METAVERSE & NFT | NEWS 🌌

2022-06-16 22:56:39 ​​After Terra and Celsius, Crypto Market Now Might Be Hit With Three Arrows

The major crypto hedge fund Three Arrows Capital (3AC) is rumored to be insolvent, with reports suggesting the firm has already faced massive liquidations and on-chain data indicating large sales of ethereum (ETH) staked on staking provider Lido in the past week.

3AC is one of the largest hedge funds in the crypto industry, and a crash, it is widely believed, would have large and widespread consequences, as the industry was hit by the Terra crash in May, and a major crypto lender, Celsius, got into troubles this week.

The rumors that have circulated about 3AC are largely based on on-chain data from the Ethereum network. The Block reported that the fund has already faced liquidations of several hundred million US dollars.

Per data from blockchain forensics company PeckShield, ETH 15,743 (USD 16m) "supposedly related to 3AC" have been liquidated today.

At the time of writing (09:20 UTC), ETH traded at USD 1,026, down nearly 16% in a day and 44% in a week.

Meanwhile, reports also indicate that the firm has apparently sold large amounts of staked ETH on Lido, represented by stETH tokens, which have come under pressure in the market. At the time of writing, stETH traded at USD 972 (down 16% in a day and 46% in a week) versus USD 1,026 for ETH.

Although each stETH is backed by 1 ETH staked on Ethereum’s Beacon chain (Ethereum 2.0), the actual ETH tokens that are staked remain locked and inaccessible for now.

Earlier on Wednesday, the rumors were for the first time addressed by Zhu Su, the company’s co-founder and CEO:

“We are in the process of communicating with relevant parties and fully committed to working this out,” Zhu wrote in a brief update on Twitter at around 1 AM UTC.

He did not provide any further details.

The statement was met with confusion and more questions by members of the crypto community. Open / Comment

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2022-06-11 11:51:57 ​​New Japanese law may allow seizure of stolen crypto.

Under the current variation of the law, there is no explicit procedure outlined for law enforcement officers to seize illegally obtained crypto from crime organizations.

Japan’s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances.

If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering.

According to reports from local media outlets such as the Yomiuri Shimbun on June 4, the Justice Ministry will first need to engage in talks with the Legislative Council on the issue before proceeding forward. While it will also need to iron out important details such as how officers can go about obtaining a criminal's private keys.

The talks with the legislative Council could go ahead as soon as next month according to the Jiji Press.

As the specific law focused on the seizure of funds/assets from organized crime does not explicitly outline any procedure concerning illegally acquired cryptocurrencies, there is a concern that criminals may be able to continue illicit behavior via their unseized digital asset holdings.

As it stands, the law only outlines that the type of assets that can be seized are physical property, monetary claims, and movable assets such as machinery, vehicles, tools, and supplies, with crypto falling under none of those categories.

Once the finer details have been set, the amendment to the law would need to be approved by the cabinet and then signed off by parliament, and may not meet much resistance given the nature of such a proposal.

The report comes just days after Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions as part of a push to reduce system risk and provide greater consumer protections.

Under the bill, only licensed banks, registered money transfer agents, and local trust companies can develop and issue stablecoins. Open / Comment

2022-06-03 14:00:07 ​ Mayors is a blockchain MMO strategy that is designed as a P2E game based on election mechanics

Why Mayors?

Transparency of the project and detailed information about allocation, distribution and methods of maintaining the token price. All mechanics, where the tokens are involved, are on-chain. Tokenomics is in the public domain.
The project will be interesting for three categories of users: NFT collectors, people who are passionate about making money on P2E projects, as well as for fans of tactical and strategic games.
Partnership with Azur Games, a top 3 international mobile games developer and publisher.
The project is audited by Certik, one of the most popular companies on the market.
The first gamemode release is expected at the end of June 2022.

On social networks the project team shares information about the current progress, and holds many contests, where, in addition to monetary rewards, users can get Mayors NFTs or a place in Whitelist.

More information: https://t.me/+dxivWq6RympiZmYy Open / Comment

2022-06-01 17:22:37 ​Bitcoin, Ethereum Technical Analysis: ETH Back Above $2,000 as Crypto Rally Extends

ETH briefly rose above $2,000 on Tuesday, as crypto bulls were once again present in today’s market session. BTC was also higher, with the world’s largest cryptocurrency climbing to its highest point in nearly three weeks.

Bitcoin rose to its highest level in nearly three weeks on Tuesday, as crypto prices continued to rally, following recent losses.

Following a low of $29,363 to start the week, BTC/USD surged to a peak of $31,949.63 earlier today.

This peak is the highest level bitcoin has traded at since May 9, when markets were on a four-day downward spiral from $40,000.

After an attempted breakout of its $30,500 resistance level on Monday, today has seen this point easily surpassed. However, it appears as if price uncertainty is already creeping in.

Looking at the chart, you can see we are now below earlier highs, with the 14-day RSI (relative strength index) also tracking at 50.

Relative strength hasn’t moved from this point in nearly two months, but should we see this finally happen, the long climb back towards $40,000 may have truly commenced.


Ethereum’s long climb back to $2,000 started and ended today, as ETH briefly recaptured this point, before tailing off as the session progressed.

ETH/USD rose to an intraday high of $2,005.49 on Tuesday, which comes less than 24 hours after trading at a low of $1,877.64.

Today’s gains see ethereum climb by over 10% in the last two sessions, with a recent resistance level being broken in the process.

This of course is the $1,950 point, which finally gave way following almost a week below this level, however bears have not fully faded as of yet.

As seen from the chart, earlier bulls have chosen to take profits following the rise above resistance, which has given bears the impetus to return.

Following earlier highs, ETH is now trading at $1,977.11 as of writing, and this comes as the 44.50 ceiling on the RSI held firm, despite recent breakout attempts. Open / Comment

2022-05-30 12:38:43 NFT Land is the biggest trend on the crypto market right now with an average annual price of $14,500. But don't get overhyped on just every NFT Land — countless projects add them, but only a few bother to add real utility behind owning one.

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2022-05-30 12:37:49 ​​Crypto’s Need for Sustainability Standard-Setting Starts Here

Cryptocurrencies have gained strong momentum over the last couple of years, drawing widespread attention from both proponents and skeptics. While investors have lauded digital currencies for their high yields and fiat-based volatility, critics have decried the environmental impacts and the toll the high-powered computing requirements for powering the blockchain are having on the planet.

The reality is crypto’s impact pales in comparison to other sources. For example, Bitcoin (BTC) accounts for only 0.23% of the world’s total energy consumption, and accounts for less than half the energy consumed by the global cement industry. Meanwhile, iron and steel production consumes over 8X the energy of Bitcoin with residential air conditioning alone trumping Bitcoin by a factor of 14.

Of course, regardless of its relative impact, the crypto industry still has a responsibility to do its part to stave off the climate crisis. After all, if the airlines with their giant jet engines can commit to carbon-neutral operations by 2050, surely we can incentivize energy providers to shift to clean energy solutions.

The Crypto Climate Accord (CCA’s) aims to do just that, with participants vowing to reach carbon net zero “operations by 2040. The problem is, there doesn’t seem to be a clear path to get there. Buying carbon credits while sourcing 100% of its energy from a coal-fired power plant is hardly the long-term solution.

Neither of these options solve the fundamental problem: there’s no way to effectively measure a company’s carbon-neutral claim. Open / Comment

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2022-05-26 00:40:31 ​​Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs

Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.

Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.

Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:

Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.

Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.

This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.

The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”

Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn. Open / Comment

2022-05-20 10:46:01 ​​Deus Finance’s dollar-pegged stablecoin DEI falls below 60 cents.

Following the fall of TerraUSD, DEI, the algorithmic stablecoin by DEUS Finance, takes a nosedive below $0.60.

As the market continues to mourn over losses on the Terra (LUNA) UST and LUNA debacle, DEI, a stablecoin used as a collateral mechanism for third-party instruments built on the Fantom (FTM)-based decentralized finance (DeFi) protocol DEUS Finance (DEUS), has failed to maintain its dollar peg, falling below $0.60 cents on Monday.

As the price of DEI hit an all-time low of $0.52, its market capitalization also followed, dropping from almost $100 million to around $52 million. However, despite the depegging of its stablecoin, DEUS Finance’s governance token, DEUS, went up from $163.40 to $327.28, before falling to $255.36.

At the time of writing, DEI's price is $0.66 with a market capitalization of $59 million. This follows stablecoin fears brought about by the UST and LUNA debacle and a decision by Deus Finance developers to pause DEI redemptions. However, according to its official Telegram channel, the DEI peg will be restored in the next 24 hours.

While DEI is also an algorithmic stablecoin like UST, the DEI stablecoin is collateralized, meaning that users are able to mint 1 DEI by depositing collateral worth $1. These can be assets like USD Coin (USDC), Fantom (FTM), Dai (DAI), WBTC or DEUS.

Similar to UST, DEI's peg is stabilized by a mechanism that involves the minting and burning of DEUS. When minting DEI, a DEUS collateral is burned unless other tokens are used as collateral. On the other hand, when redeeming DEI, DEUS is minted.

Back in March, the DeFi project became a victim of a hack that resulted in DAI and Ether (ETH) losses worth $3 million. Because of this, the platform decided to close its DEI lending contract. A day after the Deus Finance exploit, DeFi protocols Agave and Hundred Finance also reported exploits that resulted in losses of various cryptos that were worth a total of $11 million. Open / Comment