131280
🔹 Daily DeFi & Ethereum News 🔹 Join also: @Metaverse_Defi_Nfts_Trading Contact for cooperations only: @ChengTF
⚪️ Lido Community Vote On A Treasury Management Committee Has 99.12% Support
The Lido community has begun voting on the proposal to establish a treasury management committee. This proposal seeks approval for a few key Treasury Management Principles (Principles), as well as the formation of a Treasury Management Committee (Committee) to develop Treasury Management Strategies (Strategies) constrained by the Principles, and Treasury Management Actions (Actions) to carry them out using On-chain tools.
According to the Snapshot voting website, the Lido community began voting on the proposal to adopt the DAO fund management principles and permit the formation of a treasury fund management committee early this morning. The current rate of support is 99.12%. The voting period will end on April 28. Proposed treasury management concepts include ETH as the primary unit of account for the platform, Lido DAO money as a source of protocol resilience and future expansion, and the ability to fund initiatives to enhance the protocol’s decentralization and cybersecurity goals. The chance of treasury monies being lost is reduced.
Source
/channel/DeFi_Ethereum
💰 MicroStrategy’s Bitcoin Holding Doesn’t Necessarily Pose a Concentration Risk: Bernstein
Whether MicroStrategy (MSTR) sells its bitcoin (BTC) tokens to pay down debt is closely tied to how the cryptocurrency performs. The position is not large enough to distort prices but it does present a sentiment risk in a down cycle, Bernstein said in a research report Wednesday. The business analytics software company is the largest corporate holder of bitcoin as a balance sheet treasury asset.
The company has about $2.2 billion in debt, with repayments due in 2025 and beyond. It has pledged 15,000 of its bitcoins, Bernstein said. At those levels, MicroStrategy does not “necessarily pose a concentration risk” even if trading volumes fell during a bear market, though it may affect market sentiment. “High BTC prices mean a stronger balance sheet, higher stock prices and easier debt repayment without selling its BTC holdings,” analysts Gautam Chhugani and Manas Agrawal wrote. MicroStrategy holds around 0.7% of total bitcoin in circulation, representing about 20% of daily average traded volume in spot markets, the note said.
Source
/channel/DeFi_Ethereum
🪙 One million ether has been withdrawn since Ethereum's Shanghai hard fork
The amount of ether withdrawn since Ethereum's Shanghai hard fork has surpassed one million coins. The Shanghai hard fork — part of an upgrade package called Shapella — went live just before 6:30 p.m. EDT on April 12 at block height 6209536. It allowed Ethereum stakers to withdraw their ether rewards for the first time since Beacon-chain deposits began in late 2020. The price of ether remains around $2,100 per coin while staking APR.
The total amount of withdrawn ether currently stands at 1.02 million coins, according to data from token.unlocks. Deposited ether since the Shanghai hard fork, meanwhile, stands at 373,040 — creating a net staking balance of -646,210. Just under 15% of the total ether supply remains deposited (excluding staking rewards). This accounts for 17.30 million ether, worth roughly $36.1 billion. The total amount of ether pending withdrawal (including rewards) fell below $2 billion after topping $3 billion yesterday. Some 877,880 ether is currently queued for withdrawal — amounting to $1.84 billion. An estimated $62.65 million will be withdrawn over the next 11 hours, creating a daily withdrawal average of $125.23 million per day.
Source
/channel/DeFi_Ethereum
📣 BitPay Already Supports Users To Buy ETH With Apple Pay
BitPay, a cryptocurrency payment service provider, revealed on April 15 that consumers might buy Ethereum (ETH) using Apple Pay. According to its official website, customers may buy Ethereum online using the platform’s self-custody wallet software or the purchasing widget, which is Apple Pay compatible. Users may buy over 60 cryptocurrencies, including Ethereum and Bitcoin, using the BitPay app, which allows cryptocurrency payments.
Users may buy over 60 cryptocurrencies, including Ethereum and Bitcoin, using the BitPay app, which allows cryptocurrency payments. © 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: editor@coincu.com. BitPay was incorporated into Apple Wallet and Apple Pay in 2021, enabling Bitcoin to be consumed online, in retail, and via applications. The Apple Pay connection is part of the company’s bigger aim to capitalize on the recent surge in Bitcoin values. BitPay accepts 14 cryptocurrencies for purchase with Apple Pay, including Bitcoin, Ethereum, Polygon, USDC, and Dogecoin, and there is no cost.
Source
/channel/DeFi_Ethereum
🏦 Coinbase And Big Exchanges Start To Enable ETH Unstaking Feature
The Ethereum network has just completed the Shanghai upgrade, bringing joy to the ETH community when the number of coins can be recovered after a long time of staking. Coinbase has informed users that they can now unstake ETH. The upgrade, which went live on Wednesday at 10:27 p.m. UTC, allowed validators who have secured the network with over 18 million ETH to begin withdrawals. There are two types of withdrawals: partial withdrawals.
Coinbase and several exchanges have informed the community that it is now possible to unstake their locked ETH. Moreover, some customers on the Kraken exchange are still unable to unstake due to network issues. The Ethereum network has been striving to transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus method. PoS is a more energy-efficient and environmentally friendly method of network protection since it does not need miners to conduct complicated computations to verify transactions. Validators must instead “stake” a specific amount of coin in order to participate in the network’s consensus process.
Source
/channel/DeFi_Ethereum
🇺🇸 SEC Is Adding Attorneys to Crypto Enforcement Unit
The U.S. Securities and Exchange Commission is hiring general attorneys for its crypto enforcement division in New York, Washington and San Francisco, according to a job posting. The call for attorneys to join the regulator's Crypto Asset and Cyber Unit, or CACU, comes after the agency said in March that it was "planning to add additional staff" to the unit, which was initially meant to be a 20-person operation but has since doubled in size.
Under Chairman Gary Gensler, the SEC has been cracking down on the crypto industry with renewed vigor since the 2022 market turmoil saw the collapse of big firms in the sector, crypto exchange FTX among them. The attorneys joining the CACU are expected to conduct investigations involving "crypto asset securities," develop litigation plans, draft legal documents including subpoenas and conduct depositions. The CACU "exercises the full range of the Division's investigative and law enforcement powers, and focuses on violations of the federal securities laws," the job posting said. Compensation for the positions range between $140,000 and $260,000 depending on the location.
Source
/channel/DeFi_Ethereum
📣 Paxful Co-Founder Will Repay Users With His Own Money: Doesn’t Wanna Go to Jail
Paxful CEO said he would use his personal funds to reimburse users – and avoid jail. On April 6, Ray Youssef, CEO and co-founder of Paxful, a US-based P2P Bitcoin exchange, announced that he is working on a plan to reimburse users’ funds using his own money in an effort to comply with the law and avoid getting into deeper legal issues following the sudden shutdown of his exchange. Youssef stated that he is at risk of going to jail for failing to comply with court orders concerning.
On April 6, Ray Youssef, CEO and co-founder of Paxful, a US-based P2P Bitcoin exchange, announced that he is working on a plan to reimburse users’ funds using his own money in an effort to comply with the law and avoid getting into deeper legal issues following the sudden shutdown of his exchange. Youssef said in an interview that his troubles are largely due to a legal dispute with Artur Schaback, another Paxful co-founder, who was dissatisfied with his departure from the company and accused Youssef of excluding him from internal operations and making fraudulent fund transfers. Youssef’s goal before facing the current issues was to build a network of decentralized, non-custodial Bitcoin marketplaces.
Source
/channel/DeFi_Ethereum
⚪️ Lido Stakers Can Expect Ether Withdrawals 'No Sooner Than Early May'
Investors who have staked their ether (ETH) through Lido – the dominant liquid staking platform – can expect ETH withdrawals “no sooner than early May,” a Lido protocol developer who goes by Kadmil.eth said in a Twitter space on Thursday. To enable withdrawals on the Ethereum blockchain, Lido needs to properly prepare the launch of its V2 test network and complete several security audits of its V2 upgrade.
While Shapella, a software upgrade that will enable ether withdrawals, is set to occur on April 12, the preparation of Lido’s V2 testnet and completion of its multiple security audits won't be ready by Shapella. LidoDAO community members had previously voted for the software overhaul in early March. Lido’s V2 upgrade is “significant in scope” and the “biggest upgrade” for Lido on Ethereum, where more than 5.9 million ETH have been staked. The V2 upgrade will enable ETH withdrawals on the liquid-staking platform.
Source
/channel/DeFi_Ethereum
💰 PancakeSwap AMM V3 TVL Has Reached $125 Million Since The Uniswap Code Was Open Shared
PancakeSwap AMM V3 has attracted $125 million in Total Value Locked. Developers forked the decentralized trading network Uniswap after its business source code license (BSL) ended on April 1. Because the license is only good for two years, the Uniswap paper states that its code will be open-sourced on April 1 this year, as has been scheduled since the upgrade to the V3 edition in 2021. The latest TVL of PancakeSwap AMM V3 has hit 125 million US dollars.
According to Coincu, PancakeSwap debuted Version 3 on the Ethereum and BNB Chain networks on April 3, with performance improvements and lower fees. Improved capital efficiency is a key feature of the upgrade, which includes a shift in how liquidity providers may spend money at specific price intervals. PancakeSwap V3 also contains capital productivity improvements to the platform. According to the makers, they include allowing liquidity suppliers to concentrate their money on smaller price categories, resulting in higher fee earnings from the same amount of donations.
Source
/channel/DeFi_Ethereum
🪙 Ethereum MEV bots lose over $25 million in sophisticated attack
A sophisticated exploit led to a loss of over $25 million for a group of blockchain bots working to generate revenue through a process called maximal extractable value (MEV). MEV bots operate like blockchain-based high frequency traders. They focus on using speed and the technicalities of how blockchains work to capture arbitrage opportunities. But to do so, they often have to put large amounts of money at risk.
Joseph Plaza, decentralized finance trader at Wintermute, explained that the exploiter likely set "bait" transactions to lure the MEV bots. The attacker then replaced the initial baiting transactions with new, malicious ones, allowing them to steal the funds. To prepare for the attack, the perpetrator deposited 32 ETH to become a validator 18 days before the incident. Smart contract developer "3155.eth" initially revealed the incident on Twitter, and PeckShield subsequently traced the stolen assets to three Ethereum addresses, consolidated from eight other addresses.
Source
/channel/DeFi_Ethereum
💰 XRP Has Risen More Than 20% As Investors Expect Ripple To Defeat The SEC In Court
Analysts believe XRP’s increase is due to conjecture regarding the SEC’s protracted regulation fight. While other currencies are falling in value, XRP is rising. According to Coin MarketCap, the coin has gained approximately 21.6% in the last 7 days and is currently trading for $0.54. Experts believe that investor trust in the company’s ability to win a trial with the US Securities and Exchange Commission has added to its impressive development.
The SEC, which is cracking down on the crypto industry like never before, claims that Ripple Labs and its two co-founders defrauded investors by collecting $1.3 billion in unregistered stocks since 2013. According to Gary DeWaal, associate attorney at New York law company Katten Muchin Rosenman LLP, XRP’s rally is “based on hope.” Ripple Labs paid the Department of Justice $700,000 to resolve a criminal probe in 2015. Ripple Labs has formally acknowledged that XRP is a virtual money as part of this agreement. (not a security.) He stated that investors are simply speculating that if Ripple Labs prevails, it will be the end of the crypto business.
Source
/channel/DeFi_Ethereum
⚫️ Fetch.ai announces fresh funding at a $250 million valuation
Fetch.ai, a blockchain platform that uses artificial intelligence to help people automate tasks, said it has raised $40 million in new funding from DWF Labs. Almost half of that amount has already been invested by DWF, Fetch.ai founder and CEO Humayun Sheikh told The Block in an interview. The rest will be invested in the next month, Sheikh said, adding that initial talks with DWF began in late January.
The funding is a mix of equity and Fetch.ai (FET) tokens at a combined valuation of around $250 million, Sheikh said. He declined to comment on DWF's vesting period for the token part of the investment but said the web3 investment firm, which is also a market maker, is not and will not be a market maker for FET as part of the deal. Given the rise of AI tools, such as OpenAI's chatbot ChatGPT, Sheikh expects a brighter future for the Fetch.ai ecosystem. Current AI tools don't help perform routine tasks, Sheikh said, adding that Fetch.ai will be a "game changer.". UK-based Fetch.ai is looking to grow its ecosystem, especially in Asia.
Source
/channel/DeFi_Ethereum
📉 Mike Novogratz calls 2022 a 'formative year' as Galaxy Digital reports $1 billion loss
Canadian-listed crypto investment firm Galaxy Digital missed analyst expectations with the release of its fourth-quarter results. The company, which trades in Toronto under the ticker GLXY, reported a net loss of $1 billion for 2022 compared with $1.7 billion in profit achieved in the prior year. It also reported a $288 million loss for the fourth quarter. The company attributed the loss to unrealized marks to market on its investments portfolio.
The firm's 2022 financial results are reflective of the turbulent year faced by the crypto industry, which witnessed the collapse of leading industry players and a decline in crypto asset prices alongside a challenging macro environment with rising interest rates and surging inflation. The firm revealed last quarter that it had $76.8 million exposure to failed crypto exchange FTX and experienced a net loss in its mining business, which is typically profitable, due to increased expenses. Analysts estimated that Galaxy would report an average net revenue of 674 million Canadian dollars ($492 million) for the financial year and CA$43 million ($31 million) for the quarter.
Source
/channel/DeFi_Ethereum
🇻🇪 Venezuela shuts down crypto mining facilities, exchanges amid corruption probe
According to Venezuela’s attorney general office, government officials were running parallel oil operations with the assistance of the national crypto department. Venezuela’s energy supplier has shut down crypto mining facilities throughout the country as part of a reorganization of the national crypto department and ongoing corruption investigations involving the country’s oil company.
According to local media reports, crypto mining companies, and tweets from Venezuela’s National Association of Cryptocurrencies, mining facilities were shut down in the past days in the states of Lara, Carabobo and Bolívar. It is unclear how many crypto firms were affected. Some crypto exchanges were also ordered to cease operations. The closure of crypto mining facilities is believed to be part of an ongoing investigation of corruption involving Venezuela’s oil company PDVSA and the country’s crypto department. Venezuela’s attorney general, Tarek William Saab, disclosed on March 25 that government officials were allegedly running parallel oil operations with the assistance of the national crypto department.
Source
/channel/DeFi_Ethereum
🏦 ARK Invest Bought Again $17.7 Million Coinbase Shares
ARK Invest, the investment management company established by Cathie Wood, has purchased almost $18 million in Coinbase stock despite market turbulence. Merely two days before the Wells notice, ARK Invest sold 160,887 Coinbase shares for $13.5 million via its ARK Fintech Innovation ETF at a price of roughly $83 per share. In 2023, this was the first time any of ARK Invest’s ETFs sold Coinbase shares.
Coinbase has had its share of problems this week, with its stock dropping after the US Securities and Exchange Commission issued a Warning notice over its staking business, Coinbase Earn, and Coinbase Wallet. The company’s share price has not recovered since it disclosed that it had received a Wells notice from the Securities and Exchange Commission, which resulted in a 20% decline in COIN shares. The exchange has until March 29 to reply to the action and determine whether or not to dispute it. The SEC has revealed preparations to prosecute Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry for selling unregistered securities.
Source
/channel/DeFi_Ethereum
📣 Biggest bitcoin options exchange Deribit to launch zero-fee spot trading
Deribit, the world's largest crypto options exchange, is entering the spot trading space. The company announced late Wednesday that it is launching a zero-fee spot exchange on April 24. The move comes shortly after rival Binance's zero-fee spot trading campaign ended late last month. At launch, Deribit will offer spot trading with three pairs: BTC/USDC, ETH/USDC and ETH/BTC.
Deribit's entry into spot trading comes seven years after its inception. The exchange is currently the leader in the crypto options market, with over 90% share of open interest in both bitcoin and ether options trading, according to The Block's Data Dashboard. Last year, Deribit had challenging times as it had to liquidate Three Arrows Capital's (3AC's) positions after the now-bankrupt crypto hedge fund failed to meet its margin calls. In turn, Deribit took a "small" hit and later went on to raise $40 million from existing shareholders at a $400 million valuation. The company was valued at $2.1 billion in its previous funding round in August 2021.
Source
/channel/DeFi_Ethereum
🏦 Coinbase Could Move Away From U.S. if No Regulatory Clarity: CEO Brian Armstrong
Coinbase (COIN) CEO Brian Armstrong indicated that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry does not become clearer. "Anything is on the table, including relocating or whatever is necessary" he said after former U.K. Chancellor George Osbourne asked whether he could see Coinbase leaving the U.S. at Fintech Week in London.
Armstrong's comments come weeks after rival exchange Bittrex said it planned to exit the U.S. by the end of April, citing "the current U.S. regulatory and economic environment." Bittrex received a Wells Notice – a statement that the U.S. Securities and Exchange Commission's (SEC) Enforcement Division found evidence of legal violations – in March, general counsel David Maria told the Wall Street Journal. The SEC filed a lawsuit against the exchange on Monday. Coinbase received a Wells Notice from the SEC in March. Armstrong said Coinbase had met with the SEC "30 times" without getting feedback regarding the nature of its business before receiving the notice.
Source
/channel/DeFi_Ethereum
🇺🇸 US House Committee Publicizes Potential Stablecoin Bill Of 2023
The US House Financial Services Committee unveiled a draft of a potentially historic stablecoin bill that calls for studying a central bank digital currency (CBDC), as well as a moratorium on stablecoins backed by other cryptocurrencies. It establishes definitions for payment stablecoin issuers, using language similar to that used by former Pennsylvania senator Pat Toomey (R) when he unveiled his own stablecoin legislation in 2022.
The ban on stablecoins like UST will last until a study can be conducted. The bill also seeks a study of the potential impact of CBDCs issued by the Federal Reserve. On Wednesday, a House Financial Services subcommittee will hold a hearing on stablecoins with testimony from Dante Disparte of Circle Internet Financial, which issues USDC, Jake Chervinsky of the Blockchain Association, Columbia Professor Austin Campbell, and Superintendent Adrienne Harris of the New York Department of Financial Services. A day later, the full Financial Services Committee will convene to hear from Gary Gensler, the chair of the Securities and Exchange Commission.
Source
/channel/DeFi_Ethereum
🪙 Ether’s Post-Shanghai Rally Knocks Bitcoin Dominance From 21-Month High
Ether’s (ETH) fresh rally above $2,000 after the successful Shanghai upgrade late Wednesday, dropped bitcoin’s (BTC) dominance from an almost two-year record high, according to TradingView data. BTC’s dominance rate rose to as high as 49.06% early Wednesday, according to TradingView data, before retreating to 48.12% as ETH’s price rose. The last time the metric was around the 49% level happened in July 2021.
ETH dominance, on the other hand, surged to 19.87% on Thursday, marking a one-month high. The BTC dominance rate is the BTC market capitalization’s share of the total market cap of the cryptocurrency market. The metric is important to assess the relative strength of BTC, the largest cryptocurrency by market value, compared to the broader crypto market, or identify periods when altcoins outperform, also known as an altcoin season. Ether dominance, similarly shows the second largest cryptocurrency’s relative value to the crypto market.
Source
/channel/DeFi_Ethereum
📣 Ethereum’s Shanghai Upgrade Only a Small Step Forward: Bank of America
Ethereum first introduced the idea of blockchain operating systems compatible with smart contracts and decentralized applications, but the platform suffers from limited throughput despite benefiting from this first-mover advantage, Bank of America (BAC) said in a research report from last week. The Shanghai upgrade (aka Shapella), due to occur later today.
The Shappella upgrade does not address scalability, “but acts as a precursor for future upgrades, providing a small step forward,” analysts Alkesh Shah and Andrew Moss wrote. Bank of America sees Ethereum upgrades as “significant technological accomplishments, but not necessarily more significant or advanced than those implemented by next-generation blockchains that have emerged as viable alternatives.”. The bank says Ethereum’s likely inability to increase throughput in the short term, and increasing competition from alternative blockchains will constrain its adoption and usage.
Source
/channel/DeFi_Ethereum
📣 Crypto Exchange Bitget Starts $100M Asia-Focused Web3 Fund
Seychelles-based crypto exchange Bitget has started a $100 million fund targeting Web3 startups as Asian countries build a framework for developing Web3. East Asian countries have been making strides to promote crypto in the last few months, with Hong Kong seemingly easing its crypto regulations and Japan approving a white paper for Web3 development last week.
"Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023,” Gracy Chen, managing director of Bitget, said to CoinDesk in a statement. A spokeswoman for Bitget said that the fund is self-funded. “Bitget is debt-free with adequate cash flow, thanks to its steady development and fast-growing business,” she said.
Source
/channel/DeFi_Ethereum
📣 Local prosecutors say Terra-Luna’s Do Kwon has no identifiable assets in South Korea
The arrested crypto fugitive and Terraform Labs founder Kwon Do-hyung, who faces fraud charges in the U.S. and South Korea, has “zero ” identifiable assets in his native South Korea, prosecutors said on Friday. Kwon, who led the US$40 billion Terra-Luna crypto project that collapsed in May last year, was arrested in Montenegro on March 23 for allegedly traveling on forged passports along with Terraform’s chief financial officer Han Chang-jun.
South Korean prosecutors say that nine former and current executives of Terraform Labs illegitimately amassed 414.5 billion Korean won (US$314.2 million) from the project, according to a report from national news broadcaster KBS, which Seoul Southern District Prosecutors confirmed with Forkast via text message. The local authorities have also recently requested Binance and other global exchanges to freeze cryptocurrencies that they allege belong to Shin, a prosecutors’ office spokesperson told Forkast in a text message. While the spokesperson declined to reveal the exact date of the request, she said Binance has not responded to their request.
Source
/channel/DeFi_Ethereum
🪙 Ether Circles Above $1.9K as Shanghai Hard Fork Nears
Ether (ETH), the native token of the Ethereum blockchain, circled above $1,900 for much of Wednesday, a week before the Shanghai hard fork. The second-largest cryptocurrency by market capitalization was recently trading at $1,913, up about 2.2%. Earlier in the day ETH surged to $1,941, its highest level since last August. The Shanghai upgrade, also called Shapella, will mark the completion.
Tamplin said ETH is likely to meet its resistance initially near $2,000, “a psychological threshold that roughly aligns with the August 2022 high.” Its initial support is near $1,670, he added. Bitcoin (BTC), the largest cryptocurrency by market value, was about flat from Tuesday, same time, to trade at around $28,280. BTC has been range-bound between $27,000 and $28,500 for much of the past three weeks, ETH continued to turn deflationary, with its annualized inflation rate currently sitting at -0.32%, according to data from ultrasound.money. This means the amount of ETH being burned is more than what is being minted.
Source
/channel/DeFi_Ethereum
🪙 Ether Rallies to 8-Month High, Gains Ground Against Bitcoin
Ether (ETH), the native token of Ethereum's blockchain, rose to an eight month high on Tuesday, outshining market leader bitcoin (BTC), as U.S. stock futures traded higher while the dollar index dipped. Ether rose nearly 3% to $1,873, the highest since August, according CoinDesk data. Bitcoin rose 1.7% to $28,300. The ether-bitcoin ratio rose over 1% to 0.066.
Futures tied to Wall Street's tech-heavy index Nasdaq rose 0.35% to a fresh eight-month high, offering bullish cues to risk assets, including cryptocurrencies. Nasdaq futures have rallied over 20% this year, entering a bull market. Ether's outperformance comes as the highly anticipated Shanghai upgrade is now less than two weeks away. The Shanghai upgrade will open withdrawals of ether staked in the Beacon chain since December 2020 and has been widely hailed as a long-term bullish catalyst for ether and liquid staking tokens.
Source
/channel/DeFi_Ethereum
📣 Justin Sun’s Ambassadorial Role at the World Trade Organisation Ends
Sun announced the end of his role as Grenada’s ambassador to the World Trade Organization, a position he was appointed to in 2021.Tron Founder Justin Sun’s tenure as Grenada’s Ambassador to the World Trade Organization (WTO, came to an end on March 31. The end of Sun’s diplomatic status comes shortly after the SEC accused the Tron boss of fraud and market manipulation.
Justin Sun, in a tweet thread, announced the end of his term as Grenada’s representative to the WTO, which took effect on Friday, March 31, 2023. Sun stated he gained valuable experience during his time as ambassador, adding that he was able to gain insights and perspectives on various trade issues through his interactions with representatives around the world. With his diplomatic status already coming to an end, the Tron founder said he is preparing to hand over to his successor, with plans to focus on crypto regulation and the digital economy.
Source
/channel/DeFi_Ethereum
📣 Terra’s Daniel Shin Interrogated in Court About the LUNA/UST Crash
Do Kwon’s associate- Daniel Shin – reportedly visited a South Korean court to answer key questions related to the Terra failure. One of Terraform Labs’ co-founders – Shin Hyun-seong (better known as Daniel Shin) – reportedly appeared in a South Korean court to be interrogated regarding his potential role in the collapse of the project’s native token – LUNA – and its algorithmic stablecoin – UST – last spring.
According to the report, Shin arrived at the Seoul Southern District Court on March 30 to give important information that could shed more light on Terra’s downfall. However, he remained silent when reporters asked him the following questions: “Do you admit to the allegations of solicitation for adopting a Tmon payment method?” and “Is it true that you issued it despite knowing the possibility of Terra and Luna collapsing?”. The Korean authorities previously accused him of conducting numerous offenses, including violation of the Capital Markets Act, the Electronic Financial Transactions Act, the Act on the Aggravated Punishment of Specific Economic Crimes, and more.
Source
/channel/DeFi_Ethereum
🟠 Binance gave the ‘middle finger’ to the US, experts tell us what they think will happen next
Binance was just accused of undermining its own compliance program and operating illegally in the U.S. in a stunning, and stunningly detailed, 74-page lawsuit. The Commodity Futures Trading Commission sued Binance on Monday, but experts pointing to the meticulously documented filing say it may not be the only federal agency to take the crypto behemoth.
The CFTC lawsuit, which says Binance purposely evaded compliance controls to maximize profits and has facilitated illegal activities, could prompt the Justice Department to file criminal charges. The complaint included headline-grabbing internal messages from Binance that mention the U.S.-designated terrorist organization Hamas, among other possible illicit activities on the platform. nternal messages in the CFTC complaint show that Binance executives discussed transactions by Hamas on the exchange in 2019.
Source
/channel/DeFi_Ethereum
💰 Polygon Labs unveils zkEVM Layer 2 to help scale Ethereum
Scaling project Polygon has released a highly anticipated zero-knowledge-based rollup network, with Ethereum founder Vitalik Buterin set to perform the first symbolic transaction in a YouTube broadcast scheduled for 10:30 a.m. EDT. The network, called Polygon zkEVM, was under development for a year and provides a scalability solution for Ethereum apps.
The network is EVM-equivalent, meaning it will support the same code as Ethereum and allow developers to use their existing tooling and infrastructure. The mainnet is permissionless, and anyone can bridge assets and use them in zkEVM native apps, according to the development team. A ZK-rollup is a Layer 2 scaling solution for blockchain networks, such as Ethereum, that sets out to improve transaction throughput and reduce transaction fees. It works by aggregating a large number of transactions off-chain into a single batch, which is then submitted to the main chain as a single transaction.
Source
/channel/DeFi_Ethereum
📣 FTX Sells Back Stake in Mysten Labs: Report
The sale is part of a series of funding clawbacks that FTX is attempting, to varying degrees of success. Yesterday, lawyers from the FTX Group announced their intention to settle out of court with Modulo Capital, a measure that effectively wiped the VC firms’ books by about 99%. Today, in another bid to raise as many funds as possible, FTX outlined intentions to sell its stake in Mysten Labs back to Mysten.
Unlike Modulo – a company whose capital seems to have been almost entirely FTX-sourced – Mysten Labs, the creators of the Sui blockchain, is a solid firm whose funding round last year saw it hit a valuation of $2 billion. The funding round in question was, indeed, led by FTX. However, the failed exchange was not the only big-league backer: a16z, Binance Labs, Franklin Templeton, Circle Ventures, Coinbase Ventures, and many more well-known firms also invested substantial amounts into Mysten Labs. At the time, FTX bought $1 million worth of SUI tokens and approximately $101 million worth of preferred stock in the company, according to Reuters.
Source
/channel/DeFi_Ethereum
🏦 SEC investigating Coinbase for its Earn product, wallet service and exchange activity
Exchange giant Coinbase was issued a Wells Notice by the Securities and Exchange Commission, notifying the company of investigations into several offerings and continuing a string of regulatory warning shots fired at crypto firms in the U.S. The notice relates to aspects of the company’s exchange, its staking service, Coinbase Earn and Coinbase Wallet, the company wrote in a blog post.
Coinbase added that it will operate products and services as usual. A Wells Notice is a document the regulator issues to entities that are under investigation — it does not necessarily imply a conclusion or foregone action. Coinbase's Chief Legal Officer Paul Grewal said in a statement. "If needed, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets. The blog post states that the company has met with the SEC more than 30 times in the past nine months alone, but it has been unresponsive.
Source
/channel/DeFi_Ethereum