Coin Bureau Insider

2022-10-08 17:10:00

Open / Comment

2022-10-08 17:09:50 Hey Guys,

I'm sure you're all familiar with Circle, the issuer of the USDC stablecoin. However, I bet that only a few of you understand just how powerful this crypto company has become over the last couple years, and especially during the crypto bear market.

This is simply because stocks and cryptocurrencies are crashing because the Fed is raising interest rates. As it so happens, rising interest rates has resulted in Circle raking in roughly 100 million dollars of passive income per month on its USDC reserves.

Circle recently expanded its USDC stablecoins to 5 other smart contract cryptocurrencies, and is also in the process of releasing stablecoins denominated in other fiat currencies. At this rate, Circle could unironically become the most powerful company out there.

This is a video you cannot afford to miss! Open / Comment

2022-10-08 14:08:04 COIN BUREAU NEWSFLASH! – (08/10/22)
Here are some of today’s most important headlines:

India’s Central Bank To Launch Digital Rupee Pilot

The Reserve Bank of India, India’s central bank, reportedly released a 50-page CBDC concept note for the Digital Rupee yesterday. The concept note outlined the proposed features and reasoning behind the development of its central bank digital currency. RBI also stated that it will launch a pilot Digital Rupee program “soon.”

The concept note makes a distinction between retail and wholesale use cases for customers and bank-to-bank transfers and argues that both may be implemented. It also analyses other issuance models, including one in which the central bank would issue a wholesale CBDC based on accounts, while a third-party intermediary would administer the token-based consumer CBDC.

https://www.theblock.co/post/175519/indias-central-bank-to-launch-digital-rupee-pilot

Luna Foundation Guard: Distribution of Assets Is 'Not Possible at This Time'

Months after the Terra-LUNA crash, affected users are yet to receive the promised compensation. Yesterday, the Luna Foundation Guard (LFG), a fund devoted to the Terra ecosystem, stated that it was unable to give a schedule for the distribution of assets to users.

It cited “ongoing and threatened litigation” for its inability to distribute its remaining assets to UST users starting with the smallest HODLers. Prior to the market decline in May, the fund's reserves included more than $4 billion in assets; at the time of publication, this sum had fallen to about $105 million.

LFG stated,

“Distribution is not possible at this time. While these matters are outstanding, there can be no timeline established for resolution [...] We will not stop advocating for our ability to follow through on these initial plans, and those waiting will be the first to know of new developments.”

https://cointelegraph.com/news/distribution-of-assets-is-not-possible-at-this-time-says-luna-foundation-guard

Mt. Gox Creditors Need to Register with Exchanges By Next Year To Receive Lost Crypto

According to an announcement from Mt. Gox trustee Nobuaki Kobayashi, Mt. Gox creditors will have until Jan. 10, 2023, to register with the ‘MTGOX Online Rehabilitation Claim Filing System’ and create accounts on crypto exchanges to receive disbursements for their claims.

The memo further reads,

“If you do not complete the necessary Selection and Registration, you will not be able to receive any of the Repayments below, and you will need to bring the required documents to the MTGOX Co., Ltd. head office or other place designated by the Rehabilitation Trustee and receive Repayment in Japanese yen. If you are unable to receive such Repayment, the Repayment amount will be deposited with the Legal Affairs Bureau.”

https://www.theblock.co/post/175202/mt-gox-creditors-need-to-register-with-exchanges-next-year-to-receive-lost-crypto

Crypto Exchange “Huobi Global” to be Acquired by Hong Kong-based “About Capital”

According to a recent announcement by crypto exchange Huobi Global, a majority stake in the exchange is being purchased by Hong Kong-based investment company About Capital Management's M&A fund. The announcement stated that the exchange is plotting an international expansion and will receive an “injection of sufficient capital in margin and risk provision fund” under the new ownership.

https://www.coindesk.com/business/2022/10/07/crypto-exchange-huobi-global-to-be-acquired-by-about-capital/ Open / Comment

2022-10-07 14:10:03 Bob Summerwill, the executive director of a public charity supporting Ethereum Classic, tweeted that over “6 years of community work has been erased,” as a result of the repurposing. Ethereum Classic’s new Twitter handle now has less than 500 followers at the time of writing.

https://www.coindesk.com/business/2022/10/07/zcash-may-be-getting-spammed-but-the-blockchain-is-doing-just-fine-the-company-behind-it-says/ Open / Comment

2022-10-07 14:10:03 COIN BUREAU NEWSFLASH! – (07/10/22)
Here are some of today’s most important headlines:

BNB Chain Back Online After Suspension Due To A Cross-Chain Exploit

Yesterday, the BNB Smart Chain (BSC) was suspended after a cross-chain exploit that drained about $70-$80 million in crypto from the platform was discovered. $7 million of the total stolen crypto has already been frozen.

Changpeng Zhao, the founder and CEO of Binance stated,

“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologise for the inconvenience and will provide further updates accordingly.”

An update from the team published a few hours ago confirms that the BSC chain is back online. The tweet reads,

“BNB Smart Chain (BSC) is running ok from 20+ mins ago. The validators are confirming their status and the community infrastructure are upgrading as well.”

https://cointelegraph.com/news/bnb-chain-back-online-after-suspension-due-to-a-cross-chain-exploit

MakerDAO Invests $500 Million in Treasuries, Bonds

MakerDAO, the decentralised governance body behind DeFi lending platform ‘Maker’, is reportedly planning to reallocate $500 million of its stablecoin DAI collateral reserves into short-term US treasury bonds and investment-grade corporate bonds. According to a statement issued by the DAO, the move aims to diversify MakerDAO’s balance sheet, limit exposure to any one asset and expand revenue. As a part of the plan, the DAO approved a $1 million pilot transaction following an executive vote by Maker token holders on Wednesday.

https://www.bloomberg.com/news/articles/2022-10-06/defi-protocol-makerdao-puts-500-million-in-treasuries-corporates

South Korea Court Dismisses Arrest Warrant For Terraform Labs Employee Less Than 48 Hours After Issue

According to reports, Judge Hong Jin-Pyo of the Seoul Southern District Court has dismissed an arrest warrant that was issued for “Yu”- the head of general business operations at Terraform Labs. Interestingly, the dismissal of the arrest warrant came within 48 hours after it was issued.

The Judge reportedly stated that it was difficult to see the “necessity and significance” of arresting Yu as he had residence and family ties in the country and was also barred from leaving the country. The Judge also raised questions on whether LUNA definitively falls within the definition of a “security” under Korean law.

https://www.theblock.co/post/175340/south-korea-court-dismisses-arrest-warrant-for-terraform-labs-employee

EU Regulators Ban Cross-Border Payments from Russian Crypto Accounts

According to a statement released yesterday, the European Union (EU) has agreed on the eighth sanctions package against Russia due to its invasion of Ukraine. The new sanctions include a complete ban on cross-border crypto payments between Russians and the EU, including the prohibition of, “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.” This removes the earlier cap of €10,000 which was established in April. The new sanctions also include import bans summing up to €7 billion and the groundwork for implementing an oil price cap.

https://cointelegraph.com/news/eu-regulators-ban-cross-border-payments-from-russian-crypto-accounts

670K Follower ETH Classic Twitter Account Repurposed For the Ergo Platform

Ethereum Classic’s old Twitter handle which had over 670,000 followers has been repurposed by Cardano Founder Charles Hoskinson into a new community page for the Ergo community. The repurposing comes after a falling out between Hoskinson’s blockchain company Input Output Hong Kong (IOHK) and the Ethereum Classic community.

Hoskinson tweeted,

“Return? It's my account. As for return, I can't get back the millions of dollars of development we spent nor the years of time supporting a blockchain that didn't seem to want to do anything other than preserve a status quo. We'll call it even.” Open / Comment

2022-10-06 14:47:50 Livestream !!

It's that time of the week again!

Today at 6pm Dubai Time, 3pm UK time, 10am EST I will be going live on TikTok and Coin Bureau Clips.

Although the markets have been slow, the news definitely isn't. Join me then!

https://www.tiktok.com/@coinbureau

https://www.youtube.com/channel/UCR93yACeNzxMSk6Y1cHM2pw Open / Comment

2022-10-06 13:53:00 According to a recent report from blockchain analytics firm Chainalysis, there has been a significant decrease in the usage of cryptocurrency in Afghanistan due to the crackdown by the Taliban in recent times. The value of crypto received in the country has reportedly fallen down from a peak of more than $150 million in September 2021 to an average of less than $80,000 a month since November 2021 when the Taliban swept back to power.

The report states,

“The Taliban’s crackdown has had a massive chilling effect on the country’s crypto markets. Crypto dealers are left with three options: flee the country, cease operations, or risk arrest.”

https://www.bloomberg.com/news/articles/2022-10-05/the-taliban-crushed-afghanistan-s-crypto-market-study-says Open / Comment

2022-10-06 13:53:00 COIN BUREAU NEWSFLASH! – (06/10/22)
Here are some of today’s most important headlines:

Russia Blocks Access to OKX Website for Alleged Unreliable Financial Information

According to reports, Russia’s state media monitoring service Roskomnadzor has blocked access to the website of crypto exchange OKX at the request of the Prosecutor General’s Office. The agency stated that the ban was due to the dissemination of “unreliable socially significant information of a financial nature.”

The agency stated that the exchange published information related to the activities of financial pyramids, as well as information on the provision of financial services by persons who do not have the right to provide them under Russian law. However, Russian citizens can still access the website using VPNs, though OKX has advised against doing so due to risks of triggering security measures that may lead to account bans.

https://cointelegraph.com/news/russia-blocks-okx-website-for-alleged-unreliable-financial-information-reports

Three Arrows Capital's NFT Collection Set to Be Liquidated

Teneo, the business advisory firm leading Three Arrows Capital’s (3AC) bankruptcy proceedings, issued a statement yesterday confirming that it was behind the movement of 3AC’s Starry Night Capital NFT collection.

Teneo further stated that the transfer of NFTs was part of the liquidator's duty of identifying assets and maximising recoveries on behalf of all creditors. The firm also credited pseudonymous collector Vincent Van Dough for facilitating the transfer of the NFTs, by stating,

"We would like to make clear that VVD [pseudonymous NFT collector Vincent Van Dough] has cooperated with the JLs [Joint Liquidators] in an effort to protect the value of these assets for the benefit of all relevant stakeholders and has sought to ensure that no Starry Night Portfolio assets would be disposed of improperly, or without the sanction of the BVI Court if required."

https://decrypt.co/111317/three-arrows-capital-cryptopunks-starry-night-ethereum-nfts

The European Council Passes MiCA, EU’s Comprehensive Crypto Regulation

The European Council’s Permanent Representatives Committee has reportedly approved the full legal text of its landmark crypto legislation known as the Markets in Crypto Assets Regulation (MiCA).

The text is now being sent to the chair of the European Parliament Committee on Economic and Monetary Affairs for a final vote set to take place on October 10th. Once approved, MiCA will be formally adopted and will be enforceable as early as 2024. MiCA is a significant step forward in establishing rules governing how digital asset exchanges and other service providers must operate in EU member countries.

https://www.theblock.co/post/174994/the-european-council-passes-mica-eus-comprehensive-crypto-regulation

Asset Management Giant GoldenTree Discloses $5.2M Investment in SushiSwap

According to an announcement from asset management firm GoldenTree, the firm has invested about $5.2 million in the SushiSwap governance token, stating that the project has “incredible potential” and that it was "psyched to be more active in all things Sushi."

GoldenTree’s announcement reads,

"Although the community has certainly been through some tough challenges, we’ve been amazed at the resilience of both the core team and the community in the face of these speed bumps, as you all have continued to build and release top-tier products."

The firm also disclosed the wallet address that holds its Sushi governance tokens and outlined a number of possible improvements that the firm believes it can help the protocol achieve.

https://www.coindesk.com/business/2022/10/06/asset-management-giant-goldentree-discloses-52m-investment-in-sushiswap/

The Taliban Crushed Afghanistan’s Crypto Market, Study Says Open / Comment

2022-10-05 17:31:22

Open / Comment

2022-10-05 17:31:15 Hey Guys,

Every so often you come across something that sounds so crazy that it can't possibly be real. In this case what I came across was an individual carbon credit system that countries around the world have been researching and developing for over a decade.

Some of you may have heard about this because of the World Economic Forum, specifically the Davos summit during a panel featuring the president of Alibaba. It turns out an individual carbon credit system is not a Chinese style social credit system.
It is something much worse.

What you are going to see in this video might upset you, so I will underscore that what I discuss near the end of the video is mostly speculation. Individual carbon credit systems are still years away so we don't know what effects they could have.

Let's just say that the initial investigation suggests it could be the most terrifying thing the elites could possibly do.

Enjoy Open / Comment