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2023-10-02 22:56:01 Brazil rolls out blockchain-based digital ID

Over 214 million Brazilians will soon be using blockchain technology for digital identity, the government recently announced. Rio de Janeiro, Goiás and Paraná will be the first states to issue identification documents on-chain through a private blockchain developed by Serpro, Brazil’s national data processing service. The entire country should be able to issue identity documents through blockchain technology by Nov. 6, reads a decree on Sept. 25.

According to Alexandre Amorim, president of Serpro, the immutability and decentralization of blockchain made it an ideal technology for the country’s digital identification project. As per the local government, the national ID project is crucial in targeting organized crime, allowing government sectors to work together, offering a simpler way to access services and streamlining administrative records. The city of Buenos Aires, Argentina, recently disclosed a similar initiative, allowing residents to access identity documents via a digital wallet. The newly adopted technology will allow a more secure data exchange between the Federal Revenue and government departments, said the announcement.

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2023-10-01 11:06:31 OX Price Crash By Over 50% After The Arrest Of Zhu Su

OX price crashed by over 50% after Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital detained at Changi Airport while attempting to leave Singapore on September 29th. Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital, was reportedly detained at Changi Airport while attempting to leave Singapore on September 29th. His fellow co-founder, Kyle, received a similar order, compelling him to cooperate with the liquidator’s ongoing investigation.

The crypto market didn’t remain unaffected by this news. The Open Exchange Token, OX, witnessed a staggering 50% price crash as news of Zhu Su’s arrest spread. Additionally, Lookonchain reported that an individual who had been accumulating 304,599 OX tokens (valued at $7,000) over the past month hastily sold them off upon hearing of Zhu Su’s arrest. The question arises: Was this move a result of strategic foresight or mere luck? Wu said that the arrest stemmed from Zhu Su’s refusal to cooperate with liquidators and provide requested information, leading to contempt of court charges. Such a lengthy sentence for contempt is uncommon in legal proceedings.

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2023-09-29 09:07:17 Xiang Xiang Unicoin Arrested By Hong Kong Police In JPEX Case: Report

Two other people and Xiang Xiang Unicoin arrested by Hong Kong police in the Unicoin crypto case. Investigation ongoing; total funds involved reach HK$1.499 billion. According to Sing Tao Daily, the Hong Kong police have made significant strides in the ongoing JPEX case, with three more individuals taken into custody, bringing the total number of arrests to 15. One of the newly apprehended suspects is a 29-year-old Internet celebrity, “Xiang Xiang,” whose real name is Liang.

The other two individuals arrested are a 23-year-old named Zhong and a 28-year-old named Huang. Zhong Nan, the 23-year-old, holds the position of director at Lupin, another over-the-counter cryptocurrency exchange store. She is an employee of Unicoin, an over-the-counter cryptocurrency exchange shop, and is popularly referred to as the “Unicoin Resident Analyst” on social media. Her YouTube channel and Instagram account, where she shares investment insights and photos, have earned her the “Goddess of the Coin Industry” title among local netizens. The police have emphasized that their investigation is ongoing, and further arrests are not ruled out. The Commercial Crime Bureau’s officers are actively pursuing leads to provide crucial information to aid the investigation.

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2023-09-28 08:51:13 Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown

Binance and the U.S. Securities and Exchange Commission (SEC), a recent development has granted the cryptocurrency exchange some additional time to respond to court orders. The first court order instructed the defendants to provide an explanation for why specific documents pertaining to the SEC’s motion to compel discovery should remain sealed or redacted. The second order required the defendants to justify the sealing of documents connected to the SEC’s response supporting its motion to compel.

Now, BAM Trading and BAM Management have until September 27th to respond to these orders to show cause. Importantly, the SEC did not oppose their request for an extended deadline. In response, Binance, Binance.US, and Changpeng Zhao have sought to dismiss the SEC lawsuit, arguing that the regulator has not “plausibly alleged” various securities-related violations. They also contend that the SEC is attempting to assert authority over digital assets without clear legislative backing from Congress. This legal battle continues to unfold, with further developments expected in the near future. The Binance vs. SEC lawsuit, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc.

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2023-09-27 08:59:26 MAV zkSync Integration Is Now Available On Binance

Binance, a leading cryptocurrency exchange, has successfully integrated the Maverick Protocol (MAV) onto the zkSync Era network, opening doors for deposits and withdrawals. However, it’s important to note that deposits on the zkSync Era network will take approximately 24 hours to be credited to users’ Binance accounts. This delay is attributed to zkSync Era’s Finality mechanics, which ensure the utmost security and reliability of transactions.

Maverick Protocol stands as a groundbreaking DeFi platform, aimed at bolstering liquidity and optimizing capital usage within the DeFi sector. Its innovative Dynamic Distribution AMM empowers liquidity providers by enabling them to stake a price range and dictate how that liquidity should respond to market price fluctuations. In the realm of blockchain technology, zkSync Era is a ZK rollup solution, characterized by its trustless protocol. It leverages cryptographic validity proofs to facilitate scalable and cost-effective transactions on the Ethereum network. Notably, zkSync Era performs computation off-chain while storing most data off-chain as well. This approach maintains Ethereum’s high security standards while significantly reducing transaction fees.

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2023-09-25 09:11:21 Skybridge Founder: Every Wall Street Firm Will Sell Bitcoin ETF to Clients — 'Next 10 to 20 Years Are Remarkably Bullish'

Skybridge Capital founder Anthony Scaramucci has explained why he is still bullish on bitcoin. Emphasizing that every Wall Street firm is going to have a bitcoin exchange-traded fund (ETF) in their arsenal that they will sell to their clients, he predicted: “The next 10 to 20 years are remarkably bullish.” He added: “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter.”He believes that young people “will be mainstreaming bitcoin” in the same way his generation “mainstreamed the internet.”

The Skybridge Capital founder cautioned that headwinds are still in the macro environment, including higher interest rates, an enforcement-centric Securities and Exchange Commission (SEC) chairman, and negative sentiment around crypto adoption. Nonetheless, he remains optimistic about BTC, stating: “As wealth is created in society, a portion of that wealth is going to get chipped off for digital assets, most likely bitcoin.” He also reiterated his long-standing view that “Bitcoin is better than gold.” Scaramucci further expects the approval of bitcoin exchange-trading funds (ETFs) to be a game changer. He anticipates massive and widespread adoption of BTC once bitcoin ETFs become commonplace. The Skybridge Capital founder opined:

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2023-09-24 21:37:13 JPMorgan says Ethereum's activity post-Shanghai upgrade has been 'disappointing'

Ethereum has fallen short of expectations in terms of network activity following the Shanghai upgrade implemented in April, according to JPMorgan. "While the shift from proof-of-work to proof-of-stake that resulted from the Merge upgrade meant that the energy consumption for the Ethereum network collapsed by more than 99%, the Ethereum supply is shrinking and staking rose sharply (with the amount of ether staked up by 50% since the Shanghai upgrade).

Ethereum's daily transactions, daily active addresses and total value locked (TVL) of decentralized finance (DeFi) protocols on the network have all experienced declines, the analysts noted. The fall in Ethereum activity suggests that various "bearish forces" of the last year, including the FTX and Terra collapses, U.S. regulatory uncertainty and crackdown, the fading of interest in crypto by institutional investors and the drying up of venture capital funding, may have outweighed the positive impact of the Shanghai upgrade on Ethereum's network activity, according to the analysts. The Shanghai upgrade allowed Ethereum validators to withdraw the staked ether that has been locked in the network.

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2023-09-23 20:11:54 FTX Files Lawsuit Against Former Employees Of Salameda With $157 Million Lost

FTX, the crypto exchange that recently filed for bankruptcy, has filed a lawsuit against former employees of Salameda, an entity linked to the exchange, CoinDesk first discovered related court documents. FTX claims that the defendant, taking advantage of their positions and connections, orchestrated preferential transfers of assets, prioritizing their own interests over other customers. They controlled multiple firms with accounts on FTX.com and FTX US, allegedly making fraudulent withdrawals shortly before FTX suspended withdrawals on November 8, 2022.

The total sum involved in these questionable transfers amounted to over $123 million out of a total of $157.3 million (based on August 31, 2023, pricing), and a significant portion of these transfers occurred on or after November 7, just hours before the suspension of withdrawals. Meanwhile, Bankman-Fried‘s legal battles continue to mount. His request for release on bond was previously denied, with allegations of witness tampering. An appeals court has now rejected his latest attempt to secure his release. Bankman-Fried faces a potential sentence of over 100 years if found guilty on all charges. His trial is set to commence on October 3 and is expected to last approximately six weeks.

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2023-09-22 15:16:53 Friend.Tech rival Post.Tech activity picks up with $1.8 million in daily volume

Activity on the social media site Post.Tech has started picking up, with the site recording more than $1.8 million in trading volume in a 24-hour period for the first time. The site is a clone of the novel app Friend.Tech, both in function and business model. Both offer token-gated channels where users can buy and sell access tokens — and pay a substantial 10% fee on transactions, half to the app and half to the channel’s owner.

As the original version of this style of app, Friend.Tech has recorded much greater volumes. It has witnessed days of $20 million in transaction volume daily, according to a Dune dashboard created by TK Research. Since its inception, it has recorded $250 million in volume. In contrast, Post.Tech is still at much lower volumes, having launched a month later. In the last few days, however, activity has started to pick up. On September 20, the app saw $875,000 in transaction volume, according to DappRadar, which also shows $1.8 million in volume over the last 24 hours. The number of daily transactions has risen from 2,000 on Sep. 16 to 87,000 now.

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2023-09-21 08:50:31 Coinbase Pay added to Aptos Labs crypto wallet

Aptos Labs has integrated its Petra crypto wallet with Coinbase Pay in an effort to streamline functionality and boost use. In the hopes of reducing friction when onboarding new users, Aptos Labs has added a Coinbase Pay integration to the mobile and desktop versions of its crypto wallet called Petra, the companies announced in a statement. "With Coinbase Pay, Coinbase users can add APT to Petra seamlessly through their choice of bank, debit card, credit card, and even their Coinbase account balance," Aptos said in the statement.

The announced integration follows a flurry of similar announcements where companies are aiming to improve the onboarding of new customers by improving or adding to functionality, in some cases by partnering with traditional tech companies. Last month, Aptos said it is working with Microsoft to explore "innovative solutions" related to asset tokenization and digital payments. Coinbase has been working with payments giant PayPal since at least 2021. With the partnership Aptos, which was founded by former Meta employees, hopes to have a more direct line to Coinbase's millions of users.

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