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🪙 Tron Generated $48 Million in Revenue in Q4, 2022: Research
Messari revealed that Tron’s financial results in Q4 outperformed those from Q3, while user transactions were also on the rise.According to figures provided by Messari, the decentralized digital platform – Tron – made a revenue of $47.9 million in the last quarter of 2022, a 25% increase compared to Q3.
In its most recent research, Messari outlined that 2022 has been a “rollercoaster” year for the cryptocurrency sector. Unfavorable macroeconomic conditions took their toll during the first months, while the crash of Terra in the spring intensified the problems. The failure of the once-prominent FTX added to the drama, causing a market crash and undermining the reputation of the industry. The Justin Sun-spearheaded platform generated almost $48 million in revenue during that period, 25% more than in Q3.
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📉 Umami Finance token crashes by over 50% as CEO dumps holdings
Decentralized finance protocol Umami Finance is in disarray as community members are unsure of the project’s future.Several members of the Umami team resigned in a move designed to push the project “back towards decentralization and a DAO structure,”.
The messages alleged that the protocol’s CEO Alex O’Donnell dumped his tokens on retail holders — blockchain security firm Peckshield confirmed this. On-chain data shows that the address allegedly belonging to the CEO dumped over 10,000 UMAMI tokens in the last 24 hours for thousands of dollars in several transactions. The dumpings led to the UMAMI token crashing by over 50% in the last 24 hours to as low as $4.56 from a high of $22, according to CoinMarketCap data.The token has slightly rounded to $15.38 as of press time.
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💰 Chorus One brings MEV protocol to Solana
The Solana blockchain may see a new open-source approach to maximal extracted value (MEV), according to a white paper produced by blockchain protocol architect, Chorus One. The version of MEV for Solana by Chorus One is in the prototype stage, and the company doesn’t intend to deploy.
The Solana-MEV client is a public good. Chorus One will not explore the model commercially,” Chorus One research analyst Thalita Franklin told The Block. On the Ethereum network, the practice of MEV sees blocks of transactions rearranged in order to impart the greatest value to validators. This is facilitated by searchers who derive the most valuable order of transactions from Ethereum’s mempool, a sort of holding pool on the network where unconfirmed transactions await validator processing.
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💰 FTX Asks Politicians To Return About $93 Million SBF Donated At The End Of February
The FTX Group said on Sunday that it sent “secret letters” to politicians. Accordingly, FTX asks politicians to return the money received from Sam Bankman-Fried (SBF) contributions during political campaigns, according to Coindesk. After the collapse of FTX, celebrities tried to erase their relationship with the head of SBF.
In a press release, the debtors said they “have the right” to attempt to force repayment of the debt plus interest through court action. By creditors’ estimates, SBF’s political contributions amounted to $93 million to a wide range of DC lawmakers and causes across the political spectrum. One in three members of the current US congress has received a donation from the Bankman-Fried orbital. It was a massive influence campaign that crossed party lines. his companies were also required to return the money received from the SBF.
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🪙 FTM Soars 35% on the Week as Fantom Preps Stablecoin Relaunch
Over the past week, FTM has soared roughly 35%. Chatter around a new stablecoin for the project alongside a host of new updates have likely been the key motors behind the latest move. These developments also suggest that DeFi developer Andre Cronje’s return to crypto is much more than just a phase.
After saying goodbye to the game (again) last March, then returning in November, it now looks like the mind behind Yearn Finance and Keep3r (and numerous other high-profile projects) is rolling up his sleeves and getting back to work. He’s long been associated with the speedy layer-1 blockchain called Fantom, wearing the title of co-founder and architect of the Fantom Foundation, and now it appears he’s re-building the network’s native stablecoin, fUSD.
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🏦 Actual Owner Of Bithumb Arrested For Embezzlement Of Company Assets
On February 2, the Minister in charge of the arrest warrant of the Seoul Southern District Court, South Korea, arrested Kang Jong-hyun, who is believed to be the actual owner of Bithumb, the cryptocurrency exchange of Bithumb, citing suspicions of corruption.
The arrest warrant for another Mr. Jo, who was in charge of accounting-related affairs under Mr. Kang’s direction, has been rescinded. He is said to have confessed to all orders. Previously, on January 25, the Financial Investigation Division 2 of the Seoul Southern District Prosecutor’s Office requested arrest warrants for 3 people, including Kang, on charges of breach of trust and embezzlement under the Severe Penalties Act for Specific Economic Crimes and fraudulent transactions.
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📣 Blockchain security firm Sec3 raises $10 million in seed funding
Sec3, a blockchain security firm that audits smart contracts among other services, raised $10 million in a seed funding round. Several angel investors, including Santiago Santos, a former ParaFi Capital partner, and Anatoly Yakovenko, co-founder of Solana, also joined the round.
As part of the deal, Multicoin Capital holds a board observer seat, Chris Wang, co-founder and president of Sec3, said in an interview. Sec3 began raising for the seed round in February last year and closed it in April but only decided to announce now as the firm was occupied building products, Wang said. Sec3, formerly Soteria, is also publicly launching its products today. Until now, the firm only served private clients. Sec3 offers four products —Launch Audits, X-Ray, CircuitBreaker and WatchTower — that work across project stages.
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📣 Secret Foundation And Secret Labs Engage In Open Conflict
The Secret Foundation’s and its founder Tor Bair’s previous business practices have been questioned by Guy Zyskind, the founder and CEO of Secret Labs. Both parties endorse the Secret Network, a blockchain in the Cosmos ecosystem that focuses on anonymity.
Zyskind made accusations regarding the foundation’s lack of openness, the alleged improper administration of an OTC transaction that resulted in a loss of around $250,000, and a probable open loan to the defunct trading company Alameda. The issues were brought up in a post on the governance forum for the Secret Network. Zyskind demanded that the foundation be reorganized as a non-profit, that all of its current money be returned to the community, and that it thereafter be obliged to submit grant applications in order to carry out activities that support the ecosystem.
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💰 Cardano-based exchanges confirm Djed listings ahead of stablecoin launch
Decentralized exchanges MinSwap and MuesliSwap, both based on the Cardano blockchain, have announced their support for the upcoming Djed stablecoin and its accompanying governance token, Shen. The stablecoin, which is planned to go live on the Cardano network.
MinSwap, the largest decentralized exchange on Cardano, revealed that Djed and Shen will be paired against the ADA cryptocurrency in a liquidity pool. With over $30 million in liquid tokens locked on the exchange, this presents a significant opportunity for Djed to gain traction in the Cardano ecosystem. MuesliSwap, another crypto exchange on Cardano, with roughly $6.6 million in value locked, also announced its support for the upcoming stablecoin.
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⚪️ Lido Team Provides Design For Staked Ether Withdrawals
The Lido team put up ideas for how the protocol should handle ether withdrawals when Ethereum’s forthcoming Shanghai upgrade has been turned on. The design paper also stated that Lido’s bunker mode tries to stop knowledgeable actors.
The Lido team put forward its designs to the Lido DAO, the project’s form of governance, via a post on the community’s forum. The feature will enable users to unstake their staked ether tokens once the Shanghai upgrade happens. The Lido team characterized the withdrawal feature’s creation as a challenging undertaking. Due to the way staked ether withdrawals will function after the Shanghai upgrade, this complexity exists. Withdrawals won’t occur for everyone participant at the same time because the procedure will be asynchronous.
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🪙 Ripple [XRP] Gains 20% As The Countdown To The SEC Decision Begins
According to CoinMarketCap statistics, Ripple’s [XRP] market value surpassed $20 billion for the first time since the FTX epidemic hit the market more than two months ago. The network expansion and velocity of the cryptocurrency have dropped.
This followed the global crypto market value recovering the $1 trillion level, indicating a reversal of FTX-induced losses. Interestingly, after Garlinghouse’s assertion on the settlement resolution date, XRP broke through the crucial resistance level of $0.39. The price was facing resistance around $0.4093 at the time of writing. This level has previously hindered XRP’s climb, so bulls will be trying to break through it to support the concept of an FTX turnaround. given the legislation and the circumstances on the ground, Ripple felt positive about its chances.
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🏦 Coinbase Again Downgraded By Moody’s For Significant Reduced Revenue In 2022
Moody’s, a major provider of credit ratings, announced on Friday that it had lowered Coinbase’s long-term credit rating as well as the notes’ guaranteed senior unsecured status. Moody’s due to significantly diminished revenue and cash flow generating capabilities.
The long-term corporate family rating (CFR) for Coinbase, which measures the possibility of a corporate family defaulting on its obligations, was cut from Ba3 to B2, both of which are regarded as non-investment grades. According to the company, guaranteed senior unsecured notes were downgraded from B1 to Ba2. The protracted crypto winter, according to the rating agency, has negatively impacted Coinbase’s ability to generate revenue and cash flow. The company was downgraded by S&P earlier this month.
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📣 21shares Launches World’s First Crypto Staking Index ETP
The 21Shares Staking Basket Index ETP, the first cryptocurrency staking index ETP to offer exposure to staking rewards, was announced by 21Shares. The index will be rebalanced twice a year, in March and September, to take market changes into account.
The index is the first-ever collection of digital assets to follow the performance of the underlying staked coins through a single ETP while offering exposure to staking incentives. Together with Swedish index provider Vinter, the staking index technique for this product was developed. The company added that among the cryptocurrencies that are tracked by the 21Shares Staking Basket Index ETP are Binance Coin, Cardano, Cosmos, Polkadot, Solana, and Tezos.
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⚪️ Nexo Now Sues Cayman Islands Regulator Regarding Virtual Asset License
Nexo, a cryptocurrency lending platform, is suing the Cayman Islands government for refusing the company a virtual asset license, according to The Block.The firm wants the CIMA decision reversed, and the court to rule that it is suitable to be registered and then order CIMA to register it.
Firstly, the Cayman court filing that the Cayman Islands Monetary Authority denied Nexo’s application on December 20 because the firm’s business model did not match the acceptable risk profile. Nexo posed a risk to market confidence, consumer protection and the reputation of the Islands as a financial centre, according to the CIMA. Nexo directors and owners neglected to disclose to the CIMA a potential regulatory enforcement situation in the United States as well as proceedings in English courts.
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🆘 Alameda Research Lost Over $1 Million Due To Liquidations
According to a tip that crypto intelligence company Arkham provided with The Block, Alameda Research lost over $1 million in assets as a result of liquidation last night. along with $4 million in DAI and 20 million USDC. The account now has a net balance of $15.2 million.
Before that, $72,000 in Alameda funds were liquidated on Aave on January 12 after being combined into one wallet. Some Twitter users claimed that. Sam Bankman-Fried was engaged in the incident where Alameda funds were seen switching wallets. Bankman-Fried’s transfer to Alameda is unlikely to occur, though, as he was not able to use the online platforms until December 30, 2022, following his arrest in the Bahamas on December 12, 2022. He thinks that if FTX liquidates Alameda, it won’t go bankrupt.
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💰 Uniswap DAO Supports Deploying Uniswap V3 On BNB Chain
The final vote for the planned deployment of Uniswap v3 on the BNB Chain has been completed by Uniswap DAO. Andreessen Horowitz (a16z) voted against the proposal, deploying 15 million votes in the process. The deployment is expected to be executed after 14:08 UTC on February 12.voted in favor of the proposal.
The proposal to install Uniswap V3 on the BNB Chain was authorized by the Uniswap DAO through a vote. About 66% of the voting power voted in favor of the plan. Robert Leshner, the creator of Compound Finance, and ConsenSys, an Ethereum software company, both had significant voting influence and supported the motion. While this was going on, the titan of venture capital, Andreessen Horowitz (a16z), cast 15 million votes against the proposition. They promoted a bridge-neutral approach in its place. a16z, for its part, preferred LayerZero over Wormhole as the winner.
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⚡️ Bitkraft, Fabric Ventures lead $6.5 million round into web3 loyalty platform
Venture capital firms Bitkraft and Fabric Ventures led a $6.5 million round into Cub3 (pronounced Cube), a customer loyalty platform that aims to automate web3 rewards based on participants' real-world activities. CMT Digital, Red Beard Ventures and Geometry Labs among others.
Currently supporting the Ethereum and Polygon chains, the Cub3 platform enables brands to create loyalty programs that reward users in tokens for completing certain actions. These could be tweets about a specific brand or uploading a video of themselves dancing to TikTok. These can be traded for perks such as exclusive content or discounted merchandise. "Our clients are anyone who wants to improve the way they engage their users, customers, or fans," said CEO Linc Gasking in a written interview with The Block.
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🥇 Bitcoin miners Hut 8 and US Bitcoin merge to form new US-based entity
Bitcoin miners Hut 8 and US Bitcoin (USBTC) are merging to form a new company called Hut 8 Corp, which will be based in the United States. Hut will have a total self-mining capacity of 5.6 EH/s, according to a press release. The new company will have access to 825 megawatts across six sites with self-mining, hosting and managed infrastructure operations.
The merger is pending court and regulatory approvals, and will be put to the vote in a special meeting of Hut 8 shareholders — also requiring consent from USBTC stockholders. This is expected to happen in the second quarter. Meanwhile, Hut 8 will give USBTC a bridge loan ranging from $6.0 to $6.5 million. a combination of selling the Bitcoin we mine, selling from our stack and/or exploring various debt options, as agreed under the terms of the Business Combination Agreement," Leverton also said.
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📣 a16z “Dominates” The Vote To Install Uniswap On BNB Chain With 15 Million UNIs
A Uniswap community poll to validate and select a cross-chain solution for this exchange on BNB Chain initially favored Wormhole. However, the final outcome will be quite uncertain and stated that a16z uses 15 million UNIs to “dominate” the vote.
Because a16z was unable to gather enough votes to support LayerZero at the Temperature Check stage, he made a fresh move in the official Uniswap voting. According to statistics from the on-chain voting platform Tally, a16z voted “opposed” to the request to implement Uniswap V3 on BNB Chain. This quantity of votes accounts for 15 million UNI tokens (the most votes currently cast), and the balance swiftly becomes skewed. Invest in the project in line with the decentralized governance criteria of Uniswap.
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🇦🇺 Australia Strengthens Crypto Watchdogs In “Multi-Stage” Scam-Fighting Strategy
The Australian Securities & Investments Commission’s (ASIC) digital assets unit will grow in size, and “upping enforcement measures” will be one of the major improvements. As part of a “multi-stage approach” to cracking down on cryptocurrency and ensuring proper risk disclosures from crypto businesses.
The new regulations are meant to safeguard consumers interacting with cryptocurrencies, according to a joint statement released on February 2 by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones. The multi-stage strategy, according to the treasurers, would include three components: improved enforcement, improved consumer protection, and the creation of a framework for token mapping reform. The Australian Securities & Investments Commission’s (ASIC) digital assets unit will grow in size.
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📣 MicroStrategy expected to report profit despite down quarter for crypto: Preview
MicroStrategy reports fourth quarter results Thursday with the company expected to turn a profit after several down quarters even as revenue comes in slightly lower than a year earlier. The software firm, better known in recent years for its bet on bitcoin, is expected to report revenue.
Net income is estimated at $10.7 million, which would be the first time MicroStrategy has posted a profit since the fourth quarter of 2020. MicroStrategy, which ended the third quarter with 130,000 bitcoin, sold the cryptocurrency for the first time last month, liquidating 704 bitcoin worth $11.8 million at the time of sale. But it turned around and bought 810 BTC two days later, adding to the 2,395 BTC acquired between Nov. 1 and Dec. 24. FTX collapse and bitcoin drop to around $17,000 compared to its November 2021 high of $69,000.
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🐶 Floki Inu DAO Approves Plan To Burn Tokens Worth More Than $100 Million
A recent governance proposal that aimed to burn 4.2 trillion FLOKI tokens on a cross-chain bridge and lower transactional tax was approved by the Floki Inu community. Floki subsequently moved to the quicker and less expensive BNB Chain in 2021 in response to community requests.
According to developers, the proposal was approved by a 99.97% majority in support of burning the bridge tokens and 0.03% against it. The 4.2 trillion tokens will be permanently burned at 8 PM UTC on February 9, 2023, and the Floki Inu transaction tax will be reduced to 0.3% as at 8 PM UTC on February 3. With a 10 trillion token supply initially on Ethereum, Floki Inu subsequently moved to the quicker and less expensive BNB Chain in 2021 in response to community requests. FLOKI from Ethereum to BNB Chain and vice versa, this required a cross-chain bridge.
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📉 Crypto tax unicorn CoinTracker cuts 20% of staff citing industry gloom, over-hiring
Crypto tax unicorn CoinTracker laid off about a fifth of its staff due to market conditions. A total of 19 employees were let go from the San Francisco-headquartered crypto tax company as its leadership cited headwinds from crypto winter alongside bringing on too many people.
A company spokesperson confirmed the layoffs in an email and said that 15 of the 19 who were let go were in the customer support team. CoinTracker offered affected employees 12 weeks of pay, three months healthcare coverage for U.S.-based employees and a removal of the equity cliff meaning that anyone departing can remain a shareholder. They'll also be allowed to keep their laptops. "While we tried our best to get this just right, in this case it is now clear to me that we over-hired," wrote Armstrong.
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🖼 Proof Founder Kevin Rose Just Had Over $1M Worth of NFTs Stolen From His Wallet
The crypto world still feels like the Wild West at times, especially when even seasoned Web3 creators and NFT collectors fall victim to exploits that typically claim less-experienced traders. That happened again Wednesday afternoon as Kevin Rose.
A total of 40 NFTs were apparently taken from his krovault.eth wallet early Wednesday afternoon, including about 25 Chromie Squiggles from the Art Blocks project, as well as a valuable Autoglyphs NFT from original CryptoPunks creator Larva Labs. Rose confirmed the event via a tweet soon after speculation began circulating on Twitter. Public wallet data displayed via the OpenSea marketplace shows that Rose apparently began transferring some of his most valuable NFTs out of the krovault.eth wallet.
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⚡️ SEC Commissioner Stresses “The Point Of Crypto” As The Market Seeks To Recover
After a disastrous year, Hester Peirce, a commissioner on the Securities and Exchange Commission (SEC), advises industry participants to keep in mind what cryptocurrency is actually all about. Peirce said that it is up to those working in the sector to increase the value of cryptocurrencies.
Peirce brought out some lessons to be learnt from the problems that the crypto business had to deal with last year in a keynote at the Digital Assets at Duke conference. The commissioner claimed that 2022 was a “awful, dreadful, no good, very poor year” for authorities and the cryptocurrency industry. Peirce thought there were some important lessons to be learned from the myriad issues that cropped up last year, though. Peirce said that it is up to those working in the sector to increase the value of cryptocurrencies.
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🪙 Uniswap Detected Bug Doesn’t Refund Unspent ETH In Partial Swaps
A developer found a bug in the Uniswap core contract SwapRouter, and the unspent ETH in the transaction will remain in the SwapRouter contract and will not be refunded. The developer said the vulnerability was discovered in December last year but was rejected by Uniswap security.
The developer said the vulnerability was discovered but was rejected by Uniswap security researchers after submitting a bug report. The bug allows users to lose funds while interacting with the contract in the standard way. Additionally, SwapRouter allows anyone to withdraw ETH from the contract; it could be an MEV bot or anyone calling for refunds after the transaction. This bug was established due to Uniswap’s decision to introduce the Universal Router, which combines NFTs and ERC-20 tokens into a single swap router.
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🪙 NEAR Foundation Sponsors Composable Finance To Promote DeFi Of The Ecosystem
DeFi protocol Composable Finance announced that it had received funding from the NEAR Foundation. The goal of the grant is to support Composable efforts in building a collaborative environment and spirit for users and developers between its ecosystem and that of the NEAR protocol.
The grant’s objective is to assist Composable in its efforts to create a cooperative atmosphere and mindset for users and developers between its ecosystem and the NEAR protocol. Once connected to NEAR using the Inter-Blockchain Communication Protocol (IBC), Composable will be able to promote and speed up the adoption of Centauri and its infrastructure. The protocol’s ultimate goal is to provide sustainable ways for cooperation among various DeFi ecosystems.
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⚡️ TaxBit Now Expands Crypto Services By Acquiring Digital Asset Accounting Startup Tactic
TaxBit, a provider of crypto tax software, on Tuesday announced that Tactic, a software business, would be acquired in order to expand its crypto accounting offerings. actic’s target market of medium-sized to small businesses this week.
By integrating Tactic’s accounting technology into its current corporate accounting suite (CAS) offering, TaxBit will now provide enhanced crypto accounting services in response to customer input. According to TaxBit CEO Austin Woodward, this will make it easier for institutional customers to manage the process of tracking cryptocurrency transactions and pricing for reporting, which should enable customers to close their books in days rather than months.
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📣 Argo Blockchain’s BTC Production in December Crippled by a Winter Storm
The miner produced only 147 BTC in December, compared to 198 BTC in November, because of the snow blizzard that hit Texas. Argo Blockchain – mined 147 BTC in December, roughly 25% less than the production levels registered in November.
The severe snow blizzard that impacted much of the States around Christmas prompted Argo Blockchain to join other Texas BTC miners in reducing electricity usage. With a diminished production power, the firm mined 147 bitcoin (worth approximately $2.6 million at current prices), compared to the 198 bitcoin in November. Argo Blockchain further revealed that it held 141 BTC as of the end of December 2022, its total debt stood at nearly $80 million, while its bank balance totaled around $20 million.
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⚡️ Grayscale Now Slams SEC Inappropriately Acts As A Merit-based Regulator
Grayscale, a digital asset management business, has filed a fresh court brief criticizing the US Securities and Exchange Commission for its inappropriately acting as a merit-based regulator, running far afield from its disclosure-based regulatory.
The document, submitted on Friday, was in response to the Securities and Exchange Commission’s (SEC) December justification of its decision to deny Grayscale Investment’s (GBTC) proposal to convert it into a spot bitcoin ETF. While the SEC has authorized many bids to establish futures bitcoin ETFs, which are trading agreements to be carried out at a future date and price,the agency has stated that spot bitcoin ETFs.
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