Crypto Shake

2022-12-29 15:00:12 ​Bitget Launches Its DEX Aggregator After Wallet Hack

In a press release, Bitget announced the introduction of “MegaSwap.”However, it enables users to trade or exchange their digital assets for more than 10,000 cryptocurrencies in a DeFi environment. Users who have a MegaSwap account can trade on the Bitget platform through ten well-known DEXs and eight powerful channels.

Users can benefit from the best of both worlds thanks to this feature. However, it combines the flexibility and variety of DeFi with the safety and practicality of CeFi.

Bitget’s CEO, Grace Chen, says

“MegaSwap is an important step taken by Bitget in building a unique safe, dynamic and robust trading experience to reach critical mass.” Open / Comment

2022-12-27 20:00:09 ​Nexo writes open letter to Vauld's creditors, presents final proposal

Shortly after Vauld founder and CEO Darshan Bathija sent an email to the firm's creditors yesterday saying that the potential Nexo deal has been called off, Nexo sent an open letter to Vauld's creditors that it is not over yet.

The open letter, dated Monday and obtained by The Block, includes Nexo's final proposal to Vauld with some changes to its previous proposal from earlier this month.

The open letter also alleges that Vauld's financial advisor, Kroll, misrepresented and manipulated Nexo's previous proposal when presented to Vauld's creditors.

"The 'Nexo Deal Terms' contained in the presentation delivered at the CoC [committee of creditors] meeting on October 10, 2022 were not provided by Nexo, rather they were pieced together by Kroll without Nexo's prior knowledge," the letter reads.

"Kroll Singapore's conduct raises multiple questions about the administrator's objective and independent approach to presenting the possible restructuring scenarios as opposed to actively pushing a self-serving agenda towards the involvement of a fund manager."

Bathija's email yesterday noted that Vauld plans to go for the fund management option for its restructuring, given that the potential Nexo deal had fallen through. Bathija said that Vauld has identified six potential candidates as fund managers and is finalizing one. Open / Comment

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2022-12-25 13:00:07 ​Bitcoin exchange Bullish declined to merge with SPAC

EOS and Block.оne-affiliated cryptocurrency exchange Bullish has terminated its reverse merger deal with SPAC Far Peak Acquisition. It was announced in a press release from the platform.

The company cited efforts by the U.S. Securities and Exchange Commission "to create a new framework for digital assets and clarify industry-specific disclosure and accounting complexities."

"I am proud of the dedicated team of Bullish employees and consultants who have dedicated countless hours to ensuring that the exchange operates to the highest standards of transparency and accountability. This has laid the operational foundation necessary to serve our customers as efficiently and securely as possible," said Block.оne CEO Brendan Bloomer.

In July 2021, Bullish announced plans to go public on the NYSE through a merger with SPAC Far Peak Acquisition. The merged entity was valued at approximately $9 billion. Under the terms of the agreement, the parties had the right to terminate the deal if it did not close by December 31, 2022. Open / Comment

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2022-12-23 22:00:07 Bybit celebrates 4th Anniversary with a 1,200,000 $USDT prize pool!

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2022-12-22 14:00:12 ​California regulators order MyConstant to cease crypto-lending services

The California Department of Financial Protection and Innovation (DFPI) has ordered crypto lending platform MyConstant to cease offering a number of its crypto-related products over alleged state securities law violations.

The DFPI stated in a press release on Dec. 21 that it has ordered MyConstant to “desist and refrain” from offering its peer-to-peer loan brokering service and interest-bearing crypto asset accounts, which it says are in violation of the California Securities Law and California Consumer Financial Protection Law.

The DPFI alleged that MyConstant’s offering and selling of its peer-to-peer lending service called “Loan Matching Service” violates one of the state’s financial codes.

It also alleged that MyConstant engaged in “unlicensed loan brokering,” as the platform induced lenders to lend without proper licenses.

The regulators also had a problem with the crypto lender’s fixed interest-beating crypto asset products, whereby a customer deposits crypto assets (such as stablecoins and fiat) and are promised a fixed annual percentage interest return.

It said that these were examples where MyConstant offered and sold unqualified, non-exempt securities. Open / Comment

2022-12-20 13:00:07 ​Brazil Could Launch Its Defi-Integrated Digital Real in 2024

Roberto Campos Neto, president of the Central Bank of Brazil, has stated that the digital real project, the Brazilian central bank digital currency (CBDC) could be launched in 2024. Campos Neto also remarked on the benefits the digital currency system might bring as it is integrated with traditional finance structures and decentralized finance (defi) institutions.

Digital Real Might Be Ready in 2024, According to Roberto Campos Neto
Brazil is one of the countries that has made significant advancements in the field of central bank digital currency (CBDC) in the last year. While there is currently no official date for the issuance of the digital real, Roberto Campos Neto, president of the Central Bank of Brazil, has hinted at a possible launch of the currency in 2024. At a Dec. 13 event, Campos Neto stated:

In 2024, I would like to have a release. There are still many challenges to reach this schedule, but this is our vision, our goal.

Campos Neto considers this to be possible if the test-trial run for the digital real starts in 2023, concluding that same year. However, he also recognizes that there are many challenges on the roadmap that could delay the completion of the project. Open / Comment

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2022-12-16 14:00:16 ​Vkontakte Users to Showcase Their NFTs, Set Them as Avatars

The leading social media network in the Russian-speaking segment, Vkontakte (VK), has introduced an NFT service along with an educational course on non-fungible tokens (NFTs), the crypto page of the Russian business news portal RBC reported, quoting the company.

The new features will be available to all users within a few days, VK’s CEO Marina Krasnova and Chief Technology Officer Alexander Tobol announced during a presentation in Moscow. The VK NFT option will allow owners of digital collectibles to transfer them to their accounts.

Furthermore, the tokens can be employed as avatars or presented in a special showcase in the profile. In order to do that, you’ll need to link your crypto wallet to your account. “Our task is to simplify user interaction with NFT and make it truly a mass technology,” Krasnova commented.

VK will also establish an NFT hub where news, announcements, market analytics, and case studies can be shared. The platform’s team will use the space to communicate with the NFT community, exchange ideas and search for potential partners, the report detailed.

Vkontakte plans to launch its own NFT collection in January 2023, and a full-fledged NFT marketplace at a later stage to offer users an opportunity to purchase and resell collectibles. The social media giant wants to integrate the technology into its other products as well, such as gaming and gifts.

Russian authorities have been mulling over proposals to expand the legal framework for crypto assets to cover more related activities and products. A report in July revealed that the Ministry of Economy is working on amendments to regulate the NFT space. In September, Russia’s largest bank, Sber, announced its intentions to allow users of its proprietary blockchain platform to issue NFTs. Open / Comment