Author: Vanmarc Montero

Crypto Twitter Defends Trezor, Claims FUD Over Trezor T Hacking News

https://coinedition.com/crypto-twitter-defends-trezor-claims-fud-over-trezor-t-hacking-news/

  • Crypto Twitter claims FUD over Unciphered’s video hacking into a Trezor T.
  • Unciphered claims that they hacked into the Trezor T with Trezor’s latest firmware.
  • This news comes shortly after Ledger’s controversial ‘Ledger Recover’ update.

Crypto Twitter claims that cryptocurrency recovery solutions company Unciphered’s video of hacking into a Trezor T is

simply FUD. Users have detailed that Unciphered’s hacking method requires the attacker to physically hold the victim’s wallet before performing the exploit. Furthermore, users claim that all that is required to protect private keys is a strong passphrase.

Some users contend that the hacking news has been misinterpreted and isn’t particularly important. Three years ago, Kraken Security Lab researchers discovered the Read Protection (RDP) Downgrade attack which exploited the physical vulnerabilities of Trezor devices to steal data. Trezor themselves have released a statement addressing the vulnerability, which is allegedly the same vulnerability exploited by Unciphered. As a result, people have categorized this exploit as old news. 

On May 24, Unciphered announced that it cracked the Trezor T by satoshilabs. Unciphered has not revealed details about the specific attack they performed due to “current engagements and non-disclosure agreements” that restrict them to do so. Accordingly, Unciphered has criticized Trezor for not doing anything to fix the vulnerability of its hardware.

Three years ago, Kraken Security Labs discovered the physical vulnerabilities of Trezor. As a result, Trezor made efforts to fix the vulnerability, notably through its sister company Tropic Square. Interestingly, Unciphered has mentioned that this vulnerability has already been patched, and their exploit was on Trezor’s latest firmware.

This news comes after Ledger’s controversial firmware update surrounding ‘Ledger Recover’. Users can use this feature to back up their secret recovery phrase and recover it in an emergency. However, users reacted angrily to this decision, claiming that the update compromised their data by introducing a backdoor.

Coinbase Slams SEC for Regulating via Enforcement, Not Rulemaking

https://coinedition.com/coinbase-slams-sec-for-regulating-via-enforcement-not-rulemaking/

  • Coinbase responded to the SEC’s arguments against the mandamus petition.
  • According to Coinbase, the SEC’s actions provided justifiable reasons for a mandamus to be issued.
  • On May 15, the SEC filed a response against Coinbase’s writ of mandamus petition.

Coinbase responded to the Security and Exchange Commission’s (SEC) May 15 arguments against the writ of Mandamus petition. In the filing, Coinbase reiterated that the writ of mandamus is a necessary remedy as they point out the SEC’s problematic rulemaking. “Mandamus is the tailor-made remedy for the extraordinary facts presented here,” tweeted Coinbase CLO Paul Grewal.

In detail, Coinbase responded to the SEC’s arguments by pointing out several reasons why a Mandamus was warranted. Among other things, Coinbase pointed out that the SEC has ignored other crypto industry petitions …

The post Coinbase Slams SEC for Regulating via Enforcement, Not Rulemaking appeared first on Coin Edition.

Bitcoiner Sets New Guinness World Record on Bitcoin Pizza Day 2023

https://coinedition.com/bitcoiner-sets-new-guinness-world-record-on-bitcoin-pizza-day-2023/

  • Romanian Bitcoiner makes Guinness World Records history on Bitcoin Pizza Day 2023.
  • Daniel Nita bought 10,000 pizzas with only a single Bitcoin in Romania.
  • 13 years ago, Laszlo Hanyecz paid 10,000 BTC for two pizzas, which are now worth over $270 million.

The cryptocurrency community made Guinness World Records history on Bitcoin Pizza Day 2023. Notably, Daniel Nita, a Romanian Bitcoiner and crypto influencer, bought 10,000 pizzas with a single Bitcoin. Accordingly, the act established a new Official World Record in the category “Most Pizzas Sold in 24 hours.”

Nita celebrated the new record and claimed that “No one can say now Bitcoin has no value.” He bought the 10,000 pizzas at Vintage Pub Bucharest (Romania) using Binance Pay as his payment method. Binance CEO Changpeng Zhao (CZ) replied to Nita’s tweet with “Legend!”

Daniel Nita set the new Guinness World Record during Bitcoin Pizza Day 2023. Bitcoiners internationally celebrated the day when 13 years ago, Laszlo Hanyecz paid 10,000 BTC to Jeremy Sturdivant for two pizzas. As a result, Hanyecz and Sturdivant’s transaction is recognized as Bitcoin’s first real-world transaction.

In a 2019 statement, Hanyecz expressed his delight at his 10,000 BTC purchase. “I wanted to do the pizza thing because to me it was free pizza,” he said.

I got pizza for contributing to an open-source project. Usually, hobbies are a time sink and money sink, and in this case, my hobby bought me dinner.

Bitcoiners around the world celebrated Bitcoin Pizza Day 2023 in their own ways. Over a dozen Bitcoiners in Bali tweeted a photo commemorating the day together with plates of pizza. United States Senator Ted Cruz also acknowledged the day on Twitter. Meanwhile, Binance celebrated the day by serving Pizzas in Rio De Janeiro, Brazil, and Naples, Italy.

At the time of writing, Bitcoin trades at a rate of $27,318 with a growth rate of 1.8% over the past 24 hours. It has a market capitalization of $529,370,769,355 with a 24-hour trading volume of $13,539,832,246.

TornadoCash Attacker Proposes to Revert DAO After Gaining $650,000

https://coinedition.com/tornadocash-attacker-proposes-to-revert-dao-after-gaining-650000/

  • TornadoCash hacker presents a new proposal to restore the DAO’s state of governance.
  • The new proposal comes after the hacker had obtained 483,000 TORN and exchanged over 379,000 to gain $650,000.
  • The cryptocurrency community is wary of the new proposal.

On May 22, the TornadoCash hacker deployed a new proposal that will seemingly restore the DAO’s state of Governance. According to Twitter user @0xdface, everyone will know the results on May 26, 2023, 11:53:38 GMT, “plus potentially 6 hours delay if some last minute changes in lead occur.” At the time of writing, there are over 500,000 votes in favor of the proposal.

However, the cryptocurrency community is wary of the proposal. Some have posited that the proposal may be a ploy to pump TORN so that the hacker could dump more tokens at a better price. @0xdface themselves presented that the proposal could either be a form of trolling or “an expensive but not disastrous lesson in Governance security.”

I mean note that we don’t even have a choice in regards to this proposal but it is still important nonetheless.

Previously, Tornadosaurus-Hex also attempted to restore the DAO after the attack. Hex proposed a solution to directly revert the changes that the attacker made to the contract. However, Hex warned that whoever proposes the solution risks their TORN becoming rugged, but if executed correctly, it could potentially save the protocol.

On May 20, a malicious user attacked the TornadoCash governance through a malicious proposal. The proposal granted the attacker 1.2M votes compared to the 700,000 legitimate votes in the DAO. Afterward, the attacker obtained 483,000 TORN, deposited 6,000 TORN into Bitrue, sold 379,300 TORN, and exchanged it for 375 ETH worth $680,000 at the time.

The attacker allegedly snuck in an extra function when they created their malicious proposal. The proposal used the same logic as a previous proposal that voters approved, and once the new proposal was approved by voters, the attack used the emergencyStop function to update the proposal logic in order to grant themselves the fake votes.

Bitgert Unveils Decentralized Real Estate Marketplace Platform

https://coinedition.com/bitgert-unveils-decentralized-real-estate-marketplace-platform/

  • Bitgert unveils its Geo Web3 Real Estate Marketplace with an introductory video and a guide.
  • The real estate marketplace aims to transform the world of real estate transactions through decentralized technology.
  • The Bitgert Geo Web3 Real Estate Marketplace will be built on the Bitgert blockchain, designed for high-volume transactions.

On May 18, Bitgert announced its Geo Web3 Real Estate Marketplace. The announcement tweet was accompanied by an introduction video showcasing the marketplace’s user interface and a short guide on using it. Meanwhile, at the time of writing, Bitgert (BRISE) trades at a rate of $0.00000035 with a growth rate of 18% over the past 7 days.

Bitgert’s Geo Web3 Real Estate Marketplace aims to shake the world of real estate transactions. “Traditional methods of buying and selling property are often slow, cumbersome, and expensive,” according to Bitgert’s guest article on CoinMarketCap.

At Bitgert, we’re committed to making property transactions faster, cheaper, and more secure. With our marketplace, buyers and sellers can complete transactions without the need for intermediaries, which reduces transaction costs and speeds up the process.

The Real Estate marketplace will be built on Bitgert Chain, which the company has designed for high-volume transactions. As a result, marketplace users will be able to buy and sell property swiftly and securely. Bitgert Chain promises the absence of slow transaction times or high fees.

Bitgert also offers a list of other products aside from its upcoming marketplace. Currently, Bitgert has the BRISE dAPP Wallet, BRISE staking, BRISE Swap, Bitgert Bridge, and Audit Solutions with Leaderboard Support.

However, its most significant development was the BRC20 blockchain, presented in 2022. Notably, the blockchain offers near-zero gas fees and high-speed cross-chain transactions. In detail, the support throughput is up to 100,000 TPS while the gas fee is $0.0000000000001 per transaction.

At the time of writing, Bitgert (BRISE) trades at a rate of $0.00000035 with a growth rate of 18% over the past 7 days. It has a market capitalization of $137,294,208 with a 24-hour trading volume of $1,233,949. BRISE is Bitgert’s native token, which allows investors to benefit from staking and earning rewards in BUSD.

SEC Fails to Win Over Judge Torres, Hinman Emails To Be Released

https://coinedition.com/sec-fails-to-win-over-judge-torres-hinman-emails-to-be-released/

  • Judge Torres denies the SEC’s Motion to seal the Hinman Documents.
  • With Judge Torres’ decision, Ripple Labs has won, according to the cryptocurrency community.
  • The Hinman documents contain 63 emails and 52 speech drafts by former SEC Director William H. Hinman.

On May 16, Judge Torres denied the SEC‘s Motion to seal the Hinman documents. In the 18-page ruling, Judge Torres stated that the Hinman documents are “judicial documents” and subject to a strong presumption of public access. Judge Torres also disagreed with the SEC’s further justifications for sealing the documents.

The Hinman Documents] are judicial documents subject to a strong presumption of public access because they are “relevant to the performance of the judicial function and useful in the judicial process.

Ripple CEO Brad Garlinghouse rejoiced on Twitter. “Another win for transparency!” tweeted Garlinghouse. He shared that the unedited versions of the Hinman emails will be made publicly available in the near future. Meanwhile, replies to his tweet were filled with Ripple supporters who were excited about the implications of the Hinman emails’ availability.

Similarly, the rest of the crypto community celebrated Judge Torres’ decision. Most netizens have already claimed Ripple’s victory against the SEC with the decision. Attorney Jeremy Hogan, who has been consistently monitoring the SEC v. Ripple Labs case, called Judge Torres ‘the people’s judge,’ in celebration of the ruling.

Judge Torres’ rejection to seal the Hinman documents has massive implications for the SEC vs. Ripple Labs case. Specifically, this means that the Hinman documents could be used to argue that the SEC has been inconsistent in its enforcement of the securities laws. Accordingly, the document may have a significant impact on the outcome of the longstanding case.

The Hinman Documents were first obtained by Ripple Labs in October 2022 but were kept confidential at the SEC’s request. However, Garlinghouse and Stuart Alderoty, CLO of Ripple Labs, both responded favorably to the knowledge they gained from the Hinman documents. “When the truth eventually comes out, the shamefulness of their behavior here will shock you,” tweeted Garlinghouse.

In detail, the Hinman documents are a collection of 52 speech drafts and 63 emails related to the speech from the former Director of the SEC’s Division of Corporate Finance, William H. Hinman. In contrast to the SEC’s assertions that XRP is a security – which resulted in the longstanding legal battle – Hinman stated in his speech that ETH, another cryptocurrency, was not a security.

Crypto Insider on the SEC: “An Embarrassment to the United States”

https://coinedition.com/crypto-insider-on-the-sec-an-embarrassment-to-the-united-states/

  • Crypto Personality Adam Cochran calls the SEC’s slow-paced rule-making to be an embarrassment to the United States.
  • Journalist Eleanor Terrett highlighted the SEC’s active filing and proposal of new rules unrelated to cryptocurrency.
  • The SEC has requested Coinbase’s mandamus petition be denied.

Adam Cochran, Partner at Cinnemhain Ventures and prominent crypto personality, criticized the SEC’s slow rulemaking pace. Cochran addressed American Law Makers claiming that the SEC’s slow pace was an embarrassment to the United States and a danger to technological innovation.

On May 16, Cochran tweeted a 5-part thread detailing the SEC’s shortcomings toward the crypto industry. He attached an excerpt from a recent SEC filing where Chair Gensler defended the SEC’s delays by citing previous rules that took 10 to 20 years. In contrast, Cochran explained that regulatory bodies in the US and internationally had already set their guidance in 2013-2015.

Cochran criticized Chair Gensler’s refusal to provide guidance for digital assets while other departments had already decided on their stance. He also indicated the risks if the SEC takes too long to form its rules toward digital assets.

If the SEC wishes yet *ANOTHER* decade for formal rule making on digital asset transactions – that’s fine. But, we can expect those transactions done in the Yuan and not the dollar.

In response, Crypto Journalist Eleanor Terrett highlighted that the SEC had actively filed and proposed new rules on other matters unrelated to cryptocurrency. The tweet further implied that the SEC had been negligent in making rules for crypto.

Cochran’s Twitter thread was a response to the SEC’s May 15 filing against Coinbase’s Mandamus petition. For a number of reasons, including lack of obligation and unfounded claims, the SEC claims that Coinbase lacks the legal authority to file such a petition.

On April 24, Coinbase Global Inc. (Coinbase) filed a petition for a writ of mandamus to the SEC in the US Court of Appeals for the Third Circuit (court). The mandamus petition was Coinbase’s effort to get the SEC to act on the previous rulemaking petition the company filed on July 21, 2022, which sought to establish new regulations for digital assets and bring clarity to the cryptocurrency market.

Next Crypto Market Maker in the Middle East, Blockchain Insiders

https://coinedition.com/next-crypto-market-maker-in-the-middle-east-blockchain-insiders/

  • Unchained Podcast hosts speculate the next crypto market maker to appear in the Middle East.
  • The hosts observe that both Binance and Coinbase are situated in the region.
  • Singapore also suggested as a possibility, citing its capital and capital markets.

Blockchain insiders speculate that the next crypto market maker will appear in the Middle East. Tarun Chitra and Haseeb Qureshi, managing partners at Robot Ventures and Dragonfly, respectively, and hosts of the Unchained Podcast, speculated about this in a recent episode of their show.

Chitra extolled the virtues of the open global market, where departing market makers will always be replaced by new ones.

The nice thing about the open global market of crypto is that there is always someone else who will show up. I do think that even if the biggest market makers leave, there’s going to be a new exchange or someone else. There are going to be new market makers from that jurisdiction, that region in the world.

Specifically, Chitra suspects that it will be somewhere in the Middle East. Qureshi agreed with the speculation, pointing out that Binance and Coinbase are currently in the region. “There’s a ton of government incentives also to move [in the Middle East]. So I wouldn’t be surprised if whoever takes over from the US firms retreating is going to be based there,” said Chitra.

“The UAE is really serious about courting the crypto industry,” observed Qureshi. He pointed out that the next market maker may be in either Singapore or MENA, which have capital and capital markets. “… but also, they have this view on the space that is very positive. Even in spite of FTX and all the other stuff happening, they believe in the stuff.”

The Jane Street and Jump Trading news prompted the discussion for new market makers in the Unchained Podcast. According to recent reports, both Jane Street and Jump Trading were retreating from the American crypto market. This news did not sit well with the crypto community, which blamed the Securities and Exchange Commission (SEC) for its hostile stance toward crypto.

Crypto Influencer Faces Continuous Backlash for Memecoin Promotion

https://coinedition.com/crypto-influencer-faces-continuous-backlash-for-memecoin-promotion/

  • ZackXBT tweets a 17-part thread on Ben Armstrong aka BitBoy Crypto’s previous involvement with scam projects.
  • BitBoy Crypto continues promoting BEN Coin, calling it more than just a memecoin.
  • The crypto community’s comments range from calling BitBoy Crypto a ‘scammer’ and a ‘marketing genius.’

The backlash continues against Crypto Influencer Ben “BitBoy Crypto” Armstrong and his new project, BEN Coin. The project was a meme token that Armstrong joined on May 9, 2023. After that, he continuously promoted the coin on his social media accounts.

Most notable of this backlash comes from On-chain sleuth, ZackXBT. On Twitter, ZackXBT posted a 17-part thread detailing instances where Armstrong had allegedly promoted scam projects. Furthermore, ZackXBT highlighted cases of alleged plagiarism and art theft.

Similar criticisms of Armstrong’s promotion of the BEN Coin have been made by other crypto netizens. Some have claimed that they will never support the coin; others implore the crypto community not to ‘fall for these traps’; while most of the community has simply mocked Armstrong’s extreme claim of ‘If you are against $BEN, you are against crypto. Period.’

This recent spike in criticism is a result of Armstrong tweeting an update regarding the direction of BEN Coin. According to Armstrong, BEN Coin will not be a memecoin, and will instead be a ‘crypto adoption tool’.

Other crypto-netizens, on the other hand, have expressed support for Armstrong’s BEN Coin. His supporters claim that Armstrong is capitalizing on the ‘memecoin bullrun,’ and call him a ‘marketing genius’. Armstrong has quote tweeted this, and his supporters have rallied to his replies.

On May 9, Armstrong announced his official involvement with the BEN Coin team. Armstrong claimed that the project will work to bring positive attention and awareness to support crypto usage and adoption. However, this announcement led to negative remarks from Ripple CTO David Schwartz, and Crypto Influencer and Former Co-Founder of Dogecoin, Billy Markus.

Genesis Mediation “Dies,” What Happens To The Enormous Debt?

https://coinedition.com/genesis-mediation-dies-what-happens-to-the-enormous-debt/

  • Laura Shin says sources claim the Genesis Mediation is dead due to parties being too far apart.
  • Shin invites Genesis Creditors to send her a message regarding the situation.
  • The DCG risks defaulting if it cannot pay its $630 million debt by May 9 to 11.

On Wednesday, Crypto journalist and Unchained Podcast Host, Laura Shin tweeted that the Genesis Mediation was dead. In detail, Shin learned from a Genesis creditor and another person close to the matter that mediation efforts had failed due to the parties being at an impasse. Accordingly, Shin invited other Genesis creditors to send her a message regarding the situation.

Shin remarked that the Digital Currency Group (DGC) may be unaware that the mediation has ended. According to her, the DGC may still believe that mediations are ongoing because they claim to be in active mediation.

The cryptocurrency community’s response to Shin’s tweet was generally negative. A prominent crypto personality felt validated that the situation was, in fact, an entire Ponzi scheme; some criticized that the mediator with 39 years of experience failed in only a matter of days; and others felt even more discouraged considering the other negative crypto news this week such as Jump Street leaving and Binance accusations.

Between May 9 and 11, the DCG must pay the Genesis bankruptcy estate $630 million. The DCG risks defaulting if it cannot pay its debt in full or in a manageable way. Therefore, the mediation’s primary goal was to settle this debt as soon as possible.

Previously, on May 1, Genesis Bankruptcy Judge Lane issued an order to start a 30-day process to mediate “the contribution to be provided by DCG and its affiliates” to the Genesis bankruptcy. Judge Lane directed the order toward Genesis, Digital Currency Group (DCG), the Unsecured Creditors Committee (UCC), the Ad Hoc Group of Creditors (AHG), and Gemini.

Genesis Capital’s filing for Chapter 11 Bankruptcy on January 2023 was the cause of this mediation. As a result, the DGC promised to address its obligations of $526 million due this month and $1.1 billion under a promissory note due in June 2032.

KuCoin Launches New Investment Product and Two Events in Commemoration

https://coinedition.com/kucoin-launches-new-investment-product-and-two-events-in-commemoration/

  • KuCoin Pool launched a new investment product called Mining Savings. 
  • To celebrate the product’s launch, KuCoin Pool launched two different events to reward users. 
  • Furthermore, KuCoin Pool announced that it was actively recruiting members to join its exclusive mining club.

Leading Crypto Mining Platform KuCoin Pool has launched a new investment product: Mining Savings. It is a tailored fixed-income investment product catered for miners. Furthermore, KuCoin Pool offered two events in celebration of the Mining Savings launch. 

In detail, Mining Savings helps miners achieve steady asset growth. It will offer a maximum annual percentage of up to 3% with investment terms including 30, 60, 90, and 180 days to meet the diverse needs of users. The program is only available to users with a UID account’s BTC real-time hashrate of at least 10PH/s and a minimum investment amount of 5 BTC. 

KuCoin Pool has offered two events to celebrate the Mining Savings launch. These include limited-time interest-rate coupons and quiz activities. 

The first event is ‘Rate-Up Coupons Boost Earnings’ from May 8, 2023, to May 15, 2023 (UTC). Users can receive Kucoin Pool rate-up coupons when they successfully subscribe to Mining Savings products. These coupons can allow users to earn extra profits during the rate-up period and will be automatically activated with the products upon successful subscription by users. KuCoin Pool will provide users with different rate-up coupons based on the investment terms.

Meanwhile, ‘Take The Mining Savings Quiz to Win a Share of $200’ is the second event from May 8 to May 14, 2023 (UTC). 20 users who complete the quiz will be randomly selected to win a share of $200. Users must join the official KuCoin Pool Telegram community to take the quiz. 

KuCoin Pool also announced that it was actively recruiting members to join its exclusive mining club. KuCoin Pool is searching for Bitcoin miners with a hashrate of over 200 PHs, a comprehensive mining farm monitoring system, and a professional O&M team. Recruited miners will gain access to KuCoin Pool’s cloud mining program and to KuCoin’s ecosystem services and VIP benefits. 

Celebrity Metaverse Platform CEEK Announces Major Partnerships and Updates

https://coinedition.com/celebrity-metaverse-platform-ceek-announces-major-partnerships-and-updates/

  • CEEK continues to improve its metaverse and token through partnerships and announcements.
  • These include partnering with Ceffu, presenting and streaming the 2023 Impact Awards Gala, and announcing Metaverse updates for Q2 of 2023.
  • Ceek aims to grow its metaverse community and increase its token’s usability.

The Celebrity Metaverse Platform CEEK has been actively improving its metaverse and CEEK token since the beginning of April 2023. With partnerships, updates, and airdrops, CEEK plans to grow its metaverse community and increase its token’s usability.

In the past three weeks, CEEK has made significant partnerships and announcements. The metaverse platform partnered with Playing for Change Foundation (PFCF) for a second year to stream and present the prestigious 2023 Impact Awards Gala, announced a 23,000 CEEK token airdrop, appeared on a KuCoin Fireside Chat, announced its Metaverse Q2 plans, and partnered with Ceffu (previously Binance Custody).

In streaming and presenting the 2023 Impact Awards Gala, CEEK Founder and CEO Mary Spio had the following to say:

“We are excited to partner with Playing for Change Foundation for a second year. We look forward to the fans of the honorees as well as the global superstars supporting PFCF in sharing this special event through VIP Access NFTs via the CEEK Metaverse.

According to Spio, fans will be able to enjoy the Awards show and performances featuring Luis Fonsi, Ceelo, Paul Abdul, Mau Y Ricki, Manuel Turizo, Dav, and more.

Notably, CEEK also published important updates for its Metaverse’s Q2 plans. These updates include new multiplayer modes with tournaments and competitions to earn the CEEK token, the sale of CEEK VR headsets at luxury retailers, and hints at in-development projects with Meta, among other things. 

Furthermore, CEEK has partnered with Ceffu (formerly Binance Custody). This partnership involves adding the CEEK token to Ceffu’s infrastructure. “Knowing that Ceffu is the institutional custody partner of Binance gave us the confidence we needed,” said Spio. She emphasized CEEK’s assurance in the security of its tokens as they continue to concentrate on BNB Chain innovations.

At the time of writing, CEEK trades at a rate of over $0.076 with a decline rate of 0.9% over the past 24 hours. It has a market capitalization of $61,909,386 with a 24-hour trading volume of $3,419,768 according to CoinMarketCap.

The End for Airdrops? Tom Schmidt Weighs In on SUI Controversy

https://coinedition.com/the-end-for-airdrops-tom-schmidt-weighs-in-on-sui-controversy/

  • Dragonfly General Partner Tom Schmidt talks about the future of airdrops.
  • Schmidt states that maybe the lack of airdrops would become the new norm in the crypto community.
  • Meanwhile, Aptos Chief Architect Avery Ching defended the use of airdrops as a sign of appreciation toward community members.

Tom Schmidt, General Partner at Dragonfly, posited that airdrops might not be the future of crypto. Schmidt shared his thoughts during the Unchained Podcast Chopping Block at the 2023 Consensus Conference. Furthermore, Schmidt made these statements following the news of SUI deciding not to hold an airdrop for early adopters.

During the podcast segment moderated by Haseeb Qureshi, Schmidt stated his opinions in a discussion about the future of airdrops. Firstly, Schmidt mentioned that it was unclear how effective airdrops really were for marketing and distribution. Secondly, he wondered whether airdrop outcomes justified the efforts required to prevent Sybil attacks.

“Is this actually effective at either of the goals? I don’t know. Maybe this will be a new meta; a new way to do distribution going forward.”

In detail, a Sybil attack is when an attacker creates multiple fake identities or accounts known as Sybil nodes. These nodes are used in a network to gain control over it, manipulate its behavior, disrupt its operations, or influence its decision-making process.

On the other hand, Aptos Chief Architect Avery Ching defended the use of airdrops. According to Ching, while there were real tradeoffs regarding airdrops, they were also a way to reward community members as a sign of appreciation and goodwill for genuinely taking the time to understand the project.

On April 10, Mysten Labs Co-Founder and CPO, Adeniyi Abiodun, controversially denied a Sui airdrop. Mysten Labs’ move went against the current culture of Layer-1 projects, which always included airdrops for early adopters. Reactions have been mixed, with some stating that SUI would fail, while others questioning whether airdrops need to be left in the past.

Google Cloud and Polygon Labs Unveil Multi-Year Strategic Alliance

https://coinedition.com/google-cloud-and-polygon-labs-unveil-multi-year-strategic-alliance/

  • Google Cloud announced its multi-year partnership with Polygon Labs.
  • The announcement was made during the 2023 Consensus Conference in Austin, Texas.
  • Google Cloud aims to help accelerate the adoption of core Polygon protocols.

On April 27, Google Cloud and Polygon Labs announced a multi-year strategic alliance. Google Cloud made the announcement during the 2023 Consensus Conference in Austin, Texas. Through the partnership, both companies aim to accelerate the adoption of core Polygon protocols.

Google Cloud will bring its Blockchain Node Engine to the Polygon ecosystem to assist in running Polygon PoS nodes. Google Cloud’s Blockchain Node Engine is a fully managed node hosting service that will diversify cloud services across the Polygon ecosystem. Therefore, developers can overcome the time-consuming and costly process of provisioning, maintaining, and operating their own dedicated blockchain nodes.

Furthermore, Polygon Labs aims to release an app chain to allow developers to deploy their own customized DevNet (developer network) on the Google Cloud platform with just one click. This feature will enable developers interested in deploying a Supernet to quickly and easily create a three to five-node network with a simulated bridge within their own Virtual Private Cloud (VPC).

Google Cloud as Polygon Labs’ cloud provider will also help advance its zero-knowledge innovation strategy. There have already been initial tests to run Polygon zkEVM’s zero-knowledge proofs on Google Cloud, resulting in significantly faster and cheaper transactions than existing setups.

“The industry is experiencing a flight to quality as corporations seek to minimize risk when exploring new possibilities in Web3,” according to a Google Cloud Managing Director, Mitesh Agarwal. “Building on our work over the past few years, Google Cloud is helping the industry achieve escape velocity by directing our engineering efforts toward areas like improving data availability and enhancing the resilience and performance of scaling protocols like zero-knowledge proofs.

Alongside Searce as our implementation partner, we look forward to deepening our collaboration with Polygon Labs to deliver the enterprise-ready Web3 infrastructure and developer-friendly tools that businesses need to offer fast, frictionless, and secure access to dApps for consumers.

Finally, the Google for Startups Cloud Program will support early-stage startups backed by Polygon Ventures. These startups can receive newly announced Web3-specific benefits such as $200,000 in Google Cloud and Firebase credits for the usage of up to two years, early access to Google Cloud’s Web3 products and roadmap, an invitation to an exclusive Discord channel with Google Cloud’s Web3 product and engineering teams, and complimentary access to hands-on learning labs focused on Web3 and the latest Google Cloud technology, among other things.

StormGain Announces Innovative Partnership with Unstoppable Domains

https://coinedition.com/stormgain-announces-innovative-partnership-with-unstoppable-domains/

  • StormGain has announced its partnership with Unstoppable Domains.
  • As part of the partnership, Unstoppable Domains offers a 25% discount up to $25 for StormGain users.
  • Furthermore, StormGain DEX has integrated Unstoppable Domains as an authorization method.

On April 28, StormGain, a leading crypto exchange platform, announced its partnership with Unstoppable Domains, a company that offers to replace complicated cryptocurrency addresses with easy-to-read blockchain-based Web3 domain names. The StormGain and Unstoppable Domains partnership comes with rewards and utility to StormGain users.

The partnership between StormGain and Unstoppable Domains will provide StormGain users with time-limited rewards and added utility. In detail, Unstoppable Domains offers StormGain users a 25% Discount up to $25 on any of its domains. Furthermore, Unstoppable Domains has become a new authorization method on StormGain DEX.

Unstoppable Domains’ discount offer will only be available until 11:59 PM (ET) on May 2, 2023. The partnership aims to help StormGain users protect their assets by replacing addresses with simple domains, reducing the risk of human error.

StormGain users can visit the following link for the landing page discount: https://unstoppableweb.co/3HbWH4e. The landing page will automatically apply the discount offer at checkout.

A StormGain spokesperson expressed the company’s excitement to partner with Unstoppable Domains.

We are excited to partner with Unstoppable Domains to offer our users a more secure and convenient way to access our platform. With this partnership, we are taking another step forward in our mission to provide the best possible trading experience for our users.

StormGain has also integrated Unstoppable Domains as an authorization method on StormGain DEX. As a result, StormGain users can directly trade from the blockchain wallet associated with their Unstoppable Domains account. The integration aims to simplify the onboarding process for new StormGain DEX users and provide a more secure and user-friendly experience.

Santiment Reveals Top 20 Fastest-Developed Crypto Assets in 30 Days

https://coinedition.com/santiment-reveals-top-20-fastest-developed-crypto-assets-in-30-days/

Santiment Reveals Top 20 Crypto Assets

  • Santiment published its list of 20 fastest-developed crypto assets.
  • The list was curated using Santiment’s unique activity tracking method.
  • Recently, Santiment accurately predicted BTC’s price bounce.

Crypto marketing intelligence platform Santiment published its list of the 20 fastest-developed assets in crypto. The list was curated using Santiment’s unique activity tracking method. In related news, Santiment also correctly predicted BTC’s recent price rebound.

On April 27, Santiment reported its Top 20 crypto asset development activity in the past 30 days. Among these, the top 5 were Polkadot (DOT), Kusama (KSM), Cardano (ADA), Cosmos (ATOM), and Hedera (HBAR). Notably, the top 20 list also included Aptos (APT) and MutliversX (EGLD).

Santiment based its list on the development activity of assets. Specifically, it trac…

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IOVLabs VP Reveals Major Developments at 2023 Consensus Conference

https://coinedition.com/iovlabs-vp-reveals-major-developments-at-2023-consensus-conference/

  • IOVLabs announces several major developments during the 2023 Consensus Conference.
  • Tim Paymans, VP Product at IOVLabs, details new workshops, visual identity, and a grant program.
  • IOVLabs aims to distribute 100 grants by the end of 2023 to support the development of DeFi applications on top of Rootstock.

During the 2023 Consensus Conference, IOVLabs VP Product Tim Paymans announced a series of major developments for the Rootstock Ecosystem and Rootstock Infrastructure Framework (RIF). Notably, through workshops and grants, IOVLabs aims to support Rootstock’s growth.

Tim Paymans presented these new developments during his talk at the 2023 Consensus Conference. These developments centered around the Rootstock ecosystem, the open-source RIF, and a grant program.

IOVLabs will host five free product development workshops for companies looking to use blockchain technology and the RIF protocols to develop and market fintech products. According to Paymans, IOVLabs will offer the Rootstock developers, product experts, funding, and marketing support to the partners chosen for the program.

Paymans also announced that the Roostock Infrastructure Framework (RIF) will have a new visual identity. This new design, according to Paymans, will more accurately convey the RIF’s goal of useful, affordable, and scalable fintech products and services on the blockchain.

Finally, Paymans announced that IOVLabs will launch a $2.5M Grant Program for startups and developers. Through this initiative, IOVLabs will distribute 100 grants in 2023 to support founders and entrepreneurs to build DeFi applications on top of Rootstock. IOVLabs will be launching the program in the coming weeks.

Pei Chen, VP of Growth at IOVLabs, spoke about the grant program and said that it demonstrated the company’s dedication to promoting the creation of a DeFi ecosystem through community effort.

Over 1 billion people lack access to financial services worldwide. RIF aims to change this by reducing the complexity of decentralized finance and making it accessible to all.

Enterprises, entrepreneurs, and developers can use the open-source RIF suite to develop new services or incorporate cryptocurrency into already-existing products. They can also fill out a form and submit it to the RIF to indicate their interest in collaborating.

Space and Time Launches Beta of Data Warehouse and Developer Suite

https://coinedition.com/space-and-time-launches-beta-of-data-warehouse-and-developer-suite/

  • Space and Time announces the beta release of its data warehouse and developer suite.
  • During the conference, Space and Time will showcase its data warehouse alongside AAA blockchain-based FPS Shrapnel.
  • Interested parties can participate in the Space and Time data by signing up to a link.

Space and Time, a leader in decentralized data, announced the beta release of its data warehouse and developer suite. Additionally, Space and Time announced a number of events that will take place during the 2023 Consensus Conference from April 26–28.

Space and Time Co-founder and CEO Nate Holiday shared his excitement about opening its data warehouse and a suite of data services to developers everywhere.

Space and Time is enabling a new era of data verifiability. As smart contracts and AI are increasingly integrated into business processes, Space and Time aims to ensure that they’re connected to and trained on verifiable data and computation.

During the Consensus Conference, Space and Time has several events planned in collaboration with other companies. These include Space and Time Product Day on Wednesday, April 26, presented by Hashkey Capital, followed by an open Space and Time Ecosystem Night presented by Chainlink.

Space and Time will notably showcase its newly launched data warehouse alongside a live demo of the anticipated blockchain-enabled AAA First-Person Shooter game Shrapnel. Conference attendees can play the Sharpnel demo while Space and Time generates live analytic insights around its gameplay.

Shrapnel CEO Mark Long expressed that Web3 analytics will be critical to the success of blockchain games. “Space and Time has the best service available,” claims Long.

Just like any Web2 free-to-play game, real-time analytics are how you improve the player experience. You need lightning-fast execution of data from on-chain transactions to in-game activity to leaderboards and more. And players want to know that all the data is accurate and verifiable. Space and Time is just the perfect complement to Shrapnel’s own blockchain and live-ops tech.

Interested parties can participate in the Space and Time beta by signing up through this link: https://www.spaceandtime.io/access-beta

Crypto Influencer Sheds Light on Mysterious BTC Whale Movement

https://coinedition.com/crypto-influencer-sheds-light-on-mysterious-btc-whale-movement/

  • Lookonchain points out particular movements from BTC whales that have been dormant for over a decade.
  • Netizens have mixed reactions – from FUD to wallet hack theories.
  • Meanwhile, Crypto Influencer and Youtuber, Satoshi Stacker, presents a compelling theory on the subject.

On April 25, On-chain analysts Lookonchain pointed out activity from BTC addresses that have been dormant for over a decade. Accordingly, netizens have mixed reactions to the whale movements. Meanwhile, Crypto Influencer and YouTuber, Satoshi Stacker, presents a possible answer to the anomaly.

Lookonchain noted particular activity from BTC whales that have been dormant for many years. “3 whales with 8,199 BTC (225M) have woken up in just 5 days,” Lookonchain noted in a tweet. Among them were addresses with 1,000 BTC activated after 12 years, 1,128 BTC after 10.5 years, and 6,071 BTC after 9.3 years. 

Netizens had mixed opinions about Lookonchain’s observations. Some netizens grew alarmed by the news, fearing whales might dump BTC and crash its price. On the other hand, some accuse Lookonchain of spreading FUD. Furthermore, some theorize that these may be the work of hackers getting a hold of old abandoned wallets.

On a Twitter thread, Cryptocurrency Influencer Satoshi Stacker presents a compelling possibility on the subject. Satoshi Stacker linked the whales moving BTC for the first time in over a decade to recent news of a wallet-draining operation that surfaced in April.  Users lost over 5,000 ETH in tokens, NFTs, and coins in this operation, which has been running since at least December 2022, affecting over 11 chains.

Therefore, according to Satoshi Stacker, whales may be moving some of their BTC holdings into safer wallets to protect themselves from wallet drainers targeting OG holders. 

Meanwhile, Lookonchain urges its users to keep an eye on a giant whale that has been dormant for 12 years. The whale holds almost 80,000 BTC or $2.19B. Notably, the address is linked to the infamous Mt. Gox hack.

Venom Achieves Major Milestone with Launch of Public Testnet

https://coinedition.com/venom-achieves-major-milestone-with-launch-of-public-testnet/

  • Layer-1 blockchain Venom announced that its public testnet is officially live.
  • Along with the launch, Venom unveiled in-house DApps on its blockchain.
  • Interested parties can download the testnet to test the Venom ecosystem.

Venom, a Layer-1 blockchain based in the Abu Dhabi Global Market (ADGM), has announced today that its public testnet is officially live. The milestone marks a significant accomplishment in Venom’s roadmap as it prepares to launch on mainnet.

Peter Knez, Chair of the Venom Foundation Council, expressed his excitement at the launch and called it a crucial step toward their upcoming mainnet launch. He was quoted saying:

With our highly scalable and reliable asynchronous blockchain, we’re confident that developers will be able to build innovative dApps, while users will be able to experience them firsthand.

Interested users can test the testnet by downloading the Venom Wallet and claiming a free testnet allocation. Mobile users can download the wallet via the Apple App Store or Google Play Store, while desktop users can download the Venom Wallet Google Chrome extension.

The testnet launch enables developers to test and debug dApps and blockchain protocols while allowing users to experience these dApps firsthand. The program’s goal is to encourage innovation and community building within the ecosystem.

Developers will be able to try their hand at building on the asynchronous Venom blockchain which boasts speed at 100k TPS, and a dynamic sharding feature that enhances scalability and network reliability. The team states that Venom has curated a repository of developer documentation to equip developers with the necessary tools and knowledge to start building.

Along with the testnet launch, Venom has also unveiled a host of in-house developed decentralized applications as part of its growing ecosystem.

Moreover, several dApps are to make their debut on Venom testnet which users can test by performing transactions, testing the native Venom wallet, and much more. This includes: Venom Wallet, Venom Scan, VenomPools, Venom Bridge, Venom Stake, Web3.World, WeUp, NFT Mint and Oasis.Gallery.

SingularityNET CEO To Launch Projects Smarter Than ChatGPT

https://coinedition.com/singularitynet-ceo-to-launch-projects-smarter-than-chatgpt/

  • SingularityNET CEO Ben Goertzel shares new plans related to AI.
  • According to Goertzel, SingularityNET is planning to launch projects smarter than ChatGPT.
  • Goertzel believes that decentralized AI would transform peoples’ perceptions of crypto.

SingularityNET CEO Ben Goertzel teased some of the company’s new plans. In detail, Geortzel shared that SingularityNET is aiming to launch projects much smarter than ChatGPT on its network. Furthermore, Goertzel believes that an AI revolution in the blockchain space would transform peoples’ perceptions towards crypto.

When you have the world’s smartest AI system running a decentralized blockchain-based network, the idea that crypto is really about decentralized control of any set of computational processes will be very obvious to everyone.

However, Goertzel also shared that it will take a while to launch these projects. “It’s going to take a little while, but we know how to do it. We’re working on it,” he said during an interview with Crypto Influencer Ben “BitBoy Crypto” Armstrong. “I think once we have the smartest AI in the world incorporating large language models, among other things, on our decentralized plat…

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Coinbase May Not Be The Only Exchange To Receive SEC Wells Notice

https://coinedition.com/coinbase-may-not-be-the-only-exchange-to-receive-sec-wells-notice/

  • CryptoLaw founder claims Coinbase may not be the only exchange to receive a Wells Notice.
  • Some netizens theorize that the SEC is making room for Nasdaq’s upcoming cryptocurrency exchange.
  • Meanwhile, Crypto.com CEO urges Twitter netizens to report an account spreading false news about Crypto.com collapsing.

CryptoLaw Founder John E Deaton claimed that Coinbase is likely not the only exchange to receive a Wells Notice from the SEC. Deaton shared this insight after quoting a tweet that Crypto.com may be in danger of collapse in the United States after being investigated by U.S. Government agencies.

Netizens from the cryptocurrency community replied to Deaton’s tweet with their own theories. One such theory was that the SEC taking down cryptocurrency exchanges was a ploy by the government to push Nasdaq’s upcoming cryptocurrency exchange.

In particular, Nasdaq has stated that it intends to launch its crypto custody services by the end of the second quarter of 2023. Nasdaq announced its intentions as early as September 2022, in response to institutional crypto investors’ demand.

Meanwhile, others believe Coinbase was simply non-compliant with the SEC all a…

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Digital Asset Platform Damex.io Announces Utility Token IEO on April 19th

https://coinedition.com/digital-asset-platform-damex-io-announces-utility-token-ieo-on-april-19th/

  • Damex.io announces the launch of its utility token’s IEO.
  • The IEO will take place on Damex’s app on April 19, 2023.
  • Damex’s utility token will grant users exclusive benefits.

Damex.io, a Gibraltar-based digital asset company, has announced the launch of its utility token’s Initial Exchange Offering (IEO). The digital asset platform will hold the token sale on its Damex app, and two soon-to-be-announced launchpads on April 19, 2023. There are numerous features and rewards available to holders of the $DAMEX native token, all of which can be achieved through the new smart app.

The $DAMEX utility token will grant users access to premium advantages like higher cashback, VIP premium memberships, and lower exchange fees, among others. The digital asset company also disclosed a staking concept for their native token that would allow users to earn rewards for staking and more.

The company plans to launch the Damex token across a number of platforms and will initially be accessible on Ethereum. After that, it will be bridged to more networks, including Solana, BSC, and others. Damex aims to maximize its users’ investment potential through its native token’s versatility.

On April 19, 2023, the Damex IEO will be held on the Damex app, which is accessible in the UK and the European Economic Area (EEA). The Damex app offers cross-border remittance trading, OTC desk services, cold storage, a Visa Card program, and numerous step2earn features. Interested parties across the globe will be able to join the IEO from one of the two launchpads soon to be announced by Damex.

Damex is a Digital Asset Finance application with an inbuilt step2earn gamification layer offering OTC services. Notably, the company is one of the 14 DLT-licensed firms authorized by the Gibraltar Financial Services Commission in keeping with future propositions of EU legislation on DLT assets.

Damex is also preparing for the growing regulatory implications on the cryptocurrency industry. Damex has established a solid reputation for itself, obtained a highly sought-after Gibraltar DLT license, and is subject to Guernsey Financial Services Commission (GFSC) regulation.

Hong Kong’s New Crypto Regulations and CBDCs: An Interview with Taras Dovgal

https://coinedition.com/hong-kongs-new-crypto-regulations-and-cbdcs-an-interview-with-taras-dovgal/

A cryptocurrency industry veteran coder and serial entrepreneur, Taras Dovgal has been active in the space since 2017. Apart from building dozens of crypto products from scratch, he founded a crypto venture capital firm that mentored and invested in budding crypto projects. With his hands-on experience, Taras Dovgal is a valuable asset in the crypto space, offering his knowledge and expertise to guide others in their exploration of the crypto world with his enthusiasm and dedication. He believes that success in the cryptocurrency industry depends on the power of collaboration among enthusiasts.

Taras is passionate about creating user-friendly products that make it easier for people to use and understand crypto technology. Throughout his articles, he discusses what qualities are necessary for a crypto product to gain widespread adoption from his perspective as a developer and entrepreneur. A major part of his mission is to raise awareness of blockchain technology among the average user and to provide developers with practical ideas on how to mainstream it.

The crypto industry is seeing a remarkable unfolding of events as more and more people embrace crypto across the globe. Since crypto is no longer a fringe asset, regulators cannot stand aside, so they have to develop standards and regulations. Various governments around the world have stepped in and worked toward providing stability and safety to crypto users.

For example, a Hong Kong regulatory framework recently proposed allowing retail investors to participate in the digital asset market, until recently restricted to institutions and professionals with over $1 million in capital.

During his interview with CoinEdition, Taras’ insights included how the new framework represents Hong Kong’s increased commitment to ensure its regional competitiveness as a financial hub as well as what the future holds for CBDCs. Taras’ expertise and competence developing crypto solutions for governments makes him an excellent resource for this discussion.

To begin with, we asked Taras why he thought Hong Kong issued these new crypto regulations, considering the strict previous rules that limited crypto trading to institutions, and China’s outright ban on cryptocurrency in 2021.

“In the 1980s, Hong Kong created the Hong Kong Stock Exchange, which became the premier venue for Hong Kong companies to raise capital. It encouraged the growth of other financial institutions, such as banks and investment firms, which further increased the economic development of Hong Kong. This allowed the region to become a major player in the global financial market and to attract international investors,” Taras said.

“The government of Hong Kong clearly intends to capitalize on the growing crypto industry. This is likely to make the region more attractive to investors, entrepreneurs, and businesses and could lead to Hong Kong becoming a crypto hub,” he added.

Moreover, he noted that other parts of the world are crypto-friendly in terms of regulation and infrastructure to make crypto widely accepted. For instance, Switzerland is already a global leader in crypto adoption with its Crypto Valley in Zug, which is a hub for many crypto and blockchain-based businesses and projects. Hong Kong is also in great shape to achieve that status.

“Also, Hong Kong’s position against regional rival Singapore was hampered by pandemic restrictions. Due to Hong Kong’s isolation from the rest of the world for quite some time, Singaporean banks have been able to channel foreign cash into their accounts, while Hong Kong banks have lost local currency deposits.

As a result, Hong Kong faced a significant challenge in keeping up with the competition from Singapore, as it was unable to attract foreign capital and investments to the same degree as its regional rival.

So Hong Kong needed to do something to signal that it is back in business. Through new crypto regulations, Hong Kong could level the playing field with Singapore and regain its prominence as a financial hub. This is especially since Singapore prohibits cryptocurrency services from being advertised in public spaces, as well as trivializing cryptocurrency trading,” Taras said.

Even so, he pointed out that Hong Kong’s capital market activity is still much higher than Singapore’s. For this reason, it had to maintain its competitive advantage. This requires a proactive approach to improving and maintaining Hong Kong’s lead in terms of regulation, taxation and liquidity.

A Cambrian explosion in CBDCs

Afterward, we discussed CBDCs, something that basically divides the crypto community, with one part seeing it to be a good thing and the other believing that it is pure evil. In that regard, we were curious to know Taras’ opinion.

“If you look at facts alone, CBDC projects are exploding worldwide, with 114 nations exploring CBDCs compared with 35 countries in 2020. The pilot program in China, which reaches 260 million people, will expand to the rest of the country this year.  The Hong Kong government is also working on e-HKD creation. Over 20 countries will pilot CBDCs this year.

The sanctions against Russia have led to countries considering payment systems that do not use the dollar. CBDC experiments have now reached 9 cross-border wholesale projects and 7 retail projects, almost doubling since 2021. You can see where the trend is heading,” Taras said.

Also, he noted that globalization is evolving into localization, with each government deciding what is best for them.

“In the future, central bank digital currencies may coexist with public blockchain tokens, or authorities may decide to ban them altogether. The only way to find out if governments end up being the heroes or the villains of this crypto-story is to wait and see. The future will reveal whether this technology will be used to empower citizens or governments. However, it is certain that it will bring about massive changes to how we interact with money,” Taras concluded.

Binance Caught in the Crossfire: CFTC Lawsuit Aimed at SEC?

https://coinedition.com/binance-caught-in-the-crossfire-cftc-lawsuit-aimed-at-sec/

  • BitBoy Crypto believes that the CFTC’s lawsuit against Binance is more of a shot against the SEC than Binance.
  • Eleanor Terrett shares that her sources indicate the SEC would file a similar lawsuit against Binance in response to the CFTC’s lawsuit.
  • On March 27, the CFTC filed a lawsuit against Binance claiming it traded on its own exchange using 300 accounts connected to Binance CEO CZ.

Ben “BitBoy Crypto” Armstrong tweeted his opinion on the Commodity Futures Trading Commission’s (CFTC) lawsuit against Binance. Armstrong believes that the CFTC’s lawsuit is more of a slight against the U.S. Securities Exchange Commission (SEC) rather than against Binance.

In a previous tweet, Armstrong shared a screenshot of details regarding the CFTC lawsuit. The screenshot showed that the CFTC considers bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT), and Binance USD (BUSD) as commodities.

Notably, this is a contrast to the SEC’s stance on the matter. The SEC publicly considers cryptocurrencies and digital assets as securities. In detail, the SEC has an ongoing legal battle with Ripple over the accusations that the blockchain developer and creator of the XRP token sold them as unregistered securities to investors.

Fox Business Journalist Eleanor Terrett also tweeted updates regarding the CFTC’s lawsuit against Binance. According to Terrett, sources indicate that there is a possibility that the SEC would file a similar lawsuit against Binance to counter the CFTC’s lawsuit.

On March 27, The CFTC filed a lawsuit against Binance, claiming that the cryptocurrency exchange traded on its own platform using 300 accounts connected to Binance CEO Changpeng Zhao (CZ).

During the Relevant Period, Binance has traded on its own platform through approximately 300 “house accounts” that are all directly or indirectly owned by Zhao (…) Zhao has also traded on the Binance platform through two individual accounts.

Accordingly, Zhao released a statement in response to the allegations. Zhao referred to the civil complaint as “unexpected and disappointing” after more than two years of cooperation with the CFTC. In his response, Zhao detailed only a few key points, noting that a full response will follow in due time.

Crypto Community Rallies Behind Coinbase Amid SEC Wells Notice

https://coinedition.com/crypto-community-rallies-behind-coinbase-amid-sec-wells-notice/

  • The crypto community supports Coinbase following Wells Notice from the SEC.
  • Notably, Polygon Co-Founders Sandeep Nailwal and Jynti Kanani publicly declared their support for Coinbase.
  • Some netizens took the opportunity to criticize Coinbase’s asset review policy and their decision to delist XRP.

Following the disclosure of the SEC’s Wells notice, the cryptocurrency community has come out in support of Coinbase. Paul Grewal and Brian Armstrong of Coinbase tweeted threads about the issue. The majority of the community is in support of Coinbase, but some internet users have voiced their complaints about the business.

Notably, two of Polygon’s Co-Founders Sandeep Nailwal and Jynti Kanani shared their support for Coinbase on Twitter. Nailwal noted that Coinbase was the gold standard of compliance in the crypto space, emphasizing the SEC’s seemingly redundant actions. Meanwhile, Kanani expressed his heavy support for Coinbase and the entire crypto industry.

In general, it appears that more people in the community support Coinbase. The majority of internet users tweet about how Coinbase has adhered to the rules strictly since Day One and how Armstrong has done more for the community than anyone else. Others have criticized the SEC for the Wells Notice, calling them a greedy organization out to get money.

However, some critics within the cryptocurrency community have also voiced their disapproval of Coinbase. Netizens highlight the fact that Coinbase’s delisting of XRP was pointless because the SEC attacked them regardless. Additionally, some have seized the chance to draw attention to all the awful coins listed on the platform by picking apart Armstrong’s Twitter thread and his reference to a “rigorous asset review process.”

On March 23, Coinbase CEO and Co-Founder Brian Armstrong tweeted about the SEC issuing a Wells notice to the company. Armstrong elaborated that the notice focused on staking and asset listings, and these notices often resulted in enforcement action.

Similarly, Coinbase Chief Legal Officer Paul Grewal also tweeted a thread detailing the SEC’s Wells Notice. Grewal, on the other hand, concentrated on the legal aspects of the situation, claiming that Coinbase had met with the SEC over 30 times in the previous nine months without receiving any feedback.

White House Economic Report: Cryptocurrency Falls Short of Promises

https://coinedition.com/white-house-economic-report-cryptocurrency-falls-short-of-promises/

  • The White House Council of Economic Advisers released the Economic Report of the President on March 20.
  • Crypto assets are discussed on 30 pages of the Economic Report.
  • Most of its comments on cryptocurrency assets draw attention to its issues and the need for regulation.

The White House Council of Economic Advisers has criticized crypto assets. In the Economic Report of the President, published on March 20, there are over 30 pages detailing the council’s thoughts on crypto assets. The report noted flaws and problems related to crypto assets.

The Economic Report noted, among other things, that none of the benefits promised by cryptocurrencies have materialized. These benefits include cryptocurrency’s promise to improve payment systems, increase financial inclusion, and more.

Looking under the hood at these arguments, however, shows a more complicated picture. So far, crypto assets have brought none of these benefits.

Furthermore, the Economic Report criticizes crypto assets as a form of investment. According to the report, crypto assets do not currently have a fundamental value, serve as a substitute for fiat currency, increase financial inclusion, or improve the efficiency of payments. “Instead, their innovation has been mostly about creating artificial scarcity in order to support crypto assets’ prices,” according to the report.

Then, the Economic Report points out how DeFi creates serious risks to investors. Namely, the report points to the use of significant leverage and the performance of regulated functions without compliance with appropriate regulations. According to the report, DeFi platforms that operate as unregulated banks, broker-dealers, exchanges, etc. should adhere to all applicable laws and regulations.

The White House Council of Economic Advisers accuses some supporters of crypto assets of being ignorant of fundamental economic principles in a particularly harsh statement. “Although advocates often claim that digital assets, particularly crypto assets, are a revolutionary innovation, the design of these assets frequently reflects an ignorance of basic economic principles that have been learned in economics and finance over centuries.”

This inadequate design is often detrimental to consumers and investors.

Ultimately, the Economic Report emphasized the need for effective regulation within the crypto asset space. Although the report acknowledges some of the potential of crypto assets and the technology that underpins them, it also claims that there are currently more issues than advantages.

Notably, the report discussed how a U.S. CBDC might modernize the country’s financial system without the dangers or irrational exuberance that come with crypto assets.

Crypto Influencer Unrepentant as Law Firm Files Harassment Claims

https://coinedition.com/crypto-influencer-unrepentant-as-law-firm-files-harassment-claims/

  • BitBoy Crypto, a prominent crypto influencer, is unrepentant towards Moskowitz and his Law Firm.
  • On March 20, Adam Moskowitz and his Law Firm filed a Status Conference regarding BitBoy Crypto’s harassment.
  • The Status Conference relates to the ongoing FTX Lawsuit filed against Crypto Influencers including BitBoy Crypto.

Ben “BitBoy Crypto” Armstrong is unrepentant of his actions toward Adam Moskowitz and The Moskowitz Law Firm. On March 20, Adam Moskowitz and The Moskowitz Law Firm filed a Status Conference regarding Ben “BitBoy Crypto” Armstrong’s harassment towards him and the firm. Moskowitz submitted the document alongside testimonies and screenshots showcasing Armstrong’s harassment actions.

Ben Armstrong has made it clear that he is not regretful for his actions in response to the Status Conference request. Armstrong addressed the document on his Twitter, reinforcing his claim of enforcing legal action against Moskowitz and his Law Firm. Furthermore, Armstrong tweeted “Relentless and no remorse” about a tweet revealing his email to Adam Moskowitz.

The Status Conference Request document included three materials: a Declaration of Lorenza Ospina (a Paralegal at the Moskowitz Law Firm), Screenshots of an Email from Ben Armstrong to Adam Moskowitz, and Ben Armstrong’s Tweets.

Lorenza Ospina shared details about receiving vulgar and threatening phone calls and emails at The Moskowitz Law Firm. Ospina detailed that on March 17, between 1:04 PM and 1:43 PM, she received 21 anonymous calls. Furthermore, Ospina received 3 threatening voicemails. Finally, she received threatening emails via the law firm’s “Form Submission” page.

Additionally, the document included an email from Ben Armstrong to Adam Moskowitz. In detail, Armstrong sent an email containing many expletives and name-calling toward Moskowitz. Notably, the email was in response to a January 11 email by Armstrong himself, professionally requesting a meeting with Moskowitz.

Finally, the document included screenshots of Ben Armstrong’s public tweets from his BitBoy Crypto Twitter account. The screenshots contained, among other things, memes, insults from Armstrong, and a statement for his followers to leave reviews for The Moskowitz Law Firm.

In detail, a Status Conference is a meeting between all parties involved in a lawsuit and a judge. The purpose of a Status Conference is to discuss matters regarding the lawsuit, such as disputes, and to determine if action needs to be taken to move the case forward.

Ben Armstrong’s actions are a result of the ongoing FTX lawsuit brought by Adam Moskowitz and his legal team against him and other crypto influencers. On March 16, Moskowitz and the case plaintiffs accused Armstrong and other influencers of promoting FTX without disclosing their compensation agreements.

Crypto Influencer vs. FTX Lawsuit: The Twitter Feud Heats Up

https://coinedition.com/crypto-influencer-vs-ftx-lawsuit-the-twitter-feud-heats-up/

  • BitBoy Crypto, a prominent crypto influencer, continues his Twitter outrage towards the FTX lawsuit.
  • Specifically, BitBoy Crypto aims most of his contempt for Adam Moskowitz, the lawyer handling the FTX lawsuit.
  • On March 15, a class action lawsuit was filed claiming $1 billion in damages against YouTube Influences who promoted FTX.

Ben “BitBoy Crypto” Armstrong, a prominent crypto influencer, expressed his continued outrage with the FTX lawsuit involving him and other YouTube Influencers. Armstrong has tweeted about the lawsuit and his planned countersuit since March 15. Recently he shared with his Twitter followers that he’s talked to lawyers regarding the matter.

Armstrong has mainly targeted the FTX lawsuit’s lawyer, Adam Moskowitz. In his most recent tweet, he expressed his contempt for Moskowitz and threatened to have his license revoked. Previously, Armstrong also urged his followers to leave reviews on The Moskowitz Lawfirm, stating that the firm was harmful to the cryptocurrency community.

Similarly, Kevin “Meet Kevin” Paffrath tweeted about the lawsuit, insulting the attorneys involved. Paffrath explained that referrers are not the same as sellers and that they are not liable for a seller defrauding individuals. Armstrong quoted Paffrath, expressing his shared disdain for the lawyers for accusing him of promoting FTX despite the fact that he never promoted FTX on his BitBoy Crypto brand.

Since the March 15 lawsuit, Armstrong has constantly belittled the claims against him. Armstrong claimed the lawsuit was based on lies, labeled the plaintiffs and lawyers as “low IQ,” repeatedly called Adam Moskowitz and Edwin Garrison names, and accused them of defamation.

On March 15, Plaintiff Edwin Garrison filed a class action lawsuit claiming $1 billion in damages against YouTube Influencers who promoted FTX. These influencers include Ben Armstrong, Kevin Paffrath, and other Crypto YouTubers.

Notably, famous YouTuber Lawyer LegalEagle pointed out that the lawsuit was a “copy and paste job” of a previous FTX-related claim. The lawsuit involved the same lawyers, plaintiffs, and claims from a past Influencer lawsuit involving celebrities such as Tom Brady.

How a ‘Smart Money’ Earned $7 Million Through Strategic ETH Trades

https://coinedition.com/how-a-smart-money-earned-7-million-through-strategic-eth-trades/

  • Lookonchain tweeted a notable ‘Smart Money’ to their followers.
  • The ‘Smart Money’ profited $7 million on March 21, 2023, following well-timed trades.
  • After the profits, the ‘Smart Money’ currently holds 20,891 ETH worth $36.7 million.

On-chain analyst Lookonchain shared details of transactions from a ‘Smart Money’ who made $7 million in profits by trading Ethereum (ETH). The Smart Money made well-timed trades that resulted in impressive gains. Currently, they hold 20,891 ETH worth $36.7 million. Lookonchain refers to similar wise traders as ‘Smart Money.’

Lookonchain shared a two-part Twitter thread explaining the ‘Smart Money’’s transactions alongside screenshots of the trades.

On July 5, 2022, the ‘Smart Money’ withdrew 10,579 ETH from the then-functional FTX platform at a price of $1,120. Fo…

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