Hashdex’s strategy varies from recent filings in that it will not rely on the Coinbase surveillance sharing arrangement and will instead purchase spot Bitcoin through physical exchanges within the CME market.Hashdex, a crypto asset management company, has entered the race for a Bitcoin exchange-traded fund (ETF) spot in the US. For a Bitcoin futures ETF
The Yearn community has been approached by Wintermute Trading with a request for a 12-month loan from the DAO’s treasury in the amount of 350 YFI, or $1.98 million. If approved, the loan would have a 0.10% interest rate that would be due at the end of the term. Wintermute intends to allot up to
The Hong Kong Monetary Authority (HKMA) said in a research published recently that tokenization, the process of turning real-world assets into tokens based on blockchain, has the potential to improve bond markets’ efficiency, liquidity, and transparency. The remark followed the central bank’s and the local government’s successful $100 million tokenized green bond sale in February.
According to a decision made by the New York bankruptcy court recently, holders of Celsius’ native token CEL were unsuccessful in their attempt to have CEL valued at $0.80, the price that was in effect on the day the crypto lender filed for bankruptcy in July 2022. The company claimed against the token holders that
Future disruption in the Web3 sector may be on the horizon as AI technology develops over time.Artificial intelligence (AI) has been a term used mostly by laypeople for many years. An increased interest in generative AI, a particular sort of AI, has been sparked by recent technical innovations and achievements. Generative AI centres on analysis,
The U.S. Treasury Department’s latest plan on how to manage digital asset taxes will face a lengthy road as it enters a months-long period of public comments and hearings, as seen by the immediate burst of criticism from the crypto industry. Complaints about the proposal’s reach, in particular how the tax-reporting requirements may include decentralised
The world’s largest cryptocurrency exchange by trading volume, Binance, has gotten in touch with various projects that have tokens with low liquidity in an effort to “enhance their liquidity protection.” “Over the past week, our team reached out to a small number of projects that issue digital assets listed on our platform as part of our ongoing risk management initiative,” a spokesperson revealed via an email. “These projects have relatively lower market liquidity trading pairs and/or a smaller market capitalization, which potentially exposes users
According to a study of open interest in bitcoin (BTC) futures on the Chicago Mercantile Exchange (CME), the unwinding of long positions appears to be nearing its conclusion rather than just getting started, according to a research paper released on Thursday by JPMorgan (JPM).The total amount of derivative contracts, such as options or futures, that are still in effect but have not yet been settled is referred to as open interest. “As a result we see limited downside for crypto markets over the near term,” analysts led by Nikolaos Panigirtzoglou wrote. The correction in crypto markets in August, “which reversed the post Securities and Exchange Commission (SEC) versus Ripple court decision rally” can be partly credited to the “broader correction in risk assets such as
Prime Trust, a cryptocurrency custodian, lost $6 million of client funds and $2 million from its own treasury in a failed investment in the terraUSD algorithmic stablecoin, according to CEO Jor Law in a court filing on Thursday.Law, who assumed his position on Nov. 29 after sitting on the board, also brought up a January 2021 event in which users were instructed to move money to a wallet that was inaccessible to the business and as a result, the business had to spend $76 million to purchase ether (ETH) in order to cover withdrawal demands. The witness statement submitted as part of bankruptcy proceedings is the most recent in a string of accusations of financial mismanagement and bad governance in the cryptocurrency industry, which have resulted in former executives like Alex Mashinsky of Celsius and Sam Bankman-Fried of FTX pleading not guilty to numerous fraud charges.According to Law, Prime Trust had a customer deficiency of $861,000 in digital currency and roughly $83 million in fiat in June. Prime Trust was soon placed into receivership and filed for bankruptcy. The collapse of Terra in May 2022, which attempted to employ automated trading to peg its value to the US dollar, sent shockwaves through the industry and signaled the beginning of a new crypto winter.Even yet, Law said that the Prime Trust group “continued to ramp up spending, at times incurring seemingly excessive expenditures,” adding that in November 2022 the business—which was not yet under his management—spent $11.1 million against only $2.7 million in sales. Rival custodian BitGo was planning to purchase Prime Trust, but the deal fell through because of worries about Prime’s financial stability. Those worries were confirmed just five days later when Nevada regulators filed to put Prime Trust and its parent company, Prime Core Technologies, into receivership.
So, if you haven’t already joined the chatbot revolution, it might be time to think about doing so.Due to their ability to improve customer experience and manage operations at a low cost, chatbots have become extremely popular among businesses of all sizes and in all sectors. Did you know that the market for chatbots was
Due to the country’s regulatory framework, Bitstamp said it will be discontinuing its staking service in the U.S. as of September 25. Staking has been heavily criticised by the Securities and Exchange Commission (SEC), which claims it satisfies the Howey Test’s conditions for investment contracts. Following a meeting behind closed doors, Kraken decided to end
Pendle Finance, a decentralised finance (DeFi) platform that provides users with returns in the form of tradeable tokens, is capitalising on the rising real-world assets (RWA) trend with a new offering that generates profits from established industries. In addition to Arbitrum, BNB Chain, and Optimism networks this year, Pendle was first introduced on Ethereum in
According to a recent post by Binance’s customer service team on X, formerly Twitter, the company is ending support for its cryptocurrency-backed debit card across Latin America and the Middle East. The bitcoin exchange reiterated that the card service would end in the Middle East on August 25 and in Latin America on September 21.
After revoking the FTX founder’s bail just weeks before his trial, a federal judge allowed Sam Bankman-Fried’s attorneys to visit their client in jail, according to an order made public on Wednesday.The court decreed that Bankman-Fried’s legal representatives “can take unlimited advantage of the legal visitation hours” at the Metropolitan Detention Center (MDC) in Brooklyn, New York, to get their client ready for a trial that will last for many weeks and start on October 3.The judge stated in the ruling that Bankman-Fried will have “frequent access” to a computer to review discovery materials and that he has the option to request that “selected materials” be loaded onto hard drives for his inspection. Other adjustments provided by the New York Bureau of Prisons are also included in the ruling, but they were redacted in a letter submitted by the prosecution last week.The defense requested that Bankman-Fried be moved to a lower-security jail in Putnam County, two hours north of New York City, or released for daily sessions with his attorneys at their Manhattan office, but Judge Lewis Kaplan’s concessions fell short of these demands. Following the judge’s ruling that the former executive had repeatedly broken the terms of his bail by seeking to contact witnesses who were supposed to testify against him, Bankman-Fried was sent to a maximum security jail two weeks ago.The crypto kingpin was censured by authorities for speaking to one of his former executives earlier this year while using a virtual private network (VPN).Months later, he received a similar reprimand for allegedly leaking the journal entries of former Alameda Research CEO Caroline Ellison to the New York Times in an effort to intimidate Ellison, according to the prosecution.
Prices and sales of Donald Trump’s NFT collections increased on Thursday as a result of a viral interview with media celebrity Tucker Carlson that was broadcast on X, formerly Twitter, and had 110 million views in a matter of hours.The price of the Polygon-based Trump Digital Trading Cards was above 0.13 ether (ETH), or slightly over $215, as of European afternoon hours, up from 0.1 ETH, or $150, the previous week.Data from NFT market site OpenSea shows that the collection has gathered over 17 ether in trading volume. Last December, Trump sold a set of 45,000 fantasy cards that featured photographs of him in a design reminiscent of collector baseball cards for $99 each.As of Thursday, the collection had over 13,000 different holders. As previously reported, collectors who bought a digital trading card are immediately entered into a “sweepstakes” to win “experiences” with Trump, such as a Zoom call, a dinner in Miami, or a cocktail hour at Mar-a-Lago.At the time, the cards were rapidly sold out.A wallet with the tag “6D65A7” as of Thursday holds the most individual Trump NFTs with 602 cards, followed by 72F891 with 500 cards.Both of the two holders have not placed any NFTs up for sale. Trump’s position as a significant token holder was been made public.According to reports, the former president and front-runner for the Republican nomination in 2018 held $2.8 million in a cryptocurrency wallet as of early August and made $4.87 million in license fees from the Trump NFT collection.As a result, the value of the NFT collection has steadily decreased over the past few months along with a general slide in the larger crypto market.According to data from OpenSea, daily trade has decreased from an average of over 90 per day to around 50, with prices down more than 50% from a May peak of 0.2 ETH.
According to a news statement, London-based liquidity provider B2C2 has purchased French market maker Woorton in a deal that gives B2C2 access to Woorton’s regulatory licenses and permits it to operate in the EU.Thanks to Woorton’s PSAN (prestataires de services sur actifs numériques) license, which is governed by the AMF (Autorité des Marchés Financiers), B2C2 can now provide its services to the institutional market in the European Union. “Like us, the [Woorton] team has a TradFi background, but with the same crypto and digital assets laser focus. Together we are a combination of highly complementary businesses that deliver multi asset breadth and depth to clients in the EU market,” Thomas Restout, head of EMEA at B2C2, said in the statement. Woorton will merge its clientele and over-the-counter (OTC) services with B2C2 in order to boost total crypto market liquidity, which has become a hot topic in the current bear market after U.S. trading companies Jane Street and Jump recently declared they will be decreasing crypto trading activity.SBI Holdings, a Japanese financial organization, acquired B2C2 in 2020, making it the first significant financial organization to own a crypto trading business.
With a new tool that promises to identify flaws before they are used, blockchain security platform Quantstamp is attempting to stem the growing concerns of flash loan assault. Before protocols are breached, the Economic Exploit Analysis service uses automated technology to identify typical attack vectors utilised by exploiters. Together with scholars from the University of
Following news that cryptocurrency exchange Nexo has incorporated the Near network, the price of NEAR, the native token of the Near Protocol, has increased by 5% over the past 24 hours. On that exchange, users can now deposit and withdraw NEAR. The significant gain occurs as the overall crypto markets are declining. Despite today’s increase,
Because traders are looking to profit from price changes rather than adopting a buy-and-hold strategy, the general market bearishness has put pressure on tokens that could have otherwise been supported by favourable fundamentals. According to data, XRP, one of the largest coins in the world by market capitalization, has lost almost all of its gains
Sam Bankman-Fried plans to contend that he acted in “good faith” when he loaned money to FTX and Alameda officials, put Signal messages to auto-delete, and established a number of North American businesses because he was doing so on the advice of attorneys, notably the law firm Fenwick & West.In a statement sent by the FTX founder’s defense team on Wednesday, they described their intended “advice of counsel” strategy and stated that they will present proof that both in-house and Fenwick attorneys “were involved in reviewing and approving decisions related to these matters.” “Evidence of the defendant’s reliance on counsel is relevant to the question of intent and is not limited to situations where the defense can establish that the defendant formally sought out the advice of counsel, received legal advice, and followed the advice given,” the letter said. The letter disputed the Department of Justice’s demand for more defense-related information, noting that prosecutors had previously resisted the defense team’s fruitless attempt to obtain information from the law firm. Bankman-Fried showed up in court on Tuesday to enter a not guilty plea to the most recent superseding indictment against him, which alleged conspiracy and wire fraud.He will stand trial at the beginning of October.
The Federal Bureau of Investigation (FBI) warned on Tuesday that North Korean hackers might try to cash out stolen bitcoin (BTC) worth more than $40 million.The FBI said that the Lazarus Group, based in North Korea, and APT38 were responsible for a slew of cryptocurrency attacks earlier this year, including the theft of $60 million from payment processor Alphapo and the $100 million heist of Atomic Wallet. The FBI identified the two organizations as the perpetrators of the $100 million-plus Horizon Bridge hack from the previous year in January.The FBI advised cryptocurrency companies against communicating with six wallets that were linked to the hacker groups and contained a combined total of 1,580 bitcoin ($41 million). “The FBI will continue to expose and combat the DPRK’s use of illicit activities—including cybercrime and virtual currency theft—to generate revenue for the regime,” it said.
AI-related crypto tokens may have a wild ride as a result of today’s announcement from the world’s largest chipmaker, Nvidia (NVDA), which might help establish whether the artificial intelligence frenzy is genuine or just another bubble waiting to burst. This is Nvidia’s first quarterly report after destroying Wall Street’s expectations in May and disclosing an
Recently, the prestigious UK university Imperial College London and the fintech company FluidAI established a strategic relationship. The partnership uses cutting-edge artificial intelligence (AI) technology to identify and address inefficiencies in the market for digital assets. The main objective of this collaboration is to address the sporadic liquidity problems that are present in the crypto
Blockchain has pushed for years to be recognised as a major emergent technology, and it is now beginning to do so. Numerous sectors are already utilising the technology, and notable use cases are constantly emerging. It is not unexpected that many believe the financial services industry would be where blockchain technology has the most influence
Network at layer 2 After passing a governance vote on treasury management earlier this month, Mantle staked 40,000 ether (ETH) using the staking protocol Lido. At the current price, the staked ether (stETH) is valued about $66 million and will produce a dividend of 4.1% APR. Over $3.2 billion is stored in Mantle’s treasury, the
Anchorage Digital has been chosen by cryptocurrency exchange EDX Markets, which will debut its clearinghouse operation later this year and is backed by Wall Street heavyweights like as Citadel Securities and Charles Schwab, to offer custody. The clearinghouse will assist in settling trades that were matched on EDX. The “ideal partner,” according to EDX CEO
Komainu, the joint venture between Nomura, Ledger, and CoinShares for cryptocurrency custody, has been granted an operating permit by the Dubai-based Virtual Asset Regulatory Authority (VARA).According to a statement from the company, Komainu can now provide clients in the emirate with its full range of custody services, including institutional staking and collateral management, through its Komainu Connect platform.While they are still in segregated custody and are verifiable on-chain, the platform enables clients to deploy their digital assets in collateralization scenarios. The area has been working hard to draw cryptocurrency industry.The UAE announced VARA as the first autonomous cryptocurrency regulator in the world in March 2022.Earlier this month, VARA issued an operating license to Laser Digital, the Nomura company that deals in digital assets.The biggest cryptocurrency exchange in the world, Binance, was granted a license to operate in Dubai in July. “We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” said Sebastian Widmann, head of strategy at Komainu. Launched in June 2020, Komainu offers custody services to enterprises, government organizations, financial institutions, asset managers, and exchanges.
One of the most well-known cryptocurrency exchanges in India, CoinDCX, is laying off around 12% of its workforce as a result of the prolonged bear market and India’s tax laws, which are hurting earnings.71 employees of the exchange are being let go because their positions don’t align with the company’s current business aims, a company representative said in an interview on Tuesday.About 590 people work for the Mumbai-based business that Neeraj Khandelwal and Sumit Gupta launched in 2018.The job losses had an effect on numerous teams. A 30% tax on cryptocurrency revenues as well as the more contentious 1% tax deducted at source (TDS) on all transactions starting on February 1, 2022, are among the onerous taxes India has imposed on cryptocurrencies.Trading volumes and revenue have been badly hurt by the TDS in particular and the global bear market in cryptocurrencies, forcing the nation’s crypto exchanges into survival mode.In May, Khandelwal said in an interview that CoinDCX has the funds to sustain itself for four years. “Startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS on domestic exchanges,” the company said in a statement. “These factors had a significant impact on our volumes and
Thailand’s Ministry of Digital Economy and Society (DES) has warned Meta’s (META) Facebook to reduce the volume of fraudulent cryptocurrency investment scams being marketed on the platform or risk being ejected from the nation.According to a statement posted on the Ministry’s website, more than 200,000 people have been impacted by these fake adverts.The DES Minister, Chaiwut Thanakmanusorn, has asked a Thai court to draft an order that would shut down Facebook by the end of the month if the social media site disobeys. According to prior reports, Facebook (formerly known as Meta) has steadily loosened its prohibitions on blockchain- and cryptocurrency-related advertising by extending the requirements and accepting regulatory licenses.The company was accused of engaging in false, misleading, or deceptive behavior by publishing fraudulent cryptocurrency adverts linked to well-known Australian celebrities, and the Australian Competition and Consumer Commission filed a lawsuit against them in March 2022.
The cryptocurrency community would be expected to contain numerous tokens with little to no value given the rapid development of new tokens, however thanks to token burning, this is not the case. An old idea that has gained popularity in the cryptocurrency community and is attracting the attention of new users is burning tokens. In
