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

Crypto era may be coming to an end, says Paul Krugman

21 hours ago 1 min read

Crypto skeptic Paul Krugman stated that we might be witnessing the end of crypto in an editorial piece published in the New York Times. Blockchain technology was covered in the article “Blockchains, What Are They Good For?” along with the demise of cryptocurrencies. He thinks there is no use for blockchain technology. The economics professor claimed that the market was now going through a Fimbulwinter rather than a crypto winter. Fimbulwinter makes an allusion to Norse mythology when it talks of “an unending winter” that comes before the end of the world. In this instance, he predicted that the crypto

Genesis creditors band together in an attempt to avoid bankruptcy, Bloomberg reports

5 days ago 1 min read

Genesis Global Capital issued a warning last week about the possibility of bankruptcy, and now some of its creditors are exploring options to prevent such a move. Bloomberg reports that law firms Proskauer Rose and Kirkland & Ellis are involved in talks with creditors. Genesis told Bloomberg that the company is attempting to avoid declaring bankruptcy. Digital Currency Group CEO Barry Silbert said in a letter last week that the company was looking into options. Genesis Trading was previously reported to be seeking up to $1 billion in emergency funding for its lending arm, but would-be investors such as Binance

Genesis crypto brokerage struggles to avoid bankruptcy

5 days ago 1 min read

Genesis, the embattled cryptocurrency brokerage, is pulling out all the stops and exploring all options to keep the bankruptcy lawyers at bay. Creditors are banding together with liquidation and restructuring lawyers to keep the firm afloat. On November 16, the crypto lending platform suspended withdrawals. Creditors are seeking advice from various legal firms, according to a Bloomberg report citing anonymous sources. The creditor groups are attempting to avoid the situation that led to the demise of FTX International earlier this month. According to the report, Genesis has approximately $2.8 billion in outstanding loans on its balance sheet. Almost one-third of

JPMorgan says centralized crypto exchanges will continue to dominate the market

6 days ago 1 min read

JPMorgan predicted that centralized exchanges would continue to dominate the majority of global digital-asset trading volumes. On Thursday, the bank’s strategists, led by Nikolaos Panigirtzoglou, warned clients that the DEXs’ slower transaction speeds, asset pooling, and order-traceability characteristics are likely to limit institutional participation. Analysts also pointed out that DEXs’ reliance on price oracles that draw information from centralized exchanges, their susceptibility to hacks and exploits, the requirement for excessive collateralization, and systemic risks from the cascade of automated liquidations were all barriers to their widespread adoption. The group noted: “Risk/return trade-off more difficult to assess in DeFi (decentralized finance)

The chief economist of Israel offers suggestions for crypto regulation.

6 days ago 2 mins read

The supervisor of financial service providers and the Israel Securities Authority, according to the chief economist, should be given more authority to regulate the sector. In order to safely increase crypto adoption, Israel’s chief economist has provided policymakers with a list of recommendations for how to approach the nation’s laws governing digital assets. Shira Greenberg, the chief economist at the Ministry of Finance, advocated for a more thorough regulatory framework that would bring trading platforms and crypto issuers into compliance. And also increase the authority granted to its financial regulators in a 109-page report delivered to the Minister of Finance

Binance and Bybit in Emergency Move to Save Crypto market

1 week ago 2 mins read

After witnessing the collapse of FTX, the crypto industry is in a state of panic, with both firms and individuals in a state of disarray. Resultantly, investors are holding tightly to the funds they already have in their possession. This means a reduction in investments and reduced streams of capital flow. In response, Binance and Bybit have announced that they will support investors’ initiatives in the field. This brought some much-needed relief after long periods of speculation and uncertainty. Bybit made an announcement on November 24 about the creation of a new support fund aimed at institutional traders, market makers,

Young Co-Founder of $3 Billion Crypto Firm Dies at 30

1 week ago 2 mins read

News broke of the untimely demise of Tiantian Kullander, widely known in crypto circles as the founder of the finance service provider company, Amber Group, valued at a massive $3 billion. He is reported to have passed away in his sleep on November 23. Official sources on the company website display a notification confirming his demise while highlighting details of key achievements and milestones he had attained. “It is with the deepest sadness and a heavy heart that we inform you of the passing of our friend and co-founder, Tiantian Kullander, who passed away unexpectedly in his sleep on November

Alameda Research withdrew $204M Prior to Filing For bankruptcy: Arkham Intelligence

1 week ago 1 min read

Blockchain company Arkham Intelligence has published statements stating that Alameda Research withdrew more than 200 million from FTX.US. It is believed that in the final days before the meltdown, Alameda Research, a sister company to the FTX, took $204 million in various crypto assets, with most of them being stable coins from a total of 8 different FTX US addresses. Around $10.4 million was also sent to Binance, a rival cryptocurrency exchange. From the transfer of Ether, $13.87 million was directed to a sizable active trading wallet, and $35.52 million was sent to FT. Further clarity was needed from within

Singapore police say they are looking into crypto lender Hodlnaut on suspicion of fraud

1 week ago 1 min read

According to a Nov. 23 statement on the Singapore police website, the white-collar crime unit is investigating Hodlnaut, a local cryptocurrency lender under court protection from creditors, on allegations of fraud. Between August and this month, the police Commercial Affairs Department, which handles white-collar crime, received multiple reports alleging Hodlnaut and/or its directors made false representations about the company’s exposure to an unspecified digital token. According to the statement, the police have launched an investigation into Holdnaut and its directors for possible cheating and fraud offenses under Sections 417 and 424A of the Penal Code 1871. Those who deposited digital

Australians advised to stay away from fake crypto paper wallets they find on the street

2 weeks ago 1 min read

It has been reported that scammers have been leaving fake crypto paper wallets in public locations in an effort to con Australians out of their cryptocurrency. Australians have been cautioned to avoid suspicious-appearing fake Bitcoin paper wallets that trick users into accessing a profitable crypto wallet but ultimately deplete their own cryptocurrency holdings. According to a post made on the NSW Police Force’s Facebook page on November 22, the scam begins with a paper cryptocurrency wallet with a QR code that is designed to look like a genuine Bitcoin paper wallet. When a user finds the paper wallet and scans

Coinbase CEO reveals that the exchange holds $39.9 billion in Bitcoin following FTX Fall

2 weeks ago 1 min read

In a letter to shareholders, Coinbase CEO Brian Armstrong revealed the company’s $39.9 billion worth of Bitcoin holdings. Following widespread market efforts to be transparent in the wake of the FTX crash, the letter was eventually made public. The CEO of Coinbase made the Bitcoin total announcement and emphasized the company’s open status via Twitter. In addition, he then cautions clients to exercise caution when relying on any financial information that isn’t directly from the business. Coinbase CEO Brian Armstrong took to Twitter to address the significant market response to the closure of the cryptocurrency exchange FTX, saying, “We all

The DeFi protocol AAVE is dealing with bad debt and centralized points of failure

2 weeks ago 1 min read

AAVE’s platform currently has more than $6 billion in crypto value. Its ‘V2’ implementation currently has $5.5 billion in Total Value Locked (TVL). This TVL is comprised of $5.16 billion in ETH and ETH-based tokens, $669 million in wrapped ether (WETH), and $546 million in wrapped bitcoin (WBTC). According to DeFiLlama, a popular metrics website, $1.7 billion of the $5.5 billion total is borrowed. The website also listed $350.3 million in assets that could be liquidated immediately, which was the second highest of any DeFi application. DeFiLlama also mentioned an AAVE-controlled Ethereum wallet that currently holds $144 million in tokens,