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🪙 Vitalik Buterin voices concerns over DAOs approving ETH staking pool operators
Vitalik Buterin, the co-founder of Ethereum, has expressed worries regarding decentralized autonomous organizations (DAOs) exerting a monopoly over the selection of node operators in liquidity staking pools. In a Sept. 30 blog post, Buterin warns that as staking pools adopt the DAO approach for governance over node operators — who are ultimately responsible for the pool’s funds — it can expose them to potential risks from malicious actors.
Buterin highlights the liquid staking provider Lido as an example with a DAO that validates node operators. However, he emphasizes that relying on just one layer of protection may prove insufficient: “To the credit of protocols like Lido, they have implemented safeguards against this, but one layer of defense may not be enough,” he noted. Meanwhile, he explains that Rocket Pool offers the opportunity for anyone to become a node operator by placing an 8 Ether deposit, which, at the time of this publication, is equivalent to approximately $13,406. However, he notes this comes with its risks. “The Rocket Pool approach allows attackers to 51% attack the network, and force users to pay most of the costs,” he stated.
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🇺🇸 Terraform Labs Founder Do Kwon Now Challenges SEC Amidst Global Legal Showdown
Terraform Labs founder Do Kwon has firmly contested the U.S. Securities Exchange Commission’s (SEC) bid to interrogate him within the United States concerning the tumultuous downfall of Terra and Luna stablecoins, according to a court filing made public on Wednesday. Last week, the SEC requested the Southern District of New York to approve their petition to question Kwon on U.S. soil, but Kwon’s legal team has deemed this request unfeasible.
The primary reason cited is Kwon‘s detainment in Montenegro since March 2023, where he was subsequently found guilty of attempting to use a counterfeit Costa Rican passport to leave the country. In June, Terraform Labs founder received a four-month jail sentence in Montenegro, with both the U.S. and South Korea seeking his extradition. The SEC had initially sought permission to interview Kwon before the discovery cut-off date of October 13. This request stemmed from their lawsuit against Terraform Labs in February, alleging that the firm had misled investors regarding the security of investing in TerraUSD stablecoin. The agency accused them of raising substantial funds from investors through the sale of a network of interconnected crypto asset securities, many of which were unregistered transactions.
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🇹🇼Taiwan Crypto Association Will Be Established To Promote The Industry
Taiwan‘s cryptocurrency landscape is undergoing significant developments as nine leading cryptocurrency companies have announced plans to establish a Taiwan crypto association. This move is anticipated to enhance the regulatory framework for the burgeoning cryptocurrency sector in Taiwan. In a joint statement, these companies outlined their intention to submit formal applications for the creation of the Taiwan VASP Association in mid-October. The firms have also formed a dedicated working group to expedite this process.
Once the Taiwan VASP Association is officially established, its primary objective will be to devise self-regulatory standards in alignment with the guiding principles set forth by the Financial Supervisory Commission (FSC). These self-imposed rules are intended to promote greater discipline within the cryptocurrency industry. Notably, the FSC is expected to release its “Guiding Principles for the Management of Virtual Asset Platforms and Trading Businesses” by the end of the month. The establishment of an industry association is seen as a proactive measure by cryptocurrency firms to align their self-regulatory guidelines with the forthcoming regulatory framework, fostering a more mature and accountable cryptocurrency industry in Taiwan.
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📣 Hungarian Authorities Seize Crypto Worth $1M in Tax Fraud Case
Hungarian authorities have seized cryptocurrency worth over $1 million from a criminal organization in a value-added tax (VAT) fraud case. The authorities raided 28 locations, arrested three suspects, and seized various assets tied to the group. The seized cryptocurrencies were transferred to the wallet controlled by the Hungarian tax authority. The NAV added that some of the criminal proceeds were used to invest in cryptocurrency.
NAV commandos, the Merkur Deployment Unit, and the investigators of the Western Transdanubian Criminal Directorate simultaneously raided 28 locations, arrested the suspects, and seized their illegally acquired assets and cryptocurrency worth nearly 420 million forints ($1.15 million). Without providing specific details, the NAV stated that the seized cryptocurrencies were transferred to a specially created crypto wallet that it controls. They avoided paying VAT after importing the products by setting up shell companies that changed every couple of months, the NAV described, adding that this allowed the fraudsters to sell electronic devices to various wholesalers and resellers at favorable prices.
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🪙 Tether makes strategic investment in Northern Data Group
Tether, the firm behind the USDT stablecoin, has made a strategic investment in Northern Data Group, which provides data center and cloud environment services based in Germany. Northern Data Group provides not only blockchain but AI computing services. Through the partnership, Tether and Northern Data Group will collaborate on AI, communication and data storage initiatives. The investment was for an undisclosed amount.
Through the partnership, Tether and Northern Data Group will collaborate on AI, communication and data storage initiatives. "We are excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers," Tether Chief Technology Officer Paolo Ardoino said. "This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of Tether tokens’s reserves." Tether maintains 68% of the total stablecoin supply at 90.62 billion via its USDT token, according to The Block's Data Dashboard. Tether did not immediately respond to a request for comment from The Block.
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📣 Hut 8 Mining Triumphs in British Columbia Court, Paving the Way for USBTC Merger
The Supreme Court of British Columbia has given its stamp of approval to the merger between Hut 8 Mining and USBTC, marking a significant step in the cryptocurrency mining industry. This merger between two industry giants promises to reshape the landscape of cryptocurrency mining. Hut 8 Mining, a Canadian-based crypto mining company, and USBTC, a prominent player in the United States, have decided to join forces to strengthen their positions and leverage their combined resources.
The merged entity, Hut 8 Corp., will become a registered company in the United States, marking a pivotal expansion for Hut 8 Mining into the American market. The decision to merge comes at a time when the cryptocurrency industry is experiencing rapid growth, with Bitcoin and other digital assets gaining increased acceptance and value. Hut 8 Corp. has ambitious plans following the merger. It anticipates finalizing the deal in the fourth quarter, subject to regulatory approvals and other customary closing conditions. Once completed, the new company intends to list on two prominent stock exchanges: Nasdaq and the Toronto Stock Exchange. This dual listing will grant investors on both sides of the border access to the new entity’s shares, further solidifying its presence in North America’s financial markets.
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🪙 Chainlink Initiates Significant Transfer Of 10 Million LINK Tokens To Binance
Chainlink, a prominent player in the blockchain space, executed a transfer of 10 million LINK tokens to the renowned cryptocurrency exchange Binance. According to monitoring by The Data Nerd on September 16, this substantial transfer took place at a price of $6.24 per LINK, with a total estimated value of $62.4 million. Chainlink, well-known for its decentralized oracle network that facilitates smart contracts to interact with real-world data, has continued to play a pivotal role in the broader blockchain ecosystem.
The purpose and context of this transfer remain undisclosed, leaving room for speculation within the crypto community. Such substantial token movements often garner attention and speculation about potential developments, including investment strategies, project partnerships, or liquidity management. Binance, recognized as one of the world’s largest and most prominent cryptocurrency exchanges, is a pivotal gateway for traders and investors seeking access to a wide range of digital assets. Chainlink’s decision to transfer a significant amount of LINK tokens to Binance highlights the exchange’s importance within the cryptocurrency industry.
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🇧🇷Crypto Payment Firm Ramp Integrates With Brazil’s Popular Pix, Expanding Market Reach
This strategic move is aimed at providing residents with seamless access to cryptocurrencies while opening doors for international partners to tap into Brazil’s robust market. With over 200 million people, Brazil stands as South America’s largest economy, making it a highly sought-after market for crypto-related businesses. Pix, a digital payments platform, has gained immense popularity in Brazil, with more than 70% of the country’s citizens utilizing it for various transactions.
Ramp’s integration with Pix signifies a commitment to simplifying the crypto purchasing process for consumers in this country. This partnership offers an efficient gateway for individuals seeking to enter the world of cryptocurrencies, enabling them to leverage Pix’s user-friendly interface for secure and convenient transactions. Additionally, this collaboration presents an opportunity for web3 companies and crypto service providers worldwide to expand their reach into this market. The country’s economic vitality and a population eager to explore digital currencies make it an attractive destination for businesses seeking growth and diversification.
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📣 OKLink Launches On-Chain AML Services For Enhanced Virtual Asset Compliance
OKLink officially releases on-chain AML services to continue empowering virtual asset compliance and risk detection. On September 11, OKLink Cloud Chain Holdings, a prominent blockchain technology company, took a significant step forward in the realm of virtual asset compliance and risk management by officially introducing its multi-functional on-chain anti-money laundering (AML) service – OKLink On-chain AML.
The OKLink On-chain AML service is designed to bolster compliance efforts within the blockchain space by attaching unique identifiers, referred to as “tags,” to blockchain addresses. These tags are instrumental in effectively detecting and identifying risky contracts, addresses, tokens, and illicit activities. Users of the service will now have the capability to distinguish between various entities, including exchanges, MEV (Miner Extractable Value) robots, smart contracts, hackers, and crypto whales, among others. This synergy enhances its ability to provide automated and continuous transaction screening and tracking, thereby significantly improving the detection and prevention of illicit financial activities within the virtual asset ecosystem.
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🇺🇸 CFTC Fines Bitcoin Fraudster With $2M Penalty And 10-Year Trading Ban
The Commodity Futures Trading Commission (CFTC) has taken decisive action against Jacob Orvidas, issuing a groundbreaking order that simultaneously files and settles charges against him. Orvidas stands accused of luring at least four individuals, or “pool participants,” into his scheme, where he made grandiose promises of substantial profits and the safety of their investments. However, the reality was far from his claims, as he proceeded to lose the majority of their funds through reckless trading. To compound his deceit, Orvidas resorted to false narratives, presenting fictitious spreadsheets and offering excuses to mask the losses.
The CFTC‘s order mandates Orvidas to make restitution payments exceeding $2 million and imposes a hefty civil monetary penalty of $500,000. Moreover, it requires Orvidas to halt any further violations of the Commodity Exchange Act. Orvidas’ fraudulent activities unfolded between October 2017 and July 2020. During this period, he deceived investors by misrepresenting his trading abilities, fabricating profits, and making false claims about the safety of their investments. As Coincu reported, Michael and Amanda Griffis, proprietors of a real estate business in Clarksville, Tennessee, were also the subject of a complaint from the CFTC on July 25 for allegedly defrauding more than 100 persons in a scheme involving a digital assets commodity pool.
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🪙 TON Foundation Takes Root in Switzerland, Ushering in Crypto’s Non-Profit Era
The TON Foundation, a non-profit organization, has been established in Switzerland with a mission to support the TON ecosystem. The foundation has promised to provide a comprehensive transparency report that outlines Toncoin’s token economy and token distribution history. The report will include information on token issuance, partner allocation, development, incentives, and community usage for operating expenses and ecosystem growth.
The foundation recognizes the importance of Swiss regulatory clarity to the planning, strategy, and execution of its long-term mission. The TON Foundation aims to educate the public, empower development, and expand the ecosystem across the world. Its roadmap, which will be publicly available on the newly launched www.ton.foundation website, will guide its efforts towards achieving its goals. The TON Foundation’s transparency reports will provide valuable information to its stakeholders, including investors, partners, and the wider community. By providing detailed information on token distribution and usage, the foundation hopes to build trust and confidence in the TON ecosystem.
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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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🪙 Invesco Galaxy Ether ETF Is New Step To Fuel Ether’s Breakthrough
Invesco, a global fund giant overseeing approximately $1.6 trillion in assets, has revealed its intentions to launch the Invesco Galaxy Ether ETF, according to a recent filing. Invesco Galaxy Ether ETF will focus on holding Ether directly, differentiating itself from the upcoming wave of Ether futures ETFs set to debut soon. Galaxy Digital Funds will serve as the execution agent for Invesco Galaxy Ether ETF, facilitating the purchase and sale of Ether by the trust. This move aligns with the growing trend of financial institutions recognizing the value of Ethereum as a viable investment option alongside Bitcoin.
In a similar vein, Ark Invest and 21Shares had previously unveiled plans for their own spot Ether ETF on September 6th. VanEck, which initially filed for a spot Ether ETF back in 2021, still maintains an active filing with the US Securities and Exchange Commission (SEC). Additionally, Hashdex is pursuing a fund that blends Ether futures and spot Ether exposures. The SEC’s stance on cryptocurrency-related financial products has been notable. While it recently delayed its review of applications from BlackRock, Invesco, and others seeking to establish the first spot Bitcoin ETF in the US, it also postponed decisions regarding applications from Bitwise and Valkyrie. The regulator’s concerns about investor protection and past incidents of scams and market manipulation have been central to these delays.
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📣 Mixin Network Puts $20M Reward on $200M Hack!
Mixin network and issued an update on the theft incident, shedding light on their swift response and the unexpected turn of events. As soon as the breach occurred, Mixin network took immediate action by reaching out to Google and engaging the services of blockchain security firm SlowMist to aid in the investigation. This proactive approach demonstrated their commitment to addressing the situation head-on. Mixin diligently conducted an asset inventory to assess the extent of the damage.
Despite the improved outlook, Mixin surpasses expectations and caution among its users. They advised individuals to temporarily refrain from engaging in activities such as trading and market-making on the Mixin Network to mitigate potential losses. This precautionary measure underscored Mixin’s commitment to safeguarding the interests of its community members. Earlier in the week, the cloud service provider MixinNetwork experienced a database breach that resulted in a total loss of approximately $200 million. Mixin’s response to this incident included an official commitment to compensate affected users. Founder Feng Xiaodong confirmed that they would cover 50% of the damaged assets in an effort to make amends. The remaining portion of the compensation would be provided in the form of bond tokens, illustrating Mixin’s dedication to mitigating the impact of the breach on its user base.
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🪙 FTX’s former external legal team disputes involvement in fraud allegations
In a recent court filing, a United States law firm that had previously offered services to FTX challenged allegations of assisting Sam Bankman-Fried in his alleged unlawful activities. A law firm that previously provided services to the now-defunct cryptocurrency exchange FTX has refuted a class-action lawsuit brought against it, claiming that it assisted in the exchange’s alleged fraudulent activities. According to a Sept. 21 court filing, United States-based law firm Fenwick & West denies all accusations of misconduct related to the provision of legal services.
The plaintiffs contend that while Fenwick provided regular legal services within the bounds of the law, Sam Bankman-Fried allegedly misused the advice to advance his fraudulent activities. The plaintiffs allege that Fenwick can be held liable because it purportedly “provided services to the FTX Group entities that went well beyond those a law firm should and usually does provide,” the filing states. Additionally, the filing reiterated that Fenwick assisted in establishing corporations used by Bankman-Fried in his fraud and advised FTX on regulatory compliance in the evolving crypto landscape. However, Fenwick argued it should not bear liability as it was not the sole law firm representing FTX.
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🪙 JP Morgan Analysts Express Disappointment Over Ethereum Activity Post Shanghai Upgrade
In a report led by Nikolaos Panigirtzoglou, JP Morgan analysts have voiced their disappointment with Ethereum’s post-Shanghai upgrade performance. Ethereum activity is attributed by analysts to a confluence of “bearish forces” that have dominated the past year. These include the collapses of FTX and Terra, regulatory uncertainties and crackdowns in the United States, waning institutional interest in crypto, and a slowdown in venture capital funding.
Furthermore, the Ethereum Layer 2 ecosystem has exhibited mixed results. While Optimism has seen an uptick in activity, Arbitrum’s performance has waned. Interestingly, the TVL on both Arbitrum and Optimism has declined since the end of March, just prior to the implementation of the Shanghai upgrade. These JP Morgan findings highlight the complex dynamics at play within the Ethereum network and the broader crypto landscape. Despite optimistic upgrades and improvements, external market forces continue to exert significant influence over the network’s performance.
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🇰🇵 North Korean hackers are laundering stolen funds through Russian exchanges, Chainalysis says
North Korean hacking groups are increasingly using Russian cryptocurrency exchanges to launder stolen funds, according to Chainalysis. The onchain analytics firm stated that North Korean hackers recently transferred over $21 million in cryptocurrency, stolen in last year's Horizon bridge hack, to a Russian exchange known for facilitating illicit financial flows. "This latest action marks a significant escalation in the partnership between the cyber underworlds of these two nations," Chainalysis said in a blog post this month.
The post claimed North Korean hackers have been using Russian exchanges for money laundering purposes since 2021. It said the development is a challenge for international authorities, "given Russia's uncooperative attitude towards international law enforcement." Chainalysis said that North Korean hacking groups have been less prolific in 2023 compared to last year, emphasizing that 2022 was a year when North Korean hackers netted "catastrophically high figures." They've stolen around $340.4 million in cryptocurrency so far this year, compared to the over $1.7 billion reported stolen in 2022. Chainalysis estimates that North Korean groups have stolen a total of $3.54 billion in cryptocurrency since 2016.
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🔻 Optimism to distribute unclaimed funds from first airdrop
Optimism, one of the top Layer 2 networks on Ethereum, will distribute remainder of the funds from its first airdrop directly to the eligible addresses who have yet to claim the airdrop directly. The airdrop, which commenced on June 1, 2022, had distributed 166 million of the nearly 215 million tokens reserved for the airdrop to addresses who claimed the airdrop before the announcement, according to blockchain data.
The Ethereum Layer 2 network Optimism recently announced that unclaimed funds from its first airdrop will be directly distributed to the remaining eligible addresses. About a quarter of eligible addresses did not claim the airdrop and will thus receive the direct distribution today, as announced by Optimism. Optimism has committed to distributing 19% of its initial token supply through airdrops. Following its two airdrops so far, 13.73% of that initial supply remains, according to Optimism. Optimism has yet to announce a third airdrop. Optimism is currently the second-largest L2 on Ethereum, as measured by Total Value Locked, according to The Block data.
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🇰🇵 North Korean Hackers Funnel $21.9 Million Stolen From Harmony Protocol Into Russian Exchange
Chainalysis found that North Korean hackers stole $21.9 million in cryptocurrencies and transferred it to a Russian cryptocurrency exchange known for illegal operations. Chainalysis has revealed concerning findings that $21.9 million in cryptocurrency, stolen by North Korean hackers, has recently been funneled into a Russian cryptocurrency exchange notorious for facilitating illicit transactions.
North Korean entities utilizing Russian services, including exchanges, for money laundering purposes since 2021. The transfer of stolen funds to Russian exchanges presents a significant challenge for international law enforcement agencies, as Russia’s uncooperative stance on such matters complicates efforts to recover the misappropriated funds. This lack of cooperation has raised concerns about the prospects of retrieving stolen assets that flow into Russian cryptocurrency platforms. This incident adds to a growing tally of cryptocurrency thefts linked to North Korean hacker groups. In 2022, over $1.65 billion worth of stolen funds were reported, and in the current year, the value of stolen cryptocurrency tied to North Korean entities stands at a staggering $340.4 million.
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📣 Crypto Market Fluctuates Strongly Due To Fears Of FTX’s $3.4 Billion Liquidation
The digital asset market experienced heightened volatility as traders closely monitored the potential cryptocurrency disposals by the defunct FTX exchange through its ongoing bankruptcy proceedings. The exchange’s administrators have successfully recovered approximately $7 billion in assets, which includes a substantial $3.4 billion in cryptocurrencies. A pivotal court hearing scheduled for Wednesday aims to evaluate a proposal for initiating the sale of tokens to repay creditors, as per recent filings.
Notably, FTX’s inventory reveals holdings of nearly $1.2 billion in SOL, the native token of the Solana network, alongside $560 million in Bitcoin and $192 million in Ether. According to Bloomberg, the exchange is actively pursuing the appointment of the asset management division of billionaire Michael Novogratz’s Galaxy Digital Holdings Ltd. to oversee this significant pool of tokens. The news surrounding the impending FTX creditor liquidation has led to a pronounced decline across the entire crypto market, with its total valuation currently standing at $1.03 trillion. Bitcoin, mirroring this trend, was trading at approximately $25,750 at the time of this report.
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🏦 Coinbase CEO Predicts Crypto’s Explosive Role in 2024 Presidential Campaign
Brian Armstrong, the CEO of Coinbase, has highlighted a pressing issue in the crypto industry: the lack of clear oversight. Armstrong pointed out several avenues through which the crypto industry can attain much-needed clarity. These include legal routes through the courts, legislative action through Congress, and regulatory efforts by the U.S. Commodity Futures Trading Commission (CFTC). In a recent statement, Armstrong emphasized that achieving clarity is essential for the industry’s growth and stability.
One notable aspect of Armstrong’s statement is his anticipation of a potential change in leadership at the U.S. Securities and Exchange Commission (SEC) in 2024. He expressed the belief that having a new SEC chairman could be beneficial for the crypto industry. While Armstrong did not specify the reasons for this view, it suggests that a fresh perspective on crypto regulations may be on the horizon. Gary Gensler, the current SEC chairman, has been an active proponent of crypto regulations and has played a key role in shaping the regulatory landscape. Armstrong’s statement implies that a new SEC chairman may have a different stance or approach to crypto regulation.
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💰 Bitcoin Network Grapples With Congestion As Unconfirmed Transactions Surge
Bitcoin network is currently grappling with significant congestion, as nearly 550,000 unconfirmed transactions are causing delays and concerns among users. Mempool data reveals that memory usage has surged to 1GB, while transaction fees have peaked at over 16 satoshis per virtual byte (sat/vB). The average block mining time has risen to 10.3 minutes, indicating that miners are struggling to keep up with the unprecedented demand. This surge in unconfirmed transactions and clogged blocks is raising worries about its potential impact on Bitcoin‘s price.
With over half a million transactions awaiting confirmation, Bitcoin users are experiencing significant delays in processing transactions, potentially affecting the cryptocurrency’s usability for everyday transactions. As Bitcoin grapples with congestion and high fees, some users may seek alternatives among altcoins offering faster and cheaper transactions. This could temporarily divert capital away from Bitcoin. However, data from Blockchain.com suggests that Bitcoin miners haven’t given up hope. Despite recent challenges, the Bitcoin mining hashrate rebounded, even after a sharp price drop from above $29,000 to below $26,000. This rebound is somewhat unexpected, as miners typically equate their block rewards to revenue.
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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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