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06 Nov 2023 16:46

💰 Ripple (XRP) Dominates Ethereum (ETH) in Interest in Almost Every US State

Google Trends data shows that XRP is more popular than Ethereum in 47 US states, with the highest interest coming from Delaware, Nevada, Louisiana, Arizona, and Hawaii. Forecasting the future value of XRP varies greatly among analysts, with estimates ranging from a moderate increase to $0.90 by next summer to an extreme prediction of $500, which would require a market capitalization far exceeding the current total crypto market cap. with Ripple’s partial wins in court contributing to a positive trend.

Ripple’s native token – XRP – seems to be a highly intriguing topic for many Americans. According to Google Trends data, the residents of 47 states have displayed higher interest in the asset than Ethereum (ETH). Delaware, Nevada, Louisiana, Arizona, and Hawaii are the regions where XRP is the most popular. On the other hand, Vermont, New York, Oregon, and the District of Columbia are the only areas where Ethereum has surpassed Ripple’s coin. The outcome of the legal battle, which has been ongoing since December 2020, is expected to be revealed in the spring of 2024 during a grand trial. Multiple analysts and experts have predicted that a decisive win for Ripple could propel a further jump for XRP.

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03 Nov 2023 14:50

💰 'Santa Rally' Could Propel Bitcoin to $56K by Year-End, Matrixport Says

One of the most famous sayings on Wall Street is that a bull market tends to stay in motion unless an external force acts upon it. Bitcoin (BTC) has historically lived up to the adage modeled along Sir Isaac Newton’s third law of motion and could do so again, rising as high as $56,000 by the end of the year, according to crypto services provider Matrixport. “If bitcoin is up at least +100% by this time of the year, then there is a +71% chance or five in seven that bitcoin would finish the year higher with average year-end rallies of +65%,".

Bitcoin is trading above $35,000, representing a 114% on a year-to-date basis. The impressive gain could be attributed to several reasons, including spot ETF optimism, speculation the Federal Reserve’s liquidity tightening cycle has peaked and haven demand. The expected 65% price rise means bitcoin could trade above $65,000 by the year-end. The chart shows the historical performance of bitcoin in the first ten months and the final two months of the year from 2010-2022. “When bitcoin is up at least +50% by the end of October, there is, on average, a 78% chance that bitcoin will advance even more into year-end. Bitcoin rallied another +68% until year-end on seven of nine previous occasions. This analysis is based on thirteen years of bitcoin history,” Thielen noted.

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31 Oct 2023 10:56

📣 LastPass Hack Victims Lose $4.4M in a Single Day

Hackers siphoned a total of $4.4 million worth of crypto from at least 25 LastPass users on Oct. 25, according to blockchain analyst ZachXBT. LastPass is a platform that stores and encrypts password information for users. Its cloud-based storage service was breached in an attack last year that involved targeting an employee and stealing their credentials. ZachXBT and MetaMask developer Taylor Monahan have tracked at least 80 crypto wallets that have been compromised in relation to the hack.

Funds have been stolen from the Bitcoin, Ethereum, BNB, Arbitrum, Solana and Polygon blockchains, according to a list published by Monahan. "Cannot stress this enough, if you believe you may have ever stored your seed phrase or keys in LastPass migrate your crypto assets immediately," ZachXBT wrote on X, formerly Twitter. Cryptocurrency wallets are often targeted by hackers because a common attack vector is obtaining a private key, which gives the hacker complete access to funds. In July more than $300 million was stolen from crypto users in a string of hacks and exploits. Cybersecurity journalist Brian Krebs reported that more than $35 million worth of crypto had been stolen in relation to the LastPass breach.

Source

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29 Oct 2023 18:45

📊 Stablecoins need to be regulated, says Federal Reserve's Barr

Stablecoins need to be regulated, top Federal Reserve official Michael Barr said on Friday in prepared remarks. When an asset is pegged to a government-issued currency and also used as a means of payment and a store of value, it "borrows the trust of the central bank," the vice chair of supervision said at a conference in Washington D.C. "So, the Federal Reserve has a strong interest in ensuring that any stablecoin offerings operate within an appropriate federal prudential oversight framework, so they do not threaten financial stability or payments system integrity," Barr said.

The central bank has increased its focus on stablecoins and in August announced new guardrails to strengthen its supervision of banks involved in stablecoin activity. Barr said he was "deeply concerned" about issuing stablecoins without strong federal oversight, in remarks last month. Meanwhile, in Congress, lawmakers have battled over how stablecoins should be regulated in an effort to create a federal framework. The House Financial Services Committee made some progress when it advanced a stablecoin bill, though at the time Rep. Maxine Waters, D-Calif, criticized the bill over a provision that would allow state regulators to approve stablecoin issuance without Federal Reserve input. Waters told Politico this week that she expects talks on that stablecoin bill to start back up.

Source

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26 Oct 2023 13:16

🔵 Arbitrum to integrate its Orbit stack with Celestia for data availability

The Arbitrum Foundation announced that Celestia is the first modular data availability network to be integrated into Arbitrum’s software stacks known as Orbit and Nitro. The move implies that Celestia's data availability proofs are slated to be incorporated into Arbitrum's current Layer 2 ecosystem, a leading Layer 2 scaling solution on Ethereum by total value locked that functions as a rollup solution designed to enhance the throughput and efficiency of Ethereum-based applications.

The integration with Celestia, a modular consensus and data network, aims to diversify developer tooling when it comes to reducing data costs for apps. Recently, Celestia Labs introduced Blobstream, which has the ability to "stream" or expand Celestia's data availability layer to Ethereum, helping deliver the data throughput required for a large number of rollups without sacrificing security for end-users. The integration of Celestia also marks the first external contribution to the Arbitrum Orbit protocol layer. Celestia is approaching the launch of its mainnet in the coming weeks. Furthermore, the Celestia Foundation recently announced an airdrop of 60 million of its native token, named Tia, to 7,579 developers and over half a million on-chain addresses on Ethereum rollups, Cosmos Hub and Osmosis.

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21 Oct 2023 17:40

💰 Global Bitcoin ATM Numbers Sink to Lowest Level Since 2021

The number of bitcoin ATMs installed worldwide sank to a two-year low this month, according to data from AltIndex. Since the end of last year, the number installed has dropped 7,000, or 17%, to 32,500, AltIndex said on Wednesday. That follows an increase from 34,500 at end-2021. The U.S., which hosts the largest number of machines, saw the biggest drop. There are now about 26,700 machines in the country. Still, the world's largest economy still has almost 18 times the number installed across the whole of Europe, which hosts some 1,500.

Since the end of last year, the number installed worldwide has dropped 7,000, or 17%. AltIndex attributes the decline to controversies about their potentially criminal use. For example, scammers may advertise goods for sale on sites like eBay, ask buyers to deposit funds into a specific bitcoin wallet through ATM, and then vanish. Brandon Mintz, the CEO and founder of publicly traded bitcoin ATM operator Bitcoin Depot (BTM) said the trend is due to some operators turning off unprofitable ATMs or going out of business altogether. "This creates an opportunity for us that allows us to further increase market share through acquisitions and organic kiosk growth in additional retail locations,” he told CoinDesk in an emailed statement.

Source

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19 Oct 2023 08:18

🇬🇧 Leading the European Crypto Charge: LCX Set to Become First MiCA Ready Exchange in Liechtenstein

LCX.com, the Liechtenstein Cryptoassets Exchange, has announced its readiness to adapt to the Markets in Crypto-Assets (MiCA) regulations. This forward movement by LCX is in line with the Liechtenstein government's recent initiatives to adapt its local blockchain laws, reinforcing the nation's position as a crypto-friendly jurisdiction. The Liechtenstein government has made proactive amendments to its blockchain act, which has been in full force since January 2020.

LCX, as a regulated fintech platform and next generation crypto exchange, plans to capitalize on this and submit its application for the MiCA license promptly. LCX holds 9 blockchain registrations including Exchange Service Provider, Token Custody, Physical Validator, operates a centralized spot exchange and facilitates registered initial token sales on behalf of projects on their Launchpad. LCX was also the first worldwide to launch a regulatory endorsed tokenized bond denominated in Bitcoin and Ethereum offering a fixed yield, named LCX Earn. Monty Metzger, the former VC, serial entrepreneur and visionary founder of LCX, mentioned on X, "Being at the forefront of crypto regulations, we aim to ensure that LCX becomes the leading MiCA-regulated cryptocurrency exchange in Europe.

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16 Oct 2023 00:12

🚘 Ferrari to accept crypto for luxury car purchases: Reuters

Ferrari will accept cryptocurrency as a payment method for its luxury cars in the U.S., according to a Reuters report. The company intends to expand this payment option to Europe in the near future. The decision to embrace cryptocurrency was made in response to requests from the market and dealers. Many of Ferrari’s clients have invested in cryptocurrencies, the firm said. “This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” the company's chief marketing and commercial officer Enrico Galliera told Reuters.

For its U.S. operations, the company has partnered with BitPay, a notable cryptocurrency payment processor. Payments in bitcoin, ether, and the stablecoin USDC will be accepted and promptly converted into fiat currencies to safeguard dealers from crypto price volatility. Countries with cryptocurrency restrictions, such as China, will not be included in Ferrari’s cryptocurrency payment expansion strategy. Galliera stated that Ferrari’s order portfolio is fully booked until 2025. However, the company is experimenting with this payment method to potentially attract new customers. In 2021, electric car manufacturer Tesla initiated the acceptance of payments in bitcoin. However, CEO Elon Musk subsequently suspended accepting crypto payments for car purchases due to environmental concerns.

Source

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13 Oct 2023 08:04

📊 Reddit's Fortnite Token BRICK More Than Doubles After Two-Months of Decline

Bricks (BRICK), the native token of Reddit's Fortnite community, surged 110% over the past 24-hours after having lost over 80% of its value in the past two-months. The majority of trading volume occurred on Kraken with the figure across all exchanges nearing $750,000, a 800% rise from the previous 24-hour period, according to CoinMarketCap. There is currently no clear catalyst for the increase in price, although it has bucked the wider cryptocurrency trend which saw bitcoin (BTC) fall back below $27,000 on Wednesday.

Liquidity remains thin across Bricks trading pairs with 2% market depth on Kraken standing at $2,500 on both the bid and ask side. Bricks is an ERC-20 token that was distributed to active members of the Fortnite subreddit, it rose significantly in August as hype around other Reddit community tokens like r/cryptocurrency's Moons (MOON) began to build. Liquidity remains relatively thin across all exchanges, with 2% market depth on Kraken equating to around $2,500 on both the bid and ask side. Market depth is a metric that assess the amount of capital required to move an asset in a certain direction. A lack of liquidity in an asset that has experienced significant upside presents a risk to traders as price could cascade back down with minimal effort, potentially trapping those that bought the recent high.

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10 Oct 2023 12:01

💰 FTX’s insurance fund figure was faked by using Python code

In a stunning turn of events, the true nature of FTX’s insurance funds has been brought to light, as Gary Wang, co-founder of the platform, testified that they were artificially inflated using covert Python code. The figure of approximately 7,500, which was presented to the public, is not calculated by multiplying the daily trading volume of FTX. Gary Wang, a co-founder of FTX, testified that FTX used covert Python code to inflate the value of their insurance funds.

On October 6, Gary Wang, a former chief technology officer of FTX, provided new testimony. He claimed that FTX’s alleged $100 million insurance funds for 2021 were fraudulent and did not include any of the claimed exchanges of FTX’s tokens (FTT). During the trial, the prosecutors presented a tweet and other public evidence of the fund’s value and asked Wang about its accuracy. He simply replied with a single word, “No.” Wang’s testimony revealed that the amount contained within the funds was often insufficient to cover these losses. He claims that he was instructed to have Alameda “take on” the loss when Bankman-Fried realized that the insurance fund was almost depleted. Allegedly, this was an effort to hide the loss, as Alameda’s balance sheets were more private than FTX’s.

Source

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08 Oct 2023 14:41

💰 Investment Manager Expects SEC to Approve All Bitcoin ETF Applications in 3-6 Months

Steven Schoenfeld, former head of International Equity Product Strategy at Barclays Global Investors (now Blackrock), expects the U.S. Securities and Exchange Commission (SEC) to approve all spot bitcoin exchange-traded fund (ETF) applications in three to six months. He also anticipates that the greenlighting of spot bitcoin and ethereum ETFs has the potential to inject between $150 billion and $200 billion of capital into these investment products.

Schoenfeld is a 36-year veteran of the investment management industry, having served in senior fiduciary positions at Northern Trust. He was also Managing Director and Head of International Equity Product Strategy at Barclays Global Investors (now Blackrock), where he managed more than $70 billion in developed and emerging market stock index funds and ETFs. Previously, he also led the team at the IFC/World Bank which developed the first investable Emerging Market indexes. “The AUM potential could double or triple the current amount of AUM in current bitcoin products,” he added. Regarding the SEC’s potential approval timeline for a spot bitcoin ETF, he remarked: “Two weeks ago I would have said nine to 12 months away.” .

Source

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06 Oct 2023 08:30

🪙 FriendTech rival Stars Arena fuels Avalanche transaction surge

Blockchain-based social application Stars Arena is causing a significant surge in the number of transactions on Avalanche's C-chain network. Launched at the end of September, this latest social protocol inspired by FriendTech on Base has rapidly gained traction among users. Stars Arena, originally named StarShares, has also emerged as a frontrunner in daily active users, surpassing other dapps on the Avalanche network, according to DappRadar. More than 10,000 unique active wallets interacted with Stars Arena in the 24 hours, its data shows.

The platform reported a total value locked just above $1 million within two weeks of its launch, according DeFiLlama data. Transactions on Avalanche, meanwhile, have shown a significant uptick, with figures jumping from 158,000 on Sept. 20 around the time Stars Arena launched to over 250,000 by Oct. 3, according to The Block's Data Dashboard. Stars Arena is part of the larger SocialFi trend that ignited with the advent of FriendTech on Coinbase's Base Layer 2 blockchain in August, much like other clone projects such as PostTech on Arbitrum and Friendzy on Solana. The platforms allow users to trade tokens associated with social media influencers, granting them exclusive access to converse with them.

Source

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04 Oct 2023 10:23

💰 Sam Bankman-Fried's lawyers challenge customers' testimony on how FTX used their assets

Sam Bankman-Fried’s lawyers are contesting prosecutors’ moves to call on customers and investors to testify about how they understood the now failed crypto exchange would use their assets. His lawyers’ letter was filed not long before Bankman-Fried’s trial kicked off in New York on Tuesday, where the former FTX CEO faces multiple fraud charges and potentially decades in prison. Prosecutors had previously said they expected some FTX customers to testify about how they thought the exchange would hold their funds and said some FTX investors.

“The motion is premature. Decisions on specific testimony from specific witnesses relating to their individual understanding of specific statements or aspects of their relationship with FTX or Mr. Bankman-Fried cannot be decided in the abstract,” Bankman-Fried’s lawyers said. Other letters were filed by Bankman-Fried’s defense ahead of Tuesday’s trial, which is expected to last several weeks. On Monday, his attorneys said prosecutors' request to allow an FTX customer, who is in Ukraine, to testify remotely should be denied, arguing that a face-to-face, in-court testimony is essential. If the court does approve prosecutors’ request, the defense should be allowed to cross-examine the witnesses, the lawyers said.

Source

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01 Oct 2023 10:07

🪙 VanEck to donate 10% of Ethereum Strategy ETF profits to core protocol contributors

VanEck intends to donate 10% of its Ethereum Strategy exchange-traded fund to The Protocol Guild, a collective of 152 Ethereum core protocol contributors, for a minimum of 10 years. "If TradFi stands to gain from the efforts of Ethereum's core contributors, it makes sense that we also give back to their work," the New York City-based asset manager wrote on X (formerly Twitter). "We urge other asset managers/ETF issuers to consider also giving back in the same way."

VanEck also thanked the Ethereum contributors "for nearly a decade of relentless building & ongoing stewardship of this common infrastructure." "This is kinda insane, never would've expected to see it in a million years," Delegate founder 0xfoobar wrote on X. "Ethereum alignment is an incredibly value-accretive narrative, rare to see such large institutions understand this." VanEck is currently in preparations to launch its Ethereum Strategy ETF (EFUT), which focuses on ether futures contracts. It is slated to be listed on CBOE and actively managed by VanEck head of active trading Greg Krenzer. "The Fund is not yet available for trading and there is no assurance that the Fund will commence trading," the asset manager noted.

Source

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28 Sep 2023 07:51

📣 BlockFi’s Customer Repayment Plan Now Approved By Court

In a significant development for customers of the beleaguered cryptocurrency lending platform BlockFi, the United States Bankruptcy Court in New Jersey has granted approval for its liquidation plan. The court’s decision, made during a hearing on September 26, marks a significant milestone in the company’s winding-down process, potentially allowing customers to recoup a portion of their investments by year-end. The company’s third amended Chapter 11 plan received the green light from Bankruptcy Judge Michael A. Kaplan.

The expected recovery for unsecured BlockFi creditors ranges from approximately 35% to 63% of their owed amounts, as detailed in an August court filing. The final payout depends on the outcome of its legal battles with FTX and other bankrupt crypto firms. BlockFi has stated that the resolution of disputes with FTX and Three Arrows Capital could significantly impact creditor recoveries. BlockFi initially halted customer withdrawals on November 10, just prior to FTX’s bankruptcy. While initially aiming to restructure the business under Chapter 11, BlockFi determined earlier this year that liquidation offered the best avenue for repaying its customers.

Source

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05 Nov 2023 18:20

📣 Lido Finances approves proposal to enable Obol decentralized staking module

Liquid staking protocol Lido Finance voted to approve a proposal incorporating Simple Distributed Validator Technology from the Obol Network. "DVT represents the fastest way to add many new Node Operators to the Lido Node Operator set with a more diverse profile of solo and community staker participants while benefiting from the technology's inherent benefits such as increased resilience, distribution, and security," a Lido member wrote in the proposal.

"The Simple DVT module is intended to demonstrate that utilizing DVT on mainnet is possible, while furthering the diversification of the Lido Node Operator set on Ethereum and potentially setting the stage for more scalable and permissionless DVT-based modules in the near future." "This vote signifies support for the advancement of this new module. This will be Lido's first module to use Obol DVs on Ethereum mainnet," Obol Labs, the firm building the Obol network, wrote on social media. "This module represents a significant step towards strong diversification and decentralization of the Lido Node Operator set."The Obol Network, developed by Obol Labs, allows individuals to take part in an ecosystem of distributed staking validators.

Source

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02 Nov 2023 12:49

🇬🇧 PayPal UK registers with FCA for crypto services but faces stringent restrictions

PayPal UK has registered with the UK's Financial Conduct Authority (FCA) to offer crypto asset activities within the country. The registration was effective from Oct. 31, according to the UK financial regulator's website. However, a notice on the FCA's website stated that PayPal UK will be subject to specific restrictions that apply unless the FCA has granted otherwise. The restrictions mean that PayPal UK will not be able to bring on new customers and existing customers will only be able to hold or sell tokens.

Beyond this, the FCA outlined a list of prohibited services, including facilitating peer-to-peer transactions, getting involved with initial coin offerings, providing staking services and participating in DeFi activities such as crypto asset lending and borrowing. In August, PayPal paused the ability to make crypto purchases in the UK due to the FCA's rules. This will continue until 2024. PayPal’s crypto registration comes as the UK Treasury released its final proposals for future regulation of crypto asset activity on Monday. The proposals outline the UK government's intention to bring several crypto asset activities into the regulatory perimeter for financial services for the first time. Companies offering crypto services in the UK must be approved for registration and comply with the FCA's anti-money laundering rules.

Source

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30 Oct 2023 10:28

🇸🇻 Bitcoin-friendly El Salvador can become ‘Singapore of the Americas’ — VanEck adviser

El Salvador can follow Singapore’s lead and become a financial center in the Americas, according to Gabor Gurbacs, strategy adviser of investment management firm VanEck. “I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas,” Gurbacs explained in an Oct. 28 X (formerly Twitter) post. Gurbacs expects new capital investment and immigration to be the main drivers behind El Salvador’s increased economic growth over the next few years.

Oct. 28 post by United States broadcaster and Bitcoiner Max Keiser, which was captioned “Move to #ElSalvador, The New Land of the Free.” Keiser, who now lives in El Salvador, listed Bitcoin and the U.S. dollar’s legal tender status, a clean-up of Salvadoran crime, great beaches and great coffee as some of the main reasons the Central American country should be on everyone’s radar. El Salvador’s status as an emerging economy became more prominent when Nayib Bukele was elected as the country’s president in June 2019. El Salvador’s sovereign bonds have outperformed many other emerging markets this year, yielding an eye-popping 70% return by August. It even caught the attention of JPMorgan and other large investment banks. Bukele and the El Salvador government made Bitcoin legal tender in September 2021.

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28 Oct 2023 15:35

🔵 Arbitrum Foundation Says 'Orbit' for Layer-3 Networks Now Ready for Mainnet

The Arbitrum Foundation said new "layer-3" networks created via the project's "Orbit" program can now settle to the Arbitrum main network. The foundation, an organization that says it's dedicated to the decentralization of Arbitrum, which is the biggest layer-2 network atop the Ethereum blockchain, made the announcement Thursday on X (formerly Twitter). The Orbit program was one of the first announcements by the foundation when it was formed in March in an effort to decentralize Arbitrum. In June, Offchain Labs released Orbit documentation for developer-only networks or "devnets."

Orbit is a program started earlier this year that blockchain developers can use to spin up their own layer-2 or layer-3 networks, using Arbitrum's technology. Previously, these new layer-3 networks were only settling on an Arbitrum test network, according to Steven Goldfeder, CEO of Offchain Labs, the primary developer behind Arbitrum. According to Offchain Labs, Orbit lets developers “create your own dedicated chain that settles to one of Arbitrum's layer 2 or L2 chains,” on Arbitrum One, Arbitrum Nova, Arbitrum Goerli and Arbitrum Sepolia. The move comes as the biggest developers of Ethereum layer-2 networks, including not just Arbitrum but OP Labs (behind Optimism), Polygon and Matter Labs (behind zkSync), are making their technology available to builders to clone or modify for their own use.

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22 Oct 2023 22:52

📣 Philippines-based exchange Coins.ph appears to have lost 12.2 million XRP in possible exploit

The Philippines-based crypto exchange Coins.ph appears to have experienced an exploit on Tuesday that resulted in the loss of more than 12 million XRP tokens ($6 million). Within about 30 minutes, a supposed hacker exchanged 999,999.999 XRP lots 13 times, in addition to another lot of 200,000 XRP, according to the blockchain explorer XRP scan. After gaining nearly 12.2 million XRP tokens, the hacker then sent the coins through the crypto exchange OKX, the European crypto-to-fiat exchange WhiteBIT, the cross-blockchain exchange OrbitBridge.

After gaining nearly 12.2 million XRP tokens, the hacker then sent the coins through the crypto exchange OKX, the European crypto-to-fiat exchange WhiteBIT, the cross-blockchain exchange OrbitBridge, the crypto exchange SimpleSwap, two non-custodial exchange ChangeNOW and Fixed Float, as well as other destinations. "WhiteBIT, as soon as received a request from the Philippines-based exchange Coins, promptly reacted and blocked 445,000 Ripple," a WhiteBIT spokesperson said in an email to The Block. "In addition, WhiteBIT has reached out to Cristal and Chainalysis, requesting to flag addresses associated with stolen cryptocurrencies." Coins.ph did not immediately respond to a request for comment from The Block.

Source

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20 Oct 2023 08:37

💰 Polygon proposes 13-member 'protocol council' to supervise smart contract upgrades

Polygon Labs has introduced a new governance improvement proposal, designated as PIP-29, which seeks to form a Protocol Council to steer changes made to its core smart contracts. The Protocol Council is set to consist of 13 members charged with supervising modifications to Polygon’s system-level smart contracts. The proposal identifies several influential individuals and organizations slated to join the Protocol Council.

Given the importance of upgradeability in smart contracts for Polygon’s system architecture, the Protocol Council is expected to play a crucial role in ensuring both security and the ability for smooth transitions to updated versions. A regular change to Polygon’s smart contracts will require 7/13 consensus signatures from the Protocol Council members with a 10-day timelock. This consensus will be used for all ordinary configuration changes in the contract. In case of an emergency, a change would require a 10/13 consensus from the Protocol Council but with no timelock, according to the proposal. The council will supervise time-locked alterations to these smart contracts on the Ethereum network, pertinent to both current and future Polygon 2.0 protocols.

Source

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17 Oct 2023 13:11

📣 TrueCoin Alerts TUSD Team of Urgent Vendor Security Breach

TUSD team received a concerning notification from TrueCoin alert , indicating a security breach detected by a third-party vendor. Specifically, the vendor’s Security Team uncovered an anomalous account change within TrueCoin’s organization, attributed to a compromised support vendor. While the internal systems of TrueCoin alert remained secure, the incident has raised concerns regarding the potential exposure of certain user data, including KYC and transaction history, as TrueCoin alert was actively operating TUSD until July 13, 2023.

TUSD system itself remains secure and unharmed, reassuring users that their data and assets within the TUSD system remain unaffected by the security breach. TrueCoin alert has swiftly taken action to address the situation and mitigate any potential risks arising from the compromised support vendor’s unauthorized access. The team is working diligently to strengthen their security measures, aiming to prevent similar incidents in the future and ensure the continued safety of user data and assets. While the security breach has caused some concern within the TUSD community, the prompt response from TrueCoin, coupled with the unaffected status of the TUSD system and reserves, provides reassurance to users and stakeholders regarding the overall security and integrity of the TUSD platform.

Source

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14 Oct 2023 20:14

🏦 Coinbase tells IRS it has 'serious concerns' about proposed tax rules

Coinbase used a 14-page letter to the Internal Revenue Service on Thursday to detail what it said are serious concerns about the "nature and scope" of proposed tax regulations related to gross proceeds and basis reporting for digital asset transactions. "We have long advocated for a tax system that treats digital assets the same way it treats assets in traditional finance," the crypto exchange told the U.S. tax authority. "The proposed regulations, as written, would impose an unprecedented, unchecked, and unlimited tracking on the daily lives of Americans.

Coinbase, which was writing about rules proposed by the IRS in August, said the requirements would establish an "incomprehensible and unduly burdensome set of new reporting requirements." It also argued that they're "overly broad in ways that are not warranted or implementable." The crypto exchange listed what it said were six overarching observations connected to its objections: lack of parity with financial services, duplicative and burdensome reporting, invasion of privacy, violation of tech neutrality, unrealistic compliance timeline, and missed opportunity to leverage blockchain to ensure taxpayer compliance. "This overbreadth will counterproductively make it harder for the IRS to enforce the tax laws on cryptocurrency transactions involving U.S. persons," Coinbase wrote.

Source

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12 Oct 2023 08:05

📈 BIGTIME Gaming Token Surged By 60% After Coinbase And OKX Announcing Support

Coinbase and OKX announced the launch of BIGTIME gaming token. The BIGTIME team comes from some traditional game studios. It has received tens of millions of dollars in investment as early as 2021. BIGTIME is a gaming token launched by Coinbase and OKX. The team behind BIGTIME comprises members from traditional game studios and has received substantial investment. Coinbase will support BIGTIME as an ERC-20 token on the Ethereum network. Trading is set to begin if liquidity conditions are met.

The Ethereum network (ERC-20 token) contract address for Big Time (BIGTIME): 0x64Bc2cA1Be492bE7185FAA2c8835d9b824c8a194 After the announcement of Coinbase and OKX, the BIGTIME gaming token has surged by nearly 60%, trading at around $0.111 as of this writing. (Shown by CoinMarketCap data) For those unaware, Big Time adopts a play-to-earn model rather than a pay-to-win approach, ensuring a fair and meritocratic gameplay experience. Additionally, Big Time Studios boasts an experienced development team that includes industry veterans and blockchain pioneers. Furthermore, Big Time lowers the barrier to entry for non-blockchain gamers through its user-friendly Infinity Vault system, which simplifies NFT trading within the game.

Source

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09 Oct 2023 07:52

🇺🇸 US considering application of Electronic Fund Transfer Act to crypto accounts

The US Consumer Financial Protection Bureau (CFPB) is evaluating the application of the Electronic Fund Transfer Act (EFTA) to cryptocurrency platforms. The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX. EFTA regulations mandate that electronic fund facilitators inform users of their liabilities concerning unauthorized transfers. The spotlight is on their methodologies in handling user data and their strategic intentions surrounding the roll-out or backing of private digital currencies.

During a conference organized by The Brookings Institution, CFPB Director Rohit Chopra brought to the fore the agency’s intentions of delving deeper into the operational dynamics of influential tech entities. To tackle this, the CFPB is contemplating releasing more comprehensive guidelines, clarifying the boundaries and obligations under the EFTA for digital currencies and their handlers. The council could classify certain cryptocurrency-related activities as pivotal for payment and settlement processes, an action rooted in the Dodd-Frank Act’s provisions. Such a categorization would pave the way for more stringent oversight, especially ensuring instruments like stablecoins live up to their promise of stability. On a parallel note, the CFPB is on the cusp of announcing a meticulously crafted rule around personal financial data rights.

Source

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07 Oct 2023 11:18

🪙 Ethereum Has Become More Centralized Since the Merge and Shanghai Upgrades: JPMorgan

The rise in ether (ETH) staking since the Merge and Shanghai upgrades has come at a cost to Ethereum as the network has become more centralized and the overall staking yield has fallen, JPMorgan (JPM) said in a research report on Thursday. “Many in the crypto community had seen Lido, a decentralized liquid staking platform as a better alternative compared to the centralized liquid staking platforms associated with centralized exchanges,” analysts led by Nikolaos Panigirtzoglou wrote.

Lido has been adding more node operators to contain the number of staked ether being controlled by any single operator, to address centralization concerns, the Wall Street bank noted. Still, centralization by any entity or protocol creates risks for Ethereum as a “concentrated number of liquidity providers or node operators could act as a single point of failure or become targets for attacks or collude to create an oligopoly that would promote their own interests at the expense of the interests of the community,” the report added. An added risk from the rise of liquid staking is rehypothecation, the bank said. This is when liquidity tokens are reused as collateral across numerous decentralized finance (DeFi) protocols at the same time. DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain.

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@TradeCryptoNow

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05 Oct 2023 11:11

📣 3AC co-founder Su Zhu’s Singapore villa converted into urban farm: Report

The Singapore villa and gardens owned by Su Zhu, co-founder of the collapsed cryptocurrency hedge fund Three Arrows Capital (3AC), has been converted into an urban farm run by his wife Evelyn Tao’s company Abundant Cities. Su Zhu and his wife acquired the villa through a trust for 48.8 million Singapore dollars ($35.6 million) in March 2022. However, following the cryptocurrency market crash last year and the subsequent bankruptcy of 3AC, Su Zhu was reportedly keen on selling the property. The villa is not part of 3AC’s liquidated assets.

The company has been organizing guided tours and private dining at the luxurious bungalow on Yarwood Avenue since at least the beginning of the year, according to local media reports. Tao holds a Ph.D. in biology from the National University of Singapore and previously worked at the Temasek Life Sciences Laboratory and the Institute of Medical Biology under the Singapore Agency for Science, Technology and Research. The bungalow's transformation into the Yarwood Homestead includes agriculture and aquaculture, producing local vegetables, herbs, fruits, fish, chickens and ducks — becoming Abundant Cities' research and development headquarters, according to its website.

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@TradeCryptoNow

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02 Oct 2023 21:55

🇺🇸 Former US President Donald Trump May Change Crypto Stance Dramatically, Says Ex-SEC Official

Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has argued that former President Donald Trump could “dramatically” change his position on cryptocurrencies. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Trump is running for president in 2024.

Citing multiple media reports, he also noted that Trump now owns some cryptocurrency. The former U.S. president reportedly disclosed crypto holdings of $2.8 million in ether (ETH) in August after debuting a non-fungible token (NFT) collection last year. In 2019, Trump stated that he is “not a fan of bitcoin or other cryptocurrencies,” emphasizing that they’re not money. He further said they are “based on thin air,” adding that “unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.” Moreover, he said in 2021 that crypto is very dangerous. They included a Republican president being elected, SEC Chairman Gary Gensler resigning, and “crypto mom” Hester Peirce being appointed as the acting SEC Chair.

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@TradeCryptoNow

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29 Sep 2023 08:10

🏴 New 'Exorcist' film taps Aptos to help scare up web3 fan experience

Once upon a time in Hollywood web3 was all the rage, with studios experimenting with an array of blockchain-enabled promotional campaigns designed to service super fans. While things have cooled during crypto winter, Universal Pictures is showing that it hasn't given up on web3, announcing today that, in conjunction with Aptos Labs, it is rolling out a blockchain-powered promotional campaign for its latest horror film, "The Exorcist: Believer."

“Our ultimate goal with web3 is to craft interconnected digital experiences across all our platforms,” said Greg Reed, vice president of technology partnerships at Universal Pictures. The 'Exorcist' fan experience aims to allow consumers to engage with exclusive digital art, behind-the-scenes footage and AR filters while also getting the chance to win physical prizes, the companies said in a statement. The immersive digital campaign utilizes Aptos' Move programming language, which was originally developed inside Meta. Aptos Labs was co-founded by Mo Shaikh and Avery Ching and has secured funding from high-profile crypto investors like a16z.

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@TradeCryptoNow

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27 Sep 2023 08:00

🪙 Tether Singapore Prohibited Has Existed Since May 2020, Rejecting Recent Untrue Rumor

In response to recent reports by Cointelegraph, Tether has clarified its stance on restricting certain customer groups in specific jurisdictions. Tether’s Chief Technology Officer, Paolo Ardoino, made a statement on the X platform, emphasizing that Tether had modified its services before May 12, 2020, including the prohibition of certain activities in Singapore. Cointelegraph initially reported that Tether had altered its terms of service (ToS) in Singapore, preventing select customer groups from converting USDT into U.S. dollars.

Cake co-founder and CEO, Julian Hosp, shared an email from Tether, revealing the company’s decision not to redeem USDT for United States dollars due to changes in its ToS. The email further disclosed that corporations controlled by another entity, as well as directors and shareholders residing in Singapore, were no longer permitted to be Tether customers. While it remains unclear whether these changes are related to recent money laundering cases in Singapore, Tether’s CTO, Paolo Ardoino, shed light on the broader scope of prohibited jurisdictions. Ardoino confirmed that Singapore had been on the list of prohibited jurisdictions since 2020, alongside Cuba, North Korea, Iran, Pakistan, Syria, the Government of Venezuela, and Crimea. Tether’s updated policies reflect its commitment to compliance and regulatory standards in various jurisdictions.

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@TradeCryptoNow