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🪙 Waves Founder Releases Waves 2.0 Plan With New Stablecoin
Waves is going through a liquidity crisis amid the still lingering crypto winter. Therefore, for a potential new step, Waves 2.0 will be planned to solve this problem.Waves Association DAO and the donation of $10 million in governance tokens currently held by the team.
Waves founder Sasha Ivanov released the Waves 2.0 plan, which includes achieving 1,000+ tx per second on L1 using a probabilistic consensus PoS mechanism and keeping decentralization, multi-chain EVM L2 fully, connecting to different L1’s, not only Waves.Next, Ivanov introduced the Power DAO platform, SafeFib – DeFi models based on predictable behavior and wind/return rates.
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⚡️ dApp Industry Thrives Despite Crypto Winter: DappRadar
The crypto winter has not harmed at least one industry niche. The cryptocurrency market is facing one of its most brutal crypto winters, marked by a sustained drop in digital asset prices and the failure of major crypto companies, as well as high-profile cases.
Nonetheless, a recent report from blockchain data and analytics firm DappRadar suggests that the industry may not be in such a gloomy state, as it has shown remarkable resilience and maturity amid the crypto winter. According to DappRadar’s 2022 Industry Report, decentralized applications (dApps) usage has skyrocketed despite the bearish market conditions.
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💰 Polygon hits 200 million addresses milestone despite challenging 2022
As the cryptocurrency market seems to be stuck in the game of tug-of-war between bears and bulls, Polygon (MATIC) is no exception, recording modest daily gains but trading largely in a sideways pattern for the major part of the week.
Polygon in other areas, such as the number of unique addresses on its network, which has recently surpassed 200 million, as per PolygonScan data retrieved on December 23. Polygon chain became richer by 4,592,125 unique addresses, which means that an average of 208,737 new addresses.
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🪙 Exclusive interview: Algorand interim CEO Sean Ford says “Our time is now”
Taking place in Dubai, the industry’s newly-adopted “crypto-friendly” hub, we discussed Algorand’s technology and achievements, its plans in the middle east, the state of the market in the wake of recent events, and Algorand’s place in it all.
Pleasant-natured yet direct, Sean doesn’t mince his words. During his earlier keynote speech, he addressed the elephant in the room. Despite the evident excitement and numerous developments from the Algorand community, no blockchain ecosystem exists in a vacuum. After an annus horribilis for the crypto industry with the collapse of Terra/LUNA.
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⚡️ Ousted Bitmex CEO sues former employer for wrongful termination
Alexander Höptner, the recently ousted CEO of crypto exchange operator Bitmex, filed a $3.4 million claim against his former employer over wrongful termination and breach of agreement. Höptner’s filing to Singapore's High Court today alleges Bitmex carried out a “baseless”.
Höptner’s lawyers call the company's accusations “entirely without basis” and say he is owed $3.4 million by Bitmex, plus damages. That figure is comprised of a $2.4 million “second anniversary bonus,” wages, and housing and education allowances. The claim was filed by Kelvin Chia Partnership, Höptner’s legal representatives, in the General Division of the High Court of the Republic of Singapore.
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🆘 Community Fears DCG is Selling as Altcoins Values Tank Massively
The crypto market experienced a massive sell-off in the last 24 hours. Several assets related to Digital Currency Group (DCG) Grayscale’s investment products, like NEAR, Filecoin, Ethereum Classic, etc., shed an average of over 10%, prompting fears that the firm was selling.
According to Coingecko, the crypto market fell by 5.4% over the reporting to $838 billion. Data from Coinglass showed that $237.86 million was liquidated from the industry. Bitcoin declined by 4.3% to $16,710, while Ethereum saw 7.6% losses to trade at $1,180 as of press time. SBF was later denied bail because he was considered a flight risk.
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📉 Crypto derivatives platform Paradigm cuts salaries by 15%
Paradigm, the crypto derivatives trading platform, cut salaries company-wide by 15 percent.The OTC firm — not to be confused with the crypto investment firm with the same name — blamed the pay reduction on contagion stemming from the collapse of crypto exchange FTX in a tweet.
Paradigm also claimed that salary cuts "reduce the need for layoffs seen across the ecosystem" and will impact the organization's momentum less. Layoffs have hit the wider industry hard in recent months. In December, Fintech firm Plaid laid off roughly 260 employees. The month prior, crypto exchange Kraken reduced its headcount by 1,100, or 30 percent of its workforce. Paradigm raised $35 million in Dec. 2021 in a round co-led by Alameda Research.
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🪙 FTX CEO Ray details firm’s lack of controls, sophistication under SBF in testimony to Congress
FTX CEO John Ray refuted Sam Bankman-Fried's contention that FTX US has enough segregated funds on hand to re-open user withdrawals. John Ray’s testimony will precede Bankman-Fried’s before the House Financial Services Committee on Tuesday.
The CEO laid out the core structural flaws that led to the collapse of the multi-billion dollar empire early last month in a written statement ahead of his appearance tomorrow before the House Financial Services Committee. “Customer assets from FTX.com were commingled with assets from the Alameda trading platform,” he said, also noting that senior management faced no controls on access to private keys.
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💰 Talks of Issuing a New FTT Token Fuel Coin’s Price Despite FTT's Broken Tokenomics Scheme
Roughly 29 days ago FTX filed for bankruptcy, and the crypto ecosystem has been dealing with a rollercoaster ride of market fluctuations and community drama ever since then. Moreover, the now-bankrupt crypto trading platform’s exchange token FTT .
For some odd reason, the digital asset ftx token (FTT) is still holding value and on Dec. 10, 2022, it’s been trading for prices between $1.58 to $1.82 over the last 24 hours. FTT is an exchange token associated with FTX from the very beginning, and it was launched more than three years ago in 2019.
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💰 Taylor Swift was in talks to sign a $100 million deal with crypto’s latest anti-hero: FT
Turns out FTX's list of celebrity sponsors had a blank space, following a courtship of pop darling Taylor Swift's team. Bankrupt crypto exchange FTX reached the late stages of a sponsorship deal with the superstar, according to a report from the Financial Times.
The deal was reportedly worth more than $100 million, with talks ending in the spring. The report also cites sources that refute the claims that Swift would have signed an endorsement deal with the exchange. The discussion was around a potential tour sponsorship that did not happen," a source told the FT.
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⚠️ Insights and Breaking News on Bitcoin and the whole ecosystem.
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💰 SBF says he 'can only speculate' about where wired Alameda funds ended up: WSJ
FTX founder and former CEO Sam Bankman-Fried "can only speculate" about what happened to billions in funds after FTX customers wired them to its sister trading firm Alameda Research, he told the Wall Street Journal.
FTX is under scrutiny for its handling of client funds and its financial relationship with entities including Alameda. Just two days after FTX and more than 100 affiliated entities filed for Chapter 11 bankruptcy protection on Nov. 11, Reuters reported that at least $1 billion in customer funds had "vanished" from the crypto exchange, with FTX transferring billions in customer funds to Alameda.
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💸 Ngrave looks to raise $15 million Series A at $60 million pre-money valuation
Ngrave, a crypto hardware wallet manufacturer, is aiming to raise $15 million in a Series A funding round, according to a pitch deck obtained by The Block. Ngrave declined to comment to The Block about the pitch deck, round and valuation.
Belgium-based Ngrave sells crypto hardware wallets that compete with those made by rivals Ledger and Trezor. Ngrave's flagship product, called zero, bills itself as "the coldest wallet" and features an operating system the company says has "the world's highest security certification." Zero has been sold in 90 countries to date with total cumulative sales of $2.2 million, according to the pitch deck.
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📣 Framework Ventures and Chapter One back web3 software solution Daylight: Exclusive
Daylight, a software solution for aggregating web3 perks, raised $3 million in a seed round co-led by Framework Ventures and Chapter One. Investors in the round include Framework Ventures, Chapter One, 6th Man Ventures and OpenSea.
Other backers in the round include 6th Man Ventures, Spice Capital and OpenSea, as well as several angel investors such as Syndicate’s Will Papper and Friends With Benefits’ Alex Zhang, according to an announcement. Founded in April this year, Daylight provides an API that aggregates all web3 perks that users can qualify for based on their wallet address. The API can be integrated into crypto applications and wallets.
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🇯🇵 Japan Will Lift Ban On Foreign Stablecoin Distribution In Japan In 2023
Early next year, Japan will lift ban on the distribution of foreign-issued stablecoins in the country. This decision is intended to be linked to legal currencies such as the US dollar.Japan will lift ban on overseas-issued stablecoins in Japan in 2023.
The processing is allowed with the condition of preserving the assets with the deposit and the highest remittance limit. If stablecoin payments spread, international money transfers could become faster and cheaper. The plan will be put in place by the Financial Services Authority along with the latest “Fund Settlement Law” which will be implemented in 2023 after revising relevant guidelines.
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🇺🇸 SEC Heightens Probe Into Auditors Servicing Crypto Exchanges
According to the U.S. Securities and Exchange Commission’s Paul Munter, the agency’s acting chief accountant, the U.S. regulator is monitoring proof-of-reserves (POR) more closely. “We’re warning investors to be very wary of some of the claims that are being made by crypto companies,”.
U.S. regulators, and more specifically the Securities and Exchange Commission (SEC), are looking more closely at proof-of-reserves (POR) these days following the collapse of FTX. Speaking with the WSJ on Thursday, SEC’s acting chief accountant, Paul Munter, explained that investors should not put much faith in POR audits and claims. SEC is concerned that investors.
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💰 Bankman-Fried in FBI custody, Ellison, Wang plead guilty and are cooperating
Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to criminal charges, U.S. Attorney for the Southern District of New York Damian Williams announced. The pair also face civil charges from the Securities and Exchange Commission.
Williams added that both Ellison and Wang are cooperating with prosecutors, and that he anticipates bringing more charges against other individuals. But he also urged others involved in the collapsed crypto firm to come forward before charges might be brought, warning, “our patience is not eternal.”.Sam Bankman-Fried is also now in FBI custody, the U.S. attorney said.
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📣 BlockFi confirms move to allow BlockFi wallet users access to funds
BlockFi released a statement on Dec. 20 confirming a motion filed in relation to BlockFi wallet users accessing funds. The company is most well known for its yield-bearing service, BlockFi Interest Accounts.
BlockFi ecosystem was a custodial crypto wallet. The wallet was not subject to lending services and thus BlockFi argued that ” it is our belief that clients unambiguously own these assets.” The statement comes hours after news broke through a leaked email that customers may soon be able to access funds.Further information can be found on the BlockFi blog.
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🪙 Crypto Wallets Users Grew by Over 6% in 2022: Huobi
New Huobi research has revealed that the number of crypto wallet users worldwide grew by 6.3% to 85 million as of November 2022. It noted that these wallets could do this because they have simplified the onboarding process and the complexity attached to the crypto industry.
Huobi wrote that wallets have become “a must-have for new users to enter the crypto world.” According to the firm, it is one of the most critical infrastructures in the blockchain ecosystem. Meanwhile, crypto wallets generated total revenue of $1.398 billion in 2022. The earnings are expected to cross $3 billion within the next decade.
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💰 Shaq becomes latest celebrity to distance himself from FTX, crypto
FTX tweeted details of an endorsement with O’Neal, referring to the four-time NBA Championship winner as Shaqtoshi. The accompanying advert depicted O’Neal wearing a Sam Bankman-Fried wig and talking about being an everyday guy with an FTX.
As part of its marketing policy, FTX enlisted many celebrities and crypto influencers, including Anthony Pompliano, Kevin O’Leary, Larry David, Tom Brady, and Steph Curry.FTX group filed for Chapter 11 bankruptcy following a run that depleted company reserves. Days before the filing, former FTX CEO Sam Bankman-Fried denied rumors of insolvency.
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💰 CFTC Suing Sam Bankman-Fried, FTX and Alameda for Violating Commodities Laws
The U.S. Commodity Futures Trading Commission (CFTC) today announced a lawsuit against crypto exchange FTX founder Sam Bankman-Fried over alleged violations of federal commodities laws.
Other defendants listed in the complaint are FTX and its affiliated company Alameda Research. The U.S. derivatives regulator alleges Bankman-Fried and other FTX executives took hundreds of millions of dollars in loans from Alameda, using the funds to buy real estate and make donations to politicians.
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🪙 SHIB adds over 600 new holders daily in December after November’s slump
Shiba Inu (SHIB) has traded sideways in recent weeks as the general market felt the effects of the FTX cryptocurrency exchange collapse. However, despite the inability to mount a significant rally.
In particular, as of December 11, SHIB had 1,258,320 holders, adding about 7,083 holders in December from 1,251,237 recorded at the start of the month. In this case, SHIB has added an average of 643 new holders daily in December, according to data provided by Etherscan. For instance, the asset lost almost 9,000 holders in the last week of November.
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🏦 FTX Drama Goes On: SBF and Zhu Su Trade Blows Over Alleged Media Control
SBF and Zhu Su trade blows over alleged media control. Zhu Su – one of the co-founders of the collapsed cryptocurrency hedge fund Three Arrows Capital – is firing shots at Sam Bankman-Fried over alleged media influence, control, and deflection of hard questions.
Zhu Su took it to Twitter earlier today to express some of his thoughts on why he chose to become more active on social media following the FTX meltdown and not before. There were a couple long-form articles in August that got squashed at major publications, bc editors feared reprisal/loss of access to SBF. There’s no evidence, because it didn’t happen. Please, please, focus on your own house.
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💰 Collapsed FTX Sought $100M Sponsorship Deal With Taylor Swift: Report
According to a Financial Times report citing people familiar with the matter, the abortive deal reportedly revolved around a potential tour sponsorship and included a ticketing arrangement with digital certificates in the form of non-fungible tokens (NFTs).
One former FTX employee reportedly said that the exchange had sought a “light degree of endorsement” from Swift on social media—though Swift herself, according to a person close to the discussions, never contemplated agreeing to endorse the exchange.worth more than $100 million with Taylor Swift.
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🇵🇾 Paraguay legislature strikes down crypto mining bill
Paraguay struck down a crypto bill that would cap electricity rates for mining operations. The bill was generally aimed at regulating the commercialization, intermediation, exchange, transfer, custody and administration of crypto assets, CoinDesk first reported.
Senator Fernando Silva Facetti at the time said that the president's decision ignored "the existence of this activity that today functions in regulatory shadows.".Speaking to the lower house of Paraguay’s legislature on Monday, Deputy Tito Damián Ibarrola said that the country had an abundance of renewable energy and would benefit from the taxes deriving from its sale to the bitcoin mining industry.
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🇺🇸 SBF Publicly Punts on U.S. House Hearing Invitation
Sam Bankman-Fried today replied to a Friday invitation from U.S. Rep. Maxine Waters on Twitter, saying he’s “not sure” he’ll be ready to participate in a scheduled Dec. 13 hearing in Washington, D.C.
Bankman-Fried was called to testify before the U.S. House of Representatives Financial Services Committee. The committee's ranking member, Representative Maxine Waters, tweeted to Bankman Fried that "we would welcome your participation in our hearing" on Capitol Hill.The invitation wasn’t a demand or subpoena.
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📶 Former SEC official slams Tether for running a Ponzi scheme, labels firm as a ‘house of cards’
According to Reed, who worked with SEC for almost two decades, Tether’s failure to disclose key information about its balance sheet might be a sign the firm is operating as a ‘house of cards’, Reed said in a tweet. alleged lack of transparency by USDT stablecoin provider Tether.
The former SEC official made the remarks in response to a December 2 CNBC interview where Tether co-founder Reeve Collins was tasked to explain the company’s lack of full disclosure, especially in the wake of the FTX cryptocurrency exchange collapse. Based on Collins’ response, Reed suggested that the company was running a Ponzi scheme. FTX alongside BlockFi’s bankruptcy filing.
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💰 Bitcoin’s 1.7% inflation rate performs better than the Fed’s 2% target
The Bitcoin inflation rate fell from 50% in 2011 to 4% in 2020 prior to the halving and now stands at 1.7%, a figure way below the U.S. Federal Reserve’s monetary inflation rate target of 2%. digital currency’s fundamentals have remained unaffected by 2022’s negative GDP growth.
According to reports, the US Federal Reserve ought to reconsider the 2% inflation rate target, given the rising interest hikes and the cost-benefit of a 4% monetary inflation rate. Some experts argue the benefit of increasing the rate would result in higher average nominal interest rates that would give enough room for implementing monetary policies.
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🪙 Huobi announces launch of world’s first national token, DMC
Huobi has said that it will be launching the world’s first national token called Dominica Coin (DMC) — endorsed by the Commonwealth of Dominica. As the world’s first national token, DMC will be issued on the Tron blockchain (TRC20) initially.
Furthermore, Huobi state that the DMC token will allow holders the opportunity to obtain passports issued by the Government of Dominica, enabling holders access to over 130 countries without a visa. The DMC token “is granted a statutory status as an authorized crypto in the Commonwealth of Dominica and can be circulated locally in Dominica as a means of payment.”
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