CRYPTOGALACTIC

2023-02-21 17:59:02 TON validators will vote to freeze 20% of Toncoin offering

On February 21, TON validators will vote to change the amount of circulating Toncoin supply. If the initiative gets enough votes, 20% of the tokens will be frozen for 48 months, thus reducing the number of coins in circulation.

Validators plan to freeze the inactive accounts of the first TON miners. Their wallets hold about 1 billion coins, which is about 20% of the total Toncoin supply. If this happens, it will shrink to about 4.7 billion tokens, and the network will become more decentralized.

At the time of writing, TON is trading at $2.36. Its price has barely changed in the last month, and the asset has gained 8.3% since the beginning of the year. The freezing of 1 billion tokens could be a catalyst for short-term growth, but subsequent unlocks could also have the opposite effect. Open / Comment

2023-02-20 17:37:02 New FSB Statement on Stablecoin Regulation for G20 Members

Klaas Knot, Chairman of the Financial Stability Board (FSB), issued a statement on StableCoins to G20 finance ministers and central bank governors. He noted that many existing stablecoins would not meet the "high level" recommendations. He was referring to the regulatory rules that will soon be established by the world's key financial regulators.

The FSB's forthcoming guidance will focus on strengthening and normalizing the framework for stablocoin governance, redemption rights and mechanisms for this asset class. According to the 2023 plan, published on February 20, 2023, the FSB planned to finalize a document with recommendations for the regulation of cryptocurrencies and stablecoins by July of this year.

Today's letter notes: Supervisors around the world have been actively taking steps to control stable coins, most of which are backed by fiat currency reserves in the form of cash equivalents or unsecured short-term debt. At the same time, while stabilitycoin issuers have been concerned about reducing private debt from their reserves and increasing transparency, the FSB has assured that current efforts are not enough.

Knott added that many existing Stablecoins could be banned. It is already clear that they do not meet the international norms set by the developers of traditional payments and securities standards.

Back in February 2022, the FSB warned cryptocurrencies and investors that financial stability risks "could increase significantly." Regulators have significantly increased their efforts to oversee the digital currency industry following the collapse of Project Terra and the FTX cryptocurrency exchange. In addition, the organization is concerned about overseeing the decentralized finance (DeFi) sector. Open / Comment

2023-02-19 18:19:13 Coinbase profits may suffer due to SEC actions

According to experts, the SEC regulator's actions on the cryptocurrency segment could have a long-term impact on giants like Coinbase. The regulator's restrictions on the Kraken betting program could have a negative impact on Coinbase's profitability. Notably, in a recent speech, SEC head Gary Gensler said that the only way for crypto businesses to survive in the U.S. is to fully comply with financial laws.

On Tuesday, Feb. 21, Coinbase representatives are expected to release the company's earnings report for the previous quarter, which ended in December 2022. It's worth noting that there was a high-profile crash of the FTX exchange at the time, which caused trading volumes to drop on many platforms, including Coinbase.

In terms of diversification, cryptocurrency exchanges are focusing on other sources of revenue, such as steaming. In turn, the SEC's actions on Kraken have set a precedent that many proprietary companies could come under pressure from the regulator.

Recall that Kraken went to an amicable agreement with the U.S. agency and the company will stop providing digital asset-stacking services. If the SEC continues to act radically in this direction, Coinbase risks losing a significant share of revenue. Open / Comment

2023-02-18 17:25:36 Robert Kiyosaki again supported the digital currency bitcoin

Renowned American investor Robert Kiyosaki once again expressed support for the flagship cryptocurrency bitcoin (BTC) in the social network Twitter. He noted that he is a supporter of pouring money into digital gold, its physical counterpart and silver. According to the author of the bestseller "Rich Daddy, Poor Daddy," bitcoin is best suited "for unstable times.

Kiyosaki reminded his audience that he always considered investing in stocks, bonds, mutual funds and ETFs risky. He stressed that in times of increased volatility in financial markets, it has become even more dangerous. The famous billionaire warned users that now the price of bitcoin can rise and fall. However, globally, the investor was confident in the massive prospects of this digital asset.

Earlier, Kiyosaki expressed confidence that the value of the virtual currency will grow 20 times from its current marks by 2025. He predicted the achievement of prices up to $ 500,000. for 1 BTC. The famous author stressed that he didn't make this conclusion out of thin air. According to his assurances, a great collapse of all major markets is coming, and he even expected a repetition of the Great Depression in the U.S..

According to Kiyosaki, trying to save the situation, the U.S. government is printing billions of dollars (USD), which the investor called "fake money. The entrepreneur added that they are not actually backed by anything. The billionaire argued that these 2 factors combined could push gold to $5,000, silver to $500, and BTC to $500,000 in the next 2 years.

According to the data as of 15:20 Moscow time on February 18, 2022, bitcoin virtual currency quotation was at $24,528. This figure rose by 3.3% compared to the same values a day ago. The capitalization of the digital currency was at $474.54 billion. Open / Comment

2023-02-17 20:39:53 Xumm launched QR-payment function for retail stores

Developers Xumm and XRPL Labs have launched a QR-payment feature that allows users to make payments at retail stores using an XRPL wallet. The developers said they installed the first terminal at 36aWay, a sandwich and pasta store in the Netherlands. The solution was created in partnership with Frii, a loyalty program platform.

XRPL Labs lead developer Witse WIND announced the feature late last month. It came in response to a request for an Xumm wallet debit card. According to the developers, cards are inefficient and require additional fees, making QR payments more optimal. According to Wind, users can pay with any token supported by Xumm, and the store will receive the requested amount of fiat in the form of a stable Gatehub coin.

According to Wind, stores with card POS terminals don't need to purchase another terminal or device to accept the new payment option. Retailers can add the Xumm XRPL QR payment solution to their existing terminal. In addition, Wind said the developers plan to launch a payment feature for e-commerce stores, noting that it will be launched at one of the major e-commerce stores this month or next. Open / Comment

2023-02-16 15:38:33 Mango Markets hacker was not going to pay back $47 million

Cryptotrader Abraham Eisenberg insisted on keeping a huge chunk of the cryptocurrency funds stolen from the decentralized autonomous organization (DAO) Mango Markets. The exploit was committed in October 2022. The defendant himself, assured that he had no intention of returning $47 million to the community.

Eisenberg argued he did not have to give back more than $67 million in tokens out of the $114 million he received through a sophisticated trading system. The defendant actively denied all further claims against him after agreeing to a partial refund. Such details are published according to the last lawsuit against him on February 16, 2023.

Mango Markets representatives have sued to recover the remainder of the money. Members of the community assured that Eisenberg fraudulently misled them and kept a huge chunk of their cryptocurrency assets without any justification.

Eisenberg, for his part, argued that DAO representatives had previously decided that the case would be dismissed and went for a settlement between the two parties. Thus, he sought to cancel the lawsuit against him. The disagreement between the parties is related to the legitimacy of the vote, which Mango Markets held to recover some of the funds from the exploitation of Eisenberg.

Mango Labs, which represented the DAO in court, argued: the contract that allowed Eisenberg to return most of his withdrawals in exchange for a promise not to sue him was invalid. Their argument is that community members agreed to this scenario under pressure.

Eisenberg's legal team said the coercion argument does not stand up to scrutiny and should be rejected. According to the attorneys - it sounds ridiculous and is not supported by anything. Nevertheless, Eisenberg is also facing a lawsuit from the U.S. Commodity Futures Trading Commission (CFTC) on charges of market manipulation. Open / Comment

2023-02-15 16:57:09 Shape your business mindset!

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Go to channel Open / Comment

2023-02-15 16:19:02 Coinbase researchers speak out about Ethereum stacking

Coinbase officials said that pressure from Ethereum (ETH) sellers should be fairly limited after the successful Shanghai upgrade, scheduled for March 2023. However, they noted: Cryptocurrency exchange Kraken's decision to close its stacking services as part of a settlement with the U.S. Securities and Exchange Commission (SEC) has added uncertainty to the dynamics of ether (ETH) supply ahead of the update

Coinbase assured that Kraken's stacking pool on Ethereum was about 7% of the total number of ethers frozen. However, not all of those digital assets will come from U.S. retail customers. "Shutting down the stacking service could result in between 350k and 1.145 million additional ETH potentially circulating in the market when Shanghai happens," wrote David Duong, head of institutional research at Coinbase.

Noted: it remains to be seen whether the realization of additional ether will be a catalyst for pressure from sellers. Noted that in December 2022, many investors were concerned that the update "poses an important downside event risk to ETH quotes." However, their opinion has changed as sentiment in the cryptocurrency market has improved.

According to assurances from experts, the recent behavior of U.S. financial regulators has tweaked the outlook a bit. Analysts said pressure from sellers could be limited as there are mitigating factors and "self-correcting mechanisms." This is likely to help control ether flows on the open market.

According to experts, the performance of the ETH market will depend on what "risk arises during withdrawals." If the macro environment deteriorates this March and stock markets are weak, investors may decide to abandon steaking and sell their ethers. If things are stable, however, many will not go in to withdraw and sell digital assets. Open / Comment

2023-02-14 19:14:56 Japanese firm backs XRP for cryptocurrency lending

FUELHASH, a Japanese crypto firm dedicated to encouraging renewable cryptocurrency mining, announced that its so-called "Crypto Trading" platform, which offers cryptocurrency lending services, now supports XRP.

The firm announced this in a press release yesterday, saying it is the only Japanese firm offering this service for XRP. XRP now joins USDC, USDT, BTC, ETH, ETC and BNB as assets supported by the platform. According to the website, users can offer a minimum of 100 XRP for lending on the platform with a fixed interest rate of 1.5% after 90 days and 1% for 60 days.

As a reminder, as reported more than a week ago, SBI VC Trade, the crypto exchange SBI Holdings, said it will offer delegation as a service to FLR holders, a significant portion of whom are XRP holders who have received airdrop. This is a testament to the popularity of XRP in Japan. Open / Comment

2023-02-13 15:33:02 Huobi announced the termination of the Huobi Cloud Wallet

The press service of cryptocurrency trading platform Huobi announced that it will stop supporting the service Huobi Cloud Wallet. This will happen in May 2023. The management of the exchange assured that the reason for this decision was "strategic adjustments and product upgrades.

According to the announcement on the Huobi support page, the service and updates to the wallet service will officially cease as early as February 13, 2023. That said, user accounts will not be deleted, and the cloud wallet's withdrawal and asset transfer functions will continue to work for the next 3 months. However, customers are advised not to transfer digital coins and tokens to the cloud wallet. The official date for Huobi Cloud Wallet decommissioning is May 13, 2023.

This service was renamed iToken in May 2022. The cloud wallet originally launched in October 2021 as a storage feature of the Huobi exchange, allowing users to manage digital assets without the use of private keys.

The provision of the custodial wallet service was aimed at facilitating access to decentralized finance (DeFi) applications and services. The cloud service allowed users to store their own digital tokens without having to manage private keys. A third-party escrow system was responsible for this.

Huobi Global users were offered seamless synchronization with the cloud wallet service. This made it possible to transfer virtual digital tokens between platforms to access various DeFi projects. At the beginning of 2023, the management of the exchange announced that it would cut about 20% of the company's staff. This became necessary as part of the restructuring after the "takeover" of the firm by entrepreneur Justin Sun and his team. Open / Comment