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⚪️ Huobi To Launch USDC/USDT Perpetual Futures Amid SVB Collapse
Huobi, a leading cryptocurrency exchange, announces the launch of USDC/USDT perpetual futures, offering users the ability to trade with high leverage and hedge their positions. According to the official announcement, Huobi will be launching USDC/USDT perpetual futures at 3:00 (UTC) on March 12, 2023. giving traders the opportunity to amplify their profits, albeit at a higher risk.
Huobi has been steadily expanding its futures offerings, and the addition of USDC/USDT perpetual futures is seen as a strategic move to capture a share of the growing stablecoin market. USD Coin and USD Tether are among the most popular stablecoins in the market, and their value is pegged to the US dollar, making them less volatile than other cryptocurrencies. According to Huobi’s announcement, the USDC/USDT perpetual futures will be available with up to 50x leverage, giving traders the opportunity to amplify their profits, albeit at a higher risk. The exchange has also stated that it will be implementing robust risk management.
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📣 Gwyneth Paltrow backs web3 art platform Wild in seed round led by Matrix Partners
Web3 art platform Wild raised a $7 million seed funding round led by Matrix Partners. Actress Gwyneth Paltrow, LinkedIn co-founder Reid Hoffman and Twitch co-founder Kevin Lin also took part in the round, which closed late last year, said Wild founder and Chief Executive J. Douglass Kobs in a written interview with The Block.
Kobs, who previously founded proptech firm Apartment List, is aiming to create a platform where artists building with blockchain can be supported while fans and collectors can easily access creator-made collections. Part of this includes the Wild Residency, an application-based virtual residency program where artists are paired with advisers over 12 weeks for a crash course on creating NFT art. At the end of the program, the artists release collections, sold via auction on the platform. adding that she's an "early adopter" of web3 and NFTs.
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🟠 Binance US’s Voyager Acquisition Is Finally Approved By Court, VGX Soars 20%
A US bankruptcy court judge has approved a debt restructuring plan for Voayger, a crypto lender that went bankrupt in mid-2022, including a deal to sell itself to Binance US for $1.02 billion. The plan has been approved by 97% of Voyager’s creditors, predicting it could restore up to 73% of assets to cash-strapped users on the company’s investment platform.
Notably, the above deal was opposed by the U.S. Securities and Exchange Commission (SEC) and the New York state government. However, the Court still allowed the transaction to proceed with Binance US acquisition service because it did not provide convincing evidence. Due to the tense legal situation, Binnace wanted to give up the acquisition at one point, but today, according to an official announcement, Binance US is pleased to announce the Court’s decision. Even so, the judge said he could still change his mind if he received new information. In addition, the deal could still fall apart if the federal government intervenes.
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🪙 Cosmos Hub Takes Action Against ATOM AirDrop Scam
The official Twitter account of Cosmos Hub recently issued a warning about a fraudulent bill known as “Atom AirDrop” Prop640. The tweet advised individuals not to click on any links associated with the document, as they are considered harmful. Cosmos Hub urged users to be cautious and warned them that the fraudulent bill.
The management page indicated that the proposal had not yet garnered the minimum number of votes. The current level of support for the proposal was only 0.44%, and the voting period will end on March 20. It is important to exercise caution when dealing with suspicious bills and proposals, as they may be designed to cause harm or defraud unsuspecting individuals. Individuals should be careful about clicking on links from unknown sources, especially those related to proposals or bills that seem too good to be true. The Atom AirDrop Prop 640 is one such proposal that appears to be fraudulent.
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🪙 Aave V3.0.1 To Launch On Polygon zkEVM Mainnet For Improved Governance On L2
The Aave community is currently discussing the deployment of Aave V3 MVP on the Polygon zkEVM mainnet through a temperature check governance discussion. The discussion aims to deploy Aave V3.0.1 on zkEVM L2 to position Aave Governance strategically on the network as soon as possible.
Aave V3 deployment requires less development effort, and the proposal suggests limiting asset inflow and setting conservative risk parameters to reduce risk. The limitations proposed would allow development and risk service providers to conduct in-depth analysis of the zkEVM network, reducing the likelihood of risk. The proposal recommends adding only three collaterals (WETH, WMATIC, and USDC) and one loanable asset (USDC) to reduce risk. Aave V3 has been successfully deployed on the zkEVM testnet and has been running for approximately six months.
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📣 97% of Voyager Customers Approve Restructuring Plan with Binance US
Bankruptcy cryptocurrency lending platform Voyager has officially announced on Twitter that 97% of its customers (corresponding to 98% of the complaints) have agreed to the proposed chapter 11 restructuring. The plan will be discussed during the bankruptcy hearing subsequent Thursday (March 2).
Under the restructuring plan, the company agreed to sell some of its assets to Binance US for $1 billion. According to court filings on the evening of February 28, 98% of claims from account holders were worth more than $500 million, with unsecured claims accounting for another $3 million or more (of which $2.95 million is an unsecured claim against TopCo and $40,000 is a claim against the parent company). The company will appear at a bankruptcy hearing on Thursday, where its attorneys will seek court approval.
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🟠 Binance.US Faces Legal Challenge From Texas Over Restructuring And Terms
In a recent court filing, Texas has raised objections to the proposed deal between Voyager Digital Ltd. and Binance.us. The state argues that the disclosure statement is inadequate and that the plan cannot be confirmed as sufficient information has not been provided to inform general unsecured creditors.
The disclosure statement also fails to provide adequate information regarding the transfer, use, and indemnity requirements that account holders must agree to when using Binance.us services. Under Binance.us’s terms of use, customers’ information can be transferred to almost any company or person that Binance.us desires, and if any issues arise, customers have no right to challenge them. The plan also discriminates unfairly against Texas consumers by holding their assets for six months post-confirmation.
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💰 Block's Q4 Cash App bitcoin profit drops 25%
Block reported its fourth-quarter bitcoin gross profit from its Cash App dropped by one-quarter to $35 million. The total sale amount of bitcoin sold to customers, recognized as bitcoin revenue, was $1.83 billion, down 7% year-over-year.The year-over-year decrease in bitcoin revenue and gross profit was driven by a decline in the price of bitcoin
Gross profit for the company as a whole increased 40% to $1.66 billion from a year earlier. As of Dec. 31, "the fair value of our investment in bitcoin was $133 million based on observable market prices, which was $30 million greater than the carrying value of the investment after cumulative impairment charges," the company said in its earnings release. Block reported fourth-quarter net revenues of $4.65 billion, up 14% from 2021. For the full year, net revenues were roughly flat at $17.53 billion. the company said in its earnings release.
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💰 PolygonScan Stopped Working, Unfounded Fears Of Blockchain Outage Were Raised
Unfounded rumors that the Polygon blockchain was momentarily offline were spread due to an outage at network explorer Polygonscan. Since then, the Polygon team has stated that blockchain development has not ceased and that the problem was caused by “a few nodes” becoming out of sync.
A block hadn’t been processed by the blockchain for more than an hour and a half, according to data from PolygonScan, which sparked rumors that layer-2 scaling solution Polygon may have been experiencing an outage. The spokesperson said the team was also aware that Polygonscan is down, but alternative explorers can be used. Speculation of a possible outage first emerged on Feb. 22, with some pointing to an apparent halt in block production based on data from Polyscan — which showed the blockchain’s last block and transaction was processed at around 8:35 pm UTC on Feb. 22.
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⚪️ Microsoft and Ankr partner to offer blockchain node infrastructure service
Microsoft partnered with web3 infrastructure provider Ankr to offer a node service for enterprises in need of blockchain data access. The two firms will work together on a new node hosting service in Microsoft's Azure cloud marketplace, with tailored memory and bandwidth specifications for blockchain nodes.
The enterprise node deployment service would enable web3 projects or developers to deploy smart contracts, relay transactions and read or write blockchain data, according to a company release. Ankr provides a remote procedure call service (RPC) that allows application developers and users to connect cloud nodes to 19 blockchains, including BNB Chain, Ethereum, Polygon, Solana, and Avalanche. After this collaboration, developers will be able develop on Ankr's RPCs and middleware platform for decentralized apps, and meet their scaling needs with Microsoft's cloud platform.
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🇧🇷 Brazilian Government Preparing New Decree to Clarify Cryptocurrency Rules
The Brazilian government is preparing to release a decree to fill the blank spaces that the recent approval of the cryptocurrency law has left open. The document, prepared by the Ministry of Finance, will establish the areas of oversight and responsibilities for the Central Bank of Brazil and the national securities regulator (CVM).
Members of the Brazilian government are working to extend the cryptocurrency rules established by the cryptocurrency law sanctioned on Dec. 21 by outgoing president Jair Bolsonaro. According to reports from local outlets, the Ministry of Finance is working on a decree to fill in the blanks that the general formulation of the law left unaddressed. The document will have to be reviewed by executive aides of president Luis Inacio “Lula” Da Silva before getting sanctioned. giving them clear items and market areas to attend to.
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🆘 Norway Confiscates $6 Million Worth of Crypto Stolen in Axie Infinity Hack
Norway completed its record-high crypto seizure, confiscating approximately $5.9 million worth of digital assets. The assets were previously stolen by the notorious North Korean hacking collective – the Lazarus Group – which breached the security of the blockchain-based game Axie Infinity.
Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) confiscated almost $6 million worth of digital currencies, a record-high crypto seizure in the Scandinavian country. The agency noted that the funds are part of the massive exploit on Sky Mavis (a technology company that develops the popular blockchain-based game Axie Infinity) carried out by North Korean hackers. Økokrim joined forces with international law enforcement partners, including the FBI, to track the stolen proceeds.
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🚨 Bankman-Fried banned from using VPN, bail arguments set for Thursday
A judge banned Sam Bankman-Fried from using a VPN after the former FTX boss said he used a private network to watch the Super Bowl while under house arrest. U.S. Distrct Judge Lewis Kaplan wrote. “I hereby amend the conditions of defendant’s release, effective immediately, to prohibit the defendant’s use of any VPN.”
The move comes as Bankman-Fried’s lawyers negotiate his bail terms with prosecutors. The judge recently barred Bankman-Fried from using encrypted messaging apps like Signal after he was accused of contacting a potential witness in his criminal case. Bankman-Fried is also banned from contacting current or former FTX employees until his bail conditions are settled. Lawyers asked Kaplan to extend the deadline to propose new bail terms until Friday, which the judge denied.
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📣 Pantera Capital Is The Most Recent Investment In Silicon Valley Bank
Pantera Capital, a crypto-focused venture capital and investment firm, reportedly had assets with the now-defunct Silicon Valley Bank (SVB), according to a regulatory filing last month. Pantera Capital recently had assets in Silicon Valley Bank, according to a regulatory report made last month (SVB). Pantera cited SVB as one of three custodians for its private assets in a Feb.
Silicon Valley Bank displayed symptoms of liquidity deficit earlier this week, forcing it to sell securities at a loss and issue new shares in order to obtain more funds, but it was unsuccessful. The California State Financial Conduct Authority (CSFCA) and the Federal Deposit Insurance Corporation (FDIC) were obliged to act, closing institutions and seizing assets. The FDIC indicated that insured clients would be able to withdraw next Monday, but uninsured depositors will have to wait for the bank’s assets to be liquidated. In January, the company warned that its liquidity token fund will lose 80% of its value by 2022.
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📣 Babylon to bring Bitcoin security to chains in the Cosmos ecosystem
Babylon released its testnet today, a starting point in its journey to enable blockchains in the Cosmos ecosystem to use the security of the Bitcoin blockchain. In the summer, it’ll launch a second testnet before a mainnet launch toward the end of the year. Unlike most blockchain platforms, the Cosmos ecosystem lets every application have its own blockchain.
The project has seen support from the wider community. It received $8 million of funding over the last year, through a SAFE plus token warrent round led by IDG and Breyer Capital, which has not been previously disclosed. EigenLayer founder Sreeram Kannan has backed the project, which also touts Zaki Manian, co-founder of Sommelier Protocol, as an advisor. Plus, it’s seemingly gained traction with Osmosis, one of the leading Cosmos chains. That means instead of one set of validators securing a network that supports many applications, each application has to have its own set of validators.
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🇺🇸 SEC Charges Green United With Running An $18 Million Crypto Mining Scam
The US Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah-based company of selling fake encryption mining equipment worth $18 million in violation of federal securities laws. According to the SEC’s complaint, Green United and two individuals.
Investors were allegedly told that mined GREEN tokens support a “public global decentralized grid” while generating handsome returns of 40% to 50% per month. Investors were also told that the success of their investment depended on Green United maintaining control of its “Green Boxes,” which would be hosted remotely in data centers controlled by Green United. Their machine-generated GREEN tokens will be distributed to investors.However, the SEC claimed the hardware sold didn’t mine GREEN as it was an Ethereum-based ERC-20 token that could not be mined and the Green Blockchain didn’t exist.
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🆘 Paxos Vault Hack: Over $130 Million Worth Of BUSD Stolen
According to the latest monitoring data from Whale Alert, a total of 130,480,000 BUSD was destroyed in the Paxos vault. This process of destroying digital assets is known as “burning,” and it is a common practice in the cryptocurrency world. It is one of several stablecoins that have gained popularity in recent years due to their ability to maintain a stable value.
The process of burning BUSD involves permanently removing the tokens from circulation. This is typically done to maintain the stability of the currency by reducing the total supply of tokens in circulation. It can also be done to comply with regulatory requirements or to address other technical issues. Paxos is a regulated financial institution that provides a range of blockchain-based services. The company’s stablecoin, which is pegged to the value of the US dollar, is designed to provide users with a secure and reliable way to store and transfer funds.
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📣 Silvergate’s network unravels, leaving crypto industry in search of new partners
Silvergate Capital is running out of customers as quickly as it’s running out of time and money, and that’s likely to leave the already beaten-down crypto industry in the U.S. with few places to turn for banking partners. The crypto-friendly bank has seen a who’s who of the industry peel away on Thursday.
Coinbase, Circle, Paxos and Gemini were among several companies to publicly say they were severing ties with the bank on some level, while people familiar said market-making and over-the-counter trading firms GSR, Wintermute, and Blockchain.com have ditched its Silvergate Exchange Network. SEN allows Silvergate clients to send U.S. dollars and euros 24 hours a day. The network had been a key driver of growth for the bank, last year handling over $560 billion in volume, according to The Block's data.
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⚡️ HyperPlay Alpha Sets New Standard In Gaming With Advanced Web3 Wallet Feature
HyperPlay, a cutting-edge game launcher designed specifically for the Web3 space, has revealed its early access launch. HyperPlay is poised to become a leader in the Web3 gaming space, offering gamers a unique and secure way to engage with their favorite titles while taking advantage of the benefits of decentralized finance.
HyperPlay’s innovative approach is expected to set it apart from other game launchers on the market. One of the platform’s key features is that it doesn’t charge developers any commissions for hosting their games. Instead, the platform plans to leverage crypto services like swaps and bridges to generate revenue. This groundbreaking online game launcher was created in collaboration with MetaMask, a well-known crypto wallet provider, with the goal of integrating players’ crypto wallets with game libraries such as Epic Games Store.
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📣 Voyager agrees to reserve $445m after suit from Alameda Research
Defunct crypto lender Voyager Digital agreed to reserve $445 million after the firm was sued by bankrupt trading firm Alameda Research for loan repayments, according to a new court filing. Lawyers filed a motion on Monday to allow the Voyager debtors to enter into a stipulation with the FTX debtors.
The parties agreed to participate in non-binding mediation and establish a framework for the litigation of remaining disputes, potentially smoothing the way for FTX and Alameda Research to reclaim assets. The deal is the latest crypto bankruptcy development from last year's assortment of failures to underscore how intertwined some of the largest digital asset firms are. Alameda Research is among the more than 100 entities that filed for bankruptcy protection with FTX in November.
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⚪️ Lido Finance reports largest ever daily stake inflow with more than 150,000 ETH staked
Lido Finance said Saturday that it saw the largest daily stake inflow ever on the protocol, with over 150,000 ether worth almost $240 million staked. Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated," Lido said on Twitter.
Dragonfly Capital data scientist known as hildobby said the 150,000 ether had been staked by Tron founder Justin Sun, in a move that was also noted by the Twitter account Lookonchain. Lido Finance earlier this month finished the design for the second version of its protocol that will add support for Ethereum staking withdrawals post-Shanghai. It's expected to go to a vote on Lido's governance platform by the end of the month. "This is now the highest week by staked amount in almost a year," hildobby wrote.
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📣 Sam Bankman-Fried’s Freedom At Risk As Lawyers Ask For Bail Delay
Attorneys for former FTX CEO Sam Bankman-Fried in federal court have asked for more time to submit a proposal on his bail requirements. SBF has spent the majority of his time in his parents’ California house. However, he has made a few court appearances to address issues relating to his bail restrictions
Mark Cohen of Cohen & Gressler stated that the legal team wanted until March 3 to submit a proposal for additional bail conditions for Bankman-Fried and find a qualified individual to serve as a technical expert in the case in a filing with the United States District Court for the Southern District of New York on February 24. During a hearing on the former FTX CEO’s use of a VPN on February 16, the attorneys decided to employ an expert. Judge Lewis Kaplan recommended that he could impose additional constraints on Bankman-$250 Fried’s million bail.
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🇭🇰 Hong Kong to accelerate Web3 innovation in region with $50 million spend
TRON founder Justin Sun linked details of a $50 million spend by the Hong Kong government to accelerate Web3 development in the region. Details of Hong Kong’s Web3 ambitions were laid out in a budget document updated on Feb. 22. Lawmakers acknowledged Web3.
The document disclosed that “many innovative enterprises” had enquired about setting up a base in the city-state. It also recognized “Virtual Assets (VA)” as an intrinsic aspect of a “vibrant Web3 ecosystem.” A task force is currently looking into the responsible development of the cryptocurrency sector. Sun reiterated previous comments about the changing Hong Kong crypto landscape being a pilot program for the mainland. Rumors that Hong Kong was softening toward cryptocurrency had been circulating for several months.
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🚨 SEC May Sue Against Paxos, Stablecoin Market Suffers Huge Impact
If the US Securities and Exchange Commission formally files a lawsuit against Paxos, it will have a significant impact on the $137 billion stablecoin market, as reported by CNBC. Paxos disagrees with the arguments from the regulator. If Paxos takes action against the SEC, it could incur huge costs.
Although there has been no formal action yet, there are indications that the regulator has targeted Paxos and all other stablecoin issuers. On February 13, the SEC issued a “Wells Notice” to Paxos, announcing that it plans to sue Paxos over BUSD; The New York State Department of Financial Services has ordered Paxos to stop issuing new BUSD tokens. Soon after, the New York State Department of Financial Services ordered Paxos to halt issuing new BUSD tokens, and Paxos also agreed to enforce it.
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📣 Sam Bankman-Fried is embroiled in legal drama. FTX is moving on without him.
Beleaguered crypto exchange FTX is charging ahead in bankruptcy court, preparing for high-profile clawbacks to begin at the end of the month. Meanwhile, the company’s former CEO could lose most of his access to the internet before his criminal trial.
The split screen between Sam Bankman-Fried’s mounting legal woes and his ex-company’s progress in bankruptcy court came into view in courtrooms in Manhattan and Delaware this week. Bankman-Fried has been in legal limbo for weeks after the government accused him of contacting a potential witness in his criminal case and using a virtual private network that could conceal his internet use. a partner at the law firm Mintz & Gold who represented infamous Ponzi schemer Bernie Madoff.
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📣 CZ Don’t Believe Circle Report BUSD And Binance To Regulators, “Circle Is Smarter Than That”
In a wide-ranging Twitter Spaces AMA on February 14, Binance co-founder and CEO, Changpeng Zhao (CZ), addressed the ongoing FUD around stablecoin BUSD. Amid the information about Binnace and Circle’s FUD, CZ said he did not believe in those baseless rumors.
As mentioned in an earlier Coincu News article, Bloomberg reported that Circle had directed the attention of regulators in New York to complaining to regulators about the fraud Binance’s BUSD manager. From CZ’s point of view, he thinks any professional player in the industry knows that what hurts one player, hurts others. If BUSD was affected, USDC would have also been heavily bought back and seen its market cap shrink. Changpeng Zhao said: “Even if new BUSD minting stops, the current circulating supply is safe and no user should suffer any loss.
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📣 Coinbase CEO Visits Washington To Push For Clearer New Rules Targeting The Crypto Industry
Coinbase CEO Brian Armstrong is trying to clarify crypto regulations with an impact on US authorities. Following enforcement moves this month against Kraken and Paxos, Coinbase CEO said he was in Washington, D.C., today to fight for clearer regulations amid growing uncertainty in the industry.
After Coinbase CEO used a Twitter thread to warn about what he said would be a “terrible path” for the U.S. The CEO has increased the defense of his exchange’s staking services. Previously, Armstrong claimed to have received whispers that the U.S. Securities and Exchange Commission wants to prohibit ordinary investors from participating in cryptocurrency staking, the revenue-generating strategy at the heart of operating blockchains like Ethereum. This is an issue affecting later “limits” to the services of exchanges.
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