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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
⚡️ Aragon Project adds $20 million in ether to treasury for safety amid FTX collapse
The Aragon Project increased the ether (ETH) holdings in its treasury by over $20 million in an attempt to improve its exposure to more censorship-resistant crypto assets. Aragon swapped $20.4 million worth of USDC and wrapped bitcoin for ETH.
Ether tokens now account for about 42% of the Aragon treasury which is currently worth $153 million. Aragon swapped another $5.2 million worth of wrapped bitcoin for BTC. The project’s treasury rebalancing also included moving $20 million in USDC to the DAI stablecoin. comprises a non-profit called the Aragon Association and DAO called the Aragon Network DAO.
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💸 Llama and Gauntlet submit proposal to cover $1.6 million in bad debt on Aave
DeFi management platform Llama and DeFi risk management outfit Gauntlet have submitted a governance proposal on Aave to cover the DeFi lender’s $1.6 million bad debt brought on by Tuesday’s short attempt.
The proposal calls for the use of Gauntlet’s insolvency fund and the Aave treasury to cover the bad debt. Gauntlet’s insolvency fund holds 4,923 staked Aave tokens, which is currently worth $283,000. The DeFi lender's treasury itself is worth $165 million, based on the last financial report by Llama, and can be used to cover the excess debt, the proposal added.
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🏦 Gemini is working with Genesis and DCG on solution for Earn redemptions
Gemini said it is working with Genesis and Digital Currency Group in an effort to find a solution that will allow users to redeem their funds from the crypto exchange's Earn product. Gemini claims to be working on finding a solution to re-open redemptions for its Earn product.
The New York-based crypto exchange announced on Nov. 16 that it would not be able to meet customer redemptions in the service-level agreement's time frame of five days — which followed news that Genesis, its lending partner, paused withdrawals. Genesis has since indicated that it is seeking a $1 billion emergency cash loan. Binance — the leading crypto exchange by 24-hour volume.
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🪙 Ether under pressure as 'FTX Accounts Drainer' cashes out for bitcoin
Earlier Sunday, the exploiter swapped about 5,000 ether for 347 renBTC — a form of wrapped bitcoin on Ethereum that can be redeemed for native bitcoin — according to blockchain tracker PeckShieldAlert. The drainer then followed with another swap.
The exploiter next began bridging the newly swapped renBTC out of Ethereum via Ren's BTC Gateway — effectively cashing out of the Ethereum blockchain in favor of native bitcoins. The relentless selling from the FTX account drainer has put downward pressure on the price of ether, which has dropped almost 5% since the selling began. It has fallen through $1,200 and is currently trading at around $1,160.
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💰 FTX pitch deck projections not backed by ‘viable assumptions,’ legal expert says
FTX’s collapse grows longer by the day, The Block asked a legal expert to examine a 2020 pitch deck produced by the bankrupt crypto exchange for warning signs that may have been missed. Singaporean sovereign wealth fund Temasek announced a write-off of $275 million in bets on FTX businesses — while assuring readers it had done “extensive due diligence.”.
Silicon Valley venture firm Sequoia pointed to its “rigorous” diligence process on Nov. 9, when announcing that it had written down to zero an investment of $213.5 million in FTX. A pitch deck produced by FTX in February 2020 for its Series B funding round and obtained by The Block features several projections that Morris describes as “unsubstantiated.” The deck was part of a plan to raise up to $50 million at a $1 billion valuation — although the round was ultimately far larger.
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💰 Coinbase CEO Brian Armstrong sells more than $1.6 million in shares
Coinbase CEO Brian Armstrong sold 29,000 Class A Coinbase shares for $1.6 million on Nov. 11, according to a filing with the U.S. Securities and Exchange Commission reported by Coinbase. . They closed today at $55.53 as crypto prices have shed their value over the past year, alongside many traditional assets.
Coinbase shares were trading over $340 when the company first went public in April 2021. “As Brian disclosed on Twitter last month, he plans to sell about 2% of his Coinbase holdings over the next year to fund scientific research," the company said in a statement. "This sale timing is unrelated to recent market events, and follows a standard, pre-scheduled 10b5-1 plan, as we have previously discussed on our blog.”
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🇸🇻 President of El Salvador says ‘FTX is the opposite of Bitcoin’
El Salvador’s President Nayib Bukele took to Twitter to proclaim the Bitcoin protocol as the opposite of FTX and likened FTX to a Ponzi scheme in the wake of the exchange’s collapse on Nov. 14. Bukele, a staunch promoter and believer of Bitcoin, said the flagship crypto was designed to prevent Ponzi schemes, bank runs.
The Bitcoin blockchain is an open-source protocol, upon which any transaction can be verified by the public, as opposed to a Ponzi scheme, where investment funds are shrouded in secrecy. Examples cited by the President include Enron’s abuse of accounting practices to inflate the company’s revenues and conceal debt in its subsidiaries in 2021, American fraudster Bernie Madoff’s $64.8 billion Ponzi scheme in 2019.
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⚡️ Buterin breaks silence on FTX debacle, says 'fraud cuts deeper'
Ethereum founder Vitalik Buterin made his first direct comments on FTX's spectacular collapse late Friday, accusing former FTX CEO Sam Bankman-Fried of "virtue signaling.". But the events of the past week suggest the exchange was as unstable, and potentially fraudulent, as other high-profile failed crypto projects.
"MtGox 'looked' sketchy and never tried too hard to whitewash itself. Luna too," Buterin tweeted. Mt Gox, a Tokyo-based exchange, failed in 2014, after hundreds of thousands of bitcoin were stolen from its wallet. Luna's collapse earlier this year brought down the Terra ecosystem. Buterin's comments come at the end of a tumultuous week for crypto, which culminated with FTX filing for Chapter 11 bankruptcy.
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🇺🇸 FTX turmoil, midterms scramble crypto’s D.C. agenda
With the digital asset market tumbling, the industry's best-known face in Washington, D.C. in serious trouble, and control of the Senate in limbo, crypto policy advocates scrambled to chart a path forward on Wednesday. The credibility crisis they face comes at a key moment, as policymakers consider writing new rules for the industry.
Securities and Exchange Commission Chair Gary Gensler weighed in on the FTX turmoil, calling it part of a pattern that hurts investors. The Biden administration also has encouraged regulators to use existing rules to bolster its enforcement actions against crypto firms. Adding to industry tensions Wednesday, news broke that Binance pulled out of its letter of intent to effectively bail out troubled rival FTX, renewing fears of contagion in the crypto markets.
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🇷🇺 Russia's Central Bank promotes crypto as means of internationalizing embattled economy
The Central Bank of Russia is working on integrating crypto assets into the local financial system. The CBR released a report on digital assets, focusing on integrating them into financial systems. Main areas of concern included proper taxation and regulation of digital asset issuance.
Crypto's role in Russia, and particularly the central bank's increasing openness to crypto technology, comes as the country has tried to monetize its natural resources and move away from the US dollar, which is a powerful tool for sanctions and remains the currency of note in global oil and natural gas markets. Prior to invading Ukraine, President Vladimir Putin spoke out in favor of crypto and its possibilities for the Russian economy.
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🇱🇧 Lebanon Locals are turning to Bitcoin, Tether amidst an economic crisis
The unsustainable financial system in Lebanon has brought some Lebanese to crypto. Locals are mining Bitcoin or storing wealth with cryptocurrency and completing some payments with Tether. A CNBC ground report outlined the issue and appears to have spurred Michael Syalor, CEO of MicroStrategy to comment on the issue.
A World Bank report released on June 1, 2021, warned that Lebanon would suffer one of most severe economic crises since the mid-19th century unless its “bankrupt economic system benefited a few for so long” was reformed. Consequently, in August 2021, the Lebanon Central Bank ended fuel subsidies, announcing that it would offer credit lines for fuel imports based on market prices for the Lebanese pound. After that, fuel prices soared, causing an economic crisis in the country.
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🇪🇺 EU Delays Vote on MiCA Crypto Legislation Until February
The European Parliament was to take its final vote on the Markets in Crypto-Assets legislation in an upcoming plenary session in November. But the draft needs to be translated into the 24 official EU languages. But since the text is technical and lengthy, the regulation’s adoption is now anticipated for February 2023.
The MiCA legislation gives European regulators a period of 12 to 18 months to write and apply new rules based on the legislation. During this time, Europe’s financial supervisors and the European Commission will iron out final details as to how to implement the law. A delay in the adoption of the final parliamentary vote means that the rulemaking and implementation process will set off later, with new rules outlined in MiCA likely coming into application in February 2024 at the earliest.
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🇺🇸 79% of American adults say U.S. needs clearer crypto regulations
American adults are split on whether to trust cryptocurrency. But a majority agree that the government should provide clearer regulation of digital assets, according to a new poll. Seventy-nine percent of respondents say there should be clearer regulation of the crypto industry, according to a poll commissioned by Grayscale.
The survey was conducted for Grayscale by The Harris Poll, and comes as policymakers in Washington, D.C. consider setting new rules for cryptocurrencies. The digital asset industry has been embroiled in a debate this week over a bill that would grant new authority to the Commodity Futures Trading Commission on digital commodities. That percentage was slightly higher than the 49% of respondents who said they trust politicians and the government.
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📶 Vitalik Buterin shares the kind of DeFi regulation he would like to see
Buterin noted that the two main regulatory goals are protecting consumers and making it harder for bad actors to move money around, according to a tweet thread. He suggested three ways of achieving this — such as limiting leverage on DeFi protocol front-end websites.
Buterin added that he would like to see zero-knowledge technology being used to meet requirements like these. This technology allows for something to be mathematically proven without necessarily giving away the information behind it. The Ethereum co-founder claimed that the crypto industry needs more time to mature before it’s ready for mainstream adoption, which would come with more stringent regulations. Buterin added he was happy that a lot of the exchange traded funds.
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👉 Elon Musk could bring more crypto into Twitter: Bloomberg
Billionaire Elon Musk entered Twitter headquarters carrying what appeared to be a bathroom sink, then the Tesla and SpaceX CEO left with the keys and $44 billion less in his wallet as he completed his takeover of the company and ended a months-long saga on Friday, according to multiple reports.
Bloomberg today suggested several ways that Musk, who has had a complicated relationship with cryptocurrencies, might bring more crypto into Twitter, including using blockchain to reduce the presence of bots, a subject that had ignited a legal battle between Musk and the company that threatened the acquisition. NFTs may also enter the picture, though Musk has shunned them in the past.
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🇬🇧 UK’s 'biggest ever' scam leads to 100 arrests after police track bitcoin records
More than 100 people were arrested in what the London’s Metropolitan Police calls “the UK’s biggest ever fraud operation” after taking down a fraud website called iSpoof used on 200,000 potential victims in Britain alone.
Scotland Yard’s Cyber Crime Unit worked in cross-national cooperation, including authorities in the U.S. and Ukraine, to take down the site this week. In a 20-month period, the Met police claims the operation earned the criminals almost £3.2 million ($3.9 million). Tracing bitcoin records, which was used to pay for iSpoof’s services, allowed the Cyber Crime Unit to narrow down suspects.
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💸 Web3 and VR gaming studio Thirdverse raises $15 million in latest funding round
Tokyo-based web3 and VR gaming studio Thirdverse received backing from round leader MZ Web3 Fund as well as 8DAO, B Dash Ventures, Double Jump.tokyo, Fenbushi Capital, Flick Shot, Holdem Capital, Kusabi, OKCoinJapan, OKX Ventures and Yield Guild Games.
A company making a blockchain game based on the popular 80s football manga Captain Tsubasa raised $15 million in its latest funding round. The company previously raised $20.3 million over three rounds, including most recently its 2021 Series B featuring web3 gaming giant Animoca Brands. It did not respond to a request to confirm if this round is its Series C or to share its valuation.
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💰 Uniswap's new privacy policy says it collects data tied to user wallets
Uniswap, the largest Ethereum decentralized exchange, published a new privacy policy to provide transparency on the data it collects. The privacy policy states that the DEX collects certain on-chain and off-chain data connected to users’ crypto wallets.
The privacy policy notes that the decentralized exchange and other “third-party services providers” may gather data related to users' mobile deviceID, cookies, information from localStorage, operating system, device or browser language. Such information can be used to remember which tokens users have imported, as well as learn their preferences and interactions, Uniswap said.
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💰 Man Group close to launching crypto hedge fund despite FTX collapse: Bloomberg
Man Group, the biggest publicly traded hedge fund firm, is reportedly close to starting a crypto hedge fund. The crypto hedge fund strategy has been in development for several months, Bloomberg reported, citing people with knowledge of the matter who asked not to be identified.
The crypto fund beginning operations is contingent on its assessment of counterparty risks, one of the people told Bloomberg. The effort is being led by money manager Andre Rzym. Man Group’s AHL already trades cryptocurrency futures. This announcement comes amid the unraveling of crypto exchange FTX, one of the most significant crypto market events in recent years.
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💰 Audit reveals Luna Foundation Guard spent $2.8B to defend UST peg in May
According to the report, Terraform Labs also spent $613 million of its capital to defend the UST peg. JS Held wrote that LFG’s May 16 tweets about its defense operation were accurate except for certain tweets based on estimates — the auditor said the estimates did not affect the calculation of the ending balances.
According to the Foundation, all peg defense activities occurred in the open markets, with no special preference for any party. The Foundation also wrote that its funds were not frozen. It added that they are kept in self-hosted wallets that have not been moved since May 16. Speaking on the revelation, Luna Foundation said the audit dispels rumors that there was embezzlement of funds or that the funds were used to profit insiders.
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💰 Citadel CEO on FTX debacle: 'The turf war by American regulators has got to end'
Citadel's billionaire founder and CEO Ken Griffin has weighed in on FTX's speculator collapse, calling on American regulators to cooperate with each other to better supervise the crypto industry. The bottom line is American investors have really gotten hurt to the tune of hundreds of billions of dollars.
Market observers have suggested that there might be a turf war brewing between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) over which regulator should take the lead when it comes to cryptocurrencies. Last year, CFTC's then-acting chairman and now chairman Rostin Behnam said that the agency should be the primary regulator of crypto markets.
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🇰🇳 St. Kitts and Nevis to adopt Bitcoin Cash as legal tender in 2023
St. Kitts and Nevis Prime Minister Terrance Drew announced that BCH will become legal tender in the country by March 2023 during a BCH conference in St. Kitts and Nevis. He added that the country will also look into mining BCH and welcomes dialogue and exploration of “future opportunities” with the cryptocurrency.
The announcement comes amid a growing trend of mainstream adoption of cryptocurrencies, as demonstrated by the Central African Republic adopting Bitcoin (BTC) as legal tender in April. The announcement has led to debate over the country’s choice to adopt Bitcoin Cash instead of Bitcoin, with supporters of the decision pointing naysayers to the WhyBitcoinCash website for information.
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🚨 Senators moving forward with SBF-backed bill after FTX collapse
The bipartisan authors of Senate legislation that would increase oversight of cryptocurrencies considered to be digital commodities in the U.S., like bitcoin, plan to move forward with the bill. one of the two U.S. markets regulators, more power over cryptocurrency markets and exchanges.
The recent collapse of a major cryptocurrency exchange reinforces the urgent need for greater federal oversight of this industry,” Senate Agriculture Committee Chair Debbie Stabenow, D-Mich., said in a statement. “Consumers continue to be harmed by the lack of transparency and accountability in this market. It is time for Congress to act. Leaders of the House Financial Services and Senate Banking Committees also have called for new legislation to help govern the industry in the wake of FTX’s shocking implosion.
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🚨 Ether officially turns deflationary amid intense crypto-market fear
Ether, the native coin of the Ethereum network, officially turned deflationary 55 days after The Merge — its transition from proof-of-work to proof-of-stake. The post-Merge supply of ether has declined by over 400 ETH ($469,000), as of 5:35 a.m. ET, according to the Ethereum supply tracking website ultrasound.money. Ethereum's deflation rate is currently 0.001% annually.
Though Ethereum proponents are widely pleased to see the total ether supply decrease, it comes at a worrying time for the blockchain and cryptocurrency industry. Following a withdrawal freeze, FTX announced its intention to sell to rival crypto exchange Binance after apparently turning insolvent. The high-profile event has spurred selling in the crypto markets as fears of widespread contagion spread. Merge never to have taken place and Ethereum remained proof-of-work, the total supply of ether.
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🚨 Bitcoin mining difficulty barely adjusts downward by 0.19% as miner pressure continues
Bitcoin’s (BTC) mining difficulty has plateaued since the beginning of November and saw a 0.19 percent drop on Nov. 7 following its latest adjustment, according to CryptoSlate’s analysis of Glassnode data. The chart above shows that mining difficulty has jumped significantly starting August all the way through November. The difficulty level reached a new high of 36.84 trillion.
Mining Bitcoin is increasingly difficult as the market is in the midst of increasing energy prices, exacerbated by inflation, depressed crypto prices, and a looming global recession. Several Bitcoin mining companies have been experiencing financial stressors, cases in point are Core Scientific’s halt in debt payments, Argo’s negative cash flows, and equity-infusion plan fallout, Compute North’s bankruptcy filing.
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🇨🇦 Canada launches consultations on crypto, stablecoins, CBDCs
Canada’s government announced it is launching consultations on cryptocurrencies, stablecoins, and central bank digital currencies (CDBCs) to address illicit crypto activities, according to a Nov. 3 mini-budget fiscal update by Deputy Prime Minister Chrystia Freeland. As such, the government has launched consultations with stakeholders on the regulations of digital currencies as of Nov. 3.
The statement conveyed the importance of addressing the use of cryptocurrency as means to circumvent international sanctions and fund illegal activities, both domestically and abroad. On Feb. 14, 2022, Canada’s Prime Minister Justin Trudeau invoked the “Emergencies Act” to freeze crypto exchanges and wallets tied to trucker “Freedom convoys” protest organizers. The protests were sparked over the country’s COVID-19 vaccine mandate and restrictions.
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📣 Goldman Sachs developing crypto classification system with MSCI and Coin Metrics
Goldman Sachs is working with index provider MSCI and crypto data firm Coin Metrics to develop a crypto classification service. The investment bank's crypto classification service will target institutional investors. The bank wants to help investors make sense of crypto, executives at the firms told CNBC.
Darling said that Goldman, MSCI, and Coin metrics split the digital asset space into classes, sectors, and subsectors. She added that money managers at hedge funds and asset management companies will be able to think about crypto in a more granular way now. The data feed aims to help with analysis and research. As well as this, it can be used to benchmark performance, manage portfolio.
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📣 Jack Dorsey retains voting power at Twitter fuelling rumors of crypto integration
An SEC filing has revealed that Jack Dorsey still owns 2.4% of Twitter following Elon Musk’s acquisition. Dorsey, the former CEO of Twitter, left the company in November 2021, just 19 days after Bitcoin hit its all-time high of $69,061. All of the other companies are deeply ingrained in blockchain technology.
Rumors have been circulating about the possibility of Musk introducing crypto payments within the Twitter app. Musk’s passion for Dogecoin and the revelation that Binance committed $500 million to the purchase laid the groundwork for the theory. However, Dorsey retaining his voting power within the company may be the most significant indicator yet that the platform could integrate blockchain technology in the future. Musk is currently reworking the Twitter verification system, and one Twitter user suggested using ENS domains as a way to manage verification.
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💰 Public Bitcoin miners show we can expect a second capitulation
Determining the market bottom requires a lot of guesswork. Bitcoin’s recent volatility has resulted from various factors ranging from geopolitical uncertainty and local regulation to internal implosions of the crypto market. Miners have historically been one of the most reliable omens of Bitcoin’s performance.
Bitcoin miners make up the foundation of the crypto market and create strong resistance levels that reduce volatility. As one of the largest holders of BTC, miners can swing the market by holding their coins and liquidating them. Hash ribbons indicate when miners capitulate, showing the divergence between the 30-day moving average and the 60-day moving average of the Bitcoin hash rate; having miners capitulate shows that Bitcoin has become too expensive to mine.
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📣 Celo Foundation cuts government relations team amid market turmoil: Exclusive
According to four crypto industry sources in Washington, D.C., Celo axed its government relations and lobbying wing on Oct. 26. Representatives for Celo confirmed that Chris Hayes, who had led the firm's government relations arm, no longer works for the firm but did not comment on broader layoffs.
The firm spent $106,000 on its lobbying program in the second quarter of this year, according to Senate disclosures. The firm has yet to report its lobbying spending for the third quarter, although the reports were due last week. It did spend $50,000 on an outside lobbying contract with Cypress Advocacy. The size of the team directly affected is unknown. Celo was involved in crypto policy in Europe but may have been working with outside contractors there.
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