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2022-11-29 21:52:01 NEXO releases proof of reserves showing no exposure to FTX

According to the Nov. 28 tweets, most exchanges were submitting proof of reserves but failing to prove whether their assets exceeded the liabilities. Nexo praised its risk engine as the sole reason for no bad debts. Nexo’s audit of custodial assets revealed $3.4 billion in customer liabilities and a 100% collateralized ratio for adequately backing the assets. In the thread, the firm insisted on the importance of Proof of Reserves but called for more transparency in the space, citing the need for credible attestation from external accounting firms. Through the help of the PCAOB auditors board in 2021.

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2022-11-28 21:41:00 Nexo High-Yield Bearing Crypto Products Come Into Question As Market Deflates

Nexo has come under the radar for its high-yield-bearing crypto products when the broader market remains weak. The concerns come a month after the co-founders assured that the platform is solvent. especially considering the recent collapse of crypto exchange FTX. Crypto analyst Dylan Leclair questioned how Nexo is managing higher yields of 10% while “every counterparty in the crypto space has blown up,” His argument is based on Nexo’s rate of return against the yield of treasury bills and the average decentralized finance (DeFi) market. According to the analyst, it could also be said about any other company in a similar position.

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2022-11-27 21:41:02 Putin calls for blockchain-based international payment system

The Russian President criticized Western's sanctions and urged for a system "independent of external interference". Russian President Vladimir Putin criticized monopoly in global financial payment systems and called for an independent and blockchain-based settlement network on Nov 24. Putin also noted that global payments and nations are at risk due to tense relations between Russia and the West following Ukraine's invasion, labeling sanctions imposed by countries as "illegitimate restrictions". Another recent development, a bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 legalizing cryptocurrency mining and the sale of the cryptocurrency mined , laying down a legal framework for a national exchange.

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2022-11-26 22:14:01 El Salvador President Bukele Launches Special Agency to Handle All Things Bitcoin

El Salvador has become the global face of Bitcoin adoption. It has been over a year since the Central American country adopted Bitcoin as a legal tender. The country has been buying one Bitcoin per day since Nov. 18. On Wednesday, El Salvador introduced a digital asset issuance bill for crypto adoption. According to a LinkedIn post by Torres Legal, the government of El Salvador created the National Bitcoin Office (ONBTC) to manage all things related to cryptocurrency. Torres Legal is a group of lawyers with business and financial trading operating in El Salvador. The President of El Salvador and the Ministry of Tourism signed the creation of the entity through Decree No. 49, published in the Official Gazette of Nov. 17.

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2022-11-26 10:49:36 Crypto Cup Kickoff: Predict Your World Cup Winner to Share the 500,000 $USDT Prize Pool!

Bybit is giving you a golden opportunity to earn a share of our 500,000 $USDT prize pool when you correctly predict the winners of each stage of the FIFA World Cup 2022!

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2022-11-25 21:41:00 Solana Foundation Lost Over $180 Million in Crypto on FTX

Solana’s premiere non-profit held major exposure to FTT and SRM tokens within the now-insolvent exchange. The organization held over $180 million worth of crypto asset exposure to the company as of November 6th, just before the exchange ceased processing withdrawals. According to the foundation’s report (last updated Monday), Solana held roughly $1 million in cash on FTX as of November 6th. The non-profit said these funds were “negligible” to its operations, accounting for less than 1% of its cash reserves. The organization lost far more in crypto assets, however. Though no Solana (SOL) was held on FTX, roughly 3.43 million FTX (FTT) tokens and 134.54 million Serum (SRM) tokens belonging to the foundation are now trapped on the exchange.

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2022-11-20 23:03:01 Grayscale won’t share proof of reserves, citing ‘security concerns’

Crypto investment firm Grayscale won't show proof of reserves after bitcoin and ether products fall to new all-time lows. Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly. The firm acknowledged its decision to keep its reserve information private would be a “disappointment” to some investors. Crypto firms are being pressed to show more information about their reserves after crypto behemoth FTX filed for bankruptcy protection earlier this month. arrangements that have kept our investors’ assets safe for years,” Grayscale said.

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2022-11-19 23:02:59 Binance Has No Big Plans for India Due to High Taxation, Says CZ

Binance CEO Changpeng Zhao (CZ) has all but given up on India. Pointing out the 1% transaction tax that came into force on 1 July 2022, CZ said it makes crypto trading unviable in India. Speaking at the TechCrunch Session: Crypto 2022 on November 17 in Miami, CZ further pointed out that Binance is engaged with blockchain associations and influential persons. The 1% transaction tax on crypto activities became effective on 1 July 2022. And, Binance seems to be a major gainer as traders have deserted Indian exchanges for fear of tax reporting and compliance and thronged to foreign exchanges, including Binance, which is yet to take a call on compliance with new taxes. The Binance app witnessed 429,000 downloads in August in India, the highest for the year, and over three times more than the runner-up, CoinDCX, media reports said in early September.

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2022-11-18 21:41:01 FTX Bankruptcy Jurisdiction Fight: Bahamas Regulators Now Confirm They Directed SBF to Move Assets

At least some of the millions of dollars in FTX customer funds mysteriously moved off the exchange last week were moved at the direction of regulators in the Bahamas. That assertion was made in a new filing by the embattled company, and confirmed late on Thursday by the Securities Commission of the Bahamas itself. The company went on to say that its co-founders Sam Bankman-Fried and Gary Wang were recorded saying that Bahamanian regulators instructed the pair to make "certain post-petition transfers" and that such assets were "custodied on FireBlocks under control of [the] Bahamian government.". read the filing, signed by new FTX CEO John Ray, famous for handling the liquidation of Enron.

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2022-11-17 21:40:00 President Bukele reveals El Salvador will buy 1 Bitcoin daily

President Nayib Bukele announced that El Salvador would buy 1 Bitcoin (BTC) daily starting November 18. The recent bear market does not appear to have deterred President Bukele’s interest in the flagship digital asset. Under Bukele, El Salvador became the first country to make BTC a legal tender and the first sovereign state to purchase the cryptocurrency. El Salvador’s last Bitcoin purchase was on June 30, 2022. Then, the country bought 80 Bitcoin at an average cost of $19,000. Cumulatively, the government has spent over $100 million to acquire a total of 2,381 BTC –the current bear market conditions have dropped the asset’s value to less than $40 million. President Bukele described BTC as the opposite of FTX and likened the struggling exchange to a Ponzi scheme.

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