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All the news about cryptocurrencies in one place. Round-the-clock, operational and automatic updating. Promo inquiries: @ryder_reilly
Do Kwon seeks SEC charges dismissal as S.Korea rules LUNA as non-security💁
The South Korean district court recently dismissed security violation charges against Terra co-founder Hyun-seong Shin, deeming LUNA as non-security under Korea’s Capital Markets Act.
🏦Court documents were filed indicating that Do Kwon, co-founder and CEO of Terraform Labs, has asked for the dismissal of charges leveled against him by the Securities and Exchange Commission (SEC).
In the motion filed on Friday, April 21 to have the SEC charges dismissed, Kwon argued the SEC’s claims are invalid, pushing back against the agency’s position that tokens including MIR, LUNA and UST are securities.
😖Additionally, Kwon’s counsel said the agency lacked the proper jurisdiction to bring charges against Kwon and Terraform Labs because Terra's tokens and projects were “aimed at the world” and did not specifically target U.S.😗investors.
The South Korean district court recently dismissed security violation charges against the co-founder of Terraform Labs, Hyun-seong Shin, deeming LUNA as non-security under Korea’s Capital Markets Act. This ruling makes Kwon's motion right only in connection to LUNA.
😚However, in a press conference after the Seoul Southern District Prosecutor’s office indicted 10 people involved in the collapse of the Terra stablecoin ecosystem, the prosecutor reportedly🌿 identified Signum as the Swiss bank account where Kwon transferred more than 10,000 Bitcoin (BTC) from the Terra platform and the Luna Foundation Guard to a cold wallet, then converted to fiat.
The Financial and Securities Crime Joint Investigation Unit of the Seoul Southern District Prosecutor’s office😎, headed by Dan Seong-han, stated that they are monitoring Bitcoin owned by Luna Foundation Guard and that the transferred amount, which aligns with the SEC complaint, is approximately $100 million (equivalent to 130 billion won).
The prosecutors clarified that the $100 million💸 was not kept solely in the Signum account and was dispersed in various locations.
Former US Secret Service asst. director: Keep personal info of FTX users private
Jeremy Sheridan claimed FTX users could become the targets of physical harm as well as attacks through online scams if their information was disclosed.
🤨Jeremy Sheridan, former assistant director of the United States Secret Service Office of Investigations, has warned that certain FTX customers could become targets if their personal information were to be made public.
In an April 20 declaration filed with the U.S. Bankruptcy Court for the District of Delaware, Sheridan supported a motion from the debtors that would withhold🌸 “certain confidential information” of FTX users. According to Sheridan, who is currently a managing director for FTI Consulting, releasing the names of customers associated with the failed crypto exchange imposes “a severe and unusual risk of identity theft, asset theft, personal attack, and further online victimization.”
“If Individual Customer Names are made public in these Chapter 11 Cases, such information will provide potential malefactors an itemized list of vulnerable targets,”👈 said Sheridan. “In particular, it will provide malefactors with a menu of potential targets via disclosure of the Debtors’ schedules of assets and liabilities list. And each of the Debtors’ customers’ respective cryptocurrency holdings.”
🤟FTX users holding large amounts of crypto, according to Sheridan, would effectively have “a target on their back” and could be victims of fraud by scammers looking at their wallets. He cited examples of common online scams conducted through email and social media, including building fake business and romantic relationships, SIM swaps and phishing attacks:
😁“Perpetrators of frauds and online attacks are emboldened by, motivated from and attracted to high profile cases like the Chapter 11 Cases. Adding to this environment is the fact that cryptocurrency is already an attractive target for malefactors because it is easy to liquidate, instantaneous, global and pseudo anonymous.”
Cheelee Launches a $5,000,000 Worth Community Drop
Fast-growing Web3 social network Cheelee has announced an astronomical $5,000,000 community drop in CHEEL tokens. Let's discuss in more detail what's going on!
What is Cheelee?
Cheelee is a GameFi short video platform that pays its users for watching the feed.
How does it work?
Making money with Cheelee is easy because you don't need any investment to get started. You just create an account, get starting NFT-glasses and catch first box with tokens. The time spent on watching videos is converted into tokens.
How can you get involved in Drop?
All you need is follow the next few steps to participate in the drop on Zealy (ex-Crew3).
- Follow Cheelee's social media.
- Download the app
- Create your account and connect it to your wallet
- Grab your first free NFT points and start watching videos of your choice
- Get your first box of free tokens.
- Cheelee will send CHEEL directly to your wallet - simple as that!
Take advantage of every chance fate gives you! The amount of tokens is cosmic, but follow the advise to hurry up to be the first to pick up your jackpot!
Bitcoin-friendly PPI data boosts bulls as Ether price fights for $2K 💪
⚡️Financial commentary resource The Kobeissi Letter was among those noting that the month-on-month drop in PPI values was the largest since the peak in March 2022.
“The overall PPI inflation rate has fallen from 11.3% to 2.7% since June 2022, less than 1 year ago. There also has not been a monthly increase in PPI inflation since June 2022,” it added.
⭐️Reacting, market commentator Tedtalksmacro suggested that the numbers would also provide a snowball effect for another key inflation metric, the Consumer Price Index (CPI), the March print for which also beat prognoses.
“Indicative of further falls in CPI/PCE in coming months,” he summarized in comments about the PPI result.
💎Inflation subsiding faster has traditionally buoyed crypto asset performance as it raises hopes that U.S. economic policy will become less restrictive.
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Mt. Gox repayment registrations close: Here’s what’s next🦋
The deadline for repayment registration for those affected by the Mt. Gox hack has closed, with the trustee releasing a statement on the next steps in the process.
🌚The saga of the Mt. Gox cryptocurrency exchange and the repayment of its creditors continues, as the company released a new statement as to what to expect now that its registration window has closed.
On April 7, the former exchange released a statement from its rehabilitation trustee Nobuaki Kobayashi saying the deadline for creditors to provide their repayment information — clarification of payee and payment type — has passed.
👉It said that “base repayment, intermediate repayment and early lump-sum repayments” will be carried out until Oct. 31, 2023. However, this final deadline “might be extended with the permission of the Tokyo District Court.”
The note also said that the trustee would carry out the “necessary preparations” to make the repayments, including confirmation of the selections for repayment and sharing the information with banks, fund transfer providers, cryptocurrency exchanges or any other custodian involved in the repayment.
For this reason, the note read: “In light of this, it is expected to take some time before the repayment is commenced.”
👨💻The initial demise of the exchange happened in 2014 when it was forced to shut down after a hack amounting to the loss of 850,000 Bitcoin. Despite the FTX catastrophe in November 2022, Mt. Gox’s demise remains the greatest crypto robbery in history.
There have been continuous delays surrounding the repayment of funds to those affected. In 2018, a Japanese court finally approved a compensation plan. 🌿
In March 2020, Kobayashi announced a new system for the remaining funds to be claimed by creditors through proof of claim via bank statements, transaction records and identification documents.
👉Liechtenstein’s VP Bank taps Metaco to expand custody and tokenization services.
Swiss digital asset infrastructure provider Metaco collaborated with Liechtenstein’s VP Bank to expand its support for tokenized assets.
VP Bank, one of the largest banks in Liechtenstein, has partnered with digital asset infrastructure provider Metaco to consolidate its digital asset custody and tokenization operations.
🔍According to an announcement, VP bank will use Metaco’s Harmonize platform to expand its services, and enable support for tokenized asset minting, burning and storage. Marcel Fleisch, the chief product officer at VP Bank, said in the announcement that the company is rethinking wealth management using a combination of traditional banking and digital ecosystems. Fleisch highlighted that this creates new opportunities and services for its client base.
🕵Metaco’s chief growth officer Seamus Donoghue also commented on the collaboration. According to Donoghue, its platform lets banks and other financial institutions meet the demand for new asset classes. The executive noted that this also allows banks to expand business models in any direction.
“We are proud that VP Bank, one of the largest banks in Liechtenstein and a future-oriented bank for private clients and intermediaries, is now relying on Metaco Harmonize to scale its digital asset custody and tokenization services,” 👈Donoghue commented.
Metaco has been expanding its presence all over Europe, collaborating with key players in the region. On Feb. 9, the token infrastructure provider partnered with Germany’s DekaBank to launch a blockchain-based platform expected to be released in 2024.
On Feb. 23, Metaco collaborated with German asset manager 🌿DZ Bank to include digital currencies in its asset management services. On Jan. 10, Metaco also partnered with Togg, a Turkish automotive technology firm, to secure its auto mobility services powered by smart contracts.
🌸Apart from Europe, the digital asset service provider also extended its arms to Southeast Asia. On Nov. 2, 2022, the company assisted the UnionBank of the Philippines in launching custody and trading for Ether and Bitcoin
Freeport clears SEC Reg A review for tokenized art offerings.😊
It appears that the SEC has exempted NFT art tokenization from registration as security offerings.
🤟On March 29, nonfungible token (NFT) startup Freeport announced it had passed a Regulation A review by the United States Securities and Exchange Commission (SEC) to launch its blockchain platform for crowd-ownership of a four-piece collection of Andy Warhol prints. Each piece consists of 10,000 shares, with a minimum purchase of 10 per individual, allowing a maximum of 1,000 individuals to own a piece of Warhol art.
The underlying pieces are prints of iconic blue-chip Warhol works, including “Marilyn (1967),” “Double Mickey (1981),” “Mick Jagger (1975)” and “Rebel Without a Cause (James Dean) (1985).“ Current Andy Warhol paintings can fetch anywhere between $6 to $195,040,000💵 apiece, according to MutualArt.
👉As told by Freeport, the SEC clearance allows retail investors to gain fractional ownership in the fine arts market, which is typically exclusive to high-net-worth individuals due to pricing. “Customers can display their pieces in a high-resolution personal gallery, select frames, and view other community members’ galleries with rich social interactions that include comments, likes and more,” wrote the Freeport team. Colin Johnson, CEO and co-founder of Freeport, commented:👇
“As more and more value moves on-chain, fractionalized art is increasingly being sought after by a younger, yet less financially flexible, class of investors.“
🙊Anyone offering securities in the U.S. must either register with the SEC or seek an exemption. The Regulation A exemption allows companies — mainly startups — to raise $20 million in 12 months in a Tier 1 offering or $75 million in 12 months in the more stringent Tier 2 offering. On April 18, Gary Gensler, chair of the SEC, will testify before the House Financial Services Committee on the regulation of crypto assets.
Venezuela shuts down crypto mining facilities, exchanges amid corruption probe.
👉According to Venezuela’s attorney general office, government officials were running parallel oil operations with the assistance of the national crypto department.
Venezuela’s energy🧐 supplier has shut down crypto mining facilities throughout the country as part of a reorganization of the national crypto department and ongoing corruption investigations involving the country’s oil company.
According to local media reports, crypto mining companies, and tweets from Venezuela’s National Association of Cryptocurrencies, mining facilities were shut down in the past days in the states of Lara, Carabobo and Bolívar. It is unclear how many crypto firms were affected. Some crypto exchanges were also ordered to cease operations.
The closure of crypto mining facilities is believed to be part of an ongoing investigation of corruption involving Venezuela’s oil company PDVSA and the country’s crypto department.
🕵Venezuela’s attorney general, Tarek William Saab, disclosed on March 25 that government officials were allegedly running parallel oil operations with the assistance of the national crypto department. Saab commented on Twitter👇:
“This network used a conglomerate of commercial companies to legitimize the capital obtained from sales through the acquisition of crypto-assets, personal and real estate.“
According to Saab, at least 10 people have been arrested in connection with the investigations, including Joselit Ramirez Camacho, who led the crypto department since its inception in 2018, overseeing crypto tax rules and the country’s cryptocurrency — the petro. According to earlier reports, Camacho was arrested on March 17 during the investigation.
😏Since June 2020, Camacho has been listed in the United States Most Wanted List. At the time, Department of Homeland Security Investigators issued a bounty of up to $5 million for any information that would lead to the capture of the petro’s supervisor. Authorities alleged that Ramirez had “deep political, social and economic ties” to suspected narcotic kingpins, including Tareck El Aissami, the former vice president of Venezuela.
🗣Liquid Mining will launch global sales on April 1st, 2023.
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😱Synthetix nets $20M from Web3 quant trading firm.
Derivatives liquidity protocol Synthetix seals new partnership with DWF Labs, landing a $20 million investment from the quantitative trading firm.
👇Tokenized asset issuance platform Synthetix has secured a $20 million investment through a new partnership with Web3 investment and quantitative trading firm DWF Labs.
The market making and algorithmic trading company acquired $15 million worth of Synthetix’ native token SNX paid for with USD Coin (USDC) in March 2023. DWF Labs will be tasked with increasing SNX token liquidity and market making across centralized and decentralized exchanges.
👉Synthetix’ perpetual futures will be integrated into DWF Labs’ trading business as part of the deal. DWF Labs has also committed to purchase another $5 million worth of SNX tokens once the integration of Synthetix’ services has been completed.
Synthetix allows users to tokenize a variety of real-world assets into derivatives called Synths, which provide exposure to a range of different assets. Holding SNX tokens allows users to create Synths by locking tokens into a smart contract and minting Synths against the corresponding value.😏
😊Users can trade Synths using Synthetix’ pooled collateral model, with trades between Synths generating fees for SNX collateral providers.
The creation of on-chain synthetic assets tracks the value of real-world assets, which includes synthetic fiat currencies or commodities like Gold and financial instruments like equity indices.
DWF Labs managing partner Andrei Grachev highlighted the partnership’s provision of streamlined trading mechanisms in the Decentralized Finance (DeFi) space💁:
"By leveraging Synthetix's deep liquidity and composability, platforms can now deliver better trades with lower slippage, allowing for innovative hedging strategies and unique use cases.”
Synthetix’ V2 platform surpassed $400 million in perpetual swap daily trade volume in March 2023 according to data from Dune Analytics.
Russians Reportedly ‘Using Crypto Exchanges to Send USDT to UK’
🌍Russians are using “several” Moscow crypto exchanges to send Tether (USDT) to people based in the UK.
🏢Per the NGO Transparency International’s Russia branch and the media outlet The Bell, “several crypto exchanges” are now “operating” in Moscow, where they “offering services” that let Russians “withdraw cash funds” in the UK.
🏬The NGO stated that it has “become possible to transfer money out of Russia with the help of crypto exchanges located in the Moscow International Business Center [aka Moscow-City].”
⛔️Sanctions and counter-sanctions have placed strict controls on the movement of funds between Russia and foreign nations.
The platforms said they would “change tokens into cash for delivery in London.”
✍️The NGO wrote:
“Despite our requests to make transfers that would result in the delivery of over [$12,000] in cash (yes, bags full of cash), there was a distinct lack of curiosity from these exchanges about the identity of their customers.”
Sen. Warren calls out ‘sham audits’ while SVB threatens crypto bankruptcy.🏦
Contrasting Warren’s statements against crypto auditors, numerous members highlighted the ongoing collapse of Silicon Valley Bank (SVB), a Federal Deposit Insurance Corporation-insured bank.
United States🇺🇸 Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects.
🔍The PCAOB — a nonprofit overseeing the audits of public companies and other issuers — recently stated that proof-of-reserves (POR) are not equivalent to audits conducted under PCAOB auditing standards. POR is a method widely adopted by crypto exchanges to confirm the availability of users’ funds. However, Warren demanded stricter oversight:
“But let’s be clear: there’s more PCAOB needs to do so consumers aren’t left holding the bag when shady crypto firms collapse.”
The crypto community contrasted her statement as numerous members highlighted the ongoing collapse of Silicon Valley Bank (SVB) — a Federal Deposit Insurance Corporation-insured bank.
💁On the other hand, with SVB single-handedly contributing to the price instability of the Circle-issued USD Coin, Crypto Twitter questioned Warren’s stance around the collapse of a non-crypto-related bank.
Responding to Warren, Ari Paul, the founder of blockchain investment firm BlockTower Capital, highlighted how SVB is pushing crypto companies into bankruptcy, stating:
“The far larger non-crypto bank SVB just forced a lot of good companies into bankruptcy. Stop pretending your empire building helps people…this just keeps delivering unnecessary losses for both retail and institutional depositors.”
Tesla CEO Elon Musk shared a meme for the occasion, showcasing investors’ dilemma when it comes to trusting traditional banks and crypto businesses with their money.
As reported by Cointelegraph, the investor advisory from the PCAOB’s Office of the Investor Advocate reminded users not to rely solely on POR reports to confirm the existence of funds.
CZ denounces rumor ‘widely’ spread on China’s WeChat.🤔
A MetaMask security analyst said the rumor was the “2023 adaptation of attempted market manipulation.”
Binance CEO Changpeng “CZ” Zhao has denied a rumor that he had been “shot”🔫 by a United States federal law enforcement agency after it “spread widely” across a Chinese messaging platform.
In a March 4 tweet, CZ addressed the false speculations circulating on the Chinese messaging platform WeChat — claiming he was “shot” by The Federal Bureau of Investigation (FBI) — taking the opportunity to reiterate the close working relationship that exists between Binance and the FBI.
He wrote the number “4” at the end of the tweet, referring to his Jan. 3 tweet about simplifying his goals for 2023.
He listed the 4th goal as a reminder to ignore FUD (Fear, uncertainty and doubt), fake news, attacks and other distractions.
The first three goals listed were to focus on education, compliance, as well as product and service.😄
Shortly after, CZ retweeted a tweet by a user asking him, “Brother Peng, I heard that you were biu-biued shot by the FBI? If it’s true, you just nod your head and give a hint translated.”
The user had circled text✍️ on a screenshot that stated, “Zhao Changpeng was shot dead by the FBI translated.”
A MetaMask security analyst, Harry Denley, likened the event to a false rumor spread about Ethereum co-founder Vitalik Buterin in 2017 “dying in a car crash.”
Denley called the rumor about CZ the “2023 adaptation of attempted market manipulation,” and suggested that CZ does a “proof of life” with the latest BNB Smart Chain block hash.
It was previously announced in October 2022 that BinanceUS hired former FBI special agent BJ Kang to head up its investigation unit to combat illegal activity on the platform.
🧐Kang was once dubbed “the most feared man💁 on Wall Street” by Reuters after being photographed arresting Bernie Madoff — who was found guilty of running the largest Ponzi scheme in history.
In more recent news, CZ and BinanceUS CEO Brian Shroder were sent a letter on March 1 from three United States senators, Elizabeth Warren, Chris Van Hollen and Roger Marshall, demanding more information regarding Binance financials.
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Hong Kong court rules cryptocurrencies as property.🏦
The decision aligns Hong Kong with other jurisdictions that recognize cryptocurrencies as digital properties.😏
A court based in Hong Kong has acknowledged cryptocurrencies as property that can be held in trust in a ruling involving the defunct crypto exchange Gatecoin.
😇In an analysis of the ruling published by the law firm Hogan Lovells, Judge Linda Chan reportedly said that crypto has property attributes. The court deemed that it was appropriate to follow reasoning applied by other jurisdictions that crypto was property and could form the subject matter of trust. Chan noted:
“Like other common law jurisdictions, our definition of ‘property’ is an inclusive one and intended to have a wide meaning.“👋
According to Hogan Lovells, the new ruling can potentially give insolvency practitioners in Hong Kong greater clarity in terms of digital assets. Confirming that crypto constitutes property similar to other assets like stocks aligns Hong Kong with other jurisdictions.
The case involves Gatecoin, a Hong-Kong 💸based crypto exchange that suffered a hack back in 2016, losing around $2 million in digital assets. On March 2019, the exchange announced that it had received a mandatory liquidation order from a Hong Kong court.
In the United States🥰, the Internal Revenue Service recognizes cryptocurrencies as property for federal tax purposes. This means that principles applicable to property transactions apply to transactions using crypto. Meanwhile, a court has also recognized crypto as property in China. Back in 2019, a decision made by the Hangzhou Internet Court recognized Bitcoin legally as digital property.
😆As Hong Kong pushes its goal to becoming a global crypto hub, China’s state-affiliated banks are taking the opportunity to build partnerships and onboarding regulated crypto firms in Hong Kong. The events unfolded despite a ban on crypto-related activities in China.
NFT. NYC: Play-to-Earn is not dead, but game publishers are looking for alternatives.👇
The Cointelegraph team was on the ground in New York to bring exclusive insights from the NFT event.
😧The play-to-earn (P2E) business model may not be dead, but game publishers and developers are exploring alternatives to replace it, according to a panel at the NFT. NYC 2023. The Cointelegraph team was on the ground in New York to bring exclusive insights from the NFT event.
👉According to the CEO of gaming platform OP Games, Chase Freo, companies that branded themselves as P2E are shifting their strategy amid the crypto prices downturn. “It’s a model that is not sustainable at all,” he noted, citing Axie Infinity’s shift in some of its flagship titles as an example.
Minoru Yanai from Minto, a Japanese manga and anime design company, said that game companies are now “looking at play and fun, and sometimes earn or swap,” adding that players can still earn tokens and rewards, but publishers and developers are more focused on being sustainable and flexible.
🏦Also speaking at the panel, Paul Flanagan, head of business development at Estonian mobile game developer CM Games, claimed the core problem with P2E models is that it is a “zero-sum.“ “As we all know, most of them are Ponzi schemes, so if you are putting branding sponsorship as a source of money, that might work, but we still need to see that happening,” he said.
😱Alternatives flourishing in the industry include marketplaces and partnerships that allow players to return tokens to the game ecosystem instead of playing and liquidating them, the panelists noted. “More companies right now are trying to make sure that the game has a really good core loop that enables these players to put back whatever they earn into the game. That’s very challenging. I don’t think play-to-earn is ever going to come back, but there will be variations of how it’s going to look like in the future,” stated Freo.
Bitcoin proponents respond to New York Times’ BTC mining report.👇
Bitcoin proponents accused The New York Times of overstating mining companies’ emissions and omitting facts about the growing adoption of renewable energy sources for BTC mining.
🏙The New York Times’ latest report on Bitcoin mining, titled “The Real-World Costs of the Digital Race for Bitcoin,” has irked many BTC proponents — some of whom took to Twitter to call out certain aspects of the report, including saying it was “cherry-picking” data.
The NYT article says Bitcoin mining has a “voracious” appetite and claims it uses as much energy as all residences in New York City.
In response, Daniel Batten — a Bitcoin environmental, social and governance (ESG) analyst — pointed toward what he said were two major instances of cherry-picking data alongside neglecting the increased use of renewable energy in the mining sector.
🌿Batten said the NYT article drastically exaggerates the actual fossil fuel use of BTC miners, with emission levels overstated by an average of 81.7%. He added the report was “using overwhelmingly incomplete datasets to support a thesis.”
Batten also mentioned that there are 26 Bitcoin miners in the United States and Canada using 90% sustainable energy to fuel their mining activities, but the NYT article chose just two and focused on the sites least backed by renewable energy.
💁Troy Cross, another Bitcoin proponent, said the NYT article used “marginal emissions accounting” to prove its narrative, selectively applying it only for carbon emissions, not generation.
Dennis Porter, CEO of the Satoshi Act Fund, noted that the NYT article made a mistake in its initial reporting, naming the incorrect town in which a BTC mining facility in Texas is based. The publication later corrected the error.
😱Pierre Rochard, vice president of research at BTC mining firm Riot, accused the NYT of using “fictitious fractional-reserve carbon accounting” and “cooking the books to fabricate emissions.” Another Twitter user, Hakan, pointed toward passages they believed to be fear-mongering.
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Which is the groundbreaking project you know that really can change the crypto game rules this year?
In the world of technology, there are always innovations and ideas that can push the boundaries of what is possible. Indeed, in 2023, there are some cryptocurrency projects that have the potential to fundamentally change how the cryptocurrency market works.
According to Live Bitcoin News, this is Cheelee!
Cheelee – GameFi short video platform – is going to turn all the current market upside down. Now users will benefit from their scrolling. Cheelee users will become members, beneficiaries and players in the new economy.
Platform is going to prove that there’s lots of possibilities to earn on your favorite activities. In fact you already possess utterly valuable asset – your attention. You just need to monetize it.
All these are not just words. The project is ranked by Live Bitcoin News as one of the revolutionary projects in the SocialFi segment.
Just-In: MicroStrategy Buys 6455 Bitcoin, Binance CEO Reacts
MacroStrategy LLC in its latest U.S. Securities and Exchange Commission (SEC) filings declared that it has made an addition to its Bitcoin holding.
However, this accumulation came in when three U.S. based crypto friendly banks collapsed within a week.
https://coingape.com/microstrategy-buys-6455-bitcoin-binance-ceo-reacts/?ik
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Circle CEO Confirms Hack on Employee Account Promising USDC Airdrop👩🏻💻
Circle CEO Jeremy Allaire has revealed that the Twitter account of one of the company's top executives that promised a USDC airdrop has been hacked🛠
Dante Disparte, who joined Circle as its chief strategy officer and head of global policy in April 2021, said in a suspicious Twitter thread that USDC holders would get a bonus after the stablecoin's de-peg earlier this month👨💻
The "one-time bonus" for USDC users would come in the form of an airdrop, according to the hacked account📦
⚠️However, Allaire was quick to warn the crypto community that the account was hacked.
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Stargate foundation advises DAO against reissuing STG tokens.🌿
The Stargate Foundation, in agreement with FTX liquidators, has advised the DAO that issuing the STG token could put its safety at risk and may violate the automatic stay.
😵Stargate Foundation has advised its decentralized autonomous organization (DAO) against reissuing Stargate’s native Stargate Finance (STG) token due to concerns raised by FTX liquidators. The liquidators have expressed the belief that such a move would violate the automatic stay and could result in legal repercussions.
In March 2022, Alameda Research, the former cryptocurrency trading firm, purchased the entire STG auction for $25 million. However, in November of the same year, FTX declared bankruptcy, following which FTX and Alameda’s wallets were hacked for roughly $500 million. The liquidators eventually transferred all assets to new wallets.
In light of these events, Stargate DAO has proposed reissuing the STG token to move the funds from the potentially compromised wallet to a safer one. However, the FTX liquidators have rejected this proposal.
Stargate DAO maintains that the liquidators’ concerns are unfounded and that reissuing the STG token would not violate the automatic stay. Stargate tweeted that “nothing in any interaction the foundation has had with the liquidators indicates that they have a firm grasp of the reality of the smart contracts, how the contracts work, or how they will interact with the contract to secure the funds.”🙂
Despite the efforts of exchanges, protocols and external parties to ensure the security of funds, the foundation is standing by its recommendation against reissuing the STG token due to the opinion of FTX liquidators.😇
South Korean Police Arrest Girl Aged 14 for Buying Crystal Meth with Crypto 👮
A 14-year-old South Korean girl has been arrested on suspicion of using cryptoassets to buy methamphetamine (crystal meth).
Per Dong-a Ilbo, the girl is a third-grade middle school student who lives in the Dongdaemun District of Central Seoul. Police say she was found “collapsed” on a stairwell in an apartment block. Officers say she had dissolved the substance – also known as Philopon in East Asian nations – in a bottle of water.
Officers explained that the girl had paid just over $300 worth of crypto for 10 “doses” of methamphetamine. Police said the girl had managed to find the ID of a Telegram-based drug dealer “without any difficulty” while she was “searching the internet out of curiosity.”
They think the girl may have discovered this information via an unnamed social media site.
Hong Kong citizens not interested in digital yuan.🌴
Despite the 20% discount, the e-CNY hard wallets don’t attract much attention from Hong Kong residents.
The Chinese government’s central bank digital currency (CBDC) project has not sparked much enthusiasm among the citizens of Hong Kong. In the first four days since the “digital yuan” (also known as “e-CNY”) hard wallets became accessible to residents, only 625 Hongkongers had obtained them.
As reported by a local newspaper on Feb. 28, Shenzhen installed the machines, dispensing the hard wallets for digital yuan, the first of a kind in the country. Due to the city’s unique location as a gateway from Hong Kong to mainland China, the machines were programmed to serve the citizens of Hong Kong exclusively.
🤔The goal of the initiative, launched by the Bank of China and smart card provider Octopus Card, was to issue 50,000 hard wallets by March 31. However, in the first four days after the machines’ installation, only 625 wallets were demanded by the customers.
Even the 20% discount on purchases from 1,400 local vendors — subsidized for the CBDC owners by the government — hasn’t been a decisive factor for adoption.
However, as the Shenzhen Securities Times highlights, the local authorities will continue to promote the digital yuan for Hong Kong citizens, including the SIM card hard wallet, which would combine financial and communicational functions. The reason lies in a greater political mission to integrate the recently independent island city in the Guangdong–Hong Kong–Macao Greater Bay Area.
The adoption of e-CNY in the country is still slow, despite the Bank of China’s efforts. In October 2022, two years after the CBDC’s introduction to the market, cumulative e-CNY transactions only crossed 100 billion yuan ($14 billion).🥶 In February 2023, during the Lunar New Year period, multiple cities reportedly gave away over 180 million yuan ($26.5 million) worth of the CBDC in programs such as subsidies and consumption coupons to boost the adoption.
OKX Crypto Exchange: Proof of Reserves is Future of CEX industry
It's opening morning at London's Blockchain Economy Summit, the UK's largest gathering of crypto and blockchain companies, and centralized exchanges are a hot topic.
In the aftermath of the collapse of FTX, the conference debate is centering on the future of the CEX sector.
Shaping the debate is Lennix Lai - Managing Director of OKX.
Lai opened the conference with an impassioned presentation on the future of transparency for the CEX industry. Highlighting the technology being developed by OKX to help prevent another monumental CEX collapse.
"[Blockchain is] offering a new financial system for humanity … with the ability to solve issues of financial inclusion," said Lai.
