Coin Bureau Insider

2022-08-29 13:29:19 COIN BUREAU NEWSFLASH! – (29/08/22)
Here are some of today’s most important headlines:

WSJ Report States 0.3% Fall in Asset Value Could Render Tether ‘Technically Insolvent’

According to a report published Saturday in Wall Street Journal, a 0.3% drop in the value of stablecoin issuer Tether’s reserve assets could “render Tether technically insolvent.”

The report, which is authored by Jean Eaglesham and Vicky Ge Huang, takes a dive into the state of Tether’s reserves and its long-awaited ‘audit’. The report stresses the importance of an audit by highlighting the murky nature of Tether’s reporting.

The report takes Tether’s reserve asset data on Aug. 25 (according to its website) to show that a thin cushion of equity could spark fears and lead to a bank run. The Aug 25 data shows that Tether’s $67.7 billion of reported assets outweighed its $67.5 billion of liabilities by just $191 million, which means that a 0.3% fall in assets could have rendered Tether technically insolvent.

https://www.wsj.com/articles/tether-says-audit-is-still-months-away-as-crypto-market-falters-11661568971

Ava Labs CEO Denies CryptoLeaks' Claims As 'Conspiracy Theory Nonsense'

The CEO of Ava Labs, Emin Gün Sirer, has denied the claims presented in a recent report published by crypto whistleblowing website CryptoLeaks.

The August 26 report published by CryptoLeaks accused Sirer of striking a deal with U.S. Attorney Kyle Roche of Roche Freedman LLP to sue Avalanche’s competitors and divert the attention of regulators away from the project. The report claims Roche was promised AVAX tokens and equity for doing so. The report showcased a few candid videos that outlined a few conversations to support the claim.

In response, Sirer tweeted,

“How could anyone believe something so ridiculous as the conspiracy theory nonsense on Cryptoleaks? We would never engage in the unlawful, unethical and just plain wrong behaviour claimed in these self-serving videos and inflammatory articles. Our tech & team speak for themselves.”

https://cointelegraph.com/news/ava-labs-ceo-denies-cryptoleaks-claims-as-conspiracy-theory-nonsense

MakerDAO Co-Founder Recommends DAI-USD Depegging To Limit Attack Surface

In a recent post published on the MakerDAO forum, MakerDAO co-founder Rune Christensen outlined the need to depeg the DAI stablecoin in order to prepare and protect the protocol and its users from unexpected regulatory crackdown.
The blog post comes as a result of the recent sanctions against Tornado Cash and the freezing of USDC stablecoins by Circle. Christensen stated,

“Physical crackdown against crypto can occur with no advance notice and with no possibility of recovery even for legitimate, innocent users. This violates two core assumptions that we used to understand RWA risk, making the authoritarian threat a lot more serious.”

“The only choice is then to limit attack surface by reducing RWA exposure to a maximum fixed percentage of the total collateral - this requires free floating away from USD.”

https://cointelegraph.com/news/makerdao-co-founder-recommends-dai-usd-depegging-to-limit-attack-surface

Singapore's Central Bank Plans to Restrict Retail Speculation in Crypto

The Monetary Authority of Singapore’s (MAS) managing director Ravi Menon stated that the MAS is considering restricting retail investors’ access to leverage and credit facilities in trading crypto.

The potential move is a part of the country’s efforts to foster the digital asset economy while eliminating excessive speculation on the assets. Menon noted that banning crypto access to retail investors is impossible due to the borderless nature of the asset and industry.

As a part of the efforts to foster Singapore’s digital asset economy, he highlighted MAS’s focus on actively promoting the digital asset ecosystem that encompasses the tokenisation of financial assets like cash and bonds, real assets like artwork and property, and intangible items like carbon credits and computing resources. Open / Comment

2022-08-28 17:43:28

Open / Comment

2022-08-28 17:43:22 Hey Guys,

The world has changed a lot over the last 2 years, and it looks like it's going to change a lot more in the coming years and beyond.

This is partially because of all the stuff that's been happening like the pandemic, supply chain issues, and the war in Ukraine, but it's also because of an intentional, coordinated effort by the folks over at the World Economic Forum.

I am of course talking about the 'Great Reset' which is not only not a conspiracy theory, but is actually a book that was written by WEF chairman Klaus Schwab and another long time WEF economist.

It's a blueprint for how to take advantage of the crises going on to 'build back better' and usher in the 'new normal' by '2030', you know, all those slogans you've been hearing everywhere?

It's really no coincidence, because over the years the WEF has been hyper focused on putting people into positions of power around the world through its 'Global Shapers' and 'Young Global Leaders' initiative which apparently boasts over 10 000 participants.

Many politicians you recognise or even support belong to these organisations, and it really makes you wonder where their allegiances lie.

That's why today I'm giving you my guide on how to resist the Great Reset using cryptocurrency, common sense, and a few tricks and technologies you may have never heard of before.

This might be one of the most important videos you ever watch, so be sure to stick around until the end! Open / Comment

2022-08-28 13:20:30 COIN BUREAU NEWSFLASH! – (28/08/22)
Here are some of today’s most important headlines:

BTC Price Falls Below $20K After Fed Chair's Speech

On Saturday, we saw BTC prices fall all the way down to $19,833 before slightly recovering back above the $20,000 mark at the time of writing. This is the first time since July 14 that BTC has breached the key $20,000 mark.

The negative price action seems to have been triggered by Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole economic symposium. Powell stated that the Federal Reserve is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation.

https://www.bloomberg.com/news/articles/2022-08-26/cryptocurrencies-drift-lower-as-bitcoin-settles-in-narrow-range

Grayscale Fields SEC’s Questions on Three Grayscale Crypto Trusts Being Potential ‘Securities’

According to recent regulatory filings of Grayscale spotted by CoinDesk, crypto asset manager Grayscale Investments LLC has been responding to questions from the U.S. Securities and Exchange Commission (SEC) about tokens from three of its cryptocurrency trusts being classified as potential ‘securities’.

The tokens in question are the native cryptocurrencies from the Stellar (XLM), Zcash (ZEC) and Horizen (ZEN) blockchains. The disclosures in the regulatory filing for the three tokens were as follows,

"The sponsor has been contacted by staff from the SEC’s Divisions of Corporation Finance and Enforcement concerning the sponsor’s securities law analysis of [XLM/ZEC/ZEN]. The sponsor is in the process of responding to the SEC staff."

https://www.coindesk.com/policy/2022/08/27/sec-questions-grayscales-legal-stance-on-stellar-zcash-and-horizen-crypto-trusts/

CoinSwitch Kuber CEO Says Company Is 'Fully Cooperating' With India's Enforcement Directorate

In a tweet published on Saturday, CoinSwitch Kuber co-founder and CEO Ashish Singhal stated that the firm is “fully cooperating” with India's Enforcement Directorate (ED). He also clarified that ED’s engagement with CoinSwitch Kuber was not related to money laundering as previously reported in news outlets.

Singhal states that ED’s engagement with the firm was related to the functioning of their crypto exchange. He pointed out recent regulatory developments around the world with regard to regulating crypto and India’s own endeavour on the same.

https://www.coindesk.com/business/2022/08/27/coinswitch-ceo-in-wake-of-searches-by-indian-authorities-says-the-crypto-exchange-is-fully-cooperating/

Antpool Won't Maintain Client Assets on Ethereum After the Merge Amid 'Risk of Censorship'

Bitmain-operated mining pool ‘Antpool’ has announced that it will not support client assets on the upcoming PoS Ethereum chain due to concerns regarding censorship in many countries.

It has instructed clients to add an ETH wallet address to their current account by September 3rd, in order to distribute the accumulated ETH assets in the mining pool. Antpool added that it will continue to provide Ethhash pool mining services for assets like ETC.

https://www.theblock.co/post/166115/antpool-wont-maintain-client-assets-on-ethereum-after-the-merge-amid-risk-of-censorship Open / Comment

2022-08-27 17:35:11

Open / Comment

2022-08-27 17:35:00 Hey Guys,

I know the crypto bear market has been brutal, but there are still many opportunities out there for short term and long term profits if you have the right tools. I recently came across a few that I've started using myself and last week, I also asked you to share some of your top picks.

We pulled together my list as well as your feedback to produce my latest video.

We decided to group all these tools into categories as I reckon being able to look at a crypto project or protocol from different angles is especially important during a bear market. Each of these tools has their own unique approach that should help give you an edge.

And yes, all of these crypto tools are free. A few of them offer paid subscriptions but I don't imagine most of you will need those. And no, I am not affiliated with any of these projects. I just went looking for the best crypto tools, and this is what I came up with!

Enjoy! Open / Comment

2022-08-27 12:58:47 COIN BUREAU NEWSFLASH! – (27/08/22)
Here are some of today’s most important headlines:

Cloud Host of 10% of Ethereum Nodes Prohibits Crypto Usage

In a reddit post, German Cloud service provider Hetzner, which hosts 10% of Ethereum nodes, stepped in on a discussion around running blockchain nodes, the firm reiterated that using its products for crypto mining and staking was against its terms of service.

It specifically addressed the use of the host for running Ethereum nodes, and stated that the restrictions will apply to both PoW and PoS blockchains. Hetzner is currently the second largest cloud host for the Ethereum network. This has prompted a discussion on the dangers faced by decentralised networks running on a centralised tech stack.

Hetzner stated,

“We are aware that there are many Ethereum users currently at Hetzner, and we have been internally discussing how we can best address this issue. If you, or any other potential customers are unsure about whether your use case will violate our ToS, please reach out to us.”

https://www.theblock.co/post/165976/host-of-10-of-ethereum-nodes-prohibits-crypto-usage-discussing-consequences

Wife of Arrested Tornado Cash Developer Denies Russia Secret Service Links

Ksenia Malik, the wife of Alexey Pertsev, the web developer detained in Amsterdam for connections to the Tornado Cash crypto mixing protocol, has denied her husband has ties to the Russian secret service following claims that he worked for a cybersecurity firm that the U.S. Treasury Department had blacklisted.

The allegations were made in a post by financial-crime analysts Kharon on Thursday. Malik denied the allegations stating,

“Alexey has never been associated with the FSB of the Russian Federation and similar organisations. We moved to the Netherlands in the hope of a quiet, stable and free life, which is unimaginable in military Russia.”

https://www.coindesk.com/policy/2022/08/26/wife-of-pertsev-arrested-tornado-cash-developer-denies-russia-secret-service-links/

Crypto Lending Platform Compound Rolls Out Fresh Upgrade for DeFi Users

Popular DeFi lending protocol Compound has successfully rolled out its new upgrade called ‘Comet’. The new version is said to have made the protocol more streamlined with several improvements.

Robert Leshner, the founder of Compound, announced the roll out in a blog post, stating

“Compound III is a streamlined version of the protocol, with an emphasis on security, capital efficiency, and user experience. Complexity wasn’t added — it was removed. What remains is the most effective tool for borrowers in DeFi,”

https://decrypt.co/108314/crypto-lending-platform-compound-rolls-out-fresh-upgrade-defi-users

Binance Froze $1M Corporate Account Due to Law Enforcement Request

In a tweet posted on Thursday, crypto exchange giant Binance confirmed that it froze access to a corporate account belonging to a Tezos Tool contributor called ‘Baking Bad’ due to a law enforcement request.

The account reportedly contains over $1 million worth of crypto. Baking Bad initially claimed that the exchange froze his account “without any explanations.” In response Binance stated,

“BakingBad is well aware of [Binance’s actions], as he was already advised of this multiple times and provided the LE contact form through our support chat system on 7/6, 7/12, and 7/22. Attempting to mislead the community in regards to your case will not change anything, unfortunately.”

https://cointelegraph.com/news/binance-froze-1m-corporate-account-due-to-law-enforcement-request Open / Comment

2022-08-26 14:04:02 https://cointelegraph.com/news/us-court-gives-voyager-green-light-to-pay-bonuses-to-key-employees Open / Comment

2022-08-26 14:04:02 COIN BUREAU NEWSFLASH! – (26/08/22)
Here are some of today’s most important headlines:

CoinSwitch Kuber Raided by Indian Authorities Over Alleged Forex Violations

A16z-backed Indian crypto exchange Coinswitch Kuber has been raided by India’s Enforcement Directorate (ED) over alleged violations of the country’s forex laws, according to a report from CoinDesk.

ED reportedly searched CoinSwitch’s offices as well as the residences of its directors and CEO Ashish Singhal. CoinDesk’s source who is an official at the Bangalore cell of the ED stated,

"We are looking into multiple possible contraventions under FEMA and other entities that are connected to it. Since we did not receive the desired cooperation, we have conducted searches on (residences) of directors, the CEO and the official premises"

https://www.coindesk.com/business/2022/08/25/crypto-exchange-coinswitch-kuber-searched-by-indian-authorities/

Snoop Dogg and Eminem to Perform Bored Apes Track at MTV’s Video Music Awards

According to an announcement, rap superstars Eminem and Snoop Dogg will be performing together their BAYC and metaverse-themed song "From The D 2 The LBC" at MTV's Video Music Awards on Sunday.

Their music video for “From the D 2 the LBC” came out two months ago and has had notabe success with 46 million views and a VMA nomination for “Best Hip-Hop” song. It features 2D animations of the Bored Ape NFTs owned by both artists.

According to a statement from Eminem’s press arm,

"Global rap icons Eminem and Snoop Dogg will transform the 'VMAs' stage for a first of its kind performance of 'From the D 2 The LBC' inside the world of the Otherside metaverse in partnership with Yuga Labs. This is the first metaverse inspired performance to ever grace an award show.”

https://decrypt.co/108264/snoop-dogg-and-eminem-to-bring-bored-ape-nfts-to-vmas-in-otherside-metaverse-performance

Afghan Authorities Shut Down 16 Crypto Exchanges in One Week

Following a nation-wide ban on cryptocurrencies in Afghanistan, the Afghanistan police force has reportedly shut down 16 crypto exchanges in the Herat province of western Afghanistan in the last week.

Sayed Shah Sa’adat, head of the counter-crime unit of Herat police stated,

“Da Afghanistan’s Bank (central bank) stated in a letter that digital currency trading has caused lots of problems and is scamming people, therefore they should be closed. We acted and arrested all the exchangers involved in the business and closed their shops.”

https://www.ariananews.af/police-close-crypto-currency-exchanges-in-herat/

Polygon Founder Sandeep Nailwal’s Crypto VC Firm Raises $50M Fund

Venture Capital firm ‘Symbolic Capital’ has reportedly raised $50 million for a new startup fund dedicated to Web3 companies that focus on “pioneering web3 applications.” The VC firm which launched in May was founded by Polygon founder Sandeep Nailwal and Cere Network founder Kenzi Wang.

Nailwal stated,

“We’re specifically focused on supporting founders from emerging markets that have often been passed over by traditional VC. Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders. Our mission with Symbolic is to empower the next generation of emerging founders who have historically been overlooked by the VC industry.”

https://www.theblock.co/post/165671/polygon-and-cere-network-founders-launch-50-million-web3-fund

US Court Approves Voyager’s Proposal To Pay $1.9 Million In Bonuses To Retain Employees

A US Federal Court has finally approved Voyager’s proposed ‘Key Employee Retention Plan’ (KERP) that sought to pay out bonuses amounting to $1.9 million towards retaining key employees in the company.

The proposal was initially opposed by the firm’s creditors. However, it seems a compromise has been reached between the firm and the committee of creditors to drop the opposition to the proposed KERP on certain conditions. One of those conditions is implementing operational cost-cutting strategies to save $4.6 million. Open / Comment

2022-08-25 19:19:40

Open / Comment