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2023-11-19 17:07:02 Sen. Elizabeth Warren points to dangers of crypto scams targeting older investors in latest call to pass her legislation

Sen. Elizabeth Warren, D-Mass., criticized cryptocurrency's role in schemes targeting older investors while pushing for her bill that she says would bring scammers to a halt during a recent Senate hearing. "The anonymity is terrific," said Steve Weisman, a senior lecturer at Bentley University. "You have people looking for the privacy and of course that is something with crypto mixers where your account gets mixed in with others and becomes very difficult to trace."

Weisman said in the ransomware attack against Colonial Pipeline, which provides fuel on the U.S. east coast, the government was able to trace the accounts, but said once funds are funneled into mixers, that crSen. Elizabeth Warreneates a problem. "There is a legitimate privacy concern that people may have, but it does not come anywhere near to the scammers," Weisman continued. Warren said her bill, called the Digital Asset Anti-Money Laundering Act, would make it easier for regulators to track suspicious activity around crypto and shut down those scammers. "I think Americans are sick and tired of these crypto crimes, and it’s long past time that we get some regulation in place to deal with this," Warren said.

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2023-11-17 10:30:20 NPS Buys Coinbase Shares For A Total Of $19.9 Million, Signaling Crypto’s Rise

The world’s third-largest pension fund, NPS buys Coinbase shares in Q3, marking its first venture into the crypto industry. This year alone, the pension fund acquired 282,673 shares of Coinbase Global. According to the latest holdings report submitted to the US Securities and Exchange Commission (SEC), the NPS bought $19.9 million worth of shares in the digital asset company during the third quarter. This year alone, the pension fund acquired 282,673 shares of Coinbase Global.

The acquisition marks the first time NPS has included any crypto-related security as part of its investment option. With over $755 billion in assets under management, it is not common for investors like NPS to directly invest in digital assets. Instead, they typically enter the industry through company investments, as seen in this case with Coinbase. Coinbase, with its position at the forefront of the industry, is well-positioned to take advantage of this growing interest. It is expected that similar moves by other investors will emerge in the coming months, signaling the continued development and potential of the crypto market. The fact that NPS, a traditional finance and investment entity, has shown interest in purchasing Coinbase shares highlights.

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2023-11-15 16:06:02 dYdX Chain trading goes live, enters beta mainnet stage following governance vote

The standalone Cosmos-based Layer 1 dYdX Chain has entered its beta mainnet stage, enabling active trading to go live for the first time following a decisive governance vote. Transitioning from its alpha stage, dYdX Chain’s beta launch occurred at 8:45 a.m. EST on Monday, according to a blog post by the dYdX Operations subDAO, which leads decentralized infrastructure for dYdX Chain. The launch followed a community vote to change trading on all markets from post-only to active, which garnered over 99% support.

Users can now engage in trading across more than 33 perpetual markets via the dydx.trade platform, offering up to 20x leverage. No trading rewards will be distributed during this stage, but validators and stakers will accrue trading fees, according to the post. “The beta stage serves as the critical testing phase for active trading environments,” the subDAO wrote. The alpha mainnet for dYdX version 4, along with the debut of its Cosmos-based blockchain, was launched on Oct. 26, signaling a notable transition for the leading decentralized derivatives platform to become a standalone Layer 1 on Cosmos after previously relying on Ethereum Layer 2 scaling solution StarkEx in version 3.

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2023-11-15 00:00:48 Ex-Polygon Veteran Wyatt Joins Optimism Foundation Unit in Growth Role

Optimism Foundation has hired Ryan Wyatt as as chief growth officer, just four months after he departed rival Polygon Labs in a management shakeup. As CGO of Optimism Unlimited Ltd., an operating subsidiary of the Optimism Foundation, Wyatt will be responsible for supporting blockchain development, and helping developers build across the Optimism ecosystem. The Optimism Foundation is tasked with supporting the broader community of companies and developers committed to Optimism's technology.

Earlier this year, when the U.S. crypto exchange Coinbase launched its Base blockchain, the project relied on technology from OP Labs, the primary developer behind Optimism. He has a wealth of experience in gaming from his time at Polygon as well as in a prior role at YouTube, where he first started exploring non-fungible tokens (NFTs) and digital ownership. “I really do think that Optimism is the best team in crypto, hands down,” Wyatt told CoinDesk in an interview. “I loved my time at YouTube, I loved my time at Polygon. I'm super happy with the work that I did at both of those places. I'm so eager about what Optimism can do and what they've already done.”

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2023-11-13 23:28:03 Onecoin 'Compliance' Head Pleads Guilty to Wire Fraud and Money Laundering Charges

Irina Dilkinska, the one-time head of legal and compliance at Onecoin, has pleaded guilty to “wire fraud and money laundering charges,” Damian Williams, the United States Attorney for the Southern District of New York, has said. In a Nov. 9 press release, Williams said the charges against Dilkinska relate to her role in organizing the transfer of $110 million in fraudulently obtained funds to a Cayman Islands entity.

Founded in 2014 by Ruja Ignatova, aka Cryptoqueen, and Karl Sebastian Greenwood, Onecoin operated as a multi-level marketing (MLM) network which encouraged members to recruit others to purchase cryptocurrency packages. As previously reported by Bitcoin.com News, Onecoin generated billions of dollars for founders like Ignatova but left many investors worse off. “As Onecoin’s so-called ‘Head of Legal and Compliance’ Irina Dilkinska accomplished the exact opposite goal of her position. As she has now admitted, Dilkinska facilitated the laundering of millions of dollars of illicit profits Onecoin accrued through its multi-level marketing scheme.”

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2023-11-12 20:30:30 DeFi platform Raft pauses minting of its stablecoin after acknowledging 'security vulnerability'

DeFi platform Raft paused further minting of its stablecoin known as R on Friday after it acknowledged what it said was a "security vulnerability." Users on social media pointed to onchain data that showed a presumed hacker had burnt millions worth of ether in the apparent exploit. Wintermute Head of Research Igor Igamberdiev said 6.7 uncollateralized R stablecoin had been minted and then converted into ether.

"The twist is that they converted them into ETH, which was sent to the null address," he wrote on X, detailing an apparent coding mistake. "Instead of sending ETH to the attacker, coins went to the null address, which has no private key, oops." The R stablecoin depegged from its typical price of $1, falling to as low as $0.18 before recovering somewhat. It was trading for $0.78 at 6:34 p.m. ET, according to CoinGecko. "We are currently investigating and will provide an update as soon as we can," it wrote on X. "Existing users are still able to repay their positions and receive their collateral."Instead of sending ETH to the attacker, coins went to the null address, which has no private key, oops." Raft did not immediately respond to a request for comment from The Block.

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2023-11-11 13:48:02 JPMorgan Adds Programmable Payments to JPM Coin

Users of JPMorgan's (JPM) blockchain-based settlement token, JPM Coin, can now program their accounts to make payments automatically according to preset conditions. The financial giant is allowing clients to plug in conditions for funds to be moved to cover overdue payments or margin calls, according to an email on Friday. Previously, they had to set standing orders for payments to take place at a particular time, whereas now they can program them to kick in when the relevant criteria are met.

JPMorgan introduced JPM Coin in 2019 to enable institutional clients to make wholesale payments on a blockchain. Last month it reached the milestone of handling $1 billion of transactions daily, though this remains a trivial figure compared with the $10 trillion the bank moves every day in total. "This new feature helps clients to respond dynamically to events, which is ever more important as 24x7 payment infrastructure proliferates, and responding to volatility becomes vital," the bank said. Previously clients would need to set standing orders for payments to take place at a particular time; now they can program them to kick in when the relevant criteria are met. whereas now they can program them to kick in when the relevant criteria are met.

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2023-11-10 17:09:02 Circle releases v2.2 for USDC and EURC stablecoins with improvements to account abstraction, security, and lower gas fees

Stablecoin issuer Circle launched its v2.2 upgrade for USDC and EURC. The new features for the two stablecoins include decreased gas costs, better support for account abstraction and increased security for transactions on EVM blockchains, according to a company statement. The last time Circle unveiled upgrades to USDC was in early 2021, the firm added. There will be six new changes to the USDC and EURC smart contracts and they'll be implemented through a single v2.2 upgrade.

The upgrade is fully backwards-compatible, does not introduce any breaking changes to existing integrations, and requires no action from developers or users," Circle wrote in the release. Further updates include enabling signature validations from smart contract wallets, improvements to checking blocklists, better resilience against forks, removing blocklist checking from functions that don't move funds, skipped timestamp check when deadline is set to maximum amount, and a one-time rename for the EURC symbol from EUROC, the firm added. Circle will begin rolling out the v2.2 upgrades on Nov. 9 and plans to finish the updates "the next few months."

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