Ether Price Thrives With 60% YTD, While NFTs Face a 45% YTD Downturn

https://coinedition.com/ether-price-thrives-with-60-ytd-while-nfts-face-a-45-ytd-downturn/

  • Ether is up by 60% year-to-date, but NFTs are falling behind, with a valuation decline of 44.82% YTD. 
  • Bored Ape Yacht Club’s sales volume declined by 99%.
  • Analysts suggest various reasons for the crash of NFTs, including the dearth of NFT production.

According to CoinGecko, the price of Ether is up by 60% year-to-date (YTD) as of this writing, benefiting from a market-wide price rally. However, ForkastLabs’ 500 NFT index, which measures the valuation of the top 500 NFTs, reveals that the overall valuation of non-fungible tokens (NFTs) has dropped by approximately 44.82% YTD. 

Concurrently, data aggregator CryptoSlam shows a 31% YTD plunge in the NFT sales volume, from $25.90 million to $17.80 million. 

Strikingly, the Ethereum-based NFT collection Bored Ape Yacht Club had an average of $53 million in sales volume in 2021. However, this sales performance has dropped by 99% in the past few months, plunging to $523,000 at present.

The floor price of notable collections like “The Merge” has even dipped from roughly 25 ETH to 1.1 ETH at present. Analysts suggest various reasons for the crashing of NFTs. This purportedly includes the dearth of NFT production, fluctuating gas fees, and the overall performance of cryptocurrencies.

In the same loop, data from the multi-chain TVL stats dashboard DefiLlama shows that OpenSea, the largest NFT marketplace, was clearing $387 million in fees monthly and $120.45 million in revenue in January 2022. This is a stark  contrast to its present aggregate fees of $6 million and $1.9 million in revenue in November 2023.

Moreover, Web 3.0 community Proof’s Research Director, who goes by NFTstats.eth on X, displayed OpenSea’s decline in market share.

NFTstats.eth noted that the decline in revenue is a combination of three things, which include the tanking of NFT volumes, the decrease of its market shares, and the margin compression in platform fees.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

FTX Allowed To Liquidate $873M Worth of Bitwise and Grayscale Assets

https://coinedition.com/ftx-allowed-to-liquidate-873m-worth-of-bitwise-and-grayscale-assets/

  • A bankruptcy court in a Delaware district permits FTX to sell its trust assets.
  • The funds will be paid to the creditors of FTX, to whom they owe billions of dollars.
  • The FTX estates include shares of Grayscale and Bitwise investment funds, now worth roughly $873 million.

FTX Trading Ltd. and its affiliated debtors are granted permission to sell or transfer their stakes in trust assets managed by Grayscale Investments, according to a recent case filed in a Delaware bankruptcy court. The digital asset management company, which was valued at an estimated $744 million on October 25, has climbed up and is now roughly worth $873 million.

The approval is necessary to “maximize and preserve the value of the estate for the benefit of creditors and interest holders,” to whom FTX owes billions of dollars.

Moreover, the case order cites:

The Debtors [FTX and its affiliated debtors] are authorized, but not directed, to execute sales of the Trust Assets, in their reasonable business judgment.

The buyers purportedly didn’t hold the actual currencies but instead got shares in trusts that Grayscale put together and managed.

The motion grants FTX, via a third party, the permission to begin selling units in six crypto funds, with Grayscale Bitcoin Trust (GBTC) accounting for the largest portion of the assets at 22.28 million per GBTC (equivalent to $597 million). The remaining holdings include Grayscale Ethereum Trust (ETHE), Bitwise 10 Crypto Index Fund (BITW), Grayscale Ethereum Classic Trust (ETCG), Grayscale Litecoin Trust (LTCN), and Grayscale Digital Large Cap Trust (GDLC).

The advisers of FTX have reportedly been tracking down assets to untangle the firm’s debts owed to various creditors and customers since 2022, as per Bloomberg. The report adds that the administrators of the now-collapsed entity have recovered approximately $7 billion in assets, including $3.4 billion of cryptocurrency funds.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Binance.US Asserts Separate Operations From Binance Amid SEC Scrutiny

https://coinedition.com/binance-us-asserts-separate-operations-from-binance-amid-sec-scrutiny/

  • Binance.US, the American arm of Binance, clarified their independent operation from their parent company.
  • The SEC is reportedly probing evidence of fraudulent activities involving Binance.US.
  • Binance’s American unit revealed that Zhao stepped down from his role as chairman of the board of directors.

Binance.US, the American arm of Binance, came to X on Tuesday to clarify their independent operation from their parent company. The message, intended for their community, explains that Binance.US was launched to cater to the United States market and thereafter follows the country’s rules and regulations.

This announcement coincided with the Securities and Exchange Commission’s continued efforts to probe evidence of fraudulent activities involving Binance.US. The Wall Street Journal reported on Monday that Binance’s co-founder and former CEO, Changpeng ‘CZ’ Zhao, may have a backdoor to manage assets stored on its American unit.

Binance.US highlighted that it remains fully operational and is not a party to the legal settlements involving Binance and its co-founder. They added that they do not have any outstanding enforcement matters with the U.S. Department of Justice, the Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, or the Office of Foreign Assets Control.

Further emphasizing Binance.US and Binance’s separate operations, the former revealed that Zhao has decided to step down from his role as chairman of the board of directors. Zhao has supposedly transferred his voting claims through a proxy arrangement. The tweet also states:

His [Zhao’s] interest in the company is purely economic, and he will no longer be involved in our governance.

Nonetheless, the largest crypto exchange’s American unit underscored its gratitude to Zhao for his guidance, counsel, and support in helping establish Binance.US. The tweet also highlighted that Norman Reed leads the crypto branch.On November 21, Zhao pleaded guilty in a Seattle court to one count of willfully causing Binance to fail to enact an effective anti-money laundering program. Zhao is awaiting his sentencing, scheduled for February 23, 2024.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Solana-Based Meme Coin Bonk (BONK) Now Available for Trading at KuCoin

https://coinedition.com/solana-based-meme-coin-bonk-bonk-now-available-for-trading-at-kucoin/

  • Bonk announced its official listing on the KuCoin exchange.
  • BONK prices jumped as news of the listing circulated.
  • Bonk enthusiasts are bullish on a new all-time high for the meme coin.

Bonk (BONK), the first dog-themed coin on the Solana network, has proudly announced its official listing on KuCoin, the sixth largest crypto exchange, as per CoinMarketCap.

The meme coin’s trading pair, BONK/USDT, is open for deposits via the SOL network, with its live trading in full swing as of press time. KuCoin will also officially enable BONK withdrawals at 10:00 on November 29, 2023 (UTC).

Right after KuCoin announced the news on its official X page, meme coin BONK jumped to the $0.00000396 price point. The increase is 4% higher than BONK’s $0.00000380 market opening value.

BONK debuted as a Christmas airdrop to the Solana community on December 25, 2022, and was opened for trading on December 30 of the same year. $SOL users received 50% of the total $BONK airdrop supply, which is …

The post Solana-Based Meme Coin Bonk (BONK) Now Available for Trading at KuCoin appeared first on Coin Edition.

Crypto Analyst’s Weekly Watchlist: LINK, ATOM, DYDX, FXS, and More!

https://coinedition.com/crypto-analysts-weekly-watchlist-link-atom-dydx-fxs-and-more/

  • Crypto analyst ‘The DeFi Investor’ dropped its weekly watchlist, highlighting launches, halvings, and more!
  • LINK, ATOM, DYDX, FXS, SUI, VRTX, and EMP are the purportedly ‘must-watch’ tokens this week.
  • Notably, ATOM’s halving proposal has been approved, while FXS’ halving event will transpire on December 20.

Cryptocurrency analyst ‘The DeFi Investor’ shared in an X post on Sunday what to expect in the world of decentralized finance and crypto. The analyst hinted at a busy week for crypto assets, protocols, or platforms such as Chainlink, Cosmos, dYdX, Frax, Sui, Vertex, and Empyreal.

The DeFi Investor highlighted network launches, crypto halvings, an increase in trading volumes, and network developments.

Chainlink is gearing up for the upcoming launch of its Staking v0.2 mechanism, which will go live on November 28 at 12 p.m. ET. In its official X page, the Oracle network highlights that v0.1 stakers can migrate their staked LINK and accrued yields to v0.2 with guaranteed entry for nine days.

Cosmos (ATOM)

Cosmos Hub announces the approval of the #848 proposal, which cuts the inflation rate of its native token, ATOM, by 50%. The approved proposal will also reduce ATOM’s inflation from 14% to 10%.

Source: Mintscan

dYdX (DYDX)

Decentralized finance (DeFi) protocol dYdX will unlock $524 million worth of tokens for its investors and team on November 28. Notably, the $DYDX tokens will be released on the DYDX chain, which is purportedly not yet supported by centralized exchanges.

Frax Share (FXS)

The DeFi investor also wrote that the Frax Share (FXS) halving will ensue on December 20, which will be followed by the launch of its Layer 2 solution, FraxChain, in January. Moreover, the frxETH V2 audit is officially live and completed and can be redeemed on December 12.

Sui (SUI)

Token analytics dashboard Token Unlocks shared on X that $SUI will undergo two cliff unlocks worth $48.2 million (8% of its supply) next week from the Community Reserve and Community Access Program.

Vertex (VRTX)

The DeFi Investor also included Vertex on the roster for surpassing dYdX in trading volume. This surge transpired after the launch of its ARB Incentives Program. Additionally, it was noted that VRTX can now be staked to yield 30%–50% of the protocol revenue.

Empyreal (EMP)

Further, EmpyrealSDK’s API will be officially accessible on Empyreal Hub next week. Along with that, its very own SDK modules will be made available during their v1 release via Telegram Toolkit, Trading Features, and more.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

CoinGecko: 10 AI Tokens Surge as Sam Altman Left and Rejoins OpenAI

https://coinedition.com/coingecko-10-ai-tokens-surge-as-sam-altman-left-and-rejoins-openai/

  • CoinGecko announces that 10 AI tokens increased by up to 80.4% when OpenAI fired and rehired Sam Altman.
  • Akash Network took the lead as the largest gainer, where it skyrocketed by 80.4% on November 20.
  • Altman’s Worldcoin also climbed up, increasing between 26.4% to 50.9% .

CoinGecko, a large cryptocurrency tracking website, releases an insight into the 10 Artificial Intelligence tokens that increased by 11.8% to 80.4% from November 20 to November 23. This large crypto aggregator highlights that the surge coincided with the decision of OpenAI, an AI research and deployment company, to fire and rehire its co-founder, Sam Altman. 

In a recent X post, CoinGecko wrote that Akash Network (AKT) took the lead as the largest gainer, where it skyrocketed by 80.4% on November 20. AKT purportedly showed a 61.1% increase, from $1.02 to $1.65, on November 23.

OriginTrail (TRAC) had the second largest profits during the same period, where it peaked between the 45.8% to 50.9% range. Meanwhile, Bittensor (TAO) came in third, climbing by 33.9% to 71.3%.

Moreover, when OpenAI’s board of directors decided to reinstate Altman as its CEO, two cryptos—TRAC and Altman’s iris biometric-focused token Worldcoin (WLD)—climbed up, increasing between 26.4% to 50.9%.

CoinGecko tracked the AI-focused tokens during the four-hour closing prices on November 17 (8:00 P.M. UTC) to November 23 (5:00 A.M. UTC). Besides the aforementioned gainers, Fetch.ai (FET), SingularityNET (AGIX), Dynex (DNX), 0x0.ai (0X0), Render (RNDR), and Ocean Protocol (OCEAN) also made it to the list.

The crypto data aggregator also stresses that AI tokens have been rallying in price amidst expectations of a spot Bitcoin exchange-traded fund (ETF) approval. However, the issue surrounding OpenAI and its top bosses only propelled the rally further. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Prosecutors Block Zhao’s Return to the UAE Before February Sentencing

https://coinedition.com/prosecutors-block-zhaos-return-to-the-uae-before-february-sentencing/

  • Binance Co-Founder Changpeng “CZ” Zhao is not permitted to leave the U.S.
  • Federal prosecutors highlighted Zhao’s minimal ties with the U.S.
  • The filing mentioned that the UAE might not agree to a request to extradite him for sentencing if he decides not to return voluntarily.

Changpeng Zhao (CZ), the co-founder and former CEO of Binance, is not permitted to leave the United States after federal prosecutors asked to review a Seattle magistrate’s initial decision.

The prosecutors’ arguments are centered on three points: the U.S. cannot extradite CZ from the United Arab Emirates; his connections to his home country present significant risk; and his bail package is inadequate to ensure his return.

As per the court document filed on Wednesday, Zhao holds citizenship in both the UAE and Canada. The “extraordinary circumstances” surrounding how he obtained his UAE citizenship suggest his “favored position” in the country, according to the filing. 

It’s worth noting that one cannot simply apply for UAE citizenship; it must be offered by the government itself. Hence, Zhao’s return could mean the UAE might not agree to a request to extradite him for sentencing if he decides not to return voluntarily.

During the plea hearing, Zhao stressed before the magistrate the essence of his family (who presently reside in the UAE) in arguing for his return to the country. The magistrate allowed Zhao to go back home, provided that he returned to the U.S. 14 days before his sentencing on February 23, 2024.

After hearing the court’s decision, some members of the crypto community seem dissatisfied. A pseudonymous trader, known as Doctor Profit, wrote on X that Zhao “did nothing wrong” and people were disrespecting him.

Versan Aljarrah, the founder of Black Swan Capitalist, also weighed in on the matter, suggesting that the confession of Binance’s former CEO could be connected to “external pressures of threats, bullying, and intimidation”.

Moreover, Aljarrah mentioned the speculative possibility of a strategic move to “weaponize the SEC” and “use regulatory enforcement” to consolidate Binance and its Bitcoin assets.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

BNB To Drop to $5; Analyst Claims as Binance Co-Founder Pleads Guilty

https://coinedition.com/bnb-to-drop-to-5-analyst-claims-as-binance-co-founder-pleads-guilty/

  • WhaleWire alleges the imminent bankruptcy of Binance as co-founder ‘CZ’ pleads guilty and pays the $4.3 billion fine
  • The crypto analyst foresees $BNB dropping down to $5
  • The crypto community backs CZ’s ‘derisking’ efforts

WhaleWire, a crypto analyst, wrote to X (formerly known as Twitter), predicting the forthcoming bankruptcy of the largest cryptocurrency exchange, Binance.

The self-proclaimed “original crypto whale” foresees Binance’s exchange token BNB dropping to $5. With Binance Co-Founder Changpeng “CZ” Zhao allegedly busted for his crimes, WhaleWire believes that without “fraud or price manipulation,” Binance’s entire business model will be destroyed.

WhaleWire added that all this will “ripple across the entire market in due time.” This statement came after CZ agreed to plead guilty and pay the $4.3 billion settlement deal with the U.S. Justice Department.

Following the news of CZ’s guilty plea, the value of BNB plummeted sharply by 9.5% after a couple of hours. Moreover, crypto analytics company Kaiko reports an approximate 50% to 66% decline in Binance’s daily trading volume. It reached around $10 billion, up from last year’s average volume of $20 billion to $30 billion.

Further, some Binance proponents have expressed dissatisfaction with WhaleWire’s post. An account user, “warchild” (@XpaganatorX), calls the reporting “another piece of garbage ‘news’.” A DeFi news writer, using the handle “Uchope” (@uc_yuccie) notes that WhaleWire “has been a stern critic” of Binance and “has since predicted CZ’s fall.”

Ryan Selkis, the founder and CEO of blockchain analytics firm Messari, highlighted Binance’s “derisking” effort. He emphasized that this move is among the “biggest catalysts” in the crypto space.

Zhao has recently been released on a $175 million bond and could be allowed to return to Dubai, provided he returns to the U.S. two weeks before his sentencing on February 23, 2024.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Binance Faces $4B Settlement With DOJ to End Criminal Case: Bloomberg

https://coinedition.com/binance-faces-4b-settlement-with-doj-to-end-criminal-case-bloomberg/

  • Binance is asked to pay $4 billion as part of a proposed resolution with the DOJ.
  • Binance seeks a “deferred prosecution agreement” to continue its operations without direct prosecution.
  • The final decision could come by the end of this month.

Binance Holding Ltd. is reportedly asked to pay $4 billion as part of a proposed resolution with the United States Department of Justice, as per Bloomberg.

The report said that the settlement proposal between the DOJ and Binance comprises the probability that the cryptocurrency exchange’s founder, Changpeng “CZ” Zhao, would face criminal charges in the U.S. This agreement could fix the years-long investigation into the exchange firm for alleged violations of “money laundering, bank fraud, and sanctions violations”.

The news article also stated that Binance seeks a “deferred prosecution agreement” to continue its operations without direct prosecution.

Moreover, the DOJ reportedly has three-fold terms for this agreement—besides the $4 billion payment—including Binance’s admission of wrongdoing in a detailed statement of facts. Moreover, the U.S. authorities require the exchange’s commitment to stringent monitoring, which would ensure compliance with laws and regulations moving forward.

Bloomberg also detailed that a final decision could come by the end of the month; however, the condition “remains fluid”.

CZ currently resides in the United Arab Emirates, which means it does not have any mutual extradition agreement with the U.S. Therefore if the DOJ charged him, they would require extradition from a jurisdiction with a U.S. treaty, or he could set foot in the U.S. soil to face those charges.

Binance and CZ have been grappling with a few charges thrown at him by various government entities in the U.S., encompassing two enforcement actions from the Securities and Exchange Commission in June and the Commodity Futures Trading Commission in March.The slurry of legal imbroglio Binance has faced this year has notably impacted its U.S. unit, where former Binance.US CEO Brian Shroder left in September following a company-wide job cut.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Sam Altman’s Exit From OpenAI Causes Price Drop for Worldcoin Token

https://coinedition.com/sam-altmans-exit-from-openai-causes-price-drop-for-worldcoin-token/

  • OpenAI’s board of directors removed co-founder and chief executive officer, Sam Altman, on Friday.
  • The WLD token dropped to $1.84 hours after the story made headlines.
  • Emmett Shear will replace Altman as the new CEO.

OpenAI’s board of directors fired its very own co-founder and chief executive officer, Sam Altman, last Friday. As the news made headlines, Altman’s  retina-scanning cryptocurrency, Worldcoin (WLD), dropped to $1.84.

In the official blog post published last Friday, OpenAI asserted that Altman’s departure followed “a deliberative review process by the board.” They concluded:

He [Sam Altman] was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities. The board no longer has confidence in his ability to continue leading OpenAI.

According to Bloomberg, Altman was reportedly seeking billions of funds in the Middle East for his new AI-focused chip company before his OpenAI ouster on Friday. This venture is code-named “Tigris” and is intended to rival multinational AI and graphics-intensive applications company Nvidia.

Simultaneously, the Worldcoin token remarkably dropped on Saturday as news circulated about Altman’s removal. The token has been gradually decreasing from its $2.48 peak on Thursday—potentially caused by market volatility, but the news has exacerbated its decrease.

Although Worldcoin operates independently from OpenAI, its token’s value has rebounded right after reports circulated that a group of OpenAI executives and shareholders would reinstate Altman as the CEO of OpenAI. Nonetheless, WLD shed its price (-7.93%) again when the latest news stated that Altman would be officially replaced by Emmett Shear, co-founder and  former CEO of Twitch.

Concurrently, Chairman and CEO of Microsoft Corporation Satya Nadella announced on X a few hours after the replacement was publicized:

And we’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team.

Nadella underscores that they remain committed to their association with OpenAI and have confidence in its product roadmap.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Shibarium Joins the Top 5 Most Active Networks on NOWNodes

https://coinedition.com/shibarium-joins-the-top-5-most-active-networks-on-nownodes/

  • NOWNodes notes that this is a vital step to accommodate further requests.
  • Shibarium makes it to the top five of the most active networks on NOWNodes.
  • This new record breaks the previous one made in September on the same network.

Shibarium, a Layer 2 blockchain built on the Ethereum and Polygon chains, makes it to the top five of the most active networks on NOWNodes, a blockchain-as-a-service solution platform.

In an X (formerly Twitter) announcement, NOWNodes has emphasized that the increased activity on the Shiba Inu ecosystem blockchain suggests further expansion in the “capacities for Shibarium RPC Node utilizations.”

NOWNodes added that this upward move for the Shibarium is a vital step to accommodate further requests and calls as well as integrate future partnerships with larger volumes.

Concurrently, the platform calls on developers to begin deploying and developing on the Shiba Inu blockchain network. According to the NOWNodes website, the utilization of the Shiba Inu RPC (otherwise known as “remote procedure call”) nodes entails a “seamless integration” and development of and through the Shibarium Mainnet.

This is a new record, as the blockchain-as-a-service solution has previously lauded Shibarium for climbing to the ranks on NOWNodes after it deployed its very own RPC node in September. As such, the Shiba Inu ecosystem processed over 7 million RPC proposals for the Shibarium network in just one week.

Shibarium was officially launched in mid-August during the Blockchain Futurist Conference in Toronto. However, it was met with a network glitch following unexpected traffic in the blockchain. Nonetheless, the Shibarium team relaunched the network and completed the process in over a week on August 28, 2023.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

BIS Study Raises Concerns About the “Store of Value” of 68 Stablecoins

https://coinedition.com/bis-study-raises-concerns-about-the-store-of-value-of-68-stablecoins/

  • The Bank for International Settlements (BIS) raised concerns about the stability and reliability of 68 stablecoins.
  • BIS accentuated the most prominent assets, including Tether, USD Coin, and Binance USD.
  • The BIS research concluded that “a stablecoin that never breaks its peg has yet to emerge.”

The Bank for International Settlements (BIS), an international financial institution, has raised concerns that the 68 stablecoins in the market “do not live up to their names”. In the comprehensive analysis released on November 8, the institution revealed that, to date, not one stablecoin has met the prerequisites to be a secure store of value.The study cited that none of the stablecoins evaluated were able to maintain parity with their pegged closing prices. In comparing backed stablecoins and unbacked stablecoins, the BIS further explained:

The fiat-backed ones [stablecoins] performed best: from January 2019 to September 2023, the median of the price-to-peg ratio for all fiat-backed stablecoins was exactly 1 in 94% of the days, compared with 77% and 50% of the days for crypto-backed and commodity-backed stablecoins, respectively.

The report also dove into the ins and outs of stablecoins, from their nature and classifications to their market trajectories, “price stabilization mechanisms, and the effect of transparency on their backing.” It also accentuates the most prominent assets, including Tether, USD Coin, and Binance USD.

Moreover, it highlights that these coins are generally marketed as “new forms of money” that safeguard investors’ assets against market fluctuations. The research thereafter referenced the crash of Terra’s stablecoin USDT, among other factors, that created a “discernible impact” on the market in 2022. Its collapse inevitably wiped out $2 trillion in the overall crypto market valuation and instigated the “crypto winter”.

Further, the BIS study emphasized that “a stablecoin that never breaks its peg has yet to emerge” and that “appropriate regulation and supervision are essential”. It added that with proper regulation, it would be possible to “prevent stablecoins from compromising the safety and efficiency of payments and the financial system more broadly”.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Ethereum Insider Releases A Bombshell Against Buterin and Lubin

https://coinedition.com/ethereum-insider-releases-a-bombshell-against-buterin-and-lubin/

  • Vitalik Buterin and Joseph Lubin are accused of sabotaging crypto by a former Ethereum advisor.
  • Nerayoff asserted that the co-founders engaged in undisclosed dealings with the SEC.
  • He also claimed that the Ethereum network never scaled due to Buterin.

Vitalik Buterin and Joseph Lubin, Ethereum’s co-founders, are accused of sabotaging crypto and engaging in fraudulent initial coin offerings by former advisor Steven Nerayoff. In several posts on “X” and an episode on the blockchain podcast channel Crypto Town Hall, Nerayoff explains he has recordings to buttress his claims.

In his podcast appearance, Nerayoff asserted that Buterin and Lubin engaged in undisclosed dealings with government officials, specifically the U.S. Securities and Exchange Commission (SEC). The aim was, allegedly, to shape a regulatory environment favorable to Ethereum. He even hinted that theories about the ETH Gate might hold some truth.

The early advisor to Ethereum also wrote on X that the largest blockchain network never scaled due to Buterin. He added that the only “killer app” was the creation of utility tokens through ICOs, both of which he claims to have invented. 

Additionally, Nerayoff said that the audios are “a rare, unedited historical view into what was really happening.” He asserts that they would give the community a glimpse of a few “crucial decisions [that were] made or not made that shaped much of crypto”.

On November 14, Nerayoff replied to a comment, announcing his plan to release the three-hour recording within the next 48 hours. He explained that the delay is due to logistical reasons and the setup process for “smart NFTs” (Non-Fungible Tokens). However, the recording has not yet been released as of press time.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

OKX Releases Ethereum Layer 2 Testnet Network “X1” With Polygon CDK

https://coinedition.com/okx-releases-ethereum-layer-2-testnet-network-x1-with-polygon-cdk/

  • OKX launched the testnet for its zero-knowledge L2 network named “X1”, built with the Polygon CDK.
  • The native utility token of OKX, OKB, will be used to pay for X1 gas fees.
  • Polygon Labs said that OKX joined NEAR Protocol and other protocol engineers in constructing X1.

Crypto exchange OKX and Polygon Labs have introduced the testnet for “X1,” a new Ethereum-based zero-knowledge (ZK) Layer 2 network. Developed using the Polygon Chain Development Kit (CDK), X1 will debut as a zkEVM validium.

In a press release through the OKX website, the exchange asserted that this new development opens doors for users and engineers to access the world’s largest blockchain ecosystems. OKX Chief Innovation Officer Jason Lau also emphasized X1’s role in onboarding users into the Web3 world, saying:

X1 will be a key pillar of our efforts to educate and bring our users onchain and into the world of Web3… By collaborating with Polygon Labs, we look to bring more builders, more use cases, and ultimately the mass adoption of Web3.

Star Xu, CEO of OKX, expressed his delight with the recent partnership through an X (formerly known as Twitter) post. He further noted that OKX will benefit from Polygon’s “amazing zkEVM technology.”

Polygon Co-Founder Sandeep Nailwal said in a statement that X1’s use of Polygon CDK technology marks a significant leap forward. He further underscored that the X1 network will provide developers with an “affordable and user-friendly platform to create decentralized apps.” 

Moreover, Nailwal wrote on his X account that the “integration of X1 into the Polygon Ecosystem significantly enhances the ecosystem’s network effects.”

Furthermore, Polygon Labs detailed in the X announcement that with the development of X1, OKX joins the decentralized application platform NEAR Protocol—alongside other protocol engineers. As a result, they contribute to the development of configurations and tools for chains via the Polygon CDK.

It’s worth mentioning that Polygon and NEAR Protocol announced their plans for a partnership in building a new zkWasm on November 8. This integration will allow any WebAssembly chain to prove itself in the Ethereum ecosystem while maximizing the security components of Layer 2.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Delaware Alerts the DOJ Regarding a Fake Blackrock XRP ETF Filing

https://coinedition.com/delaware-alerts-the-doj-regarding-a-fake-blackrock-xrp-etf-filing/

  • A fake BlackRock “iShares XRP Trust” fund has pushed Delaware to report the matter to the DOJ, as per Bloomberg Law.
  • It resembled a filing that BlackRock had submitted last week for its iShares Ethereum Trust offering.
  • XRP surged by 15% when word of the bogus application made headlines.

A hoax filing for a BlackRock Inc. “iShares XRP Trust” fund has prompted the Delaware Office of the Secretary of State to report the matter to the Department of Justice, as reported by Bloomberg Law.

The fictitious registration appeared on the official state government website, implying that the asset management giant was getting ready to introduce an exchange-traded fund (ETF) for XRP. Interestingly, it closely resembled legitimate paperwork that BlackRock had submitted last week for its iShares Ethereum Trust offering.

The filing has listed the name of BlackRock’s Managing Director, Daniel Schweiger, as the registered agent—the same one used on the ETH ETF filing. The paperwork is no longer available on the Delaware site as of press time, but screenshots of it are still circulating online.

Debunking the fake paperwork, the BlackRock-focused media organization, BlackRock News, posted on X (formerly known as Twitter) that it has not registered an “iShares XRP Trust” fund. They added that the issue has been “escalated with the Delaware Division of Corporations.”

Moreover, Bloomberg Senior ETF Analyst Eric Balchunas wrote on X that the filing is fake, as per his source at BlackRock. Balchunas also hinted in his recent repost that “someone out there is crapping their pants as we speak.”

Further, the Financial Times calls the swift “12-percent-pump” a “dumb move,” as it means the DOJ is now on their case. The XRP price reportedly surged by 15% when word of the bogus filing got out, which came crashing back down right after.

Interestingly, a similar incident occurred previously involving an ETF submission impersonating Grayscale Investments. The fraudulent filing purported to be related to an ETF centered on Ethereum layer-2 scaling solution Nahmii, using the same Delaware website. That bogus registration was also immediately squashed.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Swan Bitcoin Terminates Accounts Using Crypto Mixing Services

https://coinedition.com/swan-bitcoin-terminates-accounts-using-crypto-mixing-services/

  • Swan Bitcoin’s CTO and co-founder explained the firm’s new policy regarding crypto mixing.
  • Pritzker underscored the need for actual “Bitcoiners” in the government.
  • Nevertheless, the statement drew criticism from several entities, including Samourai Wallet.

Swan Bitcoin CTO and Co-Founder, Yan Pritzker, wrote a long statement on X (formerly Twitter)  on November 12, explaining the firm’s new policy regarding crypto mixing. He highlighted that the platform’s decision to terminate or freeze accounts was due to the regulatory obligations of its partners—from banks to qualified custodians.

Pritzker underscored that Swan Bitcoin favors coin-mixing services and claimed to have promoted companies like Samourai and Wasabi. Yet he also accentuated the challenge of processing USD in the U.S. without using a bank or Money Services Business (MSB).

On October 19, the Financial Crimes Enforcement Network (FinCEN) rolled out a new notice, encompassing the dangers associated with the vast usage of CVC mixing platforms by shady actors worldwide. In its press release, it specifically mentions political and military organizations such as Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea (DPRK).

With this, Swan’s CTO and co-founder cited a recent story that circulated online where Hamas allegedly obtained $100 million in funding. He said:

Because Bitcoin is still poorly understood in Washington and by the media, it is an easy scapegoat for the failings of the system to stop much actual financial crime.

Pritzker also underscored the need for actual “Bitcoiners”—who truly understand the coin and its technology—in the government.

Nevertheless, the statement drew criticism from several entities, including Samourai Wallet, one of the wallets that provides mixing services, who accused the company of complying instead of “mounting a defense”. An X user, Vlad is Breaking FUD (@TheVladCostea), even called the move a “dystopian s**t” and a Bitcoin-only flavor that’s “synonymous with compliant (and ultimately anti-Bitcoin).”

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bloomberg: Fnality Gains $95M Funding From Goldman Sachs and BNP

https://coinedition.com/bloomberg-fnality-gains-95m-funding-from-goldman-sachs-and-bnp/

  • Fnality has raised £77.7 million ($95 million) in its Series B financing round, according to Bloomberg.
  • It seeks to provide a new payment system that facilitates a tokenized, peer-to-peer market.
  • The firm is waiting for the Bank of England’s go-ahead to begin its operations.

Fnality International, a blockchain-based wholesale payment system headquartered in London, has raised £77.7 million ($95 million) in its Series B financing round, according to Bloomberg. The funding phase was reportedly spearheaded by blue-chip financial firms Goldman Sachs and BNP Paribas.

According to a statement by Fnality CEO Rhomaios Ram, the funding includes other prominent financial institutions such as Depository Trust & Clearing Corporation, Wisdom Tree Inc., Nomura Holdings Inc., and Euroclear.

Though under development, this firm seeks to provide a new payment system that converges traditional and digital finance by facilitating a tokenized, peer-to-peer market. Concurrently, Ram said in a statement:

It was not easy to get this round closed, but the fact they [the investors] put money is pretty significant…It feels like there are small pockets of optimism emerging and this is an indication of that.

In February 2022, the banking consortium executed a proof-of-concept for issuing a tokenized security on Ethereum, with Fnality handling the payment part of the process. In August of the same year, the HM Treasury designated Fnality as a regulated payment system.

Fnality’s research phase was completed in June 2019, raising over £55 million ($63 million) from investors like UBS Group, Banco Santander, Barclays Plc., BNY Mellon, CIBC, Commerzbank, ING, Sumitomo Mitsui Banking Corporation, State Street, Lloyds Banking Group, and Nasdaq Ventures.

The firm is preparing for the launch of the Sterling Fnality Payment System by the end of the year. It presently awaits the Bank of England’s approval to start operations.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Wall Street Journal Report: Hamas Uses Cryptos for its Operations

https://coinedition.com/wall-street-journal-report-hamas-uses-cryptos-for-its-operations/

  • Hamas has reportedly pivoted its financing approaches to cryptos, according to WSJ.
  • BitOK has purportedly proved that digital wallets linked to exchanges used by Hamas received $41 million in cryptos.
  • Hamas has discredited the allegations, clarifying that they stopped using cryptos in April 2023.

The Palestinian political and military organization Hamas has reportedly pivoted its financing approaches to cryptocurrencies, as detailed in a comprehensive investigative news story by the news organization, the Wall Street Journal.

The newly published piece delved into how Hamas, strategized by a Palestinian businessman called Zuhair Shamlakh, used cryptocurrencies for its operations. However, the report says Israel’s National Bureau for Counter-Terror Financing has identified illegal activities known as “hawala.”

For the uninitiated, “hawala,” an informal money transfer system without physical money movement, is a popular alternative remittance channel outside of traditional banking systems. Although it is illegal in most parts of the world, it is still widely practiced, especially in the Middle East region.

With this, the Bureau has seemingly issued seven directives to confiscate crypto funds belonging to three exchange companies in Gaza.

BitOK, a Tel Aviv-based analytics firm, has purportedly reviewed the numbers and proved that digital wallets connected to the exchanges received a total of $41 million in crypto funds. A Reuters report claimed that “a global network of crypto, cash, and charities” funds Hamas.

Concurrently, the WSJ draws attention to the increased regulatory scrutiny present in the crypto space. The news piece further states that over a hundred U.S. politicians signed a letter in October expressing worry that there are “serious national security threats” associated with the use of cryptocurrencies.

Weighing in on the news story, economist Nouriel Roubini shared the article on X (formerly Twitter), “The pivot to digital currencies helped Hamas receive large sums from Iran in the two years preceding the Oct. 7 attacks on Israel.”

Yet Hamas has discredited the allegations, as per a Forbes piece. The group clarified that they stopped using cryptocurrencies in April 2023 as it’s “nearly impossible to conceal illegal behavior.” 

Public Policy Director at Riot Platforms Sam Lyman expressed his remark on the WSJ piece, stating that it is “a reminder that these numbers more likely reflect the total volume of crypto that flowed between entities with links to Hamas.”

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Poloniex Allegedly Hacked for Over $100M; Justin Sun Offers 5% Bounty

https://coinedition.com/poloniex-allegedly-hacked-for-over-100m-justin-sun-offers-5-bounty/

  • Poloniex lost over $100 million following a security hack on one of its wallets, labeled “Poloniex 4” on Etherscan.
  • The amount lost included 443 BTC, 32.7 million USDT, and 6,103 ETH.
  • Justin Sun offered a 5% white hat bounty to the Poloniex scammer.

Centralized crypto exchange Poloniex was drained of more than $100 million following a security hack on one of its wallets, labeled “Poloniex 4” on Etherscan. The data analytics firm PeckShield was the first to notice a string of cryptocurrency outflows from the address, thus calling Poloniex investor Justin Sun’s attention.

The PeckShield alert showed several transfers to various crypto wallets with varying amounts, including 443 BTC, 32.7 million USDT, and 6,103 ETH. Backing up this data, the blockchain analytics tool Lookonchain has posted a comprehensive list detailing the wallets, amounts, and values of the transactions.

At the time of writing, Poloniex had lost a total of $118 million. Concurrently, its support team acknowledged the matter and posted a notification on X (formerly known as Twitter):

Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.

The attack initially reflected a $28 million loss of funds within the first 30 minutes. Sun posted an announcement stating they were investigating the situation and assured their token holders that they would be fully reimbursing the affected funds.

WatcherGuru has shared that the stolen funds quickly rose to over $100 million in less than a couple of hours. With this, Sun offered a 5% white hat bounty to the Poloniex scammer, giving the hacker seven days to return the funds to their ETH/TRX/BTC wallets; otherwise, they will have to contact law enforcement.

Furthermore, Sun shared that Poloniex was exploring the possibilities of collaborating with their partners to facilitate their lost funds. Simultaneously, an X account user, OverDose, pointed out that the hacker lost $2.5 million of the funds after mistakenly sending the money to the contract address instead of their wallet.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

SafeMoon CEO John Karony’s Bail On Hold as Feds Challenge Decision

https://coinedition.com/safemoon-ceo-john-karonys-bail-on-hold-as-feds-challenge-decision/

  • Judge LaShann DeArcy Hall halted the bail release order of SafeMoon’s CEO, Braden John Karony.
  • The federal prosecutors highlighted Karony’s “substantial financial means and ability to flee.”
  • SafeMoon’s CTO was also arrested but its creator, Kyle Nagy, is still on the run.

Judge LaShann DeArcy Hall of the U.S. District Court for the Eastern District of New York suspended the bail release order of SafeMoon’s CEO, Braden John Karony, on Thursday. This decision came after federal prosecutors challenged Utah Magistrate Judge Daphne A. Oberg’s approval of Karony’s release on $500,000 bail.

The prosecutors argued the magistrate’s oversight in granting SafeMoon CEO’s release on a half-a-million-dollar unsecured bond. They highlighted that the decision lacks “consideration of the defendant’s substantial financial means and ability to flee.”

The feds also claimed Karony’s ability to use his “significant wealth” to avoid a maximum prison sentence of 45 years if convicted. They stressed the importance of the detention as it is for the “safety of the community.”

Doubling down on arguments, the prosecutors underscored Karony’s feeble connection to the U.S., considering his frequent out-of-country flights. The Detention Memo further states:

Until his return to the U.S. on October 27, 2023, the defendant had been abroad for five consecutive months… As he reported to D. Utah Pre-Trial Services, he resides with his fiancée, a U.K. citizen and resident.

The outcome of the initial bail order would have entailed Karony’s confinement at his Miami home, where he would have been prohibited from performing activities relating to cryptocurrencies. Karony was arrested at Salt Lake City Airport alongside Chief Technology Officer Thomas Smith on October 31. However, SafeMoon’s creator, Kyle Nagy, is still on the run.

The Securities and Exchange Commission (SEC) has accused the trio of engaging in a substantial fraudulent scheme (i.e., withdrawal of crypto assets worth more than $200 million). They are charged with three counts of conspiracy for money laundering, securities fraud, and wire fraud.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Binance Launches New Loanable Assets, Perpetual Contract, and More

https://coinedition.com/binance-launches-new-loanable-assets-perpetual-contract-and-more/

  • Binance has recently launched new loanable assets and margin pairs.
  • Binance Futures just released its latest USDⓈ-M BADGER Perpetual Contract.
  • The BADGERUSDT project targets 50x maximum leverage for its global consumers.

Multinational cryptocurrency exchange Binance has recently added more loanable assets and margin pairs to its portfolio through its support page. Concurrently, its crypto derivatives exchange, Binance Futures, has just launched its newest USDⓈ-M BADGER Perpetual Contract.

Binance’s latest loanable and borrowable assets are GNO, AST, and ORDI in Cross Margin and Isolated Margin. The pairs of the former trading feature include GNO/USDT, AST/USDT, RAY/USDT, and SCRT/USDT. Meanwhile, the latter pairs are BADGER/USDT, MOVR/USDT, RAY/USDT, ORDI/USDT, and SCRT/USDT.

According to the Binance support page, an Isolated Margin lets users allocate a portion of their funds in a single position to cap risks. Alternatively, a Cross Margin uses all the funds in a margin account as collateral. The bottom line for both depends on a trader’s risk tolerance and leverage strategies.

Simultaneously, Binance Futures’ newest BADGERUSDT project comes with the potential for 50x maximum leverage. Utilizing BADGER as its underlying asset and USDT as the settlement asset, its newest perpetual futures retain a capped funding rate of +2.00% / -2.00% with a funding rate interval every four hours.

The firm also highlights the use of Multi-Assets Mode, which enables users to trade the BADGERUSDT Perpetual Contract across multiple margin assets. Nonetheless, its approach to the BADGERUSDT is dynamic, with particular applicable haircuts or contract specifications that may be subject to change based on market risk conditions. Binance’s futures product lets traders buy and sell quarterly and perpetual futures contracts.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Polygon Labs and NEAR Foundation Collaborate to Build zkWasm Prover

https://coinedition.com/polygon-labs-and-near-foundation-collaborate-to-build-zkwasm-prover/

  • Polygon Labs and Near Foundation have partnered to build a zkWasm L2 prover.
  • The collaboration will position the ZK solution at the forefront of the Web 3.0 virtual realm.
  • The zkWASM prover is presently under “active development” and is poised to launch in 2024.

Polygon Labs and Near Foundation have recently announced their partnership to build a zero-knowledge prover for WASM (zkWASM) blockchains during the NEARCON in Lisbon. This integration will enable any WebAssembly chain to prove itself in the Ethereum ecosystem while benefiting from the security features of Layer 2.

In a recent post on X (formerly known as Twitter), Polygon Co-Founder Sandeep Nailwal emphasized the significance of this collaboration.

Nailwal highlighted the Near Mainnet’s ability to prove the entire state and performance to Ethereum, almost like a sovereign Validium.

According to PR Newswire, the partnership will position the ZK solution at the forefront of the Web 3.0 virtual realm. It will inevitably be one of three prototypes available for developers who construct with the Polygon Chain Development Kit (CDK). CDK is an open-source codebase for launching ZK-powered Layer 2 custom-fitted chains for Ethereum.

NEAR Foundation’s new CEO, Illia Polosukhin, has also reportedly delivered a statement regarding the said union during the NEAR ecosystem’s annual flagship conference in Lisbon. Further, he shared his excitement about the collaboration on X:

I made 2 exciting announcements at #NEARCON23 today about how the @NEARProtocol ecosystem is increasing alignment with the modular Ethereum stack: a collaboration with @0xPolygonLabs to build zkWASM, a ZK prover for WASM chains to unify liquidity across Web3…

Additionally, NEAR Protocol posted on LinkedIn that the partnership will empower greater security, scalability, interoperability, and developer flexibility in the open web. The zkWASM prover is presently under development and will launch in 2024.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Robinhood Released Its Third Quarter Report; Crypto Assets Shed 25%

https://coinedition.com/robinhood-released-its-third-quarter-report-crypto-assets-shed-25/

  • Robinhood reported $23 million in crypto revenue in Q3 2023.
  • WuBlockchain reports a 55% decline in Robinhood’s crypto assets compared to the same period in 2022.
  • The trading firm will launch its U.K. Brokerage operations and EU Crypto trading within the year.

California-based financial services firm Robinhood (HOOD) disclosed $23 million in cryptocurrency revenue for the third quarter (Q3). The value reported is 25% less than its $31 million revenue in the second quarter.

The Q3 report also emphasized a 29% year-over-year increase in Robinhood’s overall net profit, reaching $467 million. This boost is attributed to elevated net interest and other revenues, although partially offset by a decline in transaction-based revenues.

Moreover, Chinese crypto reporter, Colin Wu, “WuBlockchain” on X (formerly known as Twitter) reports that HOOD is down by 55% from the same period in 2022. Wu further added that the company’s intentions are to expand its crypto trading market to the European Union and open its brokerage operations in the U.K. in a few weeks.

Taking note of their lofty goals, the CEO and Co-Founder of Robinhood Markets, Vlad Tenev, is reported to have said:

Looking ahead, we remain focused on providing industry-leading products that serve far more of [our] customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.

The financial services company, which offers crypto trading in the U.S. at present, is currently hiring staff in the U.K., laying the basic groundwork for the said expansion. The plans come as the Financial Conduct Authority has implemented consumer protection that requires crypto firms to deliver clear risk labels and implement system modifications.It’s worth noting that the value missed Wall Street’s estimates of $478.4 million by 2.4%. However, HOOD shares have reportedly dipped about 9% following the release of its Q3 report.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

LHV Bank Co-Founder Offers Bounty For $470M Ethereum Stash Retrieval

https://coinedition.com/lhv-bank-co-founder-offers-bounty-for-470m-ethereum-stash-retrieval/

  • Rain Lõhmus offers a reward to anyone who could help him recover his $470 million worth of ETH dormant stash.
  • The LHV co-founder underscored the loophole in cryptocurrencies.
  • Coinbase’s director, Conor Grogan, revealed that Lõhmus’ wallet address has been inactive since 2014.

Rain Lõhmus, the co-founder of the Estonian LHV Bank, has lost the private key to his 250,000 ETH stash and seeks anyone’s help for its recovery. In an interview via Vikerraadio, the entrepreneur explained that his unrecovered Ethereum account is not a secret.

Kristjan Pihl, the show’s host, highlighted that Lõhmus announced during an investment festival that he owned a crypto stash that’s almost equivalent to the total value of the co-founder’s LHV shares. Lõhmus said he’s willing to reward anyone who could help him recover his funds.

Concurrently, LHV Bank’s boss underscored the loophole of the supposedly “perfect” decentralized technology. He also said in the interview:

…But it’s very common for me to lose passwords. I went to renew my ID card passwords today; if it were crypto, I’d be in a big crisis again…

The only significant transaction on the account was the initial investment—now worth nearly $470 million—recorded during the genesis of the Ethereum blockchain. In a recent post on X, Coinbase’s director, Conor Grogan, revealed that Lõhmus’ wallet address (0x2b6ed29a95753c3ad948348e3e7b1a251080ffb9) has been inactive since Ethereum’s presale in 2014.

Notably, Grogan gushed in February 2023 about a mysterious Ethereum wallet that had remained unmoved since the coin’s initial coin offering. He also pointed out that the address has received $6.5 million worth of airdrops in Ether Classic just by “hodling” the stash.

Lõhmus could have yielded as much as $1.22 billion for his initial investment had he had access to his assets during Ethereum’s price peak in November 2021. Nonetheless, his wallet today still has an impressive 628,757% growth.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

SushiSwap CEO Requests Community’s Input On New SUSHI Tokenomics

https://coinedition.com/sushiswap-ceo-requests-communitys-input-on-new-sushi-tokenomics/

  • SushiSwap CEO Jared Grey proposed a new tokenomics for SUSHI via its community forum. 
  • Grey emphasized that the new framework will scale through DEX innovations.
  • Wu Blockchain tweets SUSHI’s primary revenue sources, which include income from trade fees.

SushiSwap CEO Jared Grey recently released a redesigned tokenomics for the new SUSHI model via its community forum. The thoroughly revamped in-house SUSHI token economics is revamped to foster its stronghold in the protocol’s ongoing success.

In the forum, Grey calls for its community’s response to their proposal, which detailed the new token model’s triumvirate of foundations. The pillars are as follows: protocol sustainability, token utility enhancement, and treasury diversification.

It’s worth noting that Grey previously accentuated the essence of executing a holistic tokenomics that permits the rebuilding of the Treasury. Subsequently, he emphasized that the proposed SUSHI framework is designed to scale strategically through decentralized exchange innovations. The proposal will include modified fees for trading, routing, staking, and partnerships.

In parallel, Wu Blockchain, a popular cryptocurrency and blockchain media outlet, highlighted that Sushi’s primary revenue sources are transactions in liquidity pools and income from trade fees via Aggregation Router. The potential for revenue growth is also present through staking rewards and strategic partnerships.

Grey also underscored the conquests of the MasterChef and xSushi protocols since their launch. In turn, he acknowledged several issues within their current token and addressed them.

SushiSwap, a fork of Uniswap, is an automated market maker (AMM) DEX platform. It seeks to integrate additional components into the AMM industry that were not previously available on Uniswap. It includes improved rewards for network participants via its in-house token, SUSHI.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Ethereum DEX Volume at $9.93 Billion; PancakeSwap and Uniswap in Focus

https://coinedition.com/ethereum-dex-volume-at-9-93-billion-pancakeswap-and-uniswap-in-focus/

  • The price of Ether has climbed by 12% since the beginning of the fourth quarter (Q4).
  • Ether’s uptick is arguably catalyzed by the market valuation of its DEX tokens.
  • Uniswap is the best player in terms of TVL, while Pancakeswap ranks first via volume.

The price of Ether has climbed by 12% since the beginning of the fourth quarter (Q4) after a profound market slumber in quarter three (Q3). Fortunately, the industry has recovered from the bearish market, and specifically, the decentralized finance (DeFi) industry has bounced back.

Myriad factors are contributing to Ethereum’s overall uptick, which includes economic recuperation, a market rally, and even social dominance. At present, Ether’s uptick is arguably catalyzed by the market valuation of its decentralized exchange (DEX) tokens.

According to CoinGecko, at the time of this writing, DEX tokens have $9.93 billion in market capitalization and $1.60 billion in 24-hour trading volume. Moreover, DefiLlama shows that the total locked volume of ETH is rapidly rising at $23.8 billion, with Uniswap being the best player in terms of TVL and Pancakeswap ranking first via volume.

Decentralized exchange PancakeSwap’s native token, CAKE, is rapidly rising by 92% in a weekly timeframe. The swell in market valuation comes immediately after the introduction of a new feature on its platform called Position Manager.

The newly launched tool lets users deposit funds into a vault, which are then automatically allocated to liquidity pools for yield farming. CAKE’s TVL is presently at $61.82 million, with a 24-hour trading volume of $343.83 million and a $550.71 million market cap.

Simultaneously, Uniswap, a well-reputed DEX, proves its mettle as it tops the TVL ranking at the time of this writing. This ERC-20 token-friendly exchange platform is known for leveraging the Automated Market Maker model to revolutionize token swaps.

The TVL of UNI, Uniswap’s native token, is now at $3.01 billion. At press time, UNI’s 24-hour trading volume is at $361.63 million, while its market cap is at $3.64 billion.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

SEC Neglects Actual Scams for Bank-Regulated Assets: Ex-Paxos Exec

https://coinedition.com/sec-neglects-actual-scams-for-bank-regulated-assets-ex-paxos-exec/

  • John Deaton claimed that the SEC would be mortally wounded by the U.S. Supreme Court.
  • Former Paxos Executive Austin Campbell noted PYUSD’s store value.
  • PayPal’s newly launched, dollar-backed coin has been subpoenaed by the SEC.

Pro-XRP lawyer John Deaton recently expressed his opinion on the inevitable wounds that the U.S. Securities and Exchange Commission (SEC) will obtain from the U.S. Supreme Court. Deaton shared the views of former Paxos Executive Austin Campbell, who claimed, “If the SEC simply did not exist and had been replaced with literally nothing, far fewer consumers would have been harmed in crypto.”

Campbell pointed out the SEC’s “ongoing crusade to protect terrorist funding and large bank monopolies at the expense of the American consumer”. He mentioned the agency’s strikes against Paxos, Ripple, LBRY, Coinbase, and Stoner Cats. Moreover, he raised how the Commission failed to slam “actual scams” such as FTX, Celsius, and Terraform Labs.

PayPal became the first major fintech to introduce a stablecoin by launching PYUSD. PayPal shared that on November 1, they received a subpoena from the SEC Division of Enforcement related to PayPal USD. The American payment system stated that the subpoena requested the production of documents, and they were cooperating with the SEC’s request.

“PYUSD is transparently a stored value project,” stated Campbell. He added that the stablecoin is under the guidance of the New York State Department of Financial Services. Moreover, he said that if “PYUSD is a security, so are Starbucks gift cards, prepaid debit cards, and airline reward points.”

It’s worth noting that Coinbase was charged by the SEC in June 2023, and the former fought back in August by filing a motion to dismiss (MTD). They requested that the court drop the SEC’s complaint, which the court accepted and shared that the oral argument is set to happen on January 17, 2024. John Deaton claimed to be “envious” of Coinbase lawyers, who will confront the SEC during the MTD.

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