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📣📣 COIN BUREAU NEWSFLASH! – (14/05/23)
Here are some of today’s most important headlines:
1️⃣ Jump Trading Faces Lawsuit Over Alleged $1.3B Profit from TerraUSD ❗️
According to court documents from May 9, a lawsuit accusing Jump Trading and its CEO, Kanav Kariya of market manipulation involving the failed algorithmic stablecoin TerraUSD (UST) in 2021 has been filed in an Illinois district court.
Specifically, the lawsuit accuses them of violating the Commodity Exchange Act, Commodity Futures Trading Commission (CFTC) regulations, and of common law unjust enrichment. The lawsuit claims Jump Trading signed several agreements with Terraform Labs and its affiliates to “provide market-making services for transactions in LUNA, UST and aUST.” These agreements also reportedly granted Jump Trading the “opportunity to purchase LUNA tokens at a steep discount, which could then be resold into the market to further Jump’s own profit.”
https://cointelegraph.com/news/jump-trading-faces-lawsuit-over-alleged-1-3b-profit-from-terrausd
2️⃣ ‘Ancient’ Bitcoin Changes Wallets After 12 Years Dormant 🔎
Another dormant Bitcoin wallet has woken up after 12 years. The wallet, which reportedly purchased 139 Bitcoin for a bit over $2,250 dollars in June 2011, has transferred the BTC into a newly created Segwit address. The coins are now worth a staggering $3.5 million at current prices.
https://decrypt.co/140058/ancient-bitcoin-changes-wallets-after-12-years-dormant
3️⃣ ‘Significant Risk’ Of US Treasury Running ‘Out of Funds’ Soon: Report 🥶
According to a recent report published by the U.S. Congressional Budget Office (CBO), the United States government is currently facing a “significant risk” of no longer being able to meet all of its financial obligations by as early as June. The report states that this is due to the U.S. government hitting its statutory debt limit of $31.4 trillion on Jan 19.
It stated,
“CBO projects that if the debt limit remains unchanged, there is a significant risk that at some point in the first two weeks of June, the government will no longer be able to pay all of its obligations.”
https://cointelegraph.com/news/significant-risk-us-treasury-funds-report
4️⃣ OpenAI’s Sam Altman Nears $100M Funding for Worldcoin Crypto Project 💰
OpenAI CEO Sam Altman is reportedly in advanced talks to raise close to $100M in funding for his Worldcoin cryptocurrency project that is prepared to launch in the next few weeks. Altman is reportedly raising funds from both existing and new investors. Some of Worldcoin’s previous investors include Khosla Ventures, Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried and internet entrepreneur Reid Hoffman.
https://www.ft.com/content/f1de2aee-ee13-45e1-bd61-0a269cd650d3
📣📣 COIN BUREAU NEWSFLASH! – (13/05/23)
Here are some of today’s most important headlines:
1️⃣ Bakkt Delists Majority of Tokens from Recently Acquired Apex Crypto Platform 🙅♂️
Digital asset firm Bakkt has reportedly delisted 25 of the 36 crypto tokens listed on its recently acquired trading platform Apex Crypto. The de-listed tokens are AAVE, AVAX, BNT, BAT, LINK, CHZ, COMP, ATOM, CRV, ENJ, FTM, FIL, GALA, GRT, ICP, LRC, MKR, REN, XLM, SUSHI, SNX, XTZ and UNI.
Explaining the move, Bakkt stated,
“Following the closing of our acquisition of Apex Crypto and as part of our regular coin listing review process, we have made the decision to delist a number of coins on the platform. Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.”
https://cointelegraph.com/news/bakkt-delists-majority-of-tokens-from-recently-acquired-apex-crypto-platform
2️⃣ Quadriga CX Bankruptcy Claimants to Get 13% on the Dollar 🔎
According to a notice to creditors published by accounting giant EY, creditors of the bankrupt Canadian crypto exchange QuadrigaCX will receive 13% of their total claims as part of an “interim dividend.” EY stated that creditors with BTC claims will get CAD $6,739.08 per BTC and those with ETH claims will get CAD $223.45 ($299.45) per ether. The value of the crypto held by the creditors on the exchange will be pegged at April 15, 2019 market prices.
https://www.coindesk.com/business/2023/05/12/quadriga-cx-bankruptcy-claimants-to-get-13-on-the-dollar
3️⃣ Binance Calls It Quits in Canada, Blames New Rules ❗️
Yesterday, crypto exchange Binance announced that it will be “proactively” withdrawing from the Canadian market due to the new guidance issued by Canadian regulators. It stated that the new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market “no longer tenable.” Specifically, the new guidance defines stablecoins as a security prohibits firms "from permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or a derivative.”
https://cointelegraph.com/news/binance-calls-it-quits-in-canada-blames-new-rules
4️⃣ Fractional NFT Project Tessera to Shut Down Amid Challenging Crypto Market 📉
Paradigm-backed fractional NFT project Tessera is reportedly winding down its operations over the next few weeks. Tessera co-founder Andy Chorlian explained the decision by stating that its financial situation and economic model would make it hard to become profitable.
Chorlian tweeted,
“We spent a long time carefully analysing possible market scenarios, our company structure, and our financial situation, and decided that this was the best choice for our team and investors. As we really dug into the economic model for Escher, we saw that the targets we needed to hit to attain profitability – compared to the time and resource costs to scale there –just didn’t add up or make good business sense."
https://www.theblock.co/post/230623/fractional-nft-project-tessera
5️⃣ Florida Governor Ron DeSantis Bans CBDCs in the State ⚖️
According to reports, Florida Governor Ron DeSantis signed a bill restricting the use of central bank digital currencies (CBDCs) in the state on Friday. The new law prohibits the use of CBDCs issued by the U.S. and other foreign governments “as money within Florida’s Uniform Commercial Code (UCC).” Governor DeSantis has called on other states to use their commercial codes to institute similar prohibitions.
Governor DeSantis stated,
"Anyone with their eyes open could see the danger this type of an arrangement would mean for Americans who want to exercise their financial independence and would like to be able to conduct business without having the government know every single transaction they're making in real time."
https://decrypt.co/139919/florida-governor-ron-desantis-bans-cbdcs
📣📣 COIN BUREAU NEWSFLASH! – (12/05/23)
Here are some of today’s most important headlines:
1️⃣ NBCUniversal’s Linda Yaccarino Is in Talks to Become Twitter CEO 🧐
According to a Wall Street Journal report, Twitter CEO Elon Musk is in talks with Linda Yaccarino, the current head of advertising at NBCUniversal (NBCU), to appoint her as the new CEO of Twitter.
In her decade-long career at NBCU, Yaccarino was an industry advocate for efficient advertising and played a key role in the launch of the company’s ad-supported Peacock streaming service.
Shortly before the WSJ report, Musk tweeted,
"Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops."
https://www.wsj.com/articles/linda-yaccarino-in-talks-new-twitter-ceo-elon-musk-7a006bb5
2️⃣ BlockFi Gets Court Permission to Return $297 Million To Wallet Customers 🙌
Yesterday, U.S. Bankruptcy Judge Michael Kaplan ordered bankrupt crypto lender BlockFi to return the $297 million in funds present in its non-interest-bearing accounts back to customers after ruling that the “digital assets held by the debtors in custodial omnibus wallets are indeed client property and not property of the bankruptcy estates.”
Judge Kaplan also added that BlockFi customers who had their funds present in interest-bearing accounts did not own their deposits and that BlockFi did not need to repay the $375 million in funds that clients tried to withdraw from interest-bearing accounts at the last minute.
Judge Kaplan ruled,
“No transfer request by customers between the BIA and the custodial wallet accounts initiated after 8:15 p.m. on Nov. 10, 2022, were effectuated and completed.”
https://www.reuters.com/legal/blockfi-gets-court-permission-return-297-million-wallet-customers-2023-05-11/
3️⃣ Ethereum Mainnet Was Unable to Fully Finalise Transactions for 25 Minutes ❗️
Yesterday, an unidentified issue on Ethereum’s Beacon Chain led to the blockchain being unable to fully confirm transactions for about 25 minutes. Notably, blocks were still getting proposed but not being finalised. While the mainnet is now finalising blocks again, developers have stated that they are still investigating what caused this outage.
https://www.coindesk.com/tech/2023/05/11/ethereum-mainnet-was-unable-to-fully-finalize-transactions-for-25-minutes
4️⃣ Binance.US Explores Ways to Cut Founder Changpeng Zhao’s Majority Stake 🔎
According to a report by ‘The Information’, Binance.US and Binance CEO Changpeng Zhao (CZ) are looking for ways to reduce CZ’s stake in the U.S. entity. The report states that CZ has been trying to cut its stake in the American unit since last summer, before the U.S. Commodity Futures Trading Commission sued the exchange. Binance.US executives are reportedly worried that the company may not be able to get certain U.S. regulatory licenses as long as Zhao is the majority owner.
https://www.theinformation.com/articles/binance-us-explores-ways-to-cut-founder-changpeng-zhaos-majority-stake
5️⃣ Do Kwon Set to be Released After Montenegro Court Accepts $436,000 bail ⚖️
Terraform Labs founder Do Kwon’s lawyers have reportedly requested the court to let Kwon and his fellow Terra executive Han Chang-joon off on supervised bail by confining them to home arrest after providing the court with 400,000 euros for each of them. Both Kwon and Chang-joon have denied the charges, and prosecutors have opposed the proposed bail conditions. However, the court has accepted the bail proposal and has set the next trial date for June 16.
https://www.theblock.co/post/230575/do-kwon-bail
📣📣 COIN BUREAU NEWSFLASH! – (11/05/23)
Here are some of today’s most important headlines:
1️⃣ Tether Boosts T-Bill Holdings, Cuts Bank Exposure 🔎
According to Tether’s latest attestation report, around 85% of its $81.8 billion USDT reserve is stored in cash and cash equivalents. Specifically, more than three-quarters of Tether’s cash equivalents ($53 billion) are stored in short-dated US Treasury bills. This figure marked a slight uptick from its holdings in the previous quarter when such assets made up around 71% of Tether’s cash reserves.
The report also revealed a reduction in exposure to cash in the first quarter, probably due to the recent slate of US bank closures that impacted rivals. In a statement on the attestation, Tether states that it recorded a net profit of $1.5 billion in the first quarter. Notably, this figure is more than double what it reported in the previous period.
https://www.bloomberg.com/news/articles/2023-05-10/tether-posts-1-5-billion-profit-double-late-march-forecast
2️⃣ Elon Musk Sends Milady NFT Price Soaring with Twitter Meme 📈
Yesterday, the floor price of the NFT collection Miladys skyrocketed from 3.8 ETH to as high as 7.3 ETH after Twitter CEO Elon Musk posted a meme containing an image from of one of the NFTs overlaid with the words, “There is no meme, I love you."
According to the market analytics website ‘NFT Price Floor’, the sales of Milady NFTs has risen by over 500% in the last 24 hours. This has also had a positive effect on other projects from Remilia Creative- the group of artists behind the Milady NFT. For example, the sales of Redacted Remilio Babies NFTs were up 660% over the last 24 hours.
https://www.theblock.co/post/230279/elon-musk-milady-price-twitter-meme
3️⃣ U.S. Internal Revenue Service Files Claims Worth $44 Billion Against FTX Bankruptcy 💸
The U.S. Internal Revenue Service (IRS) has reportedly filed 45 claims worth nearly $44 billion against the estate of bankrupt crypto exchange FTX and its affiliated entities. The list of entities against which the claims were issued includes West Realm Shires (the legal entity of FTX.US), Ledger Holdings (the parent company of LedgerX and LedgerPrime) and Blockfolio.
The largest of these claims includes a $20.4 billion and a $7.9 billion claim against Alameda Research LLC and two claims totalling $9.5 billion against Alameda Research Holdings Inc. Notably, the claims were filed under the classification “Admin Priority”, allowing the IRS’ claims to take precedence over the claims of other creditors in the bankruptcy case.
https://www.coindesk.com/business/2023/05/10/us-internal-revenue-service-files-claims-worth-44-billion-against-ftx-bankruptcy
4️⃣ SEC Serves Bitcoin Mining Firm Marathon Digital with Subpoena, Again ⚖️
Bitcoin mining firm Marathon Digital Holdings has reportedly received an additional subpoena relating to its 100-megawatt data center in Hardin, Montana from the U.S. Securities and Exchange Commission (SEC).
Marathon stated,
“The Company received an additional subpoena from the SEC on April 10, 2023, relating to, among other things, transactions with related parties. We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating with the SEC.”
https://decrypt.co/139722/sec-serves-bitcoin-mining-firm-marathon-digital-subpoena-again
5️⃣ Coinbase Calls Pepe A ‘Hate Symbol,’ Prompting Calls to Boycott the Exchange 🔥
In an email newsletter sent out yesterday, crypto exchange Coinbase reportedly described the Pepe the Frog meme as a hate symbol co-opted by alt-right groups. This seems to have offended Coinbase customers who are fans of the PEPE meme coin. Some users took to Twitter to demand an apology from the crypto exchange while others started deleting their accounts on the exchange.
Coinbase’s description of the PEPE meme in the newsletter reads,
Hey Guys,
I’m sure you’ve all been wondering whether the crypto bull market is back. I know that I have! This inspired me to take a closer look at what all the different indicators are saying to try and get an answer to this pressing question.
Not surprisingly, it’s a mixed bag. Price action is bullish, but the volume isn’t there. Crypto regulation is also getting worse in the US, but much better abroad. Crypto could also trade like a commodity in some places, not a risk asset.
On top of that we’ve got interest rates which seem to be peaking, but we may not see a pivot as soon as the markets are expecting. The crypto market cycle also suggests we could see another year of sideways price action, at least for alts.
This is one you can’t miss!
📣📣 COIN BUREAU NEWSFLASH! – (09/05/23)
Here are some of today’s most important headlines:
1️⃣ P2P Bitcoin Exchange Paxful Back Online After Temporary Suspension 🙌
Peer-to-peer Bitcoin exchange Paxful has reportedly resumed operations after being shut down for over a month. Notably, the marketplace had shut down in April after Paxful CEO Ray Youssef and co-founder Artur Schaback lobbed allegations at each other over misappropriation of company funds, money laundering and evasion of United States sanctions against Russia. According to Schabeck, Paxful is currently owned by a custodian, who serves as a director in addition to both Schabeck and Youssef.
https://www.coindesk.com/business/2023/05/08/paxful-marketplace-back-online-following-temporary-suspension
2️⃣ Bittrex Files for Bankruptcy Protection Less Than a Month After SEC Charges 🔎
Yesterday, crypto exchange Bittrex filed for Chapter 11 bankruptcy protection in the District of Delaware. Notably, the filing comes months after the exchange announced it would wind down operations in the country and weeks after being sued by the Securities and Exchange Commission (SEC).
The bankruptcy covers its Seattle-based entity Bittrex, Inc, two Bittrex entities in Malta and an affiliated entity Desolation Holdings LLC. According to the filing, the exchange estimates it has more than 100,000 creditors, with estimated liabilities and assets both within the $500 million to $1 billion range.
https://www.theblock.co/post/229861/bittrex-files-for-bankruptcy-protection-less-than-a-month-after-sec-charges
3️⃣ Human ID Project ‘Worldcoin’ Launches Gas-Free Wallet Only for Humans ❗️
Open AI founder Sam Altman’s crypto project, Worldcoin, has reportedly launched a gas-free crypto wallet for verified humans called the “World App.” The wallet currently runs on the Polygon network and works on both Android and iOS operating systems. Users can hold and transfer USDC, DAI, ETH, WLD and WBTC on the wallet gas-free as long as they are verified by the project’s “World ID” system which discriminates between humans and bots. In order to be verified by the system, users must supply a phone number or iris scan.
https://cointelegraph.com/news/human-id-project-worldcoin-launches-gas-free-wallet-only-for-humans
4️⃣ Binance to Bring Bitcoin NFTs to Its Marketplace Through Ordinals Support 🚀
Earlier today, crypto exchange Binance announced that it was bringing support for Ordinals inscriptions on its NFT marketplace later this month. The move is expected to further grow Binance’s “multi-chain ecosystem.”
Binance’s Head of Product Mayur Kamat stated,
“Bitcoin is the OG of crypto. We believe things are just getting started here and can’t wait to see what the future holds in this space.”
https://decrypt.co/139389/binance-to-bring-bitcoin-nfts-to-binance-nft-marketplace-through-ordinals-support
5️⃣ Bankman-Fried Asks Judge to Dismiss Post-Extradition Charges ⚖️
Sam Bankman-Fried (SBF), the former CEO of FTX, has reportedly asked a judge to dismiss the several criminal charges which were filed after his extradition from the Bahamas. SBF’s legal team argued that the charges violate the terms under which the Bahamian government extradited Bankman-Fried to the U.S. to face prosecution.
The filings state,
“After Mr. Bankman-Fried returned to this country, the government superseded the original indictment, not once but twice, improperly adding several new, unrelated charges without first obtaining the express consent of the Bahamian government.”
https://www.bloomberg.com/news/articles/2023-05-09/bankman-fried-asks-judge-to-dismiss-post-extradition-charges
📣📣 COIN BUREAU NEWSFLASH! – (08/05/23)
Here are some of today’s most important headlines:
1️⃣ Pepe Memecoin's 38% Slide Leaves Whale Nursing $500,000 Paper Loss 📉
The price of the PEPE is now almost 50% down from its all-time high of $0.0000043 on May 6th. While this sudden drop has surely affected many, data from Lookonchain reveals that one crypto “whale” who purchased 962.3 billion Pepe tokens at an average price of $0.000003122 on May 5, is currently nursing an unrealised loss of more than $600,000.
https://www.theblock.co/post/229726/pepe-coin-price-slide-whale-loss
2️⃣ 'Attack on Bitcoin’ Claims Circulate as Transaction Fees Climb Higher 🔎
Yesterday, members of the Bitcoin community on Crypto Twitter were fraught with fear over concerns of the network potentially being under a Distributed Denial of Service (DDoS) attack. The drama ensued after users of the network saw high transaction fees and a congested backlog of over 469,000 transactions waiting to be confirmed in Bitcoin’s mempool.
Twitter user “proofofjogi”, whose view was echoed by several Twitter users including Bitcoin-maxi Dylan LeClair, stated,
“High transaction fees are the chosen pain point by the attacker, probably to make [...] Bitcoin unusable for smaller players. We're in the then-they-fight-you-stage.”
However, several others fought against the attack claims by stating that the backlog of transactions was due to a surge in the popularity of Ordinals inscriptions on the network.
https://decrypt.co/139259/bitcoin-ddos-ordinals-inscriptions-attack
3️⃣ ‘No Other Options’: Hong Kong Moving Forward with Crypto Licensing, FinTech Chair Says 🧐
In a recent interview with Cointelegraph, Neil Tan- the chair of the FinTech Association of Hong Kong (FTAHK), confirmed that “Hong Kong is stepping forward” in permitting retail participation in crypto trading activities within its territory. Specifically, Tan stated that he expects licensing guidelines for crypto exchanges to be released sometime this month.
Tan stated,
“If there’s access to [crypto] in a legal and regulated way, then I'm sure participants will come. It is a ‘build it and they will come’ because there are no other options. The options are dwindling, actually.”
https://cointelegraph.com/news/hong-kong-to-step-in-as-options-are-dwindling-globally-fintech-chair
4️⃣ Binance Resumes Bitcoin Withdrawals After Second Pause, Says It's Adjusting Fees and Integrating Lightning Network 🛠
On Sunday, Crypto exchange Binance briefly paused BTC withdrawals twice for users after the Bitcoin network suffered from a record-high number of unconfirmed transactions.
Binance tweeted,
“To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed. Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations."
https://www.coindesk.com/business/2023/05/08/binance-pauses-bitcoin-withdrawals-for-the-second-time-in-24-hours
Hey Guys,
Central banks around the world have been rushing to roll out their CBDCs, and the ECB has arguably been the leader among the Western countries. The central bank recently published its third progress report about the digital Euro in less than a year.
What’s funny is that the ECB has been claiming that the digital Euro will never be programmable and will preserve privacy. These statements were called into question after Christine Lagarde was caught on a prank call admitting it will be used for control.
Not surprisingly, the third progress report seems to rebrand programmability as ‘conditional payments’ and includes no shortage of concerning statements. This begs the question of whether a digital Euro will be issued at all. The answer might surprise you.
You’ll have to watch until the end to find out!
📣📣 COIN BUREAU NEWSFLASH! – (06/05/23)
Here are some of today’s most important headlines:
1️⃣ Developer Inserts 'Bug' in Bitcoin Ordinals ❗️
A developer under the moniker “Supertestnet” has reportedly introduced a ‘bug’ in the popular Ordinals protocol by initiating a transaction that didn’t output a satoshi but was nevertheless seen as valid in the Ordinals system. This has resulted in the Ordinals’ inscription numbering system being off by one in its sequence and has sparked concerns that the whole protocol may now be broken.
Ordinals creator Casey Rodarmor stated,
“It shouldn't be possible to inscribe sats that you don't own, so this is a bug. However, fixing the bug by making [Ordinals] ignore this inscription would change inscription numbers after the curious transaction. I'm honestly not sure what to do!”
https://decrypt.co/139036/developer-inserts-bug-bitcoin-ordinals-how-bad-is
2️⃣ PEPE Meme Coin Hits $1 Billion Market Cap Fueled by Binance Listing 🐸
The frog-themed meme coin Pepe has broken into the top 50 cryptocurrencies by market cap list after amassing a total market cap of over $1 billion. Notably, this sudden surge in price for PEPE was due to crypto exchange Binance’s listing announcement of the coin.
The exchange’s announcement read,
“$PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. the coin is completely useless and for entertainment purposes only.”
https://cointelegraph.com/news/pepe-memecoin-hits-1-billion-market-cap-fueled-by-binance-listing
3️⃣ Binance Faces US Probe of Possible Russian Sanctions Violations 🔎
According to a Bloomberg report, the U.S. Department of Justice's national security division has launched a probe into whether crypto exchange Binance allowed Russian customers to access the exchange in violation of U.S. sanctions related to Russia's invasion of Ukraine. The report further states that this probe is running in parallel with an existing inquiry by the criminal division.
In response to the report, Binance stated,
“In 2021, Binance launched an initiative to completely overhaul its corporate governance structure, including bringing in a world-class bench of seasoned executives to fundamentally change how Binance operates globally. Our policy imposes a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.”
https://www.bloomberg.com/news/articles/2023-05-05/binance-faces-us-probe-of-possible-russian-sanctions-violations
4️⃣ New York Attorney General Seeks New Crypto Powers for State Regulators ⚖️
New York Attorney General Letitia James has reportedly submitted a new bill called the Crypto Regulation, Protection, Transparency and Oversight Act, or CRPTO, in the state’s 2023 legislative session.
The new bill seeks to give the New York Department of Financial Services (NYDFS) stronger authority to regulate digital assets as well as impose additional liability on crypto exchanges. Specifically, the bill seeks to make crypto exchanges responsible for reimbursing customers if they’re the victims of fraud.
https://www.coindesk.com/policy/2023/05/05/new-york-attorney-general-seeks-new-crypto-powers-for-state-regulators-report/
5️⃣ BNP Paribas To Promote Digital Yuan Usage In China 🇨🇳
According to a South China Morning Post report, the French bank BNP Paribas has partnered with the Bank of China (BOC) to promote China’s digital fiat money (e-CNY) to its corporate clients. Specifically, this will involve linking BNP Paribas' corporate clients to the BOC system.
The BOC system will allow users to manage their digital yuan wallets by linking them to their bank accounts. Users can then track transactions and make payments using China’s digital currency via an e-CNY management system.
https://www.scmp.com/tech/article/3219516/china-digital-currency-bnp-paribas-promote-digital-yuan-usage-china
📣📣 COIN BUREAU NEWSFLASH! – (05/05/23)
Here are some of today’s most important headlines:
1️⃣ North Carolina House Unanimously Votes to Ban Digital Dollar Payments to the State 🗳
On Wednesday, North Carolina's House of Representatives unanimously passed legislation prohibiting the state's agencies and institutions from accepting payments in central bank digital currencies (CBDC). The bill, which also bans the state from participating in any pilot tests CBDCs, saw 118 representatives voting in favour, with two representatives absent and none voting against the bill. The bill will now move to the Senate, where it must pass before being signed into law or vetoed by Governor Roy Cooper.
https://www.coindesk.com/policy/2023/05/04/north-carolina-house-unanimously-votes-to-ban-digital-dollar-payments-to-the-state
2️⃣ Kenya’s Government Plans Crypto, Influencer Tax as Cash Sources Dry ⚖️
The Kenyan government is reportedly planning to introduce a 3% tax on the transfer of digital assets and a 15% tax on monetised digital content in its upcoming budget proposal for the next financial year. Notably, the move comes as a result of Kenya’s sources of funding becoming increasingly inaccessible. Before being passed, the bill will undergo five rounds of readings, committees and reports by the National Assembly; after which it will then go to the president for final assent into law.
https://www.bloomberg.com/news/articles/2023-05-04/crypto-influencer-tax-in-kenya-budget-plans-as-cash-sources-dry
3️⃣ Securitize Expands Access to Hamilton Lane Tokenised Fund on Polygon 🤝
Blockchain firm Securitize is reportedly launching a new feeder fund that provides tokenised exposure to investment-management firm Hamilton Lane’s Senior Credit Opportunities (SCOPE) Fund. This is the second of three tokenised funds Hamilton Lane announced last year.
Securitize CEO Carlos Domingo stated,
"Many recent technology and blockchain innovations are solutions in search of problems. Securitize is solving a major problem faced by investors, particularly in private markets: finding liquidity when they need it."
https://www.theblock.co/post/229366/securitize-hamilton-lane-tokenized-fund-ploygon
4️⃣ Star Wars Limited Edition 'Digital Toy' NFTs Land on Flow ❗️
Yesterday, NFT startup Cryptoys announced that it had partnered with Disney to launch digital collectables based on the massively popular entertainment franchise ‘Star Wars’. Specifically, the partnership will see the release of “15 limited-edition Luke Skywalker, Princess Leia and Darth Vader collectable digital toys.” Each Star Wars NFT will reportedly sell for $39.99 and will be minted on the Flow blockchain.
https://decrypt.co/138944/cryptoys-launches-star-wars-digital-toys-nft-collection
5️⃣ Arbitrum’s Chronos Reaches $217M TVL With Staking, Becomes 8th Largest DEX 🚀
Yesterday, Arbitrum-based decentralised exchange Chronos set a new milestone by reaching $217 million in total value locked (TVL) in just under seven days after its launch. Notably, over $170 million of its TVL was achieved in a single day after the platform introduced asset staking. Some liquidity pools on Chronos reportedly offer as much as 2,300% to liquidity providers (LP) in the form of CHR tokens. This has made Chronos the eighth-largest DEX on the network.
https://cointelegraph.com/news/arbitrum-s-chronos-reaches-217m-tvl-with-staking-becomes-8th-largest-dex
Hey Guys,
Have you been looking for the next crypto that will 100x?
Well, this video is for you. It breaks down what we believe are the top 10 crypto categories to watch during the next bull run. Many of these cryptos continue to make lower lows – it’s a once in a lifetime opportunity.
I don’t want to give away too much here, so all I will say is that you should be aware of the macro environment when deciding which cryptos to choose. Higher interest rates means less money for speculation and more focus on fundamentals like fee revenue.
I’ll also note that the performance of most of these crypto categories depends on regulations. The good news is that lots of countries are in the process of passing reasonable crypto regulations. The bad news is that the US and its allies are not, but that’s a topic for later.
Enjoy!
Hey Guys,
Have you heard about the latest Solana killer? I am of course talking about Sui, the descendant of Facebook’s failed Diem crypto project which recently launched its main net. Like Aptos, Sui received a lot of funding, and appears to have a lot of potential.
What makes Sui unique is its consensus mechanism. Only simple transactions are processed via consensus, and novel technologies make it possible to order the complex pending transactions correctly. Sui is also super fast- 300k TPS is apparently possible.
To be clear, I don’t hold Sui as part of my portfolio, but I do think it’s a project to keep your eyes on. Like all crypto projects, it has its fair share of challenges and I do have my concerns, but this could be one of the top performing cryptos during the next bull market.
Enjoy!
https://youtu.be/_UTFIgSIMDI
🚨Rally Report🚨
PEPE
The price of PEPE has rallied by 34% in the past 24 hours.
WHY?!
Honestly? We don’t know. But here’s what happened in the last 24 hours.
📈 PEPE memes have been trending on all social channels. We believe this is mostly due to a heated Twitter Spaces discussion hosted by Twitter user Mario Nawfal. The discussion saw Twitter user Pauly0x present a case for the PEPE coin in an argument against Bitcoin maxis.
🔎 The trending socials could also be attributed to the recent Coinbase PEPE controversy that saw Coinbase’s Chief Legal Officer Paul Grewal apologise for the company newsletter’s controversial coverage of the coin.
🐸 Crypto exchange Gemini also recently listed the PEPE coin and announced a 1B PEPE giveaway.
If you want to buy or trade PEPE, we have an exclusive $40K Bonus & a 20% trading fee discount for life on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
“The token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 years ago as a comic-strip character. Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”
https://cointelegraph.com/news/coinbase-calls-pepe-a-hate-symbol-prompting-calls-to-boycott-the-exchange
📣📣 COIN BUREAU NEWSFLASH! – (10/05/23)
Here are some of today’s most important headlines:
1️⃣ NFT Collection Pudgy Penguins Raises $9 Million 🐧
Ethereum-based NFT collection Pudgy Penguins has reportedly raised $9 million in a seed funding round. The round was led by early-stage investment firm 1kx and saw participation from Big Brain Holdings, Kronos Research, Old Fashion Research, CRIT Ventures, and the founders of LayerZero Labs.
Notably, the funding round comes over a year after the previous founders were voted out for allegedly draining treasury funds and failing to meet community goals. The brand, now owned by serial entrepreneur Luca Schnetzler, will reportedly use the raised funds to scale its intellectual property and team.
https://decrypt.co/139470/pudgy-penguins-bucked-nft-crash-now-raised-9-million
2️⃣ Microsoft, Goldman Sachs, Others Partner in New Blockchain Network 🤝
Fintech firm ‘Digital Asset’ is reportedly launching a privacy-enabled blockchain in collaboration with several other partners including BNP Paribas, Cboe Global Markets, Paxos, Microsoft, Goldman Sachs, and Deloitte.
The blockchain, reportedly called the ‘Canton Network’, is built on Digital Asset’s smart contract language Daml and is expected to create an interoperable system where “assets, data, and cash” can synchronise across linked applications.
Cathy Clay, executive vice president of Cboe Global Market, stated,
“The tokenisation of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in the trading of products across the globe.”
https://cointelegraph.com/news/microsoft-goldman-sachs-others-partner-in-new-blockchain-network
3️⃣ Marathon Teams Up with Abu Dhabi's Zero Two for Middle East's First Large-Scale Liquid Cooled Bitcoin Mining 🚀
Bitcoin miner Marathon Digital has reportedly formed a joint venture (JV) with Abu Dhabi's sovereign wealth fund-backed digital assets infrastructure firm Zero Two to create the region’s first large-scale immersion bitcoin mining operation.
The new project, named the “Abu Dhabi Global Markets JV Entity”, will first develop two mining sites with a combined mining power capacity of 250 megawatts (MW) in Mina Zayed and Masdar City of the United Arab Emirates. The sites will reportedly be powered by excess energy from Abu Dhabi’s power grid, increasing its base load and sustainability. According to reports, the necessary mining equipment and infrastructure have already been ordered and construction is currently underway.
https://www.coindesk.com/business/2023/05/09/marathon-digital-in-jv-for-immersion-cooling-bitcoin-mining-in-abu-dhabi
4️⃣ Ex-Coinbase Manager Gets 2 Years for Insider Trading ⚖️
Ishan Wahi, the former Coinbase manager accused of insider trading, has reportedly been convicted and sentenced to two years in federal prison. US District Judge Loretta Preska pointed to “a massive abuse of Mr. Wahi’s employer’s trust” stating that it “was not just a one-time event” when handing him sentence on Tuesday in Manhattan. Wahi’s prison term is to be followed by two years of supervised release and a possible deportation to India.
https://www.bloomberg.com/news/articles/2023-05-09/ex-coinbase-manager-ishan-wahi-gets-2-years-for-insider-trading
5️⃣ Shaq Cries Foul: FTX Court Papers 'Tossed' At Car Mean He Was Never Served, Calls For Dismissal 🤔
In a May 8 court filing, NBA star Shaquille O’Neal’s lawyers asked the court to quash and dismiss the claims against Mr. O’Neal on the grounds that the two process servers inadequately delivered legal documents. Specifically, the lawyers claim two process servers “tossed” papers for a legal complaint in front of O’Neal’s moving car and that O’Neal did not stop to pick up the papers but left them in the road.
The filing reads,
“This purported ‘service’ is inadequate under Rule 4 of the Federal Rules of Civil Procedure and Georgia law. It should be quashed, and the claims against Mr. O’Neal dismissed.”
https://www.theblock.co/post/229987/shaquille-never-served-ftx-lawsuit
Hey Guys,
If you thought you were past the phase of worrying if your job is going to be replaced by AI, think again. The World Economic Forum has decreed that a quarter of all jobs will be disrupted by AI over the next few years.
This decree was issued in the WEF’s most recent ‘Future of Jobs’ report which is predicable in some ways and unpredictable in others. The moment I saw all the headlines about it, I knew I had to summarize it.
Not surprisingly, the WEF makes a lot of assumptions when it comes to job projections. The data it used also comes from 800 of its so called ‘stakeholders’. Even so, there were some surprising findings that you need to know about.
Enjoy!
🚨Rally Report🚨
BITCOIN SV
The price of BSV has rallied by 32% in the past 24 hours.
WHY?!
🔎 Recently, rumours about the founders of the Ordinals protocol and BRC-20 projects being related to the Bitcoin SV community have been floating around Twitter and some Chinese investor circles.
🤔 These rumours are likely behind the sudden massive pump of the BSV token.
If you want to buy or trade BSV, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
https://www.coinbureau.com/deals/trading/kucoin/
Hey Guys,
It’s been another wild week in the crypto market, and we're here to break it all down for you. For starters, we have no shortage of macro and crypto catalysts that moved the markets last week. It looks like this week will be no different.
At the same time the ‘then they fight you phase’ of crypto adoption is in full swing, and not just in the United States. Countries with the highest rate of crypto adoption such as Argentina and Nigeria are starting to target crypto too.
This is juxtaposed with the insanity we’ve seen with all the meme coins flying around. Not surprisingly, a couple of the managed to make the top performing cryptos list. I can’t say I’m too happy about it, but it is my duty to analyze their potential.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (07/05/23)
Here are some of today’s most important headlines:
1️⃣ Deloitte Integrates Blockchain for Digital Credentials 🚀
Big Four accounting firm Deloitte has reportedly integrated Polkadot parachain KILT Protocol’s technology to enable the issuance of reusable digital credentials to its customers. Deloitte believes the integration will improve the efficiency of its Know Your Customer (KYC) and Know Your Business (KYB) verification processes by allowing customers to store verification credentials in a single digital wallet.
https://cointelegraph.com/news/deloitte-integrates-blockchain-for-digital-credentials
2️⃣ DEUS Finance Loses $6M Following Stablecoin Hack ❌
According to blockchain security firm PeckShield, DeFi protocol Deus Finance has lost over $6 million of its DEI stablecoin after a hacker exploited a vulnerability in the token’s contract on the BNB Smart Chain and Arbitrum network. Deus has confirmed the attack, paused all contracts and burned DEI tokens to prevent further damage. The team also stated that it is planning to conduct a “comprehensive recovery and redemption plan” after a full analysis of the balances and snapshots.
https://cointelegraph.com/news/deus-finance-loses-6m-following-stablecoin-hack
3️⃣ Kazakhstan Collected $7M In Crypto Mining Taxes In 2022 🇰🇿
The government of Kazakhstan has reportedly received over $7 million in tax payments from crypto-mining entities since 2022. Notably, Kazakhstan ranks among the world’s top Bitcoin mining hubs. According to data from Cambridge Centre for Alternative Finance, Kazakhstan contributed 13.22% of the total Bitcoin hash rate, just behind the United States (37.84%) and China (21.11%) in Jan 2022.
https://cointelegraph.com/news/kazakhstan-collected-7m-in-crypto-mining-taxes-in-2022
Hey Guys,
Have you heard of the banking crisis? Because apparently the Fed hasn’t. Despite the fact that 4+ banks have gone down and there are some early warning signs of economic weakness, the Fed raised rates by another 25 basis points earlier this week.
This brings the effective Fed funds rate to between 5-5.25%, and it’s likely that the Fed will wait and see what effects its rate hikes will have on the economy. Then again, Jerome made some hawkish comments during the subsequent press conference.
This is probably it’s been referred to as a ‘hawkish pause’. Jerome made it clear that the Fed will be dependent on the incoming data, but he also made it clear that he’d like another rate hike. Case in point, he thinks there won’t be a recession!
Enjoy!
🚨Rally Report🚨
PEPE
The price of PEPE has rallied by 50% in the past 24 hours.
WHY?!
🎉 Yesterday, a number of major crypto exchanges including Binance, Crypto.com, Kucoin, and Huobi announced that they were listing the PEPE meme coin. Some of these exchanges even announced margin trading options for PEPE.
🔎 This led to a major speculation frenzy that saw the price of the coin jump by more than 10x in less than 24 hours.
If you want to buy or trade PEPE, we have an exclusive $40K Bonus & a 20% trading fee discount for life on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
📣📣 COIN BUREAU NEWSFLASH! – (04/05/23)
Here are some of today’s most important headlines:
1️⃣ Bhutan Plans $500 Million Crypto Mining Fund with Jihan Wu's Bitdeer 💰
Bhutan’s sovereign investment arm Druk Holding and Investments (DHI) has reportedly partnered with Nasdaq-listed mining company Bitdeer Technologies Group to raise up to $500 million for a crypto mining fund that will be used to create eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan.
Ujjwal Deep Dahal, CEO of DHI,
"The partnership with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation."
https://www.theblock.co/post/229192/bhutan-bitcoin-mining-fund-bitdeer
2️⃣ Mysten Labs' Sui Activates Mainnet, Entering Competitive Layer 1 Space 🚀
Sui, the much-awaited layer-1 blockchain developed by Mysten Labs, finally went live yesterday at exactly 11:30 am UTC. The crypto community seems excited about the launch, with Binance users reportedly depositing over $4B in assets to campaign farm SUI tokens. At the time of writing, the token price of SUI seems to have settled between the $1.3 to $1.4 range. This bodes well for pre-sale and public sale investors who purchased the token at $0.03 and $0.10 respectively. The Sui team has stated that it expects more than 200 dApps to go live on the network in the coming weeks.
https://www.theblock.co/post/229236/mysten-labs-sui-mainnet
3️⃣ FTX Seeks to Claw Back Nearly $4B in Ongoing Bankruptcy Case ❗️
Bankrupt crypto exchange FTX is reportedly seeking to claw back nearly $4 billion in funds from similarly bankrupt Genesis Global Capital. The move is a part of FTX’s efforts to recover value for creditors.
Specifically, FTX is seeking to claw back $1.8 billion in loans, a $273 million collateral pledge allegedly given to Genesis from FTX’s sister trading firm Alameda Research, and $1.6 billion in withdrawals allegedly made by Genesis. It is also seeking to claw back a further $213 million allegedly withdrawn by its BVI-based entity GGC International.
The filing reads,
"The Avoidance Actions will seek to claw back funds received by Genesis and non-debtor affiliates so that these funds can be shared with all other creditors of the FTX Debtors in the FTX Chapter 11 Cases. These creditors include several million customers owed over $11 billion as of the time of filing of FTX Chapter 11 Cases."
https://www.coindesk.com/policy/2023/05/03/ftx-seeks-to-claw-back-nearly-4b-in-ongoing-bankruptcy-case
4️⃣ TruthGPT, Elon Musk AI Crypto Tokens Draw the Ire of State Regulators ⚖️
Several U.S. state regulators have reportedly issued cease-and-desist orders against a group of entities that allegedly operated a crypto AI "investment scam" through the promotion of two cryptocurrencies named TruthGPT Coin and Elon Musk AI Token.
Specifically, the group of entities in question are San Francisco resident Horatiu Charlie Caragaceanu and his organisations, The Shark of Wall Street and Hedge4.ai. The order states that investors are being falsely informed of Elon Musk's endorsement of TruthGPT Coin through the use of animated avatars and images of Musk in the promotion of the tokens.
https://www.bloomberg.com/news/articles/2023-05-03/truthgpt-elon-musk-ai-crypto-tokens-draw-the-ire-of-state-regulators
5️⃣ Coinbase to Stop New Loans Against Bitcoin in Borrow Service ❌
Crypto exchange Coinbase is reportedly ceasing the issuance of new loans through its Borrow service. The product previously allowed certain U.S. customers to borrow fiat loans up to $1 million against as much as 40% of their bitcoin holdings, with interest. The exchange has now informed existing customers that they have until May 10 to take out new loans.
https://www.bloomberg.com/news/articles/2023-05-03/crypto-exchange-coinbase-to-stop-new-loans-via-borrow-service
Hey Guys,
In case you couldn’t tell, I’ve been hyper focused on crypto regulations recently. That’s because institutions need sensible crypto regulations to continue allocating capital into the crypto market. Unfortunately, there hasn’t been much of that in the US.
The SEC has been at the heart of the storm in this regard, and it recently sued the Bittrex cryptocurrency exchange. The lawsuit alleges that six cryptocurrencies are securities, including Algorand’s ALGO. Obviously, this caught the crypto industry by surprise.
That’s why I took it upon myself to unpack the SEC’s reasoning for why these six cryptos are securities. This reasoning might offer clues as to which crypto projects the SEC will target next. Let’s just say that I was very shocked at what I found, and I am very concerned.
You need to watch this ASAP.