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📣 The Graph’s New Proposal To Increase The 5% Index Reward On L2 To 100%
The decentralized index protocol The Graph community proposed a proposal GIP-0052, suggesting that the 5% index rewards on L2 be gradually increased to 100%, and proposed a timetable and implementation process. This may cause timeframes to slip a little, thus the ETA supplied for each stage should be seen as an optimistic estimate, and satisfying the exit criteria should be the primary motivator for completing each step: from 5 % to 25%. The Graph stated that it is expanding to L2 to achieve faster transactions, significantly reduce gas fees, and more open participation in the network. Moving indexing rewards from Ethereum to Arbitrum will enable more indexers to run on L2 while also providing more rewards for curators and delegators. The Graph team stated on April 19 that the project will discontinue its hosted service in June and transition to a decentralized network. That is significant for the project since its centralized network has been one of its major faults. Beginning in June, protocol developers will be compelled to transition their subgraphs to the new decentralized network, while the existing hosted service will be decommissioned.
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💰 Sui Blockchain Tokenomics Announcement Before Mainnet Launch
On April 21, Sui blockchain officially announced tokenomics to prepare for the mainnet launch and the pre-sale opening according to the set schedule. General users: those who conduct transactions to create, transfer digital assets, or interact with applications on the Sui ecosystem. SUI holders and token keys participate in staking to contribute to the network’s security, participate in administrative activities, or use paid SUI to interact with applications on the chain. More than 50% of the total tokens are allocated to the Community Reserve – a community reserve fund managed by the Sui Foundation. Many programs divide this token among builder, researcher, and validator. Most of the remaining 50% of SUI is for those who contributed, supported, and trusted the project from day one. Overall, SUI’s token allocation plan needs to provide details as previously announced in December 2022. Sui’s Tokenomics is designed in sync with the platform’s technical structure to create a blockchain environment with low cost but still high performance. With this goal in mind, Sui is committed to treating all ecosystem members fairly, from developers to general users.
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💰 Trust Wallet fixes vulnerability after $170,000 in user losses, plans reimbursements
Trust Wallet, a popular crypto wallet, identified and resolved a major WebAssembly (WASM) vulnerability within its core wallet software library. The issue impacted wallet addresses on Ethereum and other blockchains generated through the Trust Wallet browser extension between Nov. 14 and Nov. 23, 2022. WebAssembly is a computer code format that lets developers use multiple programming languages to build web applications. The Binance-backed wallet project stated in the post that, upon discovering the issue, it addressed the problem. However, two exploits were detected. This resulted in an estimated loss of about $170,000 due to potential hacks leveraging the issue, as stated in an official post on the project's community forum. Trust Wallet also emphasized that the vulnerability did not impact users who exclusively utilized the Trust Wallet mobile app, imported wallets into the browser extension using seed phrases from other wallet applications or created new wallet addresses via the extension before Nov. 14 or after Nov. 23, 2022.
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🪙 Tether Mining Adds 1 Billion USDT Amid Continue To Grow
USDT is regaining its dominance in the stablecoin race with an increase in circulating supply. Tether, a stablecoin issuer, produced one billion USDT tokens on the Ethereum network. Tether CTO Paolo Ardoino describes the minting as an inventory replenish. The most prominent stablecoin in the crypto market is USDT, which is tied to the US dollar 1:1. It’s widely used to make trading on major exchanges that don’t take fiat currency easier. USDT is a one-of-a-kind example of a fiat-collateralized stable coin that is frequently utilized in the cryptocurrency world. Fiat-collateralized stablecoins, unlike other forms of stablecoins, keep a reserve of fiat money (or currencies) such as the US dollar to safeguard the stablecoin’s value. Fiat collateral is held in reserve by the central issuer and must correspond to the number of associated stablecoins in circulation. Meanwhile, its rival, USDC is currently struggling after the crisis that took place at the beginning of last month, although its $1 peg has been secured, the trading volume has dropped significantly.
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🐕 3.1 Trillion Shiba Inu Will Be Transferred By Voyager Digital To Binance.US
A cryptocurrency lender known as Voyager Digital, which recently filed for bankruptcy, has recently reached an arrangement with the government of the United States. A transaction involving assets worth $1 billion will be carried out by Voyager Digital in conjunction with Binance.US, the latter being the United States-based affiliate of Binance. The government has repeatedly put a stop to the agreement that would liquidate Voyager Digital’s assets because of the problem that has arisen. Now, the United States government has given the go-ahead for Binance.US to assist in the acquisition of all Voyager Digital assets. Voyager reportedly possesses over $257 million worth of cryptocurrencies and stablecoins at the present time, as thorough information provided by DeBank reveals. Another comprehensive investigation of Voyager‘s assets reveals that the corporation still possesses more than 3.1 trillion Shiba Inu (SHIB) in its wallet. The value of these tokens at the moment is close to 32 million US dollars. Voyager is in possession of sizeable amounts of several other cryptocurrencies in addition to Shiba Inu, such Ethereum and USDC.
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📣 BlockFi’s Restructuring Plan Rescheduled To May 15
BlockFi was granted a few additional weeks to execute a plan to exit Chapter 11 bankruptcy, overcoming irate customers who said they should be refunded sooner, Bloomberg first reported. A bankruptcy court in the state of New Jersey extended the deadline for cryptocurrency platform BlockFi to submit its Chapter 11 or reorganization plan to the middle of the next month on Wednesday. The court remarked that it was worth a slight delay to ensure that the case would go smoothly. After FTX’s massive fiasco, which resulted in horrible carnage in the crypto market, BlockFi declared bankruptcy in November of last year. BlockFi’s first request for a 90-day extension to file its Chapter 11 plan was for a 90-day extension, but owing to significant opposition from its unsecured creditors, the once-famous crypto trading platform filed a fresh petition asking for the date to be pushed back to May. BlockFi lawyer Joshua Sussberg said at a hearing Wednesday that the bitcoin lender is looking into selling firm assets or finding an outside sponsor to support a restructuring arrangement. Sussberg said that the corporation wants to submit a bankruptcy-exit plan by May 15.
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📣 Biggest bitcoin options exchange Deribit to launch zero-fee spot trading
Deribit, the world's largest crypto options exchange, is entering the spot trading space. The company announced late Wednesday that it is launching a zero-fee spot exchange on April 24. The move comes shortly after rival Binance's zero-fee spot trading campaign ended late last month. At launch, Deribit will offer spot trading with three pairs: BTC/USDC, ETH/USDC and ETH/BTC. Deribit's entry into spot trading comes seven years after its inception. The exchange is currently the leader in the crypto options market, with over 90% share of open interest in both bitcoin and ether options trading, according to The Block's Data Dashboard. Last year, Deribit had challenging times as it had to liquidate Three Arrows Capital's (3AC's) positions after the now-bankrupt crypto hedge fund failed to meet its margin calls. In turn, Deribit took a "small" hit and later went on to raise $40 million from existing shareholders at a $400 million valuation. The company was valued at $2.1 billion in its previous funding round in August 2021.
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⚪️ Lido deposits surpass $12 billion as Ethereum's Shapella boosts liquid staking
Liquid staking protocol Lido Finance has seen its total value locked (TVL) surpass 6 million ether (ETH), equivalent to more than $12 billion. Since January, Lido's TVL has risen by over 20% from 5 million ETH, according to DeFiLama — a trend expected to persist beyond the Shapella upgrade. A total 141,000 users have deposited their ETH into Lido Finance, Nansen data shows. Liquid staking, offered by Lido and other protocols, is a popular method that streamlines user deposits and stakes on Ethereum. Users receive a derivative token as proof of their deposit, which can be used as collateral within the DeFi ecosystem, enabling them to earn additional yields beyond what Ethereum staking alone provides. As the staking landscape evolves, an increasing number of users prefer staking providers over operating their own validator nodes. This is due to the complexity and costs associated with running a validator node, which requires a minimum stake of 32 ETH ($64,000).
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🪙 Ethereum Unstaking Requests Now Face About a 17-Day Wait
The line is getting longer: Ethereum validators that have put in withdrawal requests following last week's Shanghai upgrade will have to wait upwards of 17 days to get their staked ether (ETH) back, according to data from the blockchain analytics firm, Nansen. That’s up from about 14 days late last week. The unstaking request queue consists of some 28,436 validators looking to exit the Beacon Chain. There are a total of 575,359 validators on the Ethereum blockchain, according to analytics firm Nansen, so roughly 5% of validators are choosing to leave Ethereum’s staking process. Validators are responsible for proposing and adding blocks of transactions to the Ethereum blockchain as part of the validation process. In return, they are eligible for rewards of newly minted ETH and a share of associated transactions fees. According to Niklas Polk, an analyst at Nansen, validators first send a voluntary message to exit, involving a 25-minute wait. Then these validators join the exit queue, which now sits at 11.7 days. Once they move out of this phase.
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🪙 Ethereum Shanghai Upgrade Leads to Huge Influx of ETH at Exchanges
Crypto exchanges received a net inflow of 179,500 ether (ETH), worth some $375 million in the four days after Ethereum’s Shanghai upgrade went live, according to crypto data firm CryptoQuant. CryptoQuant data shows that traders deposited 1,101,079 ETH to exchanges between April 13 and April 16, while only removing 921,579 tokens. This was the largest four-day net inflow in a month.Ethereum’s seamless implementation of withdrawals, also known as the Shanghai upgrade, on April 12 led ETH’s price to rally above $2,100, its highest level since May 2022. On April 12, Ethereum successfully implemented a long-awaited tech upgrade, also known as Shanghai. The upgrade has enabled withdrawals for the first time from Ethereum’s proof-of-stake blockchain, which has some 18 million ETH, worth $36 billion, locked in staking contracts. Before the upgrade, some crypto watchers worried that the event would flood the market with millions of unlocked ETH and crash the second largest cryptocurrency’s price, although others predicted little impact or that the price would rise. News of a seamless implementation pushed ETH’s price above $2,100 the day following, its highest level since May 2022. ETH outperformed bitcoin (BTC) in that 24-hour period.
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🏦 Coinbase Could Move Away From U.S. if No Regulatory Clarity: CEO Brian Armstrong
Coinbase (COIN) CEO Brian Armstrong indicated that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry does not become clearer. "Anything is on the table, including relocating or whatever is necessary" he said after former U.K. Chancellor George Osbourne asked whether he could see Coinbase leaving the U.S. at Fintech Week in London. Armstrong's comments come weeks after rival exchange Bittrex said it planned to exit the U.S. by the end of April, citing "the current U.S. regulatory and economic environment." Bittrex received a Wells Notice – a statement that the U.S. Securities and Exchange Commission's (SEC) Enforcement Division found evidence of legal violations – in March, general counsel David Maria told the Wall Street Journal. The SEC filed a lawsuit against the exchange on Monday. Coinbase received a Wells Notice from the SEC in March. Armstrong said Coinbase had met with the SEC "30 times" without getting feedback regarding the nature of its business before receiving the notice.
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📣 HIVE Blockchain Produced 282 Bitcoins, A 12.8% Increase Over The Previous Month
HIVE Blockchain presents a March 2023 production report that includes over three exahashes of production. “We are very happy to be producing 282 Bitcoin while difficulty has reached an all-time high,” said Frank Holmes, Executive Chairman of HIVE. Furthermore, our average daily HPC income climbed by 14% month over month from February to March.” The daily mining of bitcoins averages out to 9.1 BTC. Average of 3.09 Exahashes each month, or 91 Bitcoins per Exahash, with 2.88 Exahashes of ASIC mining capability and 210 PH/s of Bitcoin GPU mining power throughout the course of the month. Considerations about the complexity of the network have a significant impact on the gross profit margins of HIVE Blockchain. On the first of March, the difficulty of the Bitcoin network was 43.1T, and on the 31st of March, it achieved a new all-time high of 46.8T. As a direct consequence of this, the difficulty of mining Bitcoin was around 9 percentage points higher when the month ended compared to when it began. Average of 3.09 Exahashes each month, or 91 Bitcoins per Exahash, with 2.88 Exahashes of ASIC mining capability.
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🇧🇹 Bhutan’s Sovereign Wealth Fund Makes Secret Crypto Play Via BlockFi And Celsius
Bhutan’s sovereign investment arm, Druk Holding & Investments, invested millions in cryptocurrencies through BlockFi and Celsius accounts. The investment arm was established in 2007 to safeguard the country’s wealth. Bhutan, a small, landlocked country in South Asia, has been quietly investing in cryptocurrencies, including bitcoin and ether, for over a year through its sovereign investment arm, Druk Holding & Investments. The investment arm is known for managing a portfolio of homegrown assets, including a local cheesemaker, several hydropower plants, and the Royal Bhutan Airlines, which operates five planes. However, it was recently revealed that the fund had also invested millions of dollars in digital assets, including cryptocurrency, through its accounts with crypto lenders BlockFi and Celsius. Bhutan’s recent investment in cryptocurrency via its sovereign investment arm, Druk Holding & Investments, has led to questions about the country’s relationship with the volatile crypto economy. Bhutan’s economy is largely based on agriculture and forestry, and its infrastructure started supporting cell phones only two decades ago.
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💰 Solana Announces Saga Mobile Launch Date, But Network Activity Declines
Solana announced the launch date of its Web3 mobile device Sagam hoping the device will revive the ecosystem, which has been in decline in terms of on-chain activity this year. On April 13, Solana said that its flagship, security-conscious, crypto-first Android device from Solana Mobile is available to those who pre-ordered. It stated that the team has been using Saga for months now, along with “hundreds of developers.” Saga will be able to manage and store crypto assets, mint NFTs, and run decentralized applications from the Solana dApp store. Furthermore, the hardware specifications are also pretty impressive. Saga will come with a Snapdragon 8+ mobile platform, 12GB of memory, 512GM of storage, and a 6.67” OLED display. It will be priced at around $1,000, according to the announcement. The device is now available to ship in the U.S., EU, U.K., Canada, Switzerland, Australia, and New Zealand. As part of the launch, Saga users will be able to claim a “Saga genesis token NFT” upon setting up their device, it added.
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📣 G20 Finance Chiefs Agree Global Policy Responses to Crypto Are Required
The G20 finance ministers and central bank governors have agreed that crypto regulation cannot be confined to one part of the world, said India’s finance minister. “Any action on crypto assets will have to be global,” she stressed, adding that the G20 finance chiefs’ discussion on crypto was “very substantive.” held on the sidelines of the annual Spring Meetings of the International Monetary Fund (IMF) and the World Bank. Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das co-chaired the meeting, during which the G20 finance ministers and central bank governors discussed matters pertaining to the oversight of cryptocurrencies, along with their related challenges. Responding to a question at the press briefing, the Indian finance minister further shared: “The G20 and its members agree that it’s not going to be possible to have an independent standalone country dealing with the crypto assets and that it has to have a globally coordinated understanding on how to go about regulating crypto assets.”
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💰 Bitcoin Is Now Accepted At The Grand Bazaar In Istanbul
Bitcoin has now been accepted at the Grand Bazaar, one of the largest and oldest covered malls in the world in Turkey. The Bitcoin community has been sharing pictures on Twitter of stores in the Grand Bazaar accepting Bitcoin and Tether (USDT). Turkey launched a monetary reversal strategy last year, cutting interest rates as all other nations raised them, and the lira’s value is dropping. To escape government control, they pay a greater premium than the official exchange rate to acquire US dollars, and the premium rate has hit its highest level since last year. President Recep Tayyip Erdogan’s strict financial regulations have restored the Grand Bazaar, which was once the heart of world trade in the 15th century. The move has also given rise to a new parallel exchange rate for the Turkish lira among the covered labyrinth of antique stores, jewelry boutiques, trinket-selling kiosks, and leather merchants. When limitations on local electoral banks tighten in the weeks before a high-stakes election, that parallel rate has become more entrenched.
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🏦 Gemini To Launch Derivatives Platform Serving 30 Countries
Gemini, a cryptocurrency exchange, stated earlier today that it intends to build Gemini Foundation, a crypto derivatives platform situated outside the US. Gemini announced its crypto derivatives platform for international consumers. The move follows speculations of Coinbase establishing a similar platform in Bermuda amid a growing regulatory crackdown by US officials. Gemini is following in the footsteps of competitor cryptocurrency exchange. According to a blog post from the Winklevoss brothers’ crypto exchange, the Gemini Foundation’s first product will be a BTC perpetual contract denominated in the GUSD stablecoin. After that, the crypto derivatives platform will introduce an ETH/GUSD perpetual contract. The derivatives offers are expected to grow in the coming months. Incidentally, this is not the first time a crypto firm domiciled in the United States has made headlines in the derivatives market. The market first became aware of its impending debut last month. Customers from 30 countries will also be able to use the services.
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🪙 Ethereum’s Shanghai Upgrade Spurs Institutional Investment Into Staking
Early signs show that Ethereum’s seamless Shanghai upgrade has spurred institutional investors’ interest in staking. Top institutional-grade ether (ETH) staking service providers have already recorded about three times larger inflows in April compared to all of last month, Michiel Milanovic, analyst of Ethereum blockchain developer firm ConsenSys, told CoinDesk. Ethereum’s highly anticipated tech update, often referred to as the Shanghai or Shapella upgrade, starting April 12 enabled withdrawals of some 18 million tokens, worth $35 billion, previously locked up in staking contracts. After the upgrade, ETH’s price rallied to $2,100, its highest level in 11 months, defying earlier concerns the unlocking could lead to significant selling pressure and a price crash. The token recently has dropped below $1,900, aligning with a broader crypto market decline. Allowing withdrawals also reduced the liquidity risk associated with locking up ETH for staking, which has kept some investors at bay before.
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🟢 MakerDAO Approved A Proposal To Transfer 500 Million USDC To Coinbase
The plan to transfer 500 million USDC to Coinbase was officially accepted by MakerDAO on April 21. The MakerDAO community voted on and approved a proposal to open a Real World Asset vault on Coinbase Custody on April 20. This vault will be used by the protocol to store up to 500 million USDC and will pay an annual interest rate of 2.6%. Coinbase is required to store these assets in a cold wallet, however the company does not charge any fees for providing custody of these assets. The protocol noted that MakerDAO will be able to withdraw funds from RWA within twenty-four hours, and that wallet assets will be insured up to a maximum of five hundred million dollars. Up to 85 percent of the members of the Maker community took part in the vote on the proposal, and the majority of those voting in support of giving coins to Coinbase Custory. This is actually a phase in the plan to shift a total of 1.6 billion USDC into the custody of Coinbase in October 2022. If this suggestion is carried out, Coinbase would split this 500 million USDC into the RWA vault and enjoy a greater yield on those funds. The platform has, during the course of its existence, endeavored, via a wide array of investing approaches.
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📣 TUSD Gains The Upper Hand On Binance, Becoming The Largest BTC Trading Pair
According to data source Kaiko, TrueUSD (TUSD), a stablecoin that was poorly known before this year, is now the biggest Bitcoin trading pair, thanks to the Binance crypto market, Bloomberg reported. According to data source Kaiko, TrueUSD (TUSD), a stablecoin that was poorly known before this year, is now the biggest Bitcoin trading pair, thanks to the Binance crypto market, Bloomberg reported. The stablecoin “is the benefactor of increased volumes now, even if the reasons why Binance granted TUSD this gift are unclear,” he wrote. Tether pairings, according to Kaiko, account for 80% of overall trading volumes across centralized crypto exchanges. TUSD is at 9% and is expected to reach second place in the next months, according to the report. Yet, according to Kaiko, market depth statistics on Binance reveal that BTC-USDT is still king in terms of liquidity, with market makers clearly preferring exposure to Tether over TrueUSD. TrueUSD’s circulation increased when New York authorities forced the issuer of a Binance-branded stablecoin, BUSD, to stop minting new tokens in February.
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🏦 Coinbase gets Bermuda license, could launch offshore derivatives exchange next week
Coinbase could launch an offshore derivatives exchange as soon as next week, after the crypto exchange received a license to operate in Bermuda. The company obtained a license from the Bermuda Monetary Authority, according to a company blog post published on Wednesday. Coinbase lauded Bermuda as “a highly respected and experienced financial regulator” in its announcement. Coinbase had been exploring launching an offshore platform to trade perpetual swaps tied to cryptocurrencies, The Block reported last month. That expansion could come as soon as next week, a source familiar told The Block. Fortune first reported the news. “Bermuda was one of the first financial centers to pass comprehensive digital assets regulation in 2018, and its regulatory environment is long known for a high level of rigor, transparency, compliance, and cooperation,” Coinbase said in its blog post. The company did not immediately respond to a request for comment.
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📣 Tornado Cash developer Alexey Pertsev freed pending trial
Alexey Pertsev, a Tornado Cash developer arrested in August by Dutch authorities over allegations of facilitating money laundering, will head home next week pending trial, a court in the Netherlands has ruled. "I’m happy to confirm Alex will be at home on April 26 on his birthday," Pertsev's wife Ksenia Malik told The Block. "He will be with an ankle monitor. But at home." A further investigation hearing in the case will be held on May 24, Malik said. Pertsev, who was born in Russia, was arrested in Amsterdam on Aug. 10. His arrest came two days after the U.S. government added Tornado Cash and 44 associated Ethereum and USDC wallets to its Specially Designated Nationals list. The U.S. Treasury said the crypto mixing service, which allows users to obscure transactions, had "repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors."Alexey Pertsev will be home next week on his birthday, pending trial, his wife said. Pertsev was arrested last August by Dutch authorities over allegations of facilitating money laundering.
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📣 Safemoon Hacker Strikes Deal With Developers to Return $7.1M
A hacker who exploited decentralized-finance protocol Safemoon has agreed to return 80% of the stolen funds valued at $7.1 million, according to on-chain data posted by pseudonymous Twitter user SafeMoonSpidey. The exploit occurred last month when a hacker drained Safemoon's liquidity pool of nearly $9 million worth of SFM tokens after manipulating a flaw in the smart contracts. Safemoon developers updated the community in on-chain transactions that can be viewed on the Binance Smart Chain block explorer. The two parties agreed on a 20% bug bounty to be awarded to the hacker. Safemoon developers also confirmed that no charges will be filed against the hacker. SFM was one of the top-performing tokens during the 2021 bull market after it was endorsed by a number of celebrities. Last month, social-media personality and professional boxer Jake Paul and five other celebrities agreed to pay a combined $400,000 to settle a lawsuit bought by the U.S.
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🇭🇰 Hong Kong Court Declares Crypto as Property in Case Involving Defunct Gatecoin
A Hong Kong court has recognized crypto as property "capable of being held on trust" in a case involving shuttered crypto exchange Gatecoin, law firm Hogan Lovells reported on Wednesday. Justice Linda Chan, who presided over the case, reportedly said Hong Kong, in line with other common law jurisdictions, defines "property" broadly "intended to have a wide meaning." In 2019, Hong Kong-based crypto exchange Gatecoin announced it will shut down and start liquidation following an attempt to recover disputed funds from a former payment services provider. Liquidators sought directions from the court on whether the crypto held by Gatecoin should be treated as property held on trust or "if no trust existed, the digital assets should be made available to the general body of creditors," according to the Hogan Lovells report. The exchange held crypto upwards of 140 million Hong Kong dollars ($17.8 million) in October 2022, the report said.
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💰 MicroStrategy’s Saylor Integrates Bitcoin Lightning Address Into Corporate Email
Michael Saylor, the outspoken bitcoin proponent and co-founder of business analytics software firm MicroStrategy (MSTR), has integrated Bitcoin’s Lightning Network into his corporate email address. This means anyone can use that email address – saylor@microstrategy.com – to send bitcoin (BTC) to the 58-year-old billionaire. The Lightning Address protocol allows users to send bitcoin over the Lightning Network to a wallet identifier resembling a conventional email address. The integration uses The Lightning Address protocol, which allows developers to replace a standard Lightning invoice, or payment request, with an internet identifier such as an email address. The Lightning Network is Bitcoin’s layer 2 scaling solution designed to make bitcoin payments cheaper and faster. Saylor, who is reportedly worth around $1.2 billion and whose company has amassed approximately 140,000 BTC (about $4 billion at current prices), has been receiving small bitcoin donations from fans after tweeting about the integration.
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🇦🇪 UAE Securities Regulator to Start Accepting License Applications From Crypto Firms
The federal securities regulator in the United Arab Emirates (UAE) will start accepting applications from companies looking to provide crypto services in the country, according to a Monday announcement. All virtual asset service providers in the country – except for companies that are already licensed in the UAE's financial free zones – must apply for approval with the Securities and Commodities Authority (SCA). The licensing regime was approved by the SCA on Monday following a decision by the UAE Council of Ministers last year to regulate the crypto sector. The SCA took on the role of regulating the sector earlier this year. Some of the seven emirates, including Dubai and Abu Dhabi, already have licensing frameworks for crypto firms in force, with the local industry embracing Dubai's recently unveiled regime. Companies looking to operate in the Emirate of Dubai must obtain a license from its Virtual Assets Regulatory Authority (VARA) in addition to SCA approval, according to the announcement.
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🏦 Coinbase CEO: Crypto Will Reach 2-3 Billion Users In 10 Years, Nearly At The Internet Usage Rate.
In a recent tweet, Brian Armstrong, co-founder and CEO of Coinbase, discussed the potential for widespread acceptance of bitcoin as well as the factors that are need to realize this potential. Armstrong claims that cryptocurrencies can be utilized in a variety of contexts, and that between 200 and 300 million people have already made use of them in the past ten years. Comparable to the rate at which people started using the internet. Armstrong emphasized the significance of Layer 2 scalability, which he compared to the transition from dial-up to broadband internet, in order to accomplish this goal. He also emphasized the need for legislative certainty. He also stressed the significance of usability, which may contribute to an even further increase in the popularity of cryptocurrencies. Armstrong believes that with these essential components in place, cryptocurrencies have the potential to disrupt the existing structure of the financial industry and open up new economic opportunities for people all around the world. Coinbase, one of the most prominent cryptocurrency exchanges, is committed to fostering both the growth and use of cryptocurrencies.
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🪙 Shaquille O’Neal Finally Served With Lawsuit For FTX Promotion
After months of searching, lawyers handling a class-action lawsuit have finally succeeded in serving basketball legend Shaquille O’Neal with a complaint at his Georgia home. The lawsuit has named over a dozen celebrities and sports teams who are being sued for promoting FTX, which is now a bankrupt crypto exchange. O’Neal was one of the notable figures who endorsed FTX and was once so supportive that the company dubbed him “[Shaqtoshi]”. Despite being a regular fixture on TV, his own podcast, and touring as a DJ under the name “DJ Diesel”, O’Neal has been hiding in plain sight, making it difficult for process servers to give him official notice he is the target of a lawsuit. The lawyers attempting to serve a lawsuit to basketball legend Shaquille O’Neal were so desperate to find him ahead of a deadline that they requested to serve him via Twitter, Instagram, and email. However, after the request was denied, the lawyers resorted to tweeting at him outside the TNT studios in Atlanta, where O’Neal is a regular fixture on “The NBA on TNT.”. Lawyers have been hunting down O’Neal for three months. They finally served him on Sunday afternoon at his Georgia home in front of his own security cameras.
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🇺🇸 US House Committee Publicizes Potential Stablecoin Bill Of 2023
The US House Financial Services Committee unveiled a draft of a potentially historic stablecoin bill that calls for studying a central bank digital currency (CBDC), as well as a moratorium on stablecoins backed by other cryptocurrencies. It establishes definitions for payment stablecoin issuers, using language similar to that used by former Pennsylvania senator Pat Toomey (R) when he unveiled his own stablecoin legislation in 2022. The ban on stablecoins like UST will last until a study can be conducted. The bill also seeks a study of the potential impact of CBDCs issued by the Federal Reserve. On Wednesday, a House Financial Services subcommittee will hold a hearing on stablecoins with testimony from Dante Disparte of Circle Internet Financial, which issues USDC, Jake Chervinsky of the Blockchain Association, Columbia Professor Austin Campbell, and Superintendent Adrienne Harris of the New York Department of Financial Services. A day later, the full Financial Services Committee will convene to hear from Gary Gensler, the chair of the Securities and Exchange Commission.
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📣 Do Kwon’s Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils
Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Tracking financial flows from its Singapore headquarters, they were able to establish that the funds were sent in several transactions. Investigators from Seoul are cooperating with law enforcement authorities in Singapore to confirm the source of the payments. If it turns out that the blockchain firm has cashed out digital coins, charges of embezzlement may be brought against its management. The report suggests that Terraform’s chief executive was aware in advance of the possibility of the crypto ecosystem collapsing and likely prepared certain legal moves in response to expected judicial risks such as the current investigation. The South Korean prosecutors believe that if the funds stem from criminal proceeds they can be frozen and eventually seized.
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