6 months ago 1 min read

Huobi and Tron collaborate to launch the world’s first national token, Dominica Coin

Founder of the Tron blockchain, Justin Sun, revealed that the Tron DAO, DMC Labs, and crypto exchange Huobi Global have joined forces to jointly launch the Dominica Coin (DMC), the first national token ever. It is remarkable that the DMC token, which is authorized by the Commonwealth of Dominica, is the first national token ever issued in the world. The token will serve as a portal to the metaverse, according to Huobi’s announcement. For that, DMC offers a decentralized identifier (DID) based on the Tron network that will be introduced “in due course.” Huobi will subsequently support the Dominica DID

JPMorgan talks centralized exchange
6 months ago 1 min read

JPMorgan says centralized crypto exchanges will continue to dominate the market

JPMorgan predicted that centralized exchanges would continue to dominate the majority of global digital-asset trading volumes. On Thursday, the bank’s strategists, led by Nikolaos Panigirtzoglou, warned clients that the DEXs’ slower transaction speeds, asset pooling, and order-traceability characteristics are likely to limit institutional participation. Analysts also pointed out that DEXs’ reliance on price oracles that draw information from centralized exchanges, their susceptibility to hacks and exploits, the requirement for excessive collateralization, and systemic risks from the cascade of automated liquidations were all barriers to their widespread adoption. The group noted: “Risk/return trade-off more difficult to assess in DeFi (decentralized finance)

BlockFi filed lawsuit against FTX
6 months ago 1 min read

BlockFi comes at SBF’s Robinhood shares with a lawsuit

Sam Bankman-Fried or SBF is alleged to have pledged Robinhood shares to the business as collateral in a lawsuit filed by crypto lender BlockFi, according to the Financial Times. Approximately 56.2 million shares, or 7.6%, of Robinhood Class A common stock were owned by Bankman-Fried, according to a filing with the Securities and Exchange Commission. Documents reveal that these Robinhood shares are now at the center of a lawsuit brought by BlockFi just hours after the lender requested bankruptcy protection in the same New Jersey court. SBF’s Emergent Fidelity Technologies and ED&F Man Capital Markets are named in the lawsuit

Kraken crypto exchange settles with SEC
6 months ago 1 min read

Kraken exchange settles allegations of Iran sanctions by paying the US Treasury over $360,000

The U.S. Treasury Department announced on November 28 that American crypto exchange Kraken had agreed to pay more than $362,000 to resolve allegations that it had broken Iranian sanctions. According to the Treasury Department’s Office of Foreign Assets Control (OFAC), Kraken exchange broke American sanctions by allowing Iranian users to conduct transactions totaling more than $1.68 million between October 2015 and June 2019. A comprehensive set of sanctions prohibits the export to Iran of American products, technologies, and services. The crypto exchange was accused by OFAC of improperly implementing tools that track users’ IP addresses and geolocations and block users

Izrael crypto rules
6 months ago 2 mins read

The chief economist of Israel offers suggestions for crypto regulation.

The supervisor of financial service providers and the Israel Securities Authority, according to the chief economist, should be given more authority to regulate the sector. In order to safely increase crypto adoption, Israel’s chief economist has provided policymakers with a list of recommendations for how to approach the nation’s laws governing digital assets. Shira Greenberg, the chief economist at the Ministry of Finance, advocated for a more thorough regulatory framework that would bring trading platforms and crypto issuers into compliance. And also increase the authority granted to its financial regulators in a 109-page report delivered to the Minister of Finance

FTX Logo
6 months ago 1 min read

FTX Promises to keep paying Non-US employees and contractors

FTX, the demise crypto exchange is still struggling to stay afloat. Its most recent action was to reassure some employees and subsidiaries that their salaries would still be paid. On November 28, FTX Trading Ltd. (the parent company of announced that it was “resuming ordinary course salary and benefit payment.” It went on to say that this included 101 more affiliated companies, also known as debtors. Regular course payments would be reinstated for global employees and “certain non-U.S. contractors and service providers.” The relocation has no impact on any FTX.US employees or businesses. According to John Ray, the company’s

BlockFi and FTX
6 months ago 2 mins read

BlockFi declares bankruptcy following the demise of FTX

Following the demise of FTX, BlockFi has officially declared bankruptcy, following several days of speculation about the company’s financial health and liquidity issues. BlockFi and eight of its affiliates filed for Chapter 11 bankruptcy protection on November 28. According to a BlockFi press release, the company has $256.9 million in cash on hand, which will be enough to support certain operations during the restructuring process. BlockFi has over 100,000 creditors, with assets and liabilities ranging from $1 billion to $10 billion. Ankura Trust Company, LLC, is among the major creditors named in the petition. According to the petition, the company’s

Bitcoin dropped below $16,000
6 months ago 1 min read

Civil unrest in China may cause Bitcoin to fall below $16,000

Bulls in Bitcoin (BTC) have managed to keep the asset’s price above $16,000, extending its consolidation around that level. Notably, Bitcoin’s prospects for a rally have been hampered by coronavirus restrictions protests in China, causing new market turmoil. Indeed, Kitco News analyst Jim Wyckoff noted on November 28 that Bitcoin bears still have a near-term technical advantage, with the asset potentially falling below $16,000. He said, “While the BC bulls have stabilized prices since they hit a two-year low last week, the bulls are disappointed BC prices have not seen safe-haven demand amid the China civil unrest over the weekend.

BlockFi crypto lending platform
6 months ago 1 min read

BlockFi, a cryptocurrency lender, declares bankruptcy

BlockFi is the latest domino to fall in the aftermath of FTX, one of the world’s largest cryptocurrency exchanges, which had recently propped up BlockFi with a loan and had an option to buy the company. FTX is currently under investigation by multiple US federal agencies for mismanaging customer deposits and sending money to its hedge fund, Alameda Research, to place risky bets on its behalf. This month, FTX and Alameda Research both declared bankruptcy. BlockFi’s financial advisor, Mark Renzi of Berkeley Research Group, announced the lender’s own Chapter 11 bankruptcy on November 28 in New Jersey in a press

AAVE crypto token
6 months ago 1 min read

Aave temporarily freezes lending markets for 17 tokens and stablecoins on Ethereum

Aave has temporarily frozen lending markets for 17 tokens in order to protect itself from future market manipulation attacks. Aave is Ethereum’s largest decentralized lending protocol, with over $3.65 billion in assets locked across multiple chains. Its decision to temporarily halt lending of several tokens on Aave version 2.0 was made after governance members approved a proposal from Llama and Chaos Labs to pause assets deemed “volatile” due to Aave’s low liquidity profiles., Curve DAO, 0x, Decentraland, 1inch, Basic Attention Token, Ampleforth, DeFi Pulse Index, renFIL and Maker, Enjin, xSUSHI, and five stablecoins: sUSD, GUSD, RAI, USDP, and LUSD

NFT images of Chinese protesters
6 months ago 1 min read

NFT images of anti-lockdown protests in China flood OpenSea

Images from protests against China’s zero-covid policy across the mainland are now available for purchase as non-fungible tokens on OpenSea, the largest NFT marketplace. In a seven-day auction that began on November 27, a Polygon-based NFT collection of 135 photos titled “Silent Speech” captures the protests with a starting bid of 0.01 ETH. Another NFT collection, Blank Paper Movement, includes 24 stylized images of protesters holding blank papers, symbolizing the suppression of free speech. At 3:00 p.m. on Monday, Hong Kong time, the Ethereum-based NFTs had a floor price of 10 Ether (US$11,720). Protests erupted last Thursday in Urumqi, the

Ripple executive
6 months ago 1 min read

Ripple’s Alderoty accuses the US SEC for BlockFi’s demise

As the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) in the United States nears its conclusion, the fintech is throwing one more punch. Regardless, Ripple’s legal counsel and chief technology officer (CTO) continue to press their case against the SEC, harshly criticizing its anti-crypto enforcement policies. Ripple’s general counsel, Stuart Alderoty, echoed the SEC’s recently released annual report, in which the agency praised itself. According to the report, the commission filed 760 enforcement actions this year, a 9% increase from the previous year. The SEC imposed a record $6.4 billion in penalties and restitution on