https://blockmanity.com/news/singapores-central-bank-unveils-regulatory-framework-for-stablecoins-ensuring-stability-and-compliance/

The Monetary Authority of Singapore (MAS) has introduced a comprehensive regulatory framework designed to oversee the operation of single-currency stablecoins (SCS) within the country’s jurisdiction. This initiative aims to foster stability and trust in the realm of digital currency while establishing a clear demarcation between regulated and non-regulated stablecoins.

The framework, unveiled on August 15, 2023, is targeted at non-bank issued stablecoins that are pegged to the value of the Singapore dollar or G10 currencies including the euro, British pound, and United States dollar. This development comes as a response to the increasing role of stablecoins in the digital financial landscape and their potential impact on the stability of national currencies.

Deputy Managing Director of Financial Supervision at MAS, Ho Hern Shin, affirmed the regulatory framework’s significance, emphasizing its potential to position stablecoins as credible digital mediums of exchange. Shin stated,

“Our objective is to facilitate the use of stablecoins as both a dependable digital medium of exchange and a bridge linking fiat and digital asset ecosystems.”

The regulatory requirements laid out in the framework span several key dimensions:

1. Value Stability: To ensure a high level of confidence in value stability, stablecoin issuers must adhere to specific requirements concerning the composition, valuation, custody, and auditing of reserve assets.
2. Capital Adequacy: Stablecoin issuers are mandated to maintain a minimum base capital and sufficient liquid assets. This measure is implemented to mitigate the risk of insolvency and enable a systematic winding down of operations, if required.
3. Redemption Provisions: Issuers are obligated to promptly redeem the stablecoins at their par value within a span of five business days from the initiation of a redemption request.
4. Comprehensive Disclosure: Stablecoin issuers are required to provide users with comprehensive information. This includes details about the mechanism ensuring the stablecoin’s value stability, the rights conferred upon stablecoin holders, and audit outcomes related to the reserve assets.

MAS has indicated that only stablecoin issuers who conform to the regulatory framework’s stipulations can seek recognition as MAS-regulated entities. This distinct classification will help users differentiate between regulated and non-regulated stablecoins, instilling greater trust and confidence.

The central bank has underscored the importance of compliance, stating that individuals or entities falsely representing a token as MAS-certified will be subject to penalties outlined in the framework. These consequences encompass fines, potential imprisonment, and inclusion on an official alert list.

This framework’s development takes into account feedback garnered from a public consultation held in October 2022. Its implementation hinges on further consultations and parliamentary approval of the necessary amendments to formalize the regulatory structure.

As Singapore positions itself at the forefront of digital finance, the MAS’s regulatory framework for stablecoins emerges as a crucial step towards striking a harmonious balance between innovation and financial stability.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Singapore’s Central Bank Unveils Regulatory Framework for Stablecoins, Ensuring Stability and Compliance appeared first on Blockmanity.

https://blockmanity.com/news/ftx-founder-sam-bankman-frieds-bail-revoked-as-judge-cites-witness-tampering/

In a dramatic turn of events, United States District Judge Lewis Kaplan has revoked the bail of Sam Bankman-Fried, the indicted founder of the now-defunct FTX cryptocurrency exchange. The decision comes after probable cause was found that Bankman-Fried had tampered with witnesses on at least two occasions. This development could significantly impact the former billionaire’s trial preparations, as he faces charges of embezzling billions of dollars from FTX customers to cover losses at his Alameda Research hedge fund. Bankman-Fried had maintained his innocence and was previously under house arrest at his parents’ residence.

The bail revocation decision was announced during a hearing in federal court in Manhattan on Friday, just weeks before Bankman-Fried’s scheduled fraud trial in October. Rejecting a plea from the defense to delay the detention pending appeal, Judge Kaplan deemed that the defendant’s actions required stricter measures.

The key issue leading to this decision was the alleged sharing of personal writings belonging to Caroline Ellison, a former romantic partner and the former CEO of Alameda Research. Prosecutors argued that Bankman-Fried had crossed ethical boundaries by sharing these writings with a New York Times reporter. This act of witness tampering was particularly concerning to the court as it was done during an in-person meeting at the defendant’s parents’ home, where his internet and telephone activities were supposed to be monitored under his bail conditions.

“It was a way, in his view, of doing this in a manner in which he was least likely to be caught,” noted Judge Kaplan, suggesting that Bankman-Fried was attempting to evade surveillance. The prosecution insisted that the act was not about protecting his reputation but rather about obstructing the ongoing investigation.

The defendant’s legal team countered, asserting that Bankman-Fried’s intent was to uphold his reputation and exercise his right to communicate with the media. Nevertheless, the judge deemed the tampering allegations credible and ordered the revocation of bail.

Caroline Ellison, along with two other former associates from Bankman-Fried’s inner circle, have already pleaded guilty to fraud charges and are cooperating with the US Attorney’s Office in Manhattan. Ellison’s expected testimony against Bankman-Fried during the upcoming trial has added weight to the prosecution’s case.

Following the bail revocation, Bankman-Fried was led out of the courtroom by US Marshals, handcuffed and stripped of his shoelaces, jacket, tie, and personal belongings. His parents, both law professors at Stanford University, were visibly emotional during this turn of events.

The defense team’s request to relax the gag order that prevented Bankman-Fried from discussing his case publicly was not granted. The media has closely followed this case, with debates about the extent of the order’s appropriateness to ensure a fair trial.

While the whereabouts of Bankman-Fried’s detainment remain unclear, prosecutors have proposed that he be held at the Putnam County Correctional Facility, which would provide limited internet access for trial preparation.

Bankman-Fried’s trial, slated to begin on October 2, promises to be a pivotal moment in the world of cryptocurrency, as it delves into the alleged financial misconduct that led to the collapse of FTX and the subsequent legal battles that have unfolded.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post FTX Founder Sam Bankman-Fried’s Bail Revoked as Judge Cites Witness Tampering appeared first on Blockmanity.

https://blockmanity.com/news/donald-trump-revealed-to-possess-up-to-500k-in-cryptocurrency-holdings/

A recently disclosed filing with the U.S. Office of Government Ethics has unveiled that former U.S. President Donald Trump is in possession of cryptocurrency holdings valued at potentially up to $500,000, a surprising revelation considering his previous skepticism towards digital currencies. This news emerges as Trump gears up for a potential bid in the 2024 Presidential election.

The disclosure has ignited curiosity and discussions across both political and cryptocurrency spheres, given Trump’s history of criticizing cryptocurrencies and their potential impact on traditional financial systems. However, his venture into the realm of blockchain-based assets has taken a creative turn with his involvement in the non-fungible token (NFT) market.

In an unexpected move last year, Donald Trump introduced a series of NFT cards featuring unique digital images of him. Despite his skeptical stance on cryptocurrencies, this venture garnered massive attention and sold out within a matter of hours, underscoring the growing popularity of NFTs as a novel form of digital art and collectibles.

Continuing his foray into the NFT space, Trump released a second series of these digital collectibles in April, which also witnessed brisk sales initially. However, the momentum eventually waned, suggesting the market’s inherent volatility even in the digital realm. The newly revealed filing indicates that Trump reaped substantial profits from this venture, estimating his earnings to be within the range of $500,000 to $1 million.

Donald Trump’s emergence as a notable player in the NFT market adds a layer of complexity to his political endeavors. As he contemplates another run for the Oval Office, his crypto holdings could potentially serve as both a financial asset and a talking point in his campaign. Surpassing his fellow Republican contenders in national polling, Trump’s involvement in the crypto world could provide a unique perspective on the intersection of finance, technology, and politics.

In a landscape where traditional political strategies intersect with emerging technological trends, Donald Trump’s crypto holdings stand as a testament to the evolving dynamics shaping the global financial and political arenas.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Donald Trump Revealed to Possess Up to $500K in Cryptocurrency Holdings appeared first on Blockmanity.

https://blockmanity.com/news/nigerias-abcon-urges-ban-on-binance-within-the-country/

The Association of Bureau De Change Operators of Nigeria (ABCON), a self-regulatory body representing licensed Bureaux de Change (BDC), has escalated its demands for the Federal Government of Nigeria to halt the operations of Binance within the country. This move comes as Binance  faces mounting regulatory pressure globally.

ABCON President Alhaji Aminu Gwadabe conveyed this call for action during an interview in Lagos on August 8, as reported by local news agency Nairametrics. The association has identified Binance as a significant contributor to the downward pressure on the Nigerian naira.

Gwadabe underscored Binance’s growing influence within Nigeria’s financial landscape, positioning itself as a central hub for activities in both the Investor and Exporters window, as well as the parallel market. He emphasized the remarkable liquidity witnessed on the platform, with an astonishing 1.2 million transactions taking place every second. In response, he proposed a pivotal solution: the prohibition of Binance’s operations within Nigeria, accompanied by a concentrated effort to enhance liquidity.

The ABCON president noted a worrisome shift from optimism to pessimism in the Nigerian foreign exchange market. This change in market sentiment, according to Gwadabe, holds the potential to undermine citizens’ confidence—a factor critical to global currency dynamics.

The Nigerian Securities and Exchange Commission (SEC) had previously cautioned domestic investors against involvement with Binance, citing the exploitation of the Binance brand by unauthorized entities. The advisory, issued on July 28, reiterated that Binance lacked the necessary authorization to operate in the country, emphasizing its violation of Nigerian law. In response, Binance Nigeria received a cease and desist notice from the cryptocurrency exchange.

As Nigeria pursues a cautious stance on the cryptocurrency sector, concurrently advancing its central bank digital currency (CBDC) initiatives, the nation has upgraded its CBDC system with near-field communication technology, bolstering contactless payment capabilities.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Nigeria’s ABCON Urges Ban on Binance within the Country appeared first on Blockmanity.

https://blockmanity.com/news/paypal-launches-paypal-usd-stablecoin-bridging-fiat-and-web3-payments/

In a move set to revolutionize web3, PayPal (NASDAQ: PYPL) has unveiled its newest offering – the PayPal USD (PYUSD) stablecoin. Fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents, this regulated stablecoin can be redeemed 1:1 for U.S. dollars.

Addressing the growing potential of stablecoins in payments, PayPal USD aims to provide a stable and easily accessible instrument connected to fiat currency, like the U.S. dollar. Issued by Paxos Trust Company (the company behind BUSD), the stablecoin allows eligible U.S. PayPal customers to transfer PYUSD between PayPal and compatible external wallets, send person-to-person payments, fund purchases at checkout, and convert supported cryptocurrencies to and from PayPal USD.

Dan Schulman, President, and CEO of PayPal, emphasized the need for a stable digital instrument and expressed his commitment to responsible innovation and compliance in contributing to the growth of digital payments through PayPal USD.

Building the Bridge between Fiat and Web3

PayPal USD aims to offer a seamless connection between fiat and digital currencies for consumers, merchants, and developers. As the sole stablecoin supported within the PayPal network, PYUSD leverages the company’s extensive experience in large-scale payments and the speed, cost-efficiency, and programmability of blockchain protocols. Being an ERC-20 token on the Ethereum blockchain, the stablecoin can be easily adopted by external developers, wallets, and web3 applications, further expanding its utility.

Frictionless Payments and Global Expansion

Designed to reduce friction in virtual environment transactions, PayPal USD facilitates fast value transfers, remittances, international payments, and direct flows to developers and creators. The stablecoin also fosters the expansion of digital assets by leading global brands. In line with its focus on web3-specific environments, PayPal USD will soon be made available on Venmo, enhancing its compatibility with the web3 ecosystem.

Transparency and Regulation

To instill confidence among users, PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company subject to regulatory oversight by the New York State Department of Financial Services. Reserves for PayPal USD consist of fully-backed U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. The stablecoin can be bought or sold through PayPal at a fixed rate of $1.00 per PayPal USD.

Starting from September 2023, Paxos will publish a monthly Reserve Report, detailing the composition of the reserves for PayPal USD. Additionally, an independent third-party accounting firm will issue a public attestation of the value of PayPal USD reserve assets, following attestation standards set by the American Institute of Certified Public Accountants (AICPA).

Fostering Education and Adoption

Beyond developing innovative products, PayPal remains committed to promoting consumer and merchant understanding of cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). The company actively provides educational content to help users grasp the potential risks and possibilities surrounding these technologies.

With the launch of PayPal USD, PayPal sets its sights on reshaping the digital economy, providing a reliable and secure stablecoin for various transactions in the ever-evolving landscape of web3 and beyond.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post PayPal Launches PayPal USD Stablecoin, Bridging Fiat and Web3 Payments appeared first on Blockmanity.

https://blockmanity.com/news/singapore-red-cross-embraces-crypto-donations-tapping-into-tech-savvy-donors/

In a progressive move towards embracing digital innovation, the Singapore Red Cross has now opened its doors to cryptocurrency donations. The esteemed humanitarian aid and community services charity recently announced that it will accept Bitcoin donations, marking a significant step in the evolution of philanthropy in the digital age.

Partnering with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, the Singapore Red Cross aims to attract a new segment of donors who are tech-savvy and wish to contribute to noble causes through their digital assets. This innovative collaboration will also enable anonymous donations in cryptocurrencies, ensuring privacy and convenience for donors.

Benjamin William, the Secretary General and CEO of the Singapore Red Cross, expressed,

“We are excited to welcome cryptocurrency as a newly accepted form of donation. By embracing digital currencies, we are not only catering to the preferences of tech-savvy donors but also opening up more opportunities for the new generation to engage in philanthropy and support the vulnerable.”

Crypto for Good: Now Donate Effortlessly with Popular Digital Currencies!

The new crypto payment option is already live on the Singapore Red Cross website, providing an effortless way for donors to contribute. The payment gateway currently supports four popular digital currencies, and a special solution has been integrated to facilitate donations directly from the Binance digital wallet.

One of the key advantages of this move is that all cryptocurrency donations will be swiftly converted into fiat currency and settled via bank transfer within a single business day. This efficient conversion process ensures that the funds are readily available for the organization’s critical humanitarian initiatives.

This groundbreaking development comes on the heels of a significant legal acknowledgment of cryptocurrencies in Singapore. In a landmark ruling, the High Court of Singapore declared cryptocurrencies as private property, likening them to fiat money. Consequently, digital currencies can be categorized under “things in action” in British common law, granting them similar status and legal protections as physical possessions.

The Singapore Red Cross’ adoption of cryptocurrency as a donation channel reflects its commitment to staying at the forefront of technological advancements in the philanthropic sector. As the organization forges ahead with this new initiative, it seeks to harness the potential of digital currencies and attract a diverse pool of donors, thus expanding the reach and impact of its noble endeavors.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Singapore Red Cross Embraces Crypto Donations, Tapping into Tech-Savvy Donors appeared first on Blockmanity.

https://blockmanity.com/news/binance-surpasses-150-million-registered-users-defying-challenges/

In the face of various challenges, Binance, the renowned cryptocurrency exchange, has achieved a remarkable milestone. Changpeng Zhao, the CEO of Binance, proudly announced on social media that the platform has reached a staggering 150 million registered users.

This announcement comes on the heels of recent accusations against Binance for allegedly operating within China. According to a report by The Wall Street Journal, Chinese users were found to have conducted trades amounting to $90 billion in crypto assets during a single month in May.

However, Binance promptly clarified that its website, Binance.com, is inaccessible to users based in China and remains restricted within the country. Data from SimilarWeb revealed that the majority of Binance’s traffic comes from countries such as Turkey, Vietnam, Russia, Argentina, and India.

Astounding Growth amid Bear Market Challenges

Chinese journalist Colin Wu previously reported that as of July 2022, Binance had 120 million registered users. The recent data reveals a staggering increase of 30 million users within just one year, defying expectations, particularly considering the challenging conditions of the bear market experienced during the same period last year.

Dominating the Crypto Market

With a daily trading volume of $7,105,222,583, Binance continues to assert its dominance in the cryptocurrency market. The exchange offers a wide range of assets, encompassing 364 coins and 1389 trading pairs, as reported by CoinGecko. Additionally, Binance receives an impressive monthly visit count of 55.4 million.

Comparatively, Coinbase, the second-largest crypto exchange based in the United States, exhibits a significant disparity with a daily volume of $1,020,533,282 and a relatively lower monthly visit count of 30.1 million.

Despite facing challenges and controversies, Binance’s remarkable growth in registered users solidifies its position as a major player in the global cryptocurrency landscape.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Binance Surpasses 150 Million Registered Users, Defying Challenges appeared first on Blockmanity.

https://blockmanity.com/news/crypto-market-faces-sharp-decline-fraud-charges-and-market-cap-fluctuations-send-investors-on-edge/

In a sudden turn of events, the crypto market witnessed a significant decline, erasing gains across major cryptocurrencies. As Bitcoin, the leading digital asset, grapples with a challenging breakout, the total market cap faces volatile fluctuations. Meanwhile, Compound (COMP) struggles to find stable ground amidst regulatory rumors.

Crypto Market Cap (TOTALCAP) Negates Yesterday’s Gains

The crypto market, represented by the TOTALCAP index, is experiencing a rollercoaster ride as it struggles to maintain its bullish momentum. After reaching a peak of $1.24 trillion on July 13, the TOTALCAP recently plummeted, touching $1.11 trillion on August 1.

A brief bounce offered a glimmer of hope, validating the $1.12 trillion area as a support level. However, the market sentiment quickly shifted, leading to a sharp decline that wiped out most of the recent gains. Currently, TOTALCAP finds itself hovering once again within the $1.12 trillion territory.

Analysts suggest that if the market stages another bounce, it could potentially surge by 9%, aiming to reclaim the $1.24 trillion mark. Conversely, should a breakdown occur, a 5% decline to the $1.08 trillion support zone appears likely, further heightening investor anxiety.

Bitcoin (BTC) Price Faces Rejection despite Breakout Attempt

Bitcoin, the flagship cryptocurrency, has faced its share of challenges since reaching a yearly high of $31,800 on July 13. The price has been tracking a descending parallel channel, hinting at potential corrective patterns in the market. The decline eventually bottomed out at $28,585 on August 1.

A glimmer of hope came with a rebound, confirming the channel’s midline as a reliable support level. Despite the promising breakout signals, BTC recently faced rejection at the $29,800 resistance area, erasing much of the gains it had accumulated. This development has raised concerns among traders and analysts.

Now, Bitcoin finds itself at a critical juncture, teetering on the edge of re-entering the descending channel. If it does, the most probable scenario could lead to a 6.50% drop to the channel’s support line at $27,200. However, a resilient bounce might pave the way for another attempt to overcome the $29,800 resistance barrier.

Compound (COMP) Price Falls to Crucial Support Level

Compound (COMP), the decentralized finance (DeFi) token, experienced a thrilling surge that saw its price peak at $85.90 on July 16. However, the jubilation was short-lived as the value swiftly tumbled to $58.29 just nine days later. While a brief bounce provided hope, COMP is now trading precariously within the $58 area.

The fate of COMP hangs in the balance, with the potential for a substantial 45% surge to reclaim its yearly highs near $85 if a convincing bounce occurs. Conversely, a breakdown could lead to a 24% drop, pulling the price towards a descending resistance line at $45.

Regulatory Concerns and Fraud Charges Add to Investor Anxiety

Apart from the market’s inherent volatility, the crypto community is also grappling with regulatory uncertainties. Reports of a US court summons for Binance and its CEO, Changpeng Zhao, have surfaced, raising speculations about impending fraud charges against the renowned exchange. Such news has further fueled concerns and apprehensions among investors, contributing to the ongoing market downturn.

As the crypto market navigates through these turbulent times, investors and stakeholders are closely watching how these developments unfold, hoping for signs of stability and potential growth in the horizon.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Crypto Market Faces Sharp Decline: Fraud Charges and Market Cap Fluctuations Send Investors on Edge appeared first on Blockmanity.

https://blockmanity.com/news/sec-pressures-coinbase-to-suspend-trading-of-all-crypto-assets-excluding-bitcoin/

In a recent revelation, Coinbase CEO Brian Armstrong disclosed that the U.S. Securities and Exchange Commission (SEC) had urged the popular exchange to halt trading activity for all digital assets, with the exception of Bitcoin. The request came before the SEC filed a lawsuit against Coinbase last month, accusing the platform of failing to register as a broker.

During an interview with the Financial Times, Armstrong recounted the SEC’s stance, stating,

“They came back to us, and they said… we believe every asset other than Bitcoin is a security. And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than Bitcoin.”

The lawsuit, which triggered the regulatory showdown, specifically identified 13 assets, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO, as securities. The SEC also accused Coinbase of evading the disclosure requirements set by Congress for U.S. securities markets by never registering with the commission as a broker, national securities exchange, or clearing agency.

Armstrong emphasized that complying with the SEC’s request would have sent the wrong message, potentially pushing many American crypto businesses into operating unlawfully unless they registered with the commission. He stated,

“We really didn’t have a choice at that point, delisting every asset other than Bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US. It kind of made it an easy choice… let’s go to court and find out what the court says.”

The distinction between securities and non-securities in the crypto industry recently received some clarity during the SEC-Ripple case, in which XRP was deemed a non-security. However, the judge ruled that institutional sales of the tokens still violated federal securities laws. This ruling is expected to play a significant role in the ongoing Coinbase lawsuit, according to various industry proponents, including top legal experts.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post SEC Pressures Coinbase to Suspend Trading of All Crypto Assets, Excluding Bitcoin appeared first on Blockmanity.

https://blockmanity.com/news/chinas-digital-yuan-achieves-staggering-250-billion-transaction-milestone/

In a significant milestone for China’s digital financial landscape, the People’s Bank of China (PBOC) governor announced that the digital yuan, the nation’s central bank digital currency (CBDC), has surpassed a remarkable 1.8 trillion yuan (approximately $249.33 billion) in total transactions since its launch.

Digital Yuan Records Impressive 950 Million Transactions

As reported by Reuters, the digital yuan, also known as e-CNY, has impressively crossed an astonishing 950 million transactions, with over 120 million transactions taking place within just a year and a half of its initial release. These 950 million transactions account for an approximate monetary value of nearly $250 billion.

The PBOC governor, Yi Gang, disclosed these astonishing figures during a Monetary Authority of Singapore (MAS) conference. He highlighted the digital yuan’s noteworthy efficiency, stating:

“Currently, the balance of e-CNY represents only a minuscule portion of M0, accounting for merely two-tenths of 1%. Despite this modest balance, it supports a vast number of transactions, indicating a high velocity and enhanced efficiency.”

Impending Leadership Change and Bitcoin Stance

With such remarkable achievements in the digital currency landscape, Yi Gang’s tenure as PBOC governor is expected to conclude soon, as the bank has appointed Pan Gongsheng as the party chief. Pan, known for his critical stance on Bitcoin, will take the reins from Yi Gang to steer China’s digital financial endeavors further.

Diverse Use Cases Fueling Adoption

The primary use case for China’s CBDC remains focused on domestic retail payments, though the nation is actively exploring various other potential applications. One such endeavor involves Hong Kong’s interest in promoting the use of the digital yuan for cross-border payments, aiming to streamline international financial transactions.

To stimulate wider adoption, the Chinese government is also actively encouraging public sector employees to receive their wages in digital yuan. Notably, popular apps such as Alipay and WeChat have seamlessly integrated the CBDC into their platforms, enabling faster and more efficient payments for users.

China’s digital yuan’s remarkable achievement of $250 billion in transactions signifies a significant step forward in the global race toward embracing central bank digital currencies, showcasing China’s continued leadership and innovation in the digital financial landscape.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post China’s Digital Yuan Achieves Staggering $250 Billion Transaction Milestone appeared first on Blockmanity.

https://blockmanity.com/news/robert-f-kennedy-jr-pledges-to-back-us-dollar-with-bitcoin-if-elected-president/

In a bold move, Democratic presidential candidate Robert F. Kennedy Jr. has announced his intention to support the United States dollar with Bitcoin if he assumes the presidency. Kennedy made this pledge during a Heal-the-Divide PAC event on July 19, where he argued that backing the U.S. dollar with “hard currency,” including precious metals such as gold, silver, platinum, or Bitcoin, could effectively restore stability to the American economy.

Kennedy proposed a gradual process of implementation, with the amount of backing for the dollar adjusted according to the plan’s success. He explained,

“My plan would be to start very, very small; perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver, platinum, or Bitcoin.” 

In addition to his backing of the U.S. dollar with Bitcoin, Kennedy vowed to exempt Bitcoin to U.S. dollar conversions from capital gains taxes. He believes that this exemption would encourage investment and incentivize businesses to flourish within the United States, rather than seeking crypto-friendly jurisdictions like Singapore or Switzerland.

These recent pro-Bitcoin statements from Kennedy come after his appearance at Miami’s Bitcoin 2023 conference on May 19, where he revealed his willingness to accept political campaign donations in Bitcoin. It was also discovered in investment disclosures on July 9 that Kennedy holds up to $250,000 worth of Bitcoin, despite his previous denial of any exposure to the digital asset.

Kennedy’s proposal is just one example of the growing trend among presidential candidates to make crypto-related promises. On July 14, Republican presidential candidate and Florida Governor Ron DeSantis pledged to ban central bank digital currencies if elected president. DeSantis declared,

“If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country.”

As the race for the presidency intensifies, Kennedy’s pledge to back the U.S. dollar with Bitcoin adds a unique twist to the conversation surrounding the future of the American economy. The potential implications of his proposal, along with the broader discussion on cryptocurrency, are sure to captivate the attention of voters as they consider the candidates’ economic plans and visions for the nation.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Robert F. Kennedy Jr. Pledges to Back US Dollar with Bitcoin if Elected President appeared first on Blockmanity.

https://blockmanity.com/news/aave-protocol-launches-algorithmic-stablecoin-gho-on-ethereum-mainnet-2-million-tokens-minted/

In a significant development for the decentralized finance (DeFi) ecosystem, Aave Protocol has successfully launched its highly anticipated algorithmic stablecoin, GHO, on the Ethereum mainnet. With an impressive $2.19 million worth of GHO tokens minted thus far, this latest addition to the DeFi space aims to provide stability and transparency to the growing community of users.

Aave, in a recent blog post on July 16, described GHO as a decentralized and over-collateralized asset. The stablecoin is backed by a diverse range of digital assets, including Ethereum’s native currency ETH and Aave’s native token AAVE.

The Transparent Stablecoin Empowering Community Governance on Ethereum!

The launch of GHO on the Ethereum mainnet was the result of a community governance vote, where an overwhelming majority of 424 participating addresses expressed their support for the new stablecoin.

What sets GHO apart from centralized stablecoins like Tether’s USDT is its commitment to transparency. Aave ensures that the assets backing GHO are both verifiable and transparent, with on-chain data enabling confirmation of reserves. Transactions involving GHO are executed through self-executing smart contracts, providing a high level of security and auditability.

Furthermore, the revenue generated by GHO will contribute to Aave’s decentralized autonomous organization (DAO) treasury, with governance entrusted to AAVE and stkAAVE token holders. This approach emphasizes community involvement and ensures the stability and growth of the protocol.

GHO’s Journey: From Just Below $1 to Reaching Stability in the Stablecoin Market

GHO is accessible to the public, enabling users to mint the stablecoin by utilizing their assets as collateral within the Aave Protocol V3 Ethereum market. The over-collateralization mechanism guarantees the robustness and security of GHO, as it is backed by a variety of assets.

The launch of GHO is part of a broader trend in the DeFi ecosystem, with algorithmic stablecoins gaining prominence. In May, Curve, another DeFi protocol, introduced its flagship algorithmic stablecoin, crvUSD. However, MakerDAO’s Ethereum-based stablecoin DAI continues to dominate the market, boasting a market capitalization of $4.28 billion according to DefiLlama data.

It is worth noting that centralized issuers, namely Tether and Circle, continue to dominate the stablecoin market, comprising 87% of the total circulating supply of U.S.-dollar pegged stablecoins.

As of the time of publication, GHO is trading just below its desired $1 peg, with a value of $0.9927, having dropped to as low as $0.9814 on July 16, according to CoinMarketCap.

Cointelegraph reached out to Aave for comment but has yet to receive an immediate response. The launch of GHO represents a significant step forward for Aave Protocol and the DeFi community, bringing transparent and decentralized stablecoin solutions to the Ethereum ecosystem.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Aave Protocol Launches Algorithmic Stablecoin GHO on Ethereum Mainnet, $2+ Million Tokens Minted appeared first on Blockmanity.

https://blockmanity.com/news/crypto-bridging-protocol-multichain-halts-operations-as-ceo-and-sister-detained-in-china/

In a shocking turn of events, Multichain, one of the prominent bridging protocols in the cryptocurrency world, has announced the cessation of its operations. The decision comes as a result of the detention of the company’s CEO, Zhaojun, and his sister by Chinese law enforcement.

On Friday, Multichain took to its official Twitter page to reveal that it had been compelled to take this drastic action “due to lack of alternative sources of information and corresponding operational funds.” The CEO’s apprehension, which occurred on May 21, involved the confiscation of his computers, phones, hardware wallets, and mnemonic phrases, leaving the company in a state of disarray.

Subsequently, the situation worsened when Zhaojun’s sister was taken into custody by Chinese authorities on Thursday. With the team now unable to contact either of them, Multichain’s day-to-day operations have been sustained solely through existing server access that had not been revoked. Additionally, the assistance provided by Zhaojun’s sister had allowed for the transfer of remaining user assets in the router pool as a precautionary measure. However, with her current unavailability, the fate of the preserved assets remains uncertain, Multichain admitted.

Last week, the protocol’s vulnerability was exposed when it fell victim to an attack resulting in the loss of $130 million from numerous token bridges. Shedding light on the incident, Multichain shared details from Zhaojun’s sister, indicating that login information originating from an IP address in Kunming was discovered on the cloud server platform. Further investigation revealed a series of operations involving fund transfers from the MPC addresses.

As news of Multichain’s closure broke, its MULTI token experienced a substantial decline of nearly 12% within the day. At the time of writing, the token’s value dropped from approximately $2.28 to $2.01 following the announcement, signaling the market’s response to the company’s unfortunate turn of events.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Crypto Bridging Protocol Multichain Halts Operations as CEO and Sister Detained in China appeared first on Blockmanity.

https://blockmanity.com/news/former-celsius-ceo-alex-mashinsky-arrested-following-lawsuit-for-fraudulent-actions/

In a dramatic turn of events for the digital asset industry, the US Securities and Exchange Commission (SEC) has filed a lawsuit against Celsius Network Ltd. for fraudulent activities. As the legal proceedings unfold, the former CEO, Alex Mashinsky, has been arrested, according to sources familiar with the matter.

The arrest of Mashinsky, a prominent figure in the crypto space, comes after an investigation into the collapse of Celsius Network, which left countless investors unable to access their funds. The SEC’s lawsuit accuses the company and its former CEO of raising “billions of dollars from investors through unregistered and fraudulent offers and sales of crypto asset securities.”

Sources report that the arrest took place on Thursday morning, although details about the criminal case remain limited. The unfolding lawsuit, however, sheds light on the series of events that ultimately led to Celsius Network’s downfall.

Celsius Crypto Collapse: From High-Interest Hype to Bankruptcy Chaos

Celsius was one of several crypto companies that experienced a significant decline in 2022. Initially, the platform gained popularity for offering high-interest rate payments on crypto deposits. However, when the TerraUSD stablecoin faced a sudden downturn, Celsius was unable to rectify its balance sheet discrepancies. As a result, customers found themselves unable to withdraw their funds, leading to widespread dissatisfaction and the eventual bankruptcy filing by the company.

The SEC’s legal action against Celsius Network and the subsequent arrest of Alex Mashinsky marks a significant development in the regulation of the cryptocurrency industry. As authorities strive to protect investors and maintain the integrity of the market, this case serves as a stark reminder that fraudulent activities will not go unpunished.

As the investigation unfolds and legal proceedings progress, the crypto community will be closely monitoring the developments surrounding the former Celsius CEO’s arrest, as well as the implications for the broader digital asset ecosystem.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Former Celsius CEO Alex Mashinsky Arrested Following Lawsuit for Fraudulent Actions appeared first on Blockmanity.

https://blockmanity.com/news/celsius-network-sues-stakehound-for-recovery-of-150m-in-tokens-alleges-breach-of-duty/

In a dramatic turn of events, Celsius Network, the bankrupt crypto lender, has filed a lawsuit against liquid stacking platform StakeHound, seeking the recovery of $150 million worth of tokens. The legal action comes after StakeHound allegedly failed to return the tokens owned by Celsius, further complicating the already tumultuous bankruptcy proceedings.

According to a court document submitted by Celsius, the tokens in question include 40 million Polygon MATIC, 66,000 Polkadot, 25,000 staked Ether (stETH), and 35,000 Ether, collectively valued at $150 million. Celsius claims that, in exchange for these tokens, they received “stTokens” which were intended for deployment in other investments or return to StakeHound to retrieve their crypto assets. However, the recent filing alleges that StakeHound initiated arbitration proceedings against Celsius, arguing that it is not obligated to exchange native ETH for the stTokens due to breaches of duty to Celsius.

Celsius contends that StakeHound’s arbitration filing violates section 362 of the United States Bankruptcy Code, commonly known as the automatic stay rule. This rule prohibits creditors from initiating legal actions or collecting debts from a company or individual immediately after they file for bankruptcy. The lawsuit further exacerbates the legal complexities surrounding the bankruptcy proceedings of both Celsius and StakeHound.

Notably, this legal dispute is not the first clash between the two entities. Last year, Celsius reportedly lost 35,000 ETH when StakeHound misplaced private keys, resulting in the loss of approximately 38,000 ETH. Celsius argues that it should be relieved of its obligation to repay these assets due to StakeHound’s negligence.

Since filing for bankruptcy almost a year ago, Celsius has been striving to restructure its operations. On February 15, the company presented a restructuring plan that advocates for the creation of a public platform owned by Earn creators, sponsored by digital asset investment firm NovaWulf. However, with the recent lawsuit against StakeHound, the path to recovery and restructuring becomes even more uncertain for Celsius Network.

As the legal battle ensues, the crypto community watches closely, awaiting the resolution of this high-stakes dispute that could have far-reaching implications for the future of lending and staking platforms.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Celsius Network Sues StakeHound for Recovery of $150M in Tokens, Alleges Breach of Duty appeared first on Blockmanity.

https://blockmanity.com/news/cathie-woods-ark-sells-135k-coinbase-shares-as-price-surges-past-90/

In a move to secure gains, Cathie Wood, the pro-Bitcoin investment veteran, has decided to sell a small portion of ARK Invest’s significant Coinbase holdings.

On July 11, Wood’s renowned investment firm, ARK, offloaded 135,152 Coinbase shares, amounting to $12 million, from its prominent exchange-traded fund (ETF), the ARK Innovation ETF. This sale constituted a mere 0.14% of the fund’s overall holdings.

Interestingly, this decision comes at a time when the price of Coinbase stock has experienced a rapid upswing. On July 11, the price momentarily surged above $90, soaring from approximately $82 to a high of $90.9, according to TradingView data. Following the sale by Wood, the stock closed at $89 on Tuesday.

Data from TradingView indicates that Coinbase stock has witnessed an impressive growth of over 60% in the past month, with a year-to-date increase of more than 140%.

This recent sale of Coinbase shares marks the second time this year that Wood has chosen to secure profits from the popular cryptocurrency exchange. On March 21, ARK sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF for $13.5 million, fetching roughly $84 per share.

Prior to this profit-taking move, Wood had actively been accumulating Coinbase stock in various ARK funds. In June alone, ARK purchased approximately $40 million worth of Coinbase shares. Previously, the investment firm had acquired around $33 million of shares in both April and May, along with a staggering $117 million worth of shares in March.

Notably, several Coinbase executives, including CEO Brian Armstrong, have also been selling their shares as the stock price rallied in recent months. On July 6, Armstrong and a few other senior Coinbase executives collectively sold 88,058 shares valued at approximately $6.9 million at the time.

Furthermore, Coinbase’s Chief Accounting Officer, Jennifer Jones, liquidated 74,375 shares on June 29, generating $5.2 million.

Remarkably, despite facing a securities violation lawsuit from the United States Securities and Exchange Commission, Coinbase’s stock has continued to rise. The surge in price could be attributed to the fear of missing out on the BlackRock spot Bitcoin ETF filing, which designated Coinbase as a “surveillance-sharing” partner.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Cathie Wood’s ARK Sells 135K Coinbase Shares as Price Surges Past $90 appeared first on Blockmanity.

https://blockmanity.com/news/arcadia-finance-a-defi-platform-falls-victim-to-exploit-losing-455000-as-total-value-locked-slumps-by-76/

In a troubling turn of events, decentralized finance (DeFi) platform Arcadia Finance appears to have fallen prey to an exploit, resulting in a loss of approximately $455,000. Reports have surfaced, indicating that a prominent blockchain security firm has identified fraudulent transactions on the network, although Arcadia Finance has yet to acknowledge the incident.

On July 10, PeckShield, a leading blockchain security company, reported that one of its community contributors had discovered an exploit on Arcadia Finance, a margin lending platform operating on the Ethereum network and layer-2 network Optimism.

A DeFi Exploit Strikes Again

According to PeckShield’s findings, the exploit targeted both Ethereum and Optimism, resulting in losses estimated at $455,000. The perpetrator of the attack has reportedly transferred roughly 179 ETH by bridging 148 ETH and swapping 59,000 USDC to Tornado Cash.

PeckShield’s analysis of the hack reveals that the losses were caused by a lack of untrusted input validation, enabling the draining of funds from both the darcWETH and darcUSDC vaults. Additionally, the absence of reentrancy protection allowed for instant liquidation to bypass the internal vault health check, further facilitating the exploit.

Despite the seriousness of the situation, no alerts, updates, or detailed information regarding the incident were shared via Arcadia Finance’s Twitter account.

BeInCrypto reached out to Arcadia Finance for comment but had not received a response as of the time of publication. Arcadia Finance is a non-custodial protocol that facilitates composable cross-margin accounts on the blockchain.

Furthermore, DeFiLlama, a DeFi analytics platform, recently reported a substantial decline in the Total Value Locked (TVL) on Arcadia Finance. Within a span of a few hours, the TVL plummeted by 76%, dropping from $605,000 to $145,000.

Continued Exploits in the DeFi Space

This latest exploit targeting a DeFi platform follows the $126 million Multichain hack that occurred on July 7. In response, stablecoin issuers Tether and Circle took action by blacklisting five addresses that had received some of the stolen funds.

Moreover, earlier this month, the Poly Network suffered yet another attack, resulting in a loss of $10 million to hackers.

In a related incident, Robox, a leveraged NFT trading platform built on Solana, reported an exploit on June 10. The platform disclosed,

“We have detected and confirmed malicious activity that has resulted in the exploitation of our aggregated liquidity pool.”

However, detailed information regarding the exploit remains scarce at this time.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Arcadia Finance, a DeFi Platform, Falls Victim to Exploit, Losing $455,000 as Total Value Locked Slumps by 76% appeared first on Blockmanity.

https://blockmanity.com/news/standard-chartered-predicts-bitcoins-soaring-price-50000-this-year-120000-in-2024/

Standard Chartered, a leading UK-based bank, has made bold predictions about the future price of Bitcoin (BTC), forecasting a surge to $50,000 this year and an astonishing $120,000 by the end of 2024. The bank suggests that such price increases could incentivize miners to accumulate block rewards, leading to a reduction in coin circulation.

The bank’s analysis points to several key factors driving the current bull market and the potential for further growth. One significant factor is the growing influence of Asian traders in the cryptocurrency markets, as regulations in the region continue to mature. The Hong Kong Monetary Authority (HKMA) has exerted pressure on Standard Chartered to offer services to crypto businesses, and the introduction of new regulations has allowed licensed exchanges to list select cryptocurrencies, including Bitcoin, Ethereum, and Cardano.

Bitcoin Faces Liquidity Challenge as Market Makers Exit, Hindering Growth

Standard Chartered’s partnership with US exchange Coinbase to launch crypto trading in Singapore further demonstrates the bank’s commitment to embracing the crypto industry. These developments indicate a positive trajectory for Bitcoin and the wider crypto market in Asia.

Additionally, the upcoming Bitcoin halving, expected in spring 2024, presents another catalyst for accumulation and potential price appreciation. During the halving, which occurs every four years, the rewards for miners who successfully find and broadcast a Bitcoin block are halved. Next year’s halving will reduce mining rewards to 3.125 BTC per block. As a result, Standard Chartered predicts that the scarcity caused by the halving will push the price of Bitcoin even higher, reaching $120,000 by the end of 2024.

Despite these optimistic predictions, Bitcoin currently faces a challenge in terms of liquidity. The recent departure of two major market makers, Jump Crypto and Jane Street, has caused a sharp decline in liquidity in the market. Market makers play a crucial role in matching buyers and sellers, thereby sustaining rallies. The lack of liquidity hindered Bitcoin’s surge following the US banking crisis in the first quarter of this year.

However, the situation may soon change with the inflow of capital from prominent financial firms. BlackRock, the world’s largest investment manager with over $10 trillion in assets under management, recently filed an amended application with the US Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund (ETF). This move could provide additional liquidity and market surveillance. Similarly, Fidelity Investments has re-filed an application for a spot ETF following an initial rejection by the SEC.

While Bitcoin’s liquidity concerns persist, Standard Chartered’s predictions and the interest from major financial institutions suggest a positive outlook for the cryptocurrency. With the potential for increased accumulation and support from institutional investors, Bitcoin’s price trajectory appears to be on a remarkable upward trend.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Standard Chartered Predicts Bitcoin’s Soaring Price: $50,000 This Year, $120,000 in 2024 appeared first on Blockmanity.

https://blockmanity.com/news/vitalik-buterin-applauds-ordinals-for-reviving-builder-culture-on-bitcoin/

In a recent Twitter Space conversation, Vitalik Buterin, co-founder of Ethereum, expressed his enthusiasm for the emergence of Ordinals on the Bitcoin network. According to Buterin, these developments signify a resurgence of the “builder culture” within the Bitcoin community and serve as a counterbalance to the prevailing dominance of “laser-eye” maximalists.

During the discussion held on July 7, Buterin engaged in a lengthy conversation with Bitcoin proponents Eric Wall and Udi Wertheimer, where they explored potential lessons that Bitcoin developers could learn from their counterparts in the Ethereum ecosystem.

Buterin specifically commended Ordinals and the BRC-20 token standard for their rejection of what he described as “stagnant” politics within the Bitcoin ecosystem. He stated,

“Ordinals are starting to bring back a culture of actually doing things. It feels like there’s real pushback to the laser-eye movement, which is good.”

The primary focus of the conversation revolved around scalability, with Wall asserting that Bitcoin’s Lightning Network is ill-equipped to handle future users, frequently encountering failures even with medium-sized payments. Buterin responded by suggesting a concentrated effort on implementing various layer-2 solutions and exploring avenues to enhance the efficiency of the Bitcoin base layer.

Buterin also acknowledged the potential of zero-knowledge rollups, an approach that Wertheimer believes could introduce an execution environment enabling smart contracts on the Bitcoin network. Wall and Wertheimer, known for their involvement in the Ordinals project Taproot Wizards, advocate for augmenting the Bitcoin network’s functionality.

However, their advocacy has faced criticism from Bitcoin purists who argue that introducing NFTs and smart contracts dilutes Bitcoin’s primary purpose as a peer-to-peer cash network. Notable critics, including Samson Mow, CEO of Jan3, argue that Ordinals waste block space that could otherwise be used for Bitcoin payments.

Addressing these concerns, Wall proposed utilizing Bitcoin as a “proof system” for zero-knowledge proofs, effectively mitigating network congestion. He emphasized the desire to leverage the Bitcoin base layer as a judge or arbiter of computation, rather than executing computations on-chain.

The conversation between Buterin, Wall, and Wertheimer sparked controversy within the Bitcoin community, with Wertheimer criticizing Samson Mow and Adam Beck, CEO of Blockstream, for dismissing the conversation. Wertheimer took to Twitter, stating,

“These 2 laser-eye clowns have been running Blockstream into the ground for the last decade. In 10 years, that company couldn’t come up with a single successful product. Their joke of a blockchain processes 3 txs a day. And they think they have nothing to learn from Ethereum.”

The dialogue surrounding Ordinals and the potential of Bitcoin’s expansion has reignited the ongoing debate within the Bitcoin community, emphasizing the contrasting visions for the future of the network.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Vitalik Buterin Applauds Ordinals for Reviving ‘Builder Culture’ on Bitcoin appeared first on Blockmanity.

https://blockmanity.com/news/crypto-hacks-multichain-fantom-bridge-drained-of-126-million-aptos-twitter-account-gets-hacked/

In a concerning turn of events, Multichain faced another blow as the Fantom bridge of Multichain was targeted by hackers, resulting in the loss of $126 million worth of assets.

Simultaneously, Aptos Network, fell victim to a Twitter account hack, leading to the spread of false information and potential risks for its users.

Aptos Network Falls Victim to Twitter Account Hack

On July 7, Aptos Network’s Twitter accounts, including that of its CEO Mo Shaikh, were infiltrated by bad actors, who proceeded to disseminate deceptive details about a fraudulent airdrop. Users were urged to exercise caution and refrain from engaging with any suspicious posts related to the incident.

The hacker’s tweet claimed that participants could acquire free APT tokens on the APT network through the airdrop, asserting that over $1 million had already been claimed. Additionally, the compromised CEO’s tweet suggested that the APT coin had the potential to surpass all other cryptocurrencies in value. Aptos Labs promptly clarified via Twitter that the Aptos Foundation account had been compromised and disavowed the legitimacy of the APT airdrop, highlighting the misleading and clickbait nature of the fraudulent tweets.

This breach once again highlights the vulnerability of social media accounts to cyberattacks and the subsequent threats faced by crypto holders. Such incidents continue to be a major concern for industry teams, who strive to bolster security measures to protect users’ funds.

Multichain Suffers $126M Loss in Fantom Bridge Exploit

The same day, Multichain’s Fantom bridge encountered a devastating security breach, resulting in the loss of $126 million in various assets. Among the affected cryptocurrencies were WBTC, USDC, DAI, wETH, and Link.

Multichain promptly tweeted that the assets stored in the Multichain MPC address had been illicitly transferred to an unidentified address. As a precautionary measure, Multichain advised users to suspend the use of their services and revoke all contract approvals. Michael Kong, CEO of the Fantom Foundation, acknowledged the incident and assured the community that the matter was being thoroughly investigated.

This unfortunate event adds to the challenges faced by Multichain, as it has recently experienced a drop in its token’s value amid rumors of arrests. Furthermore, Binance has halted support for eight Multichain bridge tokens, fueling ongoing debates about the protocol’s stability. The issue stemmed from concerns related to the protocol’s cross-chain routes.

Crypto Community Grapples with Continuing Hacks and Losses

The hacking of Aptos Network’s Twitter account serves as yet another reminder of the alarming number of security incidents plaguing the cryptocurrency industry in 2023. This year alone, numerous hacks and phishing scams have resulted in hundreds of millions of dollars in losses.

The most substantial incident thus far occurred in March when Euler Finance suffered a staggering $197 million loss due to a flashloan exploit—a technique frequently employed by malicious actors. The recent Multichain exploit stands as the second-largest hack of the year.

In another disheartening event, Atomic Wallet experienced a $100 million loss as a result of compromised private keys.

The persisting occurrence of such security breaches underscores the urgent need for enhanced measures to protect users and their valuable crypto assets. The cryptocurrency community remains committed to combatting these challenges and fostering a more secure environment for all stakeholders involved.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Crypto Hacks: Multichain Fantom Bridge Drained of $126 million; Aptos Twitter Account Gets Hacked appeared first on Blockmanity.

https://blockmanity.com/news/cameron-winklevoss-proposes-1-4-billion-deal-in-effort-to-resolve-conflict-with-dcg-founder-barry-silbert/

In a bid to put an end to the ongoing dispute with Digital Currency Group (DCG) CEO Barry Silbert, Cameron Winklevoss, co-founder of Gemini, has offered a staggering $1.4 billion deal. Winklevoss took to Twitter on July 4 to announce the offer, describing it as the “best and final offer.”

Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/ErsYpcEjQD

— Cameron Winklevoss (@cameron) July 4, 2023

Winklevoss, in addition to sharing the proposed deal, published an open letter addressed to Silbert. In the letter, he accused Silbert of engaging in deceptive practices, causing professional fees to skyrocket to over $100 million. Winklevoss emphasized that this prolonged conflict had come at the expense of creditors and users of Earn.

The Gemini co-founder’s letter was direct and uncompromising, stating,

“It takes a special kind of person to owe $3.3 billion dollars to hundreds of thousands of people and believe… that they are some kind of victim. Not even Sam Bankman-Fried was capable of such delusion.”

The ultimatum was clear: Silbert must accept the proposed deal by 4 PM ET on July 6, or potentially face legal action. The unfolding events between these prominent industry players have sparked curiosity about the outcome.

Under the terms of the proposed deal, DCG would absorb any payouts exceeding $300 million to the FTX and Alameda bankruptcy estates. Additionally, the Genesis bankruptcy estate expects DCG to contribute $100 million. DCG will retain all proceeds from the sale of Genesis Global Trading.

The deal comprises three types of payments: a forbearance payment and two debt tranches. The first payment, amounting to $275 million, is due on or before the Planned Support Agreement date of July 21. The first debt tranche of $355 million will be due two years from the PSA, while the second tranche of $835 million will be due five years from the PSA.

Lumida Wealth CEO, also engaged in the matter, tweeted about the ongoing discussion between Winklevoss and Silbert. However, he expressed doubt that DCG would meet the deadline.

DCG has faced significant challenges in recent months. In May, Gemini, led by Cameron Winklevoss, extended a $630 million loan to the company, which it failed to repay. The collapse of Silicon Valley Bank dealt a severe blow to DCG, forcing the company to seek new partners.

Authorities in the United States are reportedly investigating DCG for potential misconduct in its operations, focusing on internal transfers. The mounting difficulties have already led DCG to close its brokerage subsidiary, TradeBlock.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Cameron Winklevoss Proposes $1.4 Billion Deal in Effort to Resolve Conflict with DCG Founder Barry Silbert appeared first on Blockmanity.

https://blockmanity.com/news/revolut-joins-major-crypto-exchanges-in-delisting-ada-matic-and-sol-dealing-a-blow-to-crypto-expansion/

Revolut, the prominent London-based FinTech startup and Neobank, has followed in the footsteps of major US crypto exchanges by delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL) for its American customers. The move comes as regulatory pressure mounts and market uncertainties persist, dealing a significant blow to Revolut’s crypto expansion strategy.

In an email notification sent out this week, Revolut informed its US-based users about the cessation of support for ADA, MATIC, and SOL, effectively prohibiting them from purchasing these cryptocurrencies. Furthermore, any remaining tokens held in user accounts will be automatically sold.

Revolut’s Crypto Ambitions Waver as SEC Clamps Down on Altcoins

Revolut made its initial foray into the crypto market in 2017, aligning with its business growth trajectory. Over time, the neobank integrated various crypto services into its app, boasting support for more than 100 cryptocurrencies on its website. However, the recent decision to delist ADA, MATIC, and SOL raises questions about Revolut’s crypto ambitions and its ability to navigate the volatile crypto landscape.

Entering the US market in 2020, Revolut’s crypto offering had helped the company differentiate itself from competitors. Nevertheless, venturing into digital assets also exposed the bank to the sector’s inherent risks and fluctuations. Despite the challenges, Revolut’s CEO, Nikolay Storonsky, had previously expressed his confidence in the future of cryptocurrencies, stating that the company was “doubling down on crypto products.”

However, the landscape shifted dramatically when the US Securities and Exchange Commission (SEC) initiated legal action against prominent crypto entities. Last month, the SEC filed lawsuits against Binance and Coinbase, implicating several altcoins, including ADA, MATIC, and SOL. Consequently, numerous crypto exchanges, such as Robinhood, eToro, and Bakkt, swiftly delisted these tokens due to uncertainty surrounding their legal status.

The impact of these delistings on ADA, MATIC, and SOL has been profound, with prices plummeting as a result. For instance, MATIC is currently trading at less than half its value from earlier this year, highlighting the challenging outlook for the cryptocurrency.

Additionally, Solana faces further jeopardy as recent reports of Robinhood liquidating approximately $26 million worth of SOL have prompted a significant price correction. The market volatility surrounding SOL has left investors on edge and uncertain about its future performance.

Revolut’s decision to delist ADA, MATIC, and SOL underscores the mounting regulatory scrutiny faced by the crypto industry, as well as the market’s increasing uncertainty. As crypto businesses navigate these challenges, the future of these once-promising tokens remains uncertain, leaving investors and enthusiasts alike apprehensive about their prospects.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Revolut Joins Major Crypto Exchanges in Delisting ADA, MATIC, and SOL, Dealing a Blow to Crypto Expansion appeared first on Blockmanity.

https://blockmanity.com/news/bitcoins-current-price-rally-fueled-by-demand-from-us-institutional-investors/

In a recent surge of institutional activity, U.S. investors have been flocking to Bitcoin (BTC), propelling the leading cryptocurrency’s rally to new heights. According to a report by crypto analytics firm K33 Research, BTC’s price gains and trading volume have predominantly occurred during U.S. market hours, serving as the primary catalyst behind its strength.

Since the beginning of the year, Bitcoin has surged by an impressive 85%, outperforming many other cryptocurrencies, as per CoinDesk data. This remarkable performance has been driven by a wave of involvement from prominent financial institutions such as BlackRock, Fidelity, and Citadel, instilling a sense of optimism among investors.

While Bitcoin flourishes, smaller cryptocurrencies have encountered challenges amidst mounting regulatory scrutiny, particularly regarding their classification as unregistered securities. Consequently, several trading platforms have opted to limit the availability of these popular tokens in order to mitigate risk.

BTC Breaks Free: U.S. Market Surges as Bitcoin Decouples from Equities

During U.S. market hours, BTC has experienced cumulative gains of approximately 30% since reaching a low of around $16,000, significantly outshining trading sessions in Asia and Europe. Notably, activity in the U.S. surged following BlackRock’s filing for a spot BTC exchange-traded fund on June 14, indicating the impact of institutional involvement.

In a noteworthy development, Bitcoin’s recent surge has coincided with its decoupling from the performance of U.S. equities, such as the S&P 500 and Nasdaq indices. K33 highlighted that its 30-day correlation turned negative last week for the first time since January 2021. Vetle Lunde, senior analyst at K33, noted that this shift demonstrates that U.S. traders are allocating to BTC for idiosyncratic reasons, using it as a means of portfolio diversification.

Institutional Interest Skyrockets: BlackRock’s Move Ignites Bitcoin Frenzy

Furthermore, BlackRock’s proactive initiative has sparked renewed institutional interest in the BTC market. Data from K33 reveals that open interest on the Chicago Mercantile Exchange (CME) futures market, a favored platform among sophisticated investment firms, has been approaching it’s all-time high. Additionally, a recent report by CoinShares, an asset management firm, indicates that digital asset funds received $199 million in inflows last week, the highest amount in nearly a year, with bitcoin-focused funds capturing 94% of these inflows.

Samir Kerbage, chief investment officer at crypto asset management firm Hashdex, noted that the recent surge in institutional activity represents a significant turning point in the adoption of cryptocurrencies. Kerbage stated, “We may be at a generational moment in time for individual crypto investors,” further emphasizing that current institutional interest is driven by long-term investment strategies rather than short-term opportunistic moves fueled by FOMO (fear of missing out). Once institutions enter the market, they commit with a deliberate and measured approach.

As Bitcoin continues to capture the attention of U.S. investors and gain institutional backing, the cryptocurrency landscape appears to be entering a new era of growth and adoption.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Bitcoin’s Current Price Rally Fueled By Demand From US Institutional Investors appeared first on Blockmanity.

https://blockmanity.com/news/fidelity-makes-a-fresh-move-with-refiled-spot-bitcoin-etf-application/

In a renewed effort to launch a spot bitcoin exchange-traded fund (ETF), Fidelity, one of the leading asset management companies, has refiled the paperwork for its Wise Origin Bitcoin Trust. This development closely follows BlackRock’s submission of its own spot bitcoin ETF application a couple of weeks ago.

Initially, Fidelity had applied for the launch of the Wise Origin Bitcoin Trust in 2021. However, the U.S. Securities and Exchange Commission (SEC) rejected the proposal in 2022. Since BlackRock’s recent filing in June, several other fund companies, including Invesco and WisdomTree, have made similar moves. It was reported earlier this week that Fidelity would also join the race by submitting its application soon.

BlackRock and Fidelity Compete for Spot Bitcoin ETF Approval as SEC Evaluates Market Impact 

In line with BlackRock’s filing, Fidelity’s paperwork includes a “surveillance sharing agreement” with an undisclosed U.S.-based bitcoin trading platform. This arrangement aims to address the SEC’s concerns regarding potential market manipulation.

Fidelity emphasized the need for a spot bitcoin ETF by highlighting the losses suffered by cryptocurrency investors due to insolvencies of custodians and centralized exchanges. The company believes that the availability of a vehicle such as a spot bitcoin ETF would have protected countless investors from such incidents.

As of now, the SEC has not made any decisions regarding the newly submitted applications. While there is considerable optimism surrounding BlackRock’s application, given its historically successful track record with ETFs (excluding one), some remain skeptical.

Townsend Lansing, Chief Product Officer at CoinShares, expressed his doubts about the approval chances of BlackRock’s application, estimating a 10% probability. Lansing argued that the SEC seeks evidence of the majority of bitcoin trading being conducted on a U.S. crypto exchange.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Fidelity Makes a Fresh Move with Refiled Spot Bitcoin ETF Application appeared first on Blockmanity.

https://blockmanity.com/news/coinbase-challenges-sec-lawsuit-alleges-extraordinary-abuse-of-process-in-motion-to-dismiss/

Leading cryptocurrency exchange Coinbase has filed a motion to dismiss the recent lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC), asserting that the suit represents “an extraordinary abuse of process.”

The SEC’s lawsuit accused Coinbase of enabling unregistered trading in 12 digital tokens classified as securities. However, Coinbase vehemently disputes these claims and argues that the SEC is misapplying securities laws in a manner that strays significantly from established legal frameworks. Paul Grewal, Coinbase’s chief legal officer, stated that the SEC’s allegations “go far beyond existing law” and should, therefore, be dismissed.

In a legal document filed on Thursday with the U.S. District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting that the agency was exceeding its legal authority.

Filing a motion to dismiss demonstrates Coinbase’s resolve to challenge the SEC’s lawsuit. Such a motion argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim.

In the filing, Coinbase’s legal team stated,

“Even if the SEC were correct that the assets and services it identifies are within the scope of its existing regulatory authority, this [legal] action must be dismissed on independent grounds that it violates Coinbase’s due process rights and constitutes an extraordinary abuse of process.”

Coinbase firmly maintains that the assets in question are not securities. As a government agency, the SEC requires platforms facilitating the trading of securities to register with it.

The SEC defines securities to include investment contracts, as interpreted by the Supreme Court in the Howey Test, which encompasses transactions where individuals invest money in a common enterprise and expect profits primarily from the efforts of others. The SEC named 12 crypto tokens, including SOL, ADA, MATIC, SAND, FLOW, ICP, NEAR, and DASH, as securities in its lawsuit.

However, in its filing, Coinbase argued that these digital assets do not meet the criteria for securities. The company stated,

“None of the assets the SEC has now identified are, in fact, securities, and for that and other reasons, secondary transactions in those assets are also not securities.”

Moreover, Coinbase pointed out inconsistencies in the SEC’s decisions, highlighting that the agency did not raise objections to six of the disputed tokens during Coinbase’s previous dealings with the SEC in 2021.

Coinbase’s legal team further emphasized that the SEC had approved Coinbase’s registration statement in 2021, allowing the company to go public and sell its shares to investors. This approval followed an extensive review process and extensive discussions with Coinbase. As a result, Coinbase was authorized to trade over 240 tokens on its spot exchange, including six of the 12 tokens now at the center of the dispute.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Coinbase Challenges SEC Lawsuit, Alleges “Extraordinary Abuse of Process” in Motion to Dismiss appeared first on Blockmanity.

https://blockmanity.com/news/ftx-initiates-talks-for-reboot-fueling-ftt-token-surge-by-15/

FTX, the bankrupt cryptocurrency exchange, has commenced discussions to revive its operations and potentially rebrand, according to reports. CEO John J. Ray III is spearheading efforts to restart FTX.com, engaging interested parties in the process, as confirmed by sources familiar with the matter. Preliminary talks with potential investors, including Figure, have also taken place to support the relaunch of the international exchange FTX.com, possibly through a joint venture. Existing customers may be offered a stake in the revitalized entity as compensation. FTX’s native token FTT surged 15% in response to the news, hitting a seven-week high of $1.51 before settling at $1.45, according to CoinGecko.

FTX’s relaunch may involve rebranding while excluding the restart of its U.S. exchange, which represented a smaller portion of its business. Interested parties have been requested to notify the company and its advisors by the end of the week. FTX and Figure, another potential participant, have not yet responded to Decrypt’s request for comment.

FTX’s CEO, Ray, who took charge in November 2022 during the bankruptcy filing, initially mentioned the possibility of a reboot in January this year. He stated that viable business prospects had been identified. In April, lead attorney Andy Dietderich also hinted at the potential revival of the exchange, though no specific plan was outlined at the time.

Court documents from May revealed Ray’s efforts to explore the necessary steps for restarting the company. He reviewed and finalized FTX 2.0 materials to be distributed to investors. The restructuring plans of FTX are expected to be filed in Q3 2023, with a decision on the relaunch plans anticipated by the summer of 2024, roughly a year away.

Cryptocurrency partner Louise Abbott from Keystone Law stated that although the liquidator is open to all possibilities, no concrete plan for the exchange’s restart has been confirmed yet. If the plans materialize, significant capital will be required, and market trust will play a crucial role. There is speculation that FTX might offer investors a stake in the company, allowing them to participate in potential future growth. However, these discussions remain at a hypothetical stage for now.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post FTX Initiates Talks for Reboot, Fueling FTT Token Surge by 15% appeared first on Blockmanity.

https://blockmanity.com/news/robinhood-announces-another-layoffs-slashing-7-of-full-time-staff-amid-market-adjustments/

In a recent development, Robinhood Markets, the popular online brokerage firm, is reportedly planning to lay off approximately 150 full-time employees, amounting to 7% of its workforce. This move comes as Robinhood’s third round of layoffs within a span of just over a year.

According to an internal message obtained by The Wall Street Journal, Jason Warnick, the Chief Financial Officer of Robinhood, cited the need to “adjust to volumes and to better align team structures” as the primary reasons behind these layoffs.

While a Robinhood spokesperson declined to comment on the specific layoffs, they stated,

“We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more.”

This latest round of layoffs comes merely five days after Robinhood’s acquisition of credit card firm X1 in a $95 million deal. It is worth noting that Robinhood had previously undertaken substantial downsizing measures in response to a decline in trading activity and the subdued prices of equities and cryptocurrencies, resulting in a significant reduction in profit margins. In April last year, the company cut 9% of its total headcount, followed by an additional 23% reduction in staff in August, resulting in the loss of over 1,000 employees.

During its peak in the second quarter of 2021, Robinhood enjoyed 21.3 million active users and generated over $565 million in revenue. However, recent trends have not been favorable for the firm, as its Q1 2023 results indicate a 44% decline in monthly active users and a 30% year-over-year decrease in revenue.

Despite the challenging market conditions and operational adjustments, Robinhood’s shares have seen a modest increase of 18% this year, currently trading at $9.63. Nevertheless, the stock price has experienced a significant decline of over 82% since reaching its all-time high in August 2021.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Robinhood Announces Another Layoffs, Slashing 7% of Full-Time Staff amid Market Adjustments appeared first on Blockmanity.

https://blockmanity.com/news/global-poll-reveals-divided-public-opinion-on-cryptos-value-to-the-internet/

In a recent study conducted by YouGov and Consensys, it was discovered that public opinion on the value of cryptocurrency to the internet remains sharply divided. The poll, which reached out to 15,158 individuals across 15 countries, uncovered a significant number of people who still associate crypto with scams, particularly when encountered online. These findings raise concerns for an industry struggling to make a convincing case for wider adoption.

The YouGov poll, encompassing nations such as the US, UK, Japan, India, and Brazil, aimed to capture the perspectives of ordinary people and shed light on their views regarding the digital landscape of the modern internet. Despite growing awareness of cryptocurrencies, the majority of respondents have yet to connect its potential solutions with crypto or the emerging Web3 concept.

Crypto Awareness Soars: Belief in Future Potential Remains Divided

According to the study, a staggering 92% of respondents reported awareness of crypto. However, only one-third of those surveyed expressed belief in its potential as the future of money. Similarly, a mere 31% believed it could be the future of ownership. The survey also unveiled concerns related to the ease of online accessibility of crypto. A significant 25% of respondents associated it with scams, while 26% linked it to speculation.

A notable disparity emerged between wealthier and middle-income economies. In Nigeria, 58% of respondents saw crypto as the future of money, followed by 50% in South Africa and 44% in Mexico. In contrast, only 15% of Britons and 17% of Germans shared the same view.

The study also revealed that widely-used industry terms, including Web3, are struggling to resonate with the public. Only 8% of respondents claimed to be very familiar with the concept, while terms like Metaverse (36%) and NFTs (34%) garnered slightly better recognition.

Empowering Users and Protecting Privacy, but Are There Ready-Made Solutions?

Despite the mixed reception, there is room for optimism. The decentralized web, synonymous with Web3, has the potential to appeal to those skeptical of the current Web2 model. In fact, 58% of respondents from various age groups strongly agreed that they would like more control over their internet identity. Additionally, 83% of participants globally expressed the importance of data privacy.

Advocates of blockchain, Bitcoin (BTC), and other cryptocurrencies argue that ready-made solutions exist to address these concerns. However, not everyone is convinced by their claims.

As the crypto industry grapples with public perceptions and strives for broader acceptance, it remains to be seen whether it can overcome these challenges and demonstrate the true value it brings to the internet.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post Global Poll Reveals Divided Public Opinion on Crypto’s Value to the Internet appeared first on Blockmanity.

https://blockmanity.com/news/hsbc-hong-kong-becomes-first-bank-in-region-to-offer-bitcoin-and-ethereum-etf/

HSBC Hong Kong, the largest bank in the special administrative region of China, has announced that it will now allow its customers to trade bitcoin and ether exchange-traded funds (ETFs) listed on Hong Kong’s stock exchange.

According to screenshots of the platform obtained by Chinese crypto reporter Colin Wu, HSBC Hong Kong’s investment platform features three crypto ETFs: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. While HSBC Hong Kong did not immediately respond to requests for comment, Wu’s report confirms the availability of these ETFs on the platform.

This development positions HSBC Hong Kong as the pioneering bank in the region to permit trading in crypto ETFs. Hong Kong-based users can now conveniently engage in crypto ETF transactions through the bank. Wu, who broke the news, stated that the ETF listings were made available today.

New ETFs and Regulatory Initiatives Make Waves

CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF, both managed by CSOP Asset Management, track the standardized, cash-settled Bitcoin futures contracts and Ether futures contracts traded on the Chicago Mercantile Exchange (CME), respectively. These ETFs were listed on Hong Kong’s stock exchange in December of last year. On the other hand, Samsung Bitcoin Futures Active ETF, managed by Samsung Asset Management Hong Kong, debuted in January.

Hong Kong’s growing interest in the crypto sector is evident with the recent introduction of a licensing regime for crypto platforms. The aim is to attract more crypto firms to the region, especially as the United States intensifies its crackdown on the industry. Hong Kong’s banking regulator, the Hong Kong Monetary Authority (HKMA), has reportedly been exerting pressure on HSBC, Standard Chartered, and Bank of China, who play a special role as issuers of the city’s currency, to accept crypto exchanges as clients.

It remains to be seen whether HSBC Hong Kong’s competitors will follow suit by introducing crypto ETFs on their platforms. Meanwhile, in the United States, a race is underway to secure approval for a bitcoin ETF. BlackRock, Invesco, and WisdomTree are among the companies that have filed or re-filed applications, although the U.S. regulator has previously rejected similar proposals due to concerns over crypto market manipulation.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Blockmanity won’t be responsible for any loss of funds.

The post HSBC Hong Kong Becomes First Bank In Region To Offer Bitcoin and Ethereum ETF appeared first on Blockmanity.