DeFi & Ethereum News

2022-11-19 07:37:02 Ripple seeks license from Irish regulator: CNBC

Crypto payments company Ripple is seeking a virtual asset service provider license from the Irish regulator as it expands its operations in Europe, according to CNBC. The U.S.-based company is involved in a dispute with the Securities and Exchange Commission that is driving the company to look for business abroad. “Effectively, Ripple is operating outside of the U.S.,” Alderoty said in the report.

The SEC filed a lawsuit against Ripple in 2020 alleging that the sale of its XRP tokens counted as unregistered securities worth $1.3 billion. Ripple’s head of public policy, Susan Friedman, recently told The Block that they are in the process of filing a reply brief to summary judgment and are expecting a ruling in 2023. Ireland granted the currently troubled Gemini exchange a virtual asset service provider license in October.

Source

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

2022-11-18 06:38:02 Circle drops Yield rates to 0%

Circle, the company that runs and issues USDC has dropped their Circle Yield product APY rate to 0%. ZItron wrote about his concerns surrounding Circle back in June, quoting the firm’s statement that acknowledged their exposure “to credit risk” through their affiliation with Genesis.

An announcement on Circle’s official Twitter account on Nov. 16 detailed their overcollateralized fixed-term yield product, the $2.6 million outstanding in loans, and their assurance that loans remained safe from potential losses. In response to Zitron’s tweet, another Twitter user, Michael, described Circle Yield’s drop to 0% as “incredibly revealing,” suggesting that this negative drop in interest shows more concern for negative payment outflows than attracting new capital.

Source

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

2022-11-17 07:52:02 FTX drainer sells more BNB, now 34th largest holder of ETH

A crypto wallet connected to the suspected drain of FTX accounts swapped a total of 34,000 BNB for 4,500 ether (ETH) and three million Binance USD (BUSD) this morning. It is now the 34th largest holder of ether. Yesterday, the same wallet swapped large amounts of the decentralized stablecoin dai for ether in a series of multimillion-dollar trades.

The perpetrator has also been moving funds between their wallets. They consolidated $5.1 million of ETH and $3.3 million of ETH from two other wallets into their main wallet where the majority of the ether lies. The source of these funds originated from the failed crypto exchange FTX. The transfers, which some speculate were a hack or an inside job, have been specifically noted in the latest court filings for its Chapter 11 bankruptcy protection.

Source

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

2022-11-16 07:46:02 FTX-acquired crypto exchange Liquid suspends withdrawals

Crypto exchange Liquid suspended both fiat and crypto withdrawals in order to comply with regulations relating to FTX's filing for Chapter 11 bankruptcy protection. Fiat and crypto withdrawals have been suspended on Liquid Global in compliance with the requirements of voluntary Chapter 11 proceedings in the United States.

FTX Trading Ltd. acquired Liquid Group and all of its operating subsidiaries — such as Quoine — in May. No purchase price was disclosed, but the now-failed crypto exchange had offered Liquid a $120 million loan beforehand. The news comes after Japan's Financial Services Agency ordered FTX Japan, on Nov. 10, to cease business operations and to hold assets in the country equivalent to its balance-sheet liabilities until Dec. 9. FTX Japan was the result of FTX’s acquisition of Liquid Group.

Source

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

2022-11-15 07:48:02 Singapore’s MAS says FTX does not operate in the country

The Monetary Authority of Singapore (MAS) stated that the bankrupt crypto exchange FTX does not operate in the country, Wu Blockchain reported on Nov. 14. It continued that the exchange could onboard Singapore users because authorities could not prevent its citizens from “directly accessing overseas service providers.”

According to the regulator, it only lists entities that may be “wrongly perceived” as being regulated on its Investor Alert List (IAL), adding that while Binance was not banned in Singapore, the exchange does not “have the requisite license to solicit customers from Singapore and had to cease doing so.”.MAS also responded to speculations that it specifically targeted Binance with its regulatory effort, which allowed FTX to gain ground in the country.

Source

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

2022-11-14 07:14:02 Bankrupt Crypto Lender Celsius Seeks Extension of Exclusivity Period

The insolvent crypto lender has filed a motion seeking the court’s approval to extend the submission of its restructuring plan. About four months after commencing voluntary Chapter 11 bankruptcy proceedings, crypto lender Celsius Network is yet to execute the much-talked-about restructuring plan. The troubled lender has now filed a motion requesting the court’s approval.

Celsius announced the filing on Thursday via Twitter, stating that the work is complex and requires rigorous planning. The firm claims it is making “substantial progress towards the determination of a value-maximizing path forward” and that any interruptions could compromise the goal of all parties involved. The lender also disclosed that it had to handle some important legal issues before the case could be concluded. about a month after suspending all withdrawals, swaps, and transfers between accounts.

Source

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

2022-11-13 09:55:02 FTX Telegram admin claims exchange hacked

FTX's official Telegram channel claimed the embattled crypto exchange may have been hacked for all its funds. A message was sent on Friday that stated "FTX has been hacked. All funds seem to be gone." The message has since removed the latter statement while claiming.

Additionally, the admin claimed the FTX mobile app and website were compromised and could download malware and Trojan viruses onto peoples' devices. On Twitter, FTX's official account retweeted that there may be "abnormalities with wallet movements related to the consolidation of FTX balances across exchanges — unclear facts as other movements not clear."

Source

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

2022-11-12 08:10:01 Y Combinator backs payment startup Ping in $15 million seed round

Ping, a new freelancer-focused neobank, raised $15 million in a seed round as it plans to expand its focus from Latin America to new regions. The Miami-based company, founded in 2021, said it has processed more than $1 million in payment volume in its first few months of operations. It launched through Y Combinator about four months ago.

Ping is built on the rails of Latamex, which offers on- and off-ramps for exchanging crypto and fiat. Its platform allows users to buy and sell bitcoin, ether and Litecoin, as well as Tether (USDT) and USD Coin (USDC). Users can also deposit or withdraw U.S. dollar fiat currency. The company also has a waitlist open for a new international Visa card. It allows users to create a U.S.-dollar bank account, invoice their employers and receive local currencies or crypto.

Source

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

2022-11-11 10:48:02 Starknet reveals new governance entity, StarkNet Foundation

Ethereum scaling protocol Starknet announced a new governance organization called the Starknet Foundation, which will lead grants and funding for new Starknet protocols and aim to create standards that it claims will align with Ethereum’s decentralization and open source standards.

The Starknet Foundation will start off with seven elected board members who will play key leadership roles in the foundation’s long-term direction. Members include Andrew McLaughlin, former deputy chief technology officer of the United States under the Obama administration, and Eric Wall, a well-known blockchain whistleblower. The announcement comes amid the crisis surrounding FTX and Alameda.

Source

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

2022-11-10 13:54:02 Solend struggling to liquidate SOL loan due to congestion

The loan resides in Solend's main lending pool. A sharp fall in the price of solana (SOL) — down about 50% in the last three days — has lowered the value of the collateral used for the loan. A large lending position on Solana-based lending platform Solend is now underwater.

Yet the platform has faced oracle issues related to congestion on the network, frustrating these efforts. This loan belongs to a large user who holds the biggest position on the main pool. The user owes the protocol $29.7 million in USDC at the time of writing against $32.6 million in SOL collateral. The position is above Solend’s liquidation threshold of 85%, which is $27.6 million. The protocol has to sell nearly $2 million in SOL collateral to bring back the loan under the liquidation threshold.

Source

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