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Ethereum Climate Platform launches to address the network’s prior PoW emissions.
Ethereum co-founder Joseph Lubin said that while the Merge set a high standard for climate mitigation, the crisis still requires more radical change.
Months after the Ethereum Merge, when the network shifted to the more eco-friendly proof-of-stake (PoS) consensus, the Ethereum community is now shifting its focus to redress the network’s former proof-of-work (PoW) carbon emissions.
At the COP 27 climate action event, Web3 firms, civil society leaders and the United Nations Framework Convention on Climate Change announced the formation of the Ethereum Climate Platform, which aims to counteract the carbon footprint left by the Ethereum network since it launched in 2015.
Led by software company ConsenSys and climate-focused blockchain firm Allinfra, the founding members of the coalition include a number of organizations, such as Microsoft, Polygon, Aave, the Enterprise Ethereum Alliance, the Global Blockchain Business Council, Huobi and Laser Digital.
Using Web3 technologies, funding mechanisms and governance protocols, the newly formed group will invest in climate projects that promise to mitigate Ethereum’s past emissions.
According to Ethereum co-founder and ConsenSys CEO Joseph Lubin, while the Merge set a high bar for climate mitigation, the climate crisis still requires “more radical change.” Furthermore, Yorke Rhodes III, co-founder of blockchain at Microsoft, also expressed the company’s excitement to contribute. “Core to our collaboration on this initiative is to assist the Ethereum community to chart an informed path forward,” the executive explained.
Back on Sept. 15, the Ethereum network completed its long-awaited shift to a PoS consensus. According to the Ethereum Foundation, the Merge will make the network 99.95% more energy efficient. The update also aims to set the stage for more upcoming scaling solutions, like sharding.
The Merge was the initial step in a five-step process previously outlined by Ethereum co-founder Vitalik Buterin. After the Merge, the next step in the list of upgrades is the Surge, where the network will implement sharding, a way to improve the blockchain’s capabilities to access and store data.
AAX reiterates withdrawal halt is unrelated to FTX contagion.
In a previous post on Twitter, the AAX exchange said it has no financial exposure to FTX and its affiliates.
Hong Kong-based crypto exchange AAX has reiterated that its suspension of withdrawals on the platform has nothing to do with the ongoing fallout from FTX’s collapse and rumors to the contrary are false.
The crypto community reported seeing a “System upgrade notification” message on Nov. 13, which said that a system upgrade “is taking longer than usual,” which will delay withdrawals. Some shared concerns about whether the exchange was the next domino to fall after FTX and BlockFi.
However, in a Nov. 13 post, AAX reiterated the temporary halt to services was in order to fix a glitch in a system upgrade.
The exchange said it was understandable why users may have panicked over its halting of withdrawals on Nov. 13.
“In light of the insolvency of one of our industry’s largest players last week, crypto users are rightfully concerned about the operational and financial stability of centralized digital asset exchanges.”
The crypto exchange, which is understood to have 2 million users worldwide, explained the scheduled system upgrade is the result of “the failure of our third-party partner,” which led to some users’ balances being “found abnormally recorded in our system.”
As a result, it has limited its services to prevent further risks, including a seven to ten-day suspension of withdrawals “to avoid fraud and exploitation.”
Fears of contagion from the fall of FTX have sparked many in the crypto community to advise others to pull their funds from centralized exchanges and into self-custody solutions.
AAX vice president Ben Caselin acknowledged in a Nov. 13 Twitter post the inopportune timing of the upgrade, but said it was aimed at addressing “serious vulnerabilities.”
Caselin also pointed out that the task was “not easy while market is fearful:”
In an earlier Nov.11 Twitter post AAX said they had “no financial exposure to FTX and its affiliates.”
“More importantly, all digital assets on AAX remain intact with a substantial amount stored in cold wallets, and user funds are never exposed to counterparty risk from any financing or venture activities,” it added.
Joe Biden unhappy with Elon Musk for buying a platform that “spews lies”.
Biden attended a fundraising event in Chicago for upcoming elections, wherein he called out Elon Musk for purchasing Twitter.
The relevance of social media platforms in swaying global politics was first highlighted with the rise of Facebook (rebranded later to Meta), which was accused of manipulating information based on user demographics. Twitter, which was recently acquired by Elon Musk, got the short end of the stick as United States President Joe Biden accused the website of spewing lies.
Biden attended a fundraising event in Chicago for upcoming elections, wherein he called out Elon Musk for purchasing Twitter. He stated:
“Now what are we all worried about? Elon Musk goes out and buys an outfit that sends and spews lies all across the world.”
While the Biden administration has previously clarified its stance to promote the suppression of hate speech and misinformation on social media platforms, the president highlighted the lack of supervision on Twitter, adding:
“There’s no editors anymore. There’s no editors. How do we expect kids to be able to understand what is at stake.”
Ever since Bitcoin launched in 2009, the crypto community chose Twitter as its home for discussing various nuances and attaining consensus on the decisions made. Musk’s $44 billion Twitter acquisition came with a promise of free speech. However, with the increase in hate speech, numerous advertisers have backed out from doing business with Twitter over content moderation concerns.
Musk’s immediate course of action for Twitter includes imposing an $8/month fee for users that wish to retain their account verification.
Supporting Musk’s Twitter acquisition drive, Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, chipped in $500 million using fiat currency.
Binance has laid out plans to form a team to support Twitter’s blockchain efforts, however, an official statement is currently being awaited.
Reserve Bank of India to reportedly launch digital rupee pilot in November.
Now debuting a wholesale CBDC, the RBI plans to launch the digital rupee for the retail segment within a month in select locations.
The Reserve Bank of India (RBI) is on track to debut a central bank digital currency (CBDC) after announcing its digital rupee project in February.
The central bank of India will launch the digital rupee pilot for the wholesale segment on Nov. 1, the RBI announced on Oct. 31.
The pilot will involve nine locally operating banks, including the biggest Indian bank, the State Bank of India. According to a report by Reuters, other banks in the pilot will also include Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.
The main use case of India’s CBDC pilot will be to settle secondary market transactions in government securities. The digital rupee is expected to add more efficiency to the interbank market by reducing transaction costs of settlements, the RBI said.
Wholesale CBDCs are a type of CBDC primarily used by financial institutions like banks, involving interbank transactions such as securities settlement and cross-currency payments.
Unlike wholesale CBDCs, retail CBDCs are utilized by households and businesses, allowing them to make payments directly and store value via the digital version of a specific fiat currency, like the Indian rupee. According to the new report, the RBI plans to launch the digital rupee for the retail segment within a month in select locations.
India has been somewhat quick in launching a CBDC. Indian Finance Minister Nirmala Sitharaman announced the initial plans in February 2022, declaring that a digital rupee would be a “big boost” for India’s economy. The RBI then proposed a three-step graded approach for its rollout, aiming for little or no disruption to the traditional financial system.
While rushing the CBDC’s development, the Indian government has been taking measures to make crypto less attractive for local investors, including adopting a 30% tax on digital asset holdings and transfers in April.
Fireblocks launches crypto payment engine with Checkout.com and Worldpay as pilot partners.
Checkoutcom settled $1 billion in stablecoin transactions during its initial pilot phase of Payments Engine.
Following a successful pilot phase, digital asset custody platform Fireblocks has launched its new payment engine for merchants, opening up pathways for businesses to settle and accept cryptocurrency transactions across jurisdictions.
Fireblocks’ new Payments Engine is said to provide “turnkey solutions” for businesses that want to integrate digital assets into their operations, the company announced on Oct. 24. The platform allows payment service providers to incorporate new crypto payment rails and accept, settle and process digital asset transactions instantly. The platform also supports cross-border internal settlement, micropayments and merchant adoption with lower processing fees.
Ran Goldi, Fireblocks’ vice president of payments, told Cointelegraph that the solution is “token-agnostic,” meaning that payment service providers can incorporate whatever type of digital assets they want. “They can use any of the 42 blockchains and 1,300+ tokens that Fireblocks supports,” he said. Goldi also clarified that due to a confluence of factors — including regulatory changes — stablecoins have emerged as the front-runner for digital asset payments.
Payments Engine was piloted by payments processor Checkoutcom, which settled $1 billion in merchant transactions using the solution. On Oct. 24, Fireblocks announced that FIS, the world’s largest merchant acquirer, would also begin piloting the solution. FIS manages Worldpay, a multibillion-dollar payment processing company it acquired in 2019.
Fireblocks expanded its infrastructure offerings to include crypto payments when it acquired First Digital, a stablecoin settlement platform, in February 2022. As reported by Cointelegraph, the estimated $100 million acquisition allowed Fireblocks to add business-to-business, business-to-consumer and cross-border payment support services.
The acquisition came at a time when more retailers were signaling their intent to adopt crypto payment services shortly.
Three Aussie crypto funds halted as regulator cites non-compliance.
Three funds tracking Bitcoin, Ether and FileCoin have been issued interim stop orders by Australia’s market regulator due to “non-compliant” target market determinations.
Australia’s chief financial market regulator has placed interim stop orders on three cryptocurrency-related funds set to be offered to retail investors, due to non-compliant target market determinations (TMDs).
In a media release dated Oct. 17 local time, the Australian Securities and Investments Commission (ASIC) said it has placed interim stop orders on three of Australian asset manager Holon’s crypto funds, which separately aim to invest in Bitcoin.
A target market determination is a document that describes who a product is appropriate for, based on likely needs, objectives, and financial situation as well as how the product can be distributed, according to Invest Smart.
In a statement to Cointelegraph, a spokesperson from ASIC said the TMDs were “too broad given the volatility and speculative nature of crypto markets.”
They added the regulator's concern that Holon has “not appropriately considered the features and risks of the funds in determining their target markets.”
In its statement, ASIC said it considers the funds not suited to the wide target market defined in the TMDs, including those with a “medium, high, or very high risk and return profile,” those intending to use the fund as a “satellite component” — up to 25% of their portfolio, and those who intend to use the fund for 75% to 100% of their investment portfolio.
ASIC added that cryptocurrency funds could see investors exposed to significant negative returns but stated the product disclosure statements (PDS) provided by Holon say they could face a “total loss of value.”
“ASIC made the interim orders to protect retail investors from potentially investing in funds that may not be suitable for their financial objectives, situation or needs,” it said, adding that the order would be valid for 21 days unless revoked earlier.
The specifics of what ASIC has requested Holon to change are unclear and the ASIC spokesperson did not provide further details. However, the regulator said it expects Holon to consider the concerns and take immediate steps to ensure compliance.
China floats idea of ‘Asian yuan’ to reduce reliance on US dollar.
The proposed distributed ledger technology-backed “Asian yuan” token would supposedly help reduce Asia’s dependence on the U.S. dollar for international business.
Researchers from a Chinese state-run think tank have floated the idea of an Asia-wide digital currency with the aim of reducing its reliance on a United States dollar-based economy.
The views of researchers Liu Dongmin, Song Shuang and Zhou Xuezhi from a unit of the Chinese Academy of Social Sciences (CASS) were published in an issue of the World Affairs journal posted online in late September, who said the establishment of an Asian yuan token would lower Asia’s reliance on the USD.
Much like similar existing and trialed central bank digital currencies (CBDCs), the researchers said distributed ledger technology (DLT) would form the backing of the Asian token, which would be pegged to a bundle of 13 currencies.
The currencies would include those of all 10 of the member nations in the Association of Southeast Asian Nations (ASEAN) along with China’s yuan, Japan’s yen and South Korea’s won, according to the researchers.
“More than 20 years of deepened economic integration in East Asia has laid a good foundation for regional currency cooperation. The conditions for setting up the Asian yuan have gradually formed,” the researchers wrote in the journal seen by the South China Morning Post.
The journal is affiliated with China’s Foreign Affairs department, with the researchers hailing from the “Institute of World Economics and Politics” one of many research units under CASS, a think tank with various ties to the country’s ruling party.
The U.S dollar and, more recently, cryptocurrencies have become a popular method for those in South East Asia to conduct business, send remittances and hedge against the inflation of their respective local currencies.
The research came a few weeks before a milestone in China’s CBDC pilot, the Bank of China on Oct. 10 said its e-CNY had transacted around $14 billion in value, or 100 billion yuan, with around 5.6 million merchant stores already supporting the digital yuan.
The country’s central bank is also partaking in Project Inthanon-LionRock, a DLT-backed cross-border payment CBDC trial also involving the Thai, Hong Kong and United Arab Emirates central banks.
Economists debunk the banking system and win the Nobel Prize.
Three economists were awarded the Nobel Prize in economic sciences for their decades of research on societal reactions to financial crises and avoiding bank collapses.
Three economists were awarded the Nobel Prize in economic sciences on Oct. 10 for their discoveries which are said to have improved “how society deals with financial crises.”
Ben Bernanke, Douglas Diamond and Philip Dybvig conducted research on the economic role played by banks during times of financial crisis. According to the Nobel Prize Organization, this research included an important finding on why it is not only important but “vital” to avoid the collapse of banks.
Tore Ellingsen, the chair of the committee for the prize in economic sciences, said:
“The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts.”
Diamond highlights the important role banks play in society as a middleman between savers and borrowers. Banks can provide depositors open access to their funds while giving the option of long-term loans to borrowers.
Along with stressing the vital socio-economic role banks play, the research also points to the vulnerabilities of banks, which spur rumors of their “imminent collapse” in the instance of a run on banks.
As crypto and the Web3 world become more mainstream, banks have new things to consider as societal challenges and adaptations.
Users are now interested in decentralized finance (DeFi) for the very reason of taking out a middleman between them and their liquid assets. DeFi, in the noncustodial sense, gives users unfettered access to financial tools they need and is increasingly used as a tool to help the unbanked.
However, as a Bloomberg analyst reported, many who have been used to the security found in traditional finance have a “fear of the unknown” when it comes to activity in DeFi and crypto.
Banks and major TradFi corporations have taken hints from the increasingly relevant and useful role of cryptocurrencies. According to data from the Basel Committee, banks worldwide own 9.4 billion euros in crypto assets.
The Central Bank of Switzerland also claims central banks will be a major proponent to further push DeFi into the mainstream through the right combination of centralization and decentralization.
Ether exchange netflow highlights behavioral pattern of ETH whales.
The Ethereum netflow chart shows that the spike in exchange flows often comes when the price of ETH is trading at a short-term or long-term low.
The exchange netflow of Ether (ETH) over the past couple of years highlights a behavioral pattern among Ether whales that market analysts believe is done to pump the price of the second-largest cryptocurrency.
The “exchange netflow” is an indicator that measures the net amount of cryptocurrency entering or exiting the wallets of all centralized exchanges. The metric’s value is calculated by taking the difference between exchange inflows and exchange outflows.
Data shared by a pseudonymous trader at crypto analytic firm CryptoQuant indicates that ETH whales have consistently sent their holdings onto exchanges to raise the price of ETH and sell it at a higher market price.
The Ether exchange netflow data confirms the behavioral pattern among ETH whales and indicates it has been persistent since 2020. The price pump is often followed by whales selling their holdings at an increased market price, which itself preceeds a correction, as is visible in the chart below.
The behavioral pattern comes as a surprise given that a positive netflow or a rise in the number of deposits on centralized exchanges is often viewed as a bearish signal, as traders mostly send their holdings onto exchanges to sell.
In their analysis, the trader noted that the exchange deposits increased periodically during short-term or long-term lows for the asset. The netflow chart confirms that the spike in exchange flows has often come at a time when the price of ETH has been trading at lower levels.
Ether whales’ heavy deposits onto exchanges continued even in the run-up to the Merge as the price of ETH rallied prior to the key proof-of-stake transition. The price dipped after the Merge, despite numerous market pundits predicting it would perform otherwise, thus confirming the behavioral pattern associated with Ether whales’ exchange deposits. The trader concluded, however, that exchange inflow does not necessarily rise before Ether prices rise.
Solana tech developer Coral raises $20M, plans to launch 'xNFT' protocol.
Coral is the creator of the Anchor development framework, which provides boilerplate smart contract tools and other resources for Solana devs.
Solana ecosystem developer Coral has closed a $20 million investment round backed by some of crypto’s biggest venture funds, setting the stage for the launch of its new interactive wallet later this month.
The investment round was co-led by FTX Ventures and Jump Crypto with additional participation from Multicoin Capital, Anagram, K5 Global and other investors, Coral announced Wednesday. Coral said it would use the funds to build internal capacity and launch its flagship product, Backpack.
Backpack is said to be an interactive wallet that delivers “crypto-native experiences” through so-called executable nonfungible tokens, or xNFTs. Coral describes xNFTs as analogous to mini-programs offered by the popular Chinese messaging app WeChat. The xNFT provides a portal to applications, games or assets built on any blockchain.
On Wednesday, Backpack became available in private beta, with Discord members receiving priority access. Coral claims that over 10 of the largest projects on Solana already have projects in active development on Backpack.
Coral is active on Solana as the creator of the network’s Anchor development framework, which gives developers more convenient tools for writing smart contracts. Armani Ferrante, Coral’s founder, said his goal is to “make Backpack the default portal to the Solana ecosystem.”
Despite struggling with repeated network outages, Solana remains ascendant in terms of activity. As reported by Cointelegraph, Solana’s daily transactions surpassed Ethereum’s in the second quarter. The data, courtesy of Nansen, showed that Solana’s daily transactions consistently increased between April and June, eventually reaching 40 million daily transactions by the end of the quarter.
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Framework to ban members of Congress and SCOTUS from trading stocks includes crypto provision.
A bill based on the proposed framework banning crypto investments could help to “restore the public’s faith and trust in their public officials,” according to Zoe Lofgren.
Members of the United States House of Representatives and Senate as well as Supreme Court justices currently trading cryptocurrencies may have to stop hodling while in office should a bill get enough votes.
According to a framework released on Thursday, chair of the Committee on House Administration Zoe Lofgren — responsible for the day-to-day operations of the House — said she had a “meaningful and effective plan to combat financial conflicts of interest” in the U.S. Congress by restricting the financial activities of lawmakers and SCOTUS justices, as well as those of their spouses and children. The bill, if passed according to the framework, would suggest a change in policy following the 2012 passage of the Stop Trading on Congressional Knowledge Act, or STOCK Act, allowing members of Congress to buy, sell and trade stocks and other investments while in office, but also requiring them to disclose such transactions.
“Congress can act to restore the public’s faith and trust in their public officials and ensure that these officials act in the public interest, not their private financial interest, by restricting senior government officials — including Members of Congress and the Supreme Court — and their spouses and dependent children from trading stock or holding investments in securities, commodities, futures, cryptocurrency, and other similar investments and from shorting stocks,” said Lofgren:
She added:
“I will soon introduce legislative text for a bill built on this framework for reform. Many Members have already concluded that reforms are necessary.”
The framework suggested that lawmakers and SCOTUS justices could still hold and disclose a portfolio with diversified mutual funds, exchange-traded funds (ETFs), treasury bills and other investments that did “not present the same potential for conflicts of interest.” The bill’s framework also proposed disclosure amounts be more precise rather than the “extremely broad” range currently used — for example, from $5 million to $25 million — and be available to the public.
ETHW confirms contract vulnerability exploit, dismisses replay attack claims.
The proof-of-work fork of the Ethereum blockchain was targeted by a cross-chain contract exploit.
Post-Ethereum Merge proof-of-work (PoW) chain ETHW has moved to quell claims that it had suffered an on-chain replay attack over the weekend.
Smart contract auditing firm BlockSec flagged what it described as a replay attack that took place on Sept. 16, in which attackers harvested ETHW tokens by replaying the call data of Ethereum’s proof-of-stake (PoS) chain on the forked Ethereum PoW chain.
According to BlockSec, the root cause of the exploit was due to the fact that the Omni cross-chain bridge on the ETHW chain used old chainID and was not correctly verifying the correct chainID of the cross-chain message.
Ethereum’s Mainnet and test networks use two identifiers for different uses, namely, a network ID and a chain ID (chainID). Peer-to-peer messages between nodes make use of network ID, while transaction signatures make use of chainID. EIP-155 introduced chainID as a means to prevent replay attacks between the ETH and Ethereum Classic (ETC) blockchains.
BlockSec was the first analytics service to flag the replay attack and notified ETHW, which in turn quickly rebuffed initial claims that a replay attack had been carried out on-chain. ETHW made attempts to notify Omni Bridge of the exploit at the contract level:
Analysis of the attack revealed that the exploiter started by transferring 200 WETH through the Omni bridge of the Gnosis chain before replaying the same message on the PoW chain, netting an extra 200ETHW. This resulted in the balance of the chain contract deployed on the PoW chain being drained.
BlockSec’s analysis of the Omni bridge source code showed that the logic to verify chainID was present, but the verified chainID used in the contract was pulled from a value stored in the storage named unitStorage.
The team explained that this was not the correct chainID collected through the CHAINID opcode, which was proposed by EIP-1344 and exacerbated by the resulting fork after the Ethereum Merge:
“This is probably due to the fact that the code is quite old (using Solidity 0.4.24). The code works fine all the time until the fork of the PoW chain.”
FTX hacker dumps 50,000 ETH, still among top 40 Ether holders.
The FTX wallet drainer address has been meticulously swapping assets and using bridges to launder stolen funds.
The hacker behind the bankrupt cryptocurrency exchange FTX started transferring their Ether (ETH) holding to a new wallet address on Nov. 20. The FTX wallet drainer was the 27th largest ETH holder after the hack but dropped by 10 positions after the weekend ETH dump.
The FTX hacker drained nearly $447 million out of multiple FTX global and FTX US exchange wallets just hours after the crypto exchange filed for Chapter 11 bankruptcy on Nov. 11. Majority of the stolen funds were in ETH, making the exploiter the 27th largest ETH whale.
On Nov. 20, the FTX wallet drainer 1 transferred 50,000 ETH to a new address, 0x866E. The new wallet address then swapped the ETH for renBTC (ERC-20 version of BTC) and bridged to two wallets on the Bitcoin blockchain. One of the wallets bc1qvd…gpedg held 1,070 renBTC while another wallet bc1qa…n0702 held 2,444 renBTC.
Crypto analytic group CertiK later tracked the bridged renBTC on bc1qvd…gpedg address and found that the address employed a money laundering technique called peel chain to launder the renBTC.
A Peel chain is a technique to launder a large amount of cryptocurrency through a lengthy series of minor transactions. A small portion is “peeled” from the subject’s address in a low-value transfer. These incremental laundered funds are often transferred to exchanges where they can be converted to fiat currency or other crypto assets.
At the time of the FTX hack, there were two parties involved, one black hat that managed to drain $447 million and a white hat that managed to move $186 million of FTX assets to cold storage. However, when Bahaman Securities and Exchange Commission released a notice suggesting they are trying to move assets from the FTX, it raised many eyebrows, with many claiming that the securities regulator was, in fact, the black hat behind the exploit.
On-chain analyst ZachXBT highlighted the token transfer pattern of the black hat wallet and said that the wallet was dumping tokens and bridging sporadically was a very different behavior from the other addresses that withdrew from FTX and instead sent to a multisig on chains like Ethereum or Tron.
Polygon is one of the better performers amid FTT and SOL weaknesses - How will Oryen perform after its ICO?
The most important thing to remember when investing in cryptocurrency is that the market is highly dynamic. Therefore, what might be a good investment today might not be a good investment tomorrow. This is why it's essential to stay up-to-date on all the latest news and trends in the industry.
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Oryen offers a great way to generate passive income and accumulate fixed yield through them. This is further enhanced by its unique auto-staking mechanism (OAT). With ORY tokens, you can get up to a 90% APY fixed yield, which is one of the highest rates available in the crypto world.
ORY has an elastic supply, which means the initial token supply in circulation increases or decreases automatically according to the token's price. The network's initial supply is currently at – 40 million. The more demand for ORY tokens, the bigger the pool gets. Oryen then uses a positive rebase formula to keep the 'supply house' going.
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Binance shares wallet addresses and activity after proof-of-reserve pledge.
Days after CZ took to Twitter to announce a new proof-of-reserve system for Binance users, the site went live with public details of its wallet addresses and on-chain activity.
In light of the FTX liquidity crisis and the near-acquisition by Binance, Binance CEO Changpeng “CZ” Zhao assured his community that his network would provide full transparency on asset holdings.
On Nov. 10, Binance published a new page titled “Proof of Assets” on which all details are available of its on-chain activity for its hot and cold wallet addresses. This comes only two days after the initial tweet from CZ on Nov. 8 in which he pledged to create a proof-of-reserve mechanism to ensure “full transparency” to the community.
Binance released an official statement on the new page in which it says it’s the next step in its “commitment to transparency and fostering trust in the ecosystem,” but also that it is only a starting point.
The final goal is to create a Merkle Tree proof of funds, which will be shared with the community in the following weeks, according to the exchange.
“Our objective is to allow users of our platform to be aware and make informed decisions that are aligned with their financial goals."
The announcement also included a snapshot of hot and cold wallet addresses from Nov. 10, 2022 at approximately 12:00 am UTC.
Additionally, the announcement reiterated that the company’s Secure Asset Fund for Users (SAFU) has been topped at $1 billion. The initial statement came in a tweet from CZ on Nov. 9 and was said to be done “in light of recent price fluctuations.”
Users on social media responded to the publicized numbers, with Reddit users worrying about not seeing Monero listed on the new Proof of Assets page but still being available for purchase through the exchange.
Many users across platforms including Twitter and Reddit have said it’s a good start but that reliability tests will be needed.
As the market fumbles in response to the FTX–Binance incident, other crypto platforms have voiced their support of proof-of-reserve mechanisms for their own communities.
In a tweet on Nov. 10, Cryptocom CEO Kris Marszalek said he believes that it should be necessary for crypto platforms to publicly share their proof of reserves.
Mastercard adds 7 blockchain startups to its crypto accelerator.
The crypto gateway provider Fasset and Singapore’s Digital Treasures Center are among the startups entering the latest Mastercard Start Path program.
Global payments giant Mastercard continues supporting cryptocurrency and blockchain startups as part of its fintech accelerator, the Mastercard Start Path program.
Mastercard has chosen another seven industry startups for its Start Path program in order to promote the adoption of crypto and blockchain technology, the firm announced on Nov. 3.
The new cohort of startups includes the crypto gateway provider Fasset, Singapore’s crypto payments platform Digital Treasures Center and the Colombian stablecoin-focused firm Stable. Mastercard previously partnered with Fasset in July to jointly work on digital solutions to drive financial inclusion in Indonesia.
The latest Mastercard Start Path program also includes the Web3-focused social payments system provider Loot Bolt, Quadrata privacy startup, the blockchain-based media fintech project Take Back the Mic and the brand-oriented platform Uptop.
According to the announcement, the chosen companies will engage with bridging the gap between Web2 and Web3 as one of their main goals. “We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies,” Mastercard added.
Launched in 2014, Mastercard Start Path is a six-month accelerator program that is designed to help startups in expanding and commercializing their products and services. Mastercard has supported more than 350 startups so far, with many of them achieving unicorn status, including firms such as banking provider Thought Machine, the Indian fintech startup Zeta and Razorpay.
In 2021, Mastercard launched a dedicated crypto division of Mastercard Start Path, dubbed Start Path Crypto. The crypto accelerator was established to support seed, Series A and Series B startups involved in crypto and blockchain development, offering a three-month support program.
Twitter’s top brass gutted as Elon Musk’s takeover begins.
Some of Twitter’s C-suite has reportedly been flushed out by the company’s new owner, with its CEO, CFO, and legal head all sacked on Elon Musk’s first day at the helm.
Elon Musk reportedly finalized his $44 billion takeover of social media platform Twitter on Oct. 27 and has started his tenure at the company by cleaning house at the upper executive level.
According to sources from multiple outlets, CEO Parag Agrawal, chief financial officer Ned Segal and head of legal and policy Vijaya Gadde are reported to have been sacked, with Musk accusing them of misleading him over the number of spam accounts on the platform.
Agrawal and Segal were “escorted out” of the company’s headquarters when the deal closed, according to Reuters sources.
Musk had previously attempted to back out of the deal to buy Twitter in July, accusing the company of making “false and misleading representations” regarding the number of spam and fake accounts.
With the deal now closed, Musk looks to change the platform into a bastion of free speech, change the algorithms to prevent political echo chambers, and remove all fake and spam accounts.
In an open letter to Twitter advertisers on Oct. 27, Musk further reiterated his motivations for buying Twitter, saying it is important for the “future of civilization to have a common digital town square” free from political polarization.
He added he purchased the platform “to help humanity, whom I love” and penned his aspirations for Twitter to become the “most respected advertising platform in the world.”
Musk is aware of the “meme-ability” of the prolonged deal and was filmed walking into Twitter’s San Francisco headquarters on Oct. 26 carrying a sink, tweeting “let that sink in” while also changing his Twitter bio to “Chief Twit.”
On Oct. 20, The Washington Post reported Musk planned to cut up to 75% of Twitter’s staff, but a report from Bloomberg days later disclosed that Musk told Twitter staff on Oct. 26 during his visit that the statements were false and he doesn’t plan to sack any staff. However, those at the top of the Twitter tree have just found out otherwise.
‘Well worth the fight’ — Ripple counsel confirms Hinman docs are in their hands.
The truth will be shameful and shocking for the SEC, according to Ripple boss Brad Garlinghouse.
San Francisco-based fintech firm Ripple has inched closer to victory in its ongoing battle with the United States Securities and Exchange Commission (SEC).
On Oct. 21, Ripple general counsel Stuart Alderoty confirmed on Twitter that they finally have the elusive documents after “18 months and 6 court orders,” though noted they remain confidential at the SEC’s insistence.
“It was well worth the fight to get them,” he exclaimed, adding:
“I’ve always felt good about our legal arguments, and I feel even better now. I always felt bad about the SEC’s tactics, and I feel even worse about them now.”
The fought-over documents relate to a 2018 speech by former SEC division director William Hinman regarding the status of Ether, with the financial regulator seemingly pulling out all the stops to keep the documents under wraps.
In late September, U.S. District Court Judge Analisa Torres overruled the SEC’s second attempt to withhold the documents.
At the time, he stated that ETH was not a security and Ripple considers this a key argument in its case against the regulator, which has accused it of conducting an unregistered securities sale of its native token XRP.
Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them.
Partner at Hogan & Hogan Jeremy Hogan commented that these are the briefs “where we’ll really see how strong each position is,” while posturing how the SEC will respond. He added that the briefs will be made public on Oct. 24.
“The SEC wants you to think that it cares about disclosure, transparency and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you.”
Related: Ripple boss tips when SEC case will end as Hoskinson hits back at XRP army
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Terra Luna Classic Price Prediction – When is the Next Binance Token Burn?
The original Terra chain’s Luna Classic (LUNC) token is getting attention again, helped by news that the crypto exchange Binance has implemented a new burn mechanism for it. The question now is how high LUNC can go after the next burn.
When Binance first announced its token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. The news pushed the token up from lows of around $0.00018 that day to around $0.00037 on October 2, more than a doubling of its price in just six days.
Binance conducts the burn by sending trading fees it generates on LUNC spot and margin trading pairs to the LUNC burn address. According to the exchange, the practice will continue to take place every Tuesday “until further notice.”
The next burn is scheduled for Tuesday, October 11, at 00:00 UTC.
Looking forward, it’s difficult to predict where the next short-term move will be, given that the relative strength index (RSI) is now in neutral territory. However, support to the downside exists around the $0.00025 area, as well as around the September 26 low of $0.00018.
To the upside, the first target to look for would be the high from October 2 of $0.00037, after which further upside towards $0.0006 could be in the cards.
Notably, both the 20 and 50-day moving average lines are now below the price and pointing up, indicating that LUNC remains in a clear uptrend on the daily chart.
Crypto Market Integrity Coalition inducts 8 new members, plans training.
The self-regulatory organization backed by Solidus Labs is known for its integrity pledge; BitGo, Bittrex and Merkle Science are among the new members.
The Crypto Market Integrity Coalition (CMIC) announced the induction of eight new members, the organization announced on Sept. 29. The organization, which now has 38 members who have all taken a pledge to uphold market integrity and efficiency, describes itself as such:
“CMIC gives a unified voice to the crypto industry’s commitment to continually improving market integrity and collaboration with regulators.”
According to its statement, CMIC is also developing market integrity training for digital asset markets to help compliance professionals counter manipulation.
The new CMIC members are digital asset trust and security company BitGo, crypto exchange Bittrex, blockchain analytics platform Crystal Blockchain, fintech firms FinClusive and Oasis Pro Markets, Web3 risk mitigation platform Merkle Science, digital assets platform Tokenomy and forensic services provider VAF Compliance.
CMIC is the brainchild of market surveillance firm Solidus Labs. Solidus cofounder and CEO Asaf Meir said, “Now more than ever before, it is clear that crypto’s potential depends on the ability to mitigate its new risks and provide demonstrable market integrity.”
The organization was founded in February with 17 members that included such names as Coinbase, Circle, Huobi Tech and CryptoUK. A second cohort of 13 members joined CMIC in April.
Solidus Labs chief operating officer Chen Arad told Cointelegraph, “CMIC does not define itself as an aspiring self-regulatory organization and rather works closely with, and has among its signatories, some of the leading industry membership associations like cryptoUK, the Chamber of Digital Commerce and the Global Blockchain Business Council.”
The CMIC pledge reads, in part:
“We support and seek to participate in digital asset markets that demonstrate Market Integrity. Digital assets and digital asset market structure may present novel forms of market activity and market manipulation. We agree to continually educate ourselves as to these unique challenges and how to address them.”
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Crypto bug bounty platform Immunefi raises $24M led by Framework Ventures.
The growth of decentralized finance, or DeFi, has made the blockchain industry especially vulnerable to scams and attacks.
Web3 bug bounty and security services platform Immunefi has closed a $24 million Series A funding round, putting the company on track to scale its in-house capacity amid widespread vulnerabilities in the blockchain industry.
The funding round was led by the San Francisco-based venture firm Framework Ventures, with additional participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others. Immunefi said the capital would be used to hire staff as it scales to meet the growing demand for blockchain security and bug bounty services.
Immunefi claims to have paid out $60 million in total bounties since its inception less than two years ago. The platform now supports over 300 projects across the crypto ecosystem, including Chainlink (LINK), MakerDAO and Compound (COMP). To incentivize white hat hackers, Immunefi offers bounties and rewards for uncovering the security vulnerabilities of leading blockchain protocols.
As reported by Cointelegraph, Immunefi raised $5.5 million in funding last October to further boost its security capabilities. At the time, the company had paid out $7.5 million in bounties.
The decentralized finance, or DeFi, sector has been especially prone to security vulnerabilities. In 2021 alone, scams and exploits targeting DeFi protocols cost the industry over $10.2 billion, according to research undertaken by Immunefi. DeFi remains a prime attack vector for scammers in 2022, as evidenced by the recent $160 million exploit of crypto market maker Wintermute.
One of the biggest DeFi exploits occurred in April of this year when Axie Infinity’s Ronin bridge was hacked for over $600 million. Axie relaunched its Ronin bridge three months later.
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