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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
🪙 Tornado Cash Users Now Have Access To Chainway’s Proof Of Innocence Protocol
On January 18, Web3 venture builder Chainway unveiled a brand-new protocol dubbed “Proof of Innocence” that enables Tornado Cash (TORN) customers to get further anonymity while demonstrating that their payments are legitimate. users can initiate this protocol when they want to withdraw funds from Tornado Cash.
Users of Tornado Cash can use this protocol to demonstrate that their funds did not originate from any prohibited or blacklisted addresses without disclosing their identities. Users are able to demonstrate zero-knowledge proof that the money they want to withdraw is safely kept by Tornado Cash. Using a Merkle-tree data structure, the zero-knowledge proof excludes the initial address of the users’ funds, enabling tracking of the input address without disclosing the identity of the holders. The protocol is accessible on GitHub and currently only works with Tornado Cash.
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🪙 Cardano Kicks Off First Month Of 2023 By Hitting Top Spot On Github
Cardano outperformed competitors like Polkadot, dominating development activity. It is noticed that Cardano was one of the blockchain networks with the most development activity in the first half of January. In the current, Cardano has surpassed all other cryptocurrencies in terms of development activities.
The information on the dominance of Cardano’s development activities was provided by ProofOfGitHub. The latter monitors GitHub’s daily development activities. The results showed that Cardano outperformed competitors like Polkadot. Cardano’s development activity measure demonstrates that the network has maintained robust levels of development over the last year. This is despite the fact that ADA had a severe setback during the same period.
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💰 SBF Speaks Out Giving Victims Money Back As John J. Ray III Explores Restarting FTX
On January 20, the former CEO of the now-collapsed exchange FTX (SBF) expressed a sense of supportiveness after The Wall Street Journal reported the new leader – John J. Ray III said he has set up a task force to explore restarting FTX.com.
As WSJ reported, FTX‘s new CEO, John J. Ray III, said he is looking into the prospect of restarting the bankrupt crypto exchange while working to restore money to the failing company’s clients and creditors. Mr Ray said that he has set up a task force to explore restarting FTX.com, the company’s main international exchange. Ray will also investigate if restoring FTX’s international exchange would recover more value for the company’s consumers than liquidating assets or selling the platform, according to the article.
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📣 Diva Successfully Raised $3.5 Million For Building Liquid Staking Powered By Distributed Validators
The protocol is designed to provide benefits to both inactive investors and full-time node operators, with awards being socialized over the network to produce consistent and predictable reward rates. A community-driven Liquid Staking system called Diva has finished raising seed.
The first product offering a Liquid Staking Derivative (divETH) driven entirely by Distributed Validation Technology is Diva (DVT). Participants earn a 1:1 ratio of divETH, a freely transferable liquid asset, in exchange for staking ETH on Diva. Staker wallets tally up any divETH rewards on a daily basis. After the March 2023 Capella update, DivETH can be unstaked and exchanged for ETH at any time, once more at a 1:1 ratio.
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📶 ETH Turns Deflationary as Gas Fees Increase Amid Recent Price Rally
Ether has turned deflationary as the gas fees hit 15 gwei amid the most recent price rally. This happens months ahead of the much-anticipated Shanghai upgrade, which promises to enable ETH stakers to withdraw from the Beacon Depositor Contract.
Data from ultrasound.money reveals that ETH has turned deflationary once again. This happens for the first time since December 1st. EIP 1559 was introduced back in 2022, and it activated a burn mechanism, which destroys ETH gathered from fees that are associated with verifying transactions on the network. The higher the fees, the higher the burn rate. The reason this is possible is because of the network’s transition to Proof-of-Stake, as well as the implementation of the EIP 1559.
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💰 Bitcoin Is On The Verge Of Confirming A Bull Market After The First Rally In 2023
A well-known cryptocurrency expert has updated their forecast for Bitcoin (BTC), saying that Bitcoin is on the verge of confirming a bull market after rallying this week. important bear market trend lines and not rule out a price drop before then.
After surging this week, the pseudonymous crypto trader Rekt Capital informs that Bitcoin is on the cusp of confirming a new bull market. The trader also looks at Bitcoin’s Relative Strength Index (RSI), which is a gauge of asset momentum, to see if the king cryptocurrency is showing bullishness. According to the expert, the RSI must climb into the previous bear market RSI bottom zone to validate the rising trend.
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🆘 Nexo's Bulgaria office raided by police
Crypto lending platform Nexo's Bulgarian offices have been raided by local police as authorities carry out investigations into suspected money laundering and tax violations. Nexo co-founder and managing partner Antoni Trenchev said in a statement.
More than 300 police officers, prosecutors and national security agents are involved in the operation, according to a report by Bloomberg, citing comments from Siyka Mileva, a spokesperson for Bulgaria's chief prosecutors. Nexo, which is based in London, is suspected of money laundering, tax crimes and offences involving unlicensed banking activities, Mileva told reporters. Raising questions about the company's solvency in the process.
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🏦 Coinbase shares dip in pre-market following layoff announcement
Coinbase shares dipped during pre-market trading following the firm's decision to cut 950 staff. Shares in the crypto exchange fell 3.1% in the early session, trading around $37 by 8 a.m., according to data via Nasdaq. COIN closed above $38 yesterday, up 15%.
Shares dropped just over 4% following the decision to cut 20% of its workforce. After a brief recovery, COIN traded down again. The announcement won't have come as a surprise to some. Analysts at Cowen anticipated further job reductions in a note last week. The exchange estimates its plan will cost between $149 million and $163 million in restructuring expenses, according to its 8K filing.he new expenses consist of $58 to $68 million in cash charges related.
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💰 Poolin Bitcoin mining hash rate share falls by 94% from ATH
China-based Bitcoin mining pool, Poolin, registers a record decline in hash rate share to 1% from its all-time high of 18% – a 94% decline, according to data from Glassnode.The recent downturn can be traced back to last September when the mining pool firm announced liquidity problems.
Poolin contributed 4354 blocks in the Bitcoin mining pool with a hash rate share of 8.182% if we extend the timeline to a year. But, in 2022, Bitcoin mining suffered a significant blow due to increasing mining difficulty, declining Bitcoin prices, and miners closing their businesses due to declining profitability. Poolin further suspended all withdrawals, flash trades, and internal transfers from its network to preserve assets and stabilize liquidity.
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💰 Celsius ruling shines light on crypto user agreement fine print
Celsius, a cryptocurrency lending company, filed for Chapter 11 bankruptcy protection in July, one of several casualties of this year's slide in the markets. highlights how high the stakes are in bankruptcy proceedings for customers of crypto firms.
Judge Martin Glenn, chief judge for the U.S. Bankruptcy Court for the Southern District of New York, ruled on Wednesday that assets in Celsius Earn accounts belong to the company, not customers. Earn accounts allowed users to deposit assets into a Celsius account, which was then used by Celsius to generate yields across various on-chain and off-chain investment strategies. as the company looks to sell off portions of itself to fulfill its debts.
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🇬🇧 UK’s crime agency creates new crypto unit
The UK’s National Crime Agency is recruiting a group of law enforcement officers to investigate crypto crimes, after a year where crypto hacks globally totalled $3 billion. according to a job advert posted on the government's website, first reported by Financial News.
The Financial Conduct Authority found that crypto was the leading sector for financial scam alerts in the UK between March 2021 and April 2022. The regulator opened 432 cases looking into crypto-related scams during that period. When Rishi Sunak was elevated to Prime Minister in late-October by members of the Conservative party, there was speculation that could mean that the UK was on course for more crypto-friendly legislation under his leadership term.
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🇬🇧 UK Enforces Crypto Tax Break For Foreigners Who Appoints Local Brokers To Invest
From January 1, 2023, the United Kingdom will implement a tax exemption policy for foreign investors who appoint local brokers or investment managers to invest in cryptocurrencies. This will prevent the appointment of UK managers for crypto-related funds from being delayed.
The nation already provides resident cryptocurrency dealers with tax advice. HM Revenue and Customs (HMRC) released a consultation in July to solicit opinions from experts and investors on how it should tax decentralized finance. HMRC said the exemption was an important factor in attracting global investors, meaning foreign investors would not be brought under tax simply by appointing a UK investment manager.
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🏦 Bithumb Largest Shareholders Company Vice President Jumps Towards Suicide
According to Money Today, Park Mo, the vice president of Vidente, the largest shareholder of South Korean encryption exchange Bithumb, committed suicide by jumping off a building while being investigated by South Korean prosecutors.
Park was discovered dead in front of his home in Dongjak-gu, Seoul. It occurred on the morning of the 30th, about four in the morning, according to Seoul Dongjak Police Station. Police believe Park made a radical decision, nevertheless. The largest stakeholder in Bithumb Holdings is Vident, a KOSDAQ-listed company that holds a 34.22% stake in the company.
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📣 Disputed Robinhood shares may be moved to neutral account at BlockFi’s request
The judge overseeing BlockFi’s ongoing bankruptcy case agreed today to review a request that could see 56 million Robinhood shares moved to a neutral location, according to a report from the Wall Street Journal on Dec. 28.
BlockFi believes that it should own the Robinhood shares because of its prior dealings with FTX and Alameda Research. Just prior to FTX’s collapse in November, Alameda pledged the shares to BlockFi as loan collateral. BlockFi has been trying to obtain and sell the shares since its own bankruptcy proceedings began on Nov. 28. That means the dispute may not be settled in a straightforward manner.
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🆘 Defrost Finance Will Return Hacked Funds To Rightful Owners
The stolen assets were restored to the platform, according to a statement from Defrost Finance, a decentralized leveraged trading protocol on Avalanche. The impacted users will be able to recover their valuables very shortly.
Defrost Finance was exploited in the past. A malicious pricing oracle was employed, along with the addition of a phony collateral token to liquidate existing users. The damage was more than $12 million. The Defrost team said on December 25 that the initial attack used a flash loan to siphon money from its V2 product. Avalanche blockchain didn’t specify how much money had been taken.
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📣 Bank of America Stated That Cryptocurrencies Show Up Unavoidable
According to Bank of America, digital currencies appear unavoidable, and central bank digital currencies (CBDCs) and stablecoins are “a natural progression of today’s monetary and payment systems. they will most likely affect how and when value is traded over the next 15 years.
The Bank of America anticipates that private sector benefits will emerge throughout all phases of CBDC implementation. Earlier this week, the worldwide research team at Bank of America (BOA) released a study on global cryptocurrencies, digital assets, and central bank digital currencies (CBDCs). According to the bank, digital currencies look to be unavoidable. Distributed ledgers and digital currencies like CBDCs and stablecoins, in our opinion, are a natural extension of today’s monetary and payment systems. they will most likely alter how and when value is exchanged over the next 15 years.
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🇸🇬 Blockchain Fest Singapore 2023: A Gathering of Thought Leaders in the Blockchain Industry
FINEXPO is excited to announce the upcoming Blockchain Fest Singapore 2023, set to take place on the 16th and 17th of February 2023 at Marina Bay Sands Convention Center Singapore. This premier event will bring together some of the most visionary individuals in the blockchain.
The event will feature keynote speeches, panel discussions, and networking opportunities, with a focus on the latest developments and trends in the blockchain space. Attendees can expect to gain a deeper understanding of the potential of blockchain technology and its impact on various industries, including Web3, supply chain, NFTs and online games. with a focus on practical applications and real-world solutions.
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🟣 Rarible Enhances Polygon Support With New Marketplace Builder
Rarible, a non-fungible token (NFT) marketplace, said on Wednesday that it is expanding its white-label marketplace construction tool for Polygon-based collections. creators who mint NFTs on Polygon can freely build their own collection-specific storefronts.
Now that Rarible‘s infrastructure is available, creators who mint NFTs on Polygon may freely build their own collection-specific shop. Creators can also incorporate tokens offered on other secondary marketplaces by using the platform’s native aggregation function. The NFT marketplace has launched new features that enable NFT collection producers to create their own free customized marketplaces. It is similar to the services it already provides for ERC-721 and ERC-1155 NFTs.
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⚡️ A Trading Firm Now Distances Itself From 3AC Amid The Fresh Fundraise Of $25 Million
On January 17, CoinDesk reported that a large crypto market maker namely Wintermute, was quick to disassociate itself from the fresh fundraising by the co-founders of insolvent hedge firm Three Arrows Capital (3AC), mirroring community opinions.
As Coincu reported, 3AC founders are raising $25 million in a new project in partnership with cryptocurrency exchange CoinFlex, a crypto exchange which is in the process of restructuring, to introduce investors to a new crypto exchange known as GTX, focused on authentic trading take ownership.It intends to launch an exchange where customers may trade cryptocurrency, equities, and debt claims on insolvent firms such as FTX.
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📣 Scaramucci Backs New Crypto Firm By Former FTX US Chairman
According to Anthony Scaramucci, he has invested in a business founded by Brett Harrison, the former CEO of the now-defunct FTX US crypto exchange. Scaramucci stated in an email released with Bloomberg that he will invest his personal money.
Sam Bankman-Fried’s now-imploded crypto empire’s venture capital arm, FTX Ventures, stated in September that it had acquired a 30% position in Anthony Scaramucci’s Skybridge Capital and that the two companies will continue to work together on venture and digital asset investing. Harrison spent around 17 months working with FTX US before leaving in September. He had previously worked with Bankman-Fried at Citadel Securities and the quantitative trading business Jane Street.
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📣 BitConnect Victims To Receive $17 Million
According to a Jan. 12 statement from the U.S. Department of Justice (DOJ), $17 million will be given to BitConnect victims as reparations. According to that assertion, a federal judge in San Diego, California, ordered that the monies be distributed to 800 people in 40 different nations.
BitConnect was widely acknowledged as a Ponzi scheme in legal and public forums. The BC founder Satish Kumbhani was indicted in February 2022, while the leading U.S. promoter Glenn Arcaro entered a guilty plea in September 2021. Its associates have been accused and adjudicated guilty of a variety of charges. However, because of the project’s decentralized nature and lack of centralized leadership, several developments around it persisted even after it was formally shut down or came under regulatory scrutiny.
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🇺🇸 4 US Senators Doubt Sullivan & Cromwell’s Role In FTX Bankruptcy Case
In a letter to the bankruptcy judge overseeing the FTX bankruptcy case, a bipartisan group of four U.S. senators condemned one of the legal firms engaged in the case for conflicts of interest. They also demanded the appointment of an independent examiner.
Both proponents and opponents of cryptocurrencies are represented in the group, which is pleading with Judge John Dorsey of the Bankruptcy Court of the District of Delaware to support a motion to appoint an examiner who will have full authority and resources to conduct a thorough, objective investigation of the activities that led to the collapse of FTX. Senators John Hickenlooper, Thom Tillis, Elizabeth Warren, and Cynthia Lummis urged Judge Dorsey in a letter dated January 9.
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🇷🇴 Romania Conducts “Attacks” After Crypto Tax Evasion Investigation Exceeds $50 Million
Authorities in Romania have carried out more than a dozen raids on people accused of concealing earnings from bitcoin businesses. The searches took place in late 2022, following an earlier probe that found crypto dealers had neglected to register digital assets worth more than $50 million.
According to Cristian Roman, partner at the legal firm Iordăchescu & Asociații, who provided the information with Romania Journal, addresses were checked in Bucharest as well as the counties of Dâmbovița, Ilfov, and Olt. Based on local media, police and tax officials in Romania conducted 17 raids in the fall of last year as part of an investigation into individuals accused of dodging revenue by concealing income from cryptocurrency trades.
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📉 Bitcoin futures activity fell off cliff in December
Bitcoin futures trading plummeted as 2022 came to a close. Bitcoin futures volumes were just $386.6 billion in December, according to The Block's data. Volumes were down 39% month-on-month as they clocked the worst month since October 2020, when volumes were $333.6 billion.
Regulated bitcoin futures on the CME also approached October 2020 lows. Volumes on the exchange were just $19.5 billion for the month. CME's open interest of bitcoin futures dropped 11.1% to $1.36 billion by the end of December, according to The Block Research. Exchange volumes dropped about 47.5% in December to $353.5 billion from $673 billion in November, according to Gonzalez.as spot volumes on centralized exchanges also experienced a significant decrease.
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🇬🇧 UK’s National Crime Agency Establishes New Crypto Unit
The national agency for combating organized crime in the U.K. intends to create a team with expertise in cryptocurrencies and virtual assets. The detectives from the national cybercrime unit Crypto Cell will be committed to an active cryptocurrency mandate.
According to a job posting on the government website, investigators working for the national cybercrime unit’s Crypto Cell shall be dedicated to a proactive cryptocurrency remit with the relevant tools and capacities to target UK-based suspects. The NCA is looking to engage a cryptocurrency investigator with solid experience in conducting blockchain forensic investigations on serious and organized crime as part of the project.
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💰 SBF Met With US SEC Chairman 2 Times In Half A Year Not For FTX Misbehavior
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), met with former FTX CEO SBF twice in less than a year, and it was not because Gensler detected FTX misbehavior. The reason for these meetings was not related to FTX misbehavior.
Gary Gensler also stated that the FTX’s encryption crisis did not necessitate more regulation to combat digital currency abuse and fraud. When Gary Gensler was teaching at the Massachusetts Institute of Technology, he worked with and reported to Glenn Ellison, the father of Alameda CEO Caroline Ellisons. Furthermore, before FTX went bankrupt, SBF had at least four covert meetings with Biden’s senior advisers.
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🇬🇧 UK Enforces Crypto Tax Break for Foreigners Using Local Brokers
The U.K. is enforcing a tax exemption for foreign investors purchasing crypto through local investment managers or brokers starting Sunday. a part of Prime Minister Rishi Sunak’s plans to turn the U.K. into a crypto hub.
Parliament is debating the wide ranging Financial Services and Markets Bill that would give local financial regulators more powers over crypto if passed into law. The U.K. Treasury also plans to kick-start a consultation in the coming weeks on how the crypto sector can be regulated. this exemption has been extended to include crypto assets, so that funds which include them aren’t put off from appointing U.K. managers.”
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🇧🇸 Bahamian regulator holding $3.5 billion of FTX customer assets
The Securities Commission of the Bahamas has been holding on to more than $3.5 billion worth of FTX customer assets since Nov. 12, according to a statement from the regulator released late on Thursday.
The decision to take custody of the funds, specifically from the crypto exchange’s FTX Digital Markets Ltd, followed security concerns. Hours after the collapsed crypto exchange filed for bankruptcy protection, between $370 million and $400 million in crypto assets were stolen from the exchange's wallets. The hack is currently under investigation by the U.S. Department of Justice.
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🟠 Binance Cloud Mining Products Experienced A Power Outage
Binance Cloud Mining products are facing difficulties in North America as a series of problems caused the operation to be suspended. Products from Binance Cloud Mining lost power as a result of the severe weather in North America.
Binance will add three extra days to the end of affected Cloud Mining Product subscriptions to make up for the power interruption. Users who don’t have access to mining equipment can still earn mining rewards from the Binance Pool, thanks to Binance Cloud Mining. Hashrates are available for purchase from the cloud mining goods, and users can then begin earning rewards in their funding wallet.
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🆘 BIT Mining subsidiary loses $3M to cyberattack
Crypto mining firm BIT Mining said its subsidiary BTC.com lost $3 million worth of digital assets to a cyberattack on Dec. 3, according to a Dec. 26 statement.BIT Mining said it had implemented necessary precautions to forestall a recurrence.
BIT Mining wrote that $700,000 of the stolen funds belonged to BTC.com’s clients while the remaining $2.3 million belonged to it. The company did not disclose the details of the stolen assets. Through its website, BTC.com also provides real-time on-chain information about Bitcoin and other digital assets like Ethereum, etc. The firm has a crypto wallet arm with over 1 million users globally.
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