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💰 Debtors Declare 'Massive Shortfall' in FTX Assets, FTX US Also In the Red
A concerted effort to identify and inventory the remaining assets of failed cryptocurrency exchange FTX has revealed "the magnitude of the shortfalls discovered in the fiat bank accounts and digital asset wallets associated with the FTX.com and FTX.US exchanges," according to a presentation filed by FTX Debtors in the firm's Chapter 11 bankruptcy cases Thursday.
$2.2 billion of total assets have been located, according to the presentation, of which only $694 million are the most liquid currencies, such as fiat, stablecoin, BTC or ETH. Against these holdings—and another $385 million in customer receivables—are $9.3 billion in net borrowing by Alameda Research. In fact, the presentation states that the information provided is preliminary and "should not be relied upon for any purpose." But Ray, who also serves as chief restructuring officer of the FTX debtors group, said sharing the latest information was a priority.
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💰 ‘The noose is tightening’: Sam Bankman-Fried’s inner circle turns on him
Former FTX Director of Engineering Nishad Singh pleaded guilty to six counts on Tuesday, including wire fraud, commodities and securities fraud, money laundering and unlawful political donations. A third member of FTX founder Sam Bankman-Fried's inner circle pleaded guilty to criminal charges.
Singh, a co-founder of FTX and close confidant of Sam Bankman-Fried, has also agreed to cooperate with the Justice Department’s criminal investigation. He follows former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang. Each pleaded guilty in December to crimes linked to the crypto behemoth. As the pool of potential witnesses grows, new details are revealed in court filings and Bankman-Fried faces new charges, he himself could consider a plea deal with prosecutors. Each pleaded guilty in December to crimes linked to the crypto behemoth.
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💰 Tokenized Texan house listed for sale on Solana
A company called Homebase listed a property-backed NFT on Solana, allowing consumers to invest in a tokenized house. Buying a share of the three-bed house in McAllen, Texas — the first on the platform — will set you back $100. After investment, they will begin to receive rent monthly in the form of USDC.
Users can invest in single family rental properties through the program. Each home is held in a limited liability company whose ownership is associated with Homebase NFTs. After investment, they will begin to receive rent monthly in the form of USDC, according to a company release. This isn't the first time real estate has been touted for sale on the blockchain. This time last year, Vesta Equity set out to sell fractionalized shares of houses on Algorand.The idea, the company says, is to give better access to wealth-building via real estate on-chain.
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🚨 Crypto Industry Lost Over $650B After Two Major Scandals in 2022: BIS
The BIS found that retail investors bought the dip amid the bloodbath while the broader financial system remained generally unharmed. A recent report by the Bank of International Settlements (BIS) revealed that the crypto industry lost over $650 billion after two major scandals that rocked the market last year.
The report titled “Crypto Shocks and Retail Losses” explained investors’ trading behavior during and after the scandals, their profits and losses, and the effects of the crypto market turmoil in the broader financial system. Last year, the crypto space saw a lot of horrible incidents that forced several firms into bankruptcy, with over $1.8 billion wiped from the market in the aftermath. One such event is the $40 billion Terra-Luna ecosystem collapse in May. According to the BIS, over $450 billion vanished from the market after the crash.
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📣 Massachusetts Man Is Indicted After Using School’s Crawl Space To Mine Crypto
Massachusetts man, identified as Nadeem Nahas, a former assistant facilities director for Cohasset, MA, is facing charges for fraudulent electricity use and vandalism after reportedly mining cryptocurrency in a school crawl space. The town’s facilities director discovered computers and assorted equipment in the crawl space.
Nahas was identified as the suspect, and he reportedly resigned from his position in early 2022. He was set to be arraigned on Feb. 23 but did not appear in court, leading the judge to issue a default warrant for his arrest. The original article did not report which cryptocurrency Nahas mined, but Bitcoin is commonly mined in both legitimate and illicit mining operations. According to Visual Capitalist, it cost $35,404 to mine a single Bitcoin last year, more than the value of Bitcoin at that time. Illegal miners can increase their profits by relying on a venue.
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📣 Indian web3 gaming studio Kratos raises seed round at $150M valuation, acquires IndiGG
Kratos Studios, a web3 gaming startup based in India, reached a valuation of $150 million in a seed funding round of $20 million. Accel led the round, and other investors included Prosus Ventures, Courtside Ventures, Nexus Venture Partners and Nazara Technologies, Kratos said Thursday.
"The new token will be launched in 12 months," Kratos co-founder Manish Agarwal told The Block in an interview. "The current INDI token holders will be swapped for the dollar value they initially invested so that they don't have to mark down their investment," he said. Agarwal is the former CEO of Nazara, India's first publicly listed gaming company. Kratos launched the IndiGG app earlier this week and it aims to increase the number of participants on both sides with more games and more gamers, Gupta said.
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🪙 Ordinals Litecoin Fork Made For Just 22 LTC Bonuses
Anthony Guerrera launched the Litecoin Ordinals project on GitHub after forking the GitHub repository for Bitcoin Ordinals in January. Litecoin, the second cryptocurrency network created, for a little monetary reward and technical prowess.
Anthony Guerrera, an Australian software developer, published a repository on GitHub on February 18 that forked the Bitcoin Ordinals protocol into Litecoin. This enabled the nonfungible token (NFT)-type assets on the Litecoin network, much like it had earlier this year on the Bitcoin network. Guerrera said in an interview with Cointelegraph that a 5 LTC incentive offered by the fictitious Twitter user Indigo Nakamoto on February 11 that increased to 22 LTC, or around $2,000, to anybody who was first to successfully establish..
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📣 Voyager Unsecured Creditors Committee Requests SBF Remote Witness Feb 23
Sam Bankman-Fried (SBF) and other top executives from FTX and Alameda Research have been requested to submit documents and virtually appear in court for a deposition the next week by Voyager’s Unsecured Creditors. SBF is required to provide all requested “documents and communications” by February 20.
SBF received a subpoena on February 18 asking them to appear at a bankruptcy deposition that would be taking place, according to a document filed in the US Bankruptcy Court for the Southern District of New York. He was served with a subpoena by the Official Committee for the Unsecured Creditors of Voyager Digital Holdings, a defunct crypto loan exchange, ordering him to show up on February 23 for the “remote deposition.”. FTX colleagues and family members of Bankman-Fried.
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🆘 Stablecoin Trading Platypus Attacked Flash Loans Losing About $9 Million
Security firm CertiK Alert announced on Twitter that the stablecoin trading project Platypus was hit by an AAVE flash loan attack, resulting in total asset losses of approximately $9 million. Most of the stolen funds are still in the attacker’s contract address.
According to the CertiK analysis, the vulnerability appears to be in verifying the MasterPlatypusV4 contract using the EmergencyWithdraw function, which will only fail when the borrowed asset exceeds the borrowing limit. This function then proceeds to transfer all of the user’s deposited assets regardless of the value of the user’s borrowed assets. The attacker deposited 44 million USDC into Platypus’ USDC assets (LP-USDC) and obtained 44 million LP-USD. The attacker then deposits LP-USD into MasterPlatypusV4
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📊 Robinhood cryptocurrency trading volume jumps 95% in January
Robinhood reported cryptocurrency trading volumes up 95% in January to $3.7 billion from the previous month. Notional Trading Volumes — which are the primary driver of transaction revenues — were higher in January for equities, options and crypto from December 2022.
Equities were $46 billion, up 19% and option contracts were 82.9 million, up 10%, the company said in a statement. Monthly Active Users (MAU) at the end of January were 12 million, up 600,000 from December. Assets under custody (AUC) at the end of January were $74.7 billion, up 20% from the end of December. Shares were up nearly 6% at the close. Cryptocurrencies and other measures were higher in January than December, Robinhood said.
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📊 Cathie Wood's Ark Invest purchased another $6.7 million Coinbase shares
Cathie Wood's Ark Invest is keen on Coinbase right now, following up last week's purchase with another estimated $6.7 million yesterday. Ark added 102,281 Coinbase shares to its Ark Innovation ETF and 16,414 shares to Ark Next Generation Internet, according to its latest trade filing. Shares in the crypto exchange closed down 1.2% to $56.40 Monday.
Wood has purchased over $15 million worth of shares in the past two days of trading, despite COIN's dwindling price and the considerable headwinds facing the exchange. Shares in Coinbase extended losses on Monday as the regulatory risk to staking revenue remains heightened. Last week, the exchange shed 22% as the SEC clamped down on Kraken's staking services. Furthermore, a lack of retail investors returning to the platform could be cause for concern, according to Mizuho Analyst Ryan Coyne.
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⚡️Cryptocurrency adverts benched ahead of Super Bowl LVII
Coinbase, Crypto.com, eToro, and FTX advertised at Super Bowl LVI as last year crypto markets were firmly part of the zeitgeist. This year, declining prices amid a turbulent macroeconomic backdrop and several high-profile collapses have pushed crypto to the sidelines.
NFT and gaming company Limit Break spent $6.5 million to advertise during Super Bowl LVII. The firm will be pushing its "free-to-own" digital collectibles this evening. Limit Break, which received investment from collapsed crypto exchange FTX last year, spent the money on a 30-second spot. "This marks the first time an NFT developer has purchased a Super Bowl ad," the company said. The Kansas City Chiefs take on the Philadelphia Eagles this year, with the game getting underway at 6:30 p.m. EST.
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🦊 MetaMask set to launch Onramp.money integration
ConsenSys confirms leading Web3 wallet Metamask will integrate Onramp.money to enable seamless transactions in India, according to a company statement. The integration will enable Indian Metamask users to easily purchase cryptocurrencies directly within their MetaMask using local payment methods.
The partnership aims to drive the adoption of blockchain technology in India — to improve user access to crypto and decentralized applications (dApps). Onramp.money is a platform that enables instant transactions for crypto users in India — connecting users to Ethereum (ETH), Polygon (MATIC), and BNB networks. The integration coincides with the Indian Central Bank’s shift towards digital currency adoption and the push for crypto regulation in India.
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💰 Bitcoin miner Stronghold pushes back debt payments on $54.9 million loan
Bitcoin miner Stronghold restructured its $54.9 million loan with WhiteHawk Finance and signed a two-year hosting deal with Foundry. The miner was able to push back any mandatory principal amortization payments (totaling $29 million) until July 2024, it said in a statement.
Starting in June of this year, Stronghold is to repay the principal amount of debt outstanding using 50% of its average monthly cash balance in excess of $7.5 million. Also in an effort to improve liquidity, the company announced in January a deal to convert $17.9 million of debt into equity. Between the two moves, it "will have removed all material mandatory principal repayments through the middle of 2024," Beard said. It will also allow Foundry to benefit from selling power to the grid.
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🟠 Binance’s Custody Arm Looking to Score Singapore License
Binance is looking to re-enter Singapore to offer its services in the city-state. As such, the crypto giant plans to apply for a permit for its custodial arm in “due course,” per Nikkei Asia’s report. The revival of the Singapore bid, by having Ceffu licensed, could mean that Binance will be pivoting from retail to corporate clients.
Singapore has been a tricky territory for the exchange. In December 2021, the CZ-led company withdrew its application for a Digital Payment Token license in the city-state and hinted at shutting its local subsidiary without going into details beyond “strategic, commercial, and developmental” considerations. On the other side of the Pacific, Binance is being investigated by regulatory agencies such as the US Department of Justice (DOJ) as well as the Commodity Futures Trading Commission (CFTC). Binance is hiring people with years of experience in law enforcement and regulations.”.
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📣 SEC Chair Gensler Casts Doubt On Crypto Exchanges As Safe Custodians
SEC Chair Gary Gensler has raised concerns about whether crypto exchanges are qualified to act as custodians of digital assets. In a recent House Financial Services Committee hearing, Gensler emphasized the need for investor protection and said that crypto exchanges might not have the same level.
According to Gensler, the SEC is “digging into” whether crypto exchanges provide adequate digital asset custody. He noted that the agency focuses on exchanges that allow trading in tokens considered securities under US law. The custody issue has become increasingly important as institutional investors enter crypto. These investors often require custodial services to store their digital assets securely. However, there have been concerns about the security and reliability of some custodians, particularly those not regulated by traditional financial authorities.
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📣 Conflux raises $10 million from DWF Labs in token round
Conflux, a Layer 1 blockchain developer, raised $10 million from DWF Labs. The investment will help Conflux expand its technology and grow its user base, DWF Labs said Wednesday. Conflux co-founder Fan Long confirmed the investment, saying it was settled "a few days ago."
DWF Labs bought Conflux (CFX) tokens from the project's team and foundation reserve and will "linearly unlock over a period of time," Long said. Conflux was developed by Long, who is also an assistant professor of computer science at the University of Toronto, and Andrew Chi-Chih Yao, the only Chinese Turing Award winner, who serves as the chief scientist of Conflux, according to Long. The Conflux network went live in 2020, but it has been in the news lately as it recently formed partnerships with China Telecom.
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🤟 The BAYC Floor Price Of The Ethereum Goerli Testnet Reached 45 ETH
On February 27, the floor price of the Ethereum Goerli testnet version BAYC BoredApeYachtClub-GOERLI-TEST reached 45 ETH, and the current total transaction volume has reached 53,741 ETH, with 3,662 holders. Arguments have broken out in the cryptocurrency world over this testnet bridge and the rising testnet ETH price.
Goerli, sometimes spelled Görli, is one of Ethereum’s most well-known testnets and was first released in September 2018. Together with Sepolia, it is one of the two main testnets that has not been deprecated. The Goerli testnet was first developed as part of an ETH Berlin hackathon, but it wasn’t until early 2019 that the testnet was formally introduced at GörliCon in Berlin. Prior on February 22, LayerZero launched a test bridge to realize the exchange of ETH between the main network and the Goerli test network.
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🇮🇩 Indonesia Promotes A National Cryptocurrency Exchange In 2023 After The Fall Of FTX
According to Bloomberg News, Indonesia’s Commodity Futures Trading Authority oversees digital assets and plans to set up a state-backed cryptocurrency exchange in the coming weeks. This year and private platforms will execute transactions on the exchange.
Indonesia is relying on the structure of the stock market to reform cryptocurrency exchanges and reduce the risks caused by the collapse of the digital asset exchange FTX. As previously reported, in February of this year, Indonesian Trade Minister Zulkifli Hasan announced that he hopes to have a cryptocurrency exchange by June 2023.Other planned state-backed agencies will handle clearing and custody to protect assets and avoid any repeat of the alleged fraud at FTX.
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🪙 Ethereum Sepolia Testnet Will Activate New Upgrade Shapella On February 28
After months of testing and a temporary devnet launch, the Shanghai/Capella network upgrade (aka Shapella) is now scheduled to be deployed on Sepolia testnet. The Shapella network upgrade will activate on the Sepolia network scheduled for 4:04:48 AM UTC on February 28, 2023.
This upgrade follows The Merge and allows validators to withdraw staked Ethereum from the beacon chain to the execution layer, while introducing new features to the execution layer and consensus layer (combined) and tool API changes. Zhejiang test network can be used to test Shapella functionality before upgrading Sepolia. Developers running validators on the network are not intended to use the Sepolia Test Network. In contrast, Zhejiang is a public testnet, making it accessible to anyone who wants to experiment issuing staking ETH, including staking providers.
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📶 Ethereum on Liquid Staking Protocols Crosses 7M ETH, Reaching $12B in Value
The number of Ethereum tokens locked in liquid staking derivatives protocols has surpassed seven million, according to data from Defillama. The market is dominated by the top three liquid staking platforms, which control 95% of the market.
Lido is the biggest player, responsible for over 70% of the locked ETH, holding over 5 million ETH valued at $8.7 billion. Coinbase comes in second with 1.1 million staked ETH, while DeFi protocols RocketPool and Frax Ether cumulatively have around 500,000 ETH staked on their platforms. The amount of locked ETH on platforms has risen since Ethereum developers announced that they would prioritize staked ETH withdrawals in the Shanghai upgrade. ETH staking activity over the past few months has not translated into profits for investors.
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📣 Blockchain.com Isn’t Selling Subsidiary, And Coinbase Isn’t Even Aware Of It
Blockchain.com is not selling any subsidiaries and has not spoken to Coinbase about potential transactions. Blockchain.com was one of several companies that purportedly had interest in buying derivatives exchanges and clearinghouse LedgerX.
Coinbase’s commitment to capital markets reform can be seen in a couple of recent announcements. Earlier this month, Coinbase joined forces with Fidelity, Square and others to form the Crypto Council for Innovation, which will lobby policymakers to support the growing crypto asset industry. A couple of days later, Coinbase announced that it was joining the DeFi Alliance, an organization that supports decentralized finance (DeFi) startups with guidance around regulations and market operations. Blockchain.com has sold illiquid holdings to realize gains.
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📣 Monad Labs Closes $19 Million Seed Round To Create New Blockchain
The former Jump Trading team that established Monad Labs closed a $19 million seed round, which was headed by Dragonfly Capital.Seventy other investors, including. Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, and the angel investors Naval Ravikant, Cobie, and Hasu, contributed to the fundraising.
The team at Monad Labs, a 2022 company with venture capital backing in the early stages, has over seven years of expertise developing low-latency, high-frequency trading systems at Jump Trading. DeFi development on Ethereum-compatible systems is currently constrained by the inefficiency of Layer1 protocols, which provide low throughput at a high cost. DApps are restricted in their capabilities, and it is challenging for them to grow for widespread use. All of these problems are addressed by Monad Labs’ Monad blockchain.
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🪙 Justin Sun Invests $33,000,000 In The Aave Lending Pool
Justin Sun recently transferred a sizeable sum of $33 million USDC to Aave Lending Pool v2. PeckShield, a blockchain security company, spotted the movement and discovered that the assets came from the Poloniex exchange, where Sun had already received USDC two years prior.
This action by Sun exemplifies his strategy for controlling his crypto assets, keeping them secure, and optimizing returns. Sun’s transfer to Aave may have been motivated by his desire to earn money from USDT without having to expose himself to the volatility of assets like Ethereum, Bitcoin, and other cryptocurrencies. Sun’s decision to transfer cash to a lending pool was a wise one given the current state of uncertainty in the cryptocurrency market, where the majority of analysts are forecasting a correction.
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🏦 Jesse Powell Kraken Discusses Staking And The SEC Settlement
Jesse Powell, co-founder and former CEO of Kraken, tweeted about his organization’s choice to stop providing staking services in the United States. Powell also replied to SEC commissioner Hester Peirce, who yesterday criticized her agency for not setting out a compliance path for Kraken.
Yesterday, Kraken and the U.S. Securities and Exchange Commission came to an agreement that required Kraken to pay $30 million and stop providing staking services to customers in the United States. According to allegations, Kraken’s staking services were an offering of securities. While other businesses might have the means to defend themselves, according to him, the SEC targeted Kraken during a bear market and waited for it to fire 30% of its employees before taking action. They have all of our financial information, added Powell. “Perhaps we appeared frail,”
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📣 Bitfarms pays down $21 million BlockFi loan with $7.75 million in cash
Bitcoin miner Birfarms settled $21 million in debt from BlockFi with a single payment of $7.75 million in cash. The value of mining machines that collateralize those loans has dropped significantly and the bankrupt crypto lender has reportedly been looking to sell.
“Our remaining debt, mostly secured by new, high efficiency mining equipment in Quebec, matures on or before February 2024, enabling us to be debt free before the next halving event expected in May 2024," said Bitfarms CFO Jeff Lucas. The deal also unemcumbered 6,100 miners belonging to its subsidiary, Backbone Mining Solutions, Inc — the entity that actually entered into the BlockFi loan, originally $32 million, and that operates Bitfarms’ 20-megawatt sites in Washington state.
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📣 ENS DAO votes to sell $16.5 million of ETH for USDC via CoW Swap
Ethereum Name Service (ENS) DAO delegates have voted to sell 10,000 ether ($16.5 million) from the DAO’s treasury to fund the project’s activities for the next 18 to 24 months. Major ENS personalities who supported the vote include founder Nick Johnson and ENS Foundation chair Brantly Millegan.
The ENS DAO will now proceed to sell 10,000 ETH in exchange for USDC. These funds will come from the project’s spendable treasury, which is denominated fully in ether. By selling 10,000 ETH, the proposal aims to reduce the DAO’s exposure to ether. The proposal stated a single swap of the 10,000 ETH tokens for USDC. Some USDC delegates argued in favor of breaking down the sale into smaller units. They also suggested that the DAO should employ a dollar-cost averaging technique to get the best value out of the sale.
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