In a joint effort, U.S. Senators Elizabeth Warren and Angus S. King, Jr. have raised concerns over the delay in implementing recently proposed tax reporting rules for cryptocurrency brokers. The senators addressed a letter to the U.S. Department of the Treasury and the Internal Revenue Service (IRS), highlighting their worries about the significant loss in
Real estate-backed stablecoin USDR recently faced a significant setback as it lost its peg to the U.S. dollar. The project team behind USDR, Tangible protocol, revealed that a rush of redemptions caused a draining of liquid assets, particularly Dai (DAI), from its treasury. USDR, a decentralized finance project that seeks to tokenize housing and other
The Ethereum staking protocol, Lido Finance, recently encountered a major setback involving 20 slashing events. These incidents were caused by various infrastructure and signer configuration issues from validators operated by Launchnodes. The slashing events occurred on October 11th, resulting in substantial financial losses and penalties for Lido Finance. In this article, we will delve into
The Ethereum network, renowned for its decentralized applications and smart contracts, has recently witnessed a decline in gas fees. On October 8, 2023, the average gas fee on the Ethereum network reached 8.8 Gwei, a level not seen since October 2, 2022. This decrease can be attributed to a reduction in user engagement across various
The Open Network (TON) Foundation, in partnership with Alibaba Cloud, has announced an ambitious plan to set up 256 servers for a performance testing event scheduled for October 31, 2023. The objective of this event is to establish the TON blockchain as the world’s fastest blockchain and earn accreditation from the Guinness World Records. This
The Federal Open Market Committee (FOMC) recently held a meeting reaffirming its dedication to raising interest rates. Despite the complex economic environment characterized by elevated inflation, slowing job gains, and solid GDP growth, the committee believes that at least one more increase is necessary in the near future. During the meeting, it became apparent that
Since September, Chainlink (LINK) has shown considerable price gains, outperforming major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Being the leading decentralized blockchain oracle solution, Chainlink currently holds the 15th position in terms of market capitalization, excluding stablecoins. However, despite its recent success, there are concerns about the project’s future and the possibility of
Bitstamp, one of the leading cryptocurrency exchanges, recently made a challenging announcement that it will be discontinuing its services to customers in Canada. The decision, which is scheduled to take effect on January 8, 2024, was not taken lightly by Bitstamp’s CEO, Bobby Zagotta. In a statement, Zagotta expressed the company’s gratitude towards its Canadian
Launchpad XYZ, a promising crypto startup, has successfully raised more than $1.88 million in its ongoing crypto presale. This achievement paves the way for the highly anticipated debut of its multifaceted web3 ecosystem in 2023. The platform aims to cater to a wide demographic, providing educational resources for newcomers and sophisticated trading tools for experienced
Cryptocurrencies have been a topic of much debate and scrutiny in recent years, with the U.S. Securities and Exchange Commission (SEC) at the forefront of regulating this emerging industry. In a recent court filing, the North American Securities Administrators Association (NASAA) expressed its support for the SEC’s legal actions against Coinbase, a leading cryptocurrency exchange.
In an ever-evolving crypto industry, it is crucial for startups to have a solid financial plan and a well-designed token economy. Recognizing this need, FinDaS, a prominent tokenomics consulting company, has recently launched three new products to assist crypto startups in their financial planning and tokenomics design. The first tool introduced by FinDaS is the
The recent SBF trial took an unexpected turn as Alameda Research CEO, Caroline Ellison, took the stand and made shocking revelations about the company’s financial practices. In her testimony, Ellison confessed to committing fraud under SBF’s direction, admitting to diverting billions of dollars from FTX customer funds for failed investments and to pay off debts.
The rise of cryptocurrency trading has paved the way for innovative tools and platforms aiming to simplify the trading process. 3Commas, a well-known crypto trading bot, has emerged as a popular choice among investors worldwide. However, its popularity comes at a cost, making it an attractive target for malicious actors seeking to exploit vulnerabilities within
The cryptocurrency market experienced a significant event on Monday as the Ethereum price took a sharp downturn. This sudden drop was reportedly triggered by the Ethereum Foundation’s decision to sell coins, leading to a series of liquidation events that resulted in substantial losses for ETH traders. Within a day, on Tuesday, October 10, the Ethereum
In a significant development for the stablecoin market, Circle has recently announced its integration of USD Coin (USDC) natively on the Ethereum layer-2 scaling protocol Polygon. By taking advantage of Polygon’s scaling capabilities, Circle aims to provide users and developers with seamless access to USDC without the need for bridging to other blockchains. This article
Polygon’s native token (MATIC) has recently experienced significant challenges. Despite a 16.4% rally coinciding with the launch of Polygon 2.0 Goreli testnet, the resistance at $0.60 proved stronger than anticipated, resulting in a 10.6% decline. This decline was worsened by negative news regarding the departure of a key co-founder and weak activity in Polygon’s zero-knowledge
The Financial Conduct Authority (FCA) in the United Kingdom has recently imposed restrictions on Binance’s local partner, Rebuildingsociety.com. This move comes as the FCA aims to regulate and control unauthorized financial promotions. According to the regulator’s website, Rebuildingsociety.com, which is Binance’s affiliate in the UK, must revoke any previous approvals granted to unlicensed entities. The
The ongoing surge in on-chain cryptocurrency prices during Uptober continues to defy wider risk concerns in the crypto market. Despite the conflict between Israel and Hamas causing apprehension, the latest explosive token to gain attention is Snorlax token (SNOR), which has skyrocketed by over 500%. This surge follows a trend of pump-and-dump moon-shots in the
Chinese state-run newspaper, China Daily, has made a groundbreaking announcement that is set to revolutionize the country’s digital landscape. The newspaper has revealed its plans to establish its very own Metaverse and NFT platform, entering the world of blockchain-based digital assets. This strategic move highlights China’s recognition of the potential embedded in blockchain technology to
Elon Musk finds himself in a challenging situation as he attempts to contest the U.S. Securities and Exchange Commission’s (SEC) legal action against him. The SEC announced on October 5th that they are seeking to force Musk to comply with a subpoena and provide testimony regarding his acquisition of Twitter, now known as X. Despite
The vulnerability of cryptocurrency exchanges has once again been brought to the forefront as UPbit, a prominent South Korean exchange, revealed that it experienced a staggering 159,061 hacking attempts during the first half of this year. This data, shared by the exchange’s operator, Dunamu, with South Korean politician Rep. Park Seong-jung, highlights the escalating risks
ApeCoin (APE) experienced a significant reversal in the past week, with the cryptocurrency plummeting nearly 20%. The sharp selloff has caused APE to hover below its immediate support zone, raising concerns about further declines. The decline began after APE reached a local high of $1.288 on October 2 but faced rejection at the key reverse
The nonfungible token (NFT) platform OpenSea has recently found itself at the center of controversy following accusations made on social media. An anonymous account known as NFT Ethics tagged OpenSea in a thread on X (formerly Twitter), asking for a response to allegations regarding the company’s former head of ventures, Kevin Pawlak. The accusations claim
Bitcoin price is currently showing positive signs above the $27,450 zone. After a failed attempt to clear the $28,500 resistance zone, BTC experienced a downside correction and tested the $27,200 support level. However, it has now rebounded and is eyeing a fresh increase towards the resistance level. Bitcoin is currently holding gains and trading above
Yuga Labs, the well-known venture-capital-backed startup behind the Bored Ape Yacht Club and CryptoPunks NFT collections, recently announced a significant restructuring process. While the exact number of layoffs remains undisclosed, the impact will primarily be felt by the US-based teams. Nevertheless, the company will retain over 120 employees after the restructuring. The CEO, Daniel Alegre,
The US Consumer Financial Protection Bureau (CFPB) is taking steps to address the growing concerns surrounding consumer protections in the cryptocurrency market. Recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX have showcased the vulnerabilities within this industry. As a result, the CFPB is evaluating the application of the Electronic Fund Transfer Act
In the world of Bitcoin, whales hold significant power due to their ability to influence the market through large-volume transactions. These transactions are closely watched by investors and traders, as they have the potential to set off a chain reaction in the market. Recently, on-chain data revealed the awakening of a particular whale that had