Market

Over 350 investors have filed a class action lawsuit against Do Kwon and other Terraform Labs

October 29, 2022 1 min read

Over 350 investors have filed a class action lawsuit against Do Kwon and other Terraform Labs participants. A class action lawsuit for $57 million has been filed against Do Kwon and other TerraUSD project participants by angry investors. Another legal dispute between Do Kwon and their accomplices could result in severe civil penalties. The Wall Street Journal reports that Kwon is facing a class action lawsuit on behalf of investors

Singapore’s recent crypto decision may open doors for rivals

October 28, 2022 1 min read

Singapore recently suggested banning the use of borrowed money to purchase cryptocurrency by retail investors. Singapore‘s recent proposal on retail cryptocurrency trading may open the door for other competitors to overtake it as the industry leader. The nation recently suggested outlawing retail investors who borrowed money to buy cryptocurrencies. Hong Kong, however, intends to make retail cryptocurrency trading legal. In a recent interview with Bloomberg Television, Ravi Menon, the head

Binance confirms its investment in the Twitter takeover, with Musk reportedly planning to take over as CEO

October 28, 2022 1 min read

Binance, a cryptocurrency exchange operator, is now a confirmed equity investor in Elon Musk’s acquisition of Twitter. Right after Elon took over Twitter, Binance founder and CEO Changpeng Zhao issued a statement saying, “We’re excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and web3 together in order to broaden the use and adoption of crypto

Google CEO reports a lower search spending in the third quarter of 2022

October 27, 2022 1 min read

During Alphabet’s earnings call on September 25, Google’s Chief Business Officer, Philipp Schindler, admitted to seeing reduced search spending during the third quarter of 2022. “In financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories,” Schindler was quoted as saying. According to CNBC, this three-month period was the company’s weakest of all quarters since 2013, with overall ad growth of 6%. The only exception was

Kazakhstan to create its central bank digital currency based on the BNB Chain

October 27, 2022 1 min read

Kazakhstani officials maintain their close relationship with Binance, with the National Bank planning to integrate its CBDC into the BNB Chain. The Binance founder announced on Twitter that the National Bank of Kazakhstan (NBK) will integrate its central bank digital currency (CBDC), the digital tenge, onto the BNB Chain, the Binance network’s underlying blockchain. The NBK launched a CBDC pilot program in which local merchants and consumers participated. Zhao stated

MasterCard partners with Dubai-based crypto exchange BitOasis

October 27, 2022 1 min read

On October 25, Mastercard announced a strategic partnership with BitOasis, a crypto platform operating in the Middle East and North Africa (MENA), to launch a series of crypto card programs aimed at facilitating the adoption of digital assets in the region. Customers of BitOasis will be able to link their wallets to the new card and convert crypto into fiat in order to use Mastercard’s global merchant network when the

NYDIG launches the first startup accelerator focused on the Bitcoin Lightning Network

October 27, 2022 1 min read

Stone Ridge, the parent company of Bitcoin company NYDIG, has launched In Wolf’s Clothing, the first startup accelerator focused on the Bitcoin Lightning Network and the Taro protocol (Wolf). The accelerator consists of 8-week programs in which the best founders and startup teams from around the world are brought to New York City and their lodging and travel expenses are covered. Teams that apply and are accepted into the program

UK parliament proposes a bill to regulate crypto assets

October 26, 2022 1 min read

A new UK amendment to the Financial Services and Markets Bill might regulate crypto assets such as Bitcoin in addition to stablecoins. The House of Commons approved a motion by parliament member Andrew Griffith to put cryptocurrency under the umbrella of regulated financial services. The suggestion was one of several changes to the original draft that would make stablecoins regulated payment forms. The proposal incorporates cryptocurrency into the framework of

The Israel Stock Exchange will launch a crypto platform

October 25, 2022 1 min read

The Tel-Aviv Stock Exchange (TASE) has unveiled its new strategy plan for the years 2023–2027, which includes the construction of a new platform for digital assets in an effort to increase the Israeli economy’s exposure to cryptocurrencies. The strategy states that “TASE will support the deployment of novel technologies, including DLT, tokenization of various kinds of digital assets, and smart contracts.” The Israeli exchange’s CEO, Ittai Ben Zeev, stated that

South Korean regulator to prevent crypto money laundering attempts

October 25, 2022 1 min read

The crypto business has seen an increase in the use of crypto assets throughout the years. This is because transactions involving virtual assets do not require the intervention of third parties, making it easier for criminals to succeed. However, regulators are paying more attention to the crypto space. They intend to use cryptocurrency to restrict the growth of illicit activities such as money laundering and terrorism financing. Most watchdogs have

MakerDAO joins forces with Coinbase to become the largest USDC holder

October 25, 2022 1 min read

Coinbase stated on October 24 that the MakerDAO board had voted in favor of the proposal to take custody of $1.6 billion USDC with Coinbase Prime. This means that Coinbase has for the first time extended its USDC rewards program to an institutional client. MakerDAO will keep the money with Coinbase Prime, the company’s institutional broker, and earn 1.5% on it. On October 24, the proposal received 75% of the

The Founder of Solend blames Alameda and ‘Sam Bankman-Fried ideology’ for IDO manipulation

October 25, 2022 1 min read

Alameda Research allegedly modified its IDO, according to the founder of the Solana-based loan and borrowing portal Solend. Rooter, the Solend creator, said that Alameda Research donated $100 million during its IDO in November 2021, inflating its fully diluted market cap to more than $2.5 billion. Rooter went on to say that $80 million was pulled at the last minute. One of the accounts he mentions is one associated with