DeFi & Ethereum News

2023-01-18 06:13:02 Nexo Now Sues Cayman Islands Regulator Regarding Virtual Asset License

Nexo, a cryptocurrency lending platform, is suing the Cayman Islands government for refusing the company a virtual asset license, according to The Block.The firm wants the CIMA decision reversed, and the court to rule that it is suitable to be registered and then order CIMA to register it.

Firstly, the Cayman court filing that the Cayman Islands Monetary Authority denied Nexo’s application on December 20 because the firm’s business model did not match the acceptable risk profile. Nexo posed a risk to market confidence, consumer protection and the reputation of the Islands as a financial centre, according to the CIMA. Nexo directors and owners neglected to disclose to the CIMA a potential regulatory enforcement situation in the United States as well as proceedings in English courts.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-17 06:47:02 Argo Blockchain’s BTC Production in December Crippled by a Winter Storm

The miner produced only 147 BTC in December, compared to 198 BTC in November, because of the snow blizzard that hit Texas. Argo Blockchain – mined 147 BTC in December, roughly 25% less than the production levels registered in November.

The severe snow blizzard that impacted much of the States around Christmas prompted Argo Blockchain to join other Texas BTC miners in reducing electricity usage. With a diminished production power, the firm mined 147 bitcoin (worth approximately $2.6 million at current prices), compared to the 198 bitcoin in November. Argo Blockchain further revealed that it held 141 BTC as of the end of December 2022, its total debt stood at nearly $80 million, while its bank balance totaled around $20 million.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-16 06:28:02 Alameda Research Lost Over $1 Million Due To Liquidations

According to a tip that crypto intelligence company Arkham provided with The Block, Alameda Research lost over $1 million in assets as a result of liquidation last night. along with $4 million in DAI and 20 million USDC. The account now has a net balance of $15.2 million.

Before that, $72,000 in Alameda funds were liquidated on Aave on January 12 after being combined into one wallet. Some Twitter users claimed that. Sam Bankman-Fried was engaged in the incident where Alameda funds were seen switching wallets. Bankman-Fried’s transfer to Alameda is unlikely to occur, though, as he was not able to use the online platforms until December 30, 2022, following his arrest in the Bahamas on December 12, 2022. He thinks that if FTX liquidates Alameda, it won’t go bankrupt.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-15 12:33:02 Grayscale Now Slams SEC Inappropriately Acts As A Merit-based Regulator

Grayscale, a digital asset management business, has filed a fresh court brief criticizing the US Securities and Exchange Commission for its inappropriately acting as a merit-based regulator, running far afield from its disclosure-based regulatory.

The document, submitted on Friday, was in response to the Securities and Exchange Commission’s (SEC) December justification of its decision to deny Grayscale Investment’s (GBTC) proposal to convert it into a spot bitcoin ETF. While the SEC has authorized many bids to establish futures bitcoin ETFs, which are trading agreements to be carried out at a future date and price,the agency has stated that spot bitcoin ETFs.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-14 06:16:02 Nigeria Now Has Its First Bitcoin Lightning Network Node Operating

According to Bitcoin blockchain discovery sites Mempool and Amboss, Megasley, who manages the country’s LLightning Network node, is currently the only active LN node operator on the map in Nigeria. A new Lightning Network node in Nigeria is motivating Africans to adopt Bitcoin.

Lightning Network (LN) has been around for a while, but its adoption in rural places is still a long way off. However, the city of Nigeria, Lagos, just received its first Bitcoin Lightning Network node, a significant step toward better linking the continent to a Bitcoin-based layer 2 payment network. Megasley, who runs the country’s LLightning Network node, revealed his idea for delivering low-cost, rapid payments to Africa with the solution. He stated that his purpose is to assist Africans in receiving rapid and free money.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-13 09:19:02 Crypto.com Has Lost About 55.66% USDT In 7 Days Before Delisting In Canada

Data shows that Crypto.com has lost $80 million in the past seven days. The exchange held about 52 million USDT before having to delist in Canada. Today, Crypto.com had to delist from Canada due to compliance with the laws of this country.

Web3 knowledge mapping protocol 0xscope tweeted on its account that data shows crypto exchange Crypto.com currently holds the most significant amount of USDC, around 777 million USDC. Meanwhile, the amount of USDT holding is only about 52 million tokens. That number has dropped by about $80 million in the past seven days. Cryptocurrency exchange Crypto.com plans to delist Tether (USDT) from Canadian users starting January 31, 2023.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-12 06:33:02 Former Coinbase Manager Gets 10-Month Prison Term

Nikhil Wahi, the brother of Ishan Wahi, a former product manager at Coinbase, entered a guilty plea and was sentenced to 10 months in prison for using his family ties to engage in insider trading of cryptocurrency tokens.a lawsuit alleging insider trading involving digital assets was brought up against Nathaniel Chastain.

U.S. Attorney Damian Williams noted that this was the first occasion “a defendant has admitted guilt in an insider trading case involving the cryptocurrency markets” after the defendant’s guilty plea in September. Ishan Wahi, in contrast, entered a not-guilty plea in August. Prosecutors, on the other hand, wanted to see him serve up to 16 months in jail. Nikhil will be sent back to India after serving his punishment.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-11 08:49:02 Ethereum Developers Submitted An Improvement Proposal EIP-5988

The eips.ethereum page shows that Ethereum developers have submitted an improvement proposal, EIP-5988. It is understood that the proposal introduces a new pre-compiled solution, which aims to improve the efficiency of running zero-knowledge proofs on the network.

The Poseidon arithmetic hash function was created with Zero-Knowledge Proof Systems in mind. In order to interface with the EVM in the best possible way, Ethereum must incorporate facilities for L2s because its roadmap is rollup-centric. For the aim of creating effective ZK/Validity rollups on Ethereum, the Poseidon hash function is especially well-suited because it is a collection of permutations over a prime field.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-10 06:35:02 The Circle Reserve Fund Managed By BlackRock Has $12.79 Billion Invested In

According to Circle’s most recent attestation report, 30% of USDC’s reserves – or $12.79 billion – are invested in its government money market fund, the Circle Reserve Fund, managed by BlackRock. Thus, the RRP would significantly improve USDC’s risk profile.

Base on BlackRock’s disclosure daily update page, the share of USDC reserves held in the Circle Reserve Fund has climbed to about $28.6 billion, or 65%, since then. Circle is ceding some of its management over USDC’s reserves to an external manager subject to SEC oversight, which eventually makes USDC safer. Transparency is also improved because USDC users can now receive regular updates from BlackRock.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-01-09 09:43:02 Shanghai upgrade to include Ethereum unstaking

Ethereum developers said the upcoming Shanghai upgrade, slated for March, would add functionality to withdraw staked ETH, according to Bloomberg News.The confirmation brings welcome relief for stakers and vested parties.

Since the Beacon Chain went live in November 2020, Ethereum deposited into the staking contract has amassed at a steady rate. Currently, 15.9 million ETH, valued at approximately $19.8 billion, have been deposited, representing 13.2% of the supply. Data from Messari showed Ethereum has the lowest staking ratio of any major Proof-of-Stake (PoS) chain. The staking ratio of other significant PoS chains ranged between 46%, going as high as 90% for BNB.

Source

https://t.me/DeFi_Ethereum Open / Comment