Teererai Mukonavanhu
I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.
Articles by Teererai Mukonavanhu
1 year ago
1 min read
Binance.US, the U.S. arm of the global cryptocurrency exchange, has reportedly faced difficulties in securing a new bank partner to serve as a fiat on-ramp and off-ramp for its clients in the country. The Wall Street Journal reported on April 8 that recent failures of Silvergate and Signature Bank left Binance.US without banking services, depending on middleman banks to store funds on its behalf. Regulatory crackdowns on banks with crypto clients are also contributing to the exchange’s struggles. Attempts to establish direct banking relationships with banks such as Cross River Bank and Customers Bancorp have failed. As a result, the
1 year ago
0 mins read
The Arbitrum Foundation has offered a proposal to expand budget oversight and governance powers for ARB token holders after a crypto governance controversy last weekend. The foundation pledged not to move 700 million ARB tokens from its “Administrative Budget Wallet” until the community approved “an acceptable budget.” Additionally, the foundation proposed two motions that would increase governance accessibility and reduce the foundation’s power. The proposal comes after a community-wide uproar ensued when the foundation transferred 750 million ARB tokens to one of its wallets. The Arbitrum Foundation is responsible for developing Arbitrum, the fourth-largest blockchain with $2.24 billion in total
1 year 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
1 year 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
1 year 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
1 year 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
1 year 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
1 year 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,
1 year 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,
1 year 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
1 year 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
1 year 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
