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Trying to make the digital yuan more attractive for foreigners, China has added a “recharge before use” feature to its digital currency system. The upgrade will allow visitors from abroad to replenish a digital yuan wallet through the global payment networks Visa and Mastercard among other methods. China Allows Foreign Users of Its Digital Yuan to Preload Their E-CNY Wallets The operators of China’s central bank digital currency (CBDC) platform have upgraded its payment services to make the process of spending the digital yuan (e-CNY) more user-friendly to foreign nationals visiting the country, the state-run China.org.cn portal informed readers. The newly introduced “recharge before use” feature on the digital yuan app allows visitors to replenish the built-in e-CNY wallet using the online services of the leading global payment networks Visa and Mastercard. Foreigners can also load the Chinese digital currency wallet by depositing cash in a bank office. At the end of their stay, they will be able to return any remaining balance to their overseas bank card or account used in the beginning. The report notes that as mobile payments have become more dominant in China than other regions, the new option will offer foreigners a better experience during their visit. Previously, they could not top up their e-CNY wallets in advance, the article recalled. The change will provide foreign users with equal access to more convenient payment methods such as the “quick pay” option. It will also let them spend their e-CNY both at physical stores accepting the digital currency as well as online platforms such as ride-hailing app Didi, takeaway service provider Meituan, travel portal Ctrip, and e-commerce retailer JD. According to Dong Ximiao, chief researcher at Merchants Union Consumer Finance, the upgrade will create a more convenient payment environment for people visiting China. Zhou Maohua, an analyst at China Everbright Bank, believes it will also increase the presence of the digital yuan in cross-border transactions. Both are convinced that the move will promote the Chinese CBDC internationally. China has been developing the digital version of the yuan since 2014 and has launched a number of trials in the past couple of years. At the end May, its central bank announced that e-CNY transactions in trial regions had reached 264 million, totaling 83 billion yuan ($11.4 billion) in value. By the end of June, they were already at 1.8 trillion yuan ($250 billion) with 16.5 billion digital yuan in circulation. Do you think the latest update of the digital yuan payment system will convince more visitors to use the CBDC? Tell us in the comments section below. View the full article

PRESS RELEASE. September 28, 2023 – The 2023 Global Digital Mining Summit (WDMS) concluded successfully in Singapore, exploring the future trends and investment opportunities in the Web 3.0 mining ecosystem. During the event, Bitmain unveiled its latest high-hashrate miner, the S21, and commenced accepting pre-orders. As Bitmain’s exclusive cloud mining partner, BitFuFu platform has opened the S21 miner pre-purchase. The S21 miner boasts an impressive energy efficiency rating of only 17.5 J/T, significantly enhancing mining efficiency. Furthermore, the S21 miner offers a hashrate of up to 200 T/TH, marking a new performance peak and solidifying its position as one of the world’s most powerful BTC miners. BitFuFu is introducing an attractive product package, combining mining machine purchases with hosting services: The platform supports purchases starting from just one miner, offering an integrated service of machine procurement and hosting by BitFuFu, which includes transportation, customs clearance, and installation with no waiting times, all managed by dedicated personnel for swift mining. Access high-quality mining farm resources in North America with a single click, backed by a professional operations and maintenance team ensuring machine uptime. Purchasing 100 or more S21 miners at once qualifies for the lowest price of 14.8 U/T. Buyers of S21 miners will enjoy up to 240 days of free mining power fees. This campaign is conducted in collaboration with Antpool, securing maximum transaction fee discounts for miner users. Now, with only a small deposit, you can pre-order the S21 miner. BitFuFu will contact you before shipment to arrange payment of the remaining miner cost. Depending on your purchase method, miners will be shipped in the first or second quarter of 2024. Pre-order users will have their S21 miners shipped to their specified location, while pre-order users opting for hosting services will have their S21 miners shipped to BitFuFu‘s mining facility partner for installation and operation. For more information and details on pre-ordering the S21 miner, please visit the official BitFuFu website or contact our dedicated advisors. BitFuFu Official Website: www.bitfufu.com 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

While both attackers and smart contract auditors are motivated to find vulnerabilities in code, according to Eyal Meron, the co-founder and CEO of Spherex, the former “is always more incentivized as the protocol’s total value locked (TVL) grows.” To overcome this challenge, Meron told Bitcoin.com News that decentralized protocols will need to put in place what he called “asymmetric countermeasures.” Human Error and Smart Contract Vulnerabilities The Spherex boss also suggested deploying an exploit prevention solution as another way protocols can prevent attackers from using errors in code to steal digital assets worth millions. Meron, a senior veteran of the elite Israeli 8200 cyber unit, nevertheless admits that most smart contract vulnerabilities are often the result of human error which in many cases is “inevitable.” One common error, which according to Meron is almost impossible to detect, often occurs when developers “overlook how every code line affects the contract depending on the different states it might be in.” It is these errors that criminals often take advantage of before successfully siphoning digital assets worth millions of dollars. Many players in the Web3 space including Meron insist that when users lose funds through such incidents the entire industry suffers. Meanwhile, in his written answers sent to Bitcoin.com News, Spherex’s chief product officer Ariel Tempelhof touched on how the collaboration between blockchains and onchain security providers can help turn the tide against code exploiters and other cyber criminals. He also offered his thoughts on some critics’ contention that an exploit prevention solution may eventually be used as a censorship tool. Below are both Eyal Meron and Ariel Tempelhof‘s answers to all the questions sent to them via Telegram. Bitcoin.com News (BCN): Smart contract vulnerabilities are often caused by human errors. What are some of the common mistakes developers make that give hackers an opportunity to look for and exploit weaknesses in smart contracts? Eyal Meron (EM): There are a lot of common mistakes that, in our eyes, stem from the fact that a deployed smart contract is a state machine that grows exponentially with the code base and transaction volume. Due to this, human errors are inevitable, both on the developers’ part and the auditors’. The most common mistake is to overlook how every code line affects the contract depending on the different states it might be in (which is honestly impossible). BCN: Once deployed, smart contracts become immutable and the vulnerabilities become a permanent part of the code. Therefore before they are deployed smart contracts are audited and in some cases, multiple times. However, it appears that has not helped to bring down the number of exploits. In what ways do the existing solutions for smart contract protection like auditing fall short? EM: The fact that protocols are being audited multiple times proves that audits are best-effort and not enough. Audits are like playing on the attacker’s court. Both parties look for vulnerabilities in the code while the attacker is always more incentivized as the protocol total value locked (TVL) grows, while the auditors have limited resources. Protocols need to put asymmetric countermeasures in place to win this race. BCN: Your company Spherex recently launched an exploit prevention solution for smart contracts called Spherex-Protect. Can you tell us how it works and whether blockchain protocols or applications have to compromise on decentralization to make it work for them? EM: Sure, Spherex-Protect is essentially the missing piece in the Web3 security paradigm. Instead of looking at what’s wrong in your code, we look at how your protocol operates and make sure this line of operation stays the same. The protection is actually being done on-chain which has two important properties: The protection is verifiable – everyone (the protocol owners and customers) can look at the protection code and understand how it works. The protection can be completely decentralized – The owners of the protection can be configured. It could be Spherex, the protocol owners, the assigned security council, the DAO, or completely revoked. In that sense, Spherex-Protect is the most decentralized Web3 security a protocol can have. Moreover, this platform was planned with modularity and openness in mind. Everyone can write protection modules for the ecosystem to be audited and verified by the whole community. BCN: How does Spherex differentiate between legitimate user transactions and suspicious ones and what happens to a suspicious transaction — including the false positive detections — once it is flagged? Ariel Tempelhof (AT): This has been a year-long research by our research team. Finding the best way to distinguish between malicious and legitimate transactions, during transaction execution while maintaining a very low gas footprint. We look at multiple data points, accessible from the contract itself, and gather them during the execution of the transaction. Those might be gas consumption, storage changes, input parameters, etc. When enough data is gathered, a decision is made whether to allow the transaction or revert it. The results were astonishing, we were able to prevent most of the hacks we’ve analyzed while maintaining a <0.1% false positive rate. Once a transaction is reverted, it is further analyzed by our off-chain module to produce a recommendation of what to do with transactions sharing the same aspects in the future. Of course, it’s up to the protection manager to decide whether to accept the recommendation or disregard it. BCN: How do you see smart contract security and threats evolving in an increasingly multi-chain future? AT: A chain is not just a set of blocks, it’s a whole ecosystem of protocols that work together. As most blockchains would like to single themselves out as one of the most secure blockchains out there, they would have to implement a security baseline for the whole ecosystem to adopt. Spherex has already started collaborating with blockchains to incorporate chain-wide security countermeasures in place. On another note, multi-chain means multiple bridges connecting them. Bridges, as we all know, are the most prone-to-be-hacked protocols out there. SphereX-Protect has already shown great success in preventing even the most sophisticated bridge hacks introduced in recent years. BCN: Though they have their downsides including smart contract vulnerabilities, blockchain transactions are supposed to be irreversible by design. What’s the possibility of this ability to block or revert blockchain transactions being used as a censorship tool in the future? AT: The exploit prevention solution is designed not to be used as a censorship tool. The data points we’re looking at are intrinsic to the protocol and are not affected by the entity sending the transaction. Applying such censorship, in our eyes, is futile since changing addresses is very easy on the blockchain. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

Layer one (L1) and layer two (L2) blockchains offer different approaches to scaling distributed ledger networks. While developers of L1 blockchains focus on improving the base protocol, L2 programmers have moved transactions off-chain to enable faster and cheaper transactions. What Are Layer One Blockchains? Layer one or L1 refers to a base blockchain protocol like Bitcoin or Ethereum. These networks operate on a decentralized ledger secured by proof-of-work (PoW) mining or proof-of-stake (PoS) staking. L1 chains such as Bitcoin and Ethereum offer unparalleled security. However, during peak times, both of these chains grapple with sluggish transaction speeds and steep fees. Developers from several L1 networks are working to improve layer one scaling through methods like increasing block size, sharding, and introducing proof-of-stake consensus. However, substantial layer one upgrades require coordination among node operators and can take years to implement. Some blockchains intend to use L2 protocols as either a temporary or long-term solution. What Are Layer Two Blockchains? Layer two or L2 solutions take advantage of the security of an existing layer one blockchain while enabling faster and cheaper transactions off-chain. Then the data is summarized and settled on the L1, but that’s not always the case. Here are some key L2 solutions: Lightning Network for Bitcoin Bitcoin’s Lightning Network (LN) is a second-layer scaling solution designed to facilitate faster, low-cost transactions on the Bitcoin blockchain (L1). It operates on top of Bitcoin’s base layer, allowing for instant payments by circumventing the need for block confirmations. Transactions on the Lightning Network occur off-chain in payment channels between users. Only channel open and close transactions are recorded on the Bitcoin blockchain. Participants can transact multiple times within these channels, reducing congestion and fees on L1. Critics target LN for its prevalent use of custodial wallets, as these demand users place trust in third parties to handle their money. Moreover, the off-chain method poses a risk: if nodes lack proper backup, it could trigger an irrevocable loss of funds. Loopring and ZK-Rollups for Ethereum Loopring uses zero-knowledge rollups (ZK-rollups) to batch hundreds of transactions off-chain and generate a cryptographic proof verifying their validity. This proof is submitted to layer one (Ethereum), avoiding the need to process each transaction on-chain. Polygon ZKEVM also uses ZK-rollup technology to offer high throughput Ethereum transactions with lower fees. On the risk side, some believe that relying heavily on ZK-rollups can introduce centralization risks as validators and sequencers become key to the system. ZK-rollups are also complex both in terms of their theoretical underpinnings and implementation. This complexity can lead to potential vulnerabilities if not implemented correctly or thoroughly vetted. Optimistic Rollups Optimistic rollups like Optimism and Arbitrum offer similar throughput improvements by processing transactions off-chain. However, they take a different approach than ZK-rollups for settling data on layer one. While ZK-rollups cryptographically prove validity, Optimistic rollups assume transactions are valid and only settle/dispute transactions on layer one if needed. This requires a separate fraud-proof process. Optimistic rollups are also complex and just like ZK-rollups the tech can lead to unforeseen vulnerabilities or bugs. Another critique is the delay in withdrawals from an Optimistic rollup back to the main chain. Starknet and Validium Starknet leverages Stark proofs to validate transactions off-chain for later settlement on Ethereum. Validium platforms like Boba Network also move contract execution off-chain but don’t settle back to layer one. Starknet and Validium critiques include complexity, trust assumptions, and computational intensity. Moreover, relying on specific entities for off-chain data storage can lead to centralization, potentially making the system more vulnerable to attacks or manipulation. The Scalability Trilemma No solution offers speed, security, and decentralization in equal measure. Layer two aims for transaction speed without sacrificing the security of layer one. However, some believe decentralization is lost by moving computations off-chain. Others insist the ideal long-term solution likely combines layers one and two. Meanwhile, numerous crypto enthusiasts remain firmly rooted in the belief that only L1s hold significance in the onward journey. In summary, layer two platforms offer a different path to scalability by handling transactions off-chain, while some still benefit from the robust security model of layer one. To some this balance of speed and security makes layer two solutions appealing for blockchain adoption. While some dismiss L2s as a complete waste of time or deem them entirely pointless, the discourse stretches on. Yet, through years of discussion, work continues to enhance both layers to achieve the optimum blend of scalability, security, and decentralization. What do you think about the differences between L1 and L2 blockchain technology? Share your thoughts and opinions about this subject in the comments section below. View the full article

U.S. authorities are seeking to recover cryptocurrencies linked to the popular pig-butchering crypto scam. “Law enforcement was able to trace cryptocurrency involved in the fraud and money laundering to two Binance accounts, where it was seized,” the United States Attorney’s Office for the District of Massachusetts has revealed. US Continues to Crack Down on Pig-Butchering Crypto Scam The United States Attorney’s Office for the District of Massachusetts announced Tuesday that it has filed “a civil forfeiture action to recover cryptocurrency alleged to be the proceeds of a ‘pig-butchering’ fraud scheme targeting a Massachusetts resident and involved in money laundering.” The announcement details: Specifically, the government seeks to forfeit 412,543.555 tether (USDT) and 100.896 Binance coin (BNB) seized from two accounts located at Binance.com, a cryptocurrency exchange and custodian. The U.S. Attorney’s Office added: “Collectively, this cryptocurrency has a current estimated value of around $434,000.” The announcement explains that an investigation began into a pig-butchering scheme targeting a Massachusetts resident in early 2023. “In a pig-butchering scheme, scammers obtain funds from victims using manipulative tactics. The scammer establishes a level of trust with a victim in online communications and then entices the victim into investing in a fraudulent cryptocurrency scheme. Often the victim is enticed to make additional payments, before realizing they are a victim of fraud,” the U.S. Attorney’s Office described. The announcement adds: Law enforcement was able to trace cryptocurrency involved in the fraud and money laundering to two Binance accounts, where it was seized. “The complaint alleges that the defendant’s cryptocurrency is traceable to proceeds of wire fraud and was involved in money laundering. A civil forfeiture action allows third parties to assert claims to property, which must be resolved before the property can be forfeited to the United States and returned to victims,” the Attorney’s Office noted. Several U.S. authorities have warned about the pig-butchering crypto scam. The Federal Bureau of Investigation (FBI) has issued multiple alerts about the growing prevalence and popularity of this scam across the country. In September last year, the Delaware Department of Justice’s Investor Protection Unit issued a cease and desist order against 23 entities and individuals involved in this type of scam. The order also froze the accounts allegedly holding cryptocurrencies belonging to the victims. In November last year, U.S. authorities seized seven domains used by a group of pig-butchering scammers. In April this year, the U.S. Department of Justice (DOJ) seized cryptocurrency worth $112 million linked to a pig-butchering crypto scheme. Have you encountered the pig-butchering crypto scam? Let us know in the comments section below. View the full article

JPMorgan Chase CEO Jamie Dimon has expressed concerns about the Federal Reserve potentially raising interest rates to 7% and that the U.S. economy could experience stagflation. “I am not sure if the world is prepared for 7%,” he stressed, adding that there is “a range of outcomes.” Jamie Dimon’s Economic Warnings The CEO of JPMorgan Chase, Jamie Dimon, discussed various aspects of the U.S. economy, including the impact of further interest rate hikes, in an interview with the Times of India, published Tuesday. When asked about the possibility of a hard landing in the U.S., the JPMorgan boss replied: “No one knows. There is a range of outcomes. It will be affected by everything else — Ukraine, oil, gas, war, Europe.” The executive added: “I would be cautious … We have to deal with all these serious issues over time, and the deficits can’t continue forever. So rates may go up more. But I hope and pray there is a soft landing.” Dimon explained: “When rates go up sharply, there is stress in debt repayments.” While noting that the increase in interest rates from 0% to 5% took some by surprise, he emphasized that no one would have considered 5% to be “out of the realm of possibility.” In July, Fed officials raised the federal funds rate to a range of 5.25% to 5.5%, the highest level in 22 years. However, the JPMorgan boss cautioned that interest rates rising to 7% will have a more severe impact on the U.S. economy, stating: I am not sure if the world is prepared for 7% … The worst case is 7% with stagflation. Earlier this month, Dimon warned of a recession, cautioning that it is “a huge mistake” to think that the U.S. economy will boom for years. The JPMorgan CEO also commented on whether cryptocurrency should be banned. Noting that the Reserve Bank of India (RBI) wanting to outlaw cryptocurrency is the right move, he opined: “You have to separate the world into crypto that does something — foundations for smart contracts or data that can be moved easily so it creates value somewhere. I think that is taking place a little bit.” Dimon added: If it took the form of currency, which is supposed to be a store of value, that is a fraud; it should be closed down. Do you agree with JPMorgan Chase CEO Jamie Dimon? Let us know in the comments section below. View the full article

Four U.S. lawmakers have called on the U.S. Securities and Exchange Commission (SEC) to immediately approve spot bitcoin exchange-traded funds (ETFs). “Following the Court of Appeals’ decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards … We urge you to approve the listing of spot bitcoin ETPs immediately,” the lawmakers told SEC Chair Gary Gensler. Lawmakers Want Spot Bitcoin ETFs Approved U.S. Representatives Mike Flood (R-NE), Tom Emmer (R-MN), Wiley Nickel (D-NC), and Ritchie Torres (D-NY) sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on Tuesday urging the regulator to immediately approve applications for spot bitcoin exchange-traded funds (ETFs). The lawmakers wrote: We write to ensure the Securities and Exchange Commission (SEC) does not continue to discriminate against spot bitcoin exchange traded products (ETPs). The letter cites a recent decision by the Court of Appeals in the case of Grayscale Investments seeking to convert its bitcoin trust (GBTC) to a spot bitcoin ETF. According to the court, Grayscale’s proposed bitcoin investment product is “materially similar, across relevant regulatory factors, to the approved bitcoin futures ETPs.” So far, the SEC has approved several bitcoin futures ETFs but has yet to approve any spot bitcoin ETF. “The court’s finding underscores the fundamental point. A spot bitcoin ETP is indistinguishable from a bitcoin futures ETP. Thus, the SEC’s current posture is untenable moving forward,” the letter adds. Referencing Gensler’s repeated call for crypto trading and lending platforms to “come in and register,” the lawmakers pointed out to the SEC chair: “Market participants have relied on your statements and have filed applications for a regulated spot bitcoin ETP.” The congressmen stressed: Following the Court of Appeals’ decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards … We urge you to approve the listing of spot bitcoin ETPs immediately. “A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent. Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress,” the letter concludes. Many people expect the securities watchdog to approve spot bitcoin ETFs early next year. Skybridge Capital founder Anthony Scaramucci predicted last week that every Wall Street firm will sell bitcoin ETFs to their clients, emphasizing that the next 10-20 years are “remarkably bullish” for BTC. Earlier this month, JPMorgan’s analysts said the SEC is likely to approve multiple spot bitcoin ETFs at once. Former SEC Chair Jay Clayton believes that the approval of spot bitcoin ETFs is inevitable. Do you think the SEC will soon approve spot bitcoin ETFs? Let us know in the comments section below. View the full article

Cryptocurrency exchange Kraken announced new achievements in implementing its strategy to pursue expansion on the European market. The U.S. trading platform for digital assets said it has received regulatory nods from the monetary authorities of Ireland and Spain, two of the EU nations with relatively clear rules for the industry. Another Major U.S. Crypto Exchange, Kraken, Strides On With European Expansion Digital asset exchange Kraken has obtained authorization from the Central Bank of Ireland as an e-money institution (EMI) and has registered with the Bank of Spain as a virtual asset service provider (VASP). In a press release on Tuesday, the San Francisco-based company emphasized that the regulatory approvals highlight its commitment to growing its business in Europe. With the EMI license, which has been granted to Kraken’s subsidiary in Ireland, the exchange will be able to partner with European banks in order to expand its euro fiat services for clients in the EU’s 27 member states as well as the countries in the European Economic Area (EEA), which form a key growth region for the American crypto firm. Kraken further explained that the VASP registration with Spain’s central bank allows it to provide cryptocurrency exchange and custodial wallet services to residents of the country. The exchange has already received similar registrations in Ireland and Italy and considers these a “testament to its ongoing commitment to regulatory compliance.” “Today’s announcement marks another important milestone in our European expansion strategy,” said Curtis Ting, Kraken’s vice president of global operations. He pointed out that the company is excited to become part of the local fintech sectors in the two countries and looks forward to continuing its European investments. Ting also stated: We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence. We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain. Kraken’s push to expand on the Old Continent, which is preparing to implement its new Markets in Crypto Assets (MiCA) legislation, is not an isolated effort among U.S. exchanges. Earlier in September, America’s leading crypto trading platform, Coinbase, indicated in a blog post that it intends to focus on growing in markets that have clear crypto regulations. Coinbase provided as an example of the opposite the United States, where government agencies have taken the path of enforcing existing rules through courts. This week, Coinbase announced it has obtained a Spanish registration, too, and a report unveiled it has tried to buy FTX Europe for its derivatives business. As one of the world’s longest-standing crypto platforms, Kraken highlighted its “robust security and excellent client service that spans more than a decade.” Curtis Ting emphasized that these features, coupled with Kraken’s leading position in liquidity and volume for euro-crypto pairs, “bring a compelling value proposition for future clients in Europe” and vowed that the exchange will continue to work to advance crypto adoption in the region. Do you think other U.S. crypto companies will also seek to expand their business in Europe? Share your expectations in the comments section below. View the full article

Ordinal inscriptions have quickly consumed Bitcoin’s available block space since their debut last year, a study by blockchain analytics firm Glassnode found. These text and image files act as “packing filler,” filling any remaining space in blocks after higher-value transactions are added, the study showed. Bitcoin’s Block Space: Monetary Transfers Overpower Inscriptions Though there’s been a surge in Ordinal inscriptions in 2023, a Glassnode study found that financial transactions remain the priority on Bitcoin’s blockchain. Glassnode researchers emphasized that “there’s little evidence inscriptions are pushing out monetary transfers.” “Inscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers,” the report states. Despite the increase, inscriptions account for about 20% or less of transaction fees paid to miners. The technology lets users add content to the Bitcoin blockchain using the Segwit data structure and Taproot. An initial wave of image NFTs shifted to mainly text files as the BRC-20 token standard appeared, Glassnode researchers said. Daily transaction counts have exceeded 550,000 several times this year as inscriptions add more transfers to the limited block size. The average block now contains up to 3,500 transactions, up from 2,500 in past years, the report showed. Of all confirmed transactions, inscriptions comprise 40% to 60% since May. The resulting UTXO set grew by more than 46 million entries (up 34%) in 2023, the quickest growth ever recorded. While miner revenue has increased, income per hash rate is near historic lows. “With extreme miner competition in play, and the halving event looming, it is likely that miners are on the edge of income stress,” Glassnode said. Overall network fees have doubled to about 38 BTC daily but represent only 4% of miner rewards. At the same time, Bitcoin’s mining difficulty has risen by 50% as more specialized and advanced mining equipment is used. With the next halving predicted in just 206 days, Glassnode believes most miners will experience significant income challenges unless BTC prices increase significantly. Glassnode noted that while inscriptions might be taking up space, they haven’t boosted miners’ earnings. What do you think about Glassnode’s report on inscriptions and monetary transfers? Share your thoughts and opinions about this subject in the comments section below. View the full article

According to Yuga Labs, creators of the Bored Ape Yacht Club (BAYC), the team has partnered with the popular Japanese fashion brand A Bathing Ape, commonly known as Bape. They plan to unveil a new “irreverent collection” together at Apefest in Hong Kong this November. BAYC Partners With Fashion Brand Bape The Bored Ape Yacht Club is teaming up with streetwear company Bape for a new collection, Yuga Labs announced. Founded in 1993 by Nigo (Tomoaki Nagao) in Ura-Harajuku, Bape is a renowned Japanese fashion brand. The company operates 19 stores globally, offering men’s, women’s and children’s lifestyle and streetwear. “Together, the two brands have reimagined iconic designs from Bape’s deep archives and usher in a return to the golden age of streetwear collecting,” Yuga Labs said on September 25. “With one foot in Bape’s Ura-Harajuku roots and the other in the BAYC swamp, this collection offers Bape heads and BAYC members exclusive access to apparel and accessories that reflect their shared appreciation for laid back opulence and irreverence.” The recent news about BAYC and Bape comes after a notable decrease in the value of BAYC non-fungible token (NFT) assets this year. BAYC NFT floor prices have plummeted, and weekly sales volumes have consistently decreased. This isn’t BAYC’s first partnership with a prominent streetwear brand; they teamed up with Adidas in 2021 and also worked with music-focused magazine Rolling Stone on an exclusive cover design. “As Fashion goes hand-in-hand with Web3, particularly in the current times, where the two have the power to impact each other almost instantaneously, we are thrilled to present this groundbreaking collaboration with Yuga Labs,” Thomas Hui, chief operating officer at Bape said. What do you think about BAYC teaming up with Bape? Share your thoughts and opinions about this subject in the comments section below. View the full article

Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved. Despite 40.56% opposition, 59.42% of the vote gave the nod for the software update. Minting Freeze for USTC Approved USTC, which sits at the 200th spot among 10,000+ crypto assets in the crypto economy, has seen its value jump by 4% in just the last day. As of 1:00 p.m. Eastern Time on September 24, 2023, a single USTC is fetching $0.0127. Flashback to before the Terra ecosystem’s downturn in May 2022: this stablecoin held firm at a solid $1 per unit, maintaining its peg to the USD for a long duration. On May 9, 2022, USTC drifted away from its peg to the U.S. dollar and the peg never returned. While the Terra blockchain ecosystem shuddered, a community of users and developers continued to persevere. The Terra blockchain is known for facilitating trades between the once-stable coin and LUNA, a dynamic that sent LUNA’s supply skyrocketing into the trillions. The governance motion seeks to terminate the USTC minting process through software adjustments. A noteworthy 59.42% of participants endorsed the motion, aiming to close USTC minting and certain loopholes. “This proposal would stop all minting and reminting of USTC without the approval of the Terra Classic community,” the proposal notes. “This proposal also stops loopholes such as converting xUST to mint USTC. We pay the Algo Quant team to re-peg USTC to USD, and the Terra Classic community is participating in the burning of the USTC supply, which also facilitates the re-peg.” The community remains optimistic about re-anchoring USTC to the U.S. dollar, a topic that has been at the forefront of discussions over the past year. “This proposal protects the community and outside investors who are burning USTC helping to achieve the repeg,” the proposal emphasizes. While USTC stands at $0.012 per coin, LUNA‘s valuation is considerably lower. Despite a 5% boost against the dollar, LUNA is exchanged at just $0.00006206 per unit, plummeting 99.99999% from its peak of $119.18. What do you think about the community vote to halt minting USTC? Share your thoughts and opinions about this subject in the comments section below. View the full article

Fresh data indicates a continuing decline in non-fungible token sales, dipping 3.2% in the last week and plummeting 34% over the past month. As September nears its end with six days remaining, NFT sales have tallied up to $341.37 million since August 24. NFT Sales Still Can’t Escape Crypto Winter’s Wrath This September, over the last seven days, NFT sales touched $78.88 million, marking a 3.2% dip from the preceding week, according to cryptoslam.io stats. 2023 has seen a consistent slump in digital collectible sales, and September is no exception. The monthly tally stands at $341.37 million, a sharp 34.08% decline from the previous month. Ethereum continues its dominance in NFT sales, raking in $177,743,112 over the last month. However, it’s worth noting that ETH-centric NFT sales have dropped by 41.84% since the month prior. Trailing Ethereum is the Mythos blockchain, registering $31.89 million in sales — a notable 24.86% surge from the month before. Following Mythos are Polygon, Solana, Immutable X, and Bitcoin in terms of 30-day sales. Dmarket, Draftkings, Bored Ape Yacht Club, Gods Unchained, and Sorare top the charts in 30-day sales records. However, the latter three NFT collections faced setbacks this month, while Dmarket and Draftkings enjoyed upticks ranging between 15% and 24%. Ethereum’s crowning NFT sale this month was a “Mega Zombie,” fetching a price of $800,044. Immutable X’s “Cross the Ages #223963” took second place, selling for $151,012. Rounding off the top three was a Bitcoin-based NFT from the “OCM Dimensions” collection, which garnered $106,708. 2023 has proven challenging for NFT investors, with prices taking a substantial hit. It’s been a chilling crypto winter, and NFTs haven’t been spared its icy grasp. The industry awaits, with bated breath, to see if NFT markets will find their spring resurgence. What do you think about the last 30 days of NFT sales? Share your thoughts and opinions about this subject in the comments section below. View the full article

Recently, Ethereum has seen a shift towards inflation, sparked by a dip in network activity and onchain fees. Data reveals that, with decreased activity and lower fees, Ethereum’s inflation rate stands at 0.270%. The decline in overall activity and people transitioning to layer two (L2) networks has notably curtailed base fee burning. From Deflation to Inflation: Ethereum’s Issuance Rate Changes Course After The Merge and up until three months ago, Ethereum’s supply trended deflationary. Historical data highlights that on May 27, 2023, ultrasound.money pegged Ethereum’s inflation rate at -0.654% annually. Yet, by September 23, 2023, this rate had risen to 0.270%. Ethereum’s shift towards deflation was driven by two landmark events: the implementation of EIP-1559, known as the London hard fork, and The Merge‘s switch from proof-of-work (PoW) to proof-of-stake (PoS). After the implementation of EIP-1559, an Ethereum transaction’s base fee now gets “burned” by sending it to a null address. Post-Merge, the rate of issuance declined notably. Had it not been for the transition from PoW, the inflation would have touched a considerable 3.689% per annum. All this in view, there’s been a pronounced lull in daily transactions, with significant lows around mid-year and another as we approached the end of August and early September. In fact, September 10 saw a dip to 866,548 transactions, a fall of 62,852 from the day prior. Moreover, Ethereum’s network fees have been on a downward trajectory, mirroring the reduced activity. This decline has persisted since May 2023, with September 9 and 10 marking the year’s lowest daily fees. On the flip side, layer two (L2) networks have experienced heightened activity, leading to a drop in Ethereum blockchain transactions. This dynamic has resulted in fewer base burns, tempering the deflationary pressure on issuance. What do you think about Ethereum’s supply rate turning inflationary? Share your thoughts and opinions about this subject in the comments section below. View the full article

Following the introduction of Ordinal inscriptions, BRC20 tokens, and Stamps on the Bitcoin blockchain, the community has seen the debut of a new digital object technology named Atomicals. Meet Atomicals: The Latest Data-Embedding Technology on the Bitcoin Blockchain Since the close of 2022, Bitcoin has seen the rollout of several technologies that use data embedding schemes to craft new coins, non-fungible tokens, and name service domains. One of the standout technologies today is the Ordinal inscriptions on Bitcoin. To date, about 34.55 million Ordinal inscriptions are linked to the distributed ledger. Ordinals have also produced tens of thousands of new coins called BRC20s. Additionally, there are Bitcoin Stamps, a data embedding method that also taps into the Counterparty blockchain network. So far, about 74,640 Stamps have been minted on the chain. A recent addition to this lineup is a data-embedding technology named Atomicals, which can produce coins dubbed ARC20 tokens. The Atomicals technology can also be harnessed to mint NFTs, and it introduces a name service domain structure called Realms. According to the creators, an Atomical, colloquially known as an “atom,” changes how users handle the creation, transfer, and evolution of digital objects on the Bitcoin blockchain. Atomical developers believe that at its core, it’s a dynamic chain of digital ownership, shaped by a set of clear rules. Ordinals and Atomicals share key similarities; both empower individuals to innovate and create with Bitcoin. On the distinction front, Atomicals rely on Electrumx as an indexer, whereas Ordinals turn to the Ord indexer. Atomicals’ documentation highlights that the technology features a distinct class of container NFTs, simplifying the process of defining collections. The Atomicals Guidebook underscores that Atomicals are defined as “digital objects,” Ordinals as “digital artifacts,” and Ethereum’s ERC721s as “digital collectibles.” Data from Dune Analytics reveals that since block height 808,513, approximately 69,847 Atomical digital object transactions have been confirmed on Bitcoin’s distributed ledger. Further data points out that transactions involving Atomicals have contributed 5.772 BTC or $153,611 to miners since the technology’s introduction. The Realms name service also features a notable list of names like “timechain,” “volt,” “flex,” “collect,” “anon” and “idol,” among others. Only time will reveal whether Atomicals endure and garner demand, and if the technology gains acceptance in the wider community. While Ordinal inscriptions and traditional financial inscription enthusiasts have butted heads, a fresh market for utilizing block space on Bitcoin has sprung up, regardless of differing opinions. What do you think about the newly introduced Atomicals tech? Share your thoughts and opinions about this subject in the comments section below. View the full article

Dallas Mavericks owner Mark Cuban sees his Metamask crypto wallet hacked, Peter Schiff says “day of reckoning is at hand” for dollar and U.S. economy, and the crypto community shows skepticism about rumors of Blackrock pivoting to XRP. This and more in the latest Bitcoin.com News Week in Review, just below. Mark Cuban’s Crypto Wallet Hacked, $870,000 Lost Hackers have apparently compromised a wallet belonging to billionaire investor Mark Cuban, stealing a number of cryptocurrencies. The owner of the Dallas Mavericks NBA team, who confirmed the breach, has been able to transfer the remaining digital funds to U.S. crypto exchange Coinbase. Read More Economist Peter Schiff Warns of ‘Tragic Ending’ and US Dollar Collapse — Says ‘Day of Reckoning Is at Hand’ Economist Peter Schiff has warned that the U.S. economy is headed for a tragic ending. “We’re going to have a dollar crisis and a sovereign debt crisis,” he stressed, cautioning that the Federal Reserve is “going to print money until the dollar collapses.” He added: “I think that day of reckoning is at hand.” Read More Crypto Community Skeptical of Blackrock’s XRP Pivot Rumors Many crypto proponents have warned that despite a small connection between Blackrock and XRP, the news of the world’s largest asset manager shifting focus from bitcoin to XRP is fake. Blackrock is currently waiting for the U.S. Securities and Exchange Commission (SEC) to greenlight its spot bitcoin ETF application. Read More Bankman-Fried’s House Arrest Writings Reveal Inner Turmoil, Blame Game in FTX Collapse According to more than 250 documents sent to the media, the disgraced co-founder of FTX, Sam Bankman-Fried, said he feels like “one of the most hated people in the world.” The former CEO of the now-defunct crypto exchange further noted in his statements that “there will probably never be anything I can do to make my lifetime impact net positive.” Read More What are your thoughts on this week’s hottest stories? Be sure to let us know in the comments section below. View the full article

Exchange-traded funds, or ETFs, that track the price of bitcoin have become a popular means for mainstream investors to gain exposure to the cryptocurrency market without directly owning bitcoin. Though the U.S. Securities and Exchange Commission has not approved a spot bitcoin ETF in the U.S., futures-based and international bitcoin ETFs are offering investors new participation methods. The Basics: Defining a Bitcoin ETF An ETF is an investment fund traded on stock exchanges, similar to stocks. A bitcoin ETF doesn’t directly trade bitcoin; rather, it tracks bitcoin futures contracts or holds private keys associated with the cryptocurrency. This setup grants regular investors and institutions access to bitcoin exposure without dealing with cryptocurrency exchanges or wallets. There are two main types of bitcoin ETFs: futures-based and spot bitcoin ETFs. Futures-based bitcoin ETFs, such as the Proshares “Bitcoin Strategy ETF,” which debuted in 2021, don’t directly invest in bitcoin. Instead, they track bitcoin futures contracts traded on platforms like the Chicago Mercantile Exchange (CME). A spot bitcoin ETF directly holds actual bitcoin assets on behalf of its investors. Unlike futures-based funds, it provides direct exposure to the crypto asset’s real-time price movements. Currently, spot bitcoin ETFs are unavailable in the U.S. but some expect that to change in the near future. Investors, however, can tap into Canada’s “Purpose Bitcoin ETF” – a fund with physical backing. Moreover, there’s Europe’s “XBT Provider Bitcoin Exchange Traded Note,” listed on their local stock exchanges. Yet, in the U.S., these spot bitcoin ETFs encounter significant legal obstacles and still await SEC endorsement. ​​Bitcoin Exposure — The Appeal and Challenges of Exchange-Traded Products Until a spot bitcoin ETF receives U.S. approval, close alternatives include the Grayscale Bitcoin Trust (GBTC) and products from XBT Provider. The Grayscale Bitcoin Trust is a trust holding bitcoin, with shares traded over-the-counter (OTC). As of September 2023, it managed assets worth more than $16.53 billion. XBT Provider offers notes like Bitcoin Tracker One, with more than $4.43 billion in assets. Though not strictly ETFs, these products resemble aspects of a spot bitcoin ETF. The allure of bitcoin ETFs is evident: They provide uncomplicated bitcoin exposure as a security without the intricate storage and security requirements of the actual cryptocurrency. As bitcoin becomes more mainstream, some believe a U.S. spot bitcoin ETF might attract a significant surge of institutional investment in digital currencies. Conversely, a bitcoin ETF might allow for leveraging fictional bitcoin supplies to control futures positions. If prices climb rapidly, a fictitious supply of paper bitcoin could be used to control them. Nontransparent fractional reserve practices might emerge, skewing prices as seen in traditional markets. But with BTC’s transparent blockchain, future ETFs might need to prove 100% reserves. What do you think about bitcoin ETFs? Share your thoughts and opinions about this subject in the comments section below. View the full article

Aleksey Bilyuchenko, co-founder of Wex, the successor of the infamous Russian crypto exchange BTC-e, will spend only a couple of years in prison. The Russian, who is charged in the U.S. with money laundering, has been sentenced in his homeland as the only defendant in a case over the collapse of Wex which brought heavy losses to its customers. Wex Co-founder Admits Guilt for Exchange’s Crash, Asks Putin to Be Sent to Ukraine One of the founders of the crypto exchange Wex, which succeeded once the largest coin trading platform in Russia, BTC-e, received three and a half years of prison time and 500,000-ruble ($5,000) fine for his role in its operation, Russian crypto news outlet Bits.media reported, quoting a Telegram post by journalist and blogger Irek Murtazin. The mild sentence comes after Aleksey Bilyuchenko, who has been accused in Russia of embezzling several billion rubles in customer funds, sought leniency from Russian President Vladimir Putin while the state prosecutor asked for a less severe punishment which was then reduced even further by the judge. BTC-e, believed to have been used by cybercriminals to store, transfer and launder billions of U.S. dollars in illicit proceeds, was shut down by Western law enforcement in July 2017. Wex which was founded after that, went offline in 2018, causing customers to lose up to 16 billion rubles (over $167 million today), according to one estimate. Court documents unsealed on June 7, 2023, in the Northern District of California, claim that Bilyuchenko worked with the alleged BTC-e operator Alexander Vinnik and others to run the exchange between 2011 and the summer of 2017. While Vinnik was arrested in Greece that same year and eventually extradited to the United States in August 2022 to face trial, Bilyuchenko, who is still wanted by the FBI and has been charged by U.S. authorities with money laundering conspiracy and operating an unlicensed money services business, was detained in March 2022 in Russia and became the only defendant in the Wex case there. According to Bilyuchenko’s own testimony, read by Russian prosecutors at a hearing on Sept. 6, he was Wex’s system administrator although he controlled large amounts of money, some of which he distributed to security officials and other persons who promised protection. It also became known that the owners of the exchange, reportedly affiliated with sanctioned Russian billionaire Konstantin Malofeev, lost 3.17 billion rubles (around $33 million). At the next and final hearing, on Sept. 20, it was revealed that the defendant had appealed to Russia’s President Vladimir Putin and Defense Minister Sergei Shoigu with a request to be released from custody, spared punishment, and sent to the “zone of the special military operation” in Ukraine. Observers also believe that he could help return some of the victims’ funds. However, the state prosecution requested that he be sent to prison for four and a half years while Judge Varvara Oganova cut that to three and a half. Bilyuchenko, who changed his last name to Ivanov and pleaded guilty ahead of the trial, has already served a year and a half in pre-trial detention. He will also have to pay a fine of 500,000 rubles instead of the 1 million ruble fine asked by the prosecutors. Do you think ordinary Wex customers will get their money back? Share your thoughts on the case in the comments section below. View the full article

Leading U.S. crypto exchange Coinbase pursued the acquisition of failed coin trading competitor FTX’s European subsidiary, a media report revealed. The move has been seen as proof of the growing importance of derivatives for the American platform’s plan to expand business globally. Coinbase Held Talks to Acquire FTX Europe After Bankruptcy and in September Coinbase has looked into the potential acquisition of FTX’s entity in Europe, according to documents seen by Fortune. The U.S.-based digital assets exchange explored the option to buy the Cyprus-licensed platform both right after FTX filed for bankruptcy protection in the United States last November and as recently as early September. “Coinbase’s interest in FTX Europe demonstrates the growing importance of derivatives to its global business plan as spot trading volumes have tumbled during the bear market,” the magazine commented while noting the talks never reached a late stage and quoting a person familiar with the matter who said that the American company is no longer pursuing such deal. The report further points out that the financial instruments based on the value of cryptocurrencies like bitcoin (BTC) and ethereum (ETH) now form a significant portion of crypto trading, reaching a volume six times larger than the volume of spot trades in the second quarter of 2023, as per data from crypto analytics firm Kaiko Research. The regulatory future of crypto derivatives remains uncertain in the U.S. while the EU is yet to implement its own comprehensive set of regulations under the newly adopted Markets in Crypto Assets (MiCA) law. FTX Europe, bought for $376 million in 2021, was the only platform offering crypto derivatives called perpetual futures on the Old Continent before FTX’s collapse. In a blog post analyzing the regulatory environments in key markets around the world earlier this month, Coinbase confirmed its plans to expand in jurisdictions that are adopting clear regulations for the sector, including in Europe, as opposed to the United States which has been enforcing existing rules and new regulation through courts, according to the exchange. Fortune also cited the financials of FTX Europe indicating that the platform continued to add tens of thousands of users until the crash of its parent company. With the FTX debtors’ estate selling parts of FTX, the value of its European license has drawn interest from other potential buyers as well such as a crypto firm called Trek Labs. The deadline for offers has been extended to Sept. 24, according to another source quoted in the article. Do you think FTX Europe will be sold to another crypto company? Tell us in the comments section below. View the full article

Rich Dad Poor Dad author Robert Kiyosaki has advised investors to buy bitcoin today before stock, bond, and real estate markets crash and people rush to buy BTC alongside gold and silver. The famous author has predicted that bitcoin’s price will reach $500,000 by 2025, with gold soaring to $5,000, and silver reaching $500. However, he anticipates BTC reaching $1 million in the event of a global economic collapse. Robert Kiyosaki Recommends Buying Bitcoin Today The famous author of Rich Dad Poor Dad, Robert Kiyosaki, has urged all investors to buy gold, silver, and bitcoin today before the stock, bond, and real estate markets crash and people rush to buy those three assets. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki shared on social media platform X on Tuesday that he is constantly asked about what the price of gold, silver, or bitcoin will be in 2025. “My reply is that is a silly question,” he said, adding that the “more important question is how many gold, silver, bitcoins do you have today?” He explained: Gold, silver, and bitcoin are bargains today … but not tomorrow. America is broke. Buy gold, silver, and bitcoin today before stocks, bonds, and real estate crash & people rush for gold, silver, and bitcoin. In February, Kiyosaki predicted that the price of bitcoin will hit $500,000 by 2025 while gold will soar to $5,000 and silver will reach $500. In August, he said that bitcoin will rise to $1 million, while gold will jump to $75,000 and silver to $60,000 if the world economy crashes. Kiyosaki also previously warned that a “giant crash” is coming and the possibility of a depression is not to be dismissed. Earlier this month, he predicted that Airbnb will lead the real estate market crash. He expects the U.S. economy to head for a crash landing, further predicting that the U.S. dollar will die. The renowned author cautioned that the Federal Reserve will be forced to print billions in “fake money.” He sees fiat money, including the U.S. dollar, as fake money while gold and silver are “God’s money” and bitcoin is “people’s money.” Last week, Kiyosaki said that crypto is the future and fiat money is “toast.” What do you think about Rich Dad Poor Dad author Robert Kiyosaki’s advice on buying bitcoin? Let us know in the comments section below. View the full article

Skybridge Capital founder Anthony Scaramucci has explained why he is still bullish on bitcoin. Emphasizing that every Wall Street firm is going to have a bitcoin exchange-traded fund (ETF) in their arsenal that they will sell to their clients, he predicted: “The next 10 to 20 years are remarkably bullish.” He added: “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter.” Scaramucci Remains Bullish on Bitcoin Skybridge Capital founder Anthony Scaramucci explained why he remains optimistic about the future of bitcoin during a fireside chat, titled “Why I’m still bullish,” at the Messari Mainnet conference in New York on Thursday. Nothing that he believes the worst of the bitcoin bear market is over, he advised: If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter … The next 10 to 20 years are remarkably bullish. He believes that young people “will be mainstreaming bitcoin” in the same way his generation “mainstreamed the internet.” The Skybridge Capital founder cautioned that headwinds are still in the macro environment, including higher interest rates, an enforcement-centric Securities and Exchange Commission (SEC) chairman, and negative sentiment around crypto adoption. Nonetheless, he remains optimistic about BTC, stating: “As wealth is created in society, a portion of that wealth is going to get chipped off for digital assets, most likely bitcoin.” He also reiterated his long-standing view that “Bitcoin is better than gold.” Scaramucci further expects the approval of bitcoin exchange-trading funds (ETFs) to be a game changer. He anticipates massive and widespread adoption of BTC once bitcoin ETFs become commonplace. The Skybridge Capital founder opined: Every single Wall Street firm is going to have a bitcoin ETF in their arsenal … When Wall Street has something in their arsenal, they sell it to their clients … The market [for bitcoin] is going to widen. Do you agree with Skybridge Capital founder Anthony Scaramucci about the future of bitcoin? Let us know in the comments section below. View the full article

In the lawsuit pitched by the U.S. Securities and Exchange Commission (SEC) against Tron’s brainchild, Justin Sun, and his enterprise Rainberry, a judicial nod has been granted for an extended timeline for the defense. Sun now has until December 8, 2023, giving his attorneys a broader window to “explore possible resolution of the SEC’s claims against defendants before motion practice.” Sun’s Legal Horizon Extended: Judge Gives Breathing Room in SEC’s Tron-Related Suit In March 2023, a legal storm brewed for Justin Sun, the Tron Foundation, the Bittorrent Foundation, and the entity known as Rainberry. They found themselves on the receiving end of a lawsuit from the U.S. securities watchdog. The core allegation? The quartet of entities allegedly dangled TRX and BTT before investors as unregistered securities, crossing the line of U.S. securities regulations. Further, the SEC cast Sun in a shadowy light, accusing him of masterminding a vast plot to manipulate TRX’s market value. As of a court order stamped September 14, 2023, both Sun and Rainberry’s legal representation sought some breathing room from the court, a plea to which the judge granted. Addressed to judge Edgardo Ramos, the letter proposes pushing the deadline to December 8, 2023, precisely 76 days away. Advocating for the change, Sun’s legal counsel contends “there is good cause for the extension.” The two reasons for the rescheduling? Firstly, the Tron Foundation unraveled in April 2023 and is now in the midst of seeking a revival in Singapore. Another catalyst is the recent turn of events in the SEC vs. Ripple Labs, Inc. courtroom battle. Sun’s legal brigade finds it imperative to delve into the “proceedings related to judge Torres’ decision,” as outlined in the correspondence. The note, however, doesn’t shy away from mentioning that the SEC has lodged an interlocutory appeal against Torres’ judgment, with the final verdict still in the balance. What do you think about the SEC lawsuit against Justin Sun, Tron, and the Bittorrent Foundation? What do you think about the latest delay in the case? Share your thoughts and opinions about this subject in the comments section below. View the full article

Prominent distressed-debt moguls are diving into the FTX bankruptcy claims arena, seizing debts at bargain prices with aspirations of lofty profits. This year, Silver Point Capital, Diameter Capital Partners, and Attestor Capital have acquired over $250 million in FTX claims, court records reveal. Report Says $250 Million in FTX Claims Acquired by Investment Heavyweights FTX debt’s market has been supercharged as attorneys unearth assets. Some of these claims are now trading north of 30 cents on the dollar, noted Bloomberg’s Jeremy Hill this Thursday. The untapped market for bankruptcy claims lets investors snag unpaid claims at slashed prices. Bankrupt entities like FTX often see their claims bought for mere cents on the dollar. Based on insights from Claims Market, FTX claims hovered around 33% of net worth as of September 15, 2023. This is slightly below the claims linked to the bankruptcy of crypto lender Celsius Networks, which have traded at about 34 cents on the dollar. Meanwhile, claims from Genesis Global Capital are fetching around 50% of their total value, according to claims-market.com. “People made careers off of Lehman and Madoff — I think people see FTX as a Lehman or Madoff” opportunity Thomas Braziel, an investor in bankruptcy claims told Bloomberg on Thursday. His reference pointed to debt trades from the collapsed Lehman Brothers and the notorious Ponzi scheme orchestrated by Bernie Madoff. Braziel further mentioned: The guys that are buying in these dockets, I consider them some of the smartest people in distressed. Historically, investors who incurred losses from the Mt Gox debacle offloaded their assets below the claim’s value. Bernie Madoff’s victims traded claims to opportunists amid bankruptcy litigations. A report indicates that the bulk of sellers trading claims from Madoff’s pyramid scheme were regular investors. While claims trading ensues post most significant corporate meltdowns, blue-chip investment houses typically sidestep minor bankruptcies. Yet, FTX’s glaring implosion, coupled with the discovery of billions in crypto assets, has magnetized heavyweight investors. Lawyers have also recouped funds squandered on dubious deals allegedly orchestrated by FTX’s Sam Bankman-Fried and associates. The Enron debacle marked a monumental corporate bankruptcy in financial annals, and those claims too traded at steep markdowns. The core strategy? Investors snapping up unsettled FTX bills on the cheap, aiming to reclaim more than their initial outlay. Bankruptcy resolutions can stretch on, casting shadows over FTX’s real worth. Nonetheless, for the seasoned distressed debt aficionados, the prospective big-time gains eclipse the uncertainties. What do you think about FTX claims being sold for $0.33 on the dollar? Share your thoughts and opinions about this subject in the comments section below. View the full article

On September 22, 2023, Arkham Intelligence unveiled that it has identified addresses tied to a staggering $25 billion from Coinbase’s bitcoin (BTC) holdings. This cache represents the most substantial BTC reserve on Arkham. The firm points out that this trove is nearly on par with Satoshi Nakamoto’s legendary 1 million coins. Coinbase’s Crypto Cache Tops $29B On Friday, Arkham Intelligence, a crypto analytics and data tracking firm, revealed that its platform now prominently displays Coinbase’s bitcoin (BTC) reserves. Taking to social media platform X, the firm announced, “Arkham has now identified $25B of Coinbase bitcoin reserves (1M [bitcoin]) on chain.” Arkham added: This makes Coinbase the largest bitcoin entity in the world on Arkham, with almost 5% of all [bitcoin] in existence – about as much as Satoshi Nakamoto. Data from Friday shows Coinbase’s coffers holding a formidable 948,383 BTC, which, at the moment, boasts a value of $25.16 billion. But that’s not all. Arkham’s list showcases other assets under Coinbase’s belt, pushing the company’s cumulative worth on Arkham to $29.09 billion. Diving deeper, Coinbase’s addresses contain approximately 1.686 million ethereum (ETH), translating to an estimated $2.68 billion. Additionally, they possess 68.591 million chainlink (LINK), with an approximate value of $473.96 million. The crypto firm also holds about 222.832 million USDC and assets worth $193.93 million, or 921,875 BNB. The San Francisco-based crypto marketplace is also the custodian of 854.137 million GRT, valued at around $74 million, and a notable 12.1 million UNI tokens, estimated to be worth about $51.1 million. While Coinbase boasts assets around the $29.09 billion mark, as highlighted by Arkham’s explorer, Binance dwarfs this with a staggering $64.83 billion in crypto holdings. Stacked against Coinbase, Binance’s BTC reserve sits at a more modest 658,256 BTC, valued at an estimated $17.50 billion. Interestingly, Binance’s most dominant asset is tether (USDT), with Arkham indicating that the exchange possesses a significant 21.18 billion USDT. When it comes to ethereum (ETH), Binance outshines Coinbase, maintaining a remarkable 4.086 million ETH, which carries a value of $6.52 billion. Notably, Arkham has been in overdrive recently, pinpointing and flagging crypto assets tied to industry giants such as Grayscale and Robinhood. What do you think about Arkham identifying Coinbase’s stash of bitcoin reserves? Share your thoughts and opinions about this subject in the comments section below. View the full article

Since the start of 2023, the size of the stablecoin economy has decreased amid numerous redemptions. However, new stablecoin asset projects, such as Aave’s GHO, First Digital’s FDUSD, and Paypal’s PYUSD, have emerged. On September 1, a stablecoin protocol named Prisma Finance was launched, enabling users to deposit liquid staking derivative tokens for a token called MKUSD. Since its inception, the protocol has secured $55 million in locked value. Prisma Finance Stablecoin MKUSD Joins $123B Fiat-Pegged Crypto Economy Another stablecoin, MKUSD, has entered the stablecoin economy, a large group of fiat-pegged coins now valued at $123 billion as of September 23. The stablecoin originates from a decentralized finance (defi) protocol named Prisma Finance, which officially launched on September 1, 2023. Prisma’s stablecoin MKUSD is described as a “non-custodial and decentralized Ethereum liquid-staking-token (LST)-backed stablecoin.” In essence, Prisma users deposit supported liquid staking tokens into a vault to borrow MKUSD. If the collateral ratio drops below 120%, the vault can be liquidated. A stability pool takes on the liquidated debt and distributes collateral to providers. Supported collateral types are WSTETH, CBETH, RETH, and SFRXETH. The minted MKUSD can be used on other defi platforms or later redeemed for the liquid-staking tokens (LSTs). LSTs have become extremely popular over the past two years and there’s 11.96 million ether locked into LST platforms. At its launch, the Prisma project set its borrowing limit in phases, and by September 15, Prisma had secured $30 million. Presently, defillama.com data indicates that Prisma’s total value locked (TVL) is $55.16 million. Etherscan shows the circulating supply of MKUSD is 29.99 million tokens. The token only has a mere 129 holders and the “Stability Pool” address commands 71.39% of the total supply. A stability pool is essentially a mechanism used by defi projects that ensures the supply of a stablecoin is always backed. The second-largest MKUSD wallet is held by Curve Finance and it holds 14.30% of the MKUSD in circulation. Compared to the major stablecoins like USDT and USDC, MKUSD is considerably smaller. It also lags behind newcomers FDUSD and PYUSD but surpasses GHO’s supply of 22,706,149. There are about 368,787,867 FDUSD and 44,376,440 PYUSD. All four stablecoins – MKUSD, FDUSD, GHO, and PYUSD – are heavily concentrated, with the top 100 holders in each project controlling the majority of the supply. What do you think about the Prisma Finance defi protocol? Share your thoughts and opinions about this subject in the comments section below. View the full article

Kenyan law enforcement recently detained two Worldcoin executives as they attempted to depart the country. According to the Kenyan Interior Minister, the duo were eventually let go after the U.S. government’s intervention. U.S. Government Reportedly Intervenes in Worldcoin-Related Detainment Attempt The Kenyan Interior Minister Kithure Kindiki has said the U.S. government recently foiled local law enforcement’s attempts to arrest and detain Worldcoin executives. According to a report in The Nation, the U.S. insisted that the departing executives had not done anything wrong to warrant the arrest. However, the U.S. government undertook to avail the executives as and when they were needed. As reported by Bitcoin.com News, Kenyan authorities have been coming down hard on the crypto project. However, in their attempt to appease the Kenyan government, the Worldcoin representatives led by Alex Blania recently appeared before a parliament committee tasked with investigating the crypto project’s activities. Confirming the botched plan to indefinitely hold Blania and his fellow Worldcoin executives, Kindiki said: “They [Worldcoin executives] tried to leave the country but were stopped and put in custody. However, the U.S. government intervened saying they should be allowed to leave because they haven’t yet been found guilty of committing a crime and gave an undertaking that it will produce them when required.” According to the report, Thomas Scott, the legal spokesperson for Tools for Humanity, is the other Worldcoin representative who was detained along with Blania. The Kenyan government’s attempt to arrest the duo came just days after Kindiki sought to tie crypto-related activities to money laundering and terror funding. During his own appearance before the parliament’s investigating committee, Kindiki reportedly said the Worldcoin debacle vindicates his government’s stance towards cryptocurrencies in general. 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