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Showing posts from June 23, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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NFT Marketplace Rarible Raises Over $14 Million, Plans to Launch on Flow Blockchain

The non-fungible token (NFT) marketplace Rarible has revealed the company has raised $14.2 million in a Series A funding round. Rarible details the funds will be leveraged to take NFTs to the mainstream and announced integration with the consumer-centric blockchain called Flow. Rarible Raises $14.2M in Series A Funding Round On Wednesday, the NFT marketplace Rarible, a protocol for creating, selling, and collecting non-fungible, blockchain-based collectibles, revealed the organization raised more than $14 million. The Series A funding round was led by Venrock, Coinfund, and 01 Advisors and the project also revealed it will soon be launching an NFT market on the blockchain Flow. Brainchild of the creators of Cryptokitties, the Flow project has seen well-known brands like the UFC, Dr. Suess, Ubisoft, Samsung, Warner Music Group, and the National Basketball Association (NBA) mint NFTs using its tech. Since its launch in 2020, the Rarible marketplace has seen $150 million worth of NFT...
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Coinbase unveils 'Solidify' tool to auto-audit smart contracts and DeFi clones

Coinbase has unveiled a new smart contract analyzing tool dubbed “Solidify” to audit Ethereum smart contracts and DeFi clones. Coinbase has unveiled a new tool that can automatically audit smart contracts built on Ethereum that use the Solidity programming language. Designed to be used by smart contract auditors, asset issuers, and other exchanges, the firm has plans to make the tool open source later this year In a June 23 post, Coinbase’s principal blockchain security engineer Peter Kacherginsky announced the firm's new security analysis tool dubbed “Solidify”, which was created to improve on the “time-intensive and error-prone” process of manual smart contract analysis. The engineer noted that the exchange’s token listing process requires extensive security reviews and “risk mitigation recommendations” for every smart contract to keep consumers safe. The firm required an analyzer that can work quickly, safely, and at scale, but was unhappy with other options on the market...
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Korean Government Confiscates $47 Million in Crypto From Tax Evaders

South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. Following a prolonged investigation, the government has reportedly seized cryptocurrency worth millions of dollars. Tax Agents Target Wealthy Tax Evaders in Greater Seoul Area More than 53 billion Korean won ($47 million) in crypto assets have been confiscated from 12,000 people who allegedly tried to hide money from the government. The funds were in bitcoin ( BTC ), ethereum ( ETH ) and other cryptocurrencies, Reuters reported quoting the government of Gyeonggi Province surrounding the capital Seoul. A number wealthy Koreans have found themselves among the targeted tax evaders. They have been accused of using local crypto exchanges to conceal the assets as the trading platforms did not require account holders to provide their resident registration numbers. Authorities were able to track them down using their phone numbers. One of the tax...
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Beware of ‘soft rugs’ — a growing menace in decentralized finance

Developers dumping tokens and making off with the proceeds is the latest scourge to plague DeFi. The decentralized finance ecosystem has been plagued by a variety of known scams and exploits for some time, with yet another coming in the form of what is known as a “soft rug”. Those that have been dabbling in DeFi for some time will be familiar with the term “rug pull”. This generally refers to the abandoning of a project by insiders or developers who remove liquidity from pools or vaults on decentralized exchanges and disappear with the funds. A related malfeasance to plague the emerging financial landscape is the “soft rug” which is where a project’s founders simply dump their own tokens and exit the venture instead of taking control of users’ assets. In some cases, a soft rug is more insidious with developers going out of their way to build trust and a false sense of security at the same time as attempting to disguise the dumping of tokens. If done cleverly enough, users may not ...
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Bipartisan bill to study blockchain and crypto passes US House of Representatives

The Consumer Safety Technology Act passed quickly in the House, and if enacted would require the study of blockchain tech and digital tokens. A bipartisan bill that requires the study of blockchain technology and digital tokens passed the House of Representatives on June 22. The “Consumer Safety Technology Act'' is centered on consumer protection and includes digital token and blockchain research. The bill passed the 117th Congress within a week of its introduction, with a resounding 325 votes in favor of, and 103 votes against. This is not the first time this bill has reached this point however, and under the Trump administration, the bill passed the House in September 2020. It was then referred to the Committee on Commerce, Science, and Transportation before being shot down in the Senate. Among other things, the bill calls for the Consumer Product Safety Commission to deploy a pilot AI program to aid consumer safety inspections, such as identifying consumer product ha...
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Tributes and conspiracy theories swirl in wake of John McAfee’s death

The death of computer security pioneer and international fugitive John McAfee been met with an outpouring of emotions on Crypto Twitter. The reported suicide of notorious tax fugitive, Bitcoin proponent, and antivirus software pioneer, John McAfee , has prompted an outpouring of tributes and conspiracy theories today. After years of evading U.S. taxes and authorities, a Spanish court had ordered McAfee’s extradition just hours before he was found dead, with the 75-year-old expected to face a life sentence in the United States should he have been extradited. Former National Security Agency (NSA) employee and whistleblower, Edward Snowden, criticized the global reach of U.S. enforcement and warned that McAfee's untimely end may not be the only one as “Julian Assange’s story could end much the same.” He tweeted: “Europe should not extradite those accused of non-violent crimes to a court system so unfair — and a prison system so cruel — that native-born defendants would rather d...
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BIS: Cryptocurrencies Are Often Used in Financial Crimes, Money Laundering, Ransomware Attacks

The Bank of International Settlements (BIS) says that it is now clear that cryptocurrencies are not money but speculative assets, emphasizing that in many cases they are used “to facilitate money laundering, ransomware attacks, and other financial crimes.” BIS Criticizes Cryptocurrencies, Bitcoin The Bank of International Settlements published its annual economic report Wednesday, discussing cryptocurrencies, particularly bitcoin, as well as central bank digital currencies (CBDCs). The BIS explained that “Several recent developments have placed a number of potential innovations involving digital currencies high on agenda” of central banks. “The first of these is the growing attention received by bitcoin and other cryptocurrencies,” the report details. “The second is the debate on stablecoins, and the third is the entry of large technology firms (big techs) into payment services and financial services more generally.” The BIS continued: By now, it is clear that cryptocurrencies a...
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Judge rejects class certification in $400M Mt Gox fraud lawsuit

The move awards another victory to former Mt. Gox CEO Mark Karpeles. A federal judge has rejected a bid for class certification from clients of the defunct Japanese Bitcoin exchange Mt. Gox, which was forced into bankruptcy in 2014 following a major hack. Judge Gary Feinerman made the declaration in the U.S. District Court for the Northern District of Illinois on Tuesday, June 22 saying it would require 30,000 "mini-trials” to find otherwise. The move handed a victory to former Mt. Gox CEO Mark Karpeles , who has argued that a compensation plan in Japan would serve better than litigation in the United States. Before a class action lawsuit can proceed, the class must be certified which ensures that the plaintiffs have enough similarities to proceed with litigation against the defendant as part of one larger case. The judge reasoned that the lead plaintiff’s theory about fraud in the $400 million suit turned on Karpeles' drafting and dissemination of the Mt. Gox terms of u...
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Chainbytes Bringing Bitcoin ATMs to El Salvador, Launching Manufacturing Hub

Bitcoin ATM provider Chainbytes is setting up a bitcoin ATM manufacturing hub in El Salvador. The move follows the country passing a bill making bitcoin legal tender. The company plans to make El Salvador “the manufacturing hub of bitcoin ATMs for all of the Americas.” Bitcoin ATMs Coming to El Salvador U.S.-headquartered Chainbytes LLC, a bitcoin ATM provider, announced Tuesday that it is launching operations in El Salvador, the country which recently passed a bill making bitcoin legal tender . Chainbytes revealed that it plans “to make El Salvador the manufacturing hub of bitcoin ATMs for all of the Americas.” The hub will service the company’s “operations in the LATAM, US, and Canadian regions with the global supply chain distribution.” The company has been servicing bitcoin ATM operators and enterprises looking to get into the bitcoin ATM business since 2012. Eric Grill, the CEO of Chainbytes, tweeted on June 21, “Excited to bring Chainbytes bitcoin ATMs” to El Salvador. On...
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$3.6B in Bitcoin vanishes in 'hack' along with owners of South African crypto platform

Billions worth of Bitcoin has reportedly vanished along with the operators of South African crypto firm AfriCrypt. Is it a scam or a hack? Around 69,000 Bitcoin has vanished from a South African investment platform along with two brothers who owned the crypto firm. Although the facts are yet to be proven in court, if it turns to be an exit scam rather than a hack, it would be the biggest in history according to Bloomberg. There were warning signs for investors either way, with users reportedly promised returns of up to 10% a day. AfriCrypt was founded in 2019 and operated by brothers Ameer and Raees Cajee. It had reportedly amassed around 54 billion rands worth of BTC, or $3.6 billion USD at the time, when it sent a message to investors on April 13 claiming the platform had been hacked. The firm said it would halt operations while it began the process of “attempting to retrieve stolen funds and compromised information.” South African law firm Hanekom Attorneys, which has taken t...
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JPMorgan Survey: 49% of Institutional Investors Agree Cryptocurrency Is ‘Rat Poison’ as Warren Buffett Says or a Fad

Investment bank JPMorgan conducted a survey of thousands of investors from 1,500 institutions and found that 49% of them think that cryptocurrency is either “rat poison squared,” the term used by Berkshire Hathaway CEO Warren Buffett to describe bitcoin, or “a temporary fad.” 49% of Investors Told JPMorgan Cryptocurrency Is a Fad or ‘Rat Poison Squared’ JPMorgan released the results of a survey it conducted at the firm’s 24th Macro, Quantitative & Derivatives Conference Tuesday. The event took place on June 11; it was attended by some 3,000 investors from around 1,500 institutions. Marko Kolanovic and Dubravko Lakos-Bujas, two of JPMorgan’s top strategists, wrote: Investors’ view on cryptocurrency’s future is very divided. The survey results show that 42% of investors feel that cryptocurrency is here to stay and 9% even believe that it will become an important asset. However, 49% of investors agree with Berkshire Hathaway CEO Warren Buffett and said that cryptocurrency is “...
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3 things traders are saying about Bitcoin and the state of the bull market

Contrarian Bitcoin analysts pinpoint three reasons why they are still bullish on BTC price for the short and long-term. Bitcoin’s ( BTC ) dip below $29,000 on June 22 rocked the markets a handful of analysts to call for a potential drop below $20,000 .  Many traders on crypto Twitter were focused on the formation of a death cross on the Bitcoin chart as an omen for another potential drop in the price but analysts with a more contrarian point of view look at this chart pattern as a signal that it is time to buy the dip.  The ultimate thread on #BTC deathcross and cycle data analysis 1) Historical #deathcross until #goldencross time (in days) + largest price swing since deathcross begins: 2011: 180 D, -59% 2014: 90 D, +83% 2014: 390 D, -63% 2018: 360 D, -55% 2019: 105 D, -29% 2020: 50 D, +66% pic.twitter.com/8JmbtnFLGJ — venturefoundΞr (@venturefounder) June 17, 2021 Three reasons why some traders still see a bull case for Bitcoin include the appearance of the...
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Mike Novogratz: Institutional Investors Will See Bitcoin’s Price Decline as Opportunity to Buy

Galaxy Digital CEO Michael Novogratz says he is not nervous about bitcoin’s price falling, even when it falls below $30K. “The ecosystem is so much more mature. The amount of players that are moving in are so much more mature. Every single bank is working on their own crypto project,” he said. Novogratz Still Bullish About Bitcoin Mike Novogratz commented on the bitcoin market Tuesday in an interview with CNBC as the price of the cryptocurrency fell below $30K. Commenting on the falling BTC price, Novogratz said: If it’s really breached, $25,000 is the next big level of support … I’m less happy than I was at $60,000, but I’m not nervous. The Galaxy Digital CEO opined: “We had China really be much more forceful in their idea to ban cryptocurrency. That’s created a retail deleveraging. A lot of crypto happens in Asia, a lot of it is Chinese focused. So we’re seeing big liquidations, so it’s hard to call a bottom.” Novogratz believes that the Chinese government’s crackdown is a l...
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Sweet and Dave & Buster’s Launch Uber-Rare NFT Auction to Benefit Make-A-Wish

PRESS RELEASE. New York, New York – June 23, 2021 – Sweet, the leading enterprise NFT solutions provider, announced the launch of an exciting new one-of-one auction with restaurant and gaming destination Dave & Buster’s. Beginning at 5PM EST today through June 30 at 5PM EST, everyday consumers and crypto enthusiasts alike will be able to bid on this uber-rare digital coin with all proceeds directly benefiting Make-A-Wish. The unique design of this digital collectible was inspired by the early days of Dave & Buster’s when all games were coin-operated. The auction is open to the public at daveandbustersnft.com This auction kick-starts a new initiative to integrate NFTs into the company’s marketing strategy. At the forefront of innovation, Dave & Buster’s is one of the first restaurant and entertainment venues to pioneer NFT / Digital Collectibles that can be claimed as prizes for tickets won in all Dave & Buster’s locations. The collectible series includes D&B Gam...
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John McAfee Found Dead in Prison After Spanish Court Ruled in Favor of His Extradition to US

The Catalan justice department has reportedly confirmed that the antivirus tycoon John McAfee was found dead in prison in Barcelona. John McAfee, 75, was found dead in his prison cell in Barcelona, the Catalan justice department reportedly said, noting that everything points to death by suicide. Just hours before the death report, the Spanish high court issued a preliminary ruling in favor of McAfee’s extradition to the U.S. to face tax-related criminal charges. According to El Pais publication, the prison surveillance professionals, who found him dead in his cell, and the prison medical services intervened to perform resuscitation but they were unable to revive him. The Associated Press reported that a statement from the regional Catalan government confirmed that the jail’s medical team finally certified his death. However, the publication noted: The statement didn’t identify the U.S. tycoon by name, but said he was a 75-year-old U.S. citizen awaiting extradition to the count...
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Data shows derivatives had little to do with Bitcoin's drop to $29K

Bitcoin price shocked investors as it plunged 20% to a 6-month low, but data shows derivatives played a marginal role in the correction. After a brief recovery to $41,000 on June 14, Bitcoin ( BTC ) investors might have thought that the bear market was finally over. After all, it was the highest level since May 21 and the date that MicroStrategy (MSTR) announced a successful $500 million debt offering .  The funds are usually available in one or two business days, and the proceeds would be used to acquire even more Bitcoin for the business intelligence company's balance sheet. MicroStrategy followed this fund-raise with another surprise filing to sell up to $1 billion of its stock to buy even more Bitcoin . However, a 30% drop took place over the following week, causing Bitcoin to reach its lowest level since January 22. The $28,800 bottom might have lasted less than fifteen minutes, but the bear sentiment was already established. The sell-off was largely attributed to Chinese...
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Remembering John McAfee: computer programmer and crypto evangelist dead at 75

Many may remember McAfee for being unapologetically outspoken for his thoughts on government overreach and a unique character in the crypto space. According to a Wednesday report from Spanish international news agency EFE, John McAfee has  been found dead in his prison cell at the Brians 2 Penitentiary Center. Born in 1945, McAfee founded the software company McAfee Associates in his early forties. His company was responsible for one of the most well known antivirus software programs at the time. He resigned from the company in 1994, and went on to found software firm Tribal Voice — behind one of the internet’s first instant message and chat programs — as well technology company QuorumEx and security and privacy company Future Tense Central. The U.S. government had been seeking McAfee’s extradition for charges including failing to submit tax returns from 2014 to 2018 and allegedly not reporting income related to pushing crypto projects and consulting work. He had been detained...
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Lloyds Auctions Australia Sells a Pricey Caravan for Cryptocurrency

Australia’s Lloyds Auctions now accepts major cryptocurrencies for any of the items offered on its marketplace. Within hours of the announcement, the auction house managed to sell an expensive caravan (camper/trailer) to a bidder who was happy to pay the full price with digital coins. Australian Auction House Lloyds Auctions Accepts Crypto From Bidders Against a backdrop of volatile crypto markets in the past days and weeks, investors have been on the lookout for ways to cash out profits or transfer some of their wealth elsewhere. Lloyds Auctions, a leading auction house in Australia, has spotted an opportunity to attract some of these funds, offering bidders the chance to pay with cryptocurrencies such as bitcoin ( BTC ) and ethereum ( ETH ). Mere hours after opening the alternative payment option, Lloyds Auctions was able to sell a $75,000 custom-built caravan for crypto. “As a long-time patron of Lloyds I had no hesitation and couldn’t believe how simple it was for me to pay...
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NFT marketplace Rarible closes $14M fundraising round led by CoinFund

Rarible said it will use the funds to hire new team members, and announced the launch of a marketplace on the Flow blockchain. Major venture capital firms responsible for crypto investments have led the latest $14.2 million fundraising round for Rarible, the online marketplace behind many nonfungible token listings. In a Wednesday announcement, Rarible said crypto investment group Coinfund and Venrock — the venture capital arm of the Rockefeller family — had led a $14.2 million Series A fundraising round for the nonfungible token, or NFT, platform. Rarible said it will use the funds to hire new team members. Other participants in the fundraising round include 01 Advisors. In addition, Rarible said it would be launching an NFT marketplace on the Flow blockchain , with users able to mint NFTs while listing them on Rarible. The platform announced it had partnered with artists and creators including Maxim, Ghostface, Johnny Nunez, and Xeo Chu to release NFTs. “Flow has a fantastic tra...
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Price analysis 6/23: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

The swift rebound in Bitcoin and altcoins indicates strong accumulation occurring at lower levels. Bitcoin ( BTC ) dropped below $30,000 on June 22, which may be a final sign of capitulation. Data from Skew suggests that if Bitcoin’s price does not recover sharply in the next few days, the decline in the current quarter could be the second-worst quarter since 2014. Bull and bear phases are part and parcel of every asset class. All the legacy markets have witnessed several bear phases with massive drawdowns in the past. However, after the bear phase ends, a new bull market begins and long-term investors are usually rewarded with strong gains. The crypto markets are presently witnessing a similar bear market correction. Daily cryptocurrency market performance. Source: Coin360 Every bear market is caused due to events that create fear and panic among market participants. However, unless the long-term fundamentals change, the smart investor should use the corrections to buy. Glas...
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