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📣📣 COIN BUREAU NEWSFLASH! – (06/03/23)
Here are some of today’s most important headlines:
1️⃣ Texts From Crypto Giant Binance Reveal Plan to Elude U.S. Authorities: WSJ 🔎
According to a Wall Street Journal report, crypto exchange Binance reportedly attempted to hire Gary Gensler as an advisor when setting up its Binance US subsidiary, almost two years before Gensler became the chairman of the United States Securities and Exchange Commission. While Gensler reportedly declined advisor-ship, he helped Binance by sharing license strategies for its US entity.
The report states that Binance was concerned about staying out of the crosshairs of U.S. regulators while courting U.S. customers and as part of its strategy it planned to set up Binance US as a separate entity that only licensed software from Binance.
However, the report claims that according to its sources, Binance and Binance.US are much more intertwined than the companies have disclosed. They reportedly mixed and shared staff, finances and an affiliated entity that bought and sold cryptocurrencies. The software code supporting Binance.US users’ digital wallets was also reportedly maintained by Binance developers in China, potentially giving Binance access to U.S. customer data.
Sources cited by the report include messages and documents from 2018 and 2020, as well as interviews with former employees.
https://www.wsj.com/articles/texts-from-crypto-giant-binance-reveal-plan-to-elude-u-s-authorities-3a17ddeb
2️⃣ Snoop Dogg Revealed as Co-Founder Of Web3-Powered Livestream Platform 🤔
American rapper and actor Snoop Dogg has revealed that he along with tech entrepreneur Sam Jones co-founded the Web3-powered “live broadcast platform” called “Shiller." This is the latest in a series of Web3 partnerships by the artist.
Shiller will reportedly allow content creators to “token-gate” their streams and promote NFTs or other products from e-commerce websites. The platform is expected to release in April.
https://cointelegraph.com/news/snoop-dogg-revealed-as-co-founder-of-web3-powered-livestream-platform
3️⃣ ‘Scammers Dream’ — Yuga’s Auction Model for Bitcoin NFTs Sees Criticism 🥶
Yesterday, BAYC creator Yuga Labs announced that it was opening auction bids for its “Bitcoin NFT” collection titled ‘TwelveFold.’ The collection contains 300 NFT-like images inscribed on satoshis using the Bitcoin-native Ordinals protocol and 288 of these NFTs will reportedly be sent to the highest 288 bidders in the auction.
However, Yuga Labs has received criticism from its community for its auction method. Yuga Labs asked those participating in the bidding process to send their entire bid amount in Bitcoin to a unique BTC address controlled by Yuga.
It stated that it would return BTC to those unsuccessful in placing a top bid after the auction period. Critics have stated that while Yuga Labs is highly likely to initiate the refunds, this sets a bad precedent and have called the auction model a “scammers dream.”
https://cointelegraph.com/news/scammers-dream-yuga-s-auction-model-for-bitcoin-nfts-sees-criticism
4️⃣ PancakeSwap Version 3 Is Coming to BNB Smart Chain 🥞
According to a recent announcement by PancakeSwap, the decentralised exchange is rolling out a new version of its application in the first week of April to users on the BNB Smart Chain. The new version will reportedly feature a suite of upgrades, including more competitive trading fees and improved liquidity provisioning.
As part of the launch of the new version, PancakeSwap is launching a rewards campaign that will give users an airdrop of CAKE tokens if they contribute a certain amount of funds to the platform’s liquidity pools.
According to Mochi, the pseudonymous head chef of PancakeSwap, the new features will offer users a better experience and help make DeFi accessible to more people than ever before.
https://decrypt.co/122756/pancakeswap-version-3-is-coming-to-bnb-smart-chain
📣📣 COIN BUREAU NEWSFLASH! – (05/03/23)
Here are some of today’s most important headlines:
1️⃣ Prosecutors Say SBF Should Only Access Approved Websites ⚖️
Federal prosecutors have reportedly proposed new bail conditions for former FTX CEO Sam Bankman-Fried (SBF) in a recent proposal submitted to District Judge Lewis Kaplan of the Southern District of New York.
The proposal suggests placing a severe limit on SBF’s technological access and connection to the internet. Specifically, it seeks to prohibit SBF from using smartphones, tablets, computers and any type of video game platforms or devices that allow chat and voice communication and restricts his communication to "a flip phone or other non-smartphone with either no internet capabilities or internet capabilities disabled."
It also proposes to install security software on SBF's laptop in order to monitor his online activity and restrict his internet access to a select list of whitelisted websites and online tools, including Zoom, government websites, news sites like Bloomberg, the New York Post and The Block, streaming services Netflix and Spotify, and consumer delivery apps Uber Eats and Door Dash.
https://www.theblock.co/post/217181/prosecutors-say-sbf-should-only-access-approved-websites-he-wants-door-dash-and-the-new-york-post
2️⃣ Jack Dorsey's Block Launches Service Provider to Make Lightning More Reliable 🚀
TBD, a division of the fintech company ‘Block’ led by CEO Jack Dorsey, has reportedly launched a new venture named ‘c=’ (pronounced “c equals”) to improve the liquidity and routing of the Bitcoin Lightning Network through tools and services.
The official announcement reads,
“Connecting to the Lightning Network requires liquidity in the form of bitcoin. C= will build infrastructure using the bitcoin it is committing to the network so that businesses and wallets can make their Lightning transactions more reliable and dependable.”
https://www.coindesk.com/tech/2023/03/02/block-launches-new-service-provider-to-make-lightning-more-reliable
3️⃣ Binance CEO ‘CZ’ Denounces Rumour 'Widely' Spread On China's WeChat ❌
In a tweet posted yesterday, Binance CEO Changpeng Zhao (CZ) denied the recent “widely spread” WeChat rumours of him being ‘shot’ by the US law enforcement agency ‘The Federal Bureau of Investigation’. CZ reiterated that Binance had a close working relationship with the FBI and that the rumour was simply FUD. Metamask security analyst Harry Denley drew comparisons of the CZ rumour to a similar false rumour that was being spread about Ethereum co-founder Vitalik Buterin in 2017 of “dying in a car crash.”
https://cointelegraph.com/news/cz-denounces-false-rumor-widely-spread-on-china-s-wechat
📣📣 COIN BUREAU NEWSFLASH! – (04/03/23)
Here are some of today’s most important headlines:
1️⃣ Silvergate Shuts Crypto Payments Network as Company Reels from Crises ❌
Silvergate Capital Corp. has announced that it will be discontinuing the Silvergate Exchange Network (SEN)- the payments network that institutions used to move money to crypto exchanges. The shutdown comes shortly after credit rating agency Moody's downgraded Silvergate's credit rating for the second time in less than two weeks. Silvergate had also expressed concerns about its own viability earlier this week.
https://www.bloomberg.com/news/articles/2023-03-03/silvergate-payment-network-suspended-as-bank-questions-viability
2️⃣ Coinbase Purchases One River Digital In Move Into Asset Management Business 🤝
Crypto exchange Coinbase has acquired institutional digital asset manager ‘One River Digital Asset Management’ (ORDAM) as part of its plans to expand beyond its core business catering to retail customers.
ORDAM will reportedly operate as an independent business and be renamed as ‘Coinbase Asset Management’ (CAM). ORDAM’s founder Eric Peters who currently serves as the CEO and chief investment officer of ORDAM’s parent company ‘One River Asset Management’ will also serve as the CEO and CIO of CAM.
https://www.theblock.co/post/216885/coinbase-purchases-one-river-digital-in-move-into-asset-management-business
3️⃣ ConsenSys zkEVM Set for Public Testnet to Go Live on March 28 📆
Blockchain development firm ConsenSys has announced the upcoming release of a public testnet for its zkEVM rollup network compatible with Ethereum on March 28th. The zkEVM’s private beta testnet which was launched in December has reportedly processed over 350,000 transactions.
While ConsenSys was not able to confirm a date for when their zkEVM will move out of the testnet phase, Nicolas Liochon- the head of R&D at ConsenSys and lead for the ZK Business Group stated that it should happen by the end of 2023.
https://www.coindesk.com/tech/2023/03/03/consensys-developer-of-ethereum-software-says-zkevm-public-testnet-to-go-live-march-28
4️⃣ Uniswap Wants To Launch Mobile Wallet, But Apple Won’t Greenlight Its Launch 🔴
Uniswap Labs, the entity behind the popular DEX on Ethereum, has announced plans to launch a new self-custodial mobile wallet for iPhone users. The mobile wallet will reportedly offer users the ability to check price charts and search for any token across various networks and also swap crypto on layer-1 or layer-2 networks without having to switch blockchains.
However, a spokesperson for Uniswap Labs indicated that it was having trouble with Apple’s App Store regarding its mobile wallet by stating,
“Apple won’t yet green-light our launch and we don’t know why – we’ve responded to their concerns, answered every question and reiterated that we are 100% compliant with their specifications.”
https://cointelegraph.com/news/uniswap-wants-to-launch-mobile-wallet-but-apple-won-t-green-light-it-s-launch
5️⃣ Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts: WSJ 🔎
According to an exclusive report by the Wall Street Journal, stablecoin issuer Tether used shadowy intermediaries, falsified documents and shell companies to open bank accounts in the names of executives of various companies to maintain its access to the global financial system in 2018.
In an email viewed by The Wall Street Journal, Stephen Moore, a major owner of Tether Holdings Ltd reportedly stated that one of those intermediaries who was a major tether trader in China was trying to “circumvent the banking system by providing fake sales invoices and contracts for each deposit and withdrawal.”
Tether’s chief technology officer Paolo Ardoino responded to the report by tweeting that it contained a "ton of misinformation and inaccuracies.”
https://www.wsj.com/articles/crypto-companies-behind-tether-used-falsified-documents-and-shell-companies-to-get-bank-accounts-f798b0a5
At an Ethereum developer meeting yesterday, Ethereum’s core developers confirmed that they were pushing back the highly anticipated Shanghai upgrade to the first two weeks of April. The developers now plan to launch the Goerli testnet, which is a final dress rehearsal for the Shanghai hard fork, on or around March 14.
https://decrypt.co/122611/ethereum-staking-withdrawals-april
📣📣 COIN BUREAU NEWSFLASH! – (02/03/23)
Here are some of today’s most important headlines:
1️⃣ Fan Token Project Chiliz Sets Up $50M Incubator Backed by Jump Crypto 🚀
Chiliz, the global company behind the blockchain-based sports token platform, has launched a $50 million incubator and accelerator program called ‘Chiliz Labs’ with the support of Jump Crypto.
Chiliz Labs will reportedly invest in early-stage blockchain projects that build on Chiliz's layer 1 blockchain and leverage the Socios.com partner network. Chiliz announced that LiveLike and FanFest are the first two companies to build on the new chain and that it expects to announce another eight to 10 more enterprise-level projects building on it soon.
https://www.coindesk.com/business/2023/03/01/fan-token-project-chiliz-sets-up-50m-incubator-backed-by-jump-crypto
2️⃣ Snoop Dogg Joins Crypto Casino Roobet as ‘Chief Ganjaroo Officer’ 🎰
Music icon Snoop Dogg has partnered with crypto casino platform Roobet as its ‘Chief Ganjaroo Officer.’ Roobet reportedly plans to conduct several events and raffles to celebrate the partnership, including a meet and greet and backstage passes.
Snoop Dogg stated,
“Turns out, I’ve been a kangaroo this entire time. These guys are doing something different. This partnership just feels natural, and we’re going to blaze a trail for the future of online entertainment.” Adding, “Roobet took amazing care of me even before they knew who I was, bringing the ultimate player experience, and I been sayin’ Roooooo ever since. We share the love of doing new things, and we care about our fans—so we’re gonna change the game and do it better than it’s ever been done.”
https://decrypt.co/122434/snoop-dogg-joins-crypto-casino-roobet-as-chief-ganjaroo-officer
3️⃣ Polygon Launches Decentralised ID Product Powered by ZK Proofs 💡
Layer-2 scaling protocol Polygon has launched Polygon ID- a decentralised identity solution that uses zero-knowledge proofs (ZK proofs) to allow users to verify their identities or credentials online without revealing sensitive information.
The public launch comes almost 12 months after it was first launched in a closed environment to a select group of builders and features four new tools in the Polygon ID toolset — Verifier SDK, Issuer Node, Wallet SDK and Wallet App. These tools are expected to allow Polygon developers to integrate decentralised identity into their applications.
https://cointelegraph.com/news/polygon-launches-decentralized-id-product-powered-by-zk-proofs
4️⃣ Redeem Raises $2.5 Million to Transfer NFTs Over Text Message 💰
Blockchain agnostic connectivity layer Redeem has raised $2.5 million in a pre-seed funding round that was led by Kenetic Capital and saw participation from Monochrome Capital, The Fund, KCRise Fund, KESTREL 0x1, VC3 DAO, CMT Digital and Flyover Capital.
Redeem will reportedly use the funds to build its infrastructure product that will enable users to tap into web3 using their phone numbers and messaging apps such as Apple's iMessage, WhatsApp or text messages without adding a crypto interface or gas fees.
Kenetic Founder Jehan Chu stated,
“Adoption is the Holy Grail of Web3. Redeem’s core features allow users to access the universe of Web3 in seconds with no prior crypto blockchain knowledge. This is a game-changer for traditional enterprise companies who want to reduce cost and drive new user engagement via Web3 without complicated or risky crypto processes.”
https://www.theblock.co/post/215721/redeem-raises-2-5-million-to-transfer-nfts-over-text-message
Hey Guys,
In case you missed the memo, it's the Fed that's been moving the markets for over a year now. Investors have been watching what the Fed does and listening to what the Fed says about inflation and interest rates, which is why the Fed minutes are so significant.
Although the Fed's most recent minutes are from the meeting Fed officials had at the end of January, much of what was said continues to hold true today. The data that's come out between now and then has only underscored the fact that the Fed won't be pivoting.
What surprised me was that the Fed seemed to discuss stablecoins and directly discussed cryptocurrencies in their most recent meeting. This is significant because the Fed has been directly involved in the recent crypto crackdown we've seen in the United States.
This is a video you don't want to miss!
🚨Rally Report🚨
SINGULARITYNET
The price of AGIX has rallied by 14% in the past 24 hours.
WHY?!
❓ The rally seems to be largely due to recent rumours of Elon Musk planning to build a ChatGPT competitor.
🚀 Investors are also excited due to the project’s upcoming Cardano staking portal that is set to launch a beta testing version this month.
If you want to buy or trade AGIX, we have an exclusive 60% trading fee discount for one month, a bonus of up to $8,000 and $20 FREE on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
Hey Guys,
We recently did a video about Cyber Polygon, the cyber attack simulation the WEF conducted with the help of Russia's largest back in 2020. Some of you may recall that the video was the first of a two part series. Well, I'm here to deliver the second part.
I must admit that Cyber Polygon 2021 was a lot more low key than the 2020 edition. I suspect this has something to do with all the speculation that came after the 2020 edition. That said, there's still lots of concerning stuff in there that needs to be unpacked.
There was supposed to be a Cyber Polygon 2022, but it never happened. This is of course because of the war in Ukraine, which seems to have put Russia out of favor with the WEF. However, it may have also created the conditions for the cyber attack the WEF wants.
Enjoy, if you can...
📣📣 COIN BUREAU NEWSFLASH! – (28/02/23)
Here are some of today’s most important headlines:
1️⃣ Bored Ape Yacht Club Creator Yuga Labs Reveals First Bitcoin NFT Project 🚀
According to an announcement made yesterday, Bored Ape Yacht Club creator Yuga Labs is planning to release an NFT collection minted on the Bitcoin-based Ordinals protocol later this week.
The NFT collection will reportedly be called ‘TwelveFold’ and will feature 300 generative art NFTs placed on a 12x12 grid that serves as “a visual allegory for the cartography of data on the Bitcoin blockchain.” Yuga Labs stated that the artwork for the generative art NFTs will include 3D elements as well as hand-drawn features.
Yuga Labs co-founder Greg Solano stated,
“All of these choices are a departure from what’s expected from Yuga. But, you know. Fuck doing expected things. We’re excited about Ordinal inscriptions and what the future holds for digital artifacts on Bitcoin.”
https://decrypt.co/122302/bored-ape-yacht-club-creator-yuga-labs-reveals-first-bitcoin-nft-project
2️⃣ Robinhood Subpoenaed by SEC Over Brokerage’s Crypto Business ⚖️
According to Robinhood Market’s latest 10-K filing, the brokerage received an investigative subpoena from the U.S. Securities and Exchange Commission (SEC) in December. The subpoena related to Robinhood’s “cryptocurrency listings, custody of cryptocurrencies, and platform operations” among other things.
Robinhood stated,
“To the extent that the SEC or a court determines that any cryptocurrencies supported by our platform are securities, that determination could prevent us from continuing to facilitate trading of those cryptocurrencies (including ceasing support for such cryptocurrencies on our platform).”
https://www.bloomberg.com/news/articles/2023-02-27/robinhood-subpoenaed-by-sec-over-brokerage-s-crypto-business
3️⃣ Mitsubishi, Fujitsu and Other Tech Firms to Create ‘Japan Metaverse Economic Zone’ 🇯🇵
Ten major Japanese technology, manufacturing and finance firms are reportedly teaming up to create the infrastructure for an interoperable open metaverse structure called RYUGUKOKU that will serve as the base for a multipurpose virtual universe called the “Japan Metaverse Economic Zone.”
The ten companies in the group are JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu, Mitsubishi Corporation and TBT Lab Inc. Each company in the partnership plays a specific role in building the project which will serve as a virtual world to connect users to different Web3 services created by companies and government agencies.
https://www.coindesk.com/web3/2023/02/27/mitsubishi-fujitsu-and-other-tech-firms-to-create-japan-metaverse-economic-zone
4️⃣ Coinbase To Halt Trading of Binance USD on March 13th ❌
Crypto exchange Coinbase is reportedly going to suspend trading of the Binance USD (BUSD) stablecoin on the platform from March 13th. It stated that as per its own “internal monitoring and review processes” the stablecoin no longer met its “listing standards and will be suspended."
The suspension will affect Coinbase.com (Simple and Advance trade), Coinbase Pro, Coinbase Exchange and Coinbase Prime. However, the company stated that users will still have access to their BUSD funds and be able to withdraw them at any time.
https://cointelegraph.com/news/coinbase-announces-suspension-of-busd-trading-beginning-march-13
5️⃣ Binance CEO Responds to Forbes Claims: ‘They Don’t Know How an Exchange Works’ 🤔
Binance co-founder and CEO Changpeng Zhao (CZ), took to Twitter to respond to a recent Forbes article about the exchange and its recent “shuffling” of funds. CZ labelled the article as ‘FUD’ and stated that the authors did not seem to “understand the basics of how an exchange works” as users were “free to withdraw their assets any time they want.”
Hey Guys,
The crypto market has been crazy lately, and it looks like we're just getting warmed up. The uncertainty around things like inflation, interest rates, and crypto regulation are finally starting to weigh on the crypto market.
Between all the bad news, there have been a few bullish altcoin updates, namely for Ethereum, Ankr, and Tezos. The fact that institutions continue to show interest in crypto despite the circumstances is super bullish, but it won't create a bull market.
On top of all of this, it appears that crypto is starting to play a more important role in geopolitics. The disconnect in crypto regulations being announced around the world suggests that some jurisdictions are looking for regulatory arbitrage for many reasons.
This week's crypto review is one you don't want to miss!
🚨Rally Report🚨
STACKS
The price of STX has rallied by 20% in the past 24 hours.
WHY?!
📈 Bullish sentiments among investors due to the hype surrounding Bitcoin ‘NFTs’ and the upcoming activation of the Stacks 2.1 upgrade at Bitcoin block 781,551 (March 20, 2023).
📊 Social metrics platform LunarCrush noted that the hourly social engagements for STX hit 6.11M yesterday. This is the highest point in the last 90 days, indicating increased community participation on social media.
If you want to buy or trade STX, we have a 40% trading fee discount for you on OKX 👇
https://www.coinbureau.com/deals/trading/okx/
Hey Guys,
Are those heavy handed crypto regulations getting you down? Don't you wish that you could live in a country that is more welcoming of this revolutionary technology?
Well, in my video today, I am going to take you through my updated list of the top 5 most crypto friendly countries. Not only will I give you everything you need to know about their crypto regulations but I will also take a look at their tax policies, quality of life and cost of living.
It's my hope that this video could serve as a template for you to make an informed decision about any potential move that you may have been mulling over.
So, join me as we begin our crypto world tour!
Hey Guys,
It's been a wild week, and I think this week is going to be even wilder. Because I can't predict the future, I may as well tell you about the past. After all, knowing what's happened can often give you a sense of what will come next. That's the point of my weekly reviews!
The biggest headline last week was Silvergate shutting down the Silvergate Exchange Network. I can't stress just how important this piece of infrastructure was for the operation of the crypto market. It allowed for 24/7 access to fiat and crypto, and now it's gone.
The absence of the SEN could be why BTC's price action was so bizarre over the weekend. It also sets a precedent for some potential disconnections between different parts of the crypto market. Notably, it's another domino to fall in Operation Chokepoint 2.0.
And finally, we finish off with Ben Cowen's price analysis of ADA.
P.S. Enjoy that intro 😉
🚨Rally Report🚨
CONFLUX
The price of CFX has rallied by 8% in the past 24 hours.
WHY?!
📈 The price of CFX is at a key resistance level, investors are speculating for the price to break out due to the bullish momentum from recent events.
💰 This includes the recent $10 million investment in Conflux by market maker DWF Labs.
🤝 And its recent partnership with Alchemy Pay that provides users with access to an easy fiat on-ramp payment solution.
If you want to buy or trade CFX, we have an exclusive 60% trading fee discount for one month, a bonus of up to $8,000 and $20 FREE on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
Hey Guys,
Not sure if you heard the news, but the EU passed ESG regulation which went into force in January this year. If you think this doesn't apply to you, think again. The provisions in the ESG regulation could very apply to suppliers and consumers around the world.
Not surprisingly, the EU's ESG's push came at the start of the pandemic, which is the same time that Blackrock CEO Larry Fink published an open letter telling the CEOs of all the companies the asset manager is investing in to comply with ESG criteria, or else.
Since that time we've seen no shortage of ESG initiatives, but almost all of these have come from the private sector. The EU's ESG regulation is the first imitative to come from the public sector, and it's being described as ambitious by its biggest fans. Yikes.
This is a video you don't want to miss!
🚨Rally Report🚨
SINGULARITYNET
The price of AGIX has rallied by 8% in the past 24 hours.
WHY?!
📈 Bullish speculation due to the recent popularity of AI products.
🤔 Elon Musk tweeted a couple of memes on the technological singularity yesterday. Traders seem to be leveraging the title of the project to engage in speculative hype-driven trading.
If you want to buy or trade AGIX, we have an exclusive 60% trading fee discount for one month, a bonus of up to $8,000 and $20 FREE on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
🚨Rally Report🚨
SYNTHETIX
The price of SNX has rallied by 11% in the past 24 hours.
WHY?!
🎉 The network officially rolled out its Synthetix V3 on mainnet recently. This transitions the network from a debt pool liquidity model to a distributed pool model.
🤔 This is expected to increase liquidity by allowing liquidity providers to contribute liquidity in different pools across multiple markets.
🐳 This has led to Synthetix becoming one of the most used smart contracts among the top 100 ETH whales in the last 24 hours.
If you want to buy or trade SNX, we have a 40% trading fee discount for you on OKX 👇
https://www.coinbureau.com/deals/trading/okx/
Hey Guys,
It's no secret that the crypto industry has been facing extreme regulatory scrutiny recently. This is why I felt compelled to cover Chainalysis' crypto crime report for 2023. Obviously this report is about all the crypto crime that happened in 2022.
The bad news is that crypto crime hit a record high last year, and this is likely to result in more regulatory scrutiny. The good news is that most of this crypto crime is related to sanctions, which of course only became an issue after Russia invaded Ukraine.
Still, the fact that lots of illicit funds are being cashed out using centralized exchanges and other crypto-fiat off ramps tells me that some serious scrutiny is coming. The continued expansion of crypto sanctions could also cause issues for the crypto market.
Everything you need to know is in today's video.
📣📣 COIN BUREAU NEWSFLASH! – (03/03/23)
Here are some of today’s most important headlines:
1️⃣ U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody 🧐
In a letter to several banking agencies on Thursday, U.S. Senator Cynthia Lummis and Congressman Patrick McHenry criticised crypto accounting guidelines set by the U.S. Securities and Exchange Commission stating that it “places customer assets at greater risk of loss if a custodian becomes insolvent or enters receivership.”
The guidelines ask financial companies holding crypto for customers to recognise all digital assets they do not control as a liability. The lawmakers ask the agencies if they plan to direct banks and other financial institutions within their jurisdiction to comply with the terms of the bulletin or if they believe the SEC bulletin potentially weakens consumer protection as they argue that it will “likely” discourage regulated entities from engaging in digital asset custody
https://www.coindesk.com/policy/2023/03/02/us-lawmakers-argue-sec-accounting-policy-undermines-safe-crypto-custody
2️⃣ Crypto Firms Jump Ship from Silvergate- Crypto’s Favorite Bank Partner ❗️
Several firms, including Coinbase Global Inc., Circle Internet Financial, Paxos Trust Co. and Galaxy Digital Holdings Ltd, have recently announced that they plan to cut ties with crypto-friendly bank Silvergate Capital after it recently stated that it was at risk of being “less than well-capitalised” and was evaluating its ability to continue doing business. As a result, Silvergate’s stock reportedly fell by 58% on Thursday.
https://www.wsj.com/articles/crypto-firms-ditch-silvergate-a-favorite-bank-partner-e2ad0ba3
3️⃣ FTX Stakeholder Report Shows 'Massive Shortfall' Of Assets 🥶
In a new presentation filed on Thursday, FTX CEO John Ray III confirmed a “massive shortfall” in assets for FTX and its corporate family, with billions worth of customer funds missing from both the exchange and its United States-based arm, FTX US.
The presentation revealed that FTX had $2.2 billion of total assets in exchange wallets and fiat accounts, of which only $694 million consisted of the most liquid “Category A Assets” that include cash, stablecoins, BTC or ETH.
FTX.US also reported an asset shortfall, with $191 million of total assets identified in wallets associated with the exchange, as well as $28 million in customer receivables and $155 million in receivables from related parties. The presentation also shows that Alameda Research borrowed $9.3 billion from the FTX.com wallets and accounts and $107 million from FTX US.
FTX CEO John J. Ray III stated,
“The exchanges' assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent. For these reasons, it is important to emphasise that this information is still preliminary and subject to change.”
https://www.theblock.co/post/216725/ftx-stakeholder-report-shows-massive-shortfall-of-assets
4️⃣ Near Protocol Releases Blockchain Operating System For Web3 🚀
At the ETHDenver industry conference, layer 1 blockchain network Near Protocol announced that it was launching a new product-first blockchain operating system that will allow developers and users to build and interact on a single platform. This is expected to improve user experience on Web3 through a common layer for browsing and discovering open web resources.
Near co-founder Illia Polosukhin stated,
“The iOS provides developers [with] a place to show their app in front of billions of users, and it gives them all the services and the infrastructure underneath to build, so you kind of just plug in here. That’s what we’re trying to do, trying to kind of give the distribution here, give the platform underneath and let developers build.”
https://cointelegraph.com/news/near-protocol-releases-blockchain-operating-system-for-web3
5️⃣ Ethereum Devs Confirm ETH Staking Withdrawals Pushed to April 📌
📣📣 COIN BUREAU NEWSFLASH! – (01/03/23)
Here are some of today’s most important headlines:
1️⃣ Former FTX Engineering Director Nishad Singh Pleads Guilty to Criminal Charges ⚖️
Nishad Singh, the former FTX Director of Engineering, reportedly pleaded guilty to six criminal charges in a New York court on Tuesday. Specifically, Singh has agreed to plead guilty to one count of wire fraud, one count of conspiracy to commit wire fraud on FTX customers, and one count of conspiracy to commit commodities fraud.
Shortly after he pleaded guilty, both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission announced that they were also charging Singh with violating the anti-fraud provisions under the Securities Act and the Commodity Exchange Act. Singh has reportedly consented to a “bifurcated settlement” (subject to court approval) regarding the SEC charges.
https://www.reuters.com/legal/ftxs-singh-agrees-plead-guilty-us-criminal-charges-lawyer-says-2023-02-28/
2️⃣ France Passes New Crypto Registration Rules for Firms 🇫🇷
The French National Assembly has reportedly voted in favour of legislating stricter licensing rules for new cryptocurrency firms operating in the country as part of a broader bill aimed at harmonising local laws with European Union standards. The bill passed with 109 votes (60.5%) in favour to 71 (39.5%) against. President Emmanuel Macron now has 15 days to either approve the bill or send it back to the legislature before it can become law.
https://www.theblock.co/post/215461/france-passes-new-crypto-registration-rules
3️⃣ Visa Says It's Not Slowing Down Plans for Crypto Products ❌
Visa has rejected claims made by a recent Reuters report that stated the payments giant was delaying the launch of new partnerships with crypto firms due to the increasing regulatory scrutiny of the industry.
Cuy Sheffield, the Head of Crypto at Visa, tweeted,
“We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way. Despite the challenges and uncertainty in the crypto ecosystem, our view has not changed that fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem. This is the time to build!”
https://decrypt.co/122407/visa-not-slowing-down-crypto-plans
4️⃣ Coinbase Launches Grassroots Campaign for Pro-Crypto Policy in The U.S. ✍🏼
According to a recent Twitter thread by Coinbase, the crypto exchange is launching ‘#Crypto435’- a grassroots campaign aimed at advancing “pro-crypto policy in all 435 Congressional Districts across the U.S.”
As part of the thread, Coinbase posted a link to an online petition that stated it would provide users who signed up with “information about how to contact specific politicians in their local districts, what those politicians’ records on crypto are, tips for making [their] voices heard in D.C., and more.”
Coinbase’s tweet reads,
“The crypto community has reached an important moment. Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto.”
https://cointelegraph.com/news/coinbase-launches-grassroots-campaign-for-pro-crypto-policy-in-the-u-s
5️⃣ Gaming Engine Unity Taps MetaMask, Immutable X and Solana for Web3 Developer Tools ⚒
Leading game developer platform Unity has announced that it is adding a new “decentralisation” category page in its asset store. The category aims to support developers interested in merging decentralisation into their projects and will reportedly feature support for 13 different “vetted” blockchain-based software developer kits (SDKs), from chains and products including Algorand, Aptos, Dapper Labs’ Flow blockchain, Immutable X, MetaMask, Solana and Tezos.
https://www.coindesk.com/web3/2023/02/28/gaming-engine-unity-taps-metamask-immutable-x-and-solana-for-web3-developer-tools
Citing blockchain data, Forbes accused the crypto exchange of exposing its users to risk by transferring “$1.8 billion of collateral” meant to back its customers' stablecoins" to hedge funds such as Tron, Amber Group and Alameda Research between August and December 2022.
In a report by ‘The Block’, a Binance spokesperson responded by stating,
"The on-chain transactions identified relate to internal wallet management. While Binance has previously acknowledged that wallet management processes for Binance-pegged token collateral have not always been flawless, at no time was the collateralisation of user assets affected. Processes for managing our collateral wallets have been fixed on a longer-term basis and this is verifiable on-chain."
https://www.theblock.co/post/215448/binance-bites-back-against-forbes-report-claiming-transfer-of-1-8-billion-in-client-collateral
📣📣 COIN BUREAU NEWSFLASH! – (27/02/23)
Here are some of today’s most important headlines:
1️⃣ BitFlyer Founder Seeks Comeback to Calm Crypto Exchange Turmoil 🤔
In a recent interview with Bloomberg, Yuzu Kano, the co-founder of Japanese crypto exchange BitFlyer, stated that he is planning to reinstate himself as CEO of the firm in a shareholders meeting next month.
If reinstated, Kano reportedly plans to reinvigorate what he claims is a stagnating firm by introducing stablecoins to the trading platform, building a token-issuance operation, open-source bitFlyer’s “miyabi” blockchain to the public, and pursuing an IPO in the coming months.
https://www.bloomberg.com/news/articles/2023-02-26/japan-s-bitflyer-founder-seeks-comeback-to-calm-crypto-turmoil
2️⃣ Speculators Push Price of Testnet Ether on Goerli Network To $1.60 🧐
The price of testnet ether on the Goerli testnet has reportedly spiked to $1.60 after cross-chain platform LayerZero created a way for Goerli's testnet ether to be traded and swapped between the Ethereum mainnet and the Goerli testnet.
Critics have responded to the development negatively, warning that the monetisation of testnet ether would render it less suitable for its main purpose, which is to help support pre-production testing.
Polygon’s Chief Information Security Officer Mudit Gupta tweeted,
"This is the start of the end of Goerli testnet. It served us well. Testnet ether is supposed to be free, but is being marked up by speculators."
https://www.theblock.co/post/215248/speculators-push-price-of-testnet-ether-on-goerli-network-to-1-60
3️⃣ Coinbase Hit with Proposed Trademark Lawsuit Over Nano Derivative Products ⚖️
According to a Feb. 24 filing with the California Northern District Court, crypto firm NanoLabs has accused crypto exchange Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products of infringing on the trademark rights owned by NanoLabs.
NanoLabs alleges that this has caused economic detriment to its brand identity, resulting in “actual damage and irreparable harm.” It is reportedly seeking at least $5 million in damages, corrective advertising from Coinbase, destruction of all trademark infringing materials, and the forfeiture of all profits Coinbase made using Nano trademarks.
https://cointelegraph.com/news/coinbase-hit-with-proposed-trademark-lawsuit-over-nano-derivative-products
4️⃣ Liquid Staking Replaces DeFi Lending as Second-Largest Crypto Sector 📊
According to data from DeFi Llama, the liquid staking sector has overtaken the DeFi lending and borrowing sector to become the second-largest crypto market sector by Total Value Locked (TVL). This is likely due to anticipation surrounding Ethereum's upcoming Shanghai upgrade. The data revealed that the TVL in liquid staking protocols was $14.1 billion while TVL in DeFi lending and borrowing protocols was $13.7 billion on Monday.
https://www.coindesk.com/markets/2023/02/27/liquid-staking-replaces-defi-lending-as-second-largest-crypto-sector
📣📣 COIN BUREAU NEWSFLASH! – (26/02/23)
Here are some of today’s most important headlines:
1️⃣ Platypus Finance Says French Police Took Suspected Hackers into Custody 👮♂️
The French National Police has reportedly arrested two people suspected of being involved in the $9.1 million exploit on the DeFi platform Platypus Finance. The police stated that they identified the hackers via a KYC-verified Binance account that was being used to cash out the stolen funds. The authorities have seized 210,000 euros worth of crypto from the hackers.
https://cointelegraph.com/news/french-police-arrest-2-people-in-connection-to-platypus-attack
2️⃣ Solana Back Online After Second Restart Attempt 🙌
The Solana blockchain is back online after two attempts to restart the network. According to the monitoring site ‘Solana Status’, the fix occurred at 01:28 UTC.
The network experienced a significant slowdown in block production over the weekend. The issue resulted in a near complete shutdown of activity on Solana, with validators and developers stating that the chain’s block production has ceased and transactions aren’t processing or being validated. Solana’s core engineers suspected the issue to be a possible bug in the latest version of the Solana code, which was released just hours before the incident.
https://www.theblock.co/post/215235/solana-network-back-online-following-second-restart
3️⃣ Colombia Court Moves to Metaverse to Host Hearing ⚖️
According to a recent Reuters report, a Colombian court hosted its first legal trial in the metaverse earlier this month. The case involved a traffic dispute and the participants appeared as avatars in the virtual courtroom. The court magistrate, who was represented wearing black legal robes, was quoted saying that the trial felt “more real than a video call.”
https://www.reuters.com/world/americas/colombia-court-moves-metaverse-host-hearing-2023-02-24/