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Ben Bernanke, former chairman of the Federal Reserve and also the winner of the 2022 Nobel Prize in economics, has recently blasted the concept of cryptocurrencies. In an interview with Dagens Nyheter, one of the biggest Swedish journals, Bernanke remarked that cryptocurrencies have not proven they have any economic value at all. Ben Bernanke Blasts Crypto The demise of certain cryptocurrency companies like FTX, which was one of the largest cryptocurrency exchanges, and also crypto lenders such as Celsius and Blockfi, has made analysts reassess the real contribution that cryptocurrencies have on the field of economics. Ben Bernanke, one of the most renowned economists and co-winner of the 2022 Nobel Prize in economics for his research on banks and financial crises, recently stated his opinion on cryptocurrency in the wake of the current situation the market is facing. In an interview published by the Swedish journal Dagens Nyheter on Dec. 7, Bernanke stated he does not think cryptocurrencies constitute a threat to the current financial system because no bank is sitting on a large pile of these assets. He stated: I believe that so far cryptocurrencies have not been shown to have any economic value at all. Bernanke’s negative opinion on crypto is not new, as he has also made similar remarks in the past. In May, Bernanke said bitcoin was used “mostly for underground economy activities and often things that are illegal or illicit.” He further explained that while bitcoin is being used as a speculative asset, he does not think it can reach the status of an alternative currency. Regulation Won’t Help While several experts have called for regulation on the cryptocurrency front as a way for more citizens to reach crypto in the mainstream, Bernanke argues that regulated or not, cryptocurrencies are destined to fail. In this regard, he explained: Either they are not regulated and then they will collapse because people distrust them or they are regulated and then they will collapse because they are mostly used for criminal activity. However, in the past, Bernanke was more open to the idea of bitcoin and other cryptocurrencies becoming a threat to traditional fiat currencies. Back in 2017, Bernanke stated that if bitcoin was near to having equal transactionality as traditional currencies, regulations would be issued in order to stop it. At the time he remarked: Eventually governments will take any action they need to prevent it. What do you think about the recent statements of Nobel Prize laureate Ben Bernanke on the economic value of cryptocurrencies? Tell us in the comments section below. View the full article

Several small investors have manifested that the constant blackouts in several parts of Cuba have made cryptocurrency mining unsustainable, leaving them unable to operate their rigs. The blackouts also affect telecommunications, leaving some of these operations that rely on off-grid power plants without the internet needed to complete mining tasks. Cryptocurrency Mining in Cuba Not Feasible Under Current Conditions Cryptocurrency has reached a notable level of functionality in Cuba, as citizens use it as an alternative to getting services that they would be unable to get otherwise, including international shopping, mobile and internet top-up services, and even sending and receiving remittances. However, cryptocurrency mining is facing problems to reach the same level of popularity. While crypto mining was once considered a smart investment by Cubans, this idea has been demolished by the current state of the Cuban power grid, which puts mining operations in jeopardy due to the constant blackouts the country is facing. Raydel González, a small cryptocurrency miner that built his own rig, explained to the local news site Cubanet the difficulties that a miner faces in the country today. He stated: I, like many others, had invested a lot of money in cryptocurrency mining equipment that is not cheap. With the advent of blackouts, cryptocurrency mining in Cuba is unsustainable. Other miners like Eduardo Gomez purchased power plants in order to keep their operations ongoing, but the scarcity of gas has also made it difficult for these operations that run on off-grid power to be sustainable. Gonez explained that he is still unable to bring revenue from an investment of $5,000. Telecommunications Also Affected But even miners that have managed to run their operations off-grid having secured a constant flow of gas to ruin their plants are being affected by the issue. This is because these blackouts are also affecting the local telecom grid, which cannot be operated with the limited plants that Etectsa, the local Cuban Telecom company leverages. This problem was reported in June when officers of the company were already facing similar issues. At the time, an anonymous Etecsa worker stated: Etecsa’s generators are running out of fuel to support so many hours of blackouts. The plants are not capable of generating all the energy necessary to keep so much equipment on for so long and that is why everything works incorrectly. What do you think about the current situation that Cuban crypto miners are facing? Tell us in the comments section below. View the full article

Residents of the United States, South Korea and the Russian Federation have been the most frequent users of centralized exchanges this year, according to a new study. The finding comes after the spectacular crash of FTX, one of the largest such platforms, amid tightening regulations and fewer new users. U.S. Leads by Number of CEX Users, Turkey and Japan Are Also in the Top in Terms of Traffic The U.S., South Korea and Russia together account for 22% of all visits to centralized exchanges (CEX) for cryptocurrencies, according to the 2022-2023 “Global Crypto Industry Overview and Trends” annual report produced by Huobi Research. The estimate is based on data from the top 100 CEXs on active users, trading depth, trading volume, and reliability. With a share exceeding 9%, the United States is the pronounced leader in terms of absolute number of crypto users generating CEX traffic. South Korea, Russia, Turkey, and Japan are next with 7.4%, 6.1%, 5.6% and 3.8%, respectively. The drivers are different in each case – from high unemployment and housing prices turning young people in South Korea and Japan towards crypto investments, to Western sanctions for Russians and hyperinflation for Turks. The authors insist that “centralized exchanges are vital in the cryptocurrency market. These exchanges are usually user friendly and many crypto novices start with them.” They also point out that most of the users and liquidity in the crypto market are aggregated in centralized exchanges. However, the findings come in the aftermath of the crash of FTX, one of the largest CEXs which filed for bankruptcy protection on Nov. 11 amid liquidity issues. The researchers call it “the incident of the year since entering the current bear market” and note it is part of a series, also including the collapse of Terra and the bankruptcy of 3AC. The study further reveals that the overall market size of CEXs declined more significantly in 2022 in comparison with the previous year. The number of unique visitors decreased by 24%. “The continuous gloomy market condition and the depreciating assets are both depressing existing users,” the report elaborates. At the same time, new user growth declined to 25 million from 194 million in 2021. Regulations for Centralized Exchanges Tighten in Key Jurisdictions Around the World Huobi Research also notes that regulations on centralized cryptocurrency exchanges are tightening globally after the FTX bankruptcy, including for on-chain activities, and that regulators may oblige CEXs to publicize proof of funds or require that they maintain an amount of funds in reserve. This year, U.S. president Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets, the EU approved its Markets in Crypto Assets (MiCA) legislation, Russia has been working to expand its legal framework for crypto, and South Korea passed eight related regulations. Against this backdrop, decentralized finance (defi) has become one of the crypto markets with skyrocketing growth, the author’s highlight. Despite a series of unfavorable incidents in that sector as well, the more experienced defi users remain confident about the recovery and the long-term value of defi. With almost 32% of the traffic, the U.S. also has the largest share in this segment. Brasil is second, with a little over 5%, followed by several developed countries, unlike the CEX market, namely the U.K., France, Canada, and Germany, which are seeing significant defi traffic. Do you think centralized exchanges will continue to play a key role as entry points to the crypto space for novice users? Share your thoughts on the subject in the comments section below. View the full article

On Dec. 8, 2022, three Democratic politicians from Massachusetts, Oregon, and California revealed legislation aimed at combatting “energy-intensive” cryptocurrency mining operations. The bill introduced by senator Ed Markey (D-MA) alleges that crypto mining “strains the grid” and the industry “undermines U.S. climate goals.” 3 U.S. Bureaucrats Believe Crypto Miners Need to Report Carbon Emissions and Environmental Assessments Senators Ed Markey (D-MA), Jeff Merkley (D-ORE), and Jared Huffman (D-CA) have introduced a bill that would require “an interagency study on the environmental and energy impacts of crypto asset mining.” Markey’s press release concerning the “Crypto Asset Environmental Transparency Act” details that the U.S. Environmental Protection Agency (EPA) would lead the study. Furthermore, the EPA would assess crypto mining activity in the U.S. and operations would be required to report greenhouse gas (GHG) emissions. Crypto mining companies required to report GHG emissions would be “operations that consume more than 5 megawatts of power,” the press release details. “Big-money [crypto mining] companies are undermining decades of progress in our fight against climate change by putting profits over the promise of our clean energy future – jeopardizing the reliability and safety of our grid in the process and making it all the more likely for utilities to raise energy prices on working families,” senator Markey said on Thursday. Representative Jared Huffman said the bill would finally pull “the curtain back on this industry.” Huffman added: The time for transparency, oversight, and accountability is now. The bureaucrats’ bill aims to combat so-called climate change, a narrative that U.S. politicians and leaders worldwide have been pushing for years. Markey’s opinions follow a number of studies and research reports that indicate operations like bitcoin (BTC) mining are actually advantageous, not only for relieving the grids leveraged but also removing carbon emissions. For instance, the environmental, social, and governance (ESG) analyst, Daniel Batten, published a report that claims bitcoin mining could eliminate the world’s carbon emissions by 5.32%. On Nov. 29, 2022, the Electric Reliability Council of Texas (ERCOT) published a report that shows bitcoin mining is beneficial to the Texas grid. ERCOT’s study indicates that bitcoin mining operations in Texas could curtail 1.7 gigawatts (GW) of energy during the Texas winter. Bitcoin mining is also known to mitigate flare gas (the release of raw gas into the atmosphere) and landfill gas. In the press release published on Thursday, however, U.S. senator Merkley argued that “Crypto asset mining consumes massive amounts of electricity” and stressed “most of which is generated by burning fossil fuels.” However, various studies over the years indicate that a majority of bitcoin mining operations are driven by renewable energy sources. The bureaucrats’ act is endorsed by the Sierra Club, Earthjustice, Environmental Working Group, and Seneca Lake Guardian. “Digital assets that rely on proof-of-work are wasteful by design,” Scott Faber, the senior vice president for government affairs at the Environmental Working Group said in a statement. “Strong federal regulations must address” the situation, Earthjustice’s clean energy attorney Mandy DeRoche added. What do you think about the U.S. bureaucrats’ bill that aims to regulate crypto mining and force operations to report greenhouse gas emissions? Let us know what you think about this subject in the comments section below. View the full article

The cryptocurrency and mining law that the Paraguayan Congress passed in June was finally shelved on Dec. 5. The document, which sought to bring order to crypto mining and exchange activities in Paraguay, was ultimately dropped after failing to obtain the votes needed to reject the presidential veto it received. Paraguayan Crypto Law Dropped After Support Wanes The Paraguayan cryptocurrency law that was introduced in Congress in 2021 was finally shelved after not receiving the support it needed in the Deputy Chamber. The project, which was vetoed in September by President Mario Abdo, failed to gather the votes needed in order to reject this veto. The veto had previously been rejected by the Paraguayan senate, which aimed to approve and pass the law without presidential support. The veto had the support of the Commission for Industry, Commerce, Tourism, and Cooperatives; while the Economic and Financial Affairs, and the Fight against Drug Trafficking, Related and Serious Illicit Activities commissions rejected the motion. Some deputies questioned the veto, stating that the cryptocurrency issue must be studied and regulated due to its importance. In this vein, deputy Sebastian Garcia criticized this outcome, stating that with this move, the cryptocurrency subject will remain in an “absolute informality.” Reasons for Supporting the Veto Motion One of the biggest reasons wielded by President Mario Abdo and other deputies to exert a complete veto on this bill has to do with the determinations it makes about the power delivered to cryptocurrency miners. Abdo stated that cryptocurrency mining was an activity featuring “high consumption of electrical energy, but little use of labor.” Also, the law established limits for the fees that crypto miners pay for the power delivered to their operations. This would clash with the method of determining power tariffs by the National Power Administration (ANDE), an organization that also supported the veto measure after having found several cryptocurrency farms that were connected illegally to the power network. Deputy Arnaldo Samaniego argued that rejecting the veto motion would put ANDE in a tight spot, facing potential losses of up to $30 million. Deputy Jose Rodriguez also supported this position, explaining that the organization could not operate with losses derived from this law. This development puts the cryptocurrency regulation efforts in Paraguay back at square one, with legislators having to once more propose and discuss a hypothetical new cryptocurrency law. What do you think about the final destiny of the cryptocurrency and mining law in Paraguay? Tell us in the comments section below. View the full article

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that the collapsed crypto exchange FTX paid him about $15 million to become its spokesperson. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero,” O’Leary said. Kevin O’Leary Was Paid $15M by FTX Shark Tank star Kevin O’Leary revealed in an interview with CNBC Thursday that the collapsed crypto exchange FTX paid him about $15 million last year to become its spokesperson. Noting that he fell prey to “groupthink,” O’Leary detailed: Total deal was just under $15 million, all in … I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero. The Shark Tank star further revealed that he also had over $1 million of FTX equity, which is now rendered worthless due to the bankruptcy protection process. In addition, Mr. Wonderful explained that the balance of a little over $4 million was purportedly eaten up by taxation and agent fees. He admitted: It was not a good investment. FTX filed for bankruptcy on Nov. 11 and Sam Bankman-Fried (SBF) stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” Despite stating that he lost millions of dollars in the FTX collapse, O’Leary has insisted that Bankman-Fried is one of the best traders in the crypto space and that he would back him again if he has another venture. This has shocked the crypto industry since most people believe that Bankman-Fried is a fraud and a conman. Some have compared the FTX meltdown to Bernie Madoff’s Ponzi scheme. Bankman-Fried has insisted that he did not knowingly commit fraud. Like O’Leary, billionaire hedge fund manager Bill Ackman similarly said he believes SBF was telling the truth. Mr. Wonderful also recently revealed that he almost secured $8 billion to save FTX before it collapsed and had to file for bankruptcy. What do you think about Kevin O’Leary being paid $15 million to become FTX’s spokesperson? Let us know in the comments section below. View the full article

Two congressional hearings will be held next week on the collapse of cryptocurrency exchange FTX and U.S. lawmakers have asked former FTX CEO Sam Bankman-Fried (SBF) to testify. As the founder of FTX and Alameda Research, “you must answer for the failure of both entities that was caused, at least in part, by the clear misuse of client funds and wiped out billions of dollars owed to over a million creditors,” Senator Sherrod Brown told Bankman-Fried. 2 Congressional Hearings on FTX Set for Next Week The House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs are separately holding a hearing on the collapse of crypto exchange FTX next week. U.S. Senator Sherrod Brown (D-Ohio), chair of the Committee on Banking, Housing, and Urban Affairs, sent a letter to former FTX CEO Sam Bankman-Fried (SBF) Wednesday asking him to attend his committee’s hearing titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers” that will take place on Dec. 14. The letter states: As the founder and CEO of FTX Trading Ltd. at the time of its collapse and the founder, principal owner, and former CEO of Alameda Research, you must answer for the failure of both entities that was caused, at least in part, by the clear misuse of client funds and wiped out billions of dollars owed to over a million creditors. “There are still significant unanswered questions about how client funds were misappropriated, how clients were blocked from withdrawing their own money, and how you orchestrated a cover up,” the senator continued. Brown explained that “Traditionally, witnesses who are invited to appear before the committee make themselves available voluntarily.” He asked Bankman-Fried to respond to his staff by 5 p.m. EST on Thursday to discuss his participation at the hearing. The lawmaker warned: If you chose not to appear, I am prepared, along with Ranking Member Pat Toomey, to issue a subpoena to compel your testimony. FTX filed for bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” Meanwhile, Rep. Maxine Waters, chair of the House Committee on Financial Services, has invited Bankman-Fried to attend her committee’s hearing on Dec. 13. She has tweeted to the FTX co-founder several times but has not issued a subpoena for him to testify. The congresswoman has been heavily criticized for her polite approach to inviting Bankman-Fried. She even tweeted that she appreciated him being candid in his discussions about what happened with FTX. Waters tweeted Wednesday: Lies are circulating @CNBC that I am not willing to subpoena @SBF_FTX. He has been requested to testify at the December 13th hearing. A subpoena is definitely on the table. Stay tuned. Bankman-Fried told Waters last week that he will testify when he’s “finished learning and reviewing what happened,” which he does not expect to happen by Dec. 13. Do you think U.S. lawmakers will be able to get Sam Bankman-Fried to testify at congressional hearings next week? Let us know in the comments section below. View the full article

Jordan Belfort, aka the Wolf of Wall Street, expects bitcoin and ethereum to be “a lot higher” than they are now. Noting that the collapsed crypto exchange FTX is a scam, he stressed that its implosion “doesn’t mean that you can disregard bitcoin completely and say it’s worthless or going to zero.” The Wolf of Wall Street Calls FTX a Scam Jordan Belfort, a former stockbroker whose memoir was adapted into a film called “The Wolf of Wall Street,” shared some recommendations about bitcoin and ethereum in a video posted on his Youtube channel Monday. The film was directed by Martin Scorsese and starred Leonardo DiCaprio. Belfort founded Stratton Oakmont which functioned as a boiler room that marketed penny stocks and defrauded investors with pump-and-dump stock sales. He became a motivational speaker after pleading guilty to fraud in 1999 and went to prison for 22 months. Regarding FTX, the crypto exchange that imploded and filed for bankruptcy on Nov. 11, the Wolf of Wall Street described: “FTX was a scam and there is no way to protect against a scam like that.” He added: But just because FTX itself was a scam, that doesn’t mean that you can disregard bitcoin completely and say it’s worthless or going to zero. The same thing goes for ethereum. Belfort Recommends Holding Bitcoin and Ethereum Belfort believes that the price of bitcoin and ether will increase substantially despite recent crypto market sell-offs and the FTX fallout. However, he is skeptical about other coins, noting that besides the two largest cryptocurrencies, he “literally would not be touching crypto right now with a 10-foot pole.” For those who already own other crypto tokens, he recommends “going step by step looking at each coin” to decide whether they should be sold and when a good time to sell might be. “This has to be based on what you bought and what you think it’s worth right now,” he said. Investors should examine each token’s fundamentals and ask themselves why they bought the coin in the first place, Belfort advised. “Was there something behind your purchase, were you expecting good news to come out, do you think the company was actually doing something and we’re going to have some breakthrough technology?” he asked. However, if investors bought crypto because of “the greater fool theory, meaning that you thought … someone even more foolish than you would come along and buy the coin from you at a higher price,” Belfort suggested: “Anything outside of bitcoin and ethereum, I would take a petty close look at it and consider maybe selling it.” Referencing the dot-com bubble where 99% of the deals crashed and never came back, he explained: Do some analysis, do some research … Is there any problem that this coin or token is solving or we’re just buying into all the hype and the hoping that it would continue to go because if that’s the case honestly you know chances are most of these things are not going to ever come back. Belfort also revealed that he is planning to buy more bitcoin and ether. While cautioning that the two cryptocurrencies could fall further in the short term, he opined: I think it’s a pretty good bet that right now, down here, if you buy bitcoin or ethereum, chances are [they] will be substantially higher in five to 10 years — actually a lot higher, I believe. “If you are buying bitcoin or ethereum, it should represent a very small portion of your overall investment portfolio,” Belfort advised, noting that he would limit crypto investments to “under 10%” of his overall holdings. “That’s the money that you can essentially speculate with. You can afford to lose it.” What do you think about the recommendations regarding bitcoin and ethereum by Jordan Belfort? Let us know in the comments section below. View the full article

On Wednesday, non-fungible token (NFT) supporters discovered that NFT metadata hosted on the platform FTX US points to broken metadata, and the links now point to FTX’s restructuring website. Specific collections that were minted on the Solana blockchain via the FTX US NFT platform do not show the NFT’s imagery and marketplace listings on the Coachella NFT marketplace have disappeared. FTX US-Hosted NFTs Redirect Metadata to FTX’s Restructuring Page This week owners of FTX US-hosted NFTs are discovering they can no longer see their NFT’s imagery or animations, as NFTs that derived from FTX US point to broken metadata. A number of crypto and NFT supporters discovered the issue on Wednesday. “Oh look FTX hosted all the NFTs minted on their platform using a Web2 API and now all those NFTs have broken metadata, and the links go to a restructuring website,” the Twitter account jac0xb.sol wrote on Wednesday. Jac0xb.sol added: There is a lesson to be learned here yet collections are still hosting metadata on [Amazon Web Services]. In addition to Jac0xb.sol, the Twitter profile @web3isgreat, an account that highlights Web3’s special moments, tweeted about the FTX US-hosted NFT issues as well. The Web3 is going just great Twitter account noted how the website nft.coachella.com/marketplace shows zero listings. Further, the account also detailed that the FTX US-tethered NFTs from the Coachella NFT collection do show up as listings on secondary markets, but they don’t show imagery and the metadata is broken. The company behind the music and arts festival, Coachella, partnered with FTX US in Feb. 2022. If a user visits an NFT marketplace, such as magiceden.io, and searches for NFTs stemming from the Coachella collection, the listings page will show micro-images of the compilation’s artwork. However, when a user toggles to see the details of the actual listing, the NFT’s imagery is not shown. Similarly, FTX US-based NFTs listed on Opensea show the images on the main sale page and even some of the details on individually listed NFTs still show the images, but there are many that do not or they show errors. The NFTs that are listed on Opensea show a floor value of around 100 ethereum (ETH) and Coachella NFTs listed on magiceden.io are listed for prices between 1-100 SOL per unit. What do you think about the broken metadata issue tethered to FTX US-based NFTs? Let us know what you think about this subject in the comments section below. View the full article

After discovering that ten holding firms associated with FTX Digital and Alameda Research invested roughly $5.4 billion into nearly 500 firms and projects, people have been curious about a few specific investments. One specific investment made by FTX Ventures Ltd. was for $25 million into the Ohio-based firm 80 Acres, a company that specializes in vertical farming. It seems that 80 Acres Farms was partnered with a Bahamian hydroponic producer called Eeden Farms, and Ryan Salame, the co-chief executive officer of FTX Digital Markets, toured 80 Acres farm in Ohio with the Bahamian prime minister Philip Davis. A Look at the Ties Between FTX Ventures, FTX Co-Chief Executive Officer Ryan Salame, and 2 Specific Vertical Farm Companies The Financial Times (FT) recently published documents that show FTX Digital’s and Alameda Research’s portfolio of investments, which adds up to a whopping $5.4 billion. Among the hundreds of investments, FTX and Alameda invested in companies that were not related to the crypto and the blockchain industry. One of those investments was 80 Acres Farms, a vertical farming company that provides produce to grocery stores like The Fresh Market, Kroger, and Whole Foods. The two co-founders of 80 Acres were recently featured in a BBC “Follow the Food” segment. Now people might wonder why a cryptocurrency firm, and more specifically FTX Ventures Ltd., invested in a company that grows produce using hydroponics in vertically stacked layers. It’s not entirely clear why, but it is public knowledge that Ryan Salame, the co-chief executive officer of FTX Digital Markets, visited the company’s farm in January 2022. As the Government remains committed to the advancement of the Green Economy in The Bahamas, Prime Minister Davis and Honorable Clay Sweeting recently toured the flagship 70K Farm owned by 80 Acres Farms. Read the Prime Minister’s remarks here: https://t.co/eST1lnLcQo 1/2 pic.twitter.com/SrskJoI6gl — Office of The Prime Minister The Bahamas (@opmthebahamas) January 25, 2022 According to The Tribune, in January 2022, Salame and the Bahamian prime minister Philip Davis toured 80 Acres Farms with the Bahamian minister of agriculture Clay Sweeting, and the owners of a Bahamian hydroponic firm called Eeden Farms. Tribune business editor Neil Hartnell explained 80 Acres farm in Ohio was to serve as a model for Eeden Farms on Nassau’s Gladstone Road. 80 Acres is an Eeden Farm partner and this year, the Bahamian hydroponic producer rebranded its farm to Eeden Acres on Jan. 24, 2022. Hartnell detailed that government officials from Ohio were also present on the 80 Acres tour, alongside executives from Sysco Bahamas. As far as the Bahamas was concerned, Hartnell explained that Eeden and 80 Acres would “invest $60m in developing a 71,000 square foot facility able to grow ‘300 times more food’ than a traditional farm.” Lincoln Deal, Eeden Farms’ co-founder, told The Tribune that the land for the farm “is in hand.” A few months prior to the Cincinnati 80 Acres farm tour, FTX relocated its headquarters from Hong Kong to The Bahamas in September 2021. The documents FT published this week show that 80 Acres received $25 million from FTX Ventures in an equity investment. Furthermore, Salame reportedly gave $22 million to Republicans for the 2022 midterm election cycle, according to opensecrets.org data. Salame, a Sandisfield Massachusetts native, was known for being a big spender as he owned four restaurants and roughly six properties in Lenox, according to The Berkshire Eagle. It’s not entirely known what relationship FTX Ventures and Salame had with 80 Acres, but it seems Salame was quite involved with Eeden Acres’ and 80 Acres’ ventures. Eeden Farms’ website is currently down and the company’s social media pages have not posted in a long time. On Instagram, Eeden’s last post was in June 2021, on Facebook Eeden’s last posts were published that same month, and Eeden’s last post on Twitter was in February 2022. On the company’s Facebook page, Eeden’s page name is called Eeden Acres, and it shows 3D mock-up photos of an Eeden Acres building with a roof fully covered in solar panels. Eeden’s co-founder Lincoln Deal recently talked about “the disruptive changes in the agricultural industry” at the University of The Bahamas, the same day FTX’s financial troubles ensued. During his interview with Mario Nawfal’s Twitter Spaces crew, FTX co-founder Sam Bankman-Fried admitted that withdrawals to Bahamian residents took place before FTX fully collapsed, and possibly on two occasions. In a two-part interview with Tiffany Fong (here and here), SBF explained FTX execs codified the Bahamian withdrawals because he did not want to reside on an island with angry residents. What do you think about the connections between FTX Ventures, Ryan Salame, Eeden Farms, and 80 Acres Farms? Why do you think the co-chief of a crypto exchange would visit a vertical farm plant in Ohio with The Bahamas’ PM? Let us know what you think about this subject in the comments section below. View the full article

According to the team behind the open protocol Ren, developers are winding down the Ren 1.0 network following the FTX and Alameda Research collapse. Last year, under previous Ren leadership, Alameda acquired Ren and was funding development every quarter. On Dec. 7, 2022, Ren developers warned Ren 1.0 and 2.0 compatibility “cannot be guaranteed” and Ren users should bridge back to their native chains. Alameda-Backed Ren Warns of Losses Tied to Ren 1.0 Platform, Suggests Users Bridge Back to Native Chains as Soon as Possible The current team behind the Ren protocol, a platform that allows users to tokenize crypto assets like bitcoin (BTC) and bitcoin cash (BCH), has announced it is sunsetting Ren 1.0. The reason for the move is because Ren was acquired by Alameda in Feb. 2021 and Alameda won’t be funding the project anymore. The Ren team explained in a blog post that the team only had enough funds to fund development “until the end of Q4.” On Wednesday, the official Ren Twitter account warned users about possible losses related to Ren 1.0. “Important notice — As announced previously, the Ren 1.0 network is shutting down due to the events surrounding Alameda,” the Ren team said. “Compatibility between Ren 1.0 and 2.0 cannot be guaranteed, [and] holders of Ren assets should bridge back to native chains ASAP, or risk losing them,” the team added. Ren devs further left a link to where people can check if they are holding Ren assets on EVM chains and Solana. The Ren team also shared a URL that directs to the bridge so users can bridge back to native chains. The blog post, published on Nov. 18, 2022, explained that the Ren team will “need to secure additional funding.” The Ren team detailed that they think that it is best to sever all ties with Alameda. “Given that Ren 1.0 was run under Alameda leadership which is now in bankruptcy proceedings, the Ren development team believes it is best to sunset the Ren 1.0 network and launch Ren 2.0 earlier than previously intended, to ensure the Ren ecosystem’s safety and integrity, at the tradeoff of a shorter disruption of service,” the team’s blog post notes. What do you think about Ren sunsetting Ren 1.0 after the FTX and Alameda collapse? Let us know what you think about this subject in the comments section below. View the full article

Litecoin fell for a third consecutive session on Thursday, as the token continued to move away from recent highs. Cryptocurrencies have been mostly lower in recent days, as traders continue to fear a global recession. Cosmos also remained in the red during today’s session. Litecoin (LTC) Litecoin (LTC) dropped to a ten-day low on Thursday, with the token falling for a third straight session. Following a high of $79.20 on Wednesday, LTC/USD moved to a low of $74.82 earlier in the day’s session. As a result of this, the token fell to its lowest point since November 29, when prices hit a bottom of $73.39. Looking at the chart, it appears that litecoin bears are hoping to push prices towards a floor at $73.00. This seems a possibility, especially with the 14-day relative strength index (RSI) fast approaching a floor of its own. The index is currently tracking at 57.10, and seems to be moving towards a support point of 53.00. Cosmos (ATOM) Another notable token on Thursday has been cosmos (ATOM), which fell to a ten-day low earlier in the day. ATOM/USD fell to a bottom of $9.52 on Thursday, before bulls reentered the market and bought the recent dip. Today’s bottom saw cosmos trade at its lowest level since November 28, which was the last time the token hit its floor at $9.45. As of writing, ATOM has mostly rebounded, and is currently trading at the $9.71 level. In addition to this, the RSI has bounced from a floor of its own at 39.50, and is currently tracking at 41.40. Should momentum continue in an upward direction, ATOM bulls will likely target a move above the $10.00 mark. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect cosmos to move above $10.00 this week? Let us know your thoughts in the comments. View the full article

Over the last few weeks, there’s been a lot of information revealed surrounding the recent FTX and Alameda Research disaster. On Dec. 6, the Financial Times (FT) published documentation that shows Alameda’s investment portfolio, which alleges the company spent more than $5 billion on hundreds of investments. Some of the funds went to odd investments like a fertility company called Ivy Natal and a drone manufacturer called Brinc Drones. Alameda Invested in Close to 500 Firms and Projects During the last two years, FTX and Alameda Research spent billions on deals, sponsorships, and investments. At the end of January 2022, FTX looked colossal after it raised $400 million from investors like Softbank Vision Fund 2, Tiger Global, Temasek, Paradigm, and the Ontario Teachers’ Pension Plan Board. After the Series C raise, FTX was valued at $32 billion and the former FTX CEO Sam Bankman-Fried (SBF) said FTX aimed to expand the firm’s “global reach.” After the revelations concerning Alameda’s balance sheet during the first week of November, FTX and SBF’s quantitative trading firm imploded. Since then, FTX’s parent firm West Realm Shires Services, Alameda Research, and approximately 130 additional affiliated companies filed for Chapter 11 bankruptcy protection. This week on Dec. 6, 2022, FT released documentation tied to Alameda Research’s investments, which were close to 500 investments that added up to roughly $5.4 billion. In addition to FT, The Block’s VP of research, Larry Cermak, exported the entire list of Alameda-based investments into an excel sheet. Cermak further noted that Alameda’s largest investments include Genesis Digital Assets, Anthropic, Digital Assets DA AG, K5, and IEX. If the data is accurate, the documentation shows that Alameda invested a lot of money into blockchain projects and foundations, tokens, and non-fungible token (NFT) projects as well. This includes Hole Tokens, Polygon, Near, 1inch, Lido, Xterio, Aptos, and Yuga Labs. Polygon for instance received $50,000,000 from Maclaurin Investments Ltd., otherwise known as Alameda Ventures. Near gathered $50 million from FTX Ventures Ltd., and Maclaurin gave Near $30,000,000. FTX Ventures gave Yuga Labs roughly $50 million and Aptos scored $74.9 million from Clifton Bay Investments, also known as Alameda Research Ventures. Alameda invested in well known funds like the Multicoin Venture Fund II and the Skybridge Capital II fund. Money went to Chinese news companies such as Blockbeats, and O’daily News. The company invested in Paxos, Messari, Starkware, Circle, Fanatics, Magic Eden, and Sky Mavis (Axie Infinity). An Ohio-based produce and vertical farming firm called 80 Acres got $25 million and $11.5 million was funneled to a firm called Geniome. A whopping $500 million went to the artificial intelligence (AI) research firm Anthropic and $1.5 million went to a fertility venture called Ivy Natal. FT described Alameda’s portfolio as a “disparate bundle of nearly 500 illiquid investments split across 10 holding companies.” The FT author further notes that “FT makes no claim as to the data’s accuracy or completeness” as far as the documentation of Alameda’s investments are concerned. What do you think about all the alleged investments Alameda made? Let us know what you think about this subject in the comments section below. View the full article

Nigeria users of the crypto exchange AAX, which suspended withdrawals on Nov. 12, reportedly stormed its offices in Lagos and began assaulting employees. Reports that disgruntled AAX users have harassed the crypto exchange’s workers came just days after the Nigerian crypto and blockchain advocacy group asked to refrain from doing so. Meanwhile, the former vice president of AAX claimed in a tweet that the “brand is no more and trust is broken.” Disgruntled Nigerian AAX Users Told to Spare Local Employees According to a local report, a group of disgruntled Nigerian users of Atom Asset Exchange (AAX) recently stormed the crypto exchange’s offices in Lagos and assaulted employees. The angry mob reportedly demanded the lifting of a freeze on withdrawals, which came into effect on Nov. 12. While the Dec. 2 report by Legit does not state when the incident occurred, it nonetheless corroborates an earlier plea made by the advocacy group the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN).In its Nov. 28 public notice, SIBAN urged AAX users to stop victimizing the beleaguered crypto exchange’s workers. We appeal to and discourage any dissatisfied or angry user or investor from harassing or victimizing the AAX Country Manager (Nigeria), other local staff members, and AAX ambassadors nationwide. These persons are also facing the same situation as disgruntled users and investors are. The advocacy group also revealed that the Hong-Kong headquartered crypto exchange’s senior executives had stopped communicating with their Nigeria-based workers. AAX Users Have Not Been Updated Meanwhile, in a message aimed at AAX and its founders, the advocacy group reminded the crypto exchange of its obligations towards users. In addition, the notice suggested some steps that AAX and Nigerian workers must take to restore the public’s trust. “If protecting users is AAX’s highest priority as it boasts in its public announcement, AAX should immediately take steps to close the gaps by bridging communication between itself and its local staff in Nigeria on the one hand, and between AAX and its Nigerian users on the other hand,” SIBAN’s public notice said. In its last update (Nov. 18), AAX told users that there had been “many new developments” which meant it required “more time to respond to the overwhelming amount of questions in the community.” At the time, AAX said it would issue more updates via the official channel for public announcements and updates. However, the crypto exchange had not issued fresh updates at the time of writing (Dec. 3, 11:00 am EST). Dear all, it’s true I have resigned from AAX. I did fight for the community but none of the initiatives we came up with were accepted. Any role I had left for communication became hollow. 1/4 — ₿en Caselin HODL (@BenCaselin) November 28, 2022 The sudden resignation of the crypto platform’s vice president Ben Caselin and his claims that the “brand is no more and trust is broken” have fueled speculation that the crypto exchange might not resume operations any time soon. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Russia’s market for specialized crypto mining equipment has been seeing high demand over the past couple of months, with buyers attracted by the low price tags. Russian experts also predict an increase in the supply of used coin minting hardware as large foreign companies leave the industry. Russian Demand for Powerful ASIC Miners Skyrockets in Q4, Report Reveals Demand for powerful computing devices designed to mint bitcoin has surged in Russia during the fourth quarter of the year, spurred by their low prices amid declining crypto markets, the Russian business daily Kommersant reported. The country’s cheap electricity rates and expectations for a higher supply of second-hand miners have played a role as well. The positive trend in the market for ASIC (application-specific integrated circuit) miners, used to extract bitcoin, has been observed despite a recent decrease in demand for graphics processing units (GPUs), or video cards employed to validate transactions for other cryptocurrencies, experts from the industry told the newspaper. The sales of mining hardware retailer Chilkoot in the first two months of Q4 exceeded those for the entire third quarter. And the total for the previous nine months of 2022 was 65% higher than last year’s volume. The daily also quoted Bitriver, one of Russia’s largest mining operators, which said that in the first 10 months of this year the demand for miners grew by 1.5 times. “We work with legal entities and they began to buy 30% more equipment per transaction than at the beginning of the year,” noted Artem Eremin, Chilkoot’s development manager. He added that the prices of GPUs started falling in the second half of September and are still declining, citing Ethereum’s transition from proof-of-work to proof-of-stake mining as a major reason. If before The Merge video cards were bought by miners in huge quantities, now demand comes mostly from gamers, acknowledged Roman Kaufman, co-founder of Berezka DAO and Weezi. The crypto entrepreneur confirmed that ASICs are now gaining “huge popularity” in the Russian Federation. Depressed Prices of New and Used Equipment to Benefit Big Mining Companies in Russia Industrial mining enterprises in Russia can take advantage of the current market conditions, said Bitriver’s Financial Analyst Vladislav Antonov, who also pointed out that the increase in demand is due to decrease in wholesale prices. The cost of mining hardware decreased by almost 20% between August and October, he revealed. Russia’s relatively low electricity rates, compared to many other regions in the world, is another factor supporting demand for crypto miners, according to Terracrypto’s founder Nikita Vassev. Despite the low valuations in the crypto market, with bitcoin (BTC) hovering in the range of $16,000 – $17,000, Russian mining firms still have some margin of safety, noted 51ASIC co-founder Mikhail Brezhnev. When using the latest models of coin minting machines to mine at just $0.07 per 1 kWh, the production cost of 1 bitcoin is around $11,000. The picture could improve further for crypto mining businesses in Russia due to the expected influx of used mining equipment. As Brezhnev explained, many mining companies, mainly foreign-based and financed by borrowed capital or clients, have failed to optimize their activities and may go out of business amid the current bear market. He believes their mining machines will most likely be bought in bulk by others who want to enter the industry. The comments of the experts interviewed by Kommersant come after earlier reports revealed a significant growth in revenue and electricity consumption in Russia’s mining sector over a period of several years. However, this year’s crypto winter and sanctions imposed in response to Moscow’s invasion of Ukraine hurt crypto miners in Russia and some foreign investors have already pulled out of the country. Do you think the prices of ASIC miners in the Russian market will continue to fall? Share your expectations in the comments section below. View the full article

Congresswoman Maxine Waters has been heavily criticized for saying that she appreciates former FTX CEO Sam Bankman-Fried (SBF) being candid in his discussions about the collapse of his crypto exchange, FTX. “SBF has not, in fact, been candid in his discussions. He committed fraud, full stop,” one critic stressed. Maxine Waters Slammed for Appreciating Sam Bankman-Fried Congresswoman Maxine Waters (D-CA), chairwoman of the House Committee on Financial Services, was slammed on social media after she tweeted her appreciation to former FTX CEO Sam Bankman-Fried (SBF) Friday. Waters is leading a congressional hearing on the collapse of crypto exchange FTX, which will begin on Dec. 13. The lawmaker wrote: “We appreciate that you’ve been candid in your discussions about what happened at FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.” Many people quickly pointed out to Waters that the former FTX chief executive is a fraud and should be arrested on sight. Some people have even compared Bankman-Fried and the FTX implosion to Bernie Madoff’s Ponzi scheme. “If you don’t arrest him I will have lost all faith in our government being the tiniest bit of just,” bitcoin proponent Dan Held replied to Waters. Lawyer Jake Chervinsky responded to the congresswoman: “Rep. Waters, we appreciate that you’re holding a hearing on the 13th, and we look forward to substantive fact-finding about what happened at FTX.” He added: I am certain that factfinding will show that SBF has not, in fact, been candid in his discussions. He committed fraud, full stop. However, many people are not surprised by Waters’ tweet given her good relations with Bankman-Fried. At the conclusion of a congressional hearing last year, she even appeared to be blowing kisses at SBF. Some people also pointed out that the former FTX executive gave $300K to Waters’ committee members. Crypto exchange FTX collapsed and filed for bankruptcy on Nov. 11. An estimated one million customers and investors lost billions of dollars in the meltdown. FTX is currently being investigated by authorities in multiple jurisdictions. In the U.S., the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and other regulators are investigating the exchange for mishandling customer funds, among other charges. Jeremy Hogan, a partner at Hogan & Hogan, told Waters: You, as the chairwoman (or the Committee itself), can just subpoena him to testify. No need to ask nicely on Twitter. It’s House Rule XI clause 2(m). But I’m sure you already knew that. Bankman-Fried was the second-largest donor to the Democratic Party during the 2021-22 election cycle. According to Opensecrets, he donated $39,884,256 to Democrats before FTX imploded and had to file for bankruptcy. However, Tesla CEO and Twitter chief Elon Musk believes that SBF’s actual support to Democrats was over $1 billion. What do you think about the statement by Rep. Maxine Waters about Bankman-Fried and do you think she should lead the investigation into the collapse of FTX? Let us know in the comments section below. View the full article

Tesla CEO and Twitter chief Elon Musk says that former FTX CEO Sam Bankman-Fried (SBF) probably donated over $1 billion to support the Democratic Party, which would be a much larger sum than the number publicly disclosed. Many people slammed Musk for making accusations without providing proof. “This statement is so unbelievably irresponsible,” one commented. Elon Musk Believes SBF Donated Over $1B to Democratic Party Tesla CEO and Twitter chief Elon Musk believes that Sam Bankman-Fried (SBF), co-founder and former CEO of the collapsed cryptocurrency exchange FTX, donated much more than the publicly disclosed amount to support the Democratic Party in elections. Bankman-Fried was the second largest donor to the Democratic Party, after billionaire George Soros, in the 2021-2022 election cycle. According to Opensecrets, he donated $39,884,256 to Democrats before FTX imploded and had to file for bankruptcy. An estimated one million customers and investors lost billions of dollars in the exchange collapse. FTX is currently being investigated for mishandling customer funds. Musk’s statement was in response to a comment on Twitter stating that Bankman-Fried donating $40 million to avoid jail after stealing over $10 billion is one of the highest Return on Investment (ROI) trades of all time. Musk claimed that the $40 billion is just the publicly disclosed number, noting that Bankman-Fried’s actual election support of the Democratic Party is “probably” over $1 billion. “The money went somewhere, so where did it go?” the Tesla boss tweeted. While his donations to the Democratic Party were public knowledge, Bankman-Fried claimed in an interview that he also donated a similar amount to the Republican Party. However, he said all his Republican donations were “dark.” At the time of writing, Musk’s tweet has garnered over 4,500 comments and has been liked over 124,000 times. While some people agreed with the Tesla chief, many were shocked at Musk’s accusations, demanding that the billionaire provide proof to support his statement. “This is literally misinformation,” one exclaimed. Another wrote: “[Musk] baselessly implying SBF broke federal election contribution laws.” A third opined: “Serious accusations by Elon Musk about POTUS accepting stolen funds to run for president.” Some people reminded Musk that Bankman-Fried already explained that he donated the same amount to Republicans. Twitter user Justin Higgins warned: This statement is so unbelievably irresponsible. Musk has now made Twitter an explicitly anti-Democratic Party company. No sensible, corporation that wants solid relations with both parties on Capitol Hill will advertise on Twitter. I can’t see how Twitter ad $ returns… Others simply questioned why SBF is not in jail yet. “We just all can do white-collar crimes and pay people off?” one asked. Many people emphasized that they want politicians to return “stolen” funds they received from the former FTX chief executive. What do you think about Elon Musk’s statement regarding how much Bankman-Fried donated to the Democratic Party? Let us know in the comments section below. View the full article

Banking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the Metamask wallet. The Russian bank believes the integration will give developers more options and create new opportunities for users when in operations with tokens and smart contracts. Sber Bank to Provide Ethereum and Metamask Support on Proprietary Blockchain The blockchain platform developed by Sber, Russia’s largest bank, will be technologically compatible with Ethereum, the world’s largest decentralized finance (defi) ecosystem. The financial institution made the announcement during an international meeting with members of the blockchain industry. During the event, organized by the Sber Blockchain Laboratory, the lender explained that the integration will allow developers to freely transfer smart contracts and entire projects between its own blockchain and open blockchain networks. According to a press release, the Sber blockchain will also support an integration with Metamask, a popular crypto wallet used to interact with Ethereum, with which users will be able to perform operations with tokens and smart contracts hosted on the bank’s platform. Sber, formerly known as Sberbank, created its blockchain after receiving authorization from the Central Bank of Russia to operate as an issuer of digital financial assets in March, this year. The platform allows participants to create their own tokens and smart contracts. In September, the bank said it will also permit them to issue non-fungible tokens (NFTs). The integration with the bank’s information systems makes it possible to order payments under smart contracts in Russian rubles. The platform was originally open only to legal entities, but according to earlier statements, individuals will also be granted access in the last quarter of 2022. “The Sber Blockchain Laboratory works closely with external developers and partner companies, and I am glad that our community will be able to run defi applications on Sber’s infrastructure,” the lab’s Director Alexander Nam was quoted as saying. The executive is convinced that demand for platforms that support various blockchain protocols will increase with the rapid development of Web3. “Sber will be able to unite developers, corporations and financial institutions both in the framework of joint market research and in the course of developing practical business applications,” Nam added. In the past year, Russian authorities have been mulling over a more comprehensive legal framework that will legalize some crypto activities like mining and possibly the use of crypto assets for cross-border payments. During a conference, organized by Sber, Russian President Vladimir Putin urged for the establishment of a new system for international settlements based on blockchain and digital currencies. Do you know of other banks looking to integrate their blockchain platforms with open blockchains? Tell us in the comments section below. View the full article

On Nov. 29, 2022, The Electric Reliability Council of Texas (ERCOT) published a report on seasonal assessment and resource adequacy for the ERCOT region. ERCOT’s study indicates that bitcoin mining operations are flexible operations that can be beneficial to the Texas grid during the upcoming winter and extreme peak load times. ERCOT Report Says Texas Bitcoin Mining Facilities Can Curtail Operations and Relieve 1.7 GW of Energy This Winter The American organization that operates Texas’s electrical grid, ERCOT, has published a study that shows bitcoin mining operations are instrumental in direct response systems. The report’s researchers studied the installed generation capacity based on historical data and extreme peak load scenarios. The report indicates that bitcoin mining operations are able to curtail their operations and relieve roughly 1.7 gigawatts (GW) of energy during the Texas winter. Other systems that leverage large electrical loads are unable to adjust to direct response needs but bitcoin miners, on the other hand, are also known to shut down operations when they reach breakeven price levels between bitcoin’s spot price and cost of production. “This breakeven cost was estimated at $86/MWh and is based on the economics of an Antminer S19 bitcoin mining rig as of early November,” ERCOT’s study details. ERCOT is not the only grid operator that has been studying direct response systems as the second-largest U.S. energy corporation, Duke Energy Corporation, was reportedly studying bitcoin mining in July. Duke’s lead analyst said that bitcoin mining operations partnered with Duke in order to provide data for a bitcoin demand response (DR) study. The same month, the bitcoin mining infrastructure provider Lancium revealed how its operations in Texas can curtail load in DR situations. Lancium teamed up with the Texas battery-storage provider Broad Reach Power LLC, and when the grid is hit with extreme situations, batteries keep Lancium’s facility running without reducing its computational power. Besides heavy load times and extreme weather events, bitcoin miners provide a reliable stream of revenue to the grid’s operators because they are constantly running in search of bitcoins. ERCOT’s study shows that even with bitcoin miners leveraging electrical resources, the grid operators believe there will be a sufficient amount of energy this winter. “Assuming that the ERCOT Region experiences typical winter grid conditions, ERCOT anticipates that there will be sufficient installed generating capacity available to serve the system-wide forecasted peak demand for the upcoming winter season, December 2022 ‒ February 2023,” the report notes. The news follows U.S. legislators pressing ERCOT officials for information concerning bitcoin mining operations. The politicians think that bitcoin mining affects so-called climate change and they think bitcoin miners could possibly destabilize the Texas grid. ERCOT’s new CEO told the press that ERCOT wants “to be able to serve any business that wants to do business in Texas. And that includes crypto miners.” The report from ERCOT shows that politicians are arguably wrong about their grid destabilization predictions, as bitcoin mining facilities may be the only type of operation that can act on DR situations in a matter of no time at all. ERCOT’s 22-page study on seasonal assessment and resource adequacy for the ERCOT region can be read in its entirety here. What do you think about the report published by ERCOT? What do you think about bitcoin mining operations applied to direct response systems? Let us know what you think about this subject in the comments section below. View the full article

On Nov. 15, 2022, a post was created on the forum website bitcointalk.org and the thread’s creator asked people to share signatures tied to some of their oldest mined bitcoin blocks. 11 days later, a newly created bitcointalk.org profile, called “Onesignature,” shared a signed message tethered to an extremely old block reward created on Jan. 19, 2009. The key was associated with bitcoin block 1,018 which was created 16 days after Satoshi Nakamoto launched the network. Mysterious Individual Signs a Message Tied to a Block Reward Created on January 19, 2009 An unknown bitcointalk.org user called “Onesignature,” signed a message tied to bitcoin block 1,018, an extremely old bitcoin block reward that was created on Jan. 19, 2009. The block signing was discovered by the owner of bitcoin.org, the pseudonymous character known as “Cobra.” “A user ‘Onesignature’ has appeared and posted the signature for a key associated with block #1,018,” Cobra tweeted. “For context, there are probably a handful of people in the world who can sign with a Jan. 2009 key,” Cobra added. The bitcointalk.org post shows the user Onesignature’s shared signed message was a bitcoin address that was first seen on Dec. 2, 2022. The BTC address “1E9Yw” has seen a few dust transactions sent to the wallet since the day it was first seen. The signature (HCsBcgB+Wcm8kOGMH8IpNeg0H4gjCrlqwDf/GlSXphZGBYxm0QkKEPhh9DTJRp2IDNUhVr0FhP9qCqo2W0recNM=) is associated with the bitcoin address “1NChf.” The address held the block reward (1,018) in the wallet up until June 14, 2011. Furthermore, one user discovered that the mined coins, transferred in 2011, also had “private keys of addresses that mined earlier than the above-mentioned address.” The people in the post wondered if the user Onesignature was actually Satoshi Nakamoto, but Cobra detailed on Twitter that the address was not a “Patoshi block,” a block associated with Bitcoin’s creator, and remarked that it was “unlikely to be Satoshi.” “While many people *could* have mined Bitcoin that early, the overwhelming evidence suggests that barely anybody did,” Cobra added. “Bitcoin was obscure, irrelevant, and seen as a dumb idea, why install some random .exe?” In Cobra’s Twitter thread, the pseudonymous whistleblower known as “Fatman” said the old address could have been purchased from someone later in time. Fatman shared an old bitcointalk.org screenshot that shows someone noting that “many old keys have been sold or leaked.” Additionally, it was also discovered that a Twitter account exists and it uses the name “@onesignature.” The Twitter account, also named “Andy,” was coincidentally created in October 2009 and the account’s profile image says “don’t trust anyone.” In the bitcointalk.org thread, a user also noted that the signed address was associated with a number of block rewards mentioned and photographed in a Forbes article written by Andy Greenberg. The article is about one of Bitcoin’s earliest adopters, Hal Finney. Bitcointalk.org members also speculated that the address was somehow associated with the now-deceased Bitcoin developer. Replying to Fatman on Friday, Cobra said that if Onesignature did “purchase a Jan 2009 key, they are about to get swamped with massive offers.” “Someone is trying to make a bold statement,” Cobra added. What do you think about Onesignature signing an ancient bitcoin block from 2009? Let us know what you think about this subject in the comments section below. View the full article

According to a recent report from the Financial Times (FT), Genesis Global Capital allegedly owes $900 million to Gemini customers. The exchange operated by Cameron and Tyler Winklevoss is attempting to recover the funds from Genesis, according to FT’s sources. Report Claims Genesis Owes the Winklevoss-Operated Exchange Gemini $900 Million FT reports that the centralized crypto asset exchange created by the Winklevoss brothers is owed $900 million and reportedly Genesis Global Capital is the debtor. People familiar with the matter told FT that Gemini was in the process of trying to recover the funds from Genesis and the company’s parent firm Digital Currency Group (DCG). The report further alleges that Genesis is still attempting to solicit funds from investors to ease financial burdens. While reports noted that Genesis was trying to get $1 billion in funding, FT details that it’s been cut down to roughly $500 million. The news follows the report published by Barron’s author Joe Light that noted Genesis is reportedly being probed by state securities regulators. Furthermore, on Nov. 22, 2022, the New York Times (NYT) reported that Genesis Global Capital hired a restructuring adviser. NYT detailed that Moelis & Company was hired by Genesis to “explore options including a potential bankruptcy,” according to three people familiar with the matter. FT’s report about the issues between Genesis and Gemini indicates that FT’s sources say Gemini is in the midst of creating a creditors’ committee. Last month, Gemini revealed that customers using the platform’s Earn program could not withdraw funds. “We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible,” Gemini said on Nov. 16, 2022. Gemini insisted that customer funds on Gemini could be redeemed at a 1:1 rate at any time and the exchange’s other products and services were normal. Gemini’s message was published the same day Genesis Global Capital detailed that it was pausing withdrawals and new loan originations. DCG founder Barry Silbert detailed in a letter to shareholders on Nov. 22 that it was important to note the lending arm of Genesis has had “no impact on Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual.” Silbert also reassured shareholders that his firm will “continue to be a leading builder of the industry.” What do you think about Genesis reportedly owing Gemini $900 million in funds? Let us know what you think about this subject in the comments section below. View the full article

Quant was one of the biggest gainers to start the weekend, as price remained close to a multi-week high. This comes as cryptocurrency markets were marginally higher, following Friday’s volatile session. Monero was also higher on Saturday, as the token extended its recent gains for a fifth consecutive day. Quant (QNT) Quant (QNT) was trading near a multi-week high on Saturday, as prices rallied above a notable resistance point. QNT/USD rose to an intraday high of $131.95 to start the weekend, less than a day after it fell to a bottom of $121.95. This surge in price pushed quant towards its highest point since Nov. 9, when price was trading at $150.60. Looking at the chart, today’s rally came as the token moved beyond a resistance at the $125.00 mark. In addition to this, the 14-day relative strength index (RSI) is tracking at its strongest point since October 26, with a reading of 54.85. Although this is below a resistance of 55.00, many expect QNT to move beyond this over the weekend, with price moving towards $140.00. Monero (XMR) Monero (XMR) was another notable gainer on Saturday, as prices edged closer to a key ceiling. Following a low of $143.30 in yesterday’s session, XMR/USD moved to a peak of $148.19 earlier today. This saw monero hover close to a resistance point of $150.00, as bulls attempt to recapture a recent three-and-a-half-week high. As can be seen from the chart, XMR hit a three-week high on Thursday, when price traded at a top of $159.45. Overall, the token has now been in the green for five straight days, and is up nearly 7% in the last week. The RSI is currently tracking at 61.92, which is below a key ceiling of 65.00, which seems to be where bulls intend to land, and capture the $150.00 point in the process. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect monero to hit $150.00 in the upcoming days? Let us know your thoughts in the comments. View the full article

Bitcoin was consolidating to start the weekend, as prices once again fell below $17,000. The move comes as traders continued to digest the latest U.S. nonfarm payrolls report. Ethereum was also marginally lower in today’s session, with price dropping below a key resistance point. Bitcoin Bitcoin (BTC) was consolidating to start the weekend, following the U.S. nonfarm payrolls (NFP) report. Figures yesterday showed that 263,000 jobs were added to the American economy, better than the 200,000 markets had expected. This rise in jobs has left cryptocurrency markets unsure on what the Federal Reserve will do in its next policy meeting. BTC/USD slipped to a low of $16,877.88 following the news, which is lower than Friday’s peak of $17,116.04. The 14-day relative strength index (RSI) has also slipped, now tracking at 52.16, which is close to a floor of 52.00. Despite this, the 10-day (red) moving average has now fully crossed over its 25-day (blue) counterpart, which appears to be a signal of upcoming bullish momentum. Ethereum Ethereum (ETH) was also in the red on Saturday, as the price of the world’s second largest cryptocurrency fell below a key resistance point. Following a high of $1,299.84 on Friday, ETH/USD fell to a low of $1,275.09 earlier in today’s session. This drop sees ethereum move below its recent ceiling at the $1,285 level, despite a recent upwards crossover of the 10-day (red) and 25-day (blue) moving averages. Looking at the chart, today’s drop came as the RSI fell below its long-term support point at 51.70. It is now tracking at 51.42, as of writing. Traders still seem to be optimistic about a potential move above $1,300, however, the RSI will likely need to surge beyond the 52.00 mark. Should this happen, and the momentum of the moving average climb higher, then we could see ETH move towards a ceiling of $1,370. Register your email here to get weekly price analysis updates sent to your inbox: Could we see ethereum hit $1,370 this weekend? Leave your thoughts in the comments below. View the full article

Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains. Game7 to Support Blockchain Gaming With $100 Million Game7, a Web3 gaming-dedicated project which has already supported projects on different chains including Arbitrum, Polygon, Immutable X, and Solana, has announced the launch of a $100 million grants program to support Web3 gaming companies. The chain-agnostic project announced that the objective of this move is to offer support to these initiatives to push the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry. The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research. On the direction of these funds, Game7 contributor Ronen Kirsh declared: Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies. Direction and Similar Web3 Programs The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives. Game7 believes in Web3 gaming as a force that can empower gamers and gaming companies alike, allowing them to benefit and grow together. This is according to John Allen, a representative of Bitdao, who stated: We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership. Web3 gaming has been one of the few areas of the cryptocurrency world that have continued to grow even amid the economic woes the industry faces, according to a report issued in September by Dappradar. Companies and VC funds such as Griffin Gaming Partners, Forte, and A16z have launched millionaire funding initiatives for companies involved in these types of projects throughout 2022. What do you think about Game7’s $100 million Web3 gaming grants program? Tell us in the comments section below View the full article

Just over 12 months after raising $2 million, the Cameroonian fintech whose app allows users to buy and store crypto assets recently said it had received $8 million in its Series A investment round. According to Ruth Foxe Blader, partner at Anthemis, Ejara aims to become the one-stop platform where “a suite of financial products will be accessible at their fingertips, without the need for any crypto knowledge.” Owning the Keys to Your Crypto Ejara, the Cameroonian fintech whose app enables users to buy and store cryptocurrency in decentralized wallets, recently said it had raised $8 million via a series A investment. The fintech’s latest fundraising series was jointly led by the United Kingdom-based venture capital (VC) firm Anthemis and Dragonfly Capital. Participating in the latest round were Mercy Corps Ventures, Coinshares Ventures, and Lateral Capital which just like Anthemis had similarly joined the fintech startup’s previous round. According to a Techcrunch report, new investors include Circle Ventures, Moonstake, Emurgo, Hashkey Group, and BPI France, while Blockworks co-founder Jason Yanowitz is one of the angel investors that participated in the round. The fintech’s latest capital raise comes just over 12 months after Ejara said it had secured $2 million via a seed round. Meanwhile, the latest capital brings the total funds that the fintech has raised in under 18 months to $10 million. Commenting on the company’s latest capital raise, Nelly Chatue-Diop, the CEO at Ejara, is quoted as saying: When everyone was taking the other route and building centralized exchanges, we always thought that, if you want to own crypto, you need to own your keys. And that’s pretty much what’s saved us in turbulent times. From the around 8,000 clients it had in October 2021, Ejara now reportedly boasts over 70,000 users that hail from nine different French-speaking African countries. Meanwhile, Ruth Foxe Blader, partner at Anthemis, noted that Ejara had no intentions of “limiting itself to being a crypto app.” Instead, the fintech is seeking to become a one-stop platform where “a suite of financial products will be accessible at [users’] fingertips, without the need for any crypto knowledge.” Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article