Author: Teererai Mukonavanhu

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Teererai Mukonavanhu

I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency and new technology.

Articles by Teererai Mukonavanhu

SEC Issues Warning to Investors Regarding the Risks of Crypto Securities

3 days ago 1 min read

The U.S. Securities and Exchange Commission (SEC) is urging investors to exercise caution when investing in cryptoasset securities. The agency’s Office of Investors Education and Advocacy has warned that platforms offering crypto trading may not be complying with federal securities statutes. In a bulletin issued on Thursday, the SEC emphasized that the law requires securities broker-dealers, investment advisers, and exchanges to register with the SEC, a state regulator, or a self-regulatory organization. Entities and platforms involved in lending or staking crypto assets may also be subject to federal securities laws. This warning follows the SEC’s previous attempts to demonstrate that

WSJ Reports Coinbase Ends Support for Signature Bank’s Signet Network

5 days ago 1 min read

On Monday, Coinbase Global (COIN) announced to its clients that it would no longer support Signet, the real-time payments network of Signature Bank that was recently shut down by New York State regulators. According to a report by the Wall Street Journal, Coinbase users who used Signet for U.S. dollar deposits or withdrawals won’t be able to send funds outside of the usual banking hours, but Coinbase said it was looking for a new technology partner. The fate of Signet has been uncertain since Signature Bank was shut down by New York State regulators last weekend, and its assets transferred

Bithumb CEO investigated for alleged bribery in South Korean crypto listing

6 days ago 1 min read

The chief executive officer of Bithumb’s holding company, Lee Sang-jun, is under investigation by South Korean prosecutors for alleged bribery in listing certain cryptocurrencies on the exchange. The Seoul Southern District Prosecutors’ Office confirmed the investigation, which includes a raid on Bithumb Holdings and Lee’s private residence earlier this month. Prosecutors also revealed that a former employee of Coinone, the country’s third-largest crypto exchange by trade volume, is being investigated for allegedly taking bribes to list specific cryptocurrencies. The investigation adds to the growing list of charges against Bithumb executives. A South Korean court is set to hold the first

Silicon Valley Bank UK awards 15 Million pounds in bonuses after receiving “symbolic bailout”

7 days ago 1 min read

HSBC-owned Silicon Valley Bank UK (SVB UK) has reportedly granted £15m to £20m ($18.26 million to $24.35 million) in bonuses to staff and executives, just days after being acquired by HSBC for £1 ($1.22). According to unnamed sources cited in a March 18 Sky News report, HSBC UK Bank authorized the payments, which were described as “modest.” The insiders added that if SVB UK had not been acquired “solvently,” the bonuses would not have been paid, but the payout is a signal of HSBC’s confidence in the talent at SVB UK and a move to retain key staff. SVB UK’s

Playboy’s Crypto Catastrophe: $4.9M Loss on Ethereum NFTs

1 week ago 1 min read

PLBY Group, the parent company of Playboy, has announced a $4.9 million impairment loss on the Ethereum it held last year. The loss was incurred due to the significant decline in market prices during the crypto winter, according to the company’s annual filing. Playboy accepted Ethereum as payment for its “Rabbitars” non-fungible tokens (NFTs), which were launched in 2021. These NFTs are held in the company’s balance sheet as digital assets, with a value of $327,000 as of last year. However, a previous filing showed that the company’s digital assets were worth $1.75 million as of September 30, 2021. The

Poolz Finance Falls Victim to Cyber Attack: Hackers Steal $390K

2 weeks ago 1 min read

In a recent cyber attack, Poolz Finance has lost nearly $390,000 on both the Binance Smart Chain and Polygon. The hack was spotted by blockchain security company PeckShield on Wednesday. The firm suspects that an arithmetic overflow issue could have been the reason behind the hack. This occurs when a larger operation yield is performed against a smaller storage system, leading to bugs in the system. PeckShield’s analysis revealed a repeat pattern by the same sender on the Token Vesting contract. This issue has been identified in Solidity, which states that arithmetic operations wrap on overflow. In high-level programming languages,

Coinbase CEO Considers Adding Banking Features Amid Silicon Valley Bank Turmoil

2 weeks ago 1 min read

The cryptocurrency industry has been rocked by the closure of three major American banks, including Silicon Valley Bank (SVB), which has traditionally served startups across several innovation sector industries. The closure of SVB was particularly devastating, as USD Coin (USDC) issuer Circle had over $3.3 billion of its $40 billion reserves locked up in the bank. The news caused shockwaves through the industry, with the USDC stablecoin briefly losing its $1 peg. Given the tumult of the past few days, the cryptocurrency ecosystem is now taking a closer look at ties to traditional finance institutions that serve fiat currency deposits,

Signature Bank Collapses, Prompting Federal Authorities to Take Action

2 weeks ago 1 min read

In another blow to the US banking industry, Federal regulators have closed Signature Bank, citing systemic risk. The closure comes after Silicon Valley Bank’s closure sparked fears across the country. The Federal Reserve expressed concerns about the systemic risks posed by the crypto-focused bank, marking the latest bank to be shut down. The Federal Deposit Insurance Corporation (FDIC) has announced that it will make all depositors of Signature Bank whole. The move is a bid to protect the country’s economy, with regulators seeking to strengthen public confidence in the banking system. They are confident that measures taken after the 2008

USDC Stablecoin Plummets to 87 Cents Amid Circle’s Silicon Valley Bank Exposure

2 weeks ago 2 mins read

US Dollar Coin (USDC), the second largest stablecoin by market cap, has recently suffered a significant drop in value, currently trading at 91 cents, according to data on CoinMarketCap. This comes after the coin fell as low as 87 cents overnight, which is below its previous all-time low of 89 cents in May 2019. However, the coin has begun to recover as of Saturday morning. The cause of this depegging is due to Circle, the issuer of USDC, disclosing that $3.3 billion worth of cash reserves backing USDC are still held at Silicon Valley Bank, which was shut down by

US Federal Reserve Forms Crypto Task Force to Address Unregulated Stablecoins

2 weeks ago 2 mins read

The US Federal Reserve has announced plans to create a new team of experts to keep up with developments in the cryptocurrency industry. The move comes amid concerns from the central bank about unregulated stablecoins. Speaking at the Peterson Institute for International Economics in Washington, Vice Chair for Supervision Michael Barr acknowledged that cryptocurrency could have a transformative effect on the financial system, but stressed the need for appropriate guardrails to be in place. Barr explained that the new crypto team will help the Federal Reserve keep abreast of new developments in the sector and ensure that appropriate regulations are

The HBAR Foundation Reveals Network Irregularities Affecting Hedera dApps

2 weeks ago 1 min read

The HBAR Foundation, the organization responsible for the Hedera blockchain, has recently reported that technical issues are affecting various decentralized applications (dApps) and their users. This has prompted Hashport, a bridge project, to temporarily pause its services due to smart contract irregularities on Hedera. Similarly, Pangolin, a decentralized exchange operating in the Hedera ecosystem, has also advised its users to withdraw their liquidity from the platform due to the same network irregularities. The HBAR Foundation has confirmed that it is actively working with affected partners and monitoring the situation to resolve the issue. However, SaucerSwap Labs, a DeFi project on

Thailand Offers Tax Breaks for ICOs, but Crypto Industry Faces Conflicting Messages

3 weeks ago 1 min read

Thailand’s Finance Ministry has announced that it will waive corporate income tax and value-added tax for companies conducting initial coin offerings (ICOs) for investment. This move is part of the military-backed government’s plan to provide alternative methods of raising capital through token issuance, in addition to traditional methods. According to reports, the government estimates that there will be approximately $3.7 billion worth of investment token offerings over the next two years. However, this will result in a tax loss of around $1 billion, a cost the government is willing to bear. Despite these tax incentives, there have been conflicting messages