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2022-05-24 11:02:53 ​​FTX reportedly shopping for brokerages in preparation for stock trading

Amid its plans to roll out stock trading services, FTX has reportedly met with at least three brokerage start-ups over the past few months regarding potential acquisitions.

Crypto derivatives exchange and NFT platform FTX is reportedly in the market for brokerage start-ups as part of its recently announced plans to expand support to stock trading.

The firm announced last Thursday that its U.S.-based subsidiary FTX.US will be launching zero-commission stock trading via its app, and will allow users to fund their accounts with fiat-backed stablecoins.

According to a May 23 report from CNBC — who cited sources that “asked not to be named because the deal talks were confidential” — the firm has held private meetings with at least three brokerage startups over the past few months regarding potential acquisitions.

Three companies named specifically were Webull, Apex Clearing, and Public.com. All parties along with FTX have not yet provided comments on the rumors.

All the firms are registered with the Financial Industry Regulatory Authority (FINRA) and are members of the Securities Investor Protection Corporation (SIPC), suggesting they are on favorable terms with hawk-eyed government bodies such as the Securities and Exchange Commission (SEC).

FINRA registered firms can trade stocks on their client's behalf and are also permitted to give out investment advice while being a member of the SIPC means that investors are protected financially if the firm fails.

At this stage, it is unclear if FTX is looking primarily at start-up companies to support its stock-focused initiatives, or if the company also has eyes on larger acquisitions long term.

Earlier this month speculation of such started to swirl after FTX founder and CEO Sam Bankman-Fried (SBF) submitted a filing to the SEC showing that he had upped his stake in popular retail trading platform Robinhood to 7.6% for around $648.2 million in late April.

The current market cap of Robinhood (HOOD) stands at roughly $8.4 billion according to Yahoo Finance, suggesting FTX would need to allocate a hefty amount of capital if it were to acquire the firm.

Having said that, SBF has outlined in the past that ambitious acquisitions on the scale of Goldman Sachs “is not out of the question” for FTX if it continues on a strong upward growth trajectory. Open / Comment

2022-05-19 12:50:32 DeFi-ing exploits: New Chainalysis tool tracks stolen crypto across multiple chains

Blockchain analytics firm Chainalysis introduced a new tool to help monitor transactions and tokens across DeFi protocols and multiple blockchains.

Blockchain analytics firm Chainalysis has released a new tool to track transactions across Decentralized Finance protocols and multiple blockchains.

Chainalysis launched a beta version of its Storyline software on May 18. Touted as a “Web3-native blockchain analysis tool,” Storyline aims to track and visualize smart contract transactions with a focus on nonfungible tokens (NFTs) and DeFi platforms. This is in line with the growing popularity and prevalence of NFTs and DeFi in the cryptocurrency space over the past year.

Chainalysis provides blockchain analysis and annual reports on cryptocurrency crime trends and other analytics. The ever-changing landscape has seen DeFi and NFTs become important cogs in the ecosystem, with Chainalysis estimating the two sectors account for more than half of global cryptocurrency transactions.

An unfortunate downside of this evolution is the increasing amount of cryptocurrency-based crimes making use of the industry-changing protocols. 2021 saw DeFi protocols process an increasing amount of value from illicit addresses while hackers also began to target these platforms in efforts to exploit and steal funds.

The amount cannot be understated either, with the Chainalysis estimating that DeFi protocols account for 97% of the $1.68 billion worth of cryptocurrency stolen in 2022. The firm also noted that a major percentage of DeFi hacks were carried out by North Korean hacking groups last year.

The challenge for cryptocurrency exchanges, DeFi protocols and investigators is tracking illicit transactions through DeFi protocols. The nature of these platforms is complex, with automated smart contracts creating complex transactions, often across multiple blockchains.

A key function of DeFi protocols is the ability to ‘chain-hop’, giving users the ability to exchange or move cryptocurrencies in a single transaction. The process of purchasing an NFT also involves a number of moving parts, including different smart contracts across different marketplaces.

Storyline will enable users to build their own ‘story’ of a transaction pathway starting with a transaction hash. From there, a timeline can be built with notable transactions and interactions of tokens.

An automated feature allows the software to interpret smart contracts and label common transaction types like NFT acquisitions or token swaps. Users can add related transactions and relevant addresses across blockchains which can help monitor specific addresses, tokens and transactions. Open / Comment

2022-05-17 13:35:27 ​​NEAR developers to get seamless Web3 app deployment with Pocket Network

According to Pocket Network, the latest integration with NEAR allows native developers to deploy their applications on other supported blockchains, including Ethereum, Solana, Polygon and more.

Pocket Network, a relay infrastructure middleware protocol, announced a service integration to improve the network bandwidth of NEAR blockchain while enabling faster deployment times for Web3 developers.

According to Pocket Network, the latest integration with NEAR allows native developers to deploy their applications on other supported blockchains, including Ethereum, Solana, Fuse, Avalanche, Harmony and Polygon. In addition, by having integrations with multiple blockchains, NEAR developers can overcome concerns regarding single points of failure due to bottlenecks or other service disruptions.

Pocket Network aims to accomplish 100% up-time for projects via a globally distributed network of over 47,000 full nodes that service Web3 applications across 46 blockchains.

Pocket Network aims to bring about revenue generation opportunities for full-node operators by offering payments in its in-house token Pocket Network (POKT) for servicing traffic across the network. “It’s a win-win-win scenario for NEAR apps, NEAR nodes and the Pocket Network protocol,” noted Michael O’Rourke, co-founder and CEO of Pocket Network.

With Pocket Network’s integration autonomously allocating bandwidth and relays, the NEAR ecosystem is expected to witness reduced friction when connecting decentralized applications (DApps) via Pocket Portal, a layer-2 product on top of the Pocket Network protocol. Speaking on the development, Cameron Dennis, head of ecosystems at NEAR Foundation stated:

“I’m thrilled NEAR developers will now have the opportunity to choose between Pocket Network’s decentralized network of RPC endpoints and other centralized solutions.”

In an attempt to revive Terra’s fallen developer community, numerous popular blockchains including Polygon and Fantom offered a helping hand in assisting them to migrate their services to other chains. Open / Comment

2022-05-12 11:46:52 ​​Doge gets more love on Twitter and Ethereum gets more hate: Data analysis

Sentiment analysis run across a year’s worth of tweets has found that Ethereum is Twitter’s least favorite cryptocurrency of five studied, while Dogecoin received the most affection.

Ethereum has taken out the top spot on Twitter as the most hated of five cryptocurrencies studied, while the meme-token Dogecoin is the most liked.

The findings emerged from a new report by TRG Datacenters that analyzed a year's worth of tweets between Jan. 2021 to Jan. 2022, concerning five of the most popular cryptocurrencies to figure out which digital assets were the most emotionally stirring on Twitter.

According to the analysis — which looked at Bitcoin (BTC), Cardano (ADA), Dogecoin (DOGE), Ethereum (ETH) and Litecoin (LTC) — Ethereum was firmly the most negatively associated with 29% of all tweets containing a negative sentiment. (The decision not to include Ripple, which has ardent fans but also very passionate critics, probably makes the study less comprehensive than it should have been.)

The bulk of the criticism leveled at Ethereum concerned its speed compared to other Layer 1 alternatives, as well as its energy costs. Peak Ethereum negativity from Crypto Twitter occurred when a bug caused Ethereum to briefly split into two chains in late Aug. 2021.

Bitcoin was the second-most hated on Twitter with a 27% total negativity score. Cardano followed a distant third with a 16% negative association, while Litecoin sat in fourth place with just 8% of all tweets having a negative angle.

The report collected data in such a way that negative sentiment tweets were analyzed based on the inclusion of the following phrases and the name of each cryptocurrency; "Hate," "is a scam," "disappointed with" / "disappointed," "dip in," "bad," "lost money with"/ "loss on."

Dogecoin was the crowd favorite on the social media platform, with just 6% of all tweets concerning the popular memecoin containing some form of unfavorable sentiment. This means that 94% of all tweets concerning DOGE contain a positive slant, displaying the strength and cohesiveness of the token's community on Crypto Twitter.

Dogecoin’s popularity was closely linked to the token’s healthy relationship with the social media platform’s new owner, Elon Musk. Musk’s public decision to accept DOGE as payment for Tesla merchandise drove sentiment to all-time-highs.

Chris Hinkle, the Chief Technology Officer at TRG Datacenters drew attention to the different types of influence that Twitter has on the price of crypto assets. Open / Comment

2022-05-09 12:56:53 ​​From smart insurance to on-chain document verification: Here’s how NEAR aims to improve Kenya

NEAR Foundation backs Kenya-based blockchain community Sankore to educate and train blockchain developers and analysts to support the growth of local projects.

Kenya-based blockchain community Sankore has partnered with Swiss nonprofit NEAR Foundation to launch a regional hub that aims to develop talent within the region and build projects that aim to improve the local ecosystem.

Sankore supports projects like Kilimo Shwari, which is a blockchain-based insurance program that helps farmers deal with natural disasters. Apart from this, the firm also supports Ledja, a project which focuses on combating fraudulent documentation within Africa by using NEAR Protocol for document verification.

The partnership will further these initiatives by developing talent within the region through its workshops. Kevin Imani, the founder of Sankore, said that they are “thrilled to be working with NEAR to educate and nurture talented individuals” and support their journeys to become blockchain developers.

Sankore also runs meetups, where they educate younger Kenyans about Web3. This will also also be supported by the partnership with NEAR. As the hub becomes formalized, its educational arm has also already tied up with local universities and currently has 84 students and six graduates who were certified as developers through NEAR workshops.

Marieke Flament, CEO of NEAR Foundation, said that they are also “excited by the potential avenues throughout Africa for blockchain solutions.” Flament mentioned that the partnership gives the firm an opportunity to find and partner with talents within the region.

Back in February, the Central Bank of Kenya (CBK) sought the input of the public on the development of a central bank digital currency (CBDC). They published a discussion paper that aims to get input on potential pros and cons and regulatory challenges surrounding the introduction of a CBDC in Kenya.

In other parts of Africa, blockchain and crypto adoption have made progress. In April, the Central African Republic (CAR) adopted Bitcoin as a legal tender. This means that the citizens of the CAR can use Bitcoin (BTC) for their transactions in addition to the Central African CFA franc. Open / Comment

2022-05-06 12:25:14 Did someone say "Collectible NFTs for everyone"?

World of Defish announces #MainFishChallenge with a guaranteed prize for participants!

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• Unique Collection with 6 NFT Fishes of each rarity and 10 Stars quality
• $WOD merch - sweatshirt with game logo

How to take part:
• Check the details - click

World of Defish:
It's a Multiverse playground for NFT-gaming experience. We inspire to give our users a journey to the most beautiful and mysterious places to hunt for collectible NFT fish. It is a futuristic world with endless factions. Players can upgrade their equipment, improve their skills, buy territories, compete with other players, trade on the marketplace.

Learn more:
TG | TG Ann | Discord | Twitter | YouTube | Instagram | Medium

The sea is calling for you, Captain! Open / Comment

2022-05-06 11:41:41 ​​Ice Cube backs DOGE and an ‘incredible and historical’ transaction

Ice Cube said he is down with the “DogeArmy” after Bill Lee bought $625,000 worth of NFTs tied to the rappers’ BIG3 basketball league in DOGE.

Iconic rapper Ice Cube — also known as O’Shea Jackson Sr. — has jumped on the Dogecoin (DOGE) bandwagon with his endorsement of an “incredible and historical” DOGE transaction.

Cube’s entry into the wild world of Dogecoin is related to the BIG3 basketball league that he co-founded. The organization predominantly features former NBA stars in a three-on-three format as opposed to the regular five-on-five basketball games.

Last month, the BIG3 launched a new ownership model for the league, which consists of selling tokenized stakes in each of the 12 teams. There are 1000 nonfungible tokens (NFTs) in total allocated to each team, with 25 “Fire” NFTs worth $25,000 a pop and 975 “Gold” NFTs at $5,000 each.

On Wednesday, MyDoge wallet co-founder Bill Lee tweeted at Ice Cube saying “if ya dig DOGE, me and the DogeArmy will take one as well,” in reference to a previous post from Ice Cube announcing that Snoop Dogg was buying two teams.

Ice Cube then replied with “come on wit it Bill, you know i’m down with the DogeArmy.”

While it is unclear how “down” with the DogeArmy Ice Cube actually is, the BIG3 promptly fired out a press release on the same day announcing that Lee had purchased all 25 Fire NFTs for the “Aliens” team via DOGE.

The “incredible and historical” transaction, as described by Ice Cube, was worth $625,000, or roughly 4.86 million DOGE at the time of writing, with the BIG3 also calling it the “largest commercial transaction in history” of DOGE. Open / Comment

2022-05-02 12:30:26 Ethereum burning spikes to new high on Yuga Labs’ NFT hype

Otherdeed NFTs top the “burn leaderboard” over the past seven days at roughly 55,816 ETH, or 56% of all burns during that period.

The burning rate of Ethereum has spiked to new all-time high (ATH) levels following the heavily anticipated sale of tokenized land plots in Yuga Labs’ upcoming Metaverse project the “Otherside.”

Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC), sold 55,000 virtual land nonfungible tokens (NFTs) dubbed “Otherdeeds” on Sunday. The overwhelming demand for the tokens saw Ethereum gas fees shoot up so high that a handful of users paid as high as 2.6 Ether (ETH), or $7,400 at the time of writing, to 5 ETH, or $14,270, just to get their transactions through.

A base fee of ETH is burned during each transaction on the network following the implementation of the London hard fork, or EIP-1559 upgrade, last year.

According to data compiled from Glassnode and Data Always, nearly 70,000 ETH was burned on Sunday, which is more than triple the previous ATH of around 20,000 in mid-January.

Data from Ultrasound.Money shows that since the integration of EIP-1559 on August 5, 2021, the average burn rate has been 5.81 ETH per minute.

Amid the Otherdeed NFT sale, however, that figure jumped to 9.83 ETH per minute for a total of 99,084.65 ETH over the past seven days. Since then, the burn rate has dropped back down to around 3.9 ETH per minute.

While other platforms and projects accounted for this figure, it’s notable that Otherdeed NFTs top the “burn leaderboard” over the past seven days at roughly 55,817 ETH, or 56% of all burns during that period. This figure is significantly ahead of second-placed OpenSea at 7,152 ETH.

This may be the last time Yuga Labs clogs Ethereum
With the demand for the sale temporarily overwhelming the Ethereum network and many users losing funds on gas fees for failed ETH transactions, Yuga Labs has outlined intentions to build a blockchain and port its BAYC-affiliated ApeCoin over.

In a Sunday Twitter post, Yuga Labs stated that it will be refunding user’s gas fees, and noted that:

“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.” Open / Comment

2022-04-28 15:19:54 Plan for $1M bug bounties and double the nodes in wake of $600M Ronin hack

The Ronin Network and Sky Marvis are significantly upgrading their security measures after they vowed to ensure a hack “never happens again.”

The Ronin Network and Sky Mavis have vowed to upgrade their smart contracts, offer lucrative bug bounties and ramp up security following the $600 million hack late last month.

As Cointelegraph previously reported, the Ethereum sidechain developed for the popular NFT game Axie Infinity was the victim of an exploit for 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), worth more than $612 million at the time.

Earlier this month, the Federal Bureau of Investigation (FBI) attributed the attack to North Korea-based and state-sponsored hacking group Lazurus, as it fired off a warning to other crypto and blockchain organizations.

Ronin announced its platform changes via a post-mortem report published yesterday, noting that all user funds are in the process of being restored, as it vowed to make sure this “never happens again.”

The hack run down
The hack was the result of a spear-phishing attack on a former Sky Mavis employee — developers of Axie Infinity. The bad actor was able to leverage the employee’s credentials to access Sky Mavis’s four validator nodes out of a total of nine in the Axie/Ronin ecosystem.

This by itself was not enough to do any damage, but “the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator.”

“This traces back to November 2021 when Sky Mavis requested help from the Axie DAO to distribute free transactions due to an immense user load. The Axie DAO allowlisted Sky Mavis to sign various transactions on its behalf. This was discontinued in December 2021, but the allow list access was not revoked,” the report reads.

Following the hack, big changes are being implemented at both Sky Mavis and the Ronin Network. Open / Comment

2022-04-25 13:08:56 ​​Kraken awarded crypto trading license in the United Arab Emirates

With the new operational license in Abu Dhabi, Kraken aims to provide access to global liquidity to local investors via dirham (AED) trading pairs.

Californian crypto exchange Kraken becomes the second virtual asset platform after Binance to receive regulatory approval to operate in the Abu Dhabi international financial center and free zone, Abu Dhabi Global Market (ADGM).

In a CNBC interview, Kraken’s managing director Curtis Ting explains the importance of diversifying trading pairs to local currencies instead using the traditionally available U.S. dollar or British pounds in global markets.

With the new operational license in Abu Dhabi, Kraken aims to better integrate with local banks and payment service providers. According to Ting, this will help the crypto exchange bring global-level liquidity to the United Arab Emirates region.

Citing Dubai’s existing massive trading volumes i.e. upwards of $25 billion worth of cryptocurrency annually, Ting added that “the region is ready and they've been waiting for a regulated offering like ours.” While operating as a fully licensed crypto exchange, Kraken will offer United Arab Emirates dirham (AED) pairs for local investors:

“For us, it’s really important to facilitate access to global markets and global liquidity by making sure that investors and traders in the region have access to local currencies [trading pair].”

In addition to Abu Dhabi, competing crypto exchange Binance has already bagged regulatory approvals from two more regions in the Middle East — Bahrain and Dubai. Open / Comment