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
A US bankruptcy judge is considering the approval of an independent investigation into the FTX collapse. FTX, once considered a trustworthy platform, collapsed after it was revealed that its CEO was using customer funds inappropriately. Crypto exchange FTX objects to the appointment of an independent examiner, stating that it would only duplicate work already being done by the company, creditors, and law enforcement agencies. FTX creditors’ committee does not support the investigation, while state securities regulators in Texas, Vermont, and Wisconsin support it. Additionally, FTX is requesting a refund from former donors and is reportedly frustrated by the attention its
1 year ago
1 min read
Justin Sun, the founder of cryptocurrency exchange Huobi, has supported the launch of the Debt DAO project, which claims to be issuing FTX user debt as a bond token called FUD. Debt DAO said it has received notification of around $100 million in debt from FTX creditors. Each FUD token has a value of $1 and will have an initial supply and circulation of 20 million. If the confirmed FTX debt amount is $60 million, Debt DAO will issue an additional 40 million FUD tokens through an airdrop. Huobi listed the FUD token for trading on Feb 5, and Sun
1 year ago
1 min read
The Australian government is boosting its market regulator’s digital asset team in an effort to protect consumers dealing with cryptocurrencies. The measures, which are part of a multi-stage approach, will involve strengthening enforcement, improving consumer protection, and establishing a framework for its token mapping reform. The Australian Securities & Investments Commission (ASIC) will focus on ensuring that the risks to consumers from crypto products and service providers are properly disclosed, and its digital assets team will be increased in size with increased enforcement measures. The Australian Competition and Consumer Commission (ACCC) will be given a real-time data-sharing tool to identify
1 year ago
1 min read
A Voyager Digital creditor and finance lawyer has filed a motion in the crypto brokerage’s bankruptcy trial to appoint a Chapter 11 trustee, which would take control of Voyager’s estate away from the company. Michelle DiVita, the Voyager creditor, has accused Voyager of having a history of financial statement inaccuracies and public misrepresentations, which were known or discoverable at the start of the bankruptcy proceeding. The filing alleges that Voyager underreported a loan to crypto hedge fund Three Arrows Capital by $609 million and undervalued Bitcoin in its financial reports to downplay the size of its loans. The bankruptcy proceedings
1 year ago
1 min read
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” attributes the recent rise in cryptocurrencies like Bitcoin and precious metals to declining financial health in the US. He believes that the poor financial health is affecting the poor and making the middle class poorer, which is driving demand for alternative investment products like Bitcoin. Kiyosaki calls for investments in assets like silver, which are relatively cheaper at the moment. He is excited about Bitcoin, as it is classified as a commodity, like gold and silver, and not a security, which will avoid SEC regulations. Kiyosaki predicts that Bitcoin will be the
1 year ago
1 min read
The Zhejiang public testnet is set to launch on February 1st at 15.00 UTC, offering users a chance to experience the withdrawal process and network functionality after the upcoming Ethereum Shanghai upgrade. The testnet will be used to deposit funds to validators and familiarize users with the interface, with trial withdrawals set to begin on February 7th. The Shanghai upgrade is a highly anticipated event on the cryptocurrency calendar and is expected to boost Ethereum staking, as the phased release of ETH staked on the Beacon Chain for up to 26 months will no longer be locked up. Currently, 16.3
1 year ago
1 min read
Alameda Research is seeking to recover around $446 million in cryptocurrencies that were transferred to lender Voyager Digital before Alameda filed for bankruptcy. Alameda claims that it repaid all of its loans to Voyager, including some that had not yet matured, in cryptocurrencies like bitcoin and ether after Voyager filed for bankruptcy. In the lawsuit, Alameda argues that Voyager’s role in funding Alameda and fueling its alleged misconduct has been largely ignored and claims that it is unclear if Voyager held a valid lien on the collateral it received from Alameda. The company is asking the court to rule that
1 year ago
1 min read
Bitcoin now has NFTs (non-fungible tokens) that are completely on-chain and can hold up to 4 MB of data. This makes it possible to publish short videos and other digital assets on the blockchain. Some bitcoin developers, such as Adam Back of Blockstream, have raised concerns about the use of these NFTs for non-essential data and called for censorship. The Ordinals platform is currently the main platform for minting these NFTs, and it stores the data in the segregated witness part of the transaction, which results in a 75% discount on transaction fees compared to Ethereum’s NFTs. Although the NFTs
1 year ago
1 min read
The South Korean Ministry of Justice has announced plans to adopt a cryptocurrency tracking system in the first half of 2023 to combat money laundering and recover criminal proceeds. The system will monitor crypto transactions and help uncover illegal funds. The Ministry also intends to develop its own crypto tracking and analysis system in the latter half of the year, but has not disclosed the name of the tracking system. The Supreme Prosecutors’ Office in South Korea is also procuring a cryptocurrency tracking system. The National Police Agency has also signed an agreement with the country’s five major cryptocurrency exchanges
1 year ago
1 min read
The International Swaps and Derivatives Association (ISDA) is developing two papers to address legal risks in the crypto market, such as the insolvency of crypto exchange firms. The papers will offer guidance for market participants on crypto ownership and the role of intermediates in the event of bankruptcy. The initiative was prompted by the collapse of crypto exchange FTX and previous bankruptcy cases that have raised concerns about liquidity and solvency across the crypto ecosystem. The papers will also address issues related to customers’ digital assets held with intermediaries and how they may be treated in an insolvency scenario, and
1 year ago
1 min read
Decentralized finance (DeFi) lending platform Aave is set to launch the third version of its lending protocol, Aave v3, on Ethereum after a successful vote by the platform’s DAO (Decentralized Autonomous Organization). Aave v3 on Ethereum will support seven assets: wrapped bitcoin, wrapped ether, wrapped staked ether, USDC, DAI, link, and Aave. The asset selection was proposed by DeFi risk manager Chaos Labs and approved by the Aave DAO in January. The pricing for all assets, except wrapped bitcoin and wrapped staked ether, will come directly from a Chainlink feed, an oracle protocol that can provide data such as price
1 year ago
1 min read
Arizona Senator Wendy Rogers has reintroduced a bill to recognize Bitcoin as a legal tender in the state and allow state agencies to accept the digital currency as a form of payment. If passed, the bill would make Arizona the first state in the United States to recognize Bitcoin as a legal form of currency officially. The bill has been co-sponsored by other Republican Party leaders from Arizona. In announcing the bill’s launch, the lawmaker cited a recent report by Goldman Sachs indicating that Bitcoin is the best-performing asset in 2023. However, the bill’s passage is uncertain as the United
