roadrunner

Based on projections from the U.S. Federal Reserve, it is anticipated that the central bank will implement two additional increases to the federal funds rate within the span of 2023. As indicated by Fed policymakers, they estimate the benchmark bank rate to fall within the range of 5.5% to 5.75% by the end of this year. While there are those who predict the possibility of the Fed raising the rate to as high as 6% in 2023, not all market observers share the same level of certainty regarding the central bank’s decision to raise interest rates before the year concludes. Some Doubt Fed’s Rate Hike Plans, While Others Brace for 6% Ceiling For the next 23 days, the market will await the Federal Reserve’s next rate hike decision. On July 2, 2023, at 7:18 p.m. ET, the CME Fedwatch tool indicates an 84.3% probability that the central bank will raise the benchmark rate by 25 basis points (bps) to approximately 5.25% to 5.5%. There is a 15.7% chance that the Fed will pause again at the July 26, 2023, Federal Open Market Committee (FOMC) meeting, according to the Fedwatch tool. Although the Fedwatch tool is generally accurate, its projections are based on market sentiment and are subject to change due to economic conditions and other factors. Some believe the Federal Reserve policymakers’ current projection of ending the year with the federal funds rate at 5.5% to 5.75% will be realized. Last week, Mary Daly, the president of the San Francisco Federal Reserve Bank, said she considers two more rate hikes this year to be “reasonable,” but she also cautioned that the Fed should balance the risks of both “under- or over-tightening.” There are still those who believe that the U.S. central bank will not raise rates further this year. For instance, Ryan Sweet, chief economist at Oxford Economics, stated to bankrate.com that he does not anticipate any additional hikes this year. Economist Tuan Nguyen from RSM informed bankrate.com that there is the possibility of one more rate hike. “It’s important for the Fed at the moment to have all the options on the table,” Nguyen explained. “Whether it’s the July meeting or the September meeting, all of those meetings will be live, meaning the Fed will have the options of whether to pause or hike.” In late May, Jamie Dimon, the CEO of JPMorgan, informed analysts and reporters that individuals “should be prepared for rates going higher from here.” At the time, Dimon mentioned the federal funds rate could potentially reach 6% or 7%. Study Says 6.5% Bank Rate is Needed to Tame Inflation, Expert Insists ‘We’ll Wind Up Somewhere Around 6%’ This Year A research paper written by Kermit Schoenholtz, a professor emeritus at New York University, Stephen Cecchetti from Brandeis University, Michael Feroli of JPMorgan Chase & Co., Frederic Mishkin from Columbia University, and Peter Hooper of Deutsche Bank AG suggests that the U.S. central bank might have to increase the federal funds rate to 6.5% in order to address inflation. “Our analysis casts doubt on the ability of the Fed to engineer a soft landing in which inflation returns to the 2% target by the end of 2025 without a mild recession,” the paper details. Tom Luongo, the publisher of “Gold, Goats ‘n Guns” told Kitco’s lead anchor and editor-in-chief Michelle Makori that he believes the rate will end up at 6% this year. “I think [Powell] will raise again, and possibly even raise multiple times before the end of the year,” Luongo said in an interview. “We’ll wind up somewhere around 6 percent by the end of the year,” he added. Luongo also said that he believes more bank failures are coming. After the three largest bank failures in the U.S. in 2023, more banks are due to fail he said. “I just see the entire banking system imploding, detonating like a nuclear bomb,” Luongo told Makori. What are your predictions for the Federal Reserve’s interest rate decisions in 2023? Will it reach 6% or remain unchanged? Share your thoughts and opinions about this subject in the comments section below. View the full article

According to a report published on Monday, the British fintech firm Revolut plans to delist the cryptocurrency assets polygon, solana, and cardano from its U.S.-based platform. Revolut cited evolving regulations in the United States, and users will need to sell the three tokens by September 18th. Revolut Joins Bakkt, Robinhood, and Etoro in Delisting Specific Crypto Assets Revolut is joining the ranks of Bakkt, Robinhood, and Etoro as it plans to delist polygon (MATIC), solana (SOL), and cardano (ADA), according to a report by Yogita Khatri from The Block. The report reveals that Revolut sent an email to its U.S. customers, stating that the decision was prompted by “changing laws and regulations around cryptocurrency in the [United States].” Revolut, based in London, United Kingdom, was founded on July 1, 2015, by Nikolay Storonsky and Vlad Yatsenko. Over the past eight years, the company’s neobanking business has grown significantly, with a presence in North America, Europe, and the Asia-Pacific region. As per Khatri’s report, Revolut informed the publication that one of the reasons for delisting the coins is the decision by Revolut’s partner, Bakkt, to delist the tokens. Since the U.S. Securities and Exchange Commission (SEC) crackdown on exchanges such as Bittrex, Coinbase, and Binance, numerous crypto assets have been categorized as unregistered securities by the regulatory agency. MATIC, SOL, and ADA have been implicated in the SEC lawsuits and have been designated as investment contracts. In response to the lawsuits, Robinhood, Etoro, and Bakkt have all removed multiple crypto assets from their platforms, citing U.S. regulations as the reason for the decision. The report also states that Revolut customers in the U.S. are now unable to purchase these tokens, and they have until September 18th to trade them. According to the email reviewed by Khatri, if the delisted crypto assets are not sold by that deadline, they will be liquidated at the prevailing exchange rate on that day, converting them into U.S. dollars. What are your thoughts on Revolut’s decision to delist polygon, solana, and cardano? Do you believe evolving regulations in the United States are impacting the crypto industry positively or negatively? Share your thoughts and opinions about this subject in the comments section below. View the full article

Monero continued to climb during Monday’s session, as the token surged to its highest point since February. The move comes as the global crypto market cap was marginally higher on the first working day of June. Cosmos also extended recent gains, hitting a one-month high in the process. Monero (XMR) Monero (XMR) was one of Monday’s notable gainer’s, as the cryptocurrency climbed to a five-month high. XMR/USD hit an intraday peak of $172.11, which comes a day after trading at a bottom of $163.37. As a result of the rally, monero peaked at its strongest point since February 4 last year, when price reached a top at $174.95. Overall, XMR has now traded in the green for sixteen of the last nineteen sessions, climbing by over $40.00 in that time. Earlier gains have now eased, as bulls failed to sustain the breakout ceiling at the $172.00 level, with price now trading at $170.73. One of the reasons for this was the relative strength index (RSI), which has hit a resistance of its own at 73.00. Cosmos (ATOM) Another notable gainer on Monday was cosmos (ATOM), which climbed to a four-week high to start the week. Following a low of $9.40 on Sunday, ATOM/USD raced to a high at $9.93 earlier in today’s session. The move saw cosmos climb to its highest level since June 7, which is the last time it was above $10.00. Looking at the chart, this level also appears to be a resistance level, with bulls so far struggling to break this zone. This will likely occur once price strength, which is currently tracking at 59.33, moves past a ceiling at 60.00. Should this take place, the next target for ATOM bulls could possibly be a higher ceiling at $11.00. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect cosmos to hit $10.00 in today’s session? Let us know your thoughts in the comments. View the full article

Banks in the European Union will have to disclose their exposure to cryptocurrencies, EU institutions announced. The obligation will be introduced under a deal to implement globally agreed regulatory standards meant to improve the resilience of the financial institutions. Deal Reached to Finalize EU Reforms of Banking Rules Addressing Crypto Risks Representatives of the European Parliament, the Council and the Commission reached a provisional agreement to amend EU regulations on capital requirements for banks. The changes seek to make EU banks more resilient to economic shocks by implementing the Basel III global standards while taking into account European specifics. The third Basel Accord was agreed by the European Union and its G20 partners in the Basel Committee on Banking Supervision. It represents a framework of international standards for bank capital adequacy, stress testing, and liquidity requirements which was first announced in late 2010 but its implementation was repeatedly postponed until 2025. The negotiators also agreed on a transitional regime for crypto assets. To address specific, associated risks, banks in the European Union will be required to disclose their exposure to cryptocurrencies and other digital assets. “Given the ongoing work of the Basel committee, it was decided that the Commission should come up with a relevant legislative proposal to implement these future Basel standard and specify the prudential treatment of such exposures during the transitional period,” the European Parliament said in a press release. Also, by Dec. 31, 2028, the European Commission is expected to assess the overall state of the banking system in Europe’s single market, working closely with the European Banking Authority (EBA) and the European Central Bank (ECB). The executive body in Brussels will then report to the European Parliament and the Council on the “appropriateness of the Union regulatory and supervisory frameworks for banks.” In January of this year, members of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) supported a bill designed to enforce the global bank capital rules, including strict regulations meant to cover crypto-related risks for banking institutions keeping digital assets. ECON must also approve the latest agreement. The deal comes after in April European lawmakers greenlighted the EU’s new Markets in Crypto Assets (MiCA) law which introduces comprehensive regulations for the crypto industry in Europe. The legislation was also adopted by the EU Council in May and will be implemented across the European Union by 2025. How could the upcoming crypto disclosure requirements for EU banks affect cryptocurrency users in Europe? Share your thoughts on the subject in the comments section below. View the full article

FTX management is actively seeking potential participants to revive the formerly defunct crypto exchange, as reported by sources knowledgeable about the situation. CEO John J. Ray III and other FTX executives have reportedly engaged in preliminary discussions with prospective investors, who could either acquire full ownership of the business or establish a joint venture. FTX Aims for Resurgence: CEO and Executives Enter Discussions to Bring Back Crypto Exchange Over the past few days, FTX’s native exchange token, FTT, has experienced a substantial surge in value. In the last 24 hours alone, the crypto asset has seen a 40% increase. Furthermore, within the past week, FTT’s value has soared by over 100%, as it surpassed the $2 threshold on Thursday, June 29, 2023. This recent spike in FTT’s price is attributable to renewed speculation surrounding the potential reboot of FTX. The latest speculation originated from a report in the Wall Street Journal, which cites sources familiar with the matter stating that FTX management is actively seeking investors for the concept of FTX 2.0. Court filings and the current CEO of FTX, John J. Ray III, have confirmed these efforts on several occasions, stating, FTX “has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.” According to insiders cited by the Wall Street Journal (WSJ), FTX has entered into discussions with potential investors to explore the possibilities of a comprehensive relaunch, either independently or through a collaborative endeavor. It is worth noting that the revamped exchange would likely undergo a rebranding process, and discussions are underway regarding granting stakeholder positions to customers with outstanding claims, the report’s sources say. Investors interested in participating in a joint venture or providing financial backing are encouraged to express their interest to FTX management within this week, as disclosed by the individuals familiar with the matter interviewed by the WSJ reporters. The recent surge of FTT has sparked a heated debate among social media users regarding the prospects of an FTX reboot. While some enthusiasts eagerly support relaunching the cryptocurrency exchange, others dismiss the idea as a futile endeavor. Lawyers had already entertained the notion of a reboot in mid-April 2023, and CEO Ray broached the topic of re-establishing the exchange during his first interview after FTX collapsed. Each time such announcements circulate, FTT’s price skyrockets. However, as the initial excitement dissipates, the token’s value against the U.S. dollar plunges significantly. The abysmal fundamentals of the token remain unchanged, even in the event of a relaunch, as the main deployer address distributed the entire supply after FTX’s bankruptcy. Moreover, statistics from FTT’s rich list reveal that the top ten wallets hold a staggering 93.61% of the total supply, while the top 20 wallets account for 96.24%. What are your thoughts on FTX’s potential revival and the recent surge of FTT? Share your views and opinions about this subject in the comments section below. View the full article

The cryptocurrency firm and bitcoin investment app, Coinbits, has announced the suspension of its services due to complications involving the Nevada-based custodian, Prime Trust. Following accusations of insolvency and breaches of fiduciary responsibilities, Nevada’s financial regulators mandated the closure of Prime Trust. Despite these challenges, Coinbits maintains confidence that the custodian “still has enough bitcoin to honor our members’ balances.” Bitcoin Investment App Coinbits Hit by Prime Trust Crisis, Halts Operations In light of the financial difficulties faced by the cryptocurrency custodian Prime Trust, the bitcoin investment app Coinbits and its team have decided to suspend certain operations as a result of their association with the company. Coinbits made the announcement in a Twitter thread, expressing that it was an unfortunate message they had never anticipated sharing. This is thread that we would never have wanted to write. We’ve been posting updates on our website and in email, but we think it’s important to communicate directly to Bitcoin Twitter about what the Prime Trust meltdown means for Coinbits. — Coinbits | DCA into bitcoin (@CoinbitsApp) June 28, 2023 Coinbits insisted customers have been duly notified about the ongoing concerns through the platform’s website and email communications. In essence, the Twitter thread provides insights into Coinbits’ utilization of Prime Trust as a custodian. However, due to regulatory challenges in Nevada, Coinbits has been compelled to temporarily suspend the majority of its services. Despite this setback, the team remains optimistic that Prime Trust possesses sufficient bitcoin (BTC) to settle customer balances. Coinbits stated, “The petition from the Nevada Department of Business and Industry seems to indicate that Prime Trust still has enough bitcoin to honor our members’ balances. We are pursuing these assets on behalf of our members.” According to a court filing submitted to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division disclosed that Prime Trust had a debt of $85.67 million in fiat currency to its clients. However, the company only possessed $2.90 million to cover this amount. Additionally, Prime Trust owed $69.50 million in crypto to its clients, but only possessed $68.64 million, leaving a shortfall of $83.63 million between both crypto and fiat. The court filing further explains that the company incurred these losses due to wallets becoming inaccessible following a management transition. In line with the court filing, blockchain intelligence firm Arkham Intelligence tweeted that it had potentially located a wallet containing $45 million, with 90% of the funds consisting of ethereum (ETH). The Prime Trust issue has gained significant attention across social media platforms such as Reddit and Twitter. “Wow – Prime Trust receivership will be a mess [and] it’s *EXACTLY* what the State of Wyoming enacted its laws to avoid,” remarked Caitlin Long, the founder and CEO of Custodia Bank, on Tuesday. Long also raised important inquiries, stating, “[Big questions]: Who will pay the legal bills—[Nevada] taxpayers or Prime Trust customers? Some Prime Trust customers are IRAs/ERISA plans—can these even be bailed in?” The exact extent of the impact still remains uncertain, but it is known that both Coinbits and Stably have been affected by Prime Trust’s problems. The number of other firms affected has yet to be determined. What do you think this incident means for the future of cryptocurrency custodianship? Share your thoughts and opinions about this subject in the comments section below. View the full article

Solana surged 10% on June 29, after it was confirmed that a new cross-chain bridge will allow users easier access to other blockchains. The update from Debridge will reportedly enable solana users to access ethereum’s virtual machine for the first time. Bitcoin cash extended its own gains on Thursday. Solana (SOL) Solana (SOL) was a notable mover in today’s session, as the price rose by over 10%. Following a low of $15.75 during Wednesday’s session, SOL/USD jumped to a peak of $18.20 earlier in the day. This resulted in the world’s ninth largest cryptocurrency climbing to its highest point in the past 20 days. As a result of the rally, the 10-day (red) moving average is now on the cusp of an upward crossover with its 25-day (blue) counterpart. Additionally, the relative strength index (RSI) appears to be nearing a breakout of a resistance point around the 51.00 level. The index is currently tracking at 50.87, with SOL at $17.35, after giving up earlier gains. Bitcoin Cash (BCH) Bitcoin cash (BCH) was in the green on Thursday, racing to a fresh multi-month high in the process. BCH/USD surged to an intraday high of $247.64 earlier in the day, a day after dropping to a bottom at $223.50. As a result of this latest rally, BCH moved to its strongest point since May 11 last year, when price peaked at $249.00. This latest move comes as the RSI once again broke out of a ceiling at the 80.00 level, after dropping below this point the day prior. Currently, the index is tracking at 81.72, which remains deep in overbought territory, and could prompt bears to reenter the market. Despite this, traders will likely attempt to reach a target at $250.00 first, before any inevitable sell-offs. Register your email here to get weekly price analysis updates sent to your inbox: Will bitcoin cash end the month above or below $250.00? Let us know your thoughts in the comments. View the full article

On June 28, 2023, Bitcoin saw its first downward difficulty adjustment in 56 days, or since May 4, with a decline of 3.26%. This modification lowered the network’s difficulty to 50.65 trillion from its record high of 52.35 trillion on June 14. Bitcoin Mining Gets a Breather: Difficulty Decreases by 3.26% in Recent Adjustment Today, mining bitcoin (BTC) is now 3.26% less challenging than it was in the previous fortnight or since June 14. This decline of 3.26% happened at block height 796,320 on June 28, reducing the difficulty to the current level of 50.65 trillion. Shortly after the difficulty increase on June 14, the adjustment that took place on June 28 was initially anticipated to be a rise due to soaring hashrates and quicker block intervals. Nonetheless, following June 19, 2023, this all shifted as a reduced hashrate and slower block intervals resulted in the drop. In fact, as of Thursday, June 29, 2023, the total hashrate dipped below the 300 exahash per second (EH/s) range twice within the last two weeks. With an average hashrate of 360.9 EH/s over these weeks, the upcoming difficulty retarget is set for July 13, 2023. Currently, the block interval time remains longer than the usual ten-minute average; confirmation of the most recent block took place within a timeframe of ten minutes and fifty-four seconds. This indicates that for now, another decrease could occur on July 13; however, similar to last month, this could rapidly change over the next unmined set of 1,920 blocks. Today’s leading mining pool is Foundry USA with its contribution of an impressive 117.21 EH/s or about one-third of the total hashrate from the past three days. Other key players in the mining pool territory consist of Antpool, F2pool, Binance Pool, Viabtc, Luxor, and SBI Crypto. Statistics currently show that 41 mining pools are dedicating hashrate toward the Bitcoin network on June 29. What are your predictions for Bitcoin’s upcoming difficulty adjustment on July 13? Will we see another decrease or a surprising uptick in mining challenges? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin rebounded on Thursday, as markets reacted to the news that Microstrategy bought an additional $374 million worth of the cryptocurrency. Michael Saylor’s firm now has 152,333 bitcoin, worth roughly $4.52 billion. Ethereum moved closer to $1,900 on the news. Bitcoin Bitcoin (BTC) edged higher in today’s session, after it was confirmed that Michael Saylor’s Microstrategy purchased 12,333 BTC. Following the news, BTC/USD hit a high of $30,740.79, which comes after the price bottomed out at $29,921.82 the day prior. Today’s rally has seen BTC briefly break out of a resistance level at the $30,700 mark, however bulls are struggling to sustain this. At the the time of writing, bitcoin is trading at $30,678.73, with the relative strength index (RSI) nearing a ceiling of its own at 68.00. Price strength is now at 67.02, with earlier bulls seemingly opting to secure some gains as the aforementioned resistance looms. In the event this zone is breached, there is a good chance the price will rise over the $31,000 mark. Ethereum In addition to BTC, ethereum (ETH) marginally rose on Thursday, after bouncing from a key support point. ETH/USD jumped to an intraday peak at $1,874.01 earlier in the day, less than 24 hours after settling at a low of $1,822.10. Bulls rejected a breakout below a floor at $1,820, and have now instead begun to push price towards the $1,900 mark. This started after the RSI rose above a resistance level at 53.00. It is currently tracking at 54.81. As a result, bullish momentum has also heightened, with the 10-day (red) moving average extending its upward cross with its 25-day (blue) counterpart. If this trend continues, ETH will likely hit $1,930 momentarily. Register your email here to get weekly price analysis updates sent to your inbox: Could Microstrategy buy more bitcoin in the coming weeks? Leave your thoughts in the comments below. View the full article

While non-fungible tokens (NFTs) are generally believed to represent the link between an owner and an asset, without platforms acting as “digital notaries” there can be no effective way of stopping scammers from minting and selling plagiarized works, Shaban Shaame, the co-founder of Wakweli protocol has argued. Tokenizing Real-World Assets According to Shaame, the ease with which anyone (including scammers) is able to generate a certificate of authenticity for an NFT only further highlights the importance of having such an authenticating entity. In addition to using tools such as digital notaries, the co-founder of Wakweli — a Layer-1 protocol that issues certificates of authenticity for NFTs & real-world assets — said NFT users must learn to do their own research. NFT traders should always triple-check transactions they sign or the projects they join, Shaame added. Also, in his written answers to questions sent from Bitcoin.com News, the co-founder also offered his thoughts on Bitcoin ordinals and why linking an asset to a “bitcoin fraction” like this may “present risks when making transactions with incompatible wallets.” He also touched on the tokenization of real-world assets and the future prospects of this phenomenon. Below are all of Shaame’s answers to questions sent to him via Telegram. Bitcoin.com News (BCN): Can you start by explaining to our readers what the tokenization of real-world assets is all about and the prospects of tokenized real-world assets on a blockchain? Shaban Shaame (SS): Real-world assets are generally linked to a title of property of some kind, like the paper saying you own your house. The tokenization of real-world assets is the migration of a physical title of the property to a digital one, generally a non-fungible token (NFT). After tokenization, this digital token ideally represents property over the physical asset. This emerging mechanism has several complex parts, especially on how you enforce this digital link to the real world. For instance, is a shared ledger an acceptable support for a legally-binding title? Such questions have different answers depending on where you are in the world. Once tokenized, new opportunities are enabled by this digital representation: it becomes easier to fragment assets into smaller parts or to transfer them fastly and at scale. For instance, when a building is tokenized, it becomes possible for thousands of people to share its ownership and to recurrently receive rent payments with digital currencies at a fraction of the cost. We also start to see tokenization projects around financial assets, equity shares, music, movies, ticketing, wine…Sky’s the limit, and we’ve only seen the beginning of it. BCN: On the surface, non-fungible tokens (NFTs) are perceived as certificates of authentication. However, as you may have observed, intellectual property (IP) infringement remains a serious issue. Scammers can and are minting and selling plagiarized works and fake collections on different platforms or blockchains. Is there a way to prevent such scams and assure buyers that they are acquiring an authentic asset? SS: The tricky part is that everyone can mint an NFT; so if anyone — including scammers — can create a certificate of authenticity, then nothing is. NFTs are a way to represent the link between an owner and an asset, but there is no real definition of what an asset is and what the link is in this scope. There is a missing piece in the digital space to clarify this: in the physical world, a notary would be there to make the link between your house and the paper representing it. As long as we don’t have this missing piece in the digital space — a digital notary — there will be no effective way to stop scammers. Wakweli — “the truth sayers” in Swahili — is this missing piece, an open notary that anyone can benefit from. BCN: Since Web3 is evolving as a multi-chain ecosystem where users and assets can seamlessly move between different blockchains, can tokenized real-world assets (RWAs) be presented by a single token across the multi-chain cryptosphere? If yes, how does this work? SS: The first step to answering this question would be to clarify the relationship between tokens and assets. A real-world asset may be represented by one token on one chain (1-1 relationship), but it could also be several tokens on several chains (like a multi-keyed safe). One of Wakweli’s objectives is to clarify this token-to-asset relationship so anyone [can] understand clearly what is linked to what. Anyone is able to get information about the representation of a certified asset by interrogating the Wakweli protocol directly or through third-party integration, such as on marketplaces. BCN: Your protocol is said to use the so-called proof of democracy (PoD) consensus algorithm to certify the authenticity of any tokenized asset. Can you explain how it works as well as how this ensures that the same asset is not being represented by multiple tokens on multiple platforms? SS: With the PoD, anyone can request verification for an asset on Wakweli. It is a community-based system where all actors have to lock actual value in certificates, from the requester to the certifier and its electors. Certificates are then controlled by the community who can issue challenge requests to try and get back this locked value if something’s wrong. This mechanism creates a general incentive for the community to tell the truth, generating a virtuous system that scales to protect the $16 trillion market that digital assets will represent in 6 years. And once an asset is certified on one chain, it will be referenced on Wakweli meaning any new certificate request for the same asset on another chain will be declined. BCN: The Bitcoin Ordinals NFTs have recorded more than 10 million inscriptions so far. Ordinals are said to have brought a whole range of use cases to the Bitcoin network including BRC-20 tokens, NFTs, and more. What’s your take on the Bitcoin network’s ability to handle large volumes of tokenized real-world assets? SS: Bitcoin Ordinals are one of many ways to represent real-world assets, with their own pros and cons. It relies on Bitcoin, the mother of all blockchains, using tech that was so far never breached: this has great value. On the other hand, linking an asset to a bitcoin fraction like this presents risks when making transactions with incompatible wallets. The Proof-of-Work mechanism also has some pros and cons, like energy consumption with current mining difficulty. Alternatives like smart-contract-based representations or protocol-native tokens enable different features that may be a good fit for some use cases. It ultimately depends on what you are tokenizing and who is your targeted audience, but Bitcoin Ordinals are a big part of the picture. BCN: With the growing use cases of NFTs, many users have been falling victim to NFT scams. Scammers are always seeking new ways to exploit people and their holdings. What tips would you like to share to help our readers stay safe and avoid scams? SS: You probably heard that many times before: always do your own research. Triple-check transactions you sign and projects you join: are they authentic? Is the team behind them reliable? Is the IP legit? Actually, this is precisely why we built Wakweli: to provide a simple way to avoid scams at a glance with a green tick mark. With Wakweli, anyone can share their project review, make it easily accessible and valorize it. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

PRESS RELEASE. Mind Network, an innovative platform leading the way in data security and privacy within the Web3 ecosystem, is delighted to announce the successful completion of its initial funding round, raising $2.5 million. Binance Labs, Comma3 Ventures, SevenX Ventures, HashKey Capital, Big Brain Holdings, Arweave SCP Ventures, Mandala Capital, and other notable investors participated in the funding round. Mind Network has emerged as a frontrunner in the Web3 arena, providing users with end-to-end encryption and granting them full control over their personal data, financial transactions, and user interactions. By incorporating the principles of Zero Trust Security, Zero Knowledge Proof, and proprietary Adaptive Fully Homomorphic Encryption techniques, the platform ensures robust protection and access control within the decentralized ecosystem. “We are extremely pleased to receive the support and confidence of such esteemed investors,” stated Mason, representing Mind Network. “This funding will enable us to further develop our groundbreaking technology and accelerate the adoption of our platform across various industries, ensuring worldwide data privacy and ownership for our users.” As a participant in Binance Incubation Program Season 5, Mind Network has benefited from the expertise and guidance of Binance Labs, the VC and incubation arm of Binance. Moreover, the company has been chosen to be part of the prestigious Chainlink BUILD Program, reaffirming its commitment to establishing a Web3 ecosystem centered around data privacy and ownership. “We are excited to welcome Mind Network to our ecosystem,” commented Oliver Birch, Global Head of Chainlink BUILD. “Their innovative approach to data security aligns with our mission, and we eagerly anticipate collaborating with them to shape the future of decentralized applications.” Mind Network has formed strategic partnerships with industry giants, including Chainlink, Consensys, and Arweave, providing a solid foundation for the platform’s growth. These partnerships have also facilitated early support from global banks, insurance companies, and various dApps and protocols. Mind Network has assembled a formidable team comprising accomplished leaders in their respective fields. The CTO, George, previously conducted research at Cambridge University, and the United Kingdom government and high-street banks have adopted his cryptographic findings. Dennis, the CSO, made history as the first white hat hacker to breach Tesla’s security in 2014. The remainder of the team consists of serial entrepreneurs, award-winning scientists, and Web3 marketing veterans. With the successful completion of the seed funding round and the ongoing support from its partners and investors, Mind Network is well-positioned to advance its mission of enhancing data security, privacy, and ownership in the Web3 era. To find out more about Mind Network and its groundbreaking technology, please visit: Website: https://mindnetwork.xyz/ Twitter: https://twitter.com/mindnetwork_xyz Medium: https://mindnetwork.medium.com/ Gitbook: https://mind-network.gitbook.io/mindnetwork/ Discord: https://discord.gg/UYj94MJdGJ Telegram: https://t.me/MindNetwork_xyz This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

The suspected administrator of the Monopoly Market darknet marketplace has been extradited from Austria to face charges in the U.S. The man, a citizen of Serbia and Croatia who was arrested in Vienna last November, has been accused of facilitating $18 million in illegal drug transactions using cryptocurrencies. DNM Administrator Charged in U.S. With Running Drug Market on the Dark Web Austrian authorities announced on Monday they have extradited to the United States the alleged administrator of a large darknet market (DNM) known as Monopoly Market. Milomir Desnica, a 33-year-old resident of the Serbian town of Smederevska Palanka, was handed over on Friday, the Associated Press reported. Desnica has been accused by the U.S. Department of Justice (DOJ) of running the Monopoly Market site and facilitating $18 million in illegal transactions related to drug trade using cryptocurrencies. The dark web marketplace was shut down in December 2021 when its servers were seized. Last month, Europol unveiled the results of a major operation, conducted in collaboration with law enforcement agencies from Europe, the U.S., the U.K., and Brazil, which led to 288 arrests and the seizure of over $53 million in cash and crypto assets, along with drugs and weapons. The charges against Desnica, unsealed on May 25, were announced by the DOJ on June 23. He was indicted on July 26, 2022, by a grand jury in the U.S. District Court for the District of Columbia on charges of conspiracy to possess and distribute methamphetamine and one count of conspiracy to launder monetary instruments. The indictment also seeks confiscation of all criminal proceeds. On the Monopoly servers seized in 2021, investigators found records of the narcotics sales facilitated by Monopoly, financial records documenting cryptocurrency payments on Monopoly, and communications with vendors which helped to identify Desnica as the DNM’s operator. The authorities allege that between April 2020 and July 2022 Milomir Desnica used at least two crypto exchanges to convert his cryptocurrency, moving the digital money between blockchains before eventually selling it to peer-to-peer traders in Serbia for fiat in order to launder the proceeds from the drug sales. The DOJ detailed that the drug distribution charge carries a maximum sentence of life in prison while the charge of conspiracy to commit money laundering can result in a maximum term of 20 years in prison. The charges also carry potential financial penalties, the department added. Monopoly Market and other darknet markets have been a major target for law enforcement agencies around the world. In April 2022, police in Germany shut down what was then one of the largest DNMs, Hydra, which was focused on Russian-speaking users. Do you think law enforcement authorities will shut down other DNMs in the near future? Share your thoughts on the subject in the comments section below. View the full article

Islamic coin, a Sharia-compliant crypto asset, has secured $200 million from ABO Digital, which brings to $400 million the total funding that the project has received. The latest capital raise is expected to give the crypto project access to funding of up to $200 million as well as to ensure that the coin “has a long and stable runway.” Revolutionizing the Sharia-Compliant Market Islamic coin, the “Sharia-compliant” digital asset, has secured $200 million from ABO Digital, the digital asset investment arm of the ABO group. The latest raise brings to $400 million the total funding the crypto project has received. According to a press release, ABO Digital’s capital injection is expected to give crypto-asset access to funding of up to $200 million as well as to ensure that the coin “has a long and stable runway.” Remarking on ABO Digital’s decision to partner with Islamic Coin, Amine Nedjai, the CEO of the digital asset investment firm, said: ABO Digital is thrilled to collaborate with Islamic Coin as an alternative finance provider. This ambitious project, supported by a stellar team, is revolutionizing the Shariah-compliant market by introducing digitization. We are honoured to have been selected as a partner. In addition to receiving global recognition, Islamic Coin has signed a memorandum of understanding with the United Kingdom-based DDCAP Group. This partnership, according to the press release, will result in the development of several solutions for Islamic Finance such as a Shariah-compliant Web3 alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). A digital asset platform, central bank digital currencies, and tokenization are the other solutions that will ostensibly be developed as a direct result of the partnership. Islamic Coin co-founder Mohammed AlKaff AlHashmi said his team is “building a game-changing financial platform that brings together ethics and the traditions of Islamic Finance.” Some of the big-name Middle East North Africa (MENA) leaders that are reportedly backing the crypto project include the grandson of the United Arab Emirates founder Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan. Besides the backing of the Abu Dhabi and Dubai ruling families, the endeavor is supported by Islamic finance experts. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the bank is being “a little bit prudent at the moment.” ‘This Is Not Just an Experiment’ The Swiss central bank said on June 26 it intends to issue wholesale central bank digital currency on SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. According to Thomas Jordan, the chairman of the Swiss National Bank (SNB), the pilot CBDC project is expected to commence soon and will run for a limited period. However, the SNB chairman who spoke at the Point Zero Forum, revealed that the experiment would involve the use of a real money equivalent. “This is not just an experiment, it will be real money equivalent to bank reserves and the objective is to test real transactions with market participants,” Jordan reportedly said. Central Bank Not Keen on Launching Retail CBDC By taking this step, the Swiss central bank joins its peers in countries which have either launched their respective CBDCs or are still in the trial or study phase. Their objective, according to a Reuters report, is to avoid ceding control of digital payments to the private sector. Meanwhile, during his address at the forum, the SNB chairman attempted to explain why the central bank is currently unwilling to launch a retail CBDC. He said: “We do not exclude that we will never introduce retail [CBDCs] but nevertheless we are a little bit prudent at the moment.” What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The Dubai Virtual Asset Regulatory Authority (VARA) recently announced the schedule of fees “covering the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications, and the submission of whitepapers for VARA review.” According to VARA, licensed entities seeking to completely withdraw from Dubai will be asked to pay a license withdrawal fee of $3,670. Whitepaper Submission and Review The Dubai digital asset regulator, Virtual Asset Regulatory Authority (VARA), recently unveiled a schedule of fees for “the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications.” Also, in its June 21 announcement, the regulator stated will be accepting and reviewing whitepaper submissions. According to the announcement, proprietary traders in the country will be required to have a so-called no-objection certificate (NOC) before commencing any “proprietary trading in or from the Emirate of Dubai.” The annual NOC fee is pegged at approximately $367 (AED1,000) and no further fees are required from applicants. For registered digital asset firms seeking to amend or change the details of their VARA license, a payment of approximately $184 is needed, the regulator said. On the other hand, licensed entities seeking to completely withdraw from the country will be asked to pay a license withdrawal fee of $3,670. Concerning the regulation of whitepapers, VARA said issuers that seek review under its Virtual Asset Issuance Rulebook will have to pay a fee of $1,830. An additional fee equivalent to $18,300 will be required for the “completion of a detailed review.” Similarly, requests to amend whitepapers will also be subject to a submission fee of $1,830 and a detailed review fee of up to $18,300. Meanwhile, in instances where “legal opinions or memorandums” are submitted to the regulator for review and consideration for the “regulatory perimeter applicable to a firm’s virtual asset activity,” VARA said a fee of up to $1,090 may be charged. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, promoting the digital yuan, the Chinese central bank digital currency (CBDC), in international markets. Shanghai Clearing House to Support Digital Yuan The Shanghai Clearing House, one of the largest counterparty and clearing companies in Asia and the world, recently introduced support for operations and settlements using the Chinese central bank digital currency (CBDC), the digital yuan. According to local reports, the institution will allow its customers to settle bulk commodities payments with the digital yuan with no added fees for the time being. Some experts believe that using the digital yuan in a large clearing house business will boost efficiency in managing commodity settlements. Dong Dengxin, director of the Finance and Securities Institute of the Wuhan University of Science and Technology, stated: The launch of the services will make cross-border settlement of bulk commodities more secure, faster, more efficient, and more cost-effective for financial institutions and service providers. China was the second biggest commodities importer in the world in 2021, with 12.6% of all commodities being purchased by the nation for $2.68 trillion, just behind the U.S., which imported $2.93 trillion in the same period. Opening Paths for the Digital Yuan The measure can be seen as a natural extension of the movements that the People’s Bank of China has been making to position the digital yuan as a cross-border transactional currency after passing tests in retail environments. Dong added: The move will also facilitate the internationalization of the Chinese currency, and provide the world with a trusted clearing system. The currency is also being tested with the Faster Payments System to allow Hong Kong citizens to pay with the digital yuan in mainland China. In May, the Chinese autonomous region of Guanxi announced that it was preparing to present the digital yuan at the next China-ASEAN Expo event. Guanxi also plans to use digital yuan as a settlement currency in cross-border trade with other Association of Southeast Asian Nations (ASEAN) countries. Previously, in April, it was announced that the city of Changshu, with more than 1.5 million inhabitants, would be the first city to use the digital yuan to pay for wages of city employees, including public servants in government offices, as well as schoolteachers, medical staff, and employees of state companies. What do you think about the support for digital yuan services from the Shanghai Clearing House? Tell us in the comments section below. View the full article

Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that crypto users were looking forward to this legalization to use the assets for international settlements. State Duma Official: Russia to Have ‘Serious’ Control Over Crypto After Legalization Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, has given an update about the legalization of crypto in Russia and the role of the Russian government regarding its control. According to local media, Aksakov hinted at establishing tight regulations regarding crypto transactions and service providers. He stated: Cryptocurrency will be legalized. Its movement will obviously be under serious control so that there will be no abuse. Aksakov also declared that cryptocurrency users in Russia were expecting this legalization to allow for crypto to be used easily, including leveraging it to settle international transactions and avoid problems at the banking level. Aksakov explained: They are ready to work in the legal space, because foreign banks are sometimes wary of interacting with Russian banks and making settlements with Russia. The State Duma official has supported the identification of cryptocurrency holders in Russia previously to “establish taxation and certain rights for cryptocurrency owners,” as well as offer protection in these markets. Using Crypto to Sidestep International Sanctions Aksakov remarked on the importance of using crypto as an instrument to expedite international trade. The Central Bank of Russia (CBR) informed recently that it intends to run pilot tests of cross-border settlements using digital and central bank digital currencies (CBDCs). Deputy chairman of the CBR, Alexey Guznov, stressed that these settlements would not be available inside the country but were directed to expedite international transactions. In this sense, Aksakov had declared before that “exchanges will be used for cross-border settlements, including bypassing sanctions restrictions, so new restrictions may be introduced against them” when announcing that the country had dropped the idea of a national cryptocurrency exchange. Aksakov also reported that he expected a bill regulating crypto to be passed by next October. Previously, Aksakov expected to pass four crypto-related laws during the State Duma’s spring session, which ends on July 30. What do you think about the statements of Anatoly Aksakov regarding the “serious” control that the Russian government plans to exert on the crypto market after its legalization? Tell us in the comment section below. View the full article

In a recent submission to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division has expressed its intention to take decisive action against the crypto custodian Prime Trust. The regulatory body seeks to not only shut down Prime Trust but also swiftly seize its property, assets, books, papers, documents, and records. The state’s financial overseer aims to place Prime Trust under receivership, ensuring a comprehensive resolution to the matter. Nevada Regulator Moves to Shut Down Prime Trust as Crypto Custodian Faces Insolvency and Asset Accessibility Issues Nevada’s financial watchdog has raised concerns about the financial status of crypto custodian Prime Trust. In a recent development, the Nevada Financial Institutions Division revealed that Prime Trust faced insolvency and was unable to fulfill customer withdrawal requests. This disclosure, made five days ago, prompted the regulator to assert that Prime Trust had breached its fiduciary responsibilities. Consequently, on the same day, Prime Trust took the step of suspending both deposits and withdrawals, compounding the situation further. Now a filing submitted to the Eighth Judicial District Court in Las Vegas and put forward by the regulator’s commissioner Sandy O’laughlin stresses that Prime Trust should be placed into receivership immediately. The regulator wants to immediately impound the property including all assets, documents, and the firm’s application programming interface (API). The regulator wants to “appoint a receiver over Prime Trust with the authority to enter the business and immediately oversee operations.” The filing says that in 2019, the company enlisted the services of Fireblocks, a digital asset security firm to safeguard assets. The migration to Fireblocks’ platform was successfully carried out in 2020, rendering Prime Trust’s original wallet inactive. With the arrival of new management in the same year, they were assured by their predecessors that all cryptocurrency assets could be accessed through the Fireblocks platform. In January 2021, the company reintroduced legacy wallet forwarding addresses for customers. “Prime purportedly believed that these legacy wallets existed on the Fireblocks platform or were configured to forward to wallets accessible on the Fireblocks platform,” the filing details. Unfortunately, in December 2021, a revelation unfolded—the company found itself unable to access the legacy wallets and the digital currency they contained. Faced with this predicament from December 2021 to March 2022, the company allegedly resorted to utilizing customer funds to procure additional digital currency in order to fulfill withdrawals from the inaccessible legacy wallets. Despite relentless efforts, Prime Trust has yet to regain access to the elusive legacy wallets as of the present day. While it tried to stave off withdrawals with other funds available, Nevada’s financial watchdog says that in recent times withdrawals became more frequent and larger. “As such, at or about the time of the instant petition, it is understood that Prime’s financial status is such that it owes, in fiat currency, $85,670,000 to its clients but has $2,904,000 in fiat currency (equaling an $82,766,000 fiat currency liability),” the court filing discloses. “As to digital currency, Prime owes $69,509,000 to its clients but only has $68,648,000 in digital currency.” What are your thoughts on the regulatory action against Prime Trust? Share your thoughts and opinions about this subject in the comments section below. View the full article

The International Monetary Fund’s (IMF) executive director for Russia says a growing number of countries are switching to trade in Chinese yuan, not only with China but also with third countries. He stressed that it is wrong for the U.S. dollar to be widely used globally given that the U.S. government uses the currency “for the purposes of national interests” and “the economic and financial obligations of one country.” IMF Director on De-Dollarization Gaining Momentum Worldwide The International Monetary Fund’s (IMF) executive director for Russia, Aleksei Mozhin, shared his thoughts on the global de-dollarization trend in an interview with RIA Novosti Monday. He explained that Washington’s policies and actions have compelled countries around the world to seek alternatives to the U.S. dollar, noting that more nations are ramping up the use of alternative currencies, particularly the Chinese yuan, in cross-border transactions. The IMF executive director described: We can see that Iranians, Brazilians, and Saudis are already switching to trade in yuan, not only with China but also with third countries. Mozhin associated the U.S. dollar’s long-standing dominance in the global economy with a lack of competition since most international settlements and deposits worldwide are in dollars. He pointed out that some U.S. officials have sounded the alarm on the risk of the USD losing its world’s reserve currency status. Treasury Secretary Janet Yellen recently acknowledged that the use of financial sanctions could erode the dominance of the U.S. dollar. U.S. Senator Rand Paul similarly warned that the USD is losing its hegemony. “I think our foreign policy has something to do with that … We’ve pushed all of our adversaries farther and farther away from us and closer and closer together,” said the lawmaker. Mozhin anticipates a gradual decline in the dominance of the USD, stating: It’s clear that it will not happen at once, but the process has begun. Russia has been replacing the U.S. dollar and euro with alternative currencies in foreign settlements, significantly reducing bank accounts and transactions involving Western currencies. The share of the dollar and euro in Russia’s international settlements dropped from 90% in early 2022 to below 50% by the end of last year, Russian Deputy Minister of Economic Development Vladimir Ilyichev recently revealed, emphasizing that this trend is likely to continue. Noting that the U.S. government uses the dollar “for the purposes of national interests” and “the economic and financial obligations of one country,” the IMF director concluded that it is “wrong” for the USD to be widely used globally. Do you agree with the IMF executive director for Russia about the U.S. dollar? Let us know in the comments section below. View the full article

On Monday, FTX released a second investigative report accusing co-founder Sam Bankman-Fried and senior executives of commingling customer deposits and corporate funds and misusing them. The report alleges that they spent $243 million on luxury residential real estate for senior staff and family members, as well as on commercial properties. FTX Execs Accused of $243 Million Real Estate Spending Spree, Retaliation, and Fraud A second investigative report by FTX debtors alleges that “commingling and misuse of FTX.com customer deposits occurred for several years.” The report criticizes this fraudulent practice for making it “extraordinarily challenging” to trace the origins of specific transactions or distinguish between operating funds and customer assets. As part of the report, it states that FTX.com owed customers $8.7 billion as of the date of the bankruptcy petition. “The image that the FTX Group sought to portray as the customer-focused leader of the digital age was a mirage,” the current FTX CEO and chief restructuring officer, John J. Ray III stated. Ray added: From the inception of the FTX.com exchange, the FTX Group commingled customer deposits and corporate funds, and misused them with abandon at the direction and by the design of previous senior executives. The court filing alleges that Sam Bankman-Fried (SBF), senior executives, multiple FTX-controlled entities, and Alameda Research utilized numerous bank accounts and concealed intricate transactions through an undisclosed entity. Additionally, an unidentified lawyer referred to as “Attorney-1” is implicated and accused of assisting and facilitating SBF’s alleged fraudulent activities. The attorney purportedly instructed senior FTX officials to establish a “false and misleading corporate register of members and managers” to be submitted to an unnamed bank. According to the report, Attorney-1 purportedly assisted senior executives and SBF in devising a “sham payment agent agreement.” so SBF and an attorney: • falsified a "payment agreement" between FTX & Alameda • backdated it by ~2y • wet signed it to avoid DocuSign timestamp • submitted it to an external auditor • used it to obtain a $400M funding round pic.twitter.com/x1qODBrKbU — Molly White (@molly0xFFF) June 27, 2023 The report asserts that, in collaboration with SBF, Attorney-1 conceived and coordinated the creation of counterfeit agreements. These agreements were designed to lend an air of credibility to unlawful transfers and arrangements within the FTX Group. As a result, investigators claim that they enabled the mingling and wrongful appropriation of customer assets, along with various other forms of misconduct by the FTX Group. FTX debtors also contend there was retaliation against an FTX employee who raised concerns about commingling. The highlighted misconduct encompasses the acquisition of approximately $243 million worth of residential and commercial properties, predominantly situated in the Bahamas. A significant portion of these funds was allocated towards the purchase of units within the Albany Charles development, a highly prestigious resort community located on New Providence Island in the Bahamas. Albany enjoys popularity among the world’s wealthiest individuals due to its exclusivity and luxurious amenities. Allegedly, an 11,500 square-foot penthouse within the ‘Orchid Building’ was shared by SBF, Nishad Singh, Gary Wang, Caroline Ellison, and other implicated individuals. Attorneys contend that the majority of the real estate acquisitions were conducted by the FTX Group via a subsidiary called FTX Property Holdings Ltd., which they say was registered in the Bahamas in July 2021 under the direction of Attorney-1. The report makes an allegation that a “former Bahamian official” facilitated the process to expedite FTX Digital Markets’ licensing within a mere six weeks, with substantial funds being channeled through the Bahamian entity. According to the document, “The FTX Group appears to have utilized the FTX DM accounts in part as an intermediary mechanism, directing at least $5.4 billion in customer deposits to FTX Trading Ltd.” What are your thoughts on the allegations of lavish spending and fraud against FTX co-founder SBF and executives? Share your thoughts and opinions about this subject in the comments section below. View the full article

According to several reports, Chibi Finance, the decentralized finance (defi) platform built on top of Arbitrum, allegedly executed an exit scam on its users. Blockchain intelligence firm Peckshield provided a detailed account, revealing that approximately $1 million worth of cryptocurrency assets were illicitly withdrawn and converted into Ethereum. Chiba Finance Becomes 12th Defi Platform on Arbitrum to Exit Scam, Says Smart Contract Auditor Certik On June 27, 2023, the blockchain analysis and intelligence firm Peckshield’s Twitter alert system notified the community about funds being drained from the DeFi application Chiba Finance. “Seems like Chiba Finance rugged,” Peckshield’s alert disclosed on Tuesday. “$1M worth of cryptocurrencies were drained. The stolen funds, which have been swapped for 555 ETH, were bridged from Arbitrum to Ethereum. They have already been transferred into Tornado Cash,” the notice added. All traces of Chiba Finance, including the website, Twitter account, Discord server, Telegram channel, and Medium account, have been completely removed and eradicated from the internet. Chiba Finance promoted a “yield farming optimizer” on Arbitrum, offering users the opportunity to earn “auto-compounded yields at optimal intervals” by consolidating gas costs through their smart contracts. Users essentially entrusted their assets to Chiba’s vaults to accrue the project’s native token, CHIBI. On Monday, before the entire team vanished without a trace, CHIBI was trading at $1.35 per unit. Today, the coin has plummeted to 0.0095, which is slightly less than one U.S. cent. An archived version of the project’s website reveals that it is relatively new, and its smart contract underwent an audit by the blockchain auditor Solid Proof in May 2023. On Tuesday, the smart contract auditing firm Certik disclosed that Chiba Finance marked the 12th exit scam recorded on Arbitrum this year. “The scammer funded EOA 0x80c via a 10 ETH [Tornado Cash] withdrawal on Ethereum and created a malicious contract (0xB61),” Certik said. “The deployer of Chibi Finance called `setGov` which assigned the malicious contract to the `_gov` role. This allowed contract 0xB61 to call `panic` which permitted them to withdraw funds from the Chibi Finance contracts. Funds were then transferred to EOA 0x80c, swapped for WETH and bridged to the Ethereum network.” What are your thoughts on the exit scams in the Arbitrum defi space? Share your thoughts and opinions about this subject in the comments section below. View the full article

Russian citizens sought refuge in tether amid the brief mutiny of the Wagner mercenary group that shook their country. The ruble-denominated trading volume of the U.S. dollar-pegged stablecoin spiked during the short-lived rebellion, market data revealed. Russians Traded Millions of Dollars’ Worth of Tether in a Day of Unrest Triggered by Wagner Many Russians have apparently tried to find safe haven in crypto when their nation was at the brink of a civil war a few days ago. On Saturday, as a revolt by the Wagner private army unfolded, trades between the Russian fiat and tether (USDT) surged to almost $15 million in value, or close to 1.3 billion rubles, according to blockchain data firm Ccdata. The volume was up from $4 million on Friday, the Wall Street Journal noted in a report. On the same day, Wagner’s boss, Yevgeny Prigozhin, posted a series of video and audio messages announcing his mercenaries will lead a “march for justice” against Russia’s military leadership, the culmination of a long-time feud with generals in Moscow over the war in Ukraine. The market data for June 24 is based on trading on crypto exchanges that still support pairs with the Russian currency despite Western sanctions imposed after Russia’s invasion. The largest such platforms include , Hitbtc, Cryptonex, and Coinsbit, Ccdata said, quoted by Bloomberg. An increase in the trading volume does not directly indicate that ruble users were buying tether, clarified Jamie Sly, who heads communications at Ccdata. However, the spike could be attributed to “market participants looking toward a less volatile asset like USDT versus rubles, as similar trends were not observed for Bitcoin volumes,” Sly elaborated. Ccdata’s findings were confirmed by a representative of the blockchain data firm Kaiko. The company’s Director of Research, Clara Medalie, highlighted that the ruble-denominated tether trading volume is at its highest since December, 2022. Citizens of countries experiencing political and economic troubles have often sought refuge in cryptocurrencies during crises. Demand for tether in Turkey, for example, has been high since May amid record inflation of the Turkish lira, a report revealed earlier in June. Right after Russian forces invaded Ukraine in late February, last year, major cryptocurrencies like bitcoin (BTC) and ethereum (ETH), alongside USDT, traded at premiums against the Ukrainian hryvnia following the decision of the country’s central bank to impose restrictions on cash withdrawals. What do you think about cryptocurrencies and stablecoins providing safe haven in times of crisis? Share your thoughts on the subject in the comments section below. View the full article

Following Blackrock, the largest asset manager globally, filing for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), Ran Neuner, host of Crypto Banter, stated during an interview with Michelle Makori, lead anchor for Kitco News, that he believes the asset manager has “no malicious intent.” Neuner additionally expressed his view that the price of bitcoin could potentially double next year, stating that this is on the “conservative” side. Crypto Banter Host Ran Neuner Bullish About Blackrock Spot Bitcoin ETF Filing Many members of the crypto community have been engaged in discussions regarding institutional interest in the crypto economy, which has increased following Blackrock’s filing for a spot bitcoin ETF. While the filing has sparked institutional interest and led to a rise in crypto prices, there are speculations suggesting that the firm’s move might be a “coordinated attack.” Some individuals have presumed that the filing strangely occurred shortly after the initial wave of enforcement actions known as “Chokepoint 2.0” targeting influential entities within the crypto industry. During a recent interview with Michelle Makori, lead anchor and editor-in-chief for Kitco News, Ran Neuner, the host of Crypto Banter, expressed his belief that Blackrock’s intentions are not malicious, despite the rumors and criticism circulating on social media. Some crypto enthusiasts have scrutinized the details of Blackrock’s ETF filing, noting a mention of a hard fork, leading to speculation that Blackrock could take control of development and split the network. “That is not a theory I’m concerned about, to be honest,” Neuner emphasized to Makori. “Whether or not one party owns all the bitcoin won’t make bitcoin centralized,” Neuner insisted to the show host. “The only way that that can change is if the majority of the miners, over 50 percent of the miners around the world, agree that the rules need to change … Regardless of who owns the bitcoin, the mining still remains decentralized.” Neuner expressed his viewpoint that Blackrock’s spot bitcoin ETF, combined with the upcoming halving scheduled for April 20, 2024, will drive the price upwards. Neuner stated his belief that the price could potentially reach “much higher” levels, doubling its current value. “I’m just being conservative,” he told the Kitco News show host. “I think [the Blackrock ETF] could be a game changer,” Neuner stated. “If you get a bitcoin spot ETF, you now really open all of this money coming into crypto with an easy way to access this asset.” Although Neuner’s theory is plausible, there were complaints following the approval of a spot gold ETF by the U.S. in 2004, as it faced accusations of price manipulation and suppression. In the interview, Neuner also discussed U.S. presidential candidates who have expressed support for Bitcoin (BTC), such as Francis Suarez, Ron DeSantis, Robert F. Kennedy Jr., and Vivek Ramaswamy. Neuner views the increasing number of candidates endorsing BTC as a positive development that brings the topic into the spotlight. “Most of the candidates that have put their hats in the ring … have taken a favorable position on bitcoin and crypto,” Neuner explained. “The market is telling you, and the politicians are telling you, that bitcoin is an election issue.” What are your thoughts on Ran Neuner’s optimism toward the Blackrock Spot Bitcoin ETF filing? Share your thoughts and opinions about this subject in the comments section below. View the full article

Jeremy Allaire, CEO of Circle, the company behind the issuance of usd coin (USDC), has expressed his worries about the state of stablecoin regulation in the U.S. In a congressional hearing, Allaire stated that other governments were already regulating the issuance of digital dollars (dollar-backed stablecoins) and called on the U.S. government to act by issuing stablecoin rules. Circle CEO Jeremy Allaire Calls for Stablecoin Regulation: ‘It’s Time to Act.’ Jeremy Allaire, CEO of Circle, a U.S.-based stablecoin company, has called for stablecoin regulation to preserve the country’s sovereignty over the issuance of digital dollars. In a congressional hearing, Allaire explained that other countries have already drafted and established frameworks for issuing dollar-backed stablecoins, leaving the U.S. behind. Allaire explained: We are seeing governments around the world — the EU, the U.K., Japan, Hong Kong, Singapore, and others — actually defining the rules for how dollars, digital dollars, are issued and operate in those markets, which is astounding. Furthermore, Allaire detailed how the lack of regulation could have “devastating consequences” for the competitiveness of the U.S. dollar in a world driven by digital interactions on the internet. Allaire recently reiterated his call to action on social media, stating: “It’s time to act.” How Commercial Banking Affected USD Coin Circle is the company behind usd coin (USDC), the second largest stablecoin in the crypto market, with a market cap of $28.3 billion. The token suffered a depegging incident in March due to the demise of Silicon Valley Bank (SVB), which held 8.8% — about $3.3 billion — of the total reserve backing the USDC stablecoin. The depeg, which took the price of usd coin as low as $0.85, was reverted with the announcement that all the depositors of SVB would be made whole. At the time, Allaire remarked on the importance of establishing clear rules to avoid this from happening again, advocating for “full-reserve digital currency banking that insulates our base layer of internet money and payment systems from fractional reserve banking risk.” Stablecoins have risen as a significant part of the cryptocurrency market, with a notable jump in their utilization. According to Kaiko, a cryptocurrency market data provider, the utilization of stablecoins has risen to 76% of all cryptocurrency transactions. This represents a 16% increase since the beginning of 2022. A new stablecoin legislation draft was released by House Financial Services Committee Chair Patrick McHenry on June 8. What do you think about Jeremy Allaire’s calls for stablecoin regulation? Tell us in the comments section below. View the full article

PRESS RELEASE. 10SecLabs, a leading force in the blockchain incubation landscape, has taken a significant investment leap into the innovative Metagalaxy Land project. This development comes ahead of Metagalaxy Land’s much-anticipated Metaverse Platform Launch. Set to be a trailblazer in the GameFi and metaverse arenas, Metagalaxy Land states that this investment has catalyzed considerable progress in their project, enabling it to leap forward towards future releases. Metagalaxy Land’s pre-alpha version, due to launch in early July, promises an exhilarating experience for its users. Assuming the roles of Space Pirates, they’ll explore the ‘Decentralized Planet.’ The adventure involves hunting for Metagalaxy Land points, which are strategically scattered across the map daily. Accumulating these points allows users to scale the leaderboard and reap enticing rewards. Furthermore, while navigating the NFT Exhibition on the Decentralized Planet, users have the ease of accessing the trade page for purchases and attending the Conference for unique events and video presentations. 10SecLabs is renowned for propelling projects into the next phase of their development and daringly exploring uncharted blockchain territories. The team at 10SecLabs have expressed their early recognition of Metagalaxy Land’s immense potential, stating, “We are unwavering in our commitment to nurturing innovative projects that bolster the blockchain ecosystem. Our strategy involves identifying potential in projects and delivering the necessary ignition power through targeted investments. This strategy not only elevates 10SecLabs’ standing in the web3 world but also serves to enrich our portfolio with cutting-edge projects,” reinforcing their intention to make a substantial and lasting impact in the industry. As the countdown to the pre-alpha metaverse launch begins, both Metagalaxy Land and 10SecLabs are extending an invitation to adventurers, gamers, and blockchain enthusiasts to come explore the metaverse. About 10SecLabs: 10SecLabs is a preeminent incubator in the blockchain space, renowned for its significant investments in pioneering projects that advance the blockchain ecosystem. Related Links Websites https://10seclabs.com/ https://metagalaxyland.com/ https://nft.metagalaxyland.com/ Social Media Twitter: https://twitter.com/metagalaxyland Telegram: https://t.me/metagalaxylandofficial https://t.me/metagalaxylandofficial Youtube: https://www.youtube.com/c/MetaGalaxyLand This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article