DeFi & Ethereum News

2023-05-26 11:57:02 Whales Transfer 9.7 Million FTMs To Binance Exchange Amidst Multichain Concerns

In recent news, a significant transfer of 9.7 million FTMs (Fantom tokens) to Binance Exchange has raised eyebrows in the cryptocurrency community. This transaction comes at a time when concerns over the Multichain incident have sparked panic regarding the status of Fantom. The whale address involved made the deposit at an average price of $0.33 per FTM, with an average purchase cost of $0.4.

On May 25th, Web3 knowledge graph protocol 0xScope took to Twitter to highlight the Multichain incident, which caused significant alarm regarding the state of FTM and the Fantom ecosystem. Adding to the growing concerns, a whale address recently transferred a substantial amount of 9.7 million FTMs to the renowned cryptocurrency exchange, Binance. The tokens were deposited at an average price of $0.33 per FTM, which indicates a considerable investment by the whale. It’s worth noting that the whale’s average purchase cost for the tokens was $0.4, suggesting that they may have acquired the FTMs at a higher price.

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2023-05-25 09:16:08 Nanjing Launches China Government Backed Metaverse Platform

Nanjing City launched the China Blockchain Technology and Application Innovation Platform to build the China Metaverse technology and application innovation platform. This newly established Chinese state-backed organization is led by Nanjing University of Information Science & Technology (NUIST). According to the announcement on the official NUIST social media account, the platform is comprised of founding members representing diverse academic institutions and blockchain-related companies across mainland China.

According to a media report on Tuesday, Wu Zhong-ze, former Vice Minister of Science and Technology, emphasized the need for Chinese state agencies to introduce a series of metaverse applications in fields such as education, commerce, healthcare, and entertainment. He also urged the setting of metaverse industry standards. Nanjing is one of many Chinese cities vying for a leading role in the nation’s multi-dimensional development. The city announced its metaverse strategy in February 2023, setting the ambitious goal of establishing this industry generating annual revenue in excess of 135 billion yuan ($19.13 billion) by the end of the 2025.

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2023-05-24 10:01:33 Crypto Exchange OKX Targets France as Regional Hub With Plan to Hire 100 People

Cryptocurrency exchange OKX is targeting France as a regional hub in Europe with plans to hire around 100 people there in the next three years, looking to join 74 other companies that have so far won regulatory approval from the country's Financial Markets Authority (AMF). The Seychelles-based firm has filed an application to become registered as a Digital Asset Service Provider (DASP).

It's not the only crypto exchange seeking a base in the European Union's second-largest economy. France last year emerged as the destination of choice for Binance as a European Union (EU) hub following its DASP registration. The world's largest crypto exchange had hired around 150 people for its Paris office by September, according to founder Changpeng "CZ" Zhao. "We would aspire to hire 100 full-time employees within three years," Byun said in an interview. "I think in the first year, we forecast [hiring] about 30 colleagues." Byun said he expects the registration process to take up to six months.

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2023-05-23 05:37:02 EOS Network Participants Should Consider Legal Action Against Block.one: EOS Foundation CEO

EOS Network participants should consider taking legal action against major investor Block.one (B1) for "broken promises" over its investment in the ecosystem, according to the founder of the EOS Network Foundation. Yves La Rose said legal action is one of two possible ways to hold B1 to account for not investing the $1 billion it promised during the network's initial coin offering (ICO) in January 2018.

The other option is a hard fork to exclude EOS tokens held by B1 to fully disassociate itself from its former backer. "As a result of B1’s broken promises, the EOS Network is under-capitalized and the development of the EOS Network has been significantly stunted," La Rose wrote in a letter dated May 20. EOS token holders purchased their tokens "relying on representations of ongoing investment in the EOS ecosystem," which never came leading one to conclusion that B1 never intended to make the promised investments, according to La Rose. The EOS token is currently trading at $0.85 having slumped by 32% since April 14.

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2023-05-22 09:15:49 Hedge Fund Turkcorp To Launch Crypto Exchange Turkex In Turkey

Hedge fund Turkcorp announced that it would launch a new cryptocurrency exchange Turkex in Ankara, Turkey. In addition to offering crypto trading, the new exchange also supports real-time market data, charting tools, and multiple order execution methods. The crypto exchange will launch in the next few weeks, and early adopters can sign up early. Turkex’s debut comes as demand for cryptocurrency trading in the area grows and conventional investment channels.

Turkcorp’s expertise in finance and technology will be used to provide a trader-focused platform that helps them by providing strong liquidity, fair trade pricing, and minimal trading costs. The corporation has already committed considerable amounts to the new exchange’s development and marketing. To build a world-class trading experience, they have employed elite professionals that understand UI and UX. Turkey is also one of the nations that want to boost its economy using anti-inflationary methods such as cryptocurrency. According to GWI Research, Turkey saw the biggest rise in crypto ownership, with 27.1% from July-September 2021 to July-September 2022.

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2023-05-21 12:47:02 U.S. Sanctions Watchdog Alleges Russia-Linked Crypto Wallet Processed $5M

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) rolled out a new massive wave of sanctions against Russian industrial companies, as well as people and entities that helped Russia move money while the country has been waging war in Ukraine. Among the 22 individuals and 104 entities in the sanctions list published Friday, there is one cryptocurrency wallet, first spotted by the blockchain intelligence company Elliptic.

The wallet on the Ethereum blockchain belongs to a 48-y.o. United Arab Emirates resident from Ireland, John Desmond Hanafin, according to OFAC. A wallet related to a company he led, according to the blockchain data, received over $5.2 million in the tether stablecoin (USDT) since the beginning of the war. According to OFAC, Hanafin helped high-net-worth Russian citizens obtain passports from other countries, as well as move money across borders while Russia has been cut off from major global payment networks by previous sanctions. It’s not clear for what purposes Hanafin and his company used crypto.

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2023-05-20 16:17:03 Privacy-Focused Network Horizen Expected to Undergo Node Upgrade in June

The Horizen network is expected to undergo a node upgrade on June 7, developers confirmed earlier this week on GitHub. Per Messari data, the hard fork has been scheduled on Horizen mainnet at block 1,363,115, estimated to arrive on Jun. 7, 2023, at approximately 13:00 UTC. Node operators have been asked to update to Zen v4.0.0 before May 31, 2023. The upgrade would bring enhancements to Horizen’s sidechain version 2 and fix minor bugs encountered in the current node version.

Sidechains refer to independent networks that operate atop a main blockchain, such as Horizen in this case. These are similar to layer 2 networks, but different in one key aspect: Sidechains have their own security mechanism, unlike layer 2 networks which rely on the security of their mother network. Different sidechains can be customized to serve specific purposes, such as having a governance-focused sidechain or a decentralized finance (DeFi)-focused sidechain. This ensures an exploit in one sidechain doesn’t impact the other. Horizen’s ZEN tokens have gained 8% over the past week, as per Coingecko.

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2023-05-19 05:28:02 Bit Digital Defies US Regulators, Expands Bitcoin Mining To Iceland

Amid growing regulatory pressure and a proposed cryptocurrency mining tax in the United States, New York-based Bitcoin (BTC) mining company Bit Digital is expanding its infrastructure in Iceland, placing as many as 2,500 newly bought mining machines there. The move comes as a response to current regulatory uncertainty and a broader government crackdown on digital asset companies in the US. Specifically.

Bit Digital plans to announce the sending of the new Bitcoin mining computers outside the US, in the first move of its kind for this company in two years, at the Bitcoin 2023 conference in Miami, according to a report by the Wall Street Journal on May 18. As Samir Tabar, chief executive of Bit Digital, explained, the company has decided to look at different jurisdictions due to instability. In the past, the machines have come to the United States, but now the company needs to take a serious look at different options. The US Treasury Department is considering taxing cryptocurrency mining firms 30% of their costs of electricity, arguing that miners raise the electricity costs on shared grids and have a negative impact on the environment due to the high power demand.

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2023-05-18 04:31:02 Binance Will Support For Terra Classic And Kava 13 Upgrade

Binance, the world’s biggest cryptocurrency exchange, said on Wednesday that it would support the Terra Classic v2.0.1 network update as well as the Kava 13 mainnet upgrade. The exchange will support the Terra Classic (LUNC) network update, which is slated for May 17 at 16:45 at block height 12,815,210. The blockchain will be stopped at the block until the update is finished. Binance will halt LUNC and USTC deposits and withdrawals on the Terra Classic (LUNC) network on May 17 at 13:30 UTC.

The Terra Classic blockchain will be upgraded with various improvements, including a minimum starting deposit for governance proposals, an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24, and necessary security upgrades. Proposal 11511 by the Joint L1 Task Force was formally approved with 99.5% of the vote. Moreover, the proposal has received support from significant validators including as Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote. Moreover, Binance will support the Protocol 13 network update, which is planned to occur at block height 4,832,500 on May 17 at 15:00 UTC. From May 17, the exchange will halt KAVA deposits and withdrawals.

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