Browsing:Crypto

Wyre crypto
1 year ago 1 min read

Wyre Lifts 90% Withdrawal Limit on Crypto Payments Platform

Wyre, a cryptocurrency payment platform, has announced that it has secured additional funding from a “strategic partner,” allowing it to remove the 90% withdrawal cap that it imposed earlier this week. The San Francisco-based fintech company had instituted the withdrawal threshold on January 8th, preventing consumers from completely draining their accounts. The company did not provide any further details as to why the limit was put in place, only stating that it was in “the best interest of our community.” The new funding will also allow Wyre to resume business as usual, including taking deposits once again. The platform offers

Polygon Labs
1 year ago 1 min read

Polygon Proposes Hard Fork to Decrease Reorganizations and Gas Price Surges

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

Binance to support Terra Classic (LUNC)
1 year ago 1 min read

Binance to Support Terra Classic (LUNC) Network Upgrade

Binance crypto exchange has announced that it will support the network upgrade of Terra Classic (LUNC). The exchange has also provided information on what LUNC users should expect during and after the upgrade period. The upgrade, which will take place on epoch 15,029, is a result of the LUNC community voting to pass Proposal 11242, which eliminates the re-minting of a portion of the burn tokens. The upgrade is expected to take approximately three hours and during this time, deposits and withdrawals will be disabled on the Binance exchange. This will affect USTC, LUNC, and ANC for the duration of

BitConnect Ponzi scheme
1 year ago 1 min read

BitConnect Scam Victims to Receive $17 Million in Compensation from DOJ

On January 12th, the United States Department of Justice (DOJ) announced that victims of the BitConnect Ponzi scheme will be receiving $17 million in restitution money. The funds will be distributed to 800 individuals in 40 countries, as ordered by a federal court in San Diego, California. BitConnect was in operation from 2016 to 2018 and was widely recognized as a Ponzi scheme. Its founders and associates have been charged with and found guilty of various crimes, including fraud. The value of the project’s associated cryptocurrency token collapsed shortly after the project shut down. The project was restricted by various

Orange Financial
1 year ago 2 mins read

Orange Financial To Launch Innovative Yield Farming Treasury – Stablecoin Rewards for NFT Holders

Geneva, Switzerland, 12th January, 2023 Orange Financial, a multi-chain yield farming treasury, is excited to announce its public mint date on February 1st, 2023. As the only NFT project to offer stablecoin rewards through yield farming to its holders, Orange Financial will revolutionize the world of yield farming and NFTs. Through its innovative approach, Orange Financial has created a basket of DeFi assets and farming opportunities to provide yield for its NFT holders. The Treasury takes care of all the compounding and harvesting on behalf of its holders and routes the returns back through USDC, making it a convenient and secure choice

LBank Co-Founder Johnason Chan
1 year ago 2 mins read

LBank Exchange Shares Bullish Thesis for 2023

INTERNET CITY, Dubai, 12th January, 2023, Chainwire LBank Co-Founder Johnason Chan has shared a bullish thesis for 2023, tipping the crypto industry to reach new milestones this year. Chan predicts a resurgence in the NFT market, further growth of Web3 through layer 2 solutions and the convergence of TradFi and DeFi. “Web3 will be a big opportunity for the next wave of blockchain applications, but more solid blockchain platforms are required to host them”, says Chan. The exchange boss claims that blockchains like Ethereum will continue to play a central role in the evolution of Web3, but layer 2 solutions

SQUID token
1 year ago 1 min read

Squid Game Crypto Scammer Captured by Law Enforcement

A journalist’s investigation has led to the discovery of the originators of the SQUID token scam, which used the name of the popular Netflix show Squid Game to trick people into investing in a cryptocurrency that had no connection to the show. The scam, which took place over one year ago, resulted in a financial loss of $16 million for its victims. Investigative technology journalist Janhoi McGregor and tech expert Ciaran O’Connor began their investigation by using a video of the scam, which was watermarked with the name of one of the suspects, as their starting point. They were able

The SEC has filed charges against crypto exchange Gemini
1 year ago 1 min read

Genesis and Gemini Face SEC Lawsuit for Unregistered Securities Offering

The United States Securities and Exchange Commission (SEC) has filed charges against crypto exchange Gemini and its partner, crypto lender Genesis, for allegedly selling unregistered securities through Gemini’s “Earn” program. The SEC claims that Earn, which was introduced in February 2021 and remained in operation until January 2022, enabled the companies to obtain billions of dollars from hundreds of thousands of investors without proper registration. Through a partnership with Genesis, a subsidiary of Digital Currency Group, customers of Gemini were able to earn yield by lending their cryptocurrency to the market-making firm. The SEC alleges that the companies misrepresented their

Molecular Group,
1 year ago 2 mins read

Molecular Group announce the establishment of its new investment company XMG Capital in Singapore

Singapore, Singapore, 12th January, 2023 Molecular Group, a leading investment firm based in Hong Kong, is pleased to announce the establishment of its new investment company, XMG Capital. Located in Singapore, a hub for the rapidly growing blockchain industry, XMG Capital will focus on investing in high-quality blockchain projects, equity, tokens, and Web 3.0 technologies in the payment sector. The company will also explore opportunities in the wider fintech space. With its favorable policies towards the blockchain industry and a strong track record of supporting innovation, Singapore is the perfect location for XMG Capital. The company’s team has a wealth

Samsung is launching its new Bitcoin EFT
1 year ago 1 min read

Samsung Adds Bitcoin to Its Portfolio with Futures ETF

Samsung Asset Management is launching its new Bitcoin Futures ETF on the Hong Kong stock market on January 13. The ETF will track spot Bitcoin’s performance by investing in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME). It will focus mainly on CME Bitcoin Futures, with minor investments in CME Micro-Bitcoin Futures. Park Seong-jin, the head of Samsung Asset Management’s Hong Kong office, said that this will provide a new option for investors who are interested in Bitcoin and want to manage their risk. Hong Kong is the only primary location in Asia that supports the trade of

BlockFi
1 year ago 1 min read

BlockFi Execs Receive Raise Despite Company Equity Loss

BlockFi, a crypto lending platform, has seen some of its executive team members lose their equity stakes as part of its emergency restructuring plan last year. The plan included borrowing $400 million from collapsed crypto exchange FTX. As a result, senior management lost around $800 million in equity. BlockFi CEO and founder, Zac Prince, was the most affected, with a loss of $412 million. However, despite the losses, the firm approved a “retention program” by increasing salaries by up to 50% for top staff. The company stated that this was done “in the interest of retaining business critical knowledge and

SBF, former CEO of FTX, has denied allegations
1 year ago 1 min read

Founder of FTX Sam Bankman-Fried: I Did Not Steal Money

Sam Bankman-Fried, former CEO of FTX, has denied allegations against him in a recent post on Substack regarding the crypto exchange’s insolvency. In his post, Bankman-Fried claims that FTX US was “fully solvent” at the time of filing for Chapter 11 bankruptcy, with approximately $350 million in cash on hand. He also states that pressure from Sullivan & Crowell and the FTX US general counsel led to the naming of John Ray as CEO, potentially disrupting efforts to make affected users “substantially whole.” Bankman-Fried denies any involvement in the allegations that Alameda, a company under the FTX umbrella, used user

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