CryptoTastic

2022-12-04 06:45:56 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 13:28:31 Bitcoin mining revenues fell 20% in November

Bitcoin mining revenues fell 19.9% in November to about $472.64 million, according to data compiled by The Block Research. The cryptocurrency's price, which had been hanging around the $19,000 mark last month, slumped below $17,000 in the aftermath of FTX's collapse. Most bitcoin mining revenues came from the block reward subsidy ($460.32 million) and only a small portion from transaction fees ($12.32 million). The share of bitcoin transaction fees over total revenue increased slightly to around 3%. For a good portion of the month, bitcoin’s price was beneath $17,000, whereas in October it was trading between $19,000 and $20,000. Bitcoin miners generated about 5.3 times the revenues of Ethereum stakers.

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2022-12-02 21:44:56 Ethereum accumulation trend hits new highs following FTX implosion

Ethereum whales and sharks have been accumulating Ether (ETH) at a record rate since the FTX crash, Santiment reported on Nov. 30. The market intelligence platform revealed that wallets holding between 100 and 100,000 ETH had reached a 20-month high. Santiment highlighted the accumulation pattern leading to Ethereum Merge. According to the chart, Ethereum whales and sharks acquired more ETH in the weeks preceding the Merge, which pushed the asset’s value up but dumped immediately after the Merge. The blockchain analytics firm noted that the addresses dumped between October and November.

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2022-12-02 18:22:37 TP ICAP gets FCA approval to offer crypto services to institutional clients

TP ICAP's new exchange, known as Fusion Digital Assets, will use the firm's electronic OTC platform, Fusion, to give clients access to a non-custodial cryptoasset exchange for order matching and trade execution. The interdealer broker's new trading venue will be for institutional clients only. The firm's new venture will also integrate with Fidelity Digital Assets for safekeeping clients' assets and settlement services. The platform will offer diversified Liquidity from proven market makers around the globe. The wholesale crypto market has "lacked the credible infrastructure and assurance necessary for the firm's traditional client base to allocate capital," said Duncan Trenholme, co-head of digital assets at TP ICAP Group.

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2022-12-02 09:15:56 Telegram sells usernames worth $50 million on the Open Network blockchain

The names were sold via Fragment, a platform that secures name ownership on the blockchain. In slightly less than one month, Telegram has sold $50 million usernames on The Open Network, a blockchain that the company developed, Telegram founder and CEO Pavel Durov claimed. Telegram in October gave users the ability to buy usernames for its app via a blockchain-based platform called Fragment. The platform lets interested parties buy available usernames and secure ownership on its "The Open Network" blockchain, known as TON. Telegram has sold more than $50 million in usernames, founder Pavel Durov said.

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2022-12-01 22:49:12 Policymakers crank the heat on new EU crypto laws in FTX hearing

EU policymakers laid pressure on enforcing bloc-wide crypto regulations in the European Parliament’s economic committee today following the spectacular collapse of FTX.  is a sufficient band aid for the implications of the debacle. "The collapse calls for urgent need of the MiCA regulation," said Alexandra Jour-Schroeder, the European Commission's financial unit deputy. FTX saw a dramatic demise after the collapse of its native token, FTT, a crash that affected millions of users and numerous firms. The exchange, which was valued at $32 billion at the start of the year, filed for bankruptcy protection on Nov. 11.

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2022-12-01 16:11:14 Kraken cuts 30% of staff to 'weather crypto winter'

Kraken, one of the world’s largest crypto exchanges, will lay off 30% of its headcount, or 1,100 people, “in order to adapt to current market conditions,” co-founder and CEO Jesse Powell said on Wednesday.Kraken will offer 16 weeks of compensation as severance and will extend the affected employees’ vesting window. In a blog post titled “Kraken Takes Steps to Weather Crypto Winter,” Powell said that slowing growth, prompted by “macroeconomic and geopolitical factors,” had muted customer demand, lowered trading volumes and cut sign-ups. Sam Bankman-Fried’s crypto empire filed for bankruptcy on Nov. 28 and has shed several hundred employees in the restructuring process.

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2022-12-01 04:52:54 Brazil's long-awaited crypto bill inches to the finish line after seven years

After a series of legislative twists and turns spanning seven years, Brazil's long-awaited crypto bill could finally reach the president's desk. Brazil's Chamber of Deputies voted on Tuesday to pass on a crypto regulation bill to Brazil's president, Jair Bolsonaro, whose term ends on Dec. 31. The crypto regulation is to define digital assets and their service providers, as well as help guard against money laundering and fraud. The bill gained momentum after Brazil's Senate approved a version of it in April, but slowed in the past few months as it sat in the Chamber of Deputies awaiting a decision after several points in the Senate version were stripped out.

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2022-11-30 22:06:45 Kraken settles Iran sanctions violations with U.S. Treasury

Crypto exchange Kraken agreed to settle with the Treasury Department's Office of Foreign Assets Control over the firm’s apparent violations of sanctions against Iran. Kraken, which voluntarily disclosed the violations, has agreed to pay $362,000. The settlement marks the fourth time OFAC has settled with a crypto firm, following agreements with BitGo, Inc., BitPay, Inc., and Bittrex, Inc. OFAC is a sanctions office within the U.S. Treasury Department. For several years, Kraken processed $1.7 million in transactions for users who appeared to be located in Iran. The 826 transactions occurred between October 2015.

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2022-11-30 15:41:12 Aptos Labs partners with MoonPay for Petra wallet integration

Aptos, the Layer 1 blockchain, is partnering with web3 fintech firm MoonPay through an integration with Petra, the crypto wallet built by Aptos Labs. The partnership will make it easier for users to recruit into the Aptos ecosystem through MoonPay's offerings. Aptos has been one of the buzziest projects in crypto this year. It was co-founded by Mo Shaikh and Avery Ching, both of whom previously worked on Meta’s Diem project. The chain uses Move, a programming language that builds on top of Rust — the language used on the Solana blockchain. Move was developed by Meta for the Diem project.

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