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2022-10-14 11:45:04 Solana wipes out almost $1.5 billion in a week as network-related hacks mount

Decentralized finance (DeFi) asset Solana (SOL) is recording significant capital outflow, with the network facing various challenges, including hacks and system outages. The incidents appear to limit Solana’s potential to take over established platforms like Ethereum (ETH). October 13, Solana had a market cap of $10.6 billion, representing a drop of over $1.43 billion.

Although Solana’s sharp drop in market capitalization correlates with the general downturn in crypto markets, the asset is affected by the increasing related network exploits that have accelerated in recent months. The latest drop comes after Solana-based DeFi exchange Mango Markets was hit with an exploit of over $100 million. The incident saw the hackers manipulate price oracle data.

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2022-10-10 10:31:03 Public Bitcoin Miners Plan To Grow Hashrate 50% By End Of 2022

Data shows the public Bitcoin mining companies have plans to expand their hashrate by around 50% by the end of the year.As per a post from Arcane Research, the combined hashrate of these miners will reach around 80.7 EH/s by the end of 2022, if expansions go according to plan.

The “hashrate” is an indicator that measures the mining ability of any machine connected to the Bitcoin blockchain. The total network hashrate, therefore, signifies the total computing power pool currently online on the chain. Here is a chart that shows how the 7-day moving average value of this metric has changed over the past year.As you can see in the above graph, the Bitcoin mining hashrate has sharply surged up recently to about 249 EH/s, a new all-time high.

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2022-10-09 05:25:02 Huobi Founder Sells Bitcoin Exchange to Hong Kong Investment Firm

According to the post, an agreement has been reached between both parties that will leave “no impact on Huobi’s core operation and business management teams.” . Leon Li Lin, the Chinese founder of Seychelles-based crypto exchange Huobi Global, is selling his controlling stake to a Hong Kong investment firm.

About Capital says in Huobi's blog post that under its control, Huobi “will embrace a series of new international brand promotion and business expansion initiatives including a global strategic advisory board led by leading industry figures, the injection of sufficient capital in margin and risk provision fund, as well as measures to further enhance competitiveness.” . Huobi and that FTX CEO Sam Bankman-Fried and Tron CEO Justin Sun were reportedly having “preliminary talks” with him.

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2022-10-08 05:18:02 Mt. Gox Bitcoin Exchange Creditors Can Now Register To Select a Repayment Method

The Mt. Gox Bitcoin exchange rehabilitation system has released a new function that allows creditors to select a repayment method and register payee information. The Mt. Gox rehabilitation system now has a new function in the creditor repayment process, according to a notice published on Oct. 6.

Creditors will have to make note of several explanatory materials, as described in the notice. These include a notice concerning the amendment of the rehabilitation plan and acquisition of permission regarding payments, information on the financial situation of the failed Mt. Gox Bitcoin exchange, the income and expenditure statement, and a guide to the selection of a crypto exchange or custodian. To register on the system, creditors will have to log on and carry out the selection and registration themselves.

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2022-10-07 05:07:02 MakerDAO to Move $500 Million Into U.S. Treasuries and Bonds

Like other stablecoins issuers, the DAO is transitioning its reserves towards reliable government debt. The decentralized stablecoin protocol MakerDAO has committed to converting $500 Million of its DAI reserves into bonds and U.S. treasuries. This marks the decentralized autonomous organization (DAO)’s the first investment.

As MakerDAO explained over Twitter, MKR holders voted to deploy its peg stability module’s USDC on liquid bonds, using its recently created real-world asset Maker Vault. Only 1 million DAI worth of collateral has been deployed thus far, with the remainder requiring more executive votes to reach the newly established 500 million DAI debt ceiling. Likewise, Circle and Paxos – custodians of USDC and BUSD respectively – revealed in July that their reserves are solely backed by either cash or U.S. government debt.

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2022-10-06 11:58:02 Coinbase Incorporates in Australia, Expands Offerings for Retail Customers

America’s largest crypto exchange Coinbase has announced the expansion of its services to retail customers in Australia, making it easier to buy, sell, and trade digital assets. Coinbase, which first entered the Australian market in 2016, allowing local customers to buy Bitcoin and Ethereum, said it will be introducing PayID.

PayID is a payments infrastructure built by the Australian financial services sector and the Reserve Bank of Australia, which allows people to link a mobile number or an email address to a bank account to receive payments. Additionally, Coinbase is rolling out Retail Advanced Trading—a new tool that will give Australian-registered customers access to powerful trading tools with one unified balance, as well as 24/7 chat support. According to the exchange, “Australia is a hotbed of fintech innovation,”.

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2022-10-05 06:52:02 FTX's head of OTC and institutional sales has quietly left the firm

Crypto exchange giant FTX's head of over-the-counter and institutional sales, Jonathan Cheesman, is no longer working for the company, two sources with knowledge of the matter told The Block. Cheesman joined FTX in May 2021 and was tasked with bringing traditional financial institutions into crypto markets, having previously worked at HSBC, Goldman Sachs and Barclays.

Cheesman also headed Access, FTX's investor advisory services unit. An FTX-related account on Twitter that he set up hasn't been active since August. The exchange said through a spokesperson that it won't be hiring a replacement for Cheesman, saying it has a full team in place to handle the role. Cheesman has returned to his own firm JCi Advisory Ltd , which he set up last year before joining FTX, one of the two sources said. The source said that FTX is also a client of the advisory firm, among others.

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2022-10-04 06:57:02 Genesis is no longer acting as an authorized participant for Grayscale's crypto trust products

Genesis will no longer be responsible for issuing new shares of its crypto fund products as Grayscale will bring the function in-house, serving as an authorized participant for the products via a new entity, Grayscale Securities, according to a new regulatory filing with the Securities and Exchange Commission.

Grayscale Securities, a registered broker-dealer with the SEC and FINRA member, will serve as the only authorized participant. Genesis will continue to serve as a liquidity provider, sourcing cryptocurrency holdings for the trusts. The transition — which is effective October 3 — comes amid a flurry of exits from Genesis in the wake of the meltdown of crypto hedge fund Three Arrows Capital, against which Genesis filed a $1.3 billion claim. The broker said in August that it cut 20% of its workforce.

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2022-10-03 05:43:02 Crypto lender Celsius not seeking payments for outstanding loans

Bankrupt crypto lender Celsius Network said on Friday it is not seeking to enforce payment obligations for outstanding loans during its Chapter 11 proceedings and that borrowers do not need to repay such loans. New Jersey-based Celsius said no interest or penalties will be assessed post loan maturity, in a filing at the U.S. Bankruptcy.

In a court filing at the U.S. Bankruptcy Court for Southern District of New York, Celsius estimated its assets and liabilities as between $1 billion to $10 billion, with more than 100,000 creditors. The company has $167 million in cash on hand. Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. They lent out tokens to mostly institutional investors, making a profit from the difference.

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2022-10-02 11:56:02 Binance Officially Launches Crypto Exchange in New Zealand Following Regulatory Approval

Binance has officially launched a cryptocurrency exchange in New Zealand after successfully registering with the country’s financial regulator. “We see significant value in having a serious New Zealand presence,” said Binance CEO Changpeng Zhao (CZ). Binance CEO Changpeng Zhao (CZ) commented: “A lot of major tech firms are slow to open a New Zealand office.

Binance has been expanding globally, including in Dubai, Kazakhstan, Romania, Spain, Brazil, Italy, and France. The company is also reportedly trying to reenter the Japanese crypto market after exiting it four years ago. Meanwhile, the crypto exchange is seeing a record increase in the number of Indian users after the government started imposing a new crypto tax. The company has made regulatory compliance one of its top priorities. Last week, Binance created a global advisory board to tackle regulatory challenges.

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