Crypto Fight

2023-01-15 15:00:04 VEGA — The Most Attractive Digital Asset in a DeFi Sphere


VEGA is backed by two digital assets physically, but with its supply and demand already established, the market price of the two underlying digital assets becomes another form of value creation backing the VEGA NFT.

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The VEGA NFT price is increasing today at 23:59 CET / 5:59 PM EST / 7:59 AM JST(16th) +24.6% (from €650 to €812.50.)

Watch this video to understand how exactly VEGA works:




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2023-01-13 20:00:12 ​​Crypto lender Nexo wants to sue Bulgaria after office raids.

Nexo has denied reports that the firm has experienced massive outflows amid office raids and an ongoing investigation against the firm.

Troubled cryptocurrency firm Nexo is planning to sue the Bulgarian government after massive raids at the company’s offices in Sofia.

Nexo has complained about the actions of the law enforcement authorities in response to the investigation against the firm, the Bulgarian News Agency reported on Jan. 13.

The company is reportedly preparing to file a lawsuit against the authorities to seek compensation for damages caused by the abrupt police interruption. One report suggested that investigators did not provide a search warrant for hours, while inspectors never identified themselves.

Nexo believes the raids conducted in its offices yesterday were against the law and demonstrated the “total incompetence of those conducting this shameful action.” Nexo also described the actions against the firm as “local Bulgarian arbitrariness,” which allegedly aimed to “destroy and loot a prosperous business.”

The firm also emphasized that Nexo doesn’t offer any services for Bulgarian residents due to potential issues with the local government. The company also reiterated that it has been compliant with Anti-Money Laundering requirements and sanctions against Russia, in addition to cooperating with major crypto intelligence firms like Chainalysis.

The firm expressed confidence that it will win the lawsuit, which will provide Nexo with compensation for the damage caused by the investigation, stating:

“The compensations that Bulgaria will pay after the claims are filed and won by Nexo will be another record-breaking amount of hundreds of millions, but, unfortunately, they will be at the expense of the Bulgarian taxpayer.”

Siyka Mileva, a spokesperson for Bulgaria’s chief prosecutors, said that the investigation against Nexo involved more than 300 police officers, prosecutors and national security agents. She also noted that the probe is currently limited to Bulgaria, with local police officers searching 15 addresses related to Nexo as of Jan. 12. Other reports indicated that some foreign agencies were also involved in the investigation. Open / Comment

2023-01-10 20:00:17 ​​Turkish automaker Togg onboards Metaco for crypto custody and governance.

The partnership with Metaco will include using its digital asset custody and orchestration system, Harmonize, to safeguard the custody and governance of Togg’s digital assets.

Turkish automotive company Togg announced a partnership with Metaco — a digital asset custody and orchestration system provider — to secure its open mobility ecosystem built on Avalanche.

Togg’s mobility-as-a-service platform aims to deliver smart contract-powered use cases — including tokenization of mobility services, assessment of CO2 footprint and nonfungible token ownership — for users in Turkey and Europe.

The partnership with Metaco will see the use of its digital asset custody and orchestration platform, Harmonize, to safeguard the custody and governance of Togg’s digital assets. Sharing insights on the initiative, Togg CEO Mehmet Gürcan Karakaş stated:

“Blockchain-enabled digital tokens allow data and other assets to be stored and transferred in a fast, secure, and green way. By leveraging technology from Metaco, we make this possible.”

Hosted over IBM Cloud, Metaco’s platform provides Togg with total control of its encrypted data, workloads and encryption keys. According to the announcement, Harmonize is equipped with compliance standards used by Tier 1 banks dealing with digital assets.

German car manufacturer BMW recently onboarded two blockchain firms to improve its customer loyalty program in Thailand. On Dec. 29, 2022, BMW announced partnerships with blockchain infrastructure firm Coinweb as its decentralized architecture provider and BNB Chain for settling transactions.

The initiative’s first phase focuses on integrating decentralized tech into automating BMW’s daily manual operations. The project’s second phase would see Coinweb develop a customized Web3 application for BMW’s customer loyalty program. Open / Comment

2023-01-08 17:12:46 ​MAPay and its crypto subsidiary MPayz, a global healthcare technology firm with a focus on decentralized payment networks, unveiled its partnership with the Ministry of Public Health and Family Welfare in the Government of Maharashtra, India, to provide NFT technology that will store personal health data on the blockchain for the first time. Built on Algorand, the first deployment will introduce upwards of 100 million NFTs for this purpose.

MAPay will use its proprietary NFT technology to enable secure, decentralized storage. This application for NFTs will help eliminate intermediaries in the healthcare system that routinely cause bottlenecks, introduce risk, and drive up costs for all parties – including patients; public, private, and government health providers; insurance companies; and banks. See the full press release here:

https://rb.gy/jkecc3

Stay up to date on the project's launch date to get in before institutional money moves in. Click the link to join the telegram group!

https://link.mpayz.io/ae26 Open / Comment

2023-01-07 20:00:08 ​XRP Price Prediction - Why This Could Be The Time to Start to DCA Into Ripple's XRP.

XRP price is back in the buy zone, and analysts believe it is a bargain to get in at this time. The leading international money transfer token snapped out of a market-wide relief rally that saw assets like Solana (SOL), Polygon (MATIC) and Litecoin (LTC) post double-git gains in less than a week.

Ripple has continued to spread its wings across the globe, notwithstanding the lawsuit by the Securities and Exchange Commission (SEC). The regulator accuses Ripple and its top executives of selling XRP as an unregistered token, thus breaching the Securities Act.

The SEC and Ripple filed their final submissions toward the end of 2022, and the world is waiting anxiously to hear the court's ruling. At the center of the case are the Hinman documents and emails stating Ethereum was not a security. Legal experts like John Deaton say the lawsuit have a higher chance of going to trial than a settlement.

XRP price has been falling since September, when bulls tapped out at $0.56. Meanwhile, support at $0.30 has remained intact despite being tested five times in six months. This same level would mark the XRP price bottom ahead of a major rally into the next bull market.

According to Santiment, large-volume investors, popularly referred to as whales, have since November put all their weight behind XRP. Their commitment to filling their bags continues unbothered by the 90% drop in value from the token's all-time high of $3.15 in January 2018.

The chart below reveals that whale addresses with 100K to 1M coins now hold 11.59% of the network's supply, up from 10.45% as posted on November 1. Addresses with 1M to 10M coins echoed a similar growth pattern and currently hold 7.12% of the supply from 6.33% in the same period. Open / Comment

2023-01-04 20:00:11 ​​UK looks for a crypto crime fighter with a $50K salary.

The United Kingdom’s top crime agency is looking to hire a crypto investigator with experience of identifying and recovering seed phrases.

The United Kingdom’s National Crime Agency (NCA) is taking measures to increase its focus on cryptocurrency crimes and combat criminals.

NCA’s cyber-focused command, the National Cyber Crime Unit (NCCU), is launching a dedicated cryptocurrency unit to investigate U.K. cyber incidents involving the use of cryptocurrencies like Bitcoin.

Called “NCCU Crypto Cell,” the crypto-focused unit will initially contain five officers dedicated to "proactive cryptocurrency remit."

“This is a really exciting opportunity which involves working in a team at the forefront of protecting the U.K. from cyber crime,” NCA infrastructure investigations director Chris Lewis-Evans told Cointelegraph. He added:

“Cryptocurrency and virtual assets are widely viewed as specialist areas of knowledge, and this role is key to supporting NCA investigations in which these are used to enable serious criminality.”

As part of the project, NCA is seeking to hire a cryptocurrency investigator with good knowledge of crypto and strong experience in conducting blockchain forensic investigations on serious and organized crime.

NCA’s upcoming crypto crime fighter will be required to provide strategic and tactical advice to investigators in dealing with cases involving crypto, supporting both existing and new investigations. The position requires experience in identifying and recovering seed phrases alongside advanced tracing through blockchains.

The position offers an annual salary between 40,200 British pounds ($48,200) and 43,705 pounds ($52,400). Candidates are invited to apply before Jan. 10, 2023.

NCA’s move aims to increase regulatory focus on crypto assets in the U.K. amid the government’s call to eliminate “dirty money” in the country. In September 2022, the U.K. government introduced a bill aiming to crack down on money laundering and fraud, particularly through expanding authorities’ ability to seize crypto used for illicit purposes. Open / Comment

2023-01-01 20:00:05 ​​Companies and investors may need to return billions in funds paid by FTX.

Billions of dollars paid in the months leading up to FTX’s bankruptcy may be returned to pay the crypto exchange’s creditors, according to an insolvency attorney.

The collapse of FTX Group may not yet be finished with its contagious spread, as clawback provisions could force businesses and investors to return billions of dollars paid in the months leading up to the crypto exchange’s collapse, an insolvency attorney told Cointelegraph.

In short, a “clawback” refers to money paid out that is required to be returned due to special circumstances or events, such as an insolvent company that needs to recover funds paid within 90 days before filing for Chapter 11. If the creditor is an insider, the 90-day period is extended to one year.

As a result, creditors could seek a clawback on transfers made by FTX to external parties, including the $2.1 billion paid by FTX to Binance when Binance exited its Series A investment in FTX. Changpeng “CZ” Zhao, Binance‘s CEO, recently dismissed concerns regarding the return of the money in an interview with CNBC, saying Binance’s lawyers should handle it.

In the event of a clawback to recover funds for creditors, the bankruptcy court could require the return of the crypto assets or the money equal to the value of the crypto transferred, explained bankruptcy attorney Mark Pfeiffer, who is a member of the Blockchain and Crypto Assets Practice group at law firm Buchanan Ingersoll & Rooney.

“If the court decides to require the defendant to pay the value, it is not clear whether the amount will be the value at,” noted Pfeiffer. As a result, the court would have to determine the assets’ value considering when the transfer occurs, or when the bankruptcy or a lawsuit was filed, or when a judgment is entered. According to the insolvency lawyer:

“Customers who liquidate the crypto as cash run the risk that they will have to return crypto, which exposes them to the risk that the value of the crypto will increase. Customers who hold the crypto, run the risk the court will require them to return cash even though the crypto they are holding might not be liquidated for the amount of the judgment. In other words, no matter what they do, they run the risk of compounding their problems if they guess wrong." Open / Comment

2022-12-29 20:00:11 ​​Blockchain analytics unable to prevent FTX-level illicit schemes.

Blockchain tracker Whale Alert attempted to scan FTX’s historical balance checks to find out whether it was possible to spot the collapse sooner.

Data transparency has been a focal point for the cryptocurrency industry, but the FTX fiasco has shown that centralized exchanges (CEXs) are not transparent enough. So far, crypto analytics firms are apparently not capable of tracking transactions to help prevent collapses like that of FTX.

All Bitcoin transactions are available publicly on-chain, which means people can track transactions when sending crypto from one address to another. However, this is not the case when it comes to interacting with a centralized crypto exchange.

Cointelegraph spoke with executives at blockchain intelligence firms — including Chainalysis, Nansen and Whale Alert — to gain more insights into the tracking of illicit CEX transactions on-chain.

Chainalysis, a major blockchain data platform that cooperates with many governments across the world, said there is currently no on-chain tracking tool that can trace funds through a CEX.

“Chainalysis — or any other blockchain analysis tool — can’t trace funds through a centralized service because the way that these services store and manage funds deposited by users inherently makes further tracing inaccurate,” a spokesperson for Chainalysis told Cointelegraph.

“Even if you could trace through a centralized exchange, on-chain analysis alone cannot reveal fraudulent intent behind transactions,” the representative noted. The spokesperson stressed that Alameda’s leaked off-chain balance sheet was the first thing to reveal that something was wrong.

While blockchain analysis can track deposits on CEXs, there is no way to access their liabilities, according to Nansen analyst Andrew Thurman. “FTX halted withdrawals when they still had in excess of a billion in various digital assets. We now know they had a far greater sum in liabilities,” he said.

Thurman also argued that a proof-of-reserves model — the increasingly popular effort of CEXs to prove transparency — is “only a half measure, but it’s a good one.”

Despite blockchain analysis so far having limited opportunities in tracking illicit CEX transactions, some monitoring services are trying to prove that the industry may be able to one day prevent issues like the FTX crash. Open / Comment

2022-12-26 20:00:12 ​​Italy to create the crypto art Renaissance: NFT market report.

Research and Market’s latest NFT market report for Italy predicts a 47.6% growth in the country’s NFT market by the end of 2022.

Italy is one of the cultural hubs of Europe, with centuries of history, art and culture. Now, it is also posed to create the crypto art Renaissance via its nonfungible token (NFT) market, says a new report.

Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says the country is projected to have a growth of 47.6% in its NFT market by the end of 2022.

This would make the Italian NFT market hover around a $671 million valuation.

Moreover, over the next five years, Italy’s NFT industry is forecasted to have a steady upward compound annual growth rate of 34.6%. The spending value for NFTs is anticipated to hit $3.6 billion by 2028.

According to the report, some of the country’s success with NFTs comes from its vibrant art and culture scene. Major Italian luxury fashion brands such as Gucci and Dolce & Gabbana, have been some leaders in the adoption of Web3 technologies in the industry.

They not only represented an innovation for Italy but across the entire fashion industry. Over the last year, Dolce & Gabbana generated $25.6 million worth in revenue from their NFTs, and Gucci $11.5 million.

These brands also led initiatives to bring their communities into the metaverse through digital events and wearables, many of which incorporated NFTs.

Fashion brands aren’t the only forces pushing Italy into the NFT spotlight. The country’s rich cultural history has also seen some Web3-related activities.

An NFT project called the Monuverse, which is preserving historical sites via digital assets, used the Arco della Pace, or the Arc of Peace, in Milan, Italy, as its first subject.

Italian artists even have their own management organization to help Italian NFT artists, called “crypto renaissance,” which harks back to the country’s emergence as an art leader during the Renaissance period. Open / Comment

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