’s Web3 team, fostering future collaborations and innovation.

Source

@TradeCryptoNow

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06 Jul 2023 09:05

🪙 Spark Protocol, MakerDAO’s New Lending Platform, Will Expand To Multi-chain

MakerDAO announced on Twitter that their DeFi lending protocol Spark Protocol would be extended to multiple chains and announced the steps and process of implementing Spark Protocol in specific domains (each blockchain network). To implement Spark Protocol in a new domain, you must create a Maker forum post in the SubDAO TWO category (basics, technical info, collateral info, info required, liquidity, etc.). Domain refers to various blockchain networks, including sidechains and layer 2 solutions.

Phoenix Labs will evaluate submitted proposals and provide MakerDAO with recommendations for new domain names and collateral information to include. In addition, Block Analitica will perform collateral assessment and recommend risk parameters for collateral in Spark on the new domain. Domain and collateral reviews will be published on Maker Forums. These reviews will provide valuable insight to MKR owners when making decisions regarding Spark deployment on a new domain. MakerDao, a decentralized autonomous organization operating on the Ethereum blockchain and issuing stablecoin DAI, recently announced the launch of its latest DeFi product, Spark Protocol.

Source

@TradeCryptoNow

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05 Jul 2023 23:13

💰 "Bitcoin is digitizing gold. Instead of investing in gold to protect against the devaluation of your currency, people can invest in Bitcoin. Bitcoin is an international asset"

Larry Fink on Fox on Bitcoin ETF

➡️ @CryptoMagazine

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04 Jul 2023 17:08

🪙 Litecoin Halving Less Than 30 Days, LTC Up 31% In The Last Week

According to Litecoin halving data, 29 days, 20 hours and 45 minutes (1,7682 blocks) are still left before the Litecoin (LTC) block reward halving. The halving is scheduled to take place on August 2, at which point the block reward will drop from 12.5 LTC to 6.25 LTC. Litecoin has been trending on social media as the asset approaches its halving event. Litecoin has seen significant growth over the past 30 days. The price of LTC has increased by more than 27% since the one-month countdown to the Litecoin halving began.

Most investors expect the Litecoin price to increase after the halving event, as the number of rewards will decrease, thus increasing demand. However, there are several other factors to consider. Each LTC price halving is usually very chaotic. This includes a significant price pump, a corresponding correction, a price low, and a local rally to the top. After the halving, the price of LTC was corrected from the high at that time. It will then form a new low followed by a sharp rise to a new all-time high. Therefore, we will likely see a post-halving price pump on August 2, 2023. And according to previous halvings, the price could correct before reaching a local top.

Source

@TradeCryptoNow

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02 Jul 2023 12:16

🪙 Ethereum Name Service Gears up for Layer 2 Expansion

Ethereum Name Service – the distributed, open, and extensible naming system operating on the Ethereum blockchain – announced plans for Layer 2 expansion. The growing popularity of Ethereum significantly increased gas prices forcing market participants to look for cost-effective alternatives. Ethereum Name Service (ENS) is one such project that had earlier said that Layer 2 interoperability has been on the pipeline for quite some time via – ENSIP-10: Wildcard Resolution and EIP-3668: CCIP Read: Secure offchain data retrieval.

On a community call this week, the team behind ENS emphasized the importance of the upgrade that would lead to Layer 2 expansion to improve scalability and reduce costs. They said facilitating the interaction of existing solutions with ENS domains would help in domain name registrations and transactions becoming more accessible to a wider user base. Going forward, the devs behind the Ethereum-based naming system intend to leverage off-chain resolvers via an ENS off-chain registrar contract and different service providers, such as Coinbase-operated project cb.id, Polygon-based Lens Protocol, Optimism-based OptiNames, etc. Unfazed by the market turmoil in the digital asset space last year, ENS clocked in more than 2.2 million domain names.

Source

@TradeCryptoNow

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01 Jul 2023 11:09

🇺🇸 Kraken ordered to hand over user information to IRS for anyone who transacted over $20k in one year between 2016-2020

➡️ @CryptoMagazine

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29 Jun 2023 09:32

⬜️ OKX Released The 8th Proof Of Reserve, All Coins Exceeded 100%

OKX, the second largest offshore cryptocurrency exchange, officially released the 8th Proof of Reserve (PoR). According to reports, OKX is dedicated to improving the transparency of PoR to the traditional financial audit level in order to maintain its position as the industry leader in security and transparency. The recent reserve ratio of 22 publicly traded coins all topped 100%, with BTC, ETH, and USDT all at 103% and a total value of $11.3 billion. It is one of the industry’s few major encryption exchanges that issue reserve certificates on a monthly basis.

Proof of reserves (PoR) is the process of confirming that the customer assets held by a cryptocurrency exchange or financial institution match the number of assets kept in reserve on the customers’ behalf. PoR has been widely publicized as the major method for crypto investors to ensure that their assets are properly safeguarded. It’s also a crucial tool for crypto platforms since it allows them to demonstrate that they have enough assets to support transactions and withdrawals. The bankruptcy of FTX and the dissolution of Three Arrows Capital both stunned the cryptocurrency sector. They called into doubt the dependability and integrity of cryptocurrency custodians.

Source

@TradeCryptoNow

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26 Jun 2023 10:24

🇺🇸 US retailers targeted with bomb threats, seeking bitcoin and gift cards

Law-enforcement officials and retailers are investigating a recent wave of bomb threats across the United States, targeting grocery operators and other stores, the Wall Street Journal reported on Sunday. Retail companies including Kroger, Walmart and Amazon's Whole Foods Market, among others, have received bomb threats at their stores in recent months, the report said, adding that some callers demanded gift cards, bitcoin or money and threatened to detonate bombs if payments were not made.

These threats have been spread across various areas from New Mexico to Wisconsin. At a Kroger-owned store in New Mexico, an employee received a call from a suspect who asked her to wire money and said a bomb would go off if she called the police. A similar incident was reported in a suburb north of Chicago, where a caller told a Whole Foods Market employee a pipe bomb had been placed in the store and demanded $5,000 in bitcoin, according to the Wall Street Journal. The FBI said it is working with local and state law-enforcement officials and asking members of the public to maintain awareness of their surroundings and report any suspicious activity to law enforcement, the newspaper added.

Source

@TradeCryptoNow

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24 Jun 2023 17:58

🏦Coinbase Wins Supreme Court Ruling in Arbitration Lawsuit

Crypto exchange Coinbase won a reprieve from the U.S. Supreme Court on Friday, after the high court ruled that a lawsuit filed by one of the exchange's users couldn't proceed until Coinbase defends an appeal of a lower court ruling. The ruling, which won a 5-4 majority, allows Coinbase to continue its effort to compel arbitration against the putative class action lawsuit, halting the lawsuit's progress through the federal court system in the meantime. While this marks a win for Coinbase, it has little direct effect on the crypto industry.

"The sole question here is whether the district court must stay its pre-trial and trial proceedings while the interlocutory appeal is ongoing. The answer is yes: The district court must stay its proceedings," wrote Justice Brett Kavanaugh on behalf of the majority. Coinbase lost an initial ruling against the putative class action lawsuit, when the U.S. District Court for the Northern District of California denied its motion to compel arbitration. Coinbase lost an appeal of that ruling as well. The lawsuit was originally set to proceed on some of the case's merits. The Supreme Court ruling doesn't touch on crypto issues beyond the fact that Coinbase is one of the two parties involved.

Source

@TradeCryptoNow

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22 Jun 2023 19:33

🪙 Tether To Launch USDT On Kava Network, KAVA Soars 12%

Tether, the creator of the first and biggest blockchain-based stablecoin, USDT, has announced that it would also issue USDT on Kava (KAVA), a Layer-1 blockchain built for scalability and speed. According to Tether, the Kava network’s unique design lets users make use of Cosmos’ “zones” feature on the protocol. Kava revealed last month that it had deployed the “Kava 13” mainnet update, which upgraded its infrastructure to provide customers with increased security, scalability, functionality, and processing speed.

Tether, the world’s largest stablecoin issuer, has announced that it would also issue USDT on the Kava network, which was built and launched in 2018. The Kava network is built with a collaborative Blockchain design that combines the flexibility of the Ethereum virtual machine with speed, low transaction fees, and the interoperability of Cosmos’ software development kit, one of the largest organic ecosystems in the cryptocurrency world, according to the company. The integration of USDT into the Kava network has extended the number of networks to which USDT is exported to eight. Prior to Kava, USDT could be issued on a variety of networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.

Source

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