Category: Tips

  • 🔴Central Bank Dooms Crypto | This Week in Crypto – Dec 5, 2022

    🔴Central Bank Dooms Crypto | This Week in Crypto – Dec 5, 2022

    Telegram to build a decentralized crypto exchange, Apple blocks Coinbase NFTs and SBF interviews attract less than stellar reviews. These stories and more this week in crypto.

    New Decentralized Exchange by Telegram

    Privacy-focused messaging platform, Telegram, announced that the company would begin building “non-custodial wallets” and “decentralized exchanges”, that would let millions of users safely trade their crypto. Founder and CEO Pavel Durov said this way they can fix the wrongs caused by excessive centralization, which let down hundreds of thousands of cryptocurrency users in the FTX fiasco.

    Apple Blocks Coinbase NFTs

    Coinbase customers using Apple devices will no longer be able to send NFTs using the exchange’s wallet. Apple is demanding the gas fees to send NFTs be paid through their in-app purchase system, meaning Apple would collect 30% of that fee. Coinbase said it would not be able to comply with that requirement because the in-app system does not support crypto.

    Binance Halts Ankr Withdrawals

    Binance has paused withdrawals of Ankr tokens after a possible hack. A hacker managed to exploit a vulnerability in the code that allowed them to mint 6 quadrillion tokens, which were converted into BNB tokens and transferred through a crypto mixer. Ankr told decentralized exchanges to block trading and said it will re-issue the tokens after assessing the situation.

    BlockFi Files for Bankruptcy

    Crypto lender, BlockFi has officially filed for Chapter 11 bankruptcy after pausing withdrawals in an attempt to restructure. The company was the first to feel the effect of FTX’s collapse and told a U.S. bankruptcy judge it was “the antithesis of FTX” and that it would seek to return customer funds as quickly as possible.

    Crypto Broker Genesis Owes $900m

    U.S. crypto lender, Genesis, says it is seeking to avoid bankruptcy and is working with restructuring lawyers to prevent insolvency. They began discussions with potential investors and their largest creditors, including popular crypto exchange, Gemini. Financial Times reports that Genesis and its parent company Digital Currency Group owes Gemini customers up to $900m.

    Kraken Exchange Cuts 30% of Staff

    Kraken will cut 30% of its global staff – around 1,100 people – in response to the crypto winter. The firm said that since the start of this year, macroeconomic and geopolitical factors have led to significantly lower trading volumes and fewer client sign-ups, and that they’ve exhausted preferable options that might have prevented layoffs to bring costs in line with demand.

    The European Central Bank Declares Bitcoin’s Doom

    The European Central Bank has claimed that bitcoin is on the road to irrelevance. Senior ECB staff published a blog entitled ‘Bitcoin’s Last Stand’ saying, since bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms, and thus should not be legitimized.

    Sam Bankman-Fried Openly Talks in Interviews

    In a talk with ABC, FTX founder Sam Bankman-Fried said he did not know of customer deposits being used to pay creditors of its affiliated trading firm, Alameda Research. He also added that he only has $100,000 left in his bank account – a drastic drop from his prior $20 billion net worth. Reactions to SBF’s interviews ranged from calling him delusional to adamant calls that he should be thrown in jail.

    That’s what’s happened this week in crypto, see you next week.

  • 🔴More Crypto Giants to Fall

    🔴More Crypto Giants to Fall

    El Salvador is buying one Bitcoin per day, Pantera Capital reveals its Bitcoin price target with a timeline and the FTX saga continues as contagion spreads through the crypto market. These stories and more this week in crypto.

    El Salvador Buys the DIP

    El Salvador President Nayib Bukele announced his country would be buying one bitcoin every day for the foreseeable future. Over the past year, Bukele has been outspoken about his policy of buying the dip during moments of crisis in the crypto markets. The Central American nation currently holds a bitcoin treasury of over 2000 BTC, valued at around $40 million.

    Crypto Fund Predicts Bitcoin Bull Run

    Crypto fund Pantera Capital says the next Bitcoin halving event will spark a bull rally. If history repeats, Pantera predicts Bitcoin’s price will soar to $36,000 in the lead-up to the next halving expected to occur in March 2024 and afterward continue its bull run to an all-time high of $149,000.

    At Least $1Bn FTX Client Funds Missing

    At least $1 billion of clients’ funds is missing from FTX.  $10 billion of customer funds were secretly transferred from FTX to the group’s trading company, Alameda Research and a large portion of that has reportedly disappeared. Newly appointed FTX CEO John Ray III scorched Sam Bankman-Fried for a total absence of trustworthy data and a complete failure of corporate controls.

    Bahamas Seizes FTX Digital Assets

    The Securities Commission of the Bahamas has taken the action of directing the transfer of all digital assets of the Bahamian subsidiary of FTX to a digital wallet controlled by the Commission, for safekeeping. The regulator said urgent interim regulatory action was necessary to protect the interests of FTX’s clients and creditors.

    FTX Contagion Spreads To More Firms

    As the FTX contagion spreads through the crypto market, multiple lending and earning platforms reportedly halted withdrawals. One of the first to stop withdrawals for its lending arm was Genesis. Some reports claim that crypto lender BlockFi has even begun exploring bankruptcy following halting withdrawals. SALT Lending has also admitted exposure to FTX and has paused deposits and withdrawals.

    Grayscale Discount Widens to Record Levels

    The share price of the Grayscale Bitcoin Trust has now dropped to a record discount on the value of its underlying assets. GBTC investors have experienced an 83% loss since last year, outstripping the 74% slide of Bitcoin’s price. However, some see this as an opportunity, with Cathie Wood’s Ark Invest picking up nearly $3 million in shares this week.

    Multiple Celebrities Are Named in FTX Lawsuit

    FTX founder Sam Bankman-Fried and celebrities including Tom Brady, Gisele Bündchen, Stephen Curry, and Shaquille O’Neal have been named in a class-action lawsuit for alleged engagement in deceptive practices. The complaint claims, FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors. As a result, American consumers collectively sustained over $11 billion dollars in damages.

    Major Increase in Ether Staking Yields

    The decentralized finance market is becoming more attractive in the face of the FTX scandal, with staked ether yields reaching a post-merge high. Users of staking services such as Lido are currently able to receive over 10% annually, while the yield earned by the more risky recursive borrowing strategies has reached as high as 25%.

    That’s what’s happened this week in crypto, see you next week.

  • 🔴 Will Crypto Go Down With FTX?

    🔴 Will Crypto Go Down With FTX?

    The world’s second largest crypto exchange files for bankruptcy, and trading platforms provide proof of reserves to halt the liquidity crisis. Will the crypto market recover? These stories and more this week in crypto.

    Crypto Exchange FTX Filed For Bankruptcy

    After shocking the industry with a liquidity crisis, FTX has filed for bankruptcy in the U.S. A statement detailed that FTX and around 130 affiliated firms have commenced voluntary proceedings to provide the FTX Group the opportunity to assess its situation and maximize recoveries for stakeholders. Sam Bankman-Fried has stepped down from the role of CEO.

    Binance Walked Away from FTX Rescue

    Just a day after Binance CEO, Changpeng Zhao announced that he had reached a nonbinding deal to buy FTX’s non-U.S. businesses, Binance did an about-face and backed out of the deal, effectively forcing FTX to file for bankruptcy.

    Millions of Tokens Blacklisted Following FTX Hack

    Several wallet addresses linked to FTX were found transferring millions of dollars worth of cryptos without an official notice just a day before the bankruptcy filing. Within hours, FTX confirmed on Telegram that the fund transfers were part of an ongoing hack. Tether proactively blacklisted $31 million worth of USDT tokens linked to the transactions.

    Crypto Exchanges Prove Reserves

    To calm worried investors and prevent bank runs, crypto exchanges have started issuing proof of reserves to halt the outflow of a ssets from their platforms. Binance confirmed they have over $70Bn spread across Bitcoin, Ethereum, BNB and stablecoins. Meanwhile, Crypto.com revealed that it holds 20% of its reserves in Shiba Inu – a highly speculative meme coin with no apparent utility.

    FTX Investors Suffer

    A long list of investors now suffer from the collapse of FTX, including the world’s largest asset manager, BlackRock. Sequoia invested in a $420 million round in the company last year while other venture investors, even Canada’s Teacher’s Pension Fund, are among the entities that lost big in the collapse of the exchange.

    FTX Supporters Plunge Into Losses

    Over the past couple of years FTX had managed to attract a ton of celebrities. NFL quarterback Tom Brady and basketball star Steph Curry are just a couple of the high profile names of its former partners. Mercedes Formula One suspended its sponsorship with FTX prior to its upcoming race in Brazil. Binance chief Changpeng Zhao, has warned that more companies may fail in the coming weeks resulting from the demise of FTX.

    The White House Weighs in on the FTX Collapse

    The White House and the Senate Banking Committee have called for proper crypto regulation following the collapse of FTX. White House press secretary Karine Jean-Pierre commented that it is crucial that financial watchdogs look into what led to FTX’s collapse, to fully understand the misconduct and abuses that took place.

    Volatility Rises Following the FTX Crisis

    Strategists at JPMorgan said in a note to clients that the FTX crisis injects significant volatility into the crypto market, calling it crypto’s “Lehman moment”, referring to the 2008 collapse of the investment bank, and stated that this situation could be more problematic, as entities with strong enough balance sheets to be able to rescue low capital, high leverage firms in the crypto ecosystem are becoming harder and harder to find.

    That’s what’s happened this week in crypto, see you next week.

  • 🔴Binance Under Attack! | This Week in Crypto – Oct 10, 2022

    🔴Binance Under Attack! | This Week in Crypto – Oct 10, 2022

    Binance’s blockchain is hacked, Celsius leaks user data in a court filing and Satoshi’s long-lost Bitcoin code is found.  These stories and more this week in crypto.

    Binance’s BNB Blockchain Hacked

    Hackers have stolen around $600M worth of BNB tokens from Binance. Hackers targeted Binance Bridge, a cross-chain bridge that allows for the transfer of tokens between two blockchains operated by the Binance exchange, collectively known as BNB Chain. Once discovered, Binance halted the blockchain entirely, and expects that many of the tokens can be frozen or recovered.

    Bankrupt Celsius Leaked Users’ Data

    Bankrupt crypto lender Celsius has revealed the transaction history of hundreds of thousands of its customers in a court filing. The 14,500-page long document included information such as customer names, crypto wallet IDs, transaction types and amounts, which services the customer used, and the types and quantities of tokens held. The data leak received widespread condemnation on social media.

    Coinbase Released a Documentary Movie

    Coinbase CEO Brian Armstrong announced a new film entitled Coin: A Founder’s Story. The movie was created by Coinbase in collaboration with Greg Kohs, a 10-time Emmy award-winning director. The trailer reveals that the movie covers the origin and the rise of Coinbase from its debut in US public ma rkets and features several prominent figures in the industry.

    Visa and FTX Launch Crypto Cards

    Visa and FTX exchange have teamed up to issue Visa debit cards linked to FTX accounts in 40 new countries. The launch will begin in Latin America, where crypto holders will be able to pay for goods and services using digital assets from their FTX wallets with any one of Visa’s network of 80 million merchants.

    Mastercard Launches ‘Crypto Secure’

    Mastercard continues to move further into crypto, unveiling a new tool for combating fraud. The new service called Crypto Secure will help banks assess the risks associated with crypto merchants on its network. The product is powered by CipherTrace, a blockchain security startup acquired by Mastercard last year.

    Swiss McDonald’s Accept Crypto

    Stablecoin issuer, Tether, is collaborating with GoCrypto to bring mass adoption closer for bitcoin, tether, and LVGA, the official local payment token of the City of Lugano in Switzerland. The initiative, dubbed Plan ₿ Foundation, is designed to enable Lugano citizens to use their wallets at McDonald’s and at art galleries with more businesses to join.

    Sega to Launch First Blockchain Game

    Japanese gaming giant, Sega has announced its first blockchain game. In collaboration with Double Jump Tokyo, the game will be based on a popular arcade game, called Sangokushi Taisen. The structure of the game allows its players to use virtual cards in the virtual field so it lends itself to the implementation of blockchain elements but the details have yet to be confirmed.

    Satoshi’s Long-Lost Bitcoin Code Found

    A Bitcoin enthusiast has discovered the oldest upload of Bitcoin’s version 0.1 codebase. Jim Blasko’s discovery is the first known, untampered version of Bitcoin and it includes Satoshi’s personal notations. Blasko said that while there may be older existing versions of Bitcoin’s codebase, he believes his discovery is the cleanest original version of Bitcoin.

    That’s what’s happened this week in crypto, see you next week.

  • 🔴 Ethereum Merge Rocks Crypto

    🔴 Ethereum Merge Rocks Crypto

    ďťżThe Ethereum merge: successful, Coinbase shines a light on which politicians are crypto-friendly and Dogecoin becomes the second largest Proof of work coin. These stories and more this week in crypto.

    Ethereum’s Merge Was Successful

    The Ethereum network’s highly anticipated ‘Merge’ was successfully executed on Thursday, September 15th. This completes Ethereum’s transition from a proof-of-work to proof-of-stake consensus, reducing the network’s energy consumption by 99.95%.

    In an effort to make history, a user paid $60K, or about 36 Ether in fees, to mint the very first NFT on Ethereum after the Merge. This non-fungible token became the first to be minted with the network being governed by the proof-of-stake consensus algorithm.

    White House’s Crypto Framework Released

    Citing crypto’s potential for misuse, while noting its growing role in global finance, the White House has just released its first-ever framework on what crypto regulation in the U.S. should look like. The framework outlines how the financial services industry should evolve to make borderless transactions easier, and how to crack down on fraud in the digital asset space.

    Coinbase Tool Shows Crypto Sentiment

    Coinbase users will be able to see which U.S. politicians are “crypto-friendly” with a new in-app tool, the announcement coming on Twitter from CEO Brian Armstrong. The tool shows how different members of Congress measure up on their crypto sentiment, which can range from “very positive” to “very negative”.

    Tornado Cash Funds Can be Recovered

    U.S. residents can now apply to recover funds locked in Tornado Cash, the Ethereum ‘mixer’ which was blacklisted by the Treasury Department last month due to allegations that North Korean hackers used it to launder funds. While legitimate users’ funds were locked and the legal standing for sanctioning a decentralized software was questionable, the sanction drew backlash from the crypto industry.

    Arrest Warrant for Do Kwon

    A South Korean court has issued an arrest warrant for Do Kwon, the primary developer of the Luna and TerraUSD cryptocurrencies, whose spectacular collapse in May brought down the crypto market. Kwon, the founder of Terraform Labs, has been accused of fraud by investors in the wake of the collapse.

    China: Crypto Trading Banned, Ownership Protected

    In a watershed case, the People’s Court of Beijing ruled that although China prohibits crypto trading, crypto ownership is still protected by law. The court said that crypto should be considered virtual property and explained that no laws, administrative regulations or departmental rules negate the protectability of cryptocurrency itself as virtual property.

    Asia Leading in Crypto Adoption

    A New report shows that China has returned to the list of top 10 countries for crypto adoption after falling off the list last year. The APAC region accounted for six of the top 10 countries in the index, with Vietnam topping the list for the second consecutive year, with over 20% of Vietnamese consumers using or owning crypto assets.

    Second Largest PoW Crypto is Dogecoin

    Following the Ethereum Merge, the meme-inspired cryptocurrency Dogecoin is now officially the second largest proof-of-work crypto in terms of market cap. Bitcoin, of course, remains miles ahead of Dogecoin’s market cap of $7.83 billion. However, the well-followed memecoin is still comfortably ahead of the rest of the major proof-of-work cryptos, including Ethereum Classic, Litecoin and Monero.

    That’s what’s happened this week in crypto, see you next week.

  • 🔴 Critical Week for Ethereum

    🔴 Critical Week for Ethereum

    ďťżThe final countdown to the Ethereum merge begins, GameStop doubles down on crypto and a group of traders just made a fortune on a Coinbase glitch. These stories and more this week in crypto.

    Bitcoin Tops as the Dollar Drops

    Bitcoin surged past $21,000, marking its best day in months as the U.S. dollar index fell by 1% and markets were buoyed by the Fed’s hint of a softer monetary approach. Bitcoin rose more than 10% in a single day, its largest daily percentage gain since mid-July.

    Final Countdown to the Ethereum Merge

    The Ethereum blockchain’s Merge is officially underway, in preparation for completion at some point this week. The Bellatrix upgrade, the network’s final “hard fork” before the Merge, has already been activated, marking the beginning of Ethereum’s long-awaited transition from a proof-of-work to proof-of-stake model. In the days before the merge, Binance has already announced the launch of Ethereum staking on its platform which allows users to earn rewards at a starting rate of 6% annually, one of the highest rewards in the industry.

    GameStop Doubles Down on Crypto

    Gaming retailer GameStop is partnering with crypto exchange FTX US to bring more customers to crypto and work together on online marketing initiatives.  The new partnership will introduce GameStop’s customers into the FTX ecosystem, including its marketplaces for digital assets, while also seeing the retailer become F TX’s preferred retail partner in the United States.

    Traders Profit 100x Due to Coinbase Glitch

    A bug in Coinbase’s exchange allowed traders from the country of Georgia to sell their crypto at as much as 100 times market value. An error believed to have been caused by a third-party provider enabled an estimated 900 Georgians to sell various cryptos at a highly profitable exchange rate for the country’s fiat currency, the lari.

    MicroStrategy Sells Stock to Buy Bitcoin

    Michael Saylor’s MicroStrategy, has filed to sell up to $500 million of stock in order to fund more Bitcoin purchases. The news shows that Saylor is not backing away from his plan to turn MicroStrategy into a crypto proxy. Since 2020, he’s used money raised from stock and bond offerings to purchase about 130,000 bitcoin, worth more than $2 billion.

    US Seizes North Korean Hackers’ Crypto

    Blockchain data analytics firm Chainalysis has revealed that U.S. authorities have seized cryptocurrency worth $30 million from North Korean hackers. The seizures represent approximately 10% of the total funds stolen from Axie Infinity. Law enforcement units utilized advanced tracing techniques to follow stolen funds to cash out points in collaboration with industry players to quickly freeze funds.

    Bill Murray’s NFT Charity Funds Stolen

    Hollywood legend, Bill Murray, has become the latest victim of crypto hackers. Criminals stole over 100 Ether that the actor had raised through a charity NFT auction. Murray’s team says they’ve filed a police report and are working with crypto analytics company Chainalysis to identify the culprits.

    El Salvador’s Bitcoin Adoption Anniversary

    El Salvador celebrated the first anniversary of adopting bitcoin. The small Central American nation made history a year ago when it officially declared BTC as legal tender, becoming the first ever country to do so. Although Bitcoin’s price is down about 70% since its peak and El Salvador sits on a massive unrealized loss, the country has not given up on the initiative.

     

    That’s what’s happened this week in crypto, see you next week.

  • 🔴 JPMorgan Dumps Crypto? | This Week in Crypto – Sep 5, 2022

    🔴 JPMorgan Dumps Crypto? | This Week in Crypto – Sep 5, 2022

    ďťżJP Morgan says to dump crypto, Colorado gas firms are mining Bitcoin and Crypto.com issues a $10 million refund by mistake. These stories and more this week in crypto.

    JPMorgan Strategist Bearish on Crypto

    David Kelly, chief global strategist at JPMorgan, claims that investors should sell their crypto, according to a new Bloomberg report. Kelly is convinced that the persistent hawkishness of the U.S. Federal Reserve will spell more trouble for digital assets, expecting more volatility and a high risk of a recession.

    Colorado Gas Firms Are Mining Bitcoin

    Colorado Sun reporter, Mark Jaffe, has found numerous Colorado gas and oil companies teaming up with miners to use excess energy to mine bitcoin. There are at least a half dozen refiners using gas-to-bitcoin flare mitigation systems in the natural gas-rich state of Colorado even though the state’s regulatory watchdog has banned natural gas flaring in the past.

    Saylor Faces a Tax Fraud Lawsuit

    High-profile Bitcoin proponent Michael Saylor is facing a tax fraud lawsuit. The District of Columbia’s attorney general announced a lawsuit against Saylor alleging that he illegally avoided $25 million in taxes by pretending to be a resident of other jurisdictions, namely Florida, which has zero personal income tax. The lawsuit also named Saylor’s company, MicroStrategy as a defendant for allegedly conspiring to help Saylor.

    Celsius Seeks to Reopen Withdrawals

    Court documents show that Celsius is looking to release roughly $50 million in funds to selected customers. The debtors’ motion seeks to reopen withdrawals for certain customers with respect to assets held in the custody program, granting relief from withholding. Celsius filed for bankruptcy on July 13, after the company paused all withdrawals from accounts a month earlier.

    Facebook to Support NFTs

    Less than a month after expanding its NFT functionality on Instagram to a 100 more countries, Meta has announced that Facebook will now also support NFTs. According to the social media giant, its estimated 2.9 billion users will now be able to connect their digital wallets and share their NFTs on the company’s two main social media platforms, Facebook and Instagram.

    Indonesia to Establish a ‘Crypto Stock’ Exchange

    Indonesia’s government plans to establish a crypto stock exchange by the end of 2022. The exchange will list companies in the digital asset industry, including some of the 25 exchanges licensed by Indonesia’s financial regulatory authority. The Indonesian government sees the exchange as a means of protecting consumers.

    Ticketmaster Issues NFTs

    A new partnership between Ticketmaster and Dapper Labs’ Flow blockchain now enables event organizers to issue non-fungible tokens (NFT) before, during and after live events. The NFTs will serve as a shareable form of digital memorabilia providing fans with the unique opportunity to extend their live event experience through digital keepsakes.

    Crypto.com Makes an Expensive Mistake

    Crypto.com is reeling from an expensive mistake after accidentally refunding an Australian woman $10 million instead of $100. When Crypto.com discovered the mistake 7 months later, the lady had already put the money into a multi-million dollar mansion. The exchange is now suing her for the return of the funds.

    That’s what’s happened this week in crypto, see you next week.

  • 🔴 Is McAfee Back From the Dead?

    🔴 Is McAfee Back From the Dead?

    Telegram moves into Web3, half of Bitcoin’s trading volume could be fake and an ex claims that John Mcafee faked his death. These stories and more this week in crypto.

    Bitcoin Drops Following Fed’s Warning

    Federal Reserve chair, Jerome Powell, warned households and businesses to prepare for pain as the US central bank aims to bring down inflation. Bitcoin dropped almost 5% in the two hours following Powell’s keynote address at the Fed’s conference on Friday.

    Telegram Moves Into Web3

    Popular chat app, Telegram, will allow custom usernames, groups, and channel links to be traded on the blockchain as NFTs. The company is inclined to try out TON as a blockchain, given its familiarity with the technology. If Telegram goes ahead, the custom link NFTs will be another way to earn revenue for the app.

    Forbes: Bitcoin’s Trading Volume is Fake

    After analysis of 157 crypto exchanges, Forbes magazine claims that 51% of the daily Bitcoin trading volume being reported is fake. A common criticism of Bitcoin is the pervasive wash trading and poor surveillance across exchanges. The reason why some traders engage in wash trading is to inflate the trading volume of an asset to give the appearance of rising popularity.

    1000% Increase in Revenue for FTX

    Leaked financial documents show that crypto exchange FTX saw an increase in revenue of more than 1000% in the period of just one year. Revenues grew from $90 million in 2020 to more than $1 billion in 2021. After an analysis of the leaked papers, Barron’s estimated that FTX would be worth up to $20 billion in a public stock offering.

    Mastercard Enables Crypto Payments via Binance

    Mastercard is now working with the world’s largest cryptocurrency exchange, Binance, to enable crypto payments in 90 million stores. In a LinkedIn post, Mastercard CEO Michael Miebach said they are working on unlocking the full potential of blockchain technology by making it easier to access and easier to use in everyday purchases.

    Ethereum Classic All-Time High Hashrate

    Ethereum Classic’s hashrate reached an all-time high following the predictions that Ethereum’s hashrate would migrate to Ethereum Classic as a result of miners wanting to continue working with its proof-of-work consensus mechanism. JPMorgan predicted that Ethereum Classic would be one of the main beneficiaries of Ethereum’s switch to proof of stake during The Merge.

    Australian Government Studies Crypto Tokens

    Australia’s new government is undertaking a virtual stocktake of the country’s cryptocurrency holdings. The Treasury is doing a “token mapping” – cataloging the types and uses of digital assets owned within the country. This is the first step in identifying how crypto assets and related services should be regulated in order to make sure customers engaging with crypto are adequately informed and protected.

    Ex-Girlfriend Claims Mcafee Faked his Death

    John McAfee’s ex-girlfriend claims the software tycoon and crypto advocate is alive and living in Texas. Samantha Herrera’s statement was revealed in a new Netflix documentary called “Running with the Devil: The Wild World of John McAfee.” Herrera’s claim follows reports that McAfee was still in a Spanish morgue over a year after his alleged suicide.

    That’s what’s happened this week in crypto, see you next week.

  • 🔴 Big News For Crypto Banks

    🔴 Big News For Crypto Banks

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    Crypto banks could join the central banking system, Huobi’s stablecoin briefly loses its peg, and Bitcoin now has over 1 billion unique wallet addresses. These stories and more this week in crypto.

    Sudden Crypto Crash Takes Bitcoin Below 21,000

    Bitcoin fell to its lowest level in three weeks, dipping below $21,000 amidst a sudden sell-off across the broader crypto market.  It’s not clear what caused the drop in crypto prices as the move comes just days after Bitcoin surpassed the $25,000 mark for the first time since June.

    Central Banking System Could Embrace Crypto Banks

    The Federal Reserve has provided guidance for innovative financial institutions to access its master accounts and participate in the global payment system. This seemingly moves the US Central Bank closer to allowing crypto neobanks unfettered access to the central banking system, eliminating the need for them to do business through intermediary banks.

    Huobi’s Abandoned Stablecoin Became Unstable

    HUSD had serious difficulties in maintaining its dollar parity as the cryptocurrency lost more than 10% compared to its intended fixed value of $1 only to find its way back to parity within one day.  HUSD was launched by cryptocurrency exchange Huobi back in 2018, however, in a statement, a community manager claimed that Huobi had abandoned HUSD back in April.

    SEC Sues Dragonchain for $16.5M

    The SEC is suing startup founder John Joseph Roets and his Dragonchain project — for raising millions of dollars through unregistered securities offerings. Dragonchain was originally developed as Disney’s private blockchain platform. The SEC claims that the presale and Initial Coin Offering of Dragon tokens were unregistered securities that allegedly raised around $14 million from more than 5,000 investors.

    FTX Was Warned to Stop Misleading Consumers

    The FDIC has issued letters to five crypto companies demanding they stop making false claims about deposit insurance. FTX US, Cryptonews.com, Cryptosec.info, SmartAsset.com and FDICCrypto.com were all contacted by the agency. The regulator said in a press release that these companies made representations falsely suggesting that certain crypto-related products were FDIC-insured.

    Buenos Aires Will Run Ethereum Nodes

    The city of Buenos Aires will begin running its own Ethereum validator nodes in 2023. The nodes and the designated hardware will be deployed in partnership with private companies. The objective of the project is to explore the network in an effort to better regulate crypto assets in the future.

    Coinbase Warns About Ethereum Merge

    Leading cryptocurrency exchange, Coinbase is preparing users for the Ethereum network switch to proof-of-stake known as The Merge. The exchange will briefly pause ETH and ERC-20 token deposits and withdrawals as a precautionary measure during the merge which has a target date of 15th of September. Coinbase assured its users that their assets will be safe and secure during this period.

    Bitcoin Tops 1 Billion Wallet Addresses

    Bitcoin now has over 1 billion unique wallet addresses, leaving Ethereum’s 158 million as a distant runner-up in network participation. The latest data from on-chain analyst Glassnode showed that Litecoin is close behind Ethereum with 148 million unique addresses. Both Ethereum and Litecoin have seen some stagnation in 2022.

    That’s what’s happened this week in crypto, see you next week.

  • 🔴Did Bitcoin Hit Bottom?

    🔴Did Bitcoin Hit Bottom?

    The Crypto collapse stabilizes, Elon Musk’s Boring Company to accept dogecoin and Mt.Gox creditors are a step closer to their Bitcoin holdings. These stories and more this week in crypto.

    Bitcoin’s Best Week Since October

    Bitcoin felt some relief this week as some investors hope that the worst of the crypto liquidity crisis is over. Markets turned green in a much-needed short-term relief rally coming after a major capitulation tumbled prices and strained liquidity on the market. Bitcoin rose over 10%, marking its best week since October.

    The Boring Company to Accept Dogecoin

    The Boring Company, one of Elon Musk’s firms, will start accepting Dogecoin payments for its Loop Rides. Customers will be able to pay with the memecoin to take a ride using Tesla vehicles on the company’s Las Vegas transit system called Loop. Rides are currently free for passengers using Loop, but charges are coming at a later date.

    Mt. Gox’s Rehabilitation Plan

    Failed cryptocurrency exchange Mt. Gox has provided an update on its repayment procedures under its creditor rehabilitation plan. According to the statement, the process could start as soon as next month, and the document details various choices the creditors can make when receiving their payments, including compensation directly in Bitcoin.

    FED: Crypto Needs Regulation

    Federal Reserve Vice Chair Lael Brainard said that cryptocurrencies need regulation now before it becomes so big that it threatens the financial system.  In a speech that demonstrates that the central bank is watching the crypto crisis very closely, Brainard said the lack of regulatory guidelines has been a confusing and troublesome issue for the whole crypto industry.

    Central African Republic Releases Sango Coin

    After becoming the second state to make bitcoin legal tender in April, the Central African Republic’s government has released a new cryptocurrency called the Sango Coin which aims to tokenize the country’s resources, such as gold and diamonds, for worldwide investors. President Touadera said, “The alternative to cash is cryptocurrency and for us, the formal economy is no longer an option.”

    Nexo To Buy Rival Vauld

    Cryptocurrency lender Nexo announced its plans to buy its struggling lender rival, Vauld. Another casualty of the liquidity crisis, the Singapore-based Vauld has suspended withdrawals for its more than 800,000 customers. If successful, Nexo said it plans to restructure the company and pursue an expansion in Southeast Asia and India.

    ETH’s Lowest Gas Fees for 19 Months

    Ethereum transaction fees have reached a low not seen since November 2020.  The average gas or network fee that is required to push a transaction on the network dropped to less than $1 per transfer. On May 1, 2022, the average network fee was almost $200 per transfer, thanks to a popular NFT sale that took place that day.

    Large Merchants Adopt Crypto Payments

    A BitPay and Pymnts.com report titled “Paying With Cryptocurrency,” has found that among businesses with an annual income of $1 billion, 85% are adopting crypto payments. The report noted that crypto payment fees are around 1%, which is much lower than other digital payment options which could charge up to 3.5%.

    That’s what’s happened this week in crypto, see you next week.