Two weeks after Binance initially pledged to develop a proof-of-reserve (PoR) mechanism in response to the FTX liquidity and bankruptcy fiasco, it published its official response. In an announcement on the Binance website, the exchange outlined how users can use the mechanism to verify its holdings. Currently, the only token available to verify through the Merkle Tree-based
Month: November 2022
Bitcoin (BTC) has been trading near $16,500 since Nov. 23, recovering from a dip to $15,500 as investors feared the imminent insolvency of Genesis Global, a cryptocurrency lending and trending company. Genesis stated on Nov. 16 that it would “temporarily suspend redemptions and new loan originations in the lending business.” After causing initial mayhem in
The Monetary Authority of Singapore (MAS), the regulator overseeing the crypto sector, has defended the action it took against crypto exchange Binance and not the collapsed crypto platform FTX. The central bank also warned that cryptocurrencies are “highly volatile and many of them have lost all value.” Singapore’s Central Bank Clarifies Its Stance on Binance
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The prolonged crypto winter aided by the collapse of FTX has kept investors from backing a new protocol that merges DeFi and the foreign exchange market. A new Cosmos
FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived at the conclusion after comparing FTX’s fall to that of Mt. Gox. Another calming
The cryptocurrency sector is the Wild Wild West in comparison to traditional finance, yet a number of banks are showing interest in digital assets and decentralized finance (DeFi). This year in particular has been notable for banks exploring digital assets. Most recently, JPMorgan demonstrated how DeFi can be used to improve cross-border transactions. This came
Despite the market downturn and the widespread negative sentiment in the industry in the wake of the FTX collapse, on-chain data still show reasons to be bullish on Bitcoin (BTC). As pointed out by on-chain analyst Will Clemente, it’s enough to look at the positions of long-term holders, which reached an all-time high despite their
The crypto market has witnessed a turbulent few weeks after the FTX collapse but Lido Finance, a liquid staking protocol, has been a bright spot amidst the chaos. According to Data from DeFiLlama, Lido protocol has earned $1 million or more in fees daily since October 26. Lido fees and revenue over time. Lido has
Crypto users have been complaining about a recent Consensys privacy policy update that says when Infura is leveraged as a remote procedure call (RPC) via Metamask, wallet and IP address data is collected. The news follows a similar decision the decentralized exchange (dex) platform Uniswap recently made concerning data collection. The dex platform’s operator, Uniswap
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The bankruptcy proceedings of cryptocurrency exchange FTX have revealed many new aspects of its unethical practices. The latest revelation around its stake in one of the smallest United States banks from rural Washington has raised fresh concerns about its operations and alleged misuse of banking loopholes. Farmington State Bank in Washington State, now renamed Moonstone,
Zero-knowledge (ZK)-Rollup tech company StarkWare has officially open-sourced its new programming language compiler, Cairo 1.0, which will soon be supported on Ethereum layer-2 scaling solution StarkNet in Q1 2023. The news was announced by StarkWare — the company behind StarkNet — in a Nov. 25 Twitter post. StarkWare’s roll-up technology and recursive proofs offer the
Bitcoin (BTC) exchanges may have just seen the largest exodus of user funds ever, data suggests. Data from on-chain analytics firm Glassnode shows that on Nov. 23, major exchanges were down almost 179,000 BTC in monthly withdrawals. Major exchanges see record BTC withdrawals With FTX contagion still in the air, exchange users have been busy
Matrixport, the cryptocurrency firm founded by Bitmain co-founder Wu Jihan, is in the process of raising $100 million in funding despite the ongoing crypto market crisis. Lead investors have already committed $50 million for Matrixport’s new funding round at a $1.5 billion valuation, Bloomberg reported on Nov. 25. The deal has yet to be finalized
South Korea’s largest crypto exchanges have announced they will delist WEMIX (WEMIX) — the native token of gaming company Wemade’s blockchain platform Wemix — alleging the firm provided “false information” in response to an investment warning it was issued. Bithumb, Upbeat, Coinone, Korbit and Gopax — which are part of a collective called the Digital
Tesla CEO and Twitter chief Elon Musk has clarified that Sam Bankman-Fried, former CEO of collapsed crypto exchange FTX, does not own any stake in Twitter. This followed an article published by a Bankman-Fried-backed publication suggesting that Musk took $100 million from the former FTX executive. Elon Musk on SBF’s Alleged Investment in Twitter Elon
First-time bear market? It’s also the first Bitcoin (BTC) bear market for Michael Saylor, one of the world’s biggest Bitcoin bulls. Executive chairman of one of the world’s largest pro-Bitcoin companies, Saylor took a moment out of his busy schedule at the Los Angeles Pacific Bitcoin conference to speak with Cointelegraph. Crucially, Saylor told Cointelegraph
The International Monetary Fund (IMF) is calling for increased regulation of Africa’s crypto markets, one of the fastest-growing markets in the world, the global institution blog reported on Nov. 22. Among the reasons why countries in the region should embrace regulation, the monetary fund cited the collapse of FTX and its ripple effect in cryptocurrencies
No matter if one analyzes Ether’s (ETH) longer-term or weekly time frame, there is little hope for bulls. Besides the negative 69% year-to-date performance, a descending channel has been pressuring the ETH price while offering resistance at $1,200. Ether/USD 4-hour price index. Source: TradingView Regulatory uncertainty continues to weigh down the sector. For example, Starling,
Former FTX CEO Sam Bankman-Fried has once again attracted the ire of the crypto community — this time over his slated appearance at an upcoming New York City conference on Nov. 30. Vocal members of Crypto Twitter have questioned why the former CEO of the now-bankrupt exchange continues to walk free, given the events over the
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