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🇧🇹 Bhutan plans $500 million crypto mining fund with Jihan Wu's Bitdeer
Druk Holding & Investments (DHI), the commercial arm of Bhutan's government, and Jihan Wu's crypto mining company Bitdeer Technologies are seeking to jointly raise up to $500 million for a crypto mining fund. The fundraising process is expected to begin at the end of this month, the two entities announced Wednesday. Singapore-based Bitdeer will serve as the general partner of the fund and DHI will act as a strategic limited partner.
"The partnership with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation," Ujjwal Deep Dahal, CEO of DHI, said in the announcement. Bhutan, a Himalayan kingdom with a population of less than a million people, has been quietly mining bitcoin for the past few years, Forbes reported Friday. DHI, specifically, entered the mining space when the price of bitcoin was around $5,000, Dahal told the local newspaper The Bhutanese last week. Bitcoin is currently trading at around $28,600.
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🟠 Binance warns crypto mogul Justin Sun against SUI token grab
Binance boss Changpeng Zhao today warned fellow crypto mogul Justin Sun that the exchange operator would take action against him if he tried to farm SUI tokens. But Sun quickly apologized for what he described as inadvertent actions and reversed them. Earlier today, Sun transferred a total of over 115 million TrueUSD (TUSD) stablecoins on Binance, according to Whale Alert tweets. TUSD is one of two tokens — the other is BNB.
Binance CEO Changpeng "CZ" Zhao noticed the huge transfers of TUSD, and tweeted that if Sun used any of those tokens to grab the Sui tokens available via Launchpool, Binance would "take action against it." Sun was quick to clarify that the TUSD transfer was made to provide liquidity. He added, however, that some of these stablecoins were "inadvertently" used to participate in exchange campaigns — which would have yielded SUI token rewards — and that the action will be reversed. "Binance Launchpool is meant as airdrops for our retail users, not just for a few whales," Zhao said, adding, "On the bright side, blockchains are transparent."
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🪙 Crypto.com Announced To Partner With Samsung, CRO Price surged More Than 10%
The CRO price has increased significantly as Crypto.com recently announced a collaboration with the technological giant Samsung. The most current app update, version 3.158.1, will be made available on Samsung Galaxy Z Fold devices via the link. The app’s new capabilities will promote “increased productivity” and “multitasking,” according to the official release. Eventually, this will bring “advanced trading and analytics capabilities.” “Proud and excited to be partnering with Samsung to jointly drive digital assets adoption globally,”.
As a result of this collaboration, Crypto.com becomes the first cryptocurrency platform to provide a “tailored experience” to Samsung’s Galaxy Z Fold devices. Users will get access to new tools and resources on a single screen right away. This means that customers will be able to compare many tokens at the same time more easily than any other mobile device. The platform’s native cryptocurrency CRO increased in value in the 24 hours following the announcement. CRO is currently trading in the green at $0.0753, up 2.4% in the last 24 hours. One of the ways Crypto.com is pushing hard is by forming partnerships with prominent corporations.
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📣 Certik Denies Rumors DEX zkSync Merlin Is Rug Pull
In response to some media reports that “the Merlin security incident is a Rug Pull and not a hacker attack,” security auditing firm Certik asserts that this is not Rug Pull. CertiK said the incident was likely caused by private key management issues rather than mining and is actively investigating. The initial findings point to a potential private key management problem rather than the root cause of the mining. While auditing can’t prevent private key issues, we always highlight best practices for projects.
Certik’s response teams worked hard to understand the situation and gauge the impact on our community. The “Merlin DEX” test report highlights the risk of centralization in the section “Attempts to decentralize”. According to the official Twitter, DEX Merlin eco-zkSync claims it analyzes protocol vulnerabilities and reminds users to revoke the wallet’s signature and connection page access on its official website. Merlin is a permission-less, community-centric DEX built on ZkSync with a liquidity environment that is robust and efficient. Earlier today, it was reported that Merlin’s liquidity had dried up and that hackers had stolen $1.82 million in funds.
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📉 Tiger Global's $13 billion venture fund discloses 20% loss after crypto startup writedowns
As the losses mount for Tiger Global Management, the once-voracious tech investor is now getting bruised by bets on blue-chip crypto businesses. Tiger recently informed investors that its $12.7 billion venture fund, which it launched late in 2021, had produced a paper loss of 20%, net of management fees, as of December last year, according to a report from The Information citing private documents.
Half a dozen major crypto startups contributed to the loss. An investment in Sam Bankman-Fried’s FTX, which collapsed in November, was entirely wiped out, while Tiger also marked down investments in NFT marketplace OpenSea, Bored Ape Yacht Club creator Yuga Labs, payments firm MoonPay, decentralized wireless network startup Helium and Sam Altman’s eyeball scanning protocol Worldcoin, according to the report. That chimes with wider reporting that shares in prized crypto companies are available on secondary market platforms at steep discounts. On March 8, The Block reported that some OpenSea shares were trading at a 51% discount on Birel.io.
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🪙 Ethereum after Shapella: Developers make progress on Cancun-Deneb
On Thursday, Ethereum core developers convened to plan code modifications for the blockchain's consensus layer in preparation for the next upgrade, Cancun-Deneb. After activating the Shapella upgrade earlier this month — which introduced validator withdrawals — developers are now making progress on the next upgrade, referred to as "Cancun-Deneb," expected to occur later this year.
To make Ethereum cheaper for users, the upgrade will implement new changes across Ethereum's two mainnet layers: the execution layer, which handles smart contract execution, and the consensus layer, focused on blockchain consensus via staking. To provide clarity, the upgrade for the execution layer will be called Cancun. The consensus layer upgrade will be named Deneb — thus giving the combined upgrade its name, Cancun-Deneb. The most significant change anticipated in Ethereum's Cancun-Deneb upgrade later this year will be Ethereum Improvement Proposal (EIP) 4844, also known as "proto-danksharding.".
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🏦 Coinbase gets Bermuda license, could launch offshore derivatives exchange next week
Coinbase could launch an offshore derivatives exchange as soon as next week, after the crypto exchange received a license to operate in Bermuda. The company obtained a license from the Bermuda Monetary Authority, according to a company blog post published on Wednesday. Coinbase lauded Bermuda as “a highly respected and experienced financial regulator” in its announcement.
Coinbase had been exploring launching an offshore platform to trade perpetual swaps tied to cryptocurrencies, The Block reported last month. That expansion could come as soon as next week, a source familiar told The Block. Fortune first reported the news. “Bermuda was one of the first financial centers to pass comprehensive digital assets regulation in 2018, and its regulatory environment is long known for a high level of rigor, transparency, compliance, and cooperation,” Coinbase said in its blog post. The company did not immediately respond to a request for comment.
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📣 Crypto Companies May Use a Supreme Court Doctrine to Push Back Against SEC: Lawyer
The U.S. Supreme Court might provide crypto companies with a way to fight the Securities and Exchange Commission in court, according to Jason Gottlieb, a partner at law firm Morrison Cohen LLP. The exchange, which plans to close its U.S. platform on April 30, said it would take the regulator to court if the agency did not make a “reasonable settlement offer.”
Gottlieb said crypto companies may try to hold off the SEC using the U.S. Supreme Court’s "major questions doctrine," which holds that regulators can’t exceed their authority. The high court last used the doctrine in 2022 in a 6-3 decision involving the Environmental Protection Agency on whether it had the authority to issue an emissions cap on greenhouse gases. “What the Supreme Court has instructed is that administrative agencies, which are a branch of the executive department, are not allowed to take views that will affect major questions of the United States economy,” Gottlieb said.
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🏦 Coinbase CEO: Crypto Will Reach 2-3 Billion Users In 10 Years, Nearly At The Internet Usage Rate.
In a recent tweet, Brian Armstrong, co-founder and CEO of Coinbase, discussed the potential for widespread acceptance of bitcoin as well as the factors that are need to realize this potential. Armstrong claims that cryptocurrencies can be utilized in a variety of contexts, and that between 200 and 300 million people have already made use of them in the past ten years. Comparable to the rate at which people started using the internet.
Armstrong emphasized the significance of Layer 2 scalability, which he compared to the transition from dial-up to broadband internet, in order to accomplish this goal. He also emphasized the need for legislative certainty. He also stressed the significance of usability, which may contribute to an even further increase in the popularity of cryptocurrencies. Armstrong believes that with these essential components in place, cryptocurrencies have the potential to disrupt the existing structure of the financial industry and open up new economic opportunities for people all around the world. Coinbase, one of the most prominent cryptocurrency exchanges, is committed to fostering both the growth and use of cryptocurrencies.
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💰 Celsius Is Preparing To Sue Tiffany Fong For Leaking Confidential Information
According to a court document, Celsius Network either meant to or is considering legal action against crypto blogger and Celsius creditor Tiffany Fong for exposing internal information. Celsius’ lawyer Kirkland & Ellis International recorded 77 billable hours costing around $72,000 on an invoice headed ” Tiffany Fong lawsuit” in an itemized sixth monthly fee statement issued to the bankruptcy court of the Southern District of New York on April 14.
The legal firm’s work on this matter began on January 26, and the final stated hours of work were reported on February 6. Although no particular legal action seems to have been recommended as of yet, the document indicates that Celsius’ legal was explicitly looking into the stolen material Fong reported on through her social media platforms. According to a snapshot posted by Fong, she presently has about $119,000 in crypto assets, including Bitcoin (BTC), Ether (ETH), and Polygon (MATIC) held on Celsius after the business suspended withdrawals in mid-June 2022 before filing for Chapter 11 bankruptcy the following month.
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🪙 62,000 ETH Were Withdrawn, Huobi Takes The Largest Market Share
More than 62,000 ETH have been confirmed to be withdrawn from the Beacon Chain and re-listed on the market after more than 5 hours since the Shanghai hard fork was launched. The much-anticipated the update Shanghai went live at epoch 194,048 as planned. Shanghai is gaining popularity since the update will release the “huge” sum of this token that validators have staked since 2020.
So far, around 5 hours after the hard fork was launched, data from Beaconcha.in shows that the amount of this token withdrawn from the chain has topped 62,000, which is equivalent to more over 118 million USD at the time of writing. Because withdrawal queue mechanism defaults to time, processing 16 requests every 12 seconds, every day there will be about 1,800 validators allowed to withdraw all this token staking, equivalent to a total of 57,600 ETH, so unlocking the other amount of tokens will take much longer. According to Nansen, there are 623,413 ETH (out of 19,247,680 ETH including prizes) and 17,357 validators (out of 567,144 validators) in the withdrawal queue.
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💰 XRP's 4-Week Rally Was Led by Retail Investors: Kaiko
XRP, a digital coin often used to make international payments, has rallied nearly 40% in the past four weeks, outperforming other top digital assets, including bitcoin (BTC). The rally was driven mainly by retail investors, while whales – or entities with ample capital supply – added to bearish pressure in the market, according to an analysis by Kaiko, a Paris-based provider of crypto data. Looking at buy and sell transactions on the two largest Korean exchanges.
The sell-side imbalance in market orders of more than 200,000 XRP tokens suggests that whales have been selling into the price rally and that individuals and nonprofessional investors did the heavy lifting. A market order is an order to buy or sell an asset immediately. Such orders are usually executed at or near the current bid or ask price. The sell-side imbalance in market orders of more than 200,000 XRP tokens suggests that whales have been selling into the price rally and that individuals and nonprofessional investors did the heavy lifting. A market order is an order to buy or sell an asset immediately.
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🇭🇰 Hong Kong Continues Building Web3 Development Strategy
Hong Kong’s Financial Secretary Paul Chan issued an article in favor of Hong Kong’s Web3 policy of “proper regulation” and “promotion of development.” According to Paul, the world is vying to see who can provide the most room for Web3 innovation under the concept of manageable risks. He also added that, although some exchanges have closed in the past, now is the greatest moment to encourage the growth of Web3.
The finance secretary stated Web3 festivals that embody Hong Kong’s vision and Web3’s growth plan had piqued the attention of industry insiders and will include frequent events this week. Web3 infrastructure, trading platforms, virtual assets, wallets and payment instruments, and security-verified networks are all examples. Notwithstanding the recent volatility in the cryptocurrency market. As Coincu reported, Hong Kong regulators are seeking for talks between crypto businesses and bankers to assist sector funding. The gathering intends to enable bank funding for money firms in order to propel Hong Kong closer to being a crypto center.
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📣 ZkSync develops 'solution' to unfreeze $1.7 million stuck in smart contract
ZkSync said it had devised a solution to unlock the 921 ETH ($1.7 million) stuck in a smart contract used by a team called Gemholic on its Era network. zkSync is a ZK-Rollup Layer 2 scaling solution developed by Matter Labs that can support Ethereum smart contracts. In a statement, zkSync confirmed "funds are safe" and that it has "discovered an elegant method to unlock the frozen contract."
On Thursday, Eden Au, director of research at The Block, was the first to note that the project raised 921 ETH ($1.7 million) through a token sale on zkSync's Era mainnet, but the funds had become trapped in the smart contract. The funds in the contract got locked due to an issue with using the .transfer() function, which resulted in a hard dependency on gas costs. "We identified an elegant solution which can solve a broader class of gas-related problems. It will require minimal changes in the gas metering of the protocol, but will allow for full recovery of the funds," the zkSync team said.
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🪙 $24 Billion Dogecoin Was Discovered In A Myterous Wallet, Community Calls Elon Musk Name
The community is giving attention to an enigmatic wallet that once held $24 billion of this cryptocurrency after the social network Twitter abruptly changed its logo to the iconic canine of Dogecoin (DOGE). after the social network Twitter abruptly changed its emblem to Dogecoin on April 4, the DOGE price responded by skyrocketing 37% to $ 0.1. However, the cost has risen.
In particular, in 2019, a wallet named “DH5ya” was established, which housed a massive asset worth $ 24 billion DOGE in May 2021. The plaintiff alleged that the new owner of Twitter was the individual behind this wallet in a class action complaint charging Elon Musk of “manipulating the price” of DOGE. Musk’s DH5ya wallet insignia were identified by the claimants. The first transaction is a 28.061971 DOGE transaction, which corresponds to the billionaire’s birthdate on June 28, 1971. This was followed by a trade that spelled out “Hi Elon.”. This wallet has 6 transactions totaling 69 DOGE and 2 transactions totaling 420 DOGE.
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🇧🇷 Digital Bank Revolut Now Offering Crypto Investments in Brazil
Digital bank Revolut, which already offers crypto investments across Europe, is now open for business in Brazil. Revolut is making its first foray into Latin America, attempting to tap into Brazil's growing demand for crypto assets, the bank said in an emailed announcement on Tuesday. Crypto users in Brazil number some 10 million, according to Revolut's announcement.
Revolut has around 29 million customers worldwide and is looking to carve out a share in Latin America's most populous country, where digital bank Nubank is entrenched as the market leader with around 70 million customers. Nubank introduced crypto trading last June, hitting 1 million users only a month later. "Our mission is to unlock a borderless economy with financial products that are accessible and easy to use and that allow our customers to use their money efficiently," CEO Nik Stronsky said. "We will start with the global account and crypto investments, but this is just the beginning."
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💰 $1.5 Billion In Bitcoin Has Been Transferred To Binance In The Last 30 Days
Over the last 30 days, more than $1.5 billion in Bitcoin (BTC) has been deposited into Binance, the market’s largest cryptocurrency exchange. According to the data provided by Coinglass on the blockchain, Binance currently has 58,6549 BTC, of which 49968 Bitcoins have been deposited in the space of just the past 30 days. Another notable number that was mentioned by Coinglass was that 22590 BTC had been sent in the previous seven days, and that 5000 BTC had been sent in the previous twenty-four hours.
Bifinex and Gate are two further cryptocurrency exchanges that have observed growth in their BTC holdings in the preceding 30 days. During that time period, 2767.6 and 1023 BTC, respectively, have streamed into the exchange. Furthermore, another notable metric released by Onchain analytics platform Glassnode reveals that mining Bitcoin blocks is becoming increasingly difficult, as well as the number of hash functions required to mine a single Bitcoin block has reached an all-time high. Meanwhile, Gemini, OKX, and Coinbase Pro are among the top exchanges reporting Bitcoin withdrawals, with a total of 17134, 4447, and 1273 BTC withdrawn, respectively, over the course of the previous thirty days.
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📣 BONE Is Now Officially Listed On Flitpay – An Indian Exchange
BONE has been officially listed on the Indian exchange, kicking off the game in this potentially lucrative market. Shiba Inu is a cryptocurrency that was inspired by the popular meme. It has even risen to the top 20 cryptocurrencies in terms of market capitalisation. Through different initiatives, development, collaboration, and listing, the SHIB development team has exhibited a consistent dedication to the implementation of associated projects.
Flitpay is a renowned cryptocurrency exchange in India, and the community has projected that this exchange will list BONE. The exchange also tweeted a poll asking the community which currency to add next, and BONE received the most votes. Bone ShibaSwap, often known as BONE, is a decentralized exchange (DEX) that is built on the Shiba Inu ecosystem. The token will be used as the governance token for Shibarium, which is Shiba Inu’s layer 2 solution. Additionally, this token will be the currency that is used to pay for all gas charges. According to the most recent information that was provided in a tweet by the official account of the exchange, Flitpay has now included BONE.
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🔵 Arbitrum Starts To Fully Distribute 1.13% Of ARB For DAOs
Arbitrum has started to completely distribute the inaugural ARB for DAOs in the ecosystem and the first batch will be delivered to DAOs that have validated the test distribution findings. According to the previously disclosed information, this ARB allocation is not a gift but rather an initial ARB allocation of 1.13%. Moreover, according to Ember, a chain analyst, the Arbitrum Foundation has transferred 90.14 million ARBs to 125 DAO addresses. Official records state that 112,834,000 ARBs will be airdropped to 137 DAOs.
According to data from the crypto intelligence tracker Spot On Chain, Treasure DAO acquired the most ARB tokens (8 million), with 60 other wallets receiving at least 75,000 ARB tokens apiece.The announcement of Arbitrum’s airdrop generated a good reaction from ARB, and the token’s price increased; nevertheless, analysts notice that it is now in a negative trend.According to experts, ARB distribution is expected to continue. Experts classified ARB’s stages as accumulation, distribution, and growth, forecasting a large increase in the token’s price. Previous to then, the Arbitrum Foundation had issued a slew of reform ideas in the aftermath of its first unsuccessful effort at governance.
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📣 OPNX Will Launch Claim Trading Services After Investors Refused To Cooperate
After OPNX received investor denials of being involved with the exchange of the founders of Three Arrows Capital, it confirmed that it will continue its development path next May. Moreover, in response to multiple institutions refusing participation in OPNX, Lamb responded that its institutional backers either invest directly in the exchange or bargain for ownership via CoinFLEX restructuring, as revealed by public court filings.
Su Zhu and Kyle Davies’ Open Exchange has sparked controversy following a heated exchange of words with a group of venture capital and trading businesses that the crypto platform says were part of its investment round. Several corporations, including DRW, Nascent, MIAX, and Susquehanna, have previously denied investing in OPNX. OPNX reacted saying it was disappointed by these firms’ deceptive assertions. Susquehanna International Group is well-known for being the biggest investor in TikTok, a worldwide platform for short videos. Other VCs are renowned as top-tier investment moguls in the IT and cryptocurrency sectors.
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🟢 MakerDAO Approved A Proposal To Transfer 500 Million USDC To Coinbase
The plan to transfer 500 million USDC to Coinbase was officially accepted by MakerDAO on April 21. The MakerDAO community voted on and approved a proposal to open a Real World Asset vault on Coinbase Custody on April 20. This vault will be used by the protocol to store up to 500 million USDC and will pay an annual interest rate of 2.6%. Coinbase is required to store these assets in a cold wallet, however the company does not charge any fees for providing custody of these assets.
The protocol noted that MakerDAO will be able to withdraw funds from RWA within twenty-four hours, and that wallet assets will be insured up to a maximum of five hundred million dollars. Up to 85 percent of the members of the Maker community took part in the vote on the proposal, and the majority of those voting in support of giving coins to Coinbase Custory. This is actually a phase in the plan to shift a total of 1.6 billion USDC into the custody of Coinbase in October 2022. If this suggestion is carried out, Coinbase would split this 500 million USDC into the RWA vault and enjoy a greater yield on those funds. The platform has, during the course of its existence, endeavored, via a wide array of investing approaches.
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Introducing Array
Dyor and NFA
Already Audit and KYC bysolidity. Finance:
https://docs.array.capital/array-or-arbitrum-zksync/audit-and-kyc
Details :
VC-Backed RealYield Launchpad Integrated DEX & Venture Fund in Arbitrum and zkSync
Array Introduces its own Decentralized Launchpad platform which aims to host projects launching exclusively on the Arbitrum Network.
🔵DEX is Kromatika Integrated, with Limit Orders & LP Fees
🔵Venture Fund fully seeded by Homeless DAO (Worth $200k)
🔵IDO on 15 April, 6 PM - 12 AM UTC. 6 hours only!
🔵5 Partnerships & 2 Advisors
🚀LAUNCHING ON 5:50 PM UTC 🚀
🔵Purchase zkSync & Arbitrum on WAGMI & Uniswap
🔵Team vested 8 months
🔵 Sold 900k in 40mins
🔵 1.2M Liquidity
🌐 https://array.capital/
🌐 /channel/array_capital
🌐 https://discord.com/invite/arraycapital
🌐 https://twitter.com/array_capital
🌐https://docs.array.capital/
🌐https://dexscreener.com/arbitrum/0x28545e1267bb40af3ca5815a5743338671dd1fe2
📣 SPACE ID Setup DAO to Redeem And Burn ID Tokens
According to the official blog, SPACE ID, a decentralized universal domain name protocol, has announced the establishment of the DAO Treasury, which will implement the token redemption and destruction mechanism. The SPACE ID DAO is not only a tool that enables decentralization. Along with the establishment of the DAO Treasury, Sapce ID also announced the new revenue distribution implementation of the SPACE ID platform.
Specifically, 50% of the total net revenue generated on the SPACE ID platform (including income from domain registrations, renewals, Gift Card purchases, and SPACE ID marketplace fees) will be allocated to token investments and burning ID token. The remaining 50% of the total net revenue will be added to the DAO Treasury, which will be held in stablecoins and managed by all eligible ID token holders. SPACE ID has recorded impressive growth momentum over the past week, main thanks to the positive trend of major cryptocurrencies and the explosion of the “altcoin season”.
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📣 CleanSpark Boosts Mining Capacity With New Machinery Worth $145 Million
The BTC miner described the Antminer S19 XP as “the most power-efficient” mining machinery available on the market. The US-based cryptocurrency miner – CleanSpark – purchased 45,000 units of the Antminer S19 XP BTC mining machines for $144.9 million. The current computing power of CleanSpark is 6.7 EH/s, while the installation of the new equipment is expected to push it to 13 EH/s.
According to the deal, the manufacturer will distribute 25,000 units in August, while the remaining 20,000 should arrive in September. CleanSpark plans to deploy all of them at its mining facility in Sandersville, Georgia. Zach Bradford – CEO of CleanSpark – said the Antminer S19 XP is “the most power-efficient bitcoin mining machine available in the market today” and raised hopes it will turn into a “key component” for the company’s operations. He explained that the multi-million purchase and the delivery of first-class machinery is part of the firm’s strategy prior to the Bitcoin halving that is expected to occur in the spring of 2024.
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🆘 Bitrue’s Hot Wallet Exploited, Causing QNT To Dump Over 10%
This morning, Bitrue, a Singapore-based cryptocurrency trading platform, discovered a minor vulnerability in one of the hot wallets. The price of Quant token (QNT) dropped dramatically as a result of this revelation. The QNT price fell sharply from $128 to $113, over 10%. The price is presently rebounding to $122 but is still down 2% today. According to speculations, the leak was the result of a Bitrue hack. This narrative will undoubtedly continue.
The Bitrue team has banned all withdrawals until April 18 in order to complete security checks and appropriately fix the issue. As a result, the team took charge of the problem and is presently researching it. According to the exchange, the attackers were able to remove assets worth around $23 million in the following currencies: ETH, QNT, GALA, SHIB, HOT, and MATIC. The fact that this decline occurred at a time when Bitcoin (BTC) was climbing past the $30,000 barrier prompted the community to wonder whether there had been a hack, given that the majority of altcoins had been surging with the support of BTC. The compromised hot wallet has less than 5% of Bitrue’s total cash.
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📉 Tron’s TRX Drops 6% as Binance.US Delists the Token
Tron’s TRX token has been delisted on Binance.US. This comes weeks after the U.S. Securities and Exchange Commission sued Tron's Justin Sun over allegations of selling and airdropping unregistered securities, fraud and market manipulation involving the TRX token. TRX dropped 6.4% on the news, according to CoinDesk market data. Binance.US says trading for TRX will end on April 18.
"We operate in a rapidly evolving industry and our digital asset monitoring process is designed to be responsive to market and regulatory developments. When a digital asset no longer meets our high standards, or industry circumstances change, we conduct a more in-depth review of the affected asset and assess whether further action is necessary," Binance.US said on its page announcing the delisting. A spokesperson for Tron said that they are in communication with Binance.US over this and have no further comment at this time. Binance.US says trading for TRX will end on April 18.
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💰 Bankruptcy lawyers, advisers billed FTX for $30 million in Feburary
Bankrupt crypto exchange FTX racked up more than $30 million in monthly fees from lawyers and advisers in February, according to new compensation reports filed in bankruptcy court. The business of bankruptcy is expensive. Lawyers, financial advisers, investment bankers and consultants billed FTX approximately $29.7 million for compensation and another $407,000 in reimbursement costs during the shortest month of the year.
FTX racked up legal bills from a half-dozen firms in February. The exchange used the law firms Sullivan & Cromwell and Landis Rath & Cobb, management consulting firm AlixPartners, financial services company Perella Weinberg Partners, consulting firm Alvarez & Marsal North America and FTX CEO John Ray III’s Owl Hill Advisory. Legal fees are a major cost for bankrupt companies. Enron, the energy giant that Ray steered through bankruptcy, paid lawyers $700 million over the course of its unraveling, for example. FTX's $30 million February tab is slightly smaller than its January bill.
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📣 Arbitrum-Based Camelot Crypto Exchange to Deploy V2 Upgrade Saturday
Arbitrum-based decentralized exchange (DEX) Camelot will begin rolling out a v2 upgrade on Saturday aimed at making its crypto trading platform more efficient and user-focused, according to a Camelot blog post. The upgrade will launch in three phases, pseudonymous founder Myrddin said in Discord. First, on Saturday, Camelot will deploy a beta-stage automated market maker (AMM) based on the codebase of Algebra, a liquidity-focused protocol.
The v2 upgrade will introduce “major enhancements” to Camelot’s infrastructure, such as adjusting pool fees and supporting the rebasing tokens like stETH. The second stage will overhaul user-interface, while the final stage will release farms for concentrated liquidity. Camelot’s native token, GRAIL, has rallied roughly 3.7% over the past 24 hours but remains down 23.4% from last week, according to CoinGecko data. GRAIL was trading at $2,363.15 at press time. “All contributions before Dec 1st 12am UTC will be eligible to receive ~25% bonus in $xGRAIL,” wrote Camelot on Twitter.
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🪙 USDC Boasted Transparency but It Didn't Help When Silicon Valley Bank Got Into Trouble
The weekend of March 10, 2023, was a profound test of how well stablecoins hold up under pressure. Now that everything has settled, some odd lessons have been passed on, namely: Transparency doesn't seem to be a good thing. And forget about prudent management of reserves – it's just not worth it. Opacity and sloppy reserve management win the day. Or, at least, so it would appear.
Leading up to Friday, March 10, the issuer of second-largest stablecoin USD coin (USDC), Circle, was probably the industry's most transparent issuer. It provided daily updates to investors through its BlackRock-managed money market fund, which backstops the stablecoin. On top of that, Circle had just adopted the New York Department of Financial Services’ guidance for stablecoin transparency, which required two attestation-of-reserves tests each month. Circle’s arch-competitor, Tether, which publishes attestation reports on a less-frequent quarterly basis, lagged far behind on transparency.
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💰 Cardano Gets Onchain Gaming Boost as Paima Layer 2 Goes Live
A new cross-chain network integration will allow Cardano users to play on-chain games using ADA tokens – and users of other networks to play Cardano-based games. Paima Studios released this feature for the Cardano blockchain on Monday, developers tweeted. The move is possible as Paima is a layer 2, or an independent network that bundles transactions to a base blockchain for faster speeds and cheaper costs.
Cardano users can play any blockchain-based games without needing to bridge tokens to another network. Paima also supports the migration of games built on other networks to Cardano, allowing users of those networks to play a game based on Cardano without having to move assets. Bridging refers to transferring tokens between different blockchains. However, bridges carry major security risks and were at the center of some of the biggest exploits in 2022. As such, Paima said all games on the network are non-custodial, meaning funds remain in the user’s wallets.
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