Posts in category: News

1. SEC Delays Decision on ARK 21 Shares Bitcoin ETF to Next Year

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the spot Bitcoin exchange-traded fund (ETF) application of Ark/21Shares and GlobalX. The decision has been postponed for the third time, and the SEC now has until early 2024 to make a final decision. This delay is seen as the SEC’s continued reluctance to approve a spot bitcoin ETF. The delay has been attributed to various factors, including the likely federal government shutdown.

2. 95% of Celsius Creditors Vote to Accept Restructuring Plan

More than 95% of creditors across all eligible classes voted to accept the restructuring plan proposed by Celsius. This acceptance is seen as a major milestone in the context of the bankruptcy proceedings. The plan will see funds returned to the creditors and equity distributed through a new company. Confirmation hearings for the plan are scheduled to begin on October 2, 2023.

3. Ben Armstrong spends night in jail with prowling, simple assault charges

Crypto influencer Ben “BitBoy” Armstrong was arrested and spent a night in jail on charges of loitering and simple assault. He was taken into custody while livestreaming outside a former associate’s house. Armstrong was released on bail after about 8 hours in jail. He was charged with “loitering/prowling” and “simple assault by placing another in fear,” with a bond amount of $2,600 along with $40 of fees.

4. Curve Founder Michael Egorov Repays All Debt on Aave

Michael Egorov, the founder of Curve Finance, has deposited 68 million CRV tokens, worth $35 million, to settle his entire debt position on the DeFi lending platform Aave. After depositing CRV, Egorov converted 10.77 million crvUSD to tether (USDT) to repay all of the debt on Aave. CRV is currently trading at 53 cents, having risen by 3.48% in the past 24 hours.

In August, Egorov raised $42 million through over-the-counter (OTC) sales of CRV tokens to pay off $80 million of on-chain debt. This came after a market-wide tumble in asset prices which put Egorov’s CRV positions on DeFi lenders dangerously close to liquidation. In the event of liquidation, Aave would have had to sell the CRV put up as collateral to the open market, which would have had a cascading effect due to a lack of liquidity. Now, Egorov has 253.67 million CRV tokens ($132.52 million) in collateral and $42 million in debt across four DeFi lenders.

5. Arbitrum Odyssey Relaunched With The First Week’s Tasks Are Now Available In GMX

The Arbitrum Odyssey campaign has been relaunched, and the first week’s tasks are now available in GMX. The campaign’s first task, hosted on GMX, kicked off on September 26 and will run until October 1. Participants are invited to undertake activities such as leveraged trading on the GMX V2 market and sharing GMX referral links across various social media platforms

6. Taiwan Implements Stricter Regulations, Bans Unregistered Foreign Crypto Exchanges from Operating

Taiwan’s Financial Supervisory Commission (FSC) has introduced a set of stringent rules, effectively banning unregistered foreign cryptocurrency exchanges from operating within the country. This action occurs as part of Taiwan’s commitment to enhancing investor protection and promoting responsible practices within the crypto industry. Foreign cryptocurrency firms seeking to operate in Taiwan or serve Taiwanese customers must always register with the regulator and demonstrate their adherence to anti-money laundering regulations.

7. Chinese Tech Giant Tencent Joins CBDC Interoperability Pilot

China’s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots. WeChatPay, along with its rival Alipay, has cornered some 15% of the Chinese payments market. But in recent years, Tencent has moved to align with the People’s Bank of China (PBoC)’s CBDC adoption drive.

Here is a brief explanation of the 7 most recent news in the crypto market:

What happened to Grayscale bitcoin ETF?

Grayscale Investments, a leading crypto investment firm, recently landed a huge victory in its legal tussle with the Securities and Exchange Commission (SEC). A federal appeals court ruled in favor of Grayscale and compelled the SEC to reevaluate its earlier denial of Grayscale’s proposal to convert its Bitcoin Trust, called GBTC, into an ETF. This judgement has sent ripples across the crypto industry, leading to an immediate surge in Bitcoin prices and offering hope for the approval of spot bitcoin ETFs in the U.S. However, Grayscale Investments CEO, Michael Sonnenshein, has expressed uncertainty about whether the company needs to refile its application with the United States Securities and Exchange Commission (SEC) to convert its GBTC product into a spot bitcoin ETF.

Three Altcoins That Could Crash in September

August was a busy month for the entire crypto market, with Bitcoin and Ethereum struggling to maintain a stable price. However Rollbit Coin (RLB), XDC Network (XDC) and TON showed up as possible losers of September.

Bitcoin Price Prediction: ETF Likelihood Rises; Robinhood Integration Curbs BTC Losses

Bitcoin maintained a trading level of $27,280 on Thursday, experiencing a slight decrease of less than 1%. The market’s momentum shifted due to a Robinhood integration.

Bitcoin Lightning Network Based Liquid Staking Protocol Stroom Network Raises $3.5M in Seed Round

Stroom Network, a Bitcoin Lightning Network based liquid staking protocol, has raised $3.5M in a seed round led by Greenfield, with participation from Lemniscap, No Limit Holdings, Cogitent Ventures, and others.

Chiliz Price Prediction 2023, 2024, 2025: Will CHZ Claim $0.1 Price Tag This Year?

Chiliz could claim a $0.1 price tag this year.

AMP Price Prediction 2023-2032: Is AMP a Good Investment?

AMP’s potential as an investment and provides price predictions for the years 2023-2032. AMP seeks to enable users to stake tokens without having to transfer them to a smart contract physically.

Binance to Delist BETH Trading Pairs, Shifts Focus to WBETH

Binance is delisting BETH trading pairs and adding WBETH to Simple Earn Flexible Products and Loans to improve staking services and user utility.

Bitcoin’s price fall

According to a recent article on Cointelegraph, there are several theories as to why Bitcoin’s price fell approximately 8% in a span of 10 minutes. Some of the theories raised include Elon Musk’s SpaceX reportedly selling its Bitcoin (BTC) holdings, the bankruptcy of a Chinese property giant, and fears of interest rate hikes. Another theory is that the drop could be due to a report that SpaceX may have offloaded some or all of its $373 million in Bitcoin holdings, which came from an Aug. 17 article from the Wall Street Journal. However, there appears to be no consensus as to why the markets suddenly dropped.

Crypto Controversy: Republican responsible for overseeing the SEC

Crypto Controversy: Republican lawmakers on the U.S. congressional committee responsible for overseeing the Securities and Exchange Commission grilled Gensler over Prometheum’s SEC Blessing.

Lybra Finance listing

OKX will list Lybra Finance ($LBR).

PayPal Will Pause Crypto Purchases In UK

PayPal has announced that due to the UK’s Financial Conduct Authority (FCA) coming up with new rules, it will come into effect on October 1, 2023.

Robert Kiyosaki Rejected WSJ Report

Robert Kiyosaki, an American entrepreneur, denied the Wall Street Journal’s (WJS) report about the strength and strong positioning of the US economy.

Assessing Bitcoin Ordinals

Assessing Bitcoin Ordinals’ crest and trough season since July: Here’s how Bitcoin Ordinals fared over the last month. At some point, activity on the network was quiet. Other times, it was not.

Gitcoin and Shell Partner to Leverage Blockchain for Climate Solutions

Gitcoin and Shell Partner to Leverage Blockchain for Climate Solutions: Gitcoin collaborates with Shell to incentivize renewable energy adoption using blockchain. The partnership includes funding for Climate Solutions.

PayPal has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. The stablecoin, PayPal USD (PYUSD), is fully backed by the US dollar and is “designed to reduce friction” for payments within virtual spaces and provide faster, cheaper transfers of money across borders. It will be available “soon” on Venmo, the popular payments app owned by PayPal.

PayPal’s entry into the stablecoin market is expected to boost confidence in the troubled industry and potentially open the doors for wider adoption of cryptocurrencies in everyday transactions. The launch of PayPal’s regulated stablecoin is considered a ‘watershed moment’ in the crypto space. The stablecoin, PayPal USD (PYUSD), is fully backed by the US dollar and is “designed to reduce friction” for payments within virtual spaces and provide faster, cheaper transfers of money across borders. It will be available “soon” on Venmo, the popular payments app owned by PayPal.

1. Cameron Winklevoss, the billionaire co-founder of the Gemini crypto platform, has put forth his “best and final offer” in the bankruptcy restructuring of digital asset lender Genesis.

2. BNY Mellon and Franklin Templeton have been appointed as co-chairs of the new Digital Assets Market Subcommittee by the US derivatives and commodities regulator.

3. Singapore has announced plans to impose a trust requirement on cryptocurrency exchanges in a bid to instill confidence in the cryptocurrency market and protect investors from potential losses.

4. Jinan, China, says all of its bus routes now accept digital yuan pay, and will incentivize adoption by granting discounts to central bank digital currency (CBDC)-paying passengers.

5. Surveys conducted in Canada and the UK demonstrate that skepticism towards central bank digital currencies (CBDCs) is prevalent across the globe.

6. Six Clovers unveils Versal Network for cross-border crypto payments in stablecoins and CBDCs.

7. Logan Paul is under fire: CryptoZoo NFT buyers are still waiting for refunds six months later.

DeFi platform Oasis.app has been rebranded to Summer.fi

Oasis.app is a DeFi platform that allows users to borrow, multiply, and earn on the assets they hold across multiple protocols. It has recently been rebranded to **Summer.fi**. The rebranding ushers in a new era for the team at Oasis.app, reflecting their growth from a frontend platform to a comprehensive multi-protocol DeFi ecosystem, offering access to a diverse range of products.

Summer.fi has launched a new user experience (UX), new products, and added support for more protocols. The name Summer.fi was chosen by the team to embody simplicity, vitality, and a friendly atmosphere. It epitomizes their core values, centered around providing users with a trusted and hassle-free entry point to deploy their capital in DeFi, regardless of market conditions.

BitGo’s pending acquisitions are on hold after scrapping Prime Trust purchase

BitGo is a cryptocurrency custodian that recently abandoned its proposed acquisition of Prime Trust. Following this decision, BitGo CEO Mike Belshe revealed that the company has several other investments in the works. In an interview with First Mover, Belshe stated: “We have pending acquisitions that I’m unable to announce at the moment, but I foresee consolidation taking place in this space over the next six months”.

The termination of BitGo’s acquisition of Prime Trust on June 22 raised speculations about the target company’s financial troubles. This decision comes after reaching a preliminary agreement earlier this month.

Nodeless, a non-KYC Bitcoin Lightning Processor, was tweeted about by Jack Dorsey

Nodeless is a non-KYC Bitcoin Lightning Processor that was recently tweeted about by Jack Dorsey. The platform makes it possible for merchants to accept Bitcoin Lightning payments without Know-Your-Customer requirements. In short, merchants can add the tool to their website to accept Bitcoin payments more easily, specifically over the Lightning Network, which offers cheaper and faster payments over Bitcoin.

Nodeless is “nodeless” in the sense that a merchant accepting payments doesn’t have to run their own Lightning node. Instead of a user running their own node, Nodeless’s node is the one passing on the payment. When a payment is sent to the merchant, it’s sent to Nodeless. Nodeless then immediately sends the payment to the merchant’s on-chain or Lightning address.

Binance is targeting the United Arab Emirates as a primary focus for its future operations

Binance, the world’s largest digital currency exchange, has shifted its primary focus to the United Arab Emirates (UAE) due to its crypto-friendly environment. Alex Chehade, the general manager of Binance Dubai, revealed in an interview with Cointelegraph that the UAE is a prime destination for crypto businesses seeking a clear path forward and noted its friendly stance toward digital assets.

Chehade stated that Binance identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3. They are trying to diversify away from fossil fuels and see crypto as a great driver for doing so. Ultimately, the clear crypto regulations in the UAE make the region attractive to exchanges like Binance, which is currently wrestling with legal disputes from regulators in the U.S., including the Securities and Exchange Commission, and the Commodities Futures Trading Commission.

WisdomTree exec says data sharing agreements are a “key part” of Bitcoin ETF applications

Jeremy Schwartz, Global Chief Investment Officer at WisdomTree, commented on cryptocurrency spot exchange-traded funds (ETFs) on June 26. During a CNBC interview, Schwartz said: “One of the things that recent [spot Bitcoin ETF] filings have in common … is that they are trying to have data sharing surveillance agreements between exchanges to help make the SEC comfortable with [the question of] price manipulation”.

The U.S. Securities and Exchange Commission (SEC) has rejected all spot cryptocurrency ETFs to date. However, the agency approved crypto futures ETFs starting in late 2021 beginning with ProShares’ offering, which went live on Oct. 19 that year.

The U.S. Securities and Exchange Commission (SEC) has rejected all spot cryptocurrency ETFs to date. However, the agency approved crypto futures ETFs starting in late 2021 beginning with ProShares’ offering, which went live on Oct. 19 that year.

The SEC has denied over a dozen bitcoin spot ETFs in the past year alone while approving several bitcoin future-based ETFs. Spot bitcoin ETFs trade based on the price of bitcoin itself, while futures-based ETFs trade based on the price of CME’s bitcoin futures product, which in turn is tied to an index.

Bitcoin has 4 days to reclaim $32,000 before the first half of 2023 in crypto comes to a close

There are about four days left to go before the first half of 2023 in crypto comes to a close, and with it the 6M Bitcoin candle. The high timeframe BTCUSD chart is close to forming a potential bullish reversal pattern, but is currently falling short of surpassing the trigger point.

XRP sellers may be back in the game after price rejection at a bearish order block sunk the cryptocurrency’s price

A good chunk of XRP’s bullish gains were erased, as price rejection at a bearish order block sunk the cryptocurrency’s price. Price rejection at the bearish order block halved week-long gains. Market sentiment inclined to sellers with 52.2% shorts advantage over longs.

Influencers in France could soon be banned from promoting cosmetic surgery on social media, with the government set to make it mandatory for them to label filtered images.

Under the potential new law, a photo or video that’s filtered or retouched must be declared so, while “all promotion for cosmetic surgery … as part of a paid partnership will be prohibited” (gambling or cryptocurrency paid partnerships will also be banned).

The government is seeking to “limit the destructive psychological effects” the practices have on social media users.

Breaches of the strict regulations, proposed by French Finance Minister Bruno Le Maire, could result in up to two years of jail and $32,515 (€30,000) in fines. Even worse (for them), offending influencers who are found guilty will not be allowed to use social media or continue their careers on the platforms.

Mr. Le Maire said there would be a “zero-tolerance approach” to anyone who does not respect the rules, which will be debated by France’s National Assembly from today.

In a press release, he said the country is the first European nation to create a comprehensive framework for regulating the influencer sector – with the law holding to account all French influencers, as well as those who live abroad but earn money from sponsoring products sold in France.

Mr. Le Maire on Monday told Franceinfo that the regulations were not a “fight” against influencers or a way to stigmatize them, but were a system to protect both them and consumers.

“Influencers must be subject to the same rules as those that apply to traditional media,” he said, saying the internet “is not the Wild West”.

It’s not the first time France has sought to increase transparency regarding the circulation of manipulated images. The nation passed a law in 2017 requiring any commercial photos that had been retouched to make a model’s body appear thinner or thicker to be labeled “photographie retouchée” (retouched photograph).

The idea came courtesy of France’s former health minister Marisol Touraine, who said at the time it was important to avoid the promotion of “inaccessible beauty ideals and to prevent anorexia among young people”.

Although the name of the extension suggests it is a legitimate ChatGPT extension, it is important to note that it is a fake extension designed to deceive users into downloading it. ChatGPT currently does not have an official extension.

This malicious extension was initially marketed as a tool to help businesses automate their customer service operations. However, the creators of the extension added a backdoor that allowed hackers to gain access to business accounts. The injected malicious code is designed to steal login credentials, which are then used to take control of the account.

Once attackers have taken control of the account, they can make unauthorized changes to the business’s Facebook page, post malicious content, and even access private messages. This can be highly damaging for businesses that rely heavily on Facebook for marketing and customer engagement.

It is important to note that browser extensions can pose a significant security risk if they are not properly vetted. This is because extensions have access to sensitive data such as browsing history, login credentials, and personal information. Malicious extensions can be used to steal this data or inject malicious code into websites.

In addition, many extensions are poorly coded and contain vulnerabilities that can be exploited by attackers. This can lead to a variety of security issues, including remote code execution, data exfiltration, and unauthorized access to user accounts.

To minimize the risk of a security breach, it is recommended that users only download extensions from reputable sources and carefully review the permissions requested by each extension. Users should also regularly review their list of installed extensions and remove any that are no longer needed or have not been updated in a long time.

Furthermore, businesses should have clear policies and procedures in place for the use of browser extensions, including guidelines for which extensions are allowed and how they should be vetted. This can help to ensure that all extensions used by employees are secure and pose minimal risk to the organization.

• Sheel Mohnot, a venture capitalist, and Amruta Godbole, a product lawyer, got engaged in August 2022.
• Soon after, the couple won a contest to have a wedding in the metaverse sponsored by Taco Bell.
• Take a look at their metaverse wedding and live reception afterwards at the “world’s most beautiful Taco Bell.”

Sheel Mohnot, a Silicon Valley venture capitalist who co-founded the firm Better Tomorrow Ventures, was looking for love.

During the pandemic, a mutual friend introduced him to Amruta Godbole, a lawyer at Instagram. Their first phone call in May 2020 was almost six hours long.

Soon after, they had a socially distanced date in Mohnot’s backyard. Cue a whirlwind romance in which they biked through Burning Man’s Black Rock City and spent an evening in a six-person Slovenian village — by August 2022, they were engaged.

Just weeks later, the couple saw an unexpected opportunity. Taco Bell was calling on prospective couples to apply to the brand’s “first-ever, virtual legal and metaverse wedding package.”

Mohnot said “it was perfect timing.”

Applicants were asked to submit a registration form and video detailing their unique love story. The prize would be a Web 3.0 wedding for “two die-hard enthusiasts to take their Taco Bell love to the next level,” the contest announcement promised.

Mohnot was eager to enter the contest because he had long had an affinity for Taco Bell. He said growing up in the US as a vegetarian in the late ’80s and ’90s “it was the only place that you could go for fast food,” so going out to eat became “kind of synonymous with Taco Bell.”

The couple also had a date early in their relationship at the oceanfront Taco Bell in Pacifica, California. “So it had meaning for us in that way, too,” Godbole said.

They submitted a video homage to Taco Bell before the contest’s deadline in early September 2022, and by October, they found out they had been selected out of more than 300 submissions.

In the video, Godbole mentioned that Taco Bell was one of the first things she and Mohnot had bonded over as vegetarians who loved Mexican food.

Mohnot put the final touch on the video when he cracked open a ring-shaped case — to reveal an actual wedding band — and earnestly asked, “Taco Bell — will you marry us?”

In the months leading up to the wedding, Godbole said they had planning sessions with Taco Bell’s team every few weeks. During those meetings they discussed everything from “the menu” (which was fully vegetarian, of course)…

to the construction of the wedding venue…

to customized metaverse outfits for their wedding guests, like a printed coat…

…or a flame-inspired dress.

They even shortlisted a few names for their emcee. The spot ultimately went to the actor Kal Penn, who starred in the Harold & Kumar series.

Mohnot said he rarely saw Indian-Americans on television when he was growing up, but Penn was one of the first actors in the community to make it to the big screen. “So it’s very special for me to have him,” Mohnot said.

Someone close to the couple, who was not on the metaverse broadcast, actually officiated the ceremony.

Wedding day was slated for February 24. The couple initially planned to be in the company of a few friends dressed in Snuggies. At the last minute though, Godbole put on a dress and Mohnot donned a sherwani, a traditional Indian long-sleeved coat.

The wedding drew viewers from across the world. Below, are the couple’s friends from San Francisco gathered together for a watch party.

Mohnot’s grandmother even tuned in from India. Approximately 1000 guests attended the wedding as avatars in Decentraland.

In traditional Indian weddings, the groom often arrives in a celebratory procession known as the baraat, accompanied by family members and live music. Mohnot chose to ride in on a purple elephant in his metaverse baraat.

Godbole then floated in wearing a custom designed pink lehenga— a traditional Indian outfit comprised of a cropped top, full-length skirt, and long scarf.

Once the couple took their places at the altar they exchanged vows. Their promises to one another ranged from silly to practical to romantic.

Mohnot promised Godbole that he would always help her look for her AirPods and keep her phone charged. He also vowed to “never let let our love become stale and to always keep everything spicy and exciting.”

Godbole, who was acknowledged as the better writer of the two, promised Mohnot that their married life would be “fun and romantic and more than a little weird, just like today.”

…officially husband and wife!

After the ceremony, guests proceeded to the reception hall which was decked out with a cheese fountain and towering Cinnabon Delights cake. Guests heard speeches from the couple’s friends and soon everyone’s avatar was twirling on the dance floor.

The day after, the couple gathered with friends and family at the Taco Bell in Pacifica for a live reception. Later this year, the couple will have a destination wedding near Mexico City.

The couple will also have receptions in Godbole’s hometown of Cleveland and Mohnot’s hometown of Pittsburgh.

Mohnot mentioned that the couple already had an event in India ahead of their metaverse wedding.

Amid so many celebrations Godbole said the Taco Bell metaverse wedding stands out not only as their legal wedding, but as an event that drew together loved ones from across the world. “We were definitely not planning to be married by now,” Godbole joked, “that was unexpected.”

Free-trade zones in the UAE are areas where entrepreneurs have 100% ownership of their businesses and have different regulatory frameworks and tax schemes.

Ras Al Khaimah, one of the United Arab Emirate’s (UAE) seven Emirates, is set to launch a free zone for digital and virtual asset companies as the country’s approach to the industry continues to attract global crypto players.

The RAK Digital Assets Oasis (RAK DAO) will be a “purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector.” Applications will open in the second quarter of 2023, the statement said.

The free zone will be dedicated to digital and virtual assets service providers in emerging technologies, such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps) and other Web3-related businesses.

“We are building the free zone of the future for companies of the future,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of the RAK International Corporate Centre, the operator of the new free zone. “As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world.”

Free zones or free-trade zones are areas where entrepreneurs have 100% ownership of their businesses and have their own tax schemes and regulatory frameworks, except for the UAE’s criminal law.

Drawing up the new free zone’s steps, Dubai-based crypto lawyer Irina Heaver thinks “RAK DAO will start with non-financial activities first, then may introduce the financial activities at a later stage.” She added:

“[Entrepreneurs] won’t be able to launch a crypto exchange just yet, which is an ESCA-regulated financial activity.”

The Securities and Commodities Authority (SCA) is one of the UAE’s main financial regulators. According to the country’s latest federal-level virtual assets law, the SCA has authority throughout the Emirates, except for the financial free zones — the Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC) and others, which have their own financial regulators.

The new free zone adds to the more than 40 multidisciplinary free zones in the country that have attracted numerous crypto, blockchain and Web3 firms, including the Dubai Multi Commodities Centre (DMCC), DIFC and the ADGM.

The UAE has painted itself as a forward-thinking hub for crypto firms eyeing jurisdictions with friendlier regulations. In March 2022, Dubai unveiled its virtual assets law, along with the Virtual Asset Regulatory Authority, to protect investors and provide standards for the digital asset industry.

In September 2022, the Financial Services Regulatory Authority — the regulator of the ADGM — published guiding principles on its approach to regulating and overseeing the new asset class and its service providers.