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
On Tuesday, FTX told creditors that it had lost around $415 million worth of cryptocurrencies to hacks since it filed for bankruptcy in November. The exchange claims that $323 million was stolen by an “unauthorized third party” from FTX’s international exchange, and $90 million had been siphoned from FTX US. Another $2 million was hacked out of Alameda Research, the brokerage arm of the Bahamas-based exchange. FTX identified liquid assets worth US$5.5 billion for recovery, including US$1.7 billion in cash, US$3.5 billion in cryptocurrencies, and US$300 million worth of liquid securities. The exchange filed for Chapter 11 bankruptcy in the
1 year ago
1 min read
Vauld, a Singapore-based cryptocurrency lender, has been granted a further extension by the Singaporean authorities to file a restructuring plan. This comes as Vauld has been one of the worst affected cryptocurrency firms by the prolonged bear market. The firm trimmed its team by 30% last summer, reduced its marketing campaigns, and later halted customer withdrawals. After failing to secure an acquisition deal with Nexo, Vauld filed for protection against creditors in Singapore, similar to Chapter 11 bankruptcy in the USA, in order to reconstruct its operations. The Singapore High Court initially ordered protection until November 7, 2022, and later
1 year ago
1 min read
Financial regulators in Japan have called for global regulators to treat cryptocurrency the same way as traditional banking, calling for stronger regulations for the sector. According to Mamoru Yanase, the deputy director-general of the Financial Services Agency’s Strategy Development and Management Bureau, crypto needs to be controlled and regulated like traditional institutions. The comments come in the wake of the collapse of FTX in November, which shook the industry and sparked calls for regulatory action. Yanase has acknowledged that the problem wasn’t with crypto technology itself, but with “loose governance, lax internal controls and the absence of regulation and supervision.”
1 year ago
1 min read
Tron founder Justin Sun is reportedly planning to spend up to $1 billion to acquire assets from Digital Currency Group (DCG), the parent company of Genesis. According to Reuters, Sun said that he would be willing to spend $1 billion on DCG’s assets “depending on their evaluation.” However, it’s not specified which assets he would be interested in acquiring from the beleaguered crypto firm. This is not the first time Sun has shown interest in an embattled firm’s assets. During the liquidity issues of FTX, the exchange’s founder Sam Bankman-Fried contacted him for help and Sun reportedly expressed interest in
1 year ago
1 min read
Grayscale, a crypto investment firm, has filed a response to the US Securities and Exchange Commission (SEC) regarding their opposition to converting its Bitcoin Trust (GBTC) into a spot BTC ETF. Grayscale argues that the SEC’s claim that the Chicago Mercantile Exchange (CME) provides adequate protection against fraud and manipulation in the BTC futures market but not the spot market is illogical. The firm points out that any fraud or manipulation in the spot market would affect the price of Bitcoin futures. Grayscale’s chief legal officer also argues that the SEC is applying the “significant market test” arbitrarily and that
1 year ago
1 min read
The Bank of Tanzania has been researching the introduction of a Central Bank Digital Currency (CBDC) since 2021, and has since formed a multidisciplinary technical team to explore the risks and benefits of CBDCs. The team has studied different types of CBDCs, models for issuance and management, and whether the currency should be token-based or account-based. However, the Bank of Tanzania has identified several challenges that could impact the implementation of a CBDC. These challenges include high implementation costs, dominance of cash, inefficient payment systems, and the risk of disrupting the existing financial ecosystem. Additionally, some countries have publicly canceled
1 year ago
1 min read
Polygon Labs, the team behind the Polygon network, has announced plans to hard fork the network next week. According to a blog post on Polygon’s website, the hard fork, set to occur on January 17th, is proposed to help prevent network gas fee spikes and address chain reorganizations, also known as reorgs. Unlike soft forks, hard forks are not backwards-compatible and require all node operators on the network to update to the latest software at a specified time. Polygon, an Ethereum sidechain that operates on the proof-of-stake mechanism, sees dramatically lower gas fees than the Ethereum mainnet. However, it’s not
1 year ago
1 min read
At the recent Miss Universe event in New Orleans, El Salvador’s representative, Alejandra Guajardo, made a bold fashion statement by wearing an outfit showcasing different currencies throughout the country’s history, including Bitcoin. This comes just days after El Salvador approved a law that intends to regulate the issuance of digital assets by both state and private entities. Notably, El Salvador is the first country to recognize Bitcoin as a legal tender, requiring all business entities to accept the cryptocurrency. The ruling party, in collaboration with the President of El Salvador, Nayib Bukele, issued the bill as a way to attract
1 year ago
1 min read
Yuga Labs, the creator of the popular Bored Ape Yacht Club NFT collection, has announced plans to gamify the process of minting NFTs. The startup has created an online game called “Dookey Dash,” in which players navigate a sewer to claim rewards in the form of NFTs. The game will be available starting Jan. 17 and players will have until Feb. 8 to record a high score and claim power sources, the purpose of which remains unclear. The prizes will “evolve throughout 2023,” according to Yuga Labs’ website. To play the game, players must claim a free “Sewer Pass,” which
1 year ago
1 min read
Galaxy Digital Founder and CEO Mike Novogratz has a mixed outlook for the crypto market in 2023 during an interview with Andrew Ross Sorkin on CNBC’s Squawk Box. He said that 2022 was a “washout” for growth stocks and crypto and any companies associated with it, especially those with high costs and shrinking revenues, got hit hard. Novogratz believes that CEOs, like Brian at Coinbase, are making the right decision to cut costs and survive this transition period. Furthermore, he said that the outlook for crypto is not horrible, but it’s not great. There are regulatory headwinds that didn’t exist
1 year ago
1 min read
The Securities and Exchange Commission (SEC) of Thailand is investigating a cryptocurrency exchange called Zipmex for breaking local rules. Zipmex is being looked into for possibly violating business rules for digital asset service providers, this includes the offerings of certain digital asset products. The Thai SEC has given Zipmex until Jan. 12 to explain if it has been functioning as a “digital asset fund manager without permission” in Thailand, which would be against the rules if true. Zipmex is in the process of being bought for $100 million by V Ventures, a company related to Thoresen Thai Agencies PCL. Additionally,
1 year ago
1 min read
A federal judge has ruled that the co-founders of Yuga Labs, the company behind the popular Bored Ape Yacht Club NFT collection, must face deposition in the company’s ongoing trademark infringement lawsuit against conceptual artist Ryder Ripps. This ruling comes as a continuation of a legal battle between Yuga Labs and Ripps which began in early 2022, when Ripps alleged that the Bored Ape Yacht Club NFTs contained latent, intentional racist and pro-Nazi imagery. In May, Ripps then sold a copycat collection of 10,000 Bored Ape NFTs, stating that the collection highlighted Yuga’s supposed Nazi ties and raising legal questions
