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🇸🇬 Singapore's New President, a Former Central Bank Chairman, Has Called Crypto 'Slightly Crazy'
Tharman Shanmugaratnam, the former Singapore finance minister and central bank chairman who has called crypto "purely speculative" and "slightly crazy," was elected the country's president Saturday with 70.4% of the vote, replacing Halimah Yacob, its first female head of state. While the role is largely ceremonial, the 66-year-old's experience might mean he has some influence in shaping policy related to the future of finance, including cryptocurrencies, central bank digital currencies (CBDCs) and more.
Singapore has gone from being an early adopter of crypto to a jurisdiction trying to find the right regulatory balance after the collapse of homegrown crypto darlings Terraform Labs and Three Arrows Capital while Shanmugaratnam was chairman of Singapore's central bank, the Monetary Authority of Singapore (MAS). That was a role he held between 2011 and 2023, overlapping his time as finance minister between 2007 and 2015. He began his career as an economist at the MAS in 1982 after a receiving a Bachelor of Science in Economics from the London School of Economics, a Master of Philosophy in Economics from the University of Cambridge and a Master in Public Administration from Harvard University’s Kennedy School of Government. He was also short-listed for the top job at the International Monetary Fund (IMF).
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🇨🇳 China Court: Cryptocurrency Can Be Classified As Legal Property And Protected By Law
Cryptocurrency is property with an objective exchange value and legal recognition, protected by law in China. Opinion in China Court Daily. An opinion article in China Court Daily pointed out that “cryptocurrency has economic attributes and can be classified as property”. Its exchange value exists objectively due to legal recognition and legal circulation in the global market. It is legal property in China and should be protected by law.
According to the article, crypto itself has use value, which is manifested in acting as a settlement medium and virtual certificate or property. The exchange value of crypto exists objectively, and it has become a means of payment for purchasing goods and services in real life. Obtaining other people’s crypto by illegal means shall be dealt with as a property crime. Cryptocurrency objectively has a positive use value and exchange value, which is different from drugs and other contraband that do not have any positive value. In judicial interpretations, for the purpose of protecting possession, it is stipulated that theft, robbery, drug fraud, and other contraband constitute related property crimes, and cryptocurrency should be the object of property crimes.
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🪙 Chainlink Stake v0.2 Sparks 18-Day Code Testing Showdown!
Chainlink Stake v0.2 launches an engaging and competitive public code testing contest on the Code4Rena platform. With a duration of 18 days, this contest is set to test the capabilities of the latest Chainlink release while offering participants a chance to secure their share of a substantial $250,000 prize pool. By inviting developers and enthusiasts to rigorously test the Chainlink Stake v0.2 codebase, the platform seeks to enhance its performance, security, and overall functionality.
In this initial phase, Chainlink Stake v0.2 lays the groundwork by facilitating a priority migration process. This step ensures a seamless transition for existing users while preparing the platform for subsequent phases. Building upon the foundation of Phase 1, Chainlink v0.2 grants early access to selected participants. This stage allows for more extensive testing and optimization before the broader rollout. Chainlink’s ambitious plans involve introducing Chainlink Stake v0.2 to the market in the fourth quarter of this year. The public code testing contest not only validates Chainlink’s commitment to delivering a robust and thoroughly tested product but also provides a unique opportunity for the crypto community to actively participate in the platform’s evolution.
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🇰🇷 South Korean Exchanges Required to Safeguard Users with Compensation Reserves!
South Korean cryptocurrency exchanges are facing a regulatory shift as authorities enforce new measures to enhance user protection and financial stability within the industry. These requirements, which came into effect in September, are aimed at safeguarding users from potential losses resulting from unfortunate incidents like hacking. By enforcing these financial safeguards, authorities seek to bolster user confidence in the cryptocurrency exchange ecosystem, reducing the risk associated with potential breaches.
The establishment of a minimum reserve of $2.28 million signifies a proactive step by exchanges to ensure they are adequately equipped to address potential emergencies. This sum serves as a safety net that can be utilized in the event of unforeseen situations, contributing to the industry’s overall resilience. The imposition of a maximum reserve of $1,520 indicates a regulatory balance that prevents excessive accumulation of funds by exchanges. This approach aims to strike a chord between user protection and financial prudence within the cryptocurrency landscape. South Korean authorities signal their commitment to fostering a secure and sustainable environment for cryptocurrency trading.
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🟠 Binance Urges Low-Cap Projects To Enhance Liquidity Amid Concerns Of Market Manipulation
In a move to fortify its ecosystem against potential market manipulation, Binance is encouraging low-liquidity token projects to adopt measures that promote liquidity. Recent reports reveal that Binance has proactively reached out to several projects listed on its platform in the past week. The exchange inquired about their engagement with market makers and proposed participation in Binance’s savings products. Screenshots illustrating these interactions have surfaced on social media, sparking discussions within the cryptocurrency community.
Binance clarified that these actions are part of an ongoing risk management initiative. The targeted projects encompass a small subset of cryptocurrency institutions whose trading pairs exhibit lower liquidity and stability when compared to the broader market. The spokesperson highlighted that while these projects hold smaller market capitalizations, their functionalities can potentially expose users to risks such as market manipulation. Collaborating with market makers emerges as a pivotal means to achieve this protection. Additionally, projects are offered the option to contribute to savings pools like Binance Savings, wherein users can lend tokens and enhance market liquidity by engaging in active trading. Notably, the spokesperson emphasized that participation in these initiatives remains voluntary.
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🇰🇵 FBI warns North Korean hackers poised to cash out more than $40 million in bitcoin
The U.S. Federal Bureau of Investigation warned crypto operators that entities connected to North Korean hackers may attempt to sell more than $40 million worth of bitcoin. The intelligence and security service issued a statement today that it had tracked crypto stolen by entities (Lazarus Group and APT38) tied to the Democratic People’s Republic of Korea (DPRK), using tactics called “TraderTraitor.” The FBI believes the DPRK may attempt to cash out the bitcoin worth more than $40 million dollars,” the agency said.
“Private sector entities should examine the blockchain data associated with these addresses and be vigilant in guarding against transactions directly with, or derived from, the addresses,” the agency added. The Lazarus Group in North Korea has consistently targeted the blockchain sector, utilizing spearphishing methods and malicious software to steal cryptocurrency. These attacks often begin with a multitude of spearphishing emails directed at IT employees, aiming to lure the recipients into downloading applications tainted with malware. DPRK's TraderTraitor-affiliated actors tracked by the FBI are responsible for a number of high profile heists, including hits on Alphapo, CoinsPaid and Atomic Wallet.
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🪙 Ethereum Co-Founder Vitalik Buterin Sends $1M ETH to Coinbase
Ethereum co-founder Vitalik Buterin deposited 600 ether (ETH), which is around $1 million worth of the cryptocurrency, to crypto exchange Coinbase on Monday, according to data from Ethereum blockchain scanning website, etherscan. The move comes as ether, the second largest cryptocurrency by market capitalization suffered a 10% decline over the last seven days, amid a broad market downturn which saw traders witness $1 billion in liquidations.
The move comes as ether, the second largest cryptocurrency by market capitalization suffered a 10% decline over the last seven days, amid a broad market downturn which saw traders witness $1 billion in liquidations. Ether has recovered slightly on Monday, trading in the green over the last 24 hours at $1,700. On Sunday, Buterin repaid 250,000 RAI and withdrew $1.6 million worth of ether, according to on-chain tracker, lookonchain. RAI is a non-pegged stablecoin backed by ETH. It is not clear why the Ethereum co-founder transferred the ether to centralized exchange Coinbase.
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🏦 Base Has Outpaced Optimism And Arbitrum iIn Daily Trading Volume
Base has surged ahead of its counterparts, Optimistic Rollup scaling solutions Arbitrum and Optimism, in terms of average daily transaction volume. As of August 15, Base achieved an impressive 7-day moving average daily trading volume of 610,000 transactions. This marked a significant leap forward as it surpassed Optimism’s volume of 597,000 transactions and Arbitrum’s volume of 576,000 transactions, both of which were subsequently eclipsed.
Coinbase‘s backing of Base underscores its commitment to fostering innovations that enhance the Ethereum network’s scalability and usability. Base’s surge in trading volume emphasizes its role in alleviating congestion on the Ethereum mainnet while maintaining rapid and cost-effective transactions. This triumph positions this platform as a frontrunner in the Layer 2 landscape, highlighting its capacity to handle an increasingly robust transaction load. The Ethereum community’s growing confidence in Base is a testament to the efficacy of its architecture and the seamless experience it provides for users. The platform ascendancy over Optimism and Arbitrum underlines the potential of strategic Partnerships.
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💰 Shiba Inu’s Shibarium Network Faces Challenge Led To SHIB Drops Over 8%
Shiba Inu’s Layer-2 Shibarium network has once again hit a stumbling block as block production came to a halt due to technical issues. Developers of the Shiba Inu project are actively seeking solutions to rectify this situation and address blockchain-related problems, including the recovery of cryptocurrency assets trapped on the bridge. This recurrence of trouble within the mainnet, mirroring issues seen in the testnet following its launch.
Shibarium initially went live today but encountered block production stoppages shortly thereafter. Although production resumed for a brief period, it again ceased operations. Notably, the last transaction on the network was recorded at 5:43 AM UTC on August 17. In response to these troubles, large holders and traders have been offloading their SHIB, BONE, and LEASH tokens, causing market values to tumble. SHIB has dipped over 8% in the past 24 hours, BONE has suffered a 19.5% drop, and LEASH, a token tied to staking rewards, took the hardest hit with a 21.7% decline. Shibarium was designed to enhance the Shiba Inu blockchain by implementing a layer-2 solution, thereby reducing gas fees and expediting transactions.
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📣 CyberConnect Airdrop Goes Live With A 300% Price Surge At $7
The much-awaited CyberConnect airdrop is now open for claiming, presenting an exceptional opportunity for crypto enthusiasts. CYBER, the native token of the Web3 social graph protocol CyberConnect, has gained substantial traction and recognition. Its recent listing on Binance has propelled its value to an impressive $7, marking a notable increase in value. This development highlights CYBER’s potential and its ability to capture the attention of both investors and the crypto community.
The CYBER token’s current value stands at a remarkable $7, reflecting an impressive surge of over 300%. As revealed by the CyberConnect airdrop collection page, participants can now seize their share of the tokens. Following the protocol’s earlier announcement, the first season of community rewards is set to commence on August 15 at 20:00 (Beijing time). A significant fraction of the total supply, 2.4% to be exact, equivalent to 2.4 million CYBER tokens, will be up for grabs. This initiative reinforces the project’s commitment to its community, providing them with a chance to become part of the CYBER ecosystem. The CyberConnect team’s dedication to delivering value to its community is evident through these strategic moves.
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🪙 Visa Allows To Pay Ethereum Gas Fees With Credit Cards in Successful Test
Global payment giant Visa has achieved a significant milestone by successfully testing a solution for users to directly pay gas fees using credit or debit cards on the Ethereum Goerli testnet. This breakthrough was made possible through Visa‘s technical team, which employed the paymaster contract in conjunction with account abstraction and ERC-4337. In a move to deepen its engagement with the Ethereum network, Visa initially announced its exploration of Account Abstraction (AA) on the Goerli testnet in May.
The primary objective of implementing this contract type is to simplify user interaction with the Ethereum network. Additionally, this innovation enables users to pay transaction fees with various tokens, not solely ETH. Having demonstrated the potential to alleviate friction for blockchain users, the concept holds the promise of reducing the complexity associated with managing ETH balances for gas fees. Visa’s vision aligns with providing a seamless experience for users by enabling gas fee payments through Visa cards. Visa views this as a more versatile and adaptive alternative to the conventional fee structure found on the Ethereum mainnet. Visa’s interest in Account Abstraction dates back to December 2022, with their exploration intensifying as the development team introduced ERC-4337 in March 2023.
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🪙 Brian Armstrong revealed Binance sold all its USDC in Coinbase earnings call
During Coinbase’s Q2 earnings call on Thursday, chief and founder Brian Armstrong stammered a reply to a question about stablecoin USDC, unexpectedly revealing that its market cap had gone up after Binance sold all its holdings. “USDC market cap is up after Binance pulled out,” Armstrong stuttered out during Coinbase’s earnings call. The unexpected answer seemed to imply that crypto exchange Binance was a holder of Circle and that USDC is safer now that Binance no longer holds the stablecoin.
Coinbase is a member of the consortium that owns USDC. It’s the preferred stablecoin for the exchange’s operations. However, USDC’s market cap is shrinking fast, dropping from $44.5 billion at the start of this year to just $26 billion at press time. Earlier this year, the Federal Deposit Insurance Agency had to take over Circle’s main banks, namely Signature and Silicon Valley Bank, to prevent a bank run. This controversial move effectively saved USDC. Coinbase earnings for the second quarter of 2023 show it made $663 million in net revenue, continuing its decline from last year. Q2 2023 revenue from trading volume was less than half of last year’s second quarter — down to $92 billion compared to $217 billion in Q2 last year.
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💰 OpenSea Now Supports Base Network
According to official sources, OpenSea currently supports Coinbase’s Base, layer 2 network. This means that artwork minted on Base’s network can now be bought and sold on OpenSea, and the market leading NFT platform’s NFT-related toolkit will now be able to mint assets on Base’s extended network. OpenSea has been a mainstay of the NFT industry, historically accounting for the majority of organic NFT transaction volume. Although it was overtaken by rival Blur earlier this year and its encrypted trading offers, with its reputation, Opensea remains the top NFT platform of choice for traders.
The Layer 2 Network from Coinbase has announced that the launch of the common access mainnet will take place on August 9. Base says its network will host more than 50 “top brands, platforms, markets, artists and creators” at launch, including Coca-Cola, Atari and OpenSea. The team will also celebrate the launch with the “Onchain Summer” campaign, which includes daily NFT rewards for users. The memecoin transaction boom propelled Base to 3rd place in the most active Layer 2, processing almost 7.6 transactions per second (TPS). However, a series of drag disasters – including from the network’s top memecoin, BALD – have since caused activity to drop, with Base now ranked eighth with an average TPS of 2.2 over the past day.
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🟠 Binance plans to first list 34 tokens in Japan as it re-enters the market: report
Binance Japan, which is expected to launch fully in August, plans to initially list 34 tokens — meaning it would instantly offer more tokens than any domestic rival, according to local crypto media outlet Coinpost. In a statement shared with The Block, Binance said that new customers in Japan can gain access to services including spot trading, Earn products and its NFT marketplace. Coinpost reported today that Binance also plans to list BNB, making its native token available for the first time in Japan.
Changpeng Zhao, founder and chief executive of Binance, said in a Twitter video in July that the world’s largest crypto exchange has been trying to re-enter the Japanese market. “It’s fantastic to see Japan being a leader in the Web3 regulatory environment,” Zhao said. “Japan has very clear regulations from 2017 with crypto exchange regulations, and more recently this year with the opening-up of crypto listing frameworks as well as in June the passing of the stablecoin regulations.”. Zhao added, “To that end, Binance is extremely happy to be able to participate in the Japanese market again from the acquisition of the SEBC platform last November, and we’re gonna launch the full service in August.”
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🇰🇪 Worldcoin Sparks Frenzy In Kenya: Free Tokens for Eye-Scanning Verification
The new cryptocurrency Worldcoin has sparked immense interest among Kenyans, as the platform rewards users with free WLD tokens in exchange for verifying their humanity through retinal scans, according to Daily Nation. Launched just five days ago on Monday, July 24, the Worldcoin app utilizes special machines, known as Orbs, stationed in 35 countries, including Kenya, to perform the eye-scanning verification process.
The allure of receiving free tokens has drawn a surge of young people to at least 13 Quickmart Outlets in Nairobi, where these Orb devices are located. Eager participants can scan their eyeballs, and upon successful verification, they are rewarded with WLD tokens. These tokens can then be transferred to popular crypto exchanges, such as Binance, and used to purchase various other cryptocurrencies. The value of the first 25 WLD tokens stands at around Sh7,786 ($55), offering early adopters a tangible incentive to participate in the scheme. James Makau, a bodaboda driver from Ruaka, shared his success story, having earned Sh6,461 ($45.6) from scanning his iris and subsequently converting his tokens into Kenyan shillings by trading them for USDT, a different cryptocurrency.
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🪙 Elon Musk Quietly Funds DOGECOIN Development As SBF Fails To Invest $5 Billion
According to WSJ, Elon Musk’s upcoming biography reveals he funded DOGECOIN and considered a blockchain-based social media with payments. SBF failed to invest $5B in Twitter. Elon Musk, the visionary behind Tesla and SpaceX, has been quietly funding the development of Dogecoin, a semi-serious cryptocurrency. But that’s not all – he’s also considered creating a new social media platform based on the blockchain, which would include payments. Musk’s interest in blockchain-based social media was revealed in a biography set to be published on September 12.
Musk’s vision for Twitter includes turning it into a payment platform, where users could send money, hand out tips, and pay for stories, music, and videos. To eliminate bots and create a new revenue stream, Musk suggested charging users a small amount, like $2 a month, to be verified. Musk has been a vocal proponent of free speech on social media platforms and has criticized Twitter’s attempts to restrict what users can say. Musk believes it would be good for democracy if Twitter stopped trying to restrict user speech. Musk’s Morgan Stanley banker urged him to call Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, who was eager to invest $5 billion in the deal. However, Musk felt that building a social network on the blockchain would be too sluggish to support fast-paced Twitter postings, so he declined the offer.
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⚪️ Nexo Unveils Revolutionary Crypto Mastercard
Nexo, the Bulgarian decentralized lending platform, has introduced an innovative crypto-powered Mastercard, merging both debit and credit card capabilities. This “dual mode” card has been officially unveiled and is now accessible to residents within the European Economic Area (EEA). The card offers a novel solution to the inconvenience of converting cryptocurrency into fiat before making purchases. Users can seamlessly toggle between debit and credit modes via the Nexo app, allowing real-time adjustments to their spending preferences.
The Nexo Card permits spending of euro, U.S. dollar, and British pound stablecoins through debit transactions at over 100 million worldwide merchant terminals. The card is a response to challenges faced by crypto holders, including the need to convert digital assets to fiat currency, limited crypto acceptance by merchants, and the complexity of dealing with multiple platforms. Additionally, Nexo’s credit transactions involve major cryptocurrencies like Bitcoin as collateral, offering a potential 2% cashback and interest rates of 16% annually on utilized credit lines. Both debit and credit transactions directly convert users’ crypto holdings into fiat currency upon usage. It’s important to note that Nexo does not extend its services to Bulgarian residents due to issues with the local government.
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📣 Argo Blockchain Wins First Half Of 2023 With Debt Halving
Argo Blockchain, a prominent encryption mining company, has revealed its mid-year financial report for 2023, showcasing a substantial reduction in net losses. Argo Blockchain also announced a notable achievement in debt reduction, with a $4 million decrease in debt during 2023, leading to a total debt of $75 million. This achievement follows a remarkable reduction of $68 million from the $143 million debt the company owed in June 2022. Remarkably, 2023 witnessed a substantial 78% surge in global computing power.
The company’s revenues for the first half of 2023 stood at $24 million, reflecting a 31% decline compared to the same period in 2022. This dip in revenues was attributed to the lower valuation of Bitcoin, coupled with the global increase in computing power and the resulting network difficulty. Despite the challenging market conditions and heightened competition in the mining sector, Argo Blockchain managed to mine a total of 947 Bitcoins during the initial half of the year, representing a modest 1% increase from the BTC mined in the corresponding period of 2022. As of June 2023, Argo Blockchain’s balance sheet displayed $9.1 million in cash holdings along with 46 Bitcoins. The company further bolstered its financial standing by raising $7.5 million through a share placement in July 2023, aimed at institutional and retail investors.
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🪙 Default On Centrifuge Tokenized Loan Threatens MakerDAO’s $1.84M Investment
Because of the default on the tokenized loan from Centrifuge, an investment of $1.84 million on MakerDAO is at risk. ControlFreight, the beleaguered credit pool underwriter, sounded the alarm as it revealed that the largest borrower within the $2.7 million pool faces the imminent specter of liquidation. This unsettling predicament stems from an ongoing legal dispute that has cast a shadow over the borrower’s capacity to meet its obligations. A looming default on a tokenized loan through blockchain-based credit platform Centrifuge has triggered concerns for MakerDAO.
ControlFreight’s recent post detailed the grave situation, stating, “There is a significant risk of loss of all or part of the funds owed to us by Hanhwa AUS Pty Ltd and Hanwha New Zealand Pty Ltd.” This heightened risk stems from Australia’s Supreme Court intervention, appointing a liquidator to oversee the winding up of the companies’ activities and freezing payments to the debtor. This legal development has left ControlFreight with little recourse. Compounding the crisis between Centrifuge and MakerDAO, ControlFreight had previously minted $1.84 million in DAI from MakerDAO. This financial injection aimed to underpin trade finance transactions and streamline freight forwarding invoices. However, the unforeseen chain of events, propelled by the legal imbroglio, has left ControlFreight in a precarious position, potentially jeopardizing MakerDAO’s significant investment.
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📣 DeFi TVL Approaches $38 Billion Mark As Market Dynamics Evolve
Recent data from DefiLlama casts a spotlight on the shifting landscape of the cryptocurrency market’s Total Value Locked (TVL) in the decentralized finance (DeFi) sector. As of August 24, the DeFi TVL for the entire network stands at approximately $38.134 billion, signaling a notable adjustment in comparison to historical highs. This current TVL figure marks the lowest point since February 2021, reflecting the dynamic nature of the market.
The landscape has experienced a remarkable evolution, characterized by fluctuations and adjustments in the value of assets locked within decentralized financial protocols. The DeFi sector’s journey over the past year is underscored by the transition from the peak of the “Decentralized Finance Summer” in 2021, where the TVL soared beyond $170 billion. The present TVL of $38.134 billion reflects a significant drop of over 70% from those heady highs. While the current TVL may present a lower figure compared to the previous peak, it’s important to note that the decentralized finance market remains dynamic and continues to be shaped by a myriad of factors.
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📊 Massive Token Withdrawal: Over $3.7 Million Worth Of WLD Withdrawn From Binance And OKX
1 hour ago, an address withdrew a total of 2.5 million WLD from Binance and OKX, equivalent to about 3.7 million USD. In a significant move that has caught the attention of the crypto community, an address has successfully withdrawn a substantial amount of Worldcoin tokens from both Binance and OKX, totaling a staggering 2.5 million WLD. This transaction, which occurred just an hour ago, translates to an approximate value of $3.7 million in U.S. dollars.
Scopescan, a prominent monitoring entity, has reported that the wallet, previously associated with receiving 11 million WLD tokens from the Worldcoin team’s multi-signature wallet, executed this noteworthy withdrawal. The actions of this wallet holder have raised eyebrows within the cryptocurrency landscape due to the sheer magnitude of the transaction. Further analysis indicates that over the past month, a substantial total of 7.02 million WLD tokens, amounting to about $10.4 million in U.S. dollars, have been withdrawn from this same address. This pattern of significant withdrawals suggests an active involvement of this address in the movement of WLD tokens.
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📣 Yuga Labs Quit Seaport In 2024 After Opensea Stops Operator Filter
Yuga Labs has announced that they will gradually stop supporting all upgradeable contracts and any new OpenSea SeaPort series. Following OpenSea’s announcement yesterday, they are discontinuing the Operator Filter they introduced and moving to optional creator fees on all secondary sales for all collections by February 2024. Yuga Labs will begin breaking OpenSea SeaPort support for all upgradeable contracts and any new collections, aiming to complete this by February 2024. parallel to OpenSea’s approach.
The operator filter was launched in November 2022, allowing creators to restrict the sale of secondary non-fungible tokens only to creators’ royalty enforcement marketplaces. , thus filtering out platforms like Blur. Fees typically range from 2.5% to 10% and are factored into secondary NFT sales and paid to creators. This means that Opensea will not collect and pay royalties when selling NFTs. Some see the move as a potential blow to NFT artists seeking passive income. This move is considered a big mistake, reducing trust in the platform and harming the industry. Yuga’s new move has received a positive response from members of the BAYC community, including OpenSea investor Mark Cuban himself against NFT trading platform OpenSea. While content creators/founders of the NFT project, like ElioTrades and Alex Becker also praised the move.
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🪙 Tether’s CTO Reveals Plans For RGB-USDT And 3 New Products
After closing the Bitcoin Omni USDT, Tether CTO Paolo Ardoino said they are actively contributing to developing the Bitcoin extension protocol RGB to list RGB USDT in the future. In addition, Tether will release 3 large products before the end of this year. Customers can still redeem and swap existing USDT tokens on those blockchains, but Tether won’t issue any new USDT on them. This decision was made due to the challenges faced by the Omni Layer over the years, including the lack of popular tokens and the availability of USDT on other blockchains.
Tether’s CTO, Paolo Ardoino, said that the company is actively contributing to the development of the Bitcoin extension protocol RGB, which will list RGB USDT in the future. Tether plans to release three large products before the end of the year. RGB is a client-side validated state and smart contracts system operating on Layer 2 and 3 of the Bitcoin ecosystem. It functions both on-chain (Bitcoin L1) and on the Lightning Network, promising unparalleled scalability. Tether firmly believes that RGB will usher in a new era for digital assets, smart contracts, and digital rights, garnering comprehensive support from major players in the industry. Once USDT on RGB goes live, the world will witness USDT on another super-powerful and scalable Bitcoin layer.
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🏦 Coinbase Received Regulatory Approval To Offer Crypto Futures Trading In The U.S.
Coinbase will offer regulated derivatives products, allowing eligible US customers access to the crypto derivatives market in a safe and regulated manner. Customers can trade using margin, giving leverage and access to the market with less upfront investment. Coinbase has announced that its customers will soon be able to access regulated derivatives products through Coinbase Financial Markets. This will allow eligible US customers to access the crypto derivatives market in a safe and regulated manner.
The ability to trade using margin gives customers leverage and access to the crypto market with less upfront investment than traditional spot trading, making it an attractive option for retail investors. Coinbase acquired FairX 2022, a CFTC-regulated futures exchange, and renamed it the Coinbase Derivatives Exchange. Since then, the exchange has successfully launched nano Bitcoin and Ethereum futures contracts for retail investors and larger versions for the institutional market. This is an important milestone, as the global crypto derivatives market represents approximately 75% of crypto trading volume worldwide. The company will continue to work with regulators to receive the authorizations needed to offer products that align with its purpose and to offer additional information on how verified US customers can access the futures offering.
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⚪️ Curve Finance Completes $50 Million Recovered From Recent Hack Attack
Curve Finance has made significant strides in its recovery efforts after a recent hacking incident that resulted in the loss of around $73 million across various projects within its factory pools, including prominent names like JPEG’d, Metronome, and Alchemix. The platform has successfully reclaimed 70% of the stolen funds, which amounted to approximately $50 million, easing concerns for both users and stakeholders. The remaining missing funds are subject to an ongoing investigation.
The retrieved funds were either returned directly by multiple hackers or safeguarded with the assistance of ethical operators of MEV bots. This recovery brings hope that the majority of the pilfered assets will be returned to the victims, marking one of the most notable crypto exploits of the year. The attack on Curve Finance, which exploited a critical reentrancy vulnerability in its smart contract logic, prompted the platform to offer a $1.85 million bounty for accurate identification of the attackers behind the outstanding funds. Crypto analytical resource Santiment recently conducted an in-depth analysis of Curve Finance’s on-chain metrics, revealing the project’s efforts to recuperate from the bearish sentiment that followed the hack.
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🆘 South Korean cryptocurrency exchange Bitsonic CEO Arrested For Alleged 10 Billion Won Asset Theft
The CEO of South Korean cryptocurrency exchange Bitsonic is under fire as prosecutors charge him with a series of grave accusations. According to the Korea Economic Daily, the CEO allegedly orchestrated the embezzlement of a staggering 10 billion won (approximately US$7.6 million) in deposits and investment funds, sending shockwaves through the cryptocurrency community. The CEO stands accused of manipulating computer systems to artificially inflate the prices and trading volumes of virtual assets from January 2019 to May 2021.
Prosecutors further allege that in an attempt to hide the truth about the precarious financial situation, the CEO resorted to transferring both cash and virtual assets worth 10 billion won. This transfer was reportedly facilitated by selling crypto-locked products to unsuspecting customers, compounding the web of deceit. The Bitsonic CEO’s trial will undoubtedly be closely watched by both the cryptocurrency community and regulatory bodies alike. The outcome of this case will likely have far-reaching implications for the cryptocurrency industry’s credibility and the measures implemented to curb fraudulent practices. Additionally, the CEO is charged with obstructing his official duties while holding the position of vice president of technology at Bitsonic.
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💰 Former Celsius CEO Faces Fraud Allegation In Federal Court in New York
Former Celsius CEO Alex Mashinsky faces a lawsuit filed by New York Attorney General Letitia James, accusing him of fraud, on Friday. According to Bloomberg, Letitia James, the top cop in New York, filed the lawsuit nearly six months before the former CEO was charged with a federal crime. On Friday, a judge rejected Mashinsky’s attempt to dismiss the case. James’ lawsuit, filed in January, previews an unsealed indictment last month in Manhattan in which prosecutors claim.
New York County Supreme Court Justice Margaret Chan said Mashinsky defrauded investors by touting Celsius as a safe alternative to banks and masking its risks, including daily investment losses of hundred million dollars. The civil suit seeks to ban Alex Mashinsky from doing business in New York and order him to pay damages for violating laws, including the state’s Martin Act, which gives James broad powers to pursue securities fraud cases. Mashinsky orchestrated a wide-ranging scheme to mislead Celsius customers about “core aspects” of the company’s business and inflate the value of its proprietary token, CEL. Former director Alex Mashinsky has refused to accept criminal charges.
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⚪️ Google Cloud Joins Forces With Celo To Strengthen Blockchain Security
In a significant step towards bolstering the security and scalability of the Celo network, the Celo Foundation announced on Wednesday that Google’s computing cloud service, Google Cloud, has become a validator on the Celo platform. The validator, run by Google Cloud, will play a crucial role in verifying new transactions and maintaining the integrity of the Celo blockchain. This move adds Google Cloud to the list of global, diverse validators, alongside esteemed names like Deutsche Telekom.
The Celo ecosystem currently hosts over 1,000 projects in more than 150 countries, with various decentralized applications (dApps) making an impact worldwide. Notable examples include the universal basic income (UBI) distributor GoodDollar and community inclusion currencies (CICs) on Grassroots Economics, both of which have garnered substantial active user bases in over 180 countries. The Celo Foundation remains a key partner in Google Cloud’s Web3 startup program, which was introduced in April. The program provides up to $200,000 in Google Cloud credits over two years, and the Celo Foundation has also allocated up to $1 million in grants for future mission-driven projects.
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🏦 Coinbase CEO Claims SEC Demanded Delisting of Altcoins
Coinbase CEO Brian Armstrong disclosed that the U.S. Securities and Exchange Commission (SEC) had sought to halt all cryptocurrency trading on the platform, except for Bitcoin, prior to filing a lawsuit against the exchange. According to Armstrong, the SEC conveyed its stance, stating that they consider all assets, other than Bitcoin, to be securities. The exchange’s CEO sought clarification on the basis for such a conclusion, but the response was unequivocal – “all assets of the company will be delisted.”
The potential delisting of all tokens other than Bitcoin from Coinbase, one of the leading cryptocurrency exchanges, could have a cascading effect on other platforms and projects, leading to increased regulatory scrutiny. However, Coinbase’s response to the SEC’s demands remains uncertain. While the SEC declined to comment on the matter and the implications of the potential settlement, market participants are closely monitoring the situation. The outcome of this case could set a critical precedent for how regulators approach cryptocurrencies and their classification as securities. The case between Coinbase and the SEC is emblematic of the broader regulatory challenges faced by the cryptocurrency industry.
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🆘 CoinsPaid Battles Hackers In $37M Crypto Attack With Support By Estonian Authorities
CoinsPaid, the world’s leading cryptocurrency payments provider, disclosed a staggering $37 million hack, attributing the cyber attack to the infamous Lazarus Group, a North Korea-linked hacking organization, Bloomberg reported. The incident was promptly reported to Estonian police for investigation, with the company working closely with law enforcement and enlisting the assistance of various blockchain security firms to minimize the fallout from the exploit, which occurred on July 22.
While CoinsPaid refrained from detailing the exact method used to siphon the funds, the breach forced the platform to temporarily suspend its operations for four days. Fortunately, the hack did not compromise any customer funds, but it did inflict significant damage to its internal systems and balance sheet. Despite the massive sum stolen, the company believes the hackers had even grander ambitions, aiming for a much larger haul. In response to the breach, the company filed an official report with Estonian authorities and embarked on a preliminary investigation with the help of blockchain security firms like Chainalysis, Match Systems, and Crystal. The hack on CoinsPaid is part of a larger trend in the cryptocurrency industry.
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