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2022-12-05 21:14:02 Bybit reducing workforce as bear market deepens

Crypto exchange Bybit is reducing its workforce as a direct result of "the deepening bear market.". The Singapore-based crypto exchange's CEO and co-founder, Ben Zhou, made the announcement on Twitter at 12:32 a.m. ET. Bybit previously cut its workforce by an unspecified number in June. Bybit is not alone in reducing its workforce as the blockchain and cryptocurrency industry struggles to regain its footing after a tough year — which saw the collapses of the Terra ecosystem, hedge fund Three Arrows Capital, major crypto exchange FTX and its sister firm Alameda Research. “The deepening bear market” was explicitly cited as the reason for the job cuts.

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2022-12-05 15:14:03 LedgerX for sale, with interest from Blockchain.com, Gemini, others: Bloomberg

Crypto derivatives exchange and clearinghouse LedgerX is for sale, with Blockchain.com and Gemini among those interested in acquiring the firm, Bloomberg reported late Friday. LedgerX is one of the few solvent entities remaining in the FTX group of companies. LedgerX is planning to make $175 million available for use in FTX's bankruptcy proceedings, Bloomberg reported on Nov. 29. It would come from a $250 million fund LedgerX was planning to use for a CFTC application aimed at getting regulatory approval to "clear crypto derivatives trades without intermediaries," according to Bloomberg.

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2022-12-05 09:25:12 Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask

Banking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the Metamask wallet. The Russian bank believes the integration will give developers more options and create new opportunities for users when in operations with tokens and smart contracts. The blockchain platform developed by Sber, Russia’s largest bank, will be technologically compatible with Ethereum, the world’s largest decentralized finance (defi) ecosystem. The financial institution made the announcement during an international meeting with members of the blockchain industry. own blockchain and open blockchain networks.

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2022-12-05 03:14:00 AAX Users Storm Crypto Exchange's Nigerian Offices, Attack Employees

Nigeria users of the crypto exchange AAX, which suspended withdrawals on Nov. 12, reportedly stormed its offices in Lagos and began assaulting employees. Reports that disgruntled AAX users have harassed the crypto exchange’s workers came just days after the Nigerian crypto and blockchain advocacy group. According to a local report, a group of disgruntled Nigerian users of Atom Asset Exchange (AAX) recently stormed the crypto exchange’s offices in Lagos and assaulted employees. The angry mob reportedly demanded the lifting of a freeze on withdrawals, which came into effect on Nov. 12. Dec. 2 report by Legit does not state when the incident occurred.

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2022-12-04 21:14:00 Alameda Covered a $1 Billion Loss for FTX in 2021

Alameda lost hundreds of millions covering a client’s unusually large margin position on an obscure token in April 2021. This news comes amid claims from former FTX CEO Sam Bankman-Fried that FTX and Alameda were independently operated firms. FTX’s sister trading desk, Alameda Research, bailed out the exchange before it suffered a possible $1 billion trade loss in early 2021. As reported by the Financial Times on Friday, people familiar with the matter said FTX suffered massive losses after a client’s leveraged trade on an obscure crypto token went south. Meanwhile, the “buffers” designed to shield the exchange from losses on a bad trade failed to protect FTX.

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2022-12-04 15:14:02 MetaMask Co-Founder Wants to 'Dump' Apple, Calls iOS Purchase Tax 'Abuse'

MetaMask co-founder and ex-Apple employee Dan Finlay says he’s all in favor of the crypto industry ditching Apple’s App Store altogether, calling Apple’s 30% in-app purchase tax “an abuse of monopoly.”.Coinbase’s Wallet announced Thursday that its users would no longer. MetaMask iOS app. In emailed comments to Decrypt, Finlay said: “As of now, Metamask remains on the app store but we will closely monitor the situation in the coming weeks and months to ensure our users continue to have unfettered access to their crypto assets.”Finlay also elaborated on his tweets regarding his feelings about Apple's new policies.

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2022-12-04 09:14:02 Cardano (ADA) beats all crypto platforms in monthly development activity

The cryptocurrency sector continues to lick its wounds after the destruction caused by the collapse of FTX, once one of the largest crypto exchanges in the world, but the Cardano (ADA) development team is not lacking commitment to growing the platform. Cardano recorded the highest development activity during the month of November, according to the analysis carried out by the on-chain market intelligence platform Santiment, which was published on December 1. Specifically, the development activity rates of the Cardano team in its public GitHub repositories in November were 18% higher.

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2022-12-04 03:14:02 Former SEC official slams Tether for running a Ponzi scheme, labels firm as a ‘house of cards’

According to Reed, who worked with SEC for almost two decades, Tether’s failure to disclose key information about its balance sheet might be a sign the firm is operating as a ‘house of cards’, Reed said in a tweet. alleged lack of transparency by USDT stablecoin provider Tether. The former SEC official made the remarks in response to a December 2 CNBC interview where Tether co-founder Reeve Collins was tasked to explain the company’s lack of full disclosure, especially in the wake of the FTX cryptocurrency exchange collapse. Based on Collins’ response, Reed suggested that the company was running a Ponzi scheme. FTX alongside BlockFi’s bankruptcy filing.

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2022-12-03 21:14:02 Galaxy Digital to acquire custodian GK8 from bankrupt Celsius

Galaxy will support GK8's self-custody solution in the ongoing development of GalaxyOne, a new prime offering for institutional investors combining trading, lending, cross-portfolio margining and derivatives with the company's risk-management processes. Mike Novogratz's firm said the acquisition represents a "crucial cornerstone" in the firm's effort to build a full-service financial platform for digital assets. Celsius filed for Chapter 11 bankruptcy protection in July following the collapse of Terra's ecosystem. The lender froze customer withdrawals in June as it faced mounting liquidity issues. At the time, FTX had considered a deal with Celsius.

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