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📣📣 COIN BUREAU NEWSFLASH! – (03/06/23)
Here are some of today’s most important headlines:
1️⃣ Coinbase Derivatives Exchange to Offer Institutional Bitcoin and Ether Futures 🚀
Coinbase Derivatives Exchange is reportedly launching bitcoin (BTC) and ether (ETH) tracked futures for institutional clients on June 5th.
The exchange stated,
“BTI and ETI futures, sized at 1 bitcoin and 10 ether per contract, respectively, will enable participants to tailor their exposure to these growing digital asset commodities with granularity, allowing traders to seize opportunities in a highly dynamic market environment.”
https://www.coindesk.com/markets/2023/06/02/coinbase-derivatives-exchange-to-offer-institutional-bitcoin-and-ether-futures/
2️⃣ Taurus Deploys on Polygon Blockchain for Asset Tokenization and Custody 🤝
Swiss crypto infrastructure firm Taurus is reportedly integrating with the Polygon blockchain for its tokenization and custody platforms. This will allow Taurus’ clients to automatically issue digital securities by tokenizing any asset, including equity and debt. Taurus reportedly has over 25 clients across nine countries, including Arab Bank Switzerland, CACEIS Bank, Crédit Agricole, Credit Suisse, Deutsche Bank, Pictet, Swissquote and Vontobel.
https://cointelegraph.com/news/taurus-deploys-on-polygon-blockchain-for-asset-tokenization-and-custody
3️⃣ Key House Republicans Unveil Crypto Market Structure Draft Bill ❗️
Yesterday, the Republican chairs of the United States House Financial Services Committee and House Agriculture Committee released a draft bill offering certain crypto assets a pathway to being labelled digital commodities.
Specifically, the framework under the proposed legislation would allow certain digital assets to qualify as digital commodities if they were “functional and considered decentralised.” It also required the SEC to provide a “detailed analysis” of any objections to such a classification. Coinbase’s chief legal officer Paul Grewal has praised the draft bill stating that it “lays a strong foundation for regulatory jurisdiction and definitions.”
https://www.bloomberg.com/news/articles/2023-06-02/key-house-republicans-unveil-crypto-market-structure-draft-bill
4️⃣ Crypto Policy Groups Call Tornado Cash Sanctions ‘Unprecedented and Unlawful’ In New Legal Brief ⚖️
The Blockchain Association along with DeFi Education Fund have reportedly filed a new amicus brief to support Coin Center’s case against the Treasury Department and its sanctions watchdog, the Office of Foreign Asset Control for its sanctioning of the Tornado Cash Protocol last year.
Blockchain Association CEO Kristin Smith stated,
“It’s critical to recognise that Tornado Cash is simply a tool – punishing the tool itself simply because it can be used by anyone, including bad actors, runs contrary to the values this country was founded upon,” adding, “Blockchain Association stands with Coin Center, advocating for the responsible and lawful use of blockchain technology. Regulatory actions should only be targeted at bad actors who abuse this tool for illegal purposes.”
https://www.theblock.co/post/233000/crypto-policy-tornado-cash-sanctions-legal-brief
📣📣 COIN BUREAU NEWSFLASH! – (02/06/23)
Here are some of today’s most important headlines:
1️⃣ Circle is Launching USDC Natively on Arbitrum 🚀
According to a recent blog post by Circle, the stablecoin issuer is launching a new native version of its USD Coin stablecoin on the Arbitrum network. Circle plans to rename the existing Ethereum-based version of USDC to “USDC.e”, the bridged version as “bridged USDC,” and the new Arbitrum-based version as “USDC.” The launch is set to take place on June 8 and will see the new native token eventually replace the current bridged version of the USD Coin completely.
https://www.theblock.co/post/232867/circle-says-its-launching-usdc-natively-on-arbitrum
2️⃣ Uniswap DAO Votes Down Plan to Charge Protocol Fees for Liquidity Providers ❌
Yesterday, a proposal that sought to allow Uniswap’s governing body to receive a percentage of the fees that currently go to liquidity providers (LPs) was reportedly rejected by the community.
Over 45% of the Uniswap community reportedly voted “no fee” while 42.34% voted to charge LPs one-fifth of the fees they receive from users, 12.3% voted to enact a fee charge of one-tenth and 0.04% voted to charge one-sixth.
https://www.coindesk.com/tech/2023/06/02/uniswap-community-votes-down-protocol-fees-for-liquidity-providers
3️⃣ Tether Market Cap Climbs to All-Time High of $83.2B 📈
Yesterday, Tether’s USDT stablecoin regained its previous all-time high market capitalisation of $83.2 billion. The last time USDT hit this milestone was in May 2022, shortly before the Terra implosion. Notably, the rising market cap comes at a time when most other stablecoins have been seeing declining market share.
https://www.bloomberg.com/news/articles/2023-06-01/tether-s-usdt-stablecoin-tops-record-market-value-reached-in-2022
4️⃣ Qatar Slammed for Not Taking Enough Action Against Crypto Companies 🇶🇦
In a report published recently, the Financial Action Task Force (FATF) slammed the Qatar Central Bank (QCB) for taking little action against crypto companies that breached its crypto ban announced in 2019. Specifically, the global financial watchdog stated that Qatar needs to improve its understanding of more complex forms of money laundering and terrorist financing in order to effectively combat evolving forms of criminal activity, including sanctioning virtual asset service providers.
https://cointelegraph.com/news/qatar-action-crypto-companies-fatf-report
5️⃣ FIFA, Madden Maker EA Sports to Add Nike NFTs to Games 🤩
Nike Virtual Studios, the sportswear giant's digital arm, and video game developer EA Sports are reportedly partnering together to integrate Nike's Polygon-based .Swoosh platform with the EA Sports gaming ecosystem.
The move will potentially allow Nike's virtual footwear and apparel to appear in games. Nike stated that the collaboration will give rise to "immersive experiences" and "new levels of customization within the EA Sports ecosystem."
https://decrypt.co/143110/fifa-madden-maker-ea-sports-add-nike-nft-apparel-games
“Binance has a "bottom out" (we should probably rename it to something else) program. We constantly say goodbye to people who are not strong fits with the company. Many of them are great people or high performers, but may not fit our unique culture/situation. Small example, WFH is not for everyone. This "program" is constant. I push for it on a weekly basis. There are no % of people we have to "push out". I also push for cost cutting, servers, flights, meals, etc, every week too.”
https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-31-2023/card/binance-regularly-cuts-employees-who-aren-t-strong-fits-says-founder-G4Eah8fZOPLSgSoRFLk8
🚨Rally Report🚨
XDC NETWORK
The price of XDC has rallied by 30% in the past 24 hours.
WHY?!
🤝 The XDC network announced a strategic partnership with SBI VC Trade- a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI.
🇯🇵 The partnership marks the expansion of the XDC network’s presence in the Japanese market and will see the XDC token being added to the SBI VC Trade crypto exchange.
If you want to buy or trade XDC, we have an exclusive $40K Bonus & a 20% trading fee discount for life on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
Hey Guys,
In case you missed the memo, Hong Kong is about to legalise retail crypto trading and investing. The result could be billions of dollars of inflows that could mark the beginning of the next bull market. The exact date is June 1st – very soon!
There’s just one small problem – it appears that there won’t be any crypto exchanges supporting retail investors on day 1. In fact, it looks like existing crypto exchanges will automatically become illegal until they register… starting June 1st.
This means that Hong Kong’s legalisation of retail crypto trading could actually cause a dump before a pump. It could also create international issues given the crypto companies the city state has been hosting. In the end though, it will be bullish.
Enjoy!
📣📣 COIN BUREAU NEWSFLASH! – (31/05/23)
Here are some of today’s most important headlines:
1️⃣ BitFlyer Adopts Crypto Deposit Limits to Comply with Travel Rule ❗️
Japanese crypto exchange BitFlyer is reportedly implementing tough anti-money laundering measures in line with Japan’s adoption of the FATF's "Travel Rule" for information sharing on transfers.
The measures that went into effect on Tuesday afternoon local time disable transactions to and from exchanges that are not part of the Travel Rule Universal Solution Technology (TRUST) network in the 21 countries and regions that require information notification based on the Travel Rule. This includes Japan, Israel, Gibraltar, Hong Kong, the Bahamas and Switzerland.
It restricts transactions to only TRUST-compliant platforms in these 21 countries and mandates notification requirements for receiving and sending crypto. Additionally, transactions within the network are restricted to TRUST-compatible crypto assets such as bitcoin (BTC), ether (ETH) and several ERC-20 tokens such as Shiba Inu (SHIB) and Polygon (MATIC).
However, BitFlyer also clarified that these restrictions do not apply to transfers to and from countries not on this list, as well as transfers to private wallets. It stated that transfers for such entities can be made in any crypto asset available on the BitFlyer platform.
https://cointelegraph.com/news/bitflyer-adopts-crypto-deposit-limits-to-comply-with-travel-rule
2️⃣ Crypto Data Firm Nansen to Lay Off 30% of Staff ❌
Yesterday, Alex Svanevik, the CEO of the blockchain analytics platform Nansen, announced that the firm was laying off 30% of its workforce. He cited current market conditions as the reason for the move and stated that the firm’s rapid expansion during the bull market has resulted in a “cost base” which is “too high relative to where the company is today.” He added that although the company has “several years of runway,” its “priority is to build a sustainable business.”
https://www.bloomberg.com/news/articles/2023-05-31/crypto-data-firm-nansen-to-lay-off-30-of-staff
3️⃣ Controversial Stablecoin Issuer Tether Plans to Start Mining Bitcoin ⛏
Stablecoin issuer Tether is reportedly entering the bitcoin mining and energy production space by partnering up with an unnamed "local licensed company" in Uruguay. Notably, the move comes shortly after Tether announced that it will invest up to 15% of its profits in bitcoin on a regular basis to strengthen its reserves.
Tether CTO Paolo Ardoino stated,
"By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network,"
https://decrypt.co/142830/controversial-stablecoin-issuer-tether-plans-to-start-mining-bitcoin
4️⃣ Former Coinbase Employee Agrees to Cooperate in Future SEC Investigations ⚖️
The U.S. Securities and Exchange Commission has reportedly settled insider trading charges against former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi after the duo agreed to a “cooperation agreement” with the SEC.
The agreement reportedly applies to their own case “and any related judicial or administrative proceeding or investigation commenced by the Commission or to which the Commission is a party.” This means that the brothers will need to cooperate in any separate future investigations as well.
https://www.theblock.co/post/232579/former-coinbase-employee-agrees-to-cooperate-in-future-sec-investigations
5️⃣ Crypto Exchange Bybit Exits Canada Citing Recent Regulatory Development 🇨🇦
Hey Guys,
I have a question for you: Bitcoin or gold?
Before you answer, consider that BTC has had the largest returns of any asset on record, but also consider that gold has outlasted every other asset and currency in existence so far.
Also consider that BTC and gold have radically different supply and demand profiles. Gold arguably has more utility than BTC, but Bitcoin’s value proposition is truly powerful – the ability to truly own your digital assets.
As you can see, the answer to this question is not clear cut, and I reckon it’s about time someone took a proper crack at a proper answer. Today I compare BTC and gold on six different metrics to determine which one is best.
You’ll have to watch until the end to find out!
📣📣 COIN BUREAU NEWSFLASH! – (30/05/23)
Here are some of today’s most important headlines:
1️⃣ Gemini and Bankrupt Lender Genesis Ask U.S. Court to Dismiss SEC Lawsuit Targeting Earn Program ⚖️
Bankrupt crypto lender Genesis Global Capital and exchange platform Gemini have reportedly filed motions to dismiss a lawsuit by the Securities and Exchange Commission which alleges the two sold unregistered securities and "raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors" via Gemini's yield-bearing product “Earn.”
Genesis argued against the SEC’s claims by stating that Gemini’s Earn product involved the creation of loans and not securities. It stated that the SEC "has not plausibly alleged facts that would transmogrify these loans into either investment contracts or security notes." Gemini also made arguments along the same lines as Genesis.
Notably, Gemini co-founder Tyler Winklevoss had earlier described the SEC’s case against the exchange as a “manufactured parking ticket" and had stated that he was looking forward to defending the company.
https://www.coindesk.com/policy/2023/05/29/gemini-and-bankrupt-lender-genesis-asks-us-court-to-dismiss-sec-lawsuit-targeting-earn-program
2️⃣ Russia Drops Plans for State-Run Crypto Exchange ❌
The Russian government is reportedly dropping its plan to create a state-run crypto exchange that it had announced back in November 2022. Instead, lawmakers are planning to set rules and regulations for already existing enterprises. According to reports, Russia’s Ministry of Finance was among the authorities that didn’t support the plan for a national crypto exchange.
https://decrypt.co/142784/russia-drops-plans-for-state-run-crypto-exchange
3️⃣ Bitcoin Ordinals Surpass 10M Inscriptions as Creator Rodarmor Steps Down 🔎
The number of Ordinals inscriptions on the Bitcoin network has reportedly surpassed the 10 million mark. Notably, the milestone comes just a couple of days after its creator Casey Rodarmor announced that he was stepping down as the project’s caretaker. Rodarmor has handed the role over to pseudonymous coder Raphjaph.
https://cointelegraph.com/news/bitcoin-ordinals-surpass-inscription-as-casey-rodarmor-steps-down
4️⃣ Ede Finance Made 'Ill-Advised Decision' To Manipulate Prices on Its Protocol 🥶
According to security analyst PeckShield, Arbitrum-based DeFi project Ede Finance was exploited for around $580,000 by an alleged “white hat” attacker who claims they were trying to expose how the project had been manipulating prices and liquidating its own users.
In messages sent over the blockchain, the attacker stated that the project's core team had been stealing user funds via a backdoor that allowed them to liquidate any user's trade on the protocol using fake prices. The attacker has stated that they would return the funds minus a 10% bounty for themselves if the developers admit to this practice.
The Ede Finance team partially admitted to the attacker’s claims, stating,
"Yes we acknowledge making an ill-advised decision to manipulate the price. However, our intention was to blacklist those who had previously exploited the system, fully aware that all transactions are recorded on the blockchain. We did not aim to misappropriate users’ funds as this would leave a traceable record."
https://www.theblock.co/post/232506/ede-finance-made-ill-advised-decision-to-manipulate-prices-on-its-protocol
5️⃣ Bitcoin Discount Emerges on Binance Australia as Exchange Cuts On-Ramp Services 📉
Bitcoin is reportedly trading at a hefty discount on the Binance Australia crypto exchange due to traders rushing to cash out their crypto holdings into Australian dollars. This is due to Binance Australia’s recent announcement which stated that users won’t be able to withdraw Aussie dollars to their bank accounts using the nation’s popular PayID service from 5 p.m. on June 1.
The firm stated that while it found no misconduct by its investment team, the team and its senior management took “collective accountability” and had their compensation lowered.
Chairman Lim Boon Heng stated,
“As alleged by prosecutors and as admitted by key executives at FTX and its affiliates, there was fraudulent conduct intentionally hidden from investors, including Temasek. We are disappointed with the outcome of our investment, and the negative impact on our reputation.”
https://www.bloomberg.com/news/articles/2023-05-28/temasek-cuts-employee-compensation-after-failed-ftx-investment
🚨Rally Report🚨
INJECTIVE
The price of INJ has rallied by 14% in the past 24 hours.
WHY?!
🎉 The Injective team announced a new upgrade for the Avalon mainnet.
🔎 This has made investors bullish as the upgrade aims to optimise the layer 1 scalability and bring sub-second block times to the network, among other changes.
If you want to buy or trade INJ, we have an exclusive $40K Bonus & a 20% trading fee discount for life on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
Hey Guys,
We all know that something in the economy is going to break if central banks keep interest rates this high. That’s simply because the economy requires lending to grow, and this lending has been restricted because of higher interest rates.
If this continues, the global economy could experience a credit crunch, and it appears that it’s already started in the US, EU, and elsewhere. A credit crunch has the potential to evolve into a credit crisis, which could crash the markets.
Thankfully, there are no shortage of macro experts out there that have been keeping track of this, and in today’s video I basically put together what they’ve been saying. The result is a pretty grim forecast that could, well, crash the markets…
Enjoy!
🚨Rally Report🚨
NEO
The price of NEO has rallied by 10% in the past 24 hours.
WHY?!
🎉 Neo recently announced the winners of its NeoChat ChatGPT launch competition. The recent hype around AI-related projects might have contributed to the price rally.
🔎 Secondly, Neo has been dubbed the “Chinese Ethereum” by retail traders in China. The upcoming retail trading unlock in Hong Kong on June 1st has resulted in a rally in most “Chinese” coins, including NEO.
If you want to buy or trade NEO, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
https://www.coinbureau.com/deals/trading/kucoin/
Hey Guys,
It's quite fair to say that most of our crypto coverage is related to news coming out of the USA. That's just because rules and regulations that are shaped in the world's biggest financial market will have an outsized impact on crypto.
However, the tide is turning. As the financial markets evolve, regulations in other countries start being more relevant.
So today, I am going to continue our "crypto around the world" series where we look at news coming out of other countries & regions. These include the likes of Canada, Australia, Turkey, Argentina, the UK & Hong Kong.
Some of the updates are positive, some of them are negative but they are all relevant for our evolving industry.
Enjoy!
🚨Rally Report🚨
SINGULARITYNET
The price of AGIX has rallied by 13% in the past 24 hours.
WHY?!
📈 AI-themed cryptocurrencies have gone on a surge this week.
🔎 This is due to the strong sales figures of chip maker Nvidia’s AI chips which saw the price of Nvidia’s stock in the S&P 500 rise on Thursday.
If you want to buy or trade AGIX, we have an exclusive $40K Bonus & a 20% trading fee discount for life on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
🚨Rally Report🚨
TRON
The price of TRX has rallied by 11% in the past 24 hours.
WHY?!
🎉 Tron Founder Justin Sun posted a tweet announcing that Tron’s TRX was now available on the Ethereum network through the BitTorrent (BTT) Bridge.
📈 Bullish sentiments among investors have resulted in the price of the token hitting its 52-week high.
If you want to buy or trade TRX, we have an exclusive $40K Bonus, a 20% trading fee discount & a $15k trading competition on Bitget! 👇
https://www.coinbureau.com/deals/trading/bitget-crypto-exchange/
🚨Rally Report🚨
INJECTIVE
The price of INJ has rallied by 11% in the past 24 hours.
WHY?!
🎉 The recently announced Avalon Mainnet upgrade proposal has passed with a 99.8% approval rate from the community.
🔎 This has made investors bullish as the upgrade will optimise Injective’s layer 1 scalability and bring sub-second block times to the network.
If you want to buy or trade INJ, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
https://www.coinbureau.com/deals/trading/kucoin/
📣📣 COIN BUREAU NEWSFLASH! – (01/06/23)
Here are some of today’s most important headlines:
1️⃣ UAE Central Bank Issues AML/CFT Guidance for Crypto 🇦🇪
The Central Bank of the United Arab Emirates (CBUAE) has reportedly issued new guidance concerning AML and CFT measures for crypto businesses. The rules are expected to come into effect in one month and will require Licensed Financial Institutions (LFIs) engaging with crypto in the UAE to verify the identities of all their customers.
Under the guidance, LFIs should submit a request to the central bank for non-objection to open accounts for each VASP on a case-by-case basis. Any collaboration with VASPs without a national license is prohibited.
His Excellency Khaled Mohamed Balama, Governor of the CBUAE, stated,
“We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime activities, and reduce potential risks to protect the financial and monetary system and maintain its soundness and stability, in line with the Financial Action Task Force standards.”
https://www.theblock.co/post/232662/uae-central-bank-issues-aml-cft-guidance-for-crypto
2️⃣ Binance To Delist Privacy Tokens in France, Italy, Spain and Poland ❌
Starting from June 26, crypto exchange Binance is reportedly delisting privacy tokens, such as Monero and Zcash, for Binance customers in France, Italy, Poland and Spain. The exchange cited local regulatory requirements as the reason behind the move.
The new restrictions reportedly affect a total of 12 privacy tokens- Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), XMR and MobileCoin (MOB).
https://cointelegraph.com/news/binance-to-delist-privacy-tokens-in-france-italy-spain-and-poland
3️⃣ Multichain Can't Find Its CEO as Company Loses Access to Its Servers 🥶
The team behind the cross-chain bridging protocol Multichain is reportedly suspending services for over 10 chains after being unable to contact its CEO, Zhaojun to obtain the necessary server access for maintenance. The affected chains include Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora and Planq. Notably, the team’s statement has also fueled the recent rumours that the protocol’s leadership may have been arrested in China amid its ongoing technical issues.
https://decrypt.co/142997/multichain-cant-find-its-ceo-as-company-loses-access-to-its-servers
4️⃣ EU Formally Signs the Markets in Crypto-Assets Framework into Law ⚖️
Yesterday, the European Union formally signed its landmark Markets in Crypto Assets (MiCA) regulation into law. The law, which aims to create a consistent regulatory framework for crypto assets among the EU member states, was signed by the European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren. The framework is expected to go into effect in a few weeks after being published in the Official Journal of the European Union. However, many of MiCA’s regulations on crypto firms will only take effect between 12 and 18 months later.
https://www.coindesk.com/policy/2023/05/31/eu-formally-signs-new-crypto-licensing-money-laundering-rules-into-law
5️⃣ Binance Regularly Cuts Employees Who Aren’t ‘Strong Fits,’ Says Founder 🔎
Binance CEO Changpeng Zhao (CZ) has responded to recent reports about layoffs by calling it FUD. CZ stated that while the exchange is indeed firing people, it is apparently a regular occurrence as part of its “bottom out” program.
CZ stated,
Following Binance, crypto exchange Bybit has also announced that it will be exiting the Canadian market due to recent regulatory developments in the country. The exchange stated that it will disable new account openings from May 31 and has given existing customers time until July 31 to make new deposits and enter into new contracts. Post that date users will be restricted to only being able to withdraw or reduce their positions.
Bybit stated,
“It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”
https://www.coindesk.com/business/2023/05/30/crypto-exchange-bybit-exit-canada-citing-recent-regulatory-development
6️⃣ CNHC Stablecoin Issuer Detained by Chinese Police: Report 👮♂️
According to reports by local blockchain publication PANews, the core team of Trust Reserve — the issuer of the Chinese yuan-pegged stablecoin CNH Coin (CNHC) — has been detained by Chinese police. The news agency reportedly visited the project's office in Shanghai and found a notice that said "judicial seizure." Notably, the news comes alongside recent rumours that the Multichain core team may have also been detained in China. The multichain protocol still has partial downtime and there have been no updates from the core team in China for over a week.
https://www.theblock.co/post/232639/stablecoin-issuer-trust-reserves-team-detained-by-police-in-china-panews
The price of BTC was trading for as low as A$34,863 ($22,670) on Binance Australia. This is about A$7,516 lower than the average price on other platforms including Independent Reserve and CoinJar.
https://www.bloomberg.com/news/articles/2023-05-30/bitcoin-btc-discount-emerges-on-binance-australia-ahead-of-payment-cutoff
🚨Rally Report🚨
IOTA
The price of MIOTA has rallied by 7% in the past 24 hours.
WHY?!
🤝 The community seems to be bullish on the project after founder Dominik Schiener met with the foreign trade minister of UAE to discuss a potential collaboration.
🔎 Iota’s “Treasure Hunt” for its Shimmer network has reportedly onboarded many projects to build on top of the network. This further adds to the bullish sentiment of the community.
If you want to buy or trade MIOTA, 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 mostly boring in week in crypto, but it looks like this week is going to be a lot different. This is primarily due to the debt ceiling debate we seems to be approaching a resolution. This could have a profound impact on the crypto market.
At the same time, Hong Kong is on the brink of legalising retail crypto trading. As you’ll see in the final section of the video, some of last week’s biggest gainers got their steam from the administrative state’s crypto embrace, and China’s approval.
Unfortunately, there are a few potential headwinds on the horizon, and not just for crypto. The EU will soon begin cracking down on social media platforms in the name of disinformation. This could impact crypto discourse on Twitter and elsewhere.
Enjoy!
P.S. I am currently travelling so please excuse the lack of studio 😄
📣📣 COIN BUREAU NEWSFLASH! – (29/05/23)
Here are some of today’s most important headlines:
1️⃣ Arbitrum-Based Jimbos Protocol Scurries for Revival After $7M Exploit 🥶
Yesterday, Arbitrum-based DeFi protocol ‘Jimbos Protocol’ suffered an exploit that resulted in the loss of 4090 ETH ($7.5 million). The attacker reportedly exploited the lack of slippage control in the main contract to take out a $5.9 million flash loan and manipulate the price of JIMBO to walk out with treasury funds.
Notably, the attack came just three days after the protocol’s version 2 was launched. The team behind the protocol has stated that they are working with security researchers to reclaim lost funds. They also added that they would contact law enforcement by 4 P.M. UTC on Monday if the attacker failed to return the money.
https://www.coindesk.com/tech/2023/05/29/arbitrum-based-jimbos-protocol-scurries-for-revival-after-7m-exploit
2️⃣ Dormant $15 Million Wallet from Ethereum ICO Wakes Up After Eight Years 🐳
An Ethereum wallet that has stayed dormant for over 8 years has reportedly woken up and transferred its funds to another address. According to on-chain transaction history, the wallet only had a single transaction of purchasing 8,000 ether ($14.8 million) in the Ethereum ICO in 2015 before waking up.
According to on-chain analyst Lookonchain, the wallet made a test transaction with 1 ether ($1,845) before sending the remaining 7,999 ether to the new address. Notably, the new wallet address also has a limited transaction history. The only other movement in that wallet is a 207 ether ($380,000) inbound transaction that was made only a few minutes earlier. These funds were sent from a different wallet that hadn't been active since 2017.
https://www.theblock.co/post/232424/dormant-15-milllion-wallet-from-ethereum-ico-wakes-up-after-eight-years
3️⃣ ‘Dealt With Firmly’ — Bali Governor Issues Warning to Tourists Using Crypto ❗️
In a recent press conference, Bali Governor Wayan Koster warned tourists against using cryptocurrency to pay for goods and services in the country. He stated that the rupiah (Indonesia’s fiat currency) is the only legal tender in the country and that the use of other currencies for payments carries a maximum potential sentence of one year in prison and a fine of 200 million rupiahs ($13,000).
He also stated that strict actions ranging from “deportation, administrative sanctions, criminal penalties, closure of business premises and other tough sanctions” will be taken against those found in violation. Trisno Nugroho, the head of the Bali Representative Office for Bank Indonesia, further added that while the use of crypto for payments is banned, trading crypto is allowed.
https://cointelegraph.com/news/bali-governor-warns-on-crypto-payments
4️⃣ Hong Kong Police Force Launch New Metaverse Platform, ‘CyberDefender’ 👮♂️
The Cyber Security and Technology Crime Bureau (CSTCB)- the cybersecurity unit of the Hong Kong Police Force, has reportedly launched a new metaverse platform called ‘CyberDefender’ to educate its citizens about the potential dangers associated with Web3 and the metaverse.
Ip Cheuk-yu, the chief inspector of the CSTCB, stated,
“All crimes in cyberspace could also happen in the metaverse, such as investment frauds, unauthorised access to systems, theft and sexual offences […] Police will continue to organise public educational initiatives on different themes through the ‘CyberDefender Metaverse’ platform, raise the awareness among teenagers regarding the latest advancements in information technology, potential pitfalls and the importance of preventing technology crimes.”
https://cointelegraph.com/news/the-hong-kong-police-force-launch-metaverse-platform-cyberdefender
5️⃣ Temasek Cuts Staff Compensation After Failed FTX Investment 🤔
Singapore investment firm Temasek Holdings Pte is reportedly slashing compensation for the senior management and investment team responsible for the firm’s investment into the now-defunct crypto exchange FTX.
📣📣 COIN BUREAU NEWSFLASH! – (28/05/23)
Here are some of today’s most important headlines:
1️⃣ Biden, McCarthy Reach Tentative US Debt Ceiling Deal ❗️
U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reportedly reached an "agreement in principle" to suspend the federal government's $31.4 trillion debt ceiling.
The deal, which President Biden calls "an important step forward", was made over a 90-minute phone call yesterday. The deal involves suspending the debt limit through January of 2025, while capping spending in the 2024 and 2025 budgets excluding expenses related to national security.
https://www.reuters.com/world/us/us-debt-ceiling-negotiations-push-towards-critical-default-deadline-2023-05-27/
2️⃣ Stargate DAO Voting to Reduce Exposure to Multichain-Issued Stablecoin 🙅♂️
The Stargate DAO is reportedly voting on a proposal to lower its exposure to ‘anyUSDC’- a commonly used stablecoin on the Fantom blockchain created by the Multichain protocol.
The move comes due to the recent “force majeure” incident impacting Multichain. As such the DAO wishes to isolate pools containing anyUSDC from its other pools and lower exposure to the stablecoin. Currently, a total of 1.7 million verified members of the Stargate community have voted in favour of the proposal. Voting is set to end on May 30th.
https://www.theblock.co/post/232413/stargate-dao-voting-to-reduce-exposure-to-multichain-issued-stablecoin
3️⃣ Beijing Releases White Paper For Web3 Innovation and Development 🇨🇳
China's capital city Beijing has reportedly released a white paper called the "Web3 Innovation and Development White Paper (2023)." The whitepaper aims to promote innovation and development of the web3 industry in Beijing by constructing the city as a global innovation hub for the digital economy.
Binance CEO Changpeng Zhao called the timing of the white paper release "interesting" due to Hong Kong's crypto rules kick-off on June 1. With the release of the web3 white paper, it appears that mainland China might also be opening up to the industry in some form.
https://www.theblock.co/post/232404/beijing-web3-white-paper
4️⃣ Nigerian Crypto Company Suspends Withdrawals After BTC And Naira Compromise ❌
Nigerian gift card and crypto trading platform “Patricia’ has reportedly suspended fund withdrawals temporarily due to a security breach that compromised its Bitcoin and naira assets.
The company has clarified that other cryptocurrencies and customer funds were unaffected by the breach. However, it stated that it was suspending withdrawals for all assets due to “undergoing internal restructuring.”
Patricia has stated that it is working with law enforcement and other partners to recover the assets. It has reportedly identified an individual among the syndicated group that perpetrated the breach.
https://cointelegraph.com/news/nigerian-crypto-company-suspends-withdrawals-after-btc-and-naira-compromise
📣📣 COIN BUREAU NEWSFLASH! – (27/05/23)
Here are some of today’s most important headlines:
1️⃣ Tornado Cash DAO Passes Attacker's Proposal to Hand Back Control 🙌
The proposal to hand back control to the original Tornado Cash governance holders was reportedly passed yesterday with 517,000 token votes in favour and zero against. The proposal which was made by the attacker will be executed in a day's time.
However, the damage from the attack still remains. According to Martin Lee, data journalist at crypto analytics site Nansen, the attacker stole 483,000 TORN tokens and swapped most of them for 485 ETH ($890,000), leaving 39,000 TORN ($160,000) currently in their possession.
https://www.theblock.co/post/232401/tornado-cash-dao-passes-attackers-proposal-to-hand-back-control
2️⃣ Ethereum, Bitcoin Balances on Exchanges Edges Toward 5-Year Low ❗️
Bitcoin and Ethereum balances of crypto exchanges have reportedly dropped to record lows. According to data from Glassnode, exchange balances for these assets have dropped to levels not seen since 2018. The data further reveals that only 17.8 million ETH are on exchanges, the sum represents 14.85% of the network’s total token supply.
Analysts believe this is most likely due to users’ preference to self-custody assets after the collapse of the FTX crypto exchange. They also state that Ether balances in particular could be this low due to an increase in staking activity after the Shapella upgrade.
https://decrypt.co/142507/ethereum-bitcoin-balances-exchanges-edges-5-year-lows
3️⃣ Gulf Binance Clinches Thai Regulatory Approval 🇹🇭
Gulf Binance, the joint venture between Gulf Innova and Binance, has reportedly received digital asset operator licenses from Thailand’s Ministry of Finance. This allows the firm to operate a crypto exchange regulated by the country’s Securities and Exchange Commission. Gulf Binance has stated that it will launch the new digital asset exchange in Thailand by Q4 2023.
Richard Teng, Binance Head of Asia, Europe, and MENA, stated
“By harnessing Binance's expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users.”
https://www.coindesk.com/policy/2023/05/26/gulf-binance-clinches-thai-regulatory-approval
4️⃣ Crypto Hater Peter Schiff to Drop Bitcoin Ordinals NFT Art Collection 🤯
Economist, gold proponent and vocal crypto skeptic Peter Schiff is reportedly launching a collaborative NFT art collection as Ordinals inscribed on the Bitcoin network. The collaborative NFT art collection will contain 50 digital versions of the “Golden Triumph”- a physical painting on an oil linen canvas depicting a human hand holding a bar of gold.
The collection will be sold via a two-part auction starting on June 2 and ending on June 9. The highest bidder will receive #1 of the collection, with the next 49 highest bidders receiving #2 to #50 in descending order.
https://cointelegraph.com/news/crypto-hater-peter-schiff-unveils-bitcoin-ordinals-nft-project
📣📣 COIN BUREAU NEWSFLASH! – (26/05/23)
Here are some of today’s most important headlines:
1️⃣ South Korea Passes Bill to Make Officials Disclose Bitcoin Holdings 🇰🇷
South Korea’s National Assembly has unanimously passed the "Kim Nam-kuk Prevention Act"- a bill that obligates lawmakers and high-ranking public officials to report on their crypto holdings over $760 in wealth reporting.
The legislation was passed due to concerns about potential money laundering and conflicts of interest among high-ranking officials in the government after former Democratic Party lawmaker Kim Nam-kuk was found to have once held at least $4.5 million in Wemix tokens in early May.
The new legislation was initially expected to come into effect in December 2023, however, lawmakers have recently called for the bill to take effect within two months (i.e., July 2023).
https://cointelegraph.com/news/south-korea-bitcoin-crypto-disclosure-bill-passes-national-assembly
2️⃣ Binance Launching NFT Loan Feature 🚀
Binance's NFT marketplace has launched ‘Binance NFT Loan’- a new feature that "will allow people to use blue-chip NFTs [as collateral] to borrow crypto.” This marks Binance’s entry into the NFT lending space. The service reportedly uses a "Peer-to-Pool" approach where Binance acts as the pool for loans. It currently offers NFT loans at an interest rate of 7.91% p.a. at a loan-to-value ratio ranging from 40% to 60%.
https://www.coindesk.com/web3/2023/05/25/binance-launching-nft-loan-feature
3️⃣ Worldcoin Developer Nets $115 Million Fundraise Led by Blockchain Capital 💰
Tools for Humanity, the lead developer of the Worldcoin project, has reportedly raised $115 million in a Series C funding round. The round was led by Blockchain Capital and saw participation from other investors such as a16z, Bain Capital Crypto and Distributed Global. The firm has stated that it plans to use the funds to further develop the recently launched World App, a wallet dedicated to the Worldcoin ecosystem, as well as for continued R&D and growth.
Alex Blania, the CEO and co-founder of Tools for Humanity, stated,
“As we embark on the age of AI, it is imperative that individuals are able to maintain personal privacy while proving their humanness. In doing so we can help ensure that everyone can realise the financial benefits that AI is poised to deliver.”
https://www.theblock.co/post/232172/worldcoin-developer-announces-115-million-fundraise
4️⃣ Digital Currency Group Closes TradeBlock Institutional Trading Platform ❌
According to a Bloomberg report, Venture capital conglomerate Digital Currency Group (DCG) is closing its prime brokerage subsidiary ‘TradeBlock’ which provides trade execution, pricing and prime brokerage services to institutional investors.
A DCG spokesperson explained the firm’s decision stating,
“Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform side of the business.”
https://www.bloomberg.com/news/articles/2023-05-25/digital-currency-group-closes-tradeblock-institutional-platform
5️⃣ Governments Need to 'Move Faster' on AI Rules, Says Microsoft President 🤖
During a Thursday morning panel discussion in Washington, D.C., Microsoft President Brad Smith called on governments to “move faster” in proposing regulations to mitigate the risks of AI.
He also asked corporations to “step up” in implementing “safety brakes” for AI systems that control critical infrastructure. Smith also endorsed requiring developers to obtain a license before deploying advanced AI projects and suggested that "high-risk" AI should operate only in licensed AI data centres.
https://decrypt.co/142430/governments-need-move-faster-ai-rules-says-microsoft-president