DeFi Updates

StarkEx Layer 2 records $1 trillion in on-chain trading volume since June 2020

The cumulative volume of on-chain trading and swaps on the StarkEx Layer 2 network has surpassed $1 trillion across different apps since its launch in June 2020, reported StarkEx's developer StarkWare. This non-custodial trading volume on StarkEx, the largest in the Ethereum Layer 2 niche, has been driven by the crypto derivatives trading exchange dYdX. Other apps, including ImmutableX, Sorare, and Rhino, have also contributed substantially to the cumulative volume on StarkEx, the team noted.

StarkEx is a Ethereum Layer 2 solution that aggregates transactions from Ethereum’s mainnet to reduce congestion and transaction fees. It leverages a zero-knowledge rollup technology called "Starks" to increase Ethereum’s efficiency without undermining its security. Blockchain scaling and development firm StarkWare operates StarkEx as a SaaS solution to help Ethereum projects scale. It also contributes to StarkNet, a separate Ethereum Layer 2 project. “We’ve built infrastructure that supports the most sophisticated user-friendly blockchain apps," Uri Kolodny, co-founder and CEO of StarkWare, told The Block, reflecting on the $1 trillion cumulative volume milestone.

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3AC liquidators seek $1.3 billion from Zhu, Davies: Bloomberg

Liquidators of Three Arrows Capital aim to recover $1.3 billion from the failed crypto hedge fund’s co-founders, Su Zhu and Kyle Davies. The liquidators, two partners at the consultancy firm Teneo, allege that Zhu and Davies were responsible for losses equal to that sum — after racking up leverage in the months immediately prior to 3AC’s collapse, according to a Bloomberg report published today that cited an anonymous source. Teneo and 3AC did not immediately respond to requests for comment.

The allegations were reportedly discussed during a meeting with 3AC’s creditors on Tuesday. The Block was first to reveal, in July last year, that 3AC owed its creditors more than $3.5 billion when it collapsed. Both Zhu and Davies went quiet in the weeks following their fund’s implosion, but gradually made a return first to social media and later to entrepreneurship. The pair teamed up with Mark Lamb, founder of CoinFLEX, the crypto lender that filed for restructuring in the Seychelles last year, to launch a new business named OPNX. Among other things, it aims to allow users to trade bankruptcy claims. 3AC's liquidators, meanwhile, have repeatedly complained about Zhu and Davies' lack of cooperation.

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ChatGPT plugin goes live for Hedera network

A convergence of blockchain and artificial intelligence (AI) has occurred between ChatGPT and Hedera, the native cryptocurrency of the Hedera network. By capitalizing on the decentralized characteristics of blockchain networks, ChatGPT can establish secure interactions with the Hedera network, accessing its tools like the Hedera Consensus Service, Hedera Token Service and Smart Contract Service. On Twitter, developer Ed Marquez provided instructions on creating the plugin, focusing on token balances of Hedera accounts.

According to Marquez, users can view account balances through a network explorer or programmatically retrieve them via the mirror node Rest application programming interface (API), which the plugin will utilize. HBAR information is returned in tinybars (tℏ), where 100,000,000 tℏ represents one ℏ. Accounts in Hedera are stored in the ledger that holds tokens, including HBAR, fungible tokens and nonfungible tokens created on Hedera. Using a plugin, the integration of ChatGPT with the Hedera network allows for retrieving HBAR and token balances from Hedera accounts. This integration streamlines the interaction between ChatGPT and the blockchain, simplifying asset monitoring and management for users.

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Three Quarters of Jurisdictions Not Complying With Global Crypto Laundering Norms, FATF Says

Most jurisdictions still aren’t fully complying with international anti-money laundering norms for crypto, standard-setter the Financial Action Task Force (FATF) has said . “Almost three quarters of jurisdictions are only partially compliant or not compliant with the FATF’s requirements” for virtual assets, according to a statement issued following a regular plenary meeting of the watchdog, chaired by Singapore's T. Raja Kumar.

The statement said that North Korea was using illicit virtual assets to finance weapons of mass destruction and called for companies to apply anti-money laundering norms as an “urgent priority.” A forthcoming report from FATF will urge jurisdictions to close loopholes, focusing on emerging risks from decentralized finance and peer-to-peer transactions that don’t use a regulated intermediary such as a wallet provider, the statement said. Raja Kumar added that early next year FATF will publicly name those countries that didn't yet regulate, in a bid to encourage them to act.Last year the U.S. Treasury sanctioned the decentralized privacy protocol Tornado Cash.

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Japan’s Biggest Bank Might Launch Global Stablecoins

MUFG’s Vice President of Product – Tatsuya Saito – believes Japan could emerge as a global center for stablecoin issuance. Mitsubishi UFJ Financial Group (MUFG) – the largest finance institution in Japan – is reportedly considering issuing global stablecoins via its blockchain platform. As reported by Bloomberg, the entity is in talks with industry leaders and other companies on minting stablecoins pegged to foreign currencies, such as the US dollar. To do so, it intends to use its blockchain platform Progmat, Vice President of Product Tatsuya Saito said.

The executive added that potential partners in the move are several local financial institutions, entertainment firms, and other non-financial businesses. Inquiries also come from foreign organizations, meaning Japan could become a global hub for stablecoins, Saito envisioned. Such financial products have been the subject of enhanced scrutiny in the Asian country, especially after the collapse of the algorithmic stablecoin UST last year, which triggered multi-billion investor losses. The Japanese authorities recognized stablecoins as digital money but said they could only be issued by licensed banks, money transfer agents, or trust companies. Saito praised the recently-enforced legislation, maintaining it could bring additional consumer protection.

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IMF says banning crypto assets may not be effective long-term

Banning crypto assets may not be an effective approach for countries to manage risk over the long run, according to the International Monetary Fund. “While a few countries have completely banned crypto assets given their risks, this approach may not be effective in the long run,” the international financial organization said in a post discussing interest in central bank digital currencies in Latin America and the Caribbean. Latin America and the Caribbean are leading the way in the adoption of digital assets, according to IMF research, with Brazil, Argentina, Colombia and Ecuador ranked among the top 20 for global adoption.

Instead, the IMF said that “the region should focus on addressing the drivers of crypto demand, including citizens’ unmet digital payment needs, and on improving transparency, by recording crypto asset transactions in national statistics.” The position contrasts IMF comments made in a statement in February, relating to an executive board meeting earlier that month where it ​​called for a “coordinated response” over fears crypto could undermine the global monetary system. While directors agreed strict bans on crypto were “not the first-best option," some directors thought “outright bans should not be ruled out." As cryptocurrencies present varying risks in different countries, the IMF said the emphasis should be on mitigating such risks while still “leveraging the potential benefits of the technological innovation associated with crypto assets.”

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Binance.US Market Share Falling Seriously Due To SEC Intervention

As the Securities and Exchange Commission approaches, Binance.US’s market share among alternatives in the United States has shrunk to nearly nothing. On Tuesday, crypto data firm Kaiko published research showing Binance.US currently accounts for only 1.5% of the total weekly trading volume of U.S. crypto exchanges, down from 8.2% at the beginning of this year and a peak of 22% at the end of March. Coinbase Global, also sued by the SEC, has also seen its market share drop from 56.5% at the start of the year to 51% at the end of June.

Binance.US is currently facing a number of challenges, with its banks and payment partners cutting off support, its liquidity drying up, and customers consistently withdrawing money from the platform. Both companies have found themselves directly in the crosshairs of the SEC, having been named in high-profile cases only a few weeks ago. The SEC’s action against Binance, on the other hand, names its CEO, Changpeng Zhao, as well as BAM Trading, the operating firm of Binance.US, which is an affiliate of the worldwide exchange. Coinbase has lambasted the United States Securities and Exchange Commission for failing to respond to issues posed in the United States Court of Appeals as part of its continuing legal dispute with the agency.

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Atomic Wallet Hackers Use THORChain to Conceal Stolen $35M Funds

Hackers that targeted crypto wallet Atomic Wallet in a $35 million heist earlier this month have used cross-chain liquidity protocol THORChain to conceal their ill-gotten gains, according to blockchain sleuth MistTrack. MistTrack states that 503.08 ether (ETH), or around $870,000, connected to the hack was transferred to THORChain in the last two days before being swapped for bitcoin (BTC).

Some of the stolen ether was also bridged to multiple bitcoin addresses using the Swft blockchain, MistTrack said. Last week, the hackers moved a portion of stolen funds to crypto exchange Garantex, which was sanctioned by the Office of Foreign Assets Control (OFAC) of the U.S. Treasury last April. Blockchain security firm Elliptic said that it believes North Korean hacking group Lazarus are behind the attack. THORChain's native token (RUNE) remains stable following the string of hack-related transactions, it trades at 84 cents having risen slightly in the past 24-hours, according to CoinMarketCap.

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@DeFi_Updates

CZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1M

Blockchain investigator ZachXBT has received over $1 million in donations from the crypto community in just over 24 hours to pay for his legal fees in a defamation lawsuit. ZachXBT, known for his investigative work in the blockchain and cryptocurrency industry, has become embroiled in a legal dispute with Jeffrey Huang, better known on Twitter as MachiBigBrother. On June 16, Huang tweeted that he had filed a defamation lawsuit against ZachXBT, accusing him of damaging his reputation through false allegations.

While Huang didn’t specify those allegations, in June 2022, an article was published by ZachXBT titled: 22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang). In the article, ZachXBT accused Huang of launching over “over 10 failed pump and dump tokens and NFT projects.” Responding to the lawsuit in a series of tweets on June 17, ZachXBT called the lawsuit “baseless” and an “attempt to chill free speech.” He set up a donation wallet address for his followers to assist with the legal fees, which he believes could “easily exceed” $1 million. He added that the lawsuit “is sickening,” but he “knew one day” it would happen, as that is “the price” of honesty.

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Crypto donors raise $500,000 to support ZachXBT in lawsuit

The crypto-community has raised over $500,000 to support anonymous crypto investigator ZachXBT, who announced yesterday he is being sued for defamation. The fundraising effort appears to have struck a chord with members of the crypto community, echoing concerns about censorship and legal threats against researchers. As of Saturday morning, ZachXBT's donation address holds 163 ETH, worth about $290,000 at current prices, as well as ~$180,000 of USDC, ~$30,000 of USDT, and other coins.

The donations include $5,000 of JESUS token and 69 billion GENSLR tokens, worth $800, a meme token themed around — and not endorsed by — the current Securities and Exchange Chair Gary Gensler. The lawsuit, filed in a Texas court, accuses ZachXBT of defaming Jeffrey Huang. ZachXBT alleged Huang embezzled cryptocurrency from Formosa Financial, a crypto startup. Huang demanded that ZachXBT remove the claims after denying them. ZachXBT maintains that the lawsuit is baseless and meant to censor him. The case is poised to be an important test of free speech rights in crypto research and journalism.

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CoinEx Agrees To Settlement To Pay Over $1.7 Million In Fines To New York Investors

CoinEx agreed to pay over $1.7 million and be barred from operating in New York in order to resolve a lawsuit filed by state Attorney General Letitia James, accusing the cryptocurrency exchange of operating unlawfully due to a failure to register with the state. A proposed settlement was filed in a New York state court in Manhattan on Wednesday, and it must be approved by a judge. It demands that CoinEx refrains from providing, selling, or purchasing securities and commodities in New York.

The deal settles a prior complaint filed against the exchange in February, in which the state of New York accused the company of fraudulently portraying itself as an exchange and failing to register with local authorities. James alleged that the company’s refusal to register before purchasing and selling tokens such as AMP, LBRY, LUNA, and Rally violated the Martin Act, a strong state legislation used to combat financial fraud. According to the deal, nearly $1.1 million will be repaid to 4,691 New York investors, with the state receiving more than $600,000 in fines. CoinEx must also apply geo-blocking to prohibit access from New York IP addresses. The exchange is likewise prohibited from opening new accounts for US consumers.

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UK Lawmakers Call for Crypto Trading to Be Regulated as Gambling

A committee of British lawmakers has recommended regulating crypto trading as gambling. Viewing retail trading of cryptocurrencies as more akin to gambling rather than a financial service, the U.K. Treasury Committee stated that “Cryptocurrencies such as bitcoin have no intrinsic value and serve no useful social purpose, while consuming large amounts of energy and being used by criminals in scams, fraud, and money laundering.”

The U.K. Parliament announced Wednesday that the Treasury Committee has called for “consumer trading in unbacked crypto to be regulated as gambling.” The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs, and associated public bodies. Eleven members of parliament (MPs) currently serve as members of the Committee. The chair of the Treasury Committee, Parliament Member Harriett Baldwin, commented: “The events of 2022 have highlighted the risks posed to consumers by the cryptoasset industry, large parts of which remain a wild west.

Source

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Robert Kennedy Jr. to Accept BTC for Campaign Contributions, Says Bitcoin Is an 'Exercise in Democracy'

Before taking the stage at the Bitcoin 2023 conference in Miami, U.S. presidential hopeful Robert F. Kennedy Jr. emphasized the democratic nature of bitcoin, calling it an “exercise in democracy.” Additionally, during his Florida appearance, Kennedy revealed that his campaign would accept bitcoin for political contributions. Robert F. Kennedy Jr., a Democrat challenging incumbent U.S. president Joe Biden, declared that his campaign would welcome bitcoin (BTC) donations.

Many attendees at the Bitcoin 2023 conference expressed approval of Kennedy’s remarks. One individual tweeted, “Truly surreal to listen to a Kennedy speak to how his presidency would secure bitcoin’s place in the defense of the nation’s civil liberties.” Before delivering his keynote speech, Kennedy said that “everybody is so passionate about bitcoin not just because it’s a currency, but because it’s an exercise in democracy.” Kennedy has recently cautioned against the potential dangers of a central bank digital currency (CBDC). Following these statements, he warned that America could face a severe economic crisis, emphasizing that “It’s not just the banks.” At Bitcoin 2023, Kennedy focused on decentralization, commenting on how people “are seeing today how fragile our over-centralized system is.”

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Stablecoins Still Controversial Between Republicans and Democrats

Despite tones of promise from both sides at a Thursday hearing of the House Financial Services Committee’s digital assets subcommittee, US lawmakers are unable to bridge the divide between Republicans and Democrats with very different ideas for supervising stablecoins. One of the key differences is a bigger role for state regulators in a version of proposed legislation championed by Rep. French Hill.

Nonetheless, Hill began the meeting by referring to Waters’ prior comment that the legislators were beginning from scratch this year after coming near to a compromise version last year. Waters retorted that the Republican wording lacks numerous crucial positions, as did Rep. Stephen Lynch, the ranking Democrat on the crypto-focused subcommittee. Both Republicans and Democrats in the House agree on shared goals, including addressing consumer concerns and maintaining the US dollar’s position in global trade, which might be supported by dollar-denominated stablecoins regulated in the US. Stablecoins, such as Tether’s USDT and Circle’s USDC, are pegged to the value of stable assets such as the US dollar.

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Greenland Holdings Applies For Trading Crypto And NFTs License In Hong Kong: Report

According to SCMP, Greenland Holdings, the largest developer in Shanghai, plans to apply for a virtual asset operator’s license in Hong Kong. This move would make Greenland the first state-owned enterprise to enter Hong Kong’s digital trading industry. Greenland Financial Technology will set up a new company to focus on virtual asset trading, particularly cryptocurrencies, non-fungible tokens (NFTs), and products related to carbon emissions.

Greenland Holdings has two licenses from the SFC to conduct business in securities advisory and asset management. The organization is a global Fortune 500 company with headquarters in Shanghai, assets of US$231.28 billion, and revenue of US$84.45 billion. The company has recently expanded into finance, retail, hotels, and digital businesses, including blockchain, data management, and carbon-emission trading. Proper regulation and investor protection are crucial for Hong Kong to develop as a virtual asset trading hub, according to Geng. He supports the SFC’s efforts to regulate the virtual asset trading industry to prevent the collapse of cryptocurrency exchanges like FTX and the failure of regional banks.

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Tether Says It Will Buy Bitcoin for Stablecoin Reserves Using Realized Profits

Stablecoin issuer Tether will regularly buy bitcoin (BTC) for its stablecoin reserves using a portion of its profits starting this month as part of a new investment strategy focused on the largest cryptocurrency by market capitalization, the firm announced on Wednesday. Tether said it will allocate up to about 15% of the realized profits from investments – excluding any unrealized price appreciation of its reserve assets.

The company will custody the BTC stash on its own, without using any third-party custodians, according to the statement. The development comes after Tether, the company behind the largest stablecoin on the market, the $82 billion USDT, revealed last week that it holds $1.5 billion of BTC and $3.4 billion of gold among the assets that backs the value of USDT and its smaller stablecoins. Some 85% of the reserves are held in cash and cash-like assets such as U.S. Treasury bonds, according to its 2023 Q1 attestation. Stablecoins, now a $131 billion asset class, have become a crucial building block of the cryptocurrency infrastructure, facilitating trading and transactions between government-issued fiat money.

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Dogecoin Overtakes Bitcoin And Litecoin In Transactions With Surging DRC20 Tokens!

The meme-inspired cryptocurrency Dogecoin ($DOGE) has been experiencing a surge in daily transaction volume lately. In fact, it has reached a new all-time high, surpassing the transaction volumes of both Bitcoin ($BTC) and Litecoin ($LTC). This is partly due to users looking to mint DRC20 tokens on top of the network, as this token standard on the Dogecoin network allows for the creation of new digital assets on top of the blockchain.

According to data shared by DOGE enthusiast Mishaboar on Twitter, Dogecoin’s daily transactions hit a peak of 650,000, outshining the transaction volumes of other major cryptocurrencies. Patrick Lodder, a leading Dogecoin developer, had predicted this trend a few days earlier when the surge in daily transactions was noticeable but had not yet reached the current record-breaking levels. While some members of the DOGE community were excited by the news, others expressed skepticism. Crypto enthusiast Martin Stauber, for example, challenged the claim that the surge in transactions came from DRC20 token minting and transactions.

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The Top 10 LADYS Holders Hold 180 Trillion Tokens

According to Lookonchain analysis, the top 10 LADYS holders (excluding exchanges and contract addresses) hold 180 trillion LADYS, accounting for 20.3% of the total supply. Among them, the top 3 holders were added to the blacklist; DWF Labs holds 30.7 trillion LADYS, accounting for 3.5% of the total supply. Regarding these 10 addresses, Lookonchain analyzed that the address “0xAf23” was blacklisted by the LADYS contract deployer after being blacklisted by the PEPE contract deployer.

The address starting with 0x44F9 cross-chained 9.78 ETH and only bought LADYS; 0x3c7A withdrew 10.89 ETH from Binance and only bought LADYS. These two addresses seem to be insider traders, which may be the reason why they were blacklisted. The 2 addresses of DWF Labs hold a total of 30.7 trillion tokens (approximately $4.5 million). The “0xd4b6” address of DWF Labs transferred 2.2 trillion tokens to the exchange at the highest price. Andrei Grachev claimed that this was to do city. Elon Musk chose Milady, an NFT collection that has been in the crypto sector since April 2022 but has been controversial because of the founder’s controversies with a hype tweet.

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Vietnamese Residents Accused of $1.5 Million Crypto Theft and Kidnapping to Face Justice (Report)

Two former police officers and 14 other Vietnamese supposedly kidnapped an individual and stole $1.5 worth of bitcoin. The People’s Court of Ho Chi Minh City reportedly brought to court 16 Vietnamese who might stand behind a $1.5 million crypto robbery and kidnapping. Interestingly, two of the defendants are former police officers. Vietnam is one of the global leaders in terms of cryptocurrency adoption.

According to a local media outlet, the whole drama started in 2018 when Le Duc Nguyen advised Ho Ngoc Tai to sell around 1,000 BTC (valued at approximately $4.2 million at the time) to purchase other digital currencies. Nonetheless, the investment did not go as planned, making Tai believe he had become a victim of a crypto scam. He could not accept the loss and assembled a team in May 2020 whose goal was to steal the assets back. The entity, consisting of 16 people (including two former police officers), tracked Nguyen’s whereabouts using GPS devices installed on his vehicle. The individuals hired a van, bought realistic weapons, and kidnapped the target at gunpoint.

Source

@DeFi_Updates

White House Democrats Want A New Stablecoin Bill

According to a CoinDesk report, House Democrats are exploring their version of a long-anticipated stablecoin bill, but their views show a significant schism with a parallel Republican attempt. The plan, which is a follow-up to one led by Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.) last year, comes just weeks after Waters said that Congress must start from fresh on legislation addressing this segment of the cryptocurrency market.

Stablecoin legislation has been a key goal for US politicians seeking crypto regulation. Last year, the House committee’s leaders were close to introducing a compromise. It was made public before a hearing on the topic last month. The committee’s leaders are pulled in various ways because of that paper. Republicans on the House Financial Services Committee just approved a fresh stablecoin bill draft. Yet, the panel’s Democrats, notably Waters, the committee’s senior Democrat, were irritated. She had openly protested that the attempt was made without Democratic participation and that legislators should start again. According to a source familiar with the measure, the new Democratic version focuses on consumer protection problems.

Source

@DeFi_Updates

Argentina moves to tighten grip on crypto transactions

Argentina's central bank is moving to tighten its grip on crypto transactions in the inflation-rattled country, having last week issued new guidance that prohibits some companies from certain activities. Specifically, registered payment service providers known locally as PSPCPs may not carry out or facilitate operations with digital assets that are not regulated and authorized by the central bank. The notice, dated May 4, says that the providers won't be able to carry out the transactions on their own.

Companies formally registered with the central bank as payment service providers include large players in the space such as MercadoLibre, Bind Pago, Mobbex, Nubi and Pomelo. The rules appear to target "automatic purchase buttons," and interested users who want to conduct such transactions "should do it on their own accord." Crypto use in the country has been rising, especially as Argentines rush to protect their savings in the face of annual inflation above 100%, multiple exchange rates and capital controls. Still, widespread adoption has faced obstacles, especially with fear of volatility and widespread skepticism about possible scams.

Source

@DeFi_Updates

FTX Creditors Lose $44B Battle To IRS In Bankruptcy Case

The Internal Revenue Service (IRS) has made a claim of $44 billion in taxes relating to FTX, Alameda Research, and its subsidiaries. This is a significant claim and has raised eyebrows in the financial world. The claim is categorized as an administrative priority, which means that the IRS’ claims take precedence over the funds owed to the exchange’s creditors. The IRS has filed a total of 45 claims against the exchange and its subsidiaries in the filings. The filings were published on April 27 and 28.

The ongoing dispute over creditors’ dues is still determining the exact implications of this situation. Nick van Eck, a partner at General Catalyst, has expressed curiosity about the methodology used to calculate the amounts and the process for obtaining the funds. Sam Bankman-Fried’s lawyers have been busy in the FTX saga. They have asked the judge to toss out criminal charges, saying that it was more of a civil issue. Additionally, his legal team has accused FTX’s lawyers from Sullivan & Cromwell of working as prosecutors in the case. The case has had a number of developments, and it remains to be seen how it will play out.

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Tether reports $1.5 billion net profit for first quarter in latest attestation report

Stablecoin issuer Tether said it had a net profit of $1.5 billion in the first quarter, more than double what it reported in the previous period, according to its latest attestation report. "We are thrilled with the tremendous success Tether has achieved in Q1 2023, with our reserves' surplus reaching an all-time high of $2.44B," Paolo Ardoino, CTO of Tether, said in a statement shared with The Block exclusively.

Tether's consolidated total assets amounted to at least $81.8 billion as of May 9, while its consolidated total liabilities amounted to $79.4 billion, per the statement, reflecting excess reserves of at least $2.44 billion — an all-time high. The excess reserves are much higher than Tether's Q4 numbers of $960 million. Tether included additional categories into its reserves reporting for the first time. These include bitcoin, physical gold, overnight repo, and corporate bond allocations. It holds $1.5 billion worth of bitcoin and $3.3 billion worth of precious metals. Tether said the majority of its investments, about 85%, are being held in cash, cash equivalents, and other short-term deposits.

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