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DeFi Giant MakerDAO Introduces Spark, A New Lending and Borrowing Platform
1 year ago 1 min read

MakerDAO Expands DeFi Footprint with Spark Lending and Borrowing Protocol Launch

MakerDAO, a pioneer in decentralized finance (DeFi), has announced the launch of its new lending and borrowing platform, Spark Protocol. The platform, which was launched on May 9, is an end-user, DAI-centered DeFi product built on Ethereum. It allows for supply and borrows functionalities for ETH, stETH, DAI, and sDAI. Spark Lend, the protocol’s first product, is focused on lending and borrowing cryptocurrencies using DAI, Maker’s native stablecoin. Users can interact with Spark’s front end directly, connecting Maker’s liquidity with a complete DeFi solution. Spark Lend also introduces a tokenized version of DAI deposited in the DAI Savings Rate (DSR)

FTX founder Sam Bankman-Fried has requested that a judge drop the charges against him
1 year ago 1 min read

Sam Bankman-Fried Asks for Charges to be Dropped in Market Manipulation Case

FTX founder and former CEO, Sam Bankman-Fried, has requested that a judge drop the charges against him, claiming that they are a “rush to judgment” by prosecutors. Bankman-Fried’s lawyers filed a document with a federal court in Manhattan, stating that the charges against him were initially a civil issue that was turned into a criminal one because of haste. The lawyers claim that traditional civil and regulatory processes should have been allowed to run their course. Bankman-Fried faces a total of 12 charges, including fraud, the bribing of Chinese officials, and making illegal political donations. If convicted, he could face

US-Based Crypto Exchange Bittrex Seeks Protection Under Bankruptcy Law
1 year ago 1 min read

Bittrex Crypto Exchange Requests US Bankruptcy Protection Amid Crypto Market Turmoil

Bittrex, one of the largest crypto exchanges in the U.S., has filed for Chapter 11 bankruptcy protection for its American operations following accusations of operating an unregistered securities exchange by the Securities and Exchange Commission (SEC) three weeks prior. According to the filing, Bittrex has assets and liabilities each estimated to be worth between $500 million and $1 billion, and has over 100,000 creditors. Bittrex Global, its Liechtenstein-based offshore operations, are unaffected by the bankruptcy filing. The company announced that it will reopen customer accounts to allow them to withdraw funds, and crypto assets of U.S. customers who did not

Estonia Tightens Crypto Regulations, Resulting in Hundreds of Companies Shutting Down
1 year ago 1 min read

Estonia Cracks Down on Crypto: Over 400 Firms Squeezed Out by New Laws

Estonia’s crackdown on cryptocurrency companies has resulted in almost 400 virtual asset service providers (VASPs) either shutting down voluntarily or having their authorizations revoked following the government’s recently enhanced Terrorist Financing Prevention and Anti-Money Laundering (AML) laws. The amended laws expanded the scope of VASPs, increased licensing fees, and capital and information reporting requirements, along with introducing the Financial Action Task Force Travel Rule. Almost 200 domestic crypto service providers voluntarily shut down, with 100 active crypto firms now registered in Estonia as of May 1. The country has made a considered effort to enact strong AML laws over the

The Spanish city of Valencia will host the second edition of NFT Show Europe
1 year ago 2 mins read

A futuristic business-art atmosphere awaits you at NFTSE 2023!

From July 14th to 15th 2023, the Spanish city of Valencia will host the second edition of NFT Show Europe, one of the world leading events on web3, Blockchain, Metaverse, Virtual Reality and Digital Art. An international meeting point for experts to share their insights on the next era of the internet in a futuristic business-art atmosphere. Designed as a B2B and art exhibition event, the main goal of the organization is to foster international collaboration among participants. All this surrounded by NFT and digital art galleries, exhibiting world-class artists work with the most advanced technology of the moment.  #NFTSE

It was reported that DEUS Finance, a DeFi protocol, was hacked
1 year ago 1 min read

DEUS Finance Suffers $6 Million Loss in Stablecoin Hack Attack

On May 8, 2023, it was reported that DEUS Finance, a DeFi protocol, was hacked over the weekend, resulting in a loss of more than $6 million. The hacker exploited a vulnerability in DEUS Finance’s own stablecoin DEI on the BNB Smart Chain and Arbitrum networks. PeckShield, a blockchain security firm, reported that the attack on BNB Smart Chain resulted in a loss of over $1.3 million, while the attack on Arbitrum resulted in a loss of over $5 million. Recovery efforts have been made, with some of the lost funds being recovered through white hat hacking techniques and being

Binance transferred $4billion worth of BTC between its digital wallets
1 year ago 1 min read

Binance Moves 4.4 Billion in Bitcoin and Freezes BTC Withdrawals: Here’s Why

Binance, the world’s largest cryptocurrency exchange, made a significant Bitcoin move over the weekend, transferring $4.4 billion worth of BTC between its digital wallets. This move occurred in two tranches of 117,000 and 40,000 coins, according to CryptoQuant’s Head of Research Julio Moreno, who analyzed on-chain data. The exchange explained in a tweet on Monday that Bitcoin was moved between its hot and cold wallets due to address adjustments. Cold wallets, which are more secure because they store private crypto keys offline, are used to store a portion of users’ funds. However, Binance also temporarily halted Bitcoin withdrawals twice over

Shibarium is an ambitious Layer-2 blockchain network
1 year ago 2 mins read

Can Shibarium Take Shiba Inu Beyond Its Current Valuation?

Shiba Inu, the meme-inspired cryptocurrency that took the crypto world by storm, has been making headlines lately for its upcoming Shibarium project. Shibarium is an ambitious Layer-2 blockchain network that will include a decentralized exchange, Metaverse, and games built on Ethereum for the Shiba Inu blockchain. But what makes Shibarium stand out from other projects in the crypto space? Firstly, it incentivizes users to hold SHIB, its native token, by enabling them to stake it and earn rewards in other tokens. This will create a demand for SHIB, potentially driving up its price. Shibarium could also increase exposure for SHIB

Pepe's value has plummeted over 42% since reaching its all-time high
1 year ago 1 min read

Pepe Coin sudden price drop leaves investor with $500K loss

Pepe (PEPE), the latest memecoin to take the crypto world by storm, has experienced a significant drop in price, causing substantial losses for at least one investor. According to reports, the coin’s value has plummeted by more than 42% since reaching its all-time high on May 6. The drop in value has left one crypto whale with unrealized losses of more than $600,000. The investor purchased 962.3 billion PEPE tokens on May 5, using 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH) for an average price of $0.000003122. However, since then, the coin’s value has plummeted, with the investor’s holdings

Prime Minister Encourages Bitcoin Payments for Public Services
1 year ago 1 min read

Liechtenstein’s PM Proposes Bitcoin as Payment Method for Government Services

The Prime Minister of Liechtenstein, Daniel Risch, has announced that citizens will soon be able to pay for government services using Bitcoin. In a recent interview, Risch revealed that the European microstate intends to accept payment in Bitcoin, which will then be immediately exchanged for Swiss francs, the national currency. Liechtenstein’s move towards accepting Bitcoin payments for government services is in line with similar initiatives taken by Swiss communities Zug and Lugano. These local authorities have made Bitcoin payments legal for certain taxes and public service expenses, with even McDonald’s in Lugano accepting Bitcoin payments. This is not the first

1,090 Survivors of Human Trafficking Rescued from Crypto Scam
1 year ago 1 min read

Authorities Rescue Over 1,000 Filipinos Victims of Human Trafficking Linked to Crypto Scam

Police in the Philippines have rescued over 1,000 people who were held captive and forced to run online crypto scams. Reports indicate that the victims were trafficked into the country from several Asian nations and were coerced into promoting fraudulent crypto investments. The Philippine National Police arrested at least 12 suspected ringleaders believed to be affiliated with the Colorful and Leap Group. Crypto scams have become increasingly prevalent in the Philippines and Southeast Asia, with victims lured in with promises of online jobs, free flights, and accommodation. Once in the country, their passports were confiscated, and they were made to

BRC-20 Meme Coin Dominates Bitcoin Network and Sets Record Fees
1 year ago 1 min read

Bitcoin Network Overwhelmed by BRC-20 Meme Coins Craze, Fees Reach Unprecedented Heights

Meme coins have taken the crypto world by storm, and now they are transitioning to the BRC-20 standard to avoid congestion on the Ethereum network. This has led to a BRC-20 meme coin craze on the Bitcoin network, with daily minting fees reaching record highs and transaction fees surging by 18-fold in just a month. According to network metrics, BRC-20 tokens have clearly taken over the Bitcoin network, with a total of 14,079 tokens and a market cap of $541 million. Many of these tokens are meme coins, which have been a major reason for the growth of Ordinals and

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