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📈Revolut's revenue up 33% despite the collapse of the crypto market
European fintech firm Revolut reported 33% revenue growth in 2022, despite the fall of the cryptocurrency market
Fintech broker Revolut has reported 33% revenue growth for 2022. The firm's chief financial officer, Mikko Salovaara, said this in an interview with Reuters.
According to him, the broker's income in 2022 passed $1 billion, even despite the collapse of the crypto market. Revolut's profits come from commissions from payments, subscriptions and business accounts. Revenue from cryptocurrency services, which make up a large part of Revolut's business, dropped to 5-10% of the total.
Revolut launched in 2015. At the end of its last investment round in 2021, the firm was valued at $33 billion, according to Crunchbase. In all, the fintech brokerage raised $1.7 billion.
In January, a Revolut spokesperson told the media that plans to launch its own token had been frozen. The token was originally set to go live back in late 2022. According to the spokesperson, the cryptocurrency plans were affected by the collapse of the cryptocurrency exchange FTX.
The token, called RevCoin, is not expected to act as a Stablecoin. It will have a dynamic value based on demand. They want to develop the token following the model of Air Miles airline programs, where users are rewarded based on how often they use the service. Along with Revcoin, there were plans to launch a non-custodial (non-depository) wallet in the Revolut app with support for non-depositable tokens (NFT) and decentralized finance protocols (DeFi).
⛔HSBC banned purchases of cryptocurrencies via credit cards
HSBC blocked credit card purchases of cryptocurrencies for its customers
One of the world's largest banks HSBC banned the purchase of cryptocurrencies from its credit cards. This was noticed by customers of the financial institution.
"Soon you will absolutely not be able to buy cryptocurrency. Keep your crypto, stay inside. After all, if you get out, you may never be able to get back in. Weather the storm no matter what," one Twitter user wrote.
That said, the bank is not restricting customers from buying cryptocurrency using debit cards. It is noted that such a decision was dictated by the legislation of the Financial Conduct Authority (FCA) in the UK.
As one of the largest banks, HSBC serves 32 million customers in 62 countries. At the same time, the bank is not an opponent of cryptocurrencies. At the end of December, it registered trademarks for the NFT marketplace and the meta-universe. The British bank is also interested in processing virtual payment card transactions. However, no specific developments by the bank have been reported yet. Officially, HSBC also decided not to comment on trademarks.
The trademark registration came a few months after the bank bought a virtual plot of land at The Sandbox to develop gaming initiatives in the area of cybersports. According to Suresh Balaji, HSBC's head of marketing for Asia Pacific, the bank sees "great potential" to create new experiences through gaming platforms. Financial details of the deal are still unknown.
HSBC is also actively testing distributed ledger technology. In November, for example, Wells Fargo, along with the bank, reported processing more than $200 billion in financial transactions using a distributed ledger.
🇦🇺Australian regulator to review Binance due to account closures
The Australian Securities and Investments Commission (ASIC) announced that it will launch an investigation into the local operations of cryptocurrency exchange Binance. The regulator's target of interest is the exchange's closure of individual user derivatives accounts based on misclassification.
After several postings on Twitter, the Binance team acknowledged the error, adding that about 500 users were affected.
Our team identified a small number of Australian users who were misclassified as "Wholesale Investors" on Binance.
Under Australian law, we had to inform these users and immediately close any of their derivative positions.
We serve over 120 million users worldwide, and every user is important to us. We are contacting affected users to negotiate compensation.
Despite the crypto-exchange's quick response, an ASIC spokesperson said that the trading platform did not inform the regulator about the problem in its system.
It is known that the investigation will affect "the classification of retail customers and wholesale customers." As for possible penalties, there is no indication of that yet.
Binance CEO Changpen Zhao assured that each affected trader will receive compensation for losses, and urged members of the community not to sow panic and spread false rumors.
🇹🇼Taiwan is seriously planning to deal with cryptocurrencies
Former Taiwan Financial Supervisory Commission (FSC) Chairman Tseng Min-chung said the cabinet should authorize the current central authority to form a regulatory framework and development plan for the cryptocurrency industry. This will happen by May 16, 2023. According to the specialist, such a scenario would bring the government closer to adequate regulation of the digital currency sector.
Tseng Min-Chung made the announcement at a financial conference in Taiwan. He noted that lawmakers arranged a meeting back in January 2023. They then sent a special request to the authorities. The document stated that financial regulators see the need to take additional measures to oversee the crypto space.
Tseng stressed that the authorities will designate either the FSC or the newly created Ministry of Digital Affairs (MODA) as the central agency. It will be responsible for overseeing the crypto sector.
Back in July 2021, the FSC introduced anti-money laundering rules for digital asset service providers. However, the industry remained largely unregulated. Subsequently, the institution asked banks and credit card companies not to allow them to use them as a means to pay for virtual asset services.
Taiwan's anti-corruption authority spoke last week. They said they are now studying possible rules that would require government officials and employees to report their crypto-assets under local property-declaration laws.
The MODA Commission was launched last summer. It identified information security and Web 3.0 technology as key areas to protect against cyberattacks. Representatives of the organization assured that they are in favor of digital innovation and are focused on the development of the cryptocurrency sector.
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🕹️New FSB Statement on Stablecoin Regulation for G20 Members
Klaas Knot, Chairman of the Financial Stability Board (FSB), issued a statement on StableCoins to G20 finance ministers and central bank governors. He noted that many existing stablecoins would not meet the "high level" recommendations. He was referring to the regulatory rules that will soon be established by the world's key financial regulators.
The FSB's forthcoming guidance will focus on strengthening and normalizing the framework for stablocoin governance, redemption rights and mechanisms for this asset class. According to the 2023 plan, published on February 20, 2023, the FSB planned to finalize a document with recommendations for the regulation of cryptocurrencies and stablecoins by July of this year.
Today's letter notes: Supervisors around the world have been actively taking steps to control stable coins, most of which are backed by fiat currency reserves in the form of cash equivalents or unsecured short-term debt. At the same time, while stabilitycoin issuers have been concerned about reducing private debt from their reserves and increasing transparency, the FSB has assured that current efforts are not enough.
Knott added that many existing Stablecoins could be banned. It is already clear that they do not meet the international norms set by the developers of traditional payments and securities standards.
Back in February 2022, the FSB warned cryptocurrencies and investors that financial stability risks "could increase significantly." Regulators have significantly increased their efforts to oversee the digital currency industry following the collapse of Project Terra and the FTX cryptocurrency exchange. In addition, the organization is concerned about overseeing the decentralized finance (DeFi) sector.
📣Robert Kiyosaki again supported the digital currency bitcoin
Renowned American investor Robert Kiyosaki once again expressed support for the flagship cryptocurrency bitcoin (BTC) in the social network Twitter. He noted that he is a supporter of pouring money into digital gold, its physical counterpart and silver. According to the author of the bestseller "Rich Daddy, Poor Daddy," bitcoin is best suited "for unstable times.
Kiyosaki reminded his audience that he always considered investing in stocks, bonds, mutual funds and ETFs risky. He stressed that in times of increased volatility in financial markets, it has become even more dangerous. The famous billionaire warned users that now the price of bitcoin can rise and fall. However, globally, the investor was confident in the massive prospects of this digital asset.
Earlier, Kiyosaki expressed confidence that the value of the virtual currency will grow 20 times from its current marks by 2025. He predicted the achievement of prices up to $ 500,000. for 1 BTC. The famous author stressed that he didn't make this conclusion out of thin air. According to his assurances, a great collapse of all major markets is coming, and he even expected a repetition of the Great Depression in the U.S..
According to Kiyosaki, trying to save the situation, the U.S. government is printing billions of dollars (USD), which the investor called "fake money. The entrepreneur added that they are not actually backed by anything. The billionaire argued that these 2 factors combined could push gold to $5,000, silver to $500, and BTC to $500,000 in the next 2 years.
According to the data as of 15:20 Moscow time on February 18, 2022, bitcoin virtual currency quotation was at $24,528. This figure rose by 3.3% compared to the same values a day ago. The capitalization of the digital currency was at $474.54 billion.
😑Mango Markets hacker was not going to pay back $47 million
Cryptotrader Abraham Eisenberg insisted on keeping a huge chunk of the cryptocurrency funds stolen from the decentralized autonomous organization (DAO) Mango Markets. The exploit was committed in October 2022. The defendant himself, assured that he had no intention of returning $47 million to the community.
Eisenberg argued he did not have to give back more than $67 million in tokens out of the $114 million he received through a sophisticated trading system. The defendant actively denied all further claims against him after agreeing to a partial refund. Such details are published according to the last lawsuit against him on February 16, 2023.
Mango Markets representatives have sued to recover the remainder of the money. Members of the community assured that Eisenberg fraudulently misled them and kept a huge chunk of their cryptocurrency assets without any justification.
Eisenberg, for his part, argued that DAO representatives had previously decided that the case would be dismissed and went for a settlement between the two parties. Thus, he sought to cancel the lawsuit against him. The disagreement between the parties is related to the legitimacy of the vote, which Mango Markets held to recover some of the funds from the exploitation of Eisenberg.
Mango Labs, which represented the DAO in court, argued: the contract that allowed Eisenberg to return most of his withdrawals in exchange for a promise not to sue him was invalid. Their argument is that community members agreed to this scenario under pressure.
Eisenberg's legal team said the coercion argument does not stand up to scrutiny and should be rejected. According to the attorneys - it sounds ridiculous and is not supported by anything. Nevertheless, Eisenberg is also facing a lawsuit from the U.S. Commodity Futures Trading Commission (CFTC) on charges of market manipulation.
🗣️Coinbase researchers speak out about Ethereum stacking
Coinbase officials said that pressure from Ethereum (ETH) sellers should be fairly limited after the successful Shanghai upgrade, scheduled for March 2023. However, they noted: Cryptocurrency exchange Kraken's decision to close its stacking services as part of a settlement with the U.S. Securities and Exchange Commission (SEC) has added uncertainty to the dynamics of ether (ETH) supply ahead of the update
Coinbase assured that Kraken's stacking pool on Ethereum was about 7% of the total number of ethers frozen. However, not all of those digital assets will come from U.S. retail customers. "Shutting down the stacking service could result in between 350k and 1.145 million additional ETH potentially circulating in the market when Shanghai happens," wrote David Duong, head of institutional research at Coinbase.
Noted: it remains to be seen whether the realization of additional ether will be a catalyst for pressure from sellers. Noted that in December 2022, many investors were concerned that the update "poses an important downside event risk to ETH quotes." However, their opinion has changed as sentiment in the cryptocurrency market has improved.
According to assurances from experts, the recent behavior of U.S. financial regulators has tweaked the outlook a bit. Analysts said pressure from sellers could be limited as there are mitigating factors and "self-correcting mechanisms." This is likely to help control ether flows on the open market.
According to experts, the performance of the ETH market will depend on what "risk arises during withdrawals." If the macro environment deteriorates this March and stock markets are weak, investors may decide to abandon steaking and sell their ethers. If things are stable, however, many will not go in to withdraw and sell digital assets.
✋Huobi announced the termination of the Huobi Cloud Wallet
The press service of cryptocurrency trading platform Huobi announced that it will stop supporting the service Huobi Cloud Wallet. This will happen in May 2023. The management of the exchange assured that the reason for this decision was "strategic adjustments and product upgrades.
According to the announcement on the Huobi support page, the service and updates to the wallet service will officially cease as early as February 13, 2023. That said, user accounts will not be deleted, and the cloud wallet's withdrawal and asset transfer functions will continue to work for the next 3 months. However, customers are advised not to transfer digital coins and tokens to the cloud wallet. The official date for Huobi Cloud Wallet decommissioning is May 13, 2023.
This service was renamed iToken in May 2022. The cloud wallet originally launched in October 2021 as a storage feature of the Huobi exchange, allowing users to manage digital assets without the use of private keys.
The provision of the custodial wallet service was aimed at facilitating access to decentralized finance (DeFi) applications and services. The cloud service allowed users to store their own digital tokens without having to manage private keys. A third-party escrow system was responsible for this.
Huobi Global users were offered seamless synchronization with the cloud wallet service. This made it possible to transfer virtual digital tokens between platforms to access various DeFi projects. At the beginning of 2023, the management of the exchange announced that it would cut about 20% of the company's staff. This became necessary as part of the restructuring after the "takeover" of the firm by entrepreneur Justin Sun and his team.
🛑PayPal stopped the stable coin project because of Paxos
PayPal is suspending work on its stablecoin amid increasing regulatory scrutiny, Bloomberg News reported, citing a source.
The news comes a day after reports that the New York City Department of Financial Services is investigating Paxos, with whom PayPal was working to create a stable coin, Bloomberg reported, adding that the coin was expected to launch in the coming weeks.
"We are exploring a stable coin," Bloomberg quoted PayPay spokeswoman Amanda Miller as saying. "If and when we look to move forward, we will certainly work closely with the appropriate regulators."
PayPal confirmed early last year that it was working on a stable coin that would be backed one-to-one with the U.S. dollar. Paxos is licensed as a virtual currency by the New York regulator, which issued guidance on stabelcoins in June after the Terra collapse and told issuers that stabelcoins must be backed by assets that are held separately from the issuers' funds.
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📈FLOKI token has already risen 336% in one month
The quotation of the famous meme-token Floki Inu (FLOKI) has already risen by 336.25% over the past 30 days. As of 15:00 Moscow time on February 7, 2023, this digital asset was trading at $0.000033. It had a market capitalization of $299.78 million, climbing to 221st in the ranking of the world's best virtual currencies. Traders secured transactions with the asset worth $29.71 million in the last 24 hours.
By the way, another meme-token based on BNB Chain - Baby Doge Coin (BabyDoge) - also showed excellent results. Its rate soared by 227.7% during the reporting month. The virtual currency was trading at $0.0000000031, and the total supply of coins circulating on the market was $366.97 million. Traders secured transactions with BabyDoge for $28.21 million in the past 24 hours.
As for the better-known meme-cryptocurrencies, the rate of the most popular of them, Dogecoin (DOGE), was fixed at $0.091. This is 27.42% higher than a month ago. Coin was ranked 9th among the best with a capitalization of $12.13 billion. Market participants secured $460.41 million in transactions with the digital asset during the day.
Another popular mem-cryptocurrency Shiba Inu (SHIB) was ranked 13th among the best. Its quotes were fixed at $0.0000141, with a capitalization of $7.75 billion. The volume of transactions in the past 24 hours was equal to $490.04 million.
Bonk (BONK), a blockchain-based meme token based on Solana (SOL), on the contrary, lost value during the reporting period. While on January 9, 2021, it was trading in the range of $0.0000015 to $0.0000017, at the time of writing the news, its quotations were fixed just above $0.000001. The total supply of the cryptocurrency asset on the market was $59.06 million, and trading volumes exceeded $8.05 million in the last day.
💰Large cryptoinvestors transferred $743 million in BTC and ETH in three transactions
In total, the whales transferred a whopping $743 million in crypto-assets in just three transactions. The first transfer was recorded on Friday, February 3, for 13,369 BTC (an estimated value of $311 million) from one unknown address to another. The cryptocurrency came to the wallet, which became the 65th largest accounted wallet, if BitInfoCharts data is to be believed.
The next transaction was made by the etherium kit, which transferred 186,009 ETH worth $309 million from one unknown wallet to another.
The last transaction was made a few hours later, when Whale Alert recorded a transfer of 5,278 BTC worth about $123 million from the Gate.iо exchange to an unknown wallet.
The transaction could indicate that a large transaction was made to transfer bitcoin from the exchange to a cold wallet in an effort to gain maximum asset security.
After an uptrend in January, bitcoin's rise slowed at the $23,500 mark.
👍Greenidge Generation reduced debt by $61 million
Mining company Greenidge Generation has reached agreements with B. Riley and NYDIG to restructure its loan debt, reducing it from $87 million to approximately $26 million.
As part of the deal with NYDIG, the firm transferred mining equipment with a total hash rate of 2.8 EH/s with existing infrastructure to the lender. This reduced the debt from ~$76mn to ~$17mn with the prospect of further reductions of another $10mn. For the latter, Greenidge must secure the rights to a new cryptocurrency mining facility from the lender within three months.
The company has a hosting and profit-sharing agreement with NYDIG. Greenidge still has a fleet of ~10,000 bitcoin miners with a hash rate of about 1.1 EH/s.
The commitment to B. Riley, the firm reduced from $11 million to $9 million. The investment bank agreed to buy $1 million worth of Greenidge stock at $0.75 apiece - below market. Atlas Holdings, in a deal with which B. Riley will act as an agent, will buy another $1 million of the miner's securities. Riley will act as an agent.
For additional liquidity, Greenidge is actively selling excess real estate at its South Carolina facility. The company anticipates that the proceeds will pay off another $6-$7 million in debt to the bank.
"We appreciate the strong partnership with our lenders, NYDIG and B. Riley, who have worked with us to offer mutually beneficial solutions," said Greenidge CEO Dave Anderson.
🔓Huobi to join BitTorrent Chain
Huobi will join the BTTC L2 (BitTorrent Chain) ecosystem as a new development strategy
Cryptocurrency exchange Huobi said it will join the BitTorrent Chain (BTTC) ecosystem as part of a new brand refresh and further development strategy.
The platform's strategy includes the use of cryptocurrency for a wide range of users and attracts more people to understand and accept cryptocurrency by including them in the new network of digital assets.
"This ensures that the value created by each individual flows freely. Huobi always values the voice of its community and creates an environment for user participation in the early stages of quality projects. The addition of the BTTC L2 ecosystem will certainly create synergies moving forward," the company said in a statement.
As Huobi stressed, the goal of the integration is to promote an open financial system online. In addition, the addition of Huobi to the BTTC ecosystem will further promote the decentralized ecology of the network and improve the ecosystem of the exchange. The exchange will allow developers to serve more authenticated users and link digital assets.
"Joining the BTTC ecosystem is not only a recognition of the industry's focus on L2 development, but also that BTTC is a pioneer in this area and has a more complete ecological design," said exchange consultant Justin Sun.
BTTC aims to create a heterogeneous inter-network solution that enables seamless exchange of assets by connecting digital assets to major public networks such as Ethereum, TRON and BNB Chain. BTTC launched in December 2021 with the goal of enabling users to create decentralized applications.
In addition to integrating with BTTC, Huobi is preparing to conquer the Hong Kong market. The platform said that Hong Kong is seen as one of the experimental areas for the development of cryptocurrencies in China. Huobi also plans to enter the markets of Malaysia and the Caribbean.
🇮🇸Iceland becomes most stable country for bitcoin mining
The bitcoin mining sector is constantly changing, as operators of this type of business strive to find optimal conditions for their operations. Recently, Iceland became one of the first European countries where bitcoin mining has reached an industrial scale.
According to bitcoin mining researcher Jaran Mellerud, the country's bitcoin mining industry consumes about 120 MW, a share of 1.3 percent of global hash rate capacity. Considering the fact that Iceland's population is only 370,000, this is the highest per capita figure.
Curiously enough, electricity in Iceland is slightly more expensive than in other Scandinavian regions like Norway or Sweden. So what makes Iceland such an attractive destination?
One of the most important advantages, as Mellerud noted, is the fact that the Arctic country's electricity system is completely isolated from the rest of the world. This protects its players from global electricity price increases. On top of that, all of the country's electricity comes from renewable sources.
Miners have been operating in the region for almost a decade without any major regulatory problems, making Iceland the most stable bitcoin mining jurisdiction in the world.
El Salvador may have grabbed the attention of the bitcoin community with its volcano mining project, but Icelanders have been quietly mining off volcanoes on a much larger scale for years," Mellerud added.
In addition to volcanoes in Iceland also actively use electricity from waterfalls, so this location is unlikely to stop attracting BTC-miners.
📝Mango Markets developers have made key changes to the protocol
The developers of the decentralized exchange (DEX) Mango Markets, based on the Solana blockchain, announced the integration of new features. The announcement comes ahead of the release of the fourth version of the platform (v4). Representatives of the project noted: they made a key focus on eliminating key security threats to the protocol.
The creators of the decentralized startup reminded that Mango Markets has been offline since October 2022, when the platform was attacked by hackers. As a result of the exploit, users of the platform lost about $114 million in cryptocurrency assets. It was about the fact that the attacker used an interesting trading strategy and managed to manipulate price oracles, after which he successfully withdrew funds from the exchange.
The developers stressed^ in an attempt to avoid such a hack or another exploit, the programmers "imposed" new restrictions on the multi-signature wallet. This will allow the creators of the protocol to instantly respond to "unforeseen market dynamics" and any vulnerabilities in the software code. In addition, it is stated that "all changes to the program must be approved by all DAO holders.
In the event of unforeseen market conditions, Mango Markets' security council would be able to move the protocol to "publish-only mode." Such a scenario would give a chance to limit deposits, purchases, loans and position increases. Members of the Decentralized Autonomous Organization (DAO) would then vote to stop all trades, force settlement or update risk parameters.
Members of the cryptocurrency community, noted that exact release dates for Mango Markets v4 are not yet known. Traders expected the developers of the exchange, which has processed more than $28 billion worth of transactions, to begin the beta testing procedure in the next month.
🇳🇬Nigeria will try to relaunch digital currency eNaira
In late 2021, the Central Bank of Nigeria introduced its national digital currency in test mode. However, the rate of CBDC adoption remains extremely slow, despite the fact that the authorities of this African state are taking measures to encourage people and businesses to switch to eNaira token as soon as possible.
Bloomberg reported that the Central Bank of Nigeria will try to restart its CBDC project. The U.S. blockchain company R3 has been selected as a partner.
It will help the Nigerian authorities to create special software for CBDC. With its help, the Central Bank will be able to control all movements of funds in digital currency and ensure the security of transactions.
Bloomberg notes that Nigeria became the first African country to issue CBDC. During the year, the amount of transactions with tokens amounted to only $10 million.
The regulator's initial partner was Bitt Inc. According to a representative of the company, Nigeria expects to digitize the payment infrastructure and provide CBDC with additional options.
❄️TON validators will vote to freeze 20% of Toncoin offering
On February 21, TON validators will vote to change the amount of circulating Toncoin supply. If the initiative gets enough votes, 20% of the tokens will be frozen for 48 months, thus reducing the number of coins in circulation.
Validators plan to freeze the inactive accounts of the first TON miners. Their wallets hold about 1 billion coins, which is about 20% of the total Toncoin supply. If this happens, it will shrink to about 4.7 billion tokens, and the network will become more decentralized.
At the time of writing, TON is trading at $2.36. Its price has barely changed in the last month, and the asset has gained 8.3% since the beginning of the year. The freezing of 1 billion tokens could be a catalyst for short-term growth, but subsequent unlocks could also have the opposite effect.
📈Coinbase profits may suffer due to SEC actions
According to experts, the SEC regulator's actions on the cryptocurrency segment could have a long-term impact on giants like Coinbase. The regulator's restrictions on the Kraken betting program could have a negative impact on Coinbase's profitability. Notably, in a recent speech, SEC head Gary Gensler said that the only way for crypto businesses to survive in the U.S. is to fully comply with financial laws.
On Tuesday, Feb. 21, Coinbase representatives are expected to release the company's earnings report for the previous quarter, which ended in December 2022. It's worth noting that there was a high-profile crash of the FTX exchange at the time, which caused trading volumes to drop on many platforms, including Coinbase.
In terms of diversification, cryptocurrency exchanges are focusing on other sources of revenue, such as steaming. In turn, the SEC's actions on Kraken have set a precedent that many proprietary companies could come under pressure from the regulator.
Recall that Kraken went to an amicable agreement with the U.S. agency and the company will stop providing digital asset-stacking services. If the SEC continues to act radically in this direction, Coinbase risks losing a significant share of revenue.
📷Xumm launched QR-payment function for retail stores
Developers Xumm and XRPL Labs have launched a QR-payment feature that allows users to make payments at retail stores using an XRPL wallet. The developers said they installed the first terminal at 36aWay, a sandwich and pasta store in the Netherlands. The solution was created in partnership with Frii, a loyalty program platform.
XRPL Labs lead developer Witse WIND announced the feature late last month. It came in response to a request for an Xumm wallet debit card. According to the developers, cards are inefficient and require additional fees, making QR payments more optimal. According to Wind, users can pay with any token supported by Xumm, and the store will receive the requested amount of fiat in the form of a stable Gatehub coin.
According to Wind, stores with card POS terminals don't need to purchase another terminal or device to accept the new payment option. Retailers can add the Xumm XRPL QR payment solution to their existing terminal. In addition, Wind said the developers plan to launch a payment feature for e-commerce stores, noting that it will be launched at one of the major e-commerce stores this month or next.
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🇯🇵Japanese firm backs XRP for cryptocurrency lending
FUELHASH, a Japanese crypto firm dedicated to encouraging renewable cryptocurrency mining, announced that its so-called "Crypto Trading" platform, which offers cryptocurrency lending services, now supports XRP.
The firm announced this in a press release yesterday, saying it is the only Japanese firm offering this service for XRP. XRP now joins USDC, USDT, BTC, ETH, ETC and BNB as assets supported by the platform. According to the website, users can offer a minimum of 100 XRP for lending on the platform with a fixed interest rate of 1.5% after 90 days and 1% for 60 days.
As a reminder, as reported more than a week ago, SBI VC Trade, the crypto exchange SBI Holdings, said it will offer delegation as a service to FLR holders, a significant portion of whom are XRP holders who have received airdrop. This is a testament to the popularity of XRP in Japan.
💰Ethereum worth $3.65 million stolen from dForce service
It was recently revealed that a hacker stole $3.65 million worth of Ethereum cryptocurrency (ETH) from DeFi dForce on February 9.
The decentralized service was subjected to a reentry attack. The attacker borrowed ETH several times, exchanged the assets for Ethereum on wstETH stacking, used them to manipulate the wstETH rate, and converted wstETH to ETH at an inflated price, getting, for example, 4458 ETH for 3806 wstETH instead of the proper 3806 ETH. These machinations brought the perpetrator a haul of about 2,300 ETH.
Upon learning of the theft of the cryptocurrency, dForce employees suspended all smart contracts to prevent the theft of the remaining digital assets. According to DeFi representatives, the hacker's actions caused the platform to incur a debt of $2.3 million. However, the service's clients were not affected because their money remained safe.
The dForce team sent a message to the organizer of the cyberattack using the Arbitrum network transaction. The DeFi employees informed the hacker that they allegedly managed to find out his IP address and other personal information and offered to return the stolen coins voluntarily for a reward. Otherwise, the law enforcement authorities will catch the hacker.
⚖️U.S. Internal Revenue Service goes to court to identify Kraken customers
What happened? The U.S. Internal Revenue Service (IRS) has petitioned the court for permission to examine the books and records of cryptocurrency exchange Kraken and its subsidiaries. The petition was released Feb. 9 just minutes after Kraken announced that it had reached a settlement with the U.S. Securities and Exchange Commission (SEC) over charges of offering unregistered securities.
How will the IRS use the documents? The IRS intends to identify the identity of the exchange's U.S. customers and verify their income tax compliance between 2016 and 2020.
IRS officials sent a request for information to Kraken back in 2021, but the exchange failed to provide the documents. Now the IRS is asking the court to enforce the request. Kraken told reporters that it has not yet received the subpoena, but is aware of the subpoena.
Previously, Kraken has stopped providing stacking services to U.S. customers in accordance with the SEC requirement. In addition to stacking, the cryptolending product, which offers returns of up to 24%, will be shut down.
In January, the IRS required citizens to pay taxes on profits from stacking, airdrops, hardforks and mining. Such transactions must be reported on a tax return.
⏩Aave founder believes that the introduction of stabelcoins will accelerate the development of the DeFi market
The DeFi decentralized finance market will grow faster if the use of stabelcoins increases. This is the opinion of Stany Kulekhov, the founder of the DeFi protocol Aave.
In his opinion, the traditional financial market needs modernization. The introduction of blockchain technology will improve the security of funds and reduce transaction costs.
Stablecoins need to be used more extensively, for example to pay for goods and services. Such instruments will act as a bridge between the traditional market and DeFi protocols.
The main problem now is the poor liquidity of projects in the market of decentralized financing. This will be solved as the number of users of protocols and the volume of transactions grows.
The DeFi ecosystem will become the basis for the global blockchain infrastructure, believes Kulekhov.
In addition, the number of decentralized applications that will contribute to the expansion of the global payment network will increase significantly in the future.
Many companies recognize the advantages of stablcoins. For example, giant Visa wants to launch a platform to exchange USDC tokens for fiat money, such as dollars and euros. The service will be based on ethereum.
🇧🇷Brazilian cryptopyramid Indeal declared bankrupt
The court in the Brazilian city of Porto Alegre received notice that the investment company Indeal, accused of creating a cryptocurrency pyramid and stealing money from customers, was declared bankrupt. The decision was made by the Arbitration Court of the district of Novo Hamburgo, where the company is registered.
As of the declaration of bankruptcy, all Indeal's financial assets, real estate and vehicles will be used to pay damages to the company's customers.
A criminal case was filed against Indeal's management for raising funds from customers on knowingly false terms. The company promised potential investors a monthly yield of 15% on their investments in crypto assets. During the investigation, law enforcement authorities detained 15 suspects.
The prosecutor's office is demanding about R$1.19 billion (more than $200 million) from the accused as compensation for the damage caused to 23,200 affected consumers.
The other day, the U.S. District Court of Massachusetts sentenced the founder of the cryptocurrency fraud scheme My Big Coin Randall Crater to a hundred months in prison and to pay $7.6 million to victims.
⚽"Manchester City creates a digital ecosystem for its soccer fans
OKX Collective virtual environment will allow the fan community to communicate with the players of Manchester City FC, as well as purchase personalized NFT and get access to exclusive content such as a music playlist, associated with any of the team's players. According to the creators of the project, the exclusive offers in OKX Collective will take into account the personal interests and style of play of each player.
The first content providers for the OKX Collective are Manchester City players Ilkay Gundogan, Jack Grealish, Ruben Dias and the club's women's team representative Alex Greenwood.
In 2022, trading platform OKX signed a long-term contract with English soccer club Manchester City and became the club's official crypto-asset exchange partner.
In August 2022, the decentralized autonomous organization (DAO) Hector Network announced a sponsorship agreement with German Bundesliga soccer club Borrusia Dortmund. In March of the same year, the board of the English Premier League (EPL) approved ConsenSys as the NFT licensee for all official matches of the tournament's teams.
📉Altcoins capitalization (TOTAL2) index looks bearish. This rising wedge can send alts at least 10% lower!
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