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Crypto Bears

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Logo of telegram channel defibears — Crypto Bears
Topics from channel:
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Players
Dyor
Latoken
Channel address: @defibears
Categories: Cryptocurrencies , Airdrop , DeFi
Language: English
Subscribers: 95.27K
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DeFi Bears Represents the best DeFi
tokens via decentralised Telegram Channel.
Our Network count over 100k global users who love DeFi Market, which we cover in a long term stakers and profit makers.
Admin: @DefiBearAdmin
Manager: @LordyWill

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The latest Messages

2022-10-02 13:00:04Metaclassn Event: Top 500 winners share 1-million-dollar reward pool


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Metaclassn Details
The world's leading team established Metaclassn. It's the world's largest knowledge-sharing platform on Metaverse; everyone can share their knowledge on the platform to earn hefty monetary returns and token rewards.

Metaclassn Visions
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6.1K views10:00
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2022-09-26 19:40:45Interpol Has Issued a Red Notice for Do Kwon, Say South Korean Prosecutors

The International Criminal Police Organization, known widely as Interpol, has issued a Red Notice on Do Kwon, the co-founder of Terraform Labs and the Terra ecosystem – as the manhunt for the elusive crypto chief continues.

South Korean prosecutors confirmed the Red Notice on September 26, per a number of South Korean media outlets including SBS. The prosecution declined to make any further comment on the matter, however.

An Interpol Red Notice is the highest level request that Interpol is capable of issuing – and effectively asks police officers in almost every nation in the world to “locate and provisionally arrest” the individual in question “pending extradition, surrender, or similar legal action.”

Seoul Southern District Prosecutor’s Office’s Financial and Securities Crime Unit first approached Interpol for assistance last week after issuing an arrest warrant earlier in the month.

The nation’s foreign ministry has also stepped in, and hopes to cancel Kwon’s passport – in a bid to force Kwon’s deportation.

Where Is Do Kwon?

South Korean authorities claim that Kwon is now a “fugitive” and stated that it was “evident” that Kwon was now “on the run.”

Kwon denied this on September 17, the last time he posted on social media.

But the evidence appears to indicate otherwise. Kwon, prosecutors say, “fled” to Singapore at the end of April, mere days before the Terra ecosystem crash, along with five Terraform executives.

South Korean police say that Kwon’s family flew out to Singapore shortly after.

Singaporean police, however, have stated that Kwon is no longer in Singapore.

Prosecutors believe they have enough evidence to prove that the Terra ecosystem coins that Kwon sold were “unregistered securities,” even though some domestic lawyers have claimed it will be hard to make these charges stick. South Korean law does not classify any form of cryptoasset as a security.

But Beoplyool TV News, a media outlet that focuses on legal affairs, quoted a financial lawyer named Cha Sang-jin as stating that if the prosecution focuses on TerraClassicUSD (UST), it may have more success.

Cha claimed that Terraform executives “emphasized” a “value linkage with the US dollar” before UST lost its peg in early May.

In proving that promises about a USD-linked stablecoin were untrue, legal experts suggested, prosecutors may be able to prove that Kwon and others “violated the Capital Market Act.”
4.7K views16:40
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2022-09-19 01:43:23Bitcoin [BTC]: Heavy coin inflow into exchanges suggests rally in sell pressure

The much-anticipated Merge that proved to be beneficial for most, didn’t do anything for Bitcoin BTC. Some Ethereum ETH-linked assets posted double-digit gains, and BTC paid no heed. According to data from CoinMarketCap, the price per BTC stood at $19,907, with a 0.8% decline in the last 24 hours.

Having declined by 16% in the last month, key on-chain metrics showed that the bears are still in control of the market. Additionally, there seems to be no rally in sight for the king coin in the coming weeks.

What key metrics?
According to new data from Santiment, BTC witnessed a rally in its exchange inflow since the beginning of the month. Between 7 September and 14 September, 1.69 million BTC worth $33.5 billion was sent to exchanges. According to Santiment, this was the highest BTC volume moved since October 2021.

A spike in this metric is usually indicative of a rally in sell pressure for a crypto asset. With more BTC moved into exchanges, further price downside could be expected.

Furthermore, CryptoQuant reported that following the United States Consumer Price Index reading on 13 September there was a sudden surge in BTC exchange inflows. This led to a 10% decline in the price of the leading coin, a few hours after the reading.

According to the report,

“majority of the bitcoin movements were from the spot exchange (Coinbase) to the derivative one (Huobi), and predominantly a 3-6-month-old whale address.”

Further, data from IntoTheBlock showed a significant drop in BTC Large Holder Netflow in the last month. According to IntoTheBlock Resources, large holders of a crypto asset hold more than 1% of the asset’s total circulating supply.

When the large holder netflow sees a spike, it means that this category of holders is accumulating. A drop signifies a decline in the holdings of large holders. Last month, the large holder netflow for BTC declined by 100%.

Furthermore, in the last 90 days, the same extent of decline has been logged. With a rally in large holder netflow usually a precursor to the spike in the price of an asset, a continued decline in BTC’s large holder netflow might occasion a further drop in its price.
21.2K views22:43
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2022-09-11 00:30:04As Gaming Industry Flip-Flops on Loot Boxes, Web3 Lucky Block Evolves the Paradigm

Loot boxes have become controversial in several countries, such as the UK. In August, there was pressure upon the UK government to ban loot boxes over concerns that they were akin to gambling and had detrimental effects on financial and mental health. However, the government has said it does not consider loot boxes the same as gambling.

Gaming industry conflicted on loot boxes

Despite the controversy, gaming giant EA has said it will continue supporting loot boxes for FIFA 23’s Ultimate Team mode. The company has said that Ultimate Team and FUT Packs have been a part of the game for over a year, and FIFA players love them.

According to EA, FIFA loved the game because it reflected the real world, and players were given the choice of spending money only when they wanted to. EA also said it does not encourage spending compared to earnings rewards by playing the game, adding that players did not spend in the game.

Ultimate Team generates hundreds of millions of dollars for EA annually. The concept revolves around creating a team of players that can be used to play in online and offline matches. The players can be obtained in multiple ways, with the main one being via virtual card packs. The card packs can be purchased using FUT coins earned in the game or FIFA coins bought with actual money.

However, not all gaming companies stick with the idea of loot boxes. Nintendo has revealed that it will do away with the loot box feature in the Mario Kart Tour in an upcoming upgrade. However, while it is doing this, the game still lacks transparency.

Nintendo does not share the odds of winning the items on the “pipes,” with some randomized rewards being as low as 0.04%. Some of the karts and characters are only available for a short time.

The removal of loot boxes by Nintendo also follows another announcement by Blizzard, which said that it would remove the monetization aspect of Overwatch as it upgrades to the sequel in October.

Lucky Block is changing the conversation

As the traditional gaming industry continues to flip-flop on loot boxes, native crypto game platforms seem to be doing quite well, and their popularity is growing by the day. One such example is the Lucky Block NFT competition platform that is shaping the future of gaming.

As the popularity of NFT competitions explodes over the past year, many projects have entered the market without a clear roadmap. However, Lucky Block is committed to giving its users the best of the blockchain gaming ecosystem.

Lucky Block is based on a play-to-earn model. The platform allows holders of its non-fungible tokens (NFTs) to be eligible for numerous prizes. The Lucky Block project was released earlier this year and has already become one of the most talked about P2E ecosystems.

Lucky Block has a solid strategy and a whitepaper that clearly outlines its plans for the future. It hosts daily jackpot draws to which users can buy tickets. The jackpot draw happens weekly, and users are eligible for incredible prizes.
27.9K views21:30
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2022-09-07 17:00:15
Guys, DexPools is going through a massive relaunch soon and their DXP token went up 90%.... Heard the new exchanage and token is going to blow up. Seen a lot of crypto twitter talking about it already.

https://t.me/dexpools
https://t.me/dexpoolsann
twitter.com/dexpools
7.0K views14:00
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2022-09-05 22:25:24LG Taps Hedera Hashgraph for NFT Platform, Tests Crypto Wallet

South Korean tech giant LG Electronics has tapped into the Hedera Hashgraph (HBAR) network to bring NFTs to television screens and is also testing a crypto wallet.

LG has released its NFT marketplace called LG Art Lab, available in the US on the company’s TVs running the webOS 5.0 operating system or later. The NFT platform allows users to buy, sell and showcase their Hedera-powered NFTs from their screens, the company said.

"The platform includes the LG Art Lab Drops feature, which profiles artists and previews new works coming soon to the platform," LG said, noting that the real-time "Live Drops" countdown allows users to anticipate mint date and be able to acquire a "just dropped" NFTs.

The announcement comes approximately eight months after LG Electronics said that the TV giant aims to incorporate NFTs into its smart TV in a bid to "redefine viewing and user experience."

Meanwhile, LG Electronics is also running a Beta test for developers for a new crypto wallet app that it has named Wallypto.

Per News1 and the Shina Ilbo, the firm has registered the app’s name and logo “with domestic and foreign patent offices” and hopes to make an “official launch” before the year is out. The firm added that it is still working on details of the wallet’s features, but remarked that it will also be built on Hedera. Wallypto will also likely be compatible with NFTs, LG said. The company may also seek to integrate the wallet with ThinQ, its fast-growing Internet of Things (IoT) platform.

Notably, LG has tapped the lesser-known Hedera network to offer these features. Hedera describes itself as an alternative to blockchain and is using its own hashgraph technology, or another version of the distributed ledger technology.

At 07:33 UTC, HBAR, ranked 42nd by market capitalization on Coingecko, trades at USD 0.062 and is up 1% in a day and down 2% in a week. HBAR crashed 80% in a year.

LG Electronics partnered with Hedera in 2020 by joining the Hedera governing council, which also includes Google, IBM, Deutsche Telekom, and more.

LG’s foray into the NFT space follows a similar move by rival Seoul-based TV company Samsung, which announced the release of an NFT marketplace on a range of TVs earlier this year, all supported by Nifty Gateway.

Meanwhile, the market for NFTs remains near the early 2021 lows. According to data by CryptoSlam, NFT sales volume in terms of USD across the Ethereum blockchain has dropped to around USD 6m in recent days, down by more than 99% compared to the all-time high of USD 628m recorded on May 1, 2022.
2.5K views19:25
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2022-09-01 20:31:26GameFi Rug Pull and Accidently Closed Exchange - Beware of Risks in Crypto

In a matter of 24 hours, developers of a play-to-earn (P2E) GameFi project apparently rug-pulled their investors, and a Solana (SOL)-powered exchange mistakenly shut itself down - all reminding us of risks in the crypto space.

Per blockchain security firm PeckShield data, GameFi (P2E blockchain-powered games) project HeroCat appears to have rug-pulled its investors. The game’s token, HeroCat Token (HCT), has lost more than 99.9% over the past week, according to data by CoinGecko.

PeckShield said that HCT, which is developed on the Binance Chain, “made a big sale and transferred” around USD 151,000 worth of the binance USD (BUSD) stablecoin. HeroCat has yet to release any updates about the current situation.

Meanwhile, a Solana-based DeFi project has accidentally closed itself due to a developer mistake. "Decentralized options exchange" OptiFi said they closed down the project during a routine upgrade yesterday.

"We accidentally closed the OptiFi mainnet program and it's not recoverable," the project's official Twitter account said, adding that the mistake resulted in the loss of USD 661,000 in funds, most of which was from team members.

In a post-mortem, the team said they wanted to upgrade the protocol on August 29 but canceled the operation when the deployment took longer than expected due to network congestion. They then noticed that a new “buffer” account had been created and that OptiFi had already transferred a little more than SOL 17.2 (USD 558) tokens to it.

The team attempted to shut down the OptiFi program to recover those assets. The scheme worked, but instead of closing it temporarily, the program had been shut down permanently.

"We will return all users’ deposits and settle all user positions manually according to PythNetwor oracle at 8 AM UTC on Sep 2nd," the team said.
16.1K views17:31
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2022-08-28 01:15:24178 South Korean Darkweb Users Arrested on Suspicion of Crypto-powered Drug Trading

Police in Seoul, South Korea, have arrested 178 people on suspicion of buying and selling drugs online using cryptoassets as a means of payment.

According to JTBC, Seoul Metropolitan Police officers said they had arrested 12 suspected drug dealers and 166 of their alleged customers, stating that the individuals had all made use of darkweb portals and crypto payments.

The officers also stated that they had seized tokens, some USD 8,500 worth of cash, 12kg of marijuana, and significant amounts of drugs such as synthetic cannabinoids, ketamine, and MDMA (ecstasy).

A number of the drug payments appear to have been carried out in bitcoin (BTC), and the vast majority of alleged drug buyers were described as being in their 20s and 30s – although a small number of individuals were aged 40-59.

The officers explained that the individuals had all made use of a darkweb platform that allowed would-be dealers to post for free, but demanded 10% commission on all transactions – which were paid in crypto and carried out through the platform.

While the traders have been identified, the darkweb platform operators have thus far eluded capture.

Police officers stated that the platform made use of darkweb technology, cryptoassets, and messaging platforms such as Telegram, making it a natural choice for younger individuals – and less of a draw for older people.

And officers warned:

“Young people with high levels of internet literacy can easily buy narcotics online. But while they may think they leave no trace of their actions if they buy narcotics using cryptoassets, this isn’t the case. We have launched a dedicated investigation team and offenders will eventually be caught.”

Like many other East Asian nations, South Korea has extremely tight narcotics laws. The police force has recently established a unit named the Darkweb and Cryptosset Special Investigation Team.

Officers also indicated that they believe that some darkweb-related individuals may have links to some of Seoul’s busiest night spots.

Per Newsis, a spokesperson pledged to “identify darkweb operators” and “expand” the police’s “investigation” – as well as investigate “whether or not these operators are related to major clubs and entertainment establishments in Seoul.”
7.4K views22:15
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2022-08-16 22:30:00Celsius Coin Report Reveals USD 2.8BN Crypto Shortfall

A newly released report from the troubled crypto lender Celsius (CEL) shows that the company is short on its crypto obligations to customers by around USD 2.8bn.

According to the report, Celsius has a net coin position of negative USD 2.845bn, split between coins such as bitcoin (BTC), ethereum (ETH), USD coin (USDC), CEL, and various other coins. The largest negative position was a USD 2,155 deficit for BTC.

Referred to as a “Coin Report,” the document was shared on Twitter by David Adler, a bankruptcy lawyer and partner at law firm McCarter & English, and shows Celsius’ consolidated liabilities, deployment, and assets on a per-coin basis as of July 29, 2022.

The document was filed as part of ongoing proceedings in the US Bankruptcy Court for the Southern District of New York. Celsius filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code on July 13.

Commenting on the newly released information on Reddit, several users expressed their strong dissatisfaction with Celsius and the way the company has been run.

“Quite simply an awful reading, I just want closure at this stage and to move on,” one user wrote, while adding that “the level of mis-management is astonishing […].” Others questioned if there is even a point in restructuring the company, saying it should just be liquidated as soon as possible so “everybody can move on.”

The newly released crypto deficit is similar to numbers revealed in a filing from Celsius from July 13. The filing at the time showed a total deficit of around USD 1.2bn, and a deficit in pure crypto terms of around USD 3bn for the crypto lender.

It is worth noting that some non-crypto assets could potentially be converted to crypto.

The old numbers were commented on yesterday by Simon Dixon, a major investor in Celsius and founder of fintech firm BnkToTheFuture, who repeatedly made the point that Celsius is “[USD]3bn crypto short.”

At the same time, Dixon also took the opportunity to hit back at critics who said he wasn’t justified in saying Celsius would “run out of money.” Citing the new coin report, Dixon said that,

Celsius has “now confirmed they run out of money by October.”

Following Celsius' withdrawal suspension in June, Dixon described himself as "a Celsius shareholder" and shared a "recovery plan", being vocal on the Celsius issue ever since. He argued at the time that “financial innovation like we did with Bitfinex” will be the best solution for Celsius.

Discussing the developments around Celsius on Twitter, some users pointed to the fact that the price of the CEL token has seen a substantial rise of well over 300% since Celsius filed for bankruptcy protection, and speculated that this could help the company’s financial position.

At the time of writing (12:45 UTC), CEL traded at USD 3.17, down 17% for the past 24 hours and up 118% for the past 7 days.

It has previously been reported that the crypto exchange FTX walked away from a deal with Celsius after getting access to its financial statements. According to a report from The Block, people with knowledge of the matter cited a “USD 2bn hole” in Celsius’ balance sheet as the reason FTX lost interest.

Since then, Celsius has repaid some debt, including USD 78.1m worth of USD coin (USDC) to the lending protocol Aave (AAVE).
28.1K views19:30
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2022-08-11 22:20:20APE factor in Magic Eden’s plan to develop an exclusive for BAYC

Imagine a Solana SOL-based NFT marketplace planning to build one for an Ethereum ETH-based collection. Would it ever be possible to achieve?

Well, the leading Solana NFT marketplace, Magic Eden, seems not to think of impossible things. This is because the platform recently made an announcement that proposed to build a marketplace just for YugaLabs-owned collection, Bored Ape Yacht Club (BAYC)

Still on Ethereum?
Interestingly, there is a twist to the proposal. According to the proposal, Magic Eden does not plan to leave the marketplace as an ETH-backed one. In fact, it termed the proposal “A Marketplace for Apes, by Apes, built by Magic Eden.”

This meant that the native cryptocurrency of the BAYC, ApeCoin APE, would be used for transactions. So are there any reasons BAYC would consider or accept this proposal?

Well, Magic Eden addressed it. Besides its plan to develop it on the ApeCoin.com domain, the marketplace also made a few other points that may drive the ApeCoin DAO to consider.

The platform noted that it would be rewarding for the BAYC community to be in a marketplace where transaction fees are cheaper. It also added that it plans to build the marketplace at no extra cost to the collection community.

Magic Eden also stated that it plans to make the marketplace live in September 2022 with the approval of Yuga Labs and the BAYC community.

The platform included a few costs that users may incur. It had proposed a 1.5% base transaction fee with a 0.25% discount for trades made by BAYC holders, and other related Yuga Labs collections.

Interestingly, BAYC traders may have responded to the update positively. In the last 24 hours, there has been a 109.98% uptick in volume as it rose to $1.23 million based on NFTGo data.

However, its market cap and floor price had slightly declined—at 3.62% and 1.78%, respectively.

What’s in it for APE?
According to the proposal, APE users would also be an exception to paying the complete transaction fees. Magic Eden mentioned that there would be a 0.5% discount on the transaction fees for trades made with APE.

Additionally, if accepted, the marketplace launch could increase APE’s active addresses and improve its price, which has seen an 8.41% decline over the last 24 hours as per CoinMarketCap.

According to the analytic firm Santiment, there has been a sharp decrease in the APE volume. Similarly, its 24-hour active addresses have also plunged.

However, investors may want to watch where the proposal ends as Magic Eden slated three to four weeks for Yuga Labs to respond. If the marketplace sees the light of day, APE investors would likely expect it to take a positive toll on the cryptocurrency.
33.6K views19:20
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