Vega | Crypto Trends

19 May 2024 22:27

🫦 Fourth-Gen Coins: The New Frontier in Stablecoin Market

👀 Stablecoins have become the go-to choice for many investors, primarily for asset purchases on exchanges. But their utility doesn't stop there; these coins are also making waves in the remittance and payments sectors.

📊Bithumb, a leading exchange, sheds light on the four generations of stablecoins. It all started with the first-gen like USDT, backed by fiat reserves. Transparency concerns were raised initially, but now regular reports reveal holdings, including Bitcoin and US Treasury bonds.

🔗According to CoinMarketCap, the top three stablecoins dominate the market. These stalwarts provide stability by matching their circulating supply with real-world assets, giving investors a sense of security.

🖥 While second-gen coins like DAI bring decentralized value from crypto reserves, they face the challenge of price volatility. To tackle this, collateral reserves expand to include US Treasury bonds and other tangible assets.

©As we move into third-gen territory, algorithmic stablecoins step up. With no fiat or crypto backing, these coins rely on smart algorithms to maintain price stability. Scalability shines in favorable conditions but falters without collateral support.

👀As we venture into uncharted waters with fourth-gen coins, the stablecoin market faces fresh challenges. Will these new entrants strike a balance between innovation and stability? Only time will tell as the quest for the perfect stablecoin continues.

Vega | Crypto Trends

17 May 2024 18:25

✔️Polygon Backed Game ‘Guild of Guardians’ Launches on Google Play and Apple

🌍 The highly anticipated play-to-earn game, Guild of Guardians, has finally arrived on mobile devices worldwide, making its debut on both Google Play and the Apple app store.

🛍With the ability to earn GOG tokens, players can now delve into the immersive Guild of Guardians universe while also reaping real-world rewards. It's a win-win situation for gamers looking to convert their in-game achievements into cold hard cash.

🙂Immutable Games, the brains behind this gaming sensation, is ecstatic to announce that they've already amassed an impressive 1 million pre-registered users. To celebrate this milestone, they're treating fans to a visually stunning cinematic launch trailer and an exclusive peek behind the scenes.

⚡️Thanks to the generous support of the Inevitable Games Fund, which includes heavyweights like Polygon Labs and King River Capital, Guild of Guardians joins a prestigious lineup alongside Pixelmon, Metalcore, and My Pet Hooligan.

👀This groundbreaking web3 game didn't come together overnight. It's been years in the making, with every detail meticulously crafted to transport players into the enchanting realm of Elderym. As darkness looms, it's up to you and your team of Guardians to save the day!

Vega | Crypto Trends

11 May 2024 18:26

Blockchain Startup Story Protocol Secures $54 Million Funding Led by Andreessen Horowitz 🗣️

👎Story Protocol, a startup that uses blockchain tech to track intellectual property (IP), has secured more than $54 million in funding driven by venture capital giant Andreessen Horowitz (a16z) crypto.

➕The open-source platform was launched Wednesday and aims to “democratize” IP creation through a worldwide extensible IP vault, a company release noted. Put simply, Story Protocol would simplify the process associated with maintaining IP and address creators’ concerns, particularly around the recent rise in generative AI (artificial intelligence).

💎 “In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,” Story Protocol Co-Founder Seung Yoon Lee said in a press release.

⭐️Lee noted that the company aims to create a “new era of entrepreneurial creators” by helping existing IP holders to engage audiences and advance their IP.

🛡Furthermore, the platform’s framework manages the entire lifecycle of intellectual property development by enabling features including provenance tracking, licensing and revenue sharing.

🎮The company’s vision is to create, govern, and license intellectual property on-chain, forming an ecosystem of story legos that can be remixed and composed. This approach enables creators to build narrative stories with ownership and incentives.

Vega | Crypto Trends

08 May 2024 20:06

Robinhood Agrees $600 Million Buyback of Seized Sam Bankman-Fried HOOD Stake From US Marshal Service 🔥

🫦On August 30, Robinhood entered into a $605.7 million (HOOD) share buyback agreement with the US Marshal Service (USMS) to reclaim shares formerly held by Same Bankman-Fried (SBF) through Emergent Fidelity Technologies.

✔️ At the beginning of this year, the US government took possession of the 55 million HOOD shares owned by Bankman-Fried and Gary Wang, co-founders of FTX, through their holding company, Emergent Fidelity Technologies, after Bankman-Fried's cryptocurrency exchange, FTX, and Emergent filed for bankruptcy protection in 2022.

⏸Last November, just six months before Bankman-Fried's company filed for bankruptcy, he disclosed a 7.6% stake in Robinhood.

🔍However, he clarified that he had no intention of taking control of the retail trading platform. At that time, he expressed excitement about Robinhood's business prospects and potential collaboration opportunities with FTX.

🎮According to a US Securities and Exchange Commission Filing dated August 30, the US District Court for the Southern District of New York approved the share repurchase agreement on August 28.

Vega | Crypto Trends

06 May 2024 13:28

Brazilian Soccer Star Ronaldinho Fails to Turn Up at ‘Crypto Scam’ Hearing ▶️

💵The Brazilian football (soccer) icon Ronaldinho has failed to show at a parliamentary hearing on crypto pyramids, and could face jail time if he refuses to attend another hearing later this month.

⌛Per Sportes and Livecoins, the Brazilian Chamber of Deputies’ Financial Pyramids Committee had summoned the former Barcelona star and Brazilian nation team player on Thursday August 24.

💯But Ronaldinho failed to appear at the hearing, drawing the ire of the lawmakers who issued him with a summons.

🔈The commission’s president Aureo Ribeiro MP responded by stating that if Ronaldinho fails to attend another hearing, he would ask a court to issue a special warrant that would allow police officers to “forcefully” bring the former football start to the chamber.

▶️MPs want to speak to Ronaldinho about his alleged involvement in the companies companies 18kRonaldinho and LBLV. In particular, lawmakers want to know exactly what the ex-Brazil international has to do with 18kRonaldinho.

Vega | Crypto Trends

23 Apr 2024 14:50

Indian Crypto Exchange CoinDCX Lays Off 12% of Staff Citing Prolonged Bear Market and TDS ⚠️

⚠️Indian Crypto exchange CoinDCX, backed by Coinbase Ventures, fired 12% of its workforce on Tuesday, citing ongoing macroeconomic conditions and the TDS on crypto transactions. The company clarified that it is the first time CoinDCX is laying off employees. Earlier in Jan, it announced an internal restructuring and denied any layoffs at the time.

➡️ The decision comes at a time when crypto startups in India are grappling with the country’s regulatory uncertainty and a plunge in trading volumes in 2022, amid high crypto tax rates and TDC.

❓According to the company’s chief executive officer Sumit Gupta, tough macro conditions due to “the prolonged bear market and impact of TDS on domestic exchanges” have pressured the company to take the “difficult decision.”

🕯“These factors had a significant impact on our volumes and thus revenues. To adapt, we undertook several proactive measures, including direct cost optimization and investment in automation to drive efficiency and productivity.”

Vega | Crypto Trends

13 Apr 2024 18:26

👀Base and Linea Users Lose $460,000 as SwirlLend Vanishes in Suspected Exit Scam

🙂SwirlLend, an Ethereum Layer 2 lending project active on the Base and Linea networks, has reportedly pulled off an exit scam that has resulted in the disappearance of an estimated $460,000 in user deposits.

⚡️According to a comprehensive on-chain analysis conducted by cybersecurity firm PeckShield, the SwirlLend team purportedly withdrew approximately $290,000 from the Base network and around $170,000 from the Linea network, subsequently funneling these assets to the Ethereum blockchain.

❗️Notably, DeFiLlama data indicates that the total user deposits on SwirlLend plummeted from a substantial $780,000 to a mere $49 as the unfolding events took place.

💵The digital footprint of SwirlLend appears to have been completely erased, as the project's social media accounts on platforms such as Twitter and Telegram have been deleted. The project’s official website remains inaccessible, adding to the suspicion surrounding the exit scam.

✨PeckShield, an authoritative entity in the cybersecurity realm, has labeled this incident a "rug pull."

Vega | Crypto Trends

23 Mar 2024 13:14

Coca-Cola and Top DAOs Join Coinbase's 'Onchain Summer' Web3 Festival for Base Launch 🔔

➡️ Crypto exchange Coinbase has kicked off the multi-week Onchain Summer event to celebrate the launch of its much-anticipated Layer 2 network Base. The crypto giant said that each week in the series will bring new activations across Web3, including art, music, culture, and gaming.

⚠️ Companies, artists, and creators will be running onchain events "that will make crypto more accessible, fun, and useful than ever before," Coinbase said. New mints will happen daily from August 9 through August 31.

📌 The exchange wants users to bridge their ETH to the new network to mint a free NFT - hence, boosting the activity and engagement on Base. The "first-of-its-kind onchain festival" includes "over 50 leading brands, platforms, marketplaces, artists, and creators," Coinbase said.

➡️ Popular decentralized autonomous organizations (DAOs), such as Nouns and Friends With Benefits will participate, as will the soft drink giant Coca-Cola.

Vega | Crypto Trends

05 Mar 2024 14:33

AirDAO Achieves Decentralized Governance

AirDAO, the groundbreaking Decentralized Autonomous Organization (DAO), has completed its long-term plan of decentralized governance.

AirDAO has embraced a new era of democratic decision-making following the election of nine council members to the AirDAO Council. Traditional leadership roles such as ‘Director,’ ‘CTO,’ and ‘CEO’ are being eliminated. The AirDAO Council will take control of the organization's finances, operations, and blockchain. The community-elected council will have 100% control over AirDAO’s assets from May 31st, 2023.

Led by long-term community member Michael Grimwood, the AirDAO community created the proposal and participated in the council election process. Multiple community members nominated themselves as candidates for the council, which will guide the future of the AirDAO ecosystem.

The AirDAO team supported the community throughout the transition. Director/CEO Lang Mei demonstrated exceptional leadership by accepting the community’s innovative proposal and committed to stepping down by May 31st, 2023. The AirDAO internal team leveraged their experience and expertise to ensure a seamless election and transition process for the community.

AirDAO will continue its path toward total decentralization under its new leadership. Council members are committed to collaborating with the community to consider every idea and opinion. The AirDAO Council will meet soon to discuss the organization’s plans — prioritizing the development of products the community wants in alignment with AirDAO’s tokenomics upgrade and decentralization roadmap.

Vega | Crypto Trends

28 Feb 2024 15:23

🚀 Shrapnel is the 1st moddable extraction shooter built by a unique team of BAFTA & Emmy Award-winning talent using UE5 and blockchain.

➡️ Shrapnel's Genesis Collection, The Operators, represent the 5 characters in Shrapnel's comic book series based on the video game in development. Each character has their own story told in one of the comic books currently in production. Collect each Operator to get access to the comic for that character; collect all for additional benefits

🚨OPERATORS UTILITY🚨

- Early access to video game
- Exclusive in-game assets
- Access to future token and NFT airdrops based on rarity level
- Access to future whitelists


🎥 Cinematic Trailer: https://www.youtube.com/watch?v=buVwtknco-Q

👉 Check out the Discord: https://discord.gg/shrapnel

🌐 Website: https://www.shrapnel.com/

Vega | Crypto Trends

20 Feb 2024 19:46

Responsible AI can create policies to help ‘better serve society’ ✅

👌 Artificial intelligence (AI) has been a talking point for governments and thought leaders worldwide since ChatGPT emerged in late November 2022. While some question the ramifications of AI becoming a mainstay in society, others are embracing the technology head-on.

🔥 Recently, the Romanian government unveiled a new AI chatbot, Ion, created to ​​source community concerns and opinions to develop policy recommendations based on collected data.

⭐️ “The potential benefits of AI are substantial and further exploration of its application in the public sector is warranted for enhancing public services, policies, and to improve citizens’ lives.”

Vega | Crypto Trends

16 Feb 2024 12:10

🚀Common Wealth Genesis S2 is a collection of a maximum 8991 NFTs of unparalleled utility. As a Genesis NFT holder you are a founder of Common Wealth and will receive $WLTH tokens and protocol profit share for life! (No VCs in before you!). Join the 99% on All Street!

➡️ CWs mission is to revolutionize the investment landscape. Imagine retail investors getting crypto private sale deals like VCs! What if you got into Arbitrum before anyone even knew about it? Common Wealth is a mobile-first platform democratizing investment with Web3 tech. Everyone is welcome, crypto knowledge or not!

🚨HOLDER BENEFITS🚨
1. Share of 22 million $WLTH tokens
2. Share of 3% protocol profits for life
3. Gated access to premium groups, events and alpha
4. Additional benefits will be added

👉Check out our Telegram Chat (meet the team): /channel/commonwealth_chat

🌐 Website: joincommonwealth.xyz

Vega | Crypto Trends

13 Feb 2024 12:44

Cryptocurrency arbitrage is several logically related transactions aimed at extracting profit from the difference in prices for the same or related assets at the same time on different exchanges or on different markets of the same platform. In simple words, it is the purchase of an asset on the stock exchange, where the demand for it (and, accordingly, the price) is lower, and the sale is where it is higher.

Take advantage of the arbitration opportunities with the help of the project Nimbus - is a Defy platform managed by ISO DAO, which offers 16 training strategies for apps-based users to participate in IPOs, start-up financing, and so on.

Vega | Crypto Trends

09 Feb 2024 12:09

ParaSpace team clashes with CEO over alleged whereabouts of protocol funds🧐

😱Protocol developers demand that CEO and CTO Yubo Ruan step down, while Ruan has accused the development team of an "illegal takeover."

😉On May 10, nonfungible tokens (NFT) financialization protocol ParaSpace published several alleged irregularities tying its CEO, founder, and CTO Yubo Ruan to the mismanagement of funds equaling 2,909 Ether recovered through a white-hat interception that occurred on March 18. Ruan denied any wrongdoing, writing: "manufacturing claims with the intent to take over and force me to step down as CEO. This is highly problematic and the legal team has taken action."

👉On or around March 18, ParaSpace suffered a price-slippage exploit that was quickly resolved. Around the same time, blockchain security firm BlockSec intercepted the hack. It moved 2,909 ETH from the protocol before malicious actors could obtain the funds and subsequently returned the assets to ParaSpace staff.

😘According to Paraspace, Ruan had "exclusive control and management" of a portion of protocol funds returned by BlockSec. Developers subsequently allege that a portion of the 2,909 ETH believed to be in control by Ruan had "not been fully returned to protocol, with initially over 50% unreturned, leaving a hole in the protocol treasury." The development team also alleges that these assets had "outflown to various unknown wallets as well as out to CEXs and Circle redemptions," totaling $1 million.

"As a result, the team has come together, secured the protocol's multi-sig, and removed Yubo as well as any addresses not directly controlled by the team."

🌸ParaSpace, through its official Twitter account, calls for Ruan to "step down from his roles as CEO and CTO."

On the other hand, Ruan alleges that two former ParaSpace consultants, Thomas Schmidt and Jay Yao, who are currently stated as the protocol's COO and CBO, respectively, "have illegally obtained control of one of the protocol's multisig and social media accounts" through misrepresentation. 😇

Vega | Crypto Trends

05 Feb 2024 10:46

UK reviews AI development: It can ‘drive substantial economic growth’😳

The U.K. Competition and Markets Authority said it would examine AI’s development, deployment and social impact.🤨

The United Kingdom’s Competition and Markets Authority (CMA) has turned its attention to artificial intelligence (AI) after announcing an examination of the impact of the technology on consumers and the economy.

👉On May 4, the regulator said it would be looking at the development and deployment of foundation models — applications like OpenAI’s ChatGPT — against key principles. Those include safety, transparency, fairness and accountability, among others.

🌸Sarah Cardell, the chief executive of the CMA, commented that since AI tools “burst” into the public sphere, regulators have had their eye on it.

“It’s a technology developing at speed and has the potential to transform the way businesses compete as well as drive substantial economic growth.“

🧐She continued by deeming it “crucial” that businesses and consumers in the U.K. have access to the potential benefits of AI technologies while being shielded from fake information. AI-generated fakes have already started populating the web, resulting in lawsuits.

😱The initial review will examine the competitive market for AI foundation models and their usage. Regulators plan to monitor how they can expand and present opportunities, along with risks to competition and consumers.

😎The CMA says its goal is to help the technology develop in ways that “ensure open, competitive markets and effective consumer protection.“

Additionally, the review is intended to produce “guiding principles” for the protection of consumers and support healthy competition as the technologies develop. A report on the findings is scheduled to be published in September 2023.

This announcement follows the publication of a white paper on AI from the U.K. government in March 2023.

Vega | Crypto Trends

18 May 2024 13:36

➡️Oklahoma Leads the Way: Residents' Digital Assets Now Protected!

📈Self-Custody Freedom Secured

Oklahoma residents can now breathe a sigh of relief as their right to self-custody digital assets is enshrined in law. No more worries about third-party interference!

🥸Bipartisan Support Shines

Governor Kevin Stitt, flanked by four Republican champions, including Senators Bill Coleman and Dana Prieto, has signed the game-changing OKHB3594 into law.

🔔Mining & Noise Ordinances

From November 1, 2024, crypto mining enthusiasts can rejoice! Home-based or industrial, as long as you play by the noise rules, it's all systems go.

🆒License-Free Mining Zone

Calling all miners! The bill exempts you from the hassle of obtaining a money transmitter license. Your digital asset mining dreams just got a whole lot easier.

💵Fair Energy Rates for All

No more playing favorites with electricity bills! The legislation ensures that digital asset mining businesses receive fair treatment when it comes to energy costs.

📌Crypto as Cash? Tax-Free!

Cryptocurrency enthusiasts can now spend their digital riches without fear of extra taxes. Oklahoma embraces innovation and levels the playing field for transactions.

Vega | Crypto Trends

13 May 2024 11:40

▶️Stand With Crypto Launches PAC To Back Pro-Crypto Politicians Ahead of November Elections

🎤Pushing for Pro-Digital Asset Candidates

Digital asset advocacy group Stand With Crypto is taking its support for the crypto community to the next level. They have recently launched their own political action committee (PAC) with a clear mission: to endorse and support candidates who champion the rights of crypto enthusiasts. This move comes as the November 2024 elections draw near.

💥A Diverse Lineup of Hopefuls

Stand With Crypto's PAC is wasting no time in assembling a formidable team. Among those receiving their backing are Eddy Morales (D-OR), Shomari Figures (D-AL), Troy Downing (R-MT), Jim Justice (R-WV), and Jim Banks (R-IN). These candidates from across the political spectrum share a common thread: they understand the importance of digital assets in our rapidly evolving world.

🟢Crypto's Growing Influence

Recent data from the Digital Currency Group has revealed that crypto is on voters' minds, with one in five swing state voters considering it a significant issue. Stand With Crypto's PAC is tapping into this sentiment, throwing its weight behind two prominent figures in the 2024 U.S. presidential race: Donald Trump and Robert Kennedy. Both have shown pro-crypto leanings, with Trump even embracing digital asset donations for his campaign.

⚙️Taking a Stand Against Biden

While some politicians embrace crypto, others are more cautious. President Joe Biden, in particular, has faced criticism from Stand With Crypto's PAC, earning an 'F' rating for his stance on digital assets. Biden's recent veto of H.J. Res. 109, which aimed to challenge the SEC's approach to crypto regulation, has only intensified this clash of ideologies.

Vega | Crypto Trends

09 May 2024 15:15

‼️ GameFi project MetaTrace gave exclusive rights to the MEXC crypto exchange to list the $TRC token!

⚡️ Date: September 7
❓Time: 10:00 AM UTC

⭐️Go to the MetaTrace channel, register using the link in the pinned post about listing on MEXC, win $TRC tokens and other jaw-dropping prizes on the quest platform, together with 200,000 users!

🌐MetaTrace is giving away 1,000,000 $TRC between active participants of the quest platform! The chance of getting a token is now higher than ever!

🔼Subscribe to the channel, turn on notifications and get ready for the most important event of the project!

/channel/MetaTrace

Vega | Crypto Trends

07 May 2024 15:17

South Korean Prosecutors Seek Arrest Warrants for Golf Star & Bithumb Exec 👍

⚙️South Korean prosecutors have asked a court to arrest an ex-pro golfer and a top executive at Bithumb, one of the country’s leading crypto exchanges. YTN reported that the Seoul Southern District Prosecutors’ Office’s Financial Investigation Department wants to try golfer Ahn Seong-hyun and Lee Sang-jun (54), the CEO of Bithumb Holdings.

👑Prosecutors suspect that the duo may have listed tokens on the exchange in exchange for bribes. Ahn, 42, turned pro in 2005 and went on to coach South Korea’s national golf team. He also shot to celebrity status in 2017, when he married FinK.L’s Sung Yu-ri, a “first-generation” K-pop star-turned-A-listing actress.

📌But earlier this year, prosecutors lodged an initial bid to arrest Ahn. Ahn is thought to be a close friend of the businessman Kang Jong-hyun, the alleged majority “owner” of Bithumb.

👀In April, Munhwa Ilbo reported, prosecutors claimed Ahn had abused his friendship with Kang to convince the latter to list an unnamed domestic coin on the exchange. Investigators think Ahn accepted a bribe from the coin’s issuer, and then persuaded Kang to push his Bithumb colleagues to list the token.

Vega | Crypto Trends

02 May 2024 12:17

Magnate Finance Website Goes Offline as Users Fear $6.4 Million Exit Scam🔼

ℹ️Magnate Finance on Base has deleted its Telegram group and took its website offline earlier today, sparking fears of a yet another exit scam. Magnate Finance, which holds $6.4 million in Total Locked Value, has ties with other financial exit scams.

🎤Blockchain analyst ZachXBT also warned of a likely exit scam by Mangate Finance given the deployers address is directly linked to the Solfire $4.8M exit scam. The analyst further revealed that Magnate Finance also has on-chain ties with Kokomo Finance exit scam.

🟢 Magnate Finance’s token (MAG) has plunged nearly 88% in value since the website went offline. The token is down over 90% in the last 24 hours, as per CoinGecko data.

💸After ZachXBT warned on X, formerly Twitter, about the potential exit scam, Finance Magnate replied to him, “We stick to the plan? 50-50?” and changed their X bio to “Contract breached by Zach”.

🗣️Several users were able to withdraw their funds after Zach warned about the potential exit scam. Another blockchain analyst Peckshield also confirmed that the developer of the lending protocol on Base modified the provider of the price oracle and removed all the assets.

Vega | Crypto Trends

15 Apr 2024 09:56

Coinbase Halts USDT Trading for Canadian Users Starting August 31 📈

❓ In an email dated August 17, Coinbase, a cryptocurrency exchange, revealed its decision to halt trading of Tether USDT, Dai DAI, and RAI stablecoins for Canadian users starting August 31.

💸This surprising development comes shortly after Coinbase's recent announcement of its complete expansion into the Canadian market, including trading the largest stablecoin globally, Tether.

🔖The exchange had officially launched its Canadian subsidiary a few days earlier, unveiling the full range of its services to Canadian users, including support for Canada's instant electronic payments system, a move beyond its previous limited trading offerings.

✉️ Nana Murugesan, Coinbase's VP of International Business Development, shared that Canada's approach is more accommodating than the United States, as it employs a "regulation by engagement" strategy rather than "regulation by enforcement."

📣However, in a recent email to customers on Thursday, Coinbase announced that Tether (USDT), RAI, and DAI no longer meet the company's listing standards based on their latest reviews.

Vega | Crypto Trends

25 Mar 2024 08:52

Bank of America Says PayPal’s Stablecoin Will Not Record Significant Adoption In The Coming Months 🟢

📌 A new report by the Bank of America suggests that PayPal’s new stablecoin, PYUSD will not record the projected adoption in the near term citing tougher competition and indifference of investors.

➡️ Per the report, the launch of the new stablecoin by the financial giant is great for the digital asset community and the company itself but it will struggle going head to head against USD Tether (USDT) and USD Coin (USDC).

💬 “Investors may have been fine holding non-yield bearing stablecoins such as Tether (USDT) and USD Coin (USDC) when rates were close to zero, but yield-bearing stablecoins will likely become increasingly available and attractive with short-term rates above 5%.”

👀 A major criticism leveled against PYUSD is the company’s strategy to explore alternative monetization rather than the yield of reserves. The company plans to utilize its structure in centralized finance to drive adoption through a watertight market.

⚠️ The bank in its analysis further cites a lack of new functionality, lack of wallet compatibility, and trading pairs as reasons why the asset could face headwinds in the future. Alkesh Shah and Andrew Moss, analysts with the bank argue that most investors do not care which stablecoins they hold as they are often considered safe and accessible.

Vega | Crypto Trends

16 Mar 2024 10:41

The U.S. Justice Department Awaits Bahamas Response Regarding New Charges Against Sam Bankman-Fried 📌

💎 The charges that could be dropped include those related to bank fraud, operating an unlicensed money transmitting service, and a case of bribery of a Chinese official, court documents filed on Monday shows.

⚡️ The reason given for why some charges could be dropped if Bahamas objects to them is that they could violate the terms of Bankman-Fried’s extradition since they were not included in the original indictment that served as the legal basis for Bankman-Fried’s extradition to the US.

✌️ The former FTX boss was arrested in the Bahamas in December of 2022, and shortly after extradited to the United States under a special agreement between the two countries.

📣 According to the agreement, individuals who are extradited can only be tried and punished for crimes that the extraditing country – in this case the Bahamas – has agreed to.

💎 For the time being, US federal prosecutors are still waiting to hear from Bahamian authorities on whether they can get a waiver from the rule in order to try Bankman-Fried on the charges that have been brought into the case after his extradition.

Vega | Crypto Trends

01 Mar 2024 09:10

Binance Launches Non-fungible Token (NFT) Loan Feature 🔸

🤖 Many crypto service providers have accelerated efforts to expand their offerings and revenue streams and increase their user base.
According to an announcement, the largest crypto exchange by trading volume, Binance, has added a non-fungible token (NFT) loan feature to its services.

🔴 The cryptocurrency exchange will allow borrowers to use their NFT as collateral to borrow cryptocurrency without needing to sell assets.
This development could be part of Binance’s expansion plans.

🟢 Initially, the product will be available for holders of profile NFT collections such as Bored Ape Yacht Club (BAYC), Azuki, Mutant Ape Yacht Club (MAYC), and Doodles.
According to Binance, this innovative feature would introduce the benefits of Decentralized Finance to the Binance NFT community.

Vega | Crypto Trends

27 Feb 2024 09:43

Mastercard's Chief Says Blockchain Can Bring Much More Value to Financial Services ✔️

🏆 Payment giant Mastercard finds that crypto and blockchain are useful and can bring much more value to financial industries as a whole, but only when they tackle the security and ease of use issues in order to build trust.

👉 Raj Dhamodharan, Mastercard’s EVP and head of crypto and blockchain, spoke during a North America Innovation Day event, and said that the novel technologies of blockchain and crypto are becoming more popular globally.

🟥 However, Dhamodharan noted, the lack of security and complex user interactions limit the technologies' use cases and utilities.
Therefore, while crypto technology has the ability to store and move capital and value, he argued, these use cases become sparse when safety and simplicity are not priorities.

❕ The EVP was quoted by TechCrunch as saying that,

🍎 "Instilling trust in the blockchain ecosystem is a critical step in realizing its full potential."

Vega | Crypto Trends

18 Feb 2024 12:18

From barrier to breakthrough: Solving UX can catalyze mass adoption of crypto 📣

🟢 Let’s be honest — it is hard to envision the mass adoption of crypto. As exciting as it is to imagine a world where crypto banking is as common as discussing the weather, or where classrooms are abuzz with conversations about the latest developments in the crypto space, the reality is the industry is a considerable distance away from this widespread acceptance.

🚛 Thus, rather than fixating solely on this distant dream, it’s crucial to zoom out and instead focus on the stepping stones that will guide the industry toward that future. One of the most overlooked fundamental factors that plays a pivotal role in driving mass adoption is user experience (UX).

🎚 Complexity stands as one of the major obstacles to crypto adoption. Understanding the basics of cryptographic algorithms, digital wallets, public and private keys as well as blockchain nodes can be overwhelming for most users, leading to the discouragement of exploring the space further.

Vega | Crypto Trends

15 Feb 2024 15:19

Crypto community reacts to Ledger wallet's secret recovery phrase service😜

Many members of the crypto community believe Ledger's latest seed phrase recovery feature is a bad idea.

🤩Several crypto community members, including Ledger wallet owners, have taken to social media to express their discontent following the release of Ledger's latest feature. The newly introduced retrieval solution for itshardware crypto wallets, known as Ledger Recover, aims to offer a safeguard in case users misplace their seed phrase.

👉Ledger Recover is a subscription service that allows users to utilize an additional layer of protection for their private keys. This service employs a technique where the user's seed phrase is divided into three encrypted fragments, each sent to different external entities. Once these fragments are combined and decrypted, they can be used to reconstruct the original seed phrase.

🙊The wallet provider shared that Ledger Recover is an optional subscription for users who want to back up their secret recovery phrase. "You don’t have to use it, and can continue managing your recovery phrase yourself if that’s why you bought a Ledger,” the company explained.

Nevertheless, the concept has enraged many in the crypto community, including security specialists.

😘Mudit Gupta, the chief information security officer at Polygon Labs, shared, “It's a horrendous idea, DON'T🥵 enable this feature.” Gupta expanded further in his Twitter thread that “The problem here is that the encrypted keys parts are sent to 3 corporations and they can reconstruct your keys.”

Vega | Crypto Trends

11 Feb 2024 13:44

Binance calls it quits in Canada, blames new rules🥶

Binance is the latest in a string of departures from CEO Changpeng Zhao’s home country, but it promises to keep working with regulators.

👉Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. It called its withdrawal “proactive” as new guidance issued by Canadian regulators continues to take a toll on the country’s crypto industry.

🧐Binance is joining some of its smaller competitors in the Canadian exodus brought on by the introduction of rules by the Canadian Securities Administrators (CSA) on Feb. 22 that required them to file new preregistration undertakings and adhere to added restrictions.

Although Binance had reportedly filed a new preregistration undertaking, it explained in a tweet:👇

“Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”

😱The new CSA rules prohibit firms “from permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or a derivative,” and define stablecoins as a security.

OKX pulled out of the Canadian market in March. It was followed in April by the decentralized exchange dYdX and blockchain fintech Paxos.

Binance sent its Canadian users an email, seen by Cointelegraph, that instructed them to close their open positions by Sept. 30, 2023. “From October 1st, 2023, Canadian customers will be put into liquidation only mode,” it warned. The exchange added:👇

“While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework.”

☺️Binance operated in all Canadian provinces and territories except Ontario, which it withdrew from in March 2022 after a lengthy disagreement with the province’s regulators.

Vega | Crypto Trends

08 Feb 2024 11:48

Stripe tackles ‘cold start problem’ with the launch of fiat-to-crypto on-ramp 🔥

⚡️ Web3 companies can utilize the Stripe-hosted fiat-to-crypto on-ramp to allow customers to buy crypto at the “precise moment they need it.”
Internet payment processor Stripe has introduced a fiat-to-crypto on-ramp to address the “cold start problem” faced by Web3 companies due to customers not having “crypto in their wallets to carry out transactions.”

☄️ According to a May 4 statement, Stripe’s newly launched fiat-to-crypto on-ramp, which Stripe itself will host, will allow Web3 companies to offer United States-based customers the ability to purchase crypto “at the precise moment they need it” without the need to embed any code into a website or app.

Vega | Crypto Trends

04 Feb 2024 14:14

Bhutan has been mining Bitcoin with hydropower since BTC price was $5,000🧐

Bhutan uses Himalayan rivers to generate energy used to mine Bitcoin, local reports reveal.

Bhutan is bullish on Bitcoin. Following the revelation that the small Himalayan kingdom has been quietly accumulating crypto, the country is also mining Bitcoin. Moreover, the country of less than 800,000 people leverages green energy to power its Bitcoin mining operations.🙂

😇Known for its focus on “Gross National Happiness” and picturesque landscapes, Bhutan has found ways to harness its immense hydroelectric potential, which accounts for 30% of its gross domestic product.

First reported in an exposé in local Bhutanese news and followed by inquiries from Forbes, Bhutanese officials confirmed that mining began when the price of Bitcoin was around $5,000 in April 2019. The price per Bitcoin has since soared to roughly $28,000 per coin at the time of writing.🤨

The kingdom has reportedly explored partnerships to expand its mining operations further. Notably, it is negotiating with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer’s mining capacity by about 12%.

😘The scale of Bhutan’s mining operations remains a mystery, with little information available about the location, size and profitability of its mining farms. Some Druk Holding and Investments (DHI) employees have listed “crypto mining” as their tasks and skills on their LinkedIn profiles.

It is also unclear why the government chose not to disclose this project to its citizens or international partners. However, it is known that the state-owned holding company DHI has invested millions of dollars in cryptocurrency holdings, with the funds managed on behalf of its people.🌿