Author: Teererai Mukonavanhu

Article written by Teererai Mukonavanhu

US regulators just shut down a bank in Oklahoma

October 21, 2024 1 min read

In a significant move, financial regulators have closed the First National Bank of Lindsay in Oklahoma, marking the second bank failure in the U.S. this year. The Office of the Comptroller of the Currency (OCC) took this action after uncovering misleading bank records and signs of fraud that had severely impacted the bank’s financial stability. The OCC determined that the bank was not in a sound condition to operate, revealing

The NYSE and the CBOE to list options contracts for BTC-based ETFs

October 21, 2024 1 min read

The U.S. Securities and Exchange Commission (SEC) has given the green light for Bitcoin options exchange-traded funds (ETFs) to be listed on two prominent U.S. exchanges: the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE). This decision follows the SEC’s recent approval of a rule change from Nasdaq, allowing options on the iShares Bitcoin Trust (IBIT), which has shown promising outcomes. The SEC highlighted that these

Bitfinex hackers sentence have come up for discussion

October 16, 2024 1 min read

In a notable development, the U.S. government has proposed prison sentences for Ilya Lichtenstein and his wife, Heather Morgan, in connection with the infamous Bitfinex hack of 2016. This security breach, which resulted in a staggering loss of $6 billion, continues to be a hot topic in the crypto world. In a recent court filing, prosecutors are seeking a five-year sentence for Lichtenstein while recommending 18 months for Morgan, who

Ethereum co-founder Vitalik Buterin sells over $2 million in meme coins

October 14, 2024 1 min read

Vitalik Buterin, the co-founder of Ethereum, has recently sold over $2 million in meme coins, continuing his trend of using the proceeds for charitable donations. In just 24 hours, he made significant sales, totaling 908.77 ETH, which is around $2.24 million. This includes selling 10 billion Moodeng tokens and 200,000 MSTR2100 tokens, among others. Buterin’s commitment to philanthropy is evident, as he has already donated a substantial portion of his

Scroll faces criticism over its Binance token distribution

October 14, 2024 1 min read

Scroll, an Ethereum Layer-2 network, recently found itself in hot water after it distributed its SCR governance tokens via Binance Launchpool. This move sparked frustration among users who felt that Scroll was prioritizing a centralized exchange over its own community. In response to the backlash, co-founder Ye Zhang explained that the decision was part of a larger growth strategy. He acknowledged the criticism but emphasized that the partnership with Binance

The SEC accuses Cumberland of operating as an unregistered securities dealer

October 11, 2024 1 min read

The SEC has taken legal action against Cumberland DRW, alleging that the firm has been operating as an unregistered securities dealer in the crypto space since 2018. Cumberland has vehemently denied these accusations, labeling the SEC’s tactics as “enforcement-first” and likening the situation to a legal “Catch-22.” At the heart of the matter is a pivotal regulatory debate over whether crypto transactions should be classified under securities law, a ruling

The FBI charges three crypto firms and 15 people in a major market manipulation sting

October 11, 2024 1 min read

In a groundbreaking move, the FBI has charged three cryptocurrency firms—Gotbit, ZM Quant, and CLS Global—along with 15 individuals for market manipulation, marking a significant step in the fight against fraudulent trading in the digital asset arena. This case is particularly notable as it involves the FBI creating a fake cryptocurrency token to ensnare the accused firms in their deceptive practices. The investigation revealed that these companies engaged in sham

CV Pad Set to Launch the First of Many DePIN Projects

October 10, 2024 3 mins read

The decentralized physical infrastructure network (DePIN) sector stands at the intersection of blockchain and physical infrastructure. It is rapidly gaining momentum, setting the stage for a paradigm shift in how physical assets and services are managed. DePIN is expected to impact industries by decentralizing authority and distributing decision-making across a network of contributors. This shift could reduce system vulnerabilities and redistribute both risk and responsibility.  CV Pad, the multichain Launchpad+,

Vitalik Buterin endorses SuperchainERC20 for enhanced Ethereum interoperability

October 5, 2024 1 min read

Vitalik Buterin, co-founder of Ethereum, has recently endorsed a major update to the SuperchainERC20 protocol, as outlined in a GitHub pull request by Optimism. This redesign introduces a new cross-chain interface aimed at enhancing collaboration among Ethereum infrastructure entities and creating a more cohesive ecosystem. The update focuses on revamping the SuperchainERC20 standard by incorporating the SuperchainERC20Bridge and the ICrosschainERC20 interface, which are expected to significantly improve Ethereum’s scalability and

Bitcoin soars to $61K while Israel-Iran tensions heat up!

October 2, 2024 1 min read

Bitcoin (BTC) experienced a rollercoaster ride, climbing above $61,000 after dipping to $60,400 amid escalating Middle East tensions. Iran’s missile strikes on Israel have sparked fears of retaliation, impacting market sentiment and leading to BTC’s largest drop in over a month—down 6% at one point. Historically, October is a bullish month for BTC, but this year is off to a rocky start, with losses of 3.5% noted. In contrast, gold

UK Gambling Commission charges Sorare for providing unlicensed gambling services

September 28, 2024 1 min read

The UK Gambling Commission has initiated legal proceedings against Sorare, a blockchain-based fantasy sports platform, alleging that it operates unlicensed gambling facilities. Sorare, which is based in France, allows users to collect and trade non-fungible tokens (NFTs) linked to real-life athletes and fantasy sports teams. The platform has been under investigation since October 2021, but the Commission has kept its findings largely confidential until now. A court appearance is scheduled

Institutional investors are pulling out of Ethereum ETFs

September 25, 2024 1 min read

Institutional demand for Ethereum is diminishing, as spot Ethereum ETFs are witnessing considerable outflows, notwithstanding the recent price rebound following the Federal Reserve’s interest rate reductions. Grayscale’s Ethereum ETF has experienced the most substantial decrease, with outflows totaling $80.6 million, signifying diminished interest from institutional investors. Bitcoin ETFs have experienced inflows, signifying a preference for Bitcoin over Ethereum among investors. Notwithstanding a 15% resurgence in Ethereum’s price, the demand for