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2022-11-27 06:38:02 Crypto Lending Still Popular as Biggest Lender in Asia Aims to Raise $100 Million

The biggest crypto lender in Asia- Matrixport, aims to raise funding of $100 million amidst the recent FTX turmoil. The recent FTX contagion has put other lending protocols, such as Genesis, BlockFi, and Gemini earn, into trouble. The news about the new funding round when the crypto lending platforms are struggling has surprised everyone.

Matrixport is a Singapore-based startup founded by Jihan Wu. Earlier, Jihan Wu also co-founded Bitmain, a company that designs integrated circuit chips for Bitcoin mining. He left Bitmain in 2019 to start Matrixport. According to a Bloomberg report, the crypto lending company handles $5 billion of monthly trading volume and has over $10 billion of assets under management. Matrixport raised over $100 million in a Series C funding round in Aug. 2021.

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2022-11-26 07:23:03 DEX aggregator 1inch to protect MetaMask users from frontrunning

Decentralized exchange aggregator 1inch is introducing a feature called RabbitHole that's designed to prevent MetaMask users from getting hit by a certain form of frontrunning.

The issue at hand is sandwich attacks. This is where a trader frontruns a large buy order by buying the token first, pushing up the price. Once the buy order goes through, the token's price rises higher, at which point the trader sells at the higher price (or vice versa for the whole maneuver). It results in the victim seeing the trade executed at a worse price.

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2022-11-25 10:47:07 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!

In addition, Bybit has 0 fees on all Spot pairs, Copy Trading and Trading Bots.

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2022-11-25 06:23:02 Ravencoin spikes 20% following Binance Pool announcement

Ravencoin (RVN) spiked 20% following Binance Pool’s announcement of mining services for the proof-of-work (PoW) coin. According to CryptoSlate data, RVN jumped to $0.024 from $0.021 within one hour of the revelation.

Binance Pool’s announcement revealed that it would charge a 1% mining fee, and users could only participate in the pool after verifying their accounts. Ravencoin was one of the proof-of-work networks miners flocked to after Ethereum transitioned to the Proof-of-Stake consensus mechanism. The initial rush saw its hashrate increase by as much as 5-times.

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2022-11-24 06:57:02 Block Earner Sued For Alleged Unauthorized Crypto Services

Block Earner, a fintech business in Sydney, has been sued by Australia's financial watchdog over suspicions that it sold unregistered cryptocurrency goods. There are numerous levels of products available from Block Earner that provide a return on cryptocurrency holdings.

According to the Australian Securities and Investment Commission, or ASIC, these services are unauthorized managed investment schemes that ought to have been regulated. In a statement given by the regulator, ASIC stated that it has started a civil fine case with the federal court to obtain proclamations, injunctions, and monetary sanctions. The court has not yet set a date for the initial hearing.

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2022-11-23 06:20:02 Dubai's DMCC partners with ComTech for blockchain-based gold trading

Dubai Multi Commodities Centre (DMCC) has partnered with ComTech Gold to enable blockchain-based trading of physical gold bars. an online platform created by the DMCC to track the provenance of physical commodities kept in its vaults in the UAE.

The actual tokenization will happen on the XDC blockchain network with the creation of ComTech Gold Tokens, or CGO. Each CGO will represent one gram of gold stored in a DMCC vault. Every gold bar deposit will carry a Tradeflow warrant for additional security and transparency. The UAE ranks fourth on the list of global gold consumption behind China, India, and the United States. Gold consumption in the UAE reached 12.5 tonnes in Q1 2022, a 50% increase from the previous year.

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2022-11-22 07:05:02 South Korea and Singapore Hit Hardest by FTX Collapse: Report

The fallout from the FTX collapse will be measured for years to come. Geographically, three Asian countries have been impacted the most. The report is slightly misleading, however, as it ranked the top 30 countries by monthly users, not the amount lost by customers in each country.

The third largest user base was also an Asian country, with Japan accounting for 223,513 unique users on average visiting FTX.com monthly. Japanese investment giant, SoftBank, invested $100 million in FTX earlier this year, it reported. Taiwan and India were also in the top ten, and Asian countries in the top 15 accounted for more than 25% of the users of FTX. The details from the FTX bankruptcy filings were unveiled over the weekend.

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2022-11-21 06:02:02 FTX Launches Strategic Review of Assets as Hacker Dumps ETH

Bankrupt FTX has launched a strategic review of all its assets to see how they can be recovered for maximum value for its stakeholders’ benefit. A Nov. 19 press statement from the bankrupt crypto exchange said the strategic review would be for FTX Trading Ltd, known as FTX.com, and the over 100 companies affiliated with it.

According to the press release, many of the regulated and licensed subsidiaries of FTX, both inside and outside the US, like LedgerX LLC and Embed Clearing LLC, have “solvent balance sheets, responsible management, and valuable franchises.”. To go ahead with the assets review, the bankrupt exchange has submitted motions before the bankruptcy court. It is asking for an interim relief that will allow the operation of a global cash management system and allow the company to pay critical vendors.

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2022-11-20 06:43:02 Canada’s largest pension fund writes off $95M FTX investment

According to the pension fund, it made two investments in the embattled exchange between October 2021 and January 2022 through its Teachers’ Venture Growth (TVG) platform. Its first investment in Oct. 2021 was worth $75 million, while its second investment was $20 million.

Ontario Teachers revealed that it carried out a robust due diligence process that explored the exchange-provided materials and other research materials on commercial, regulatory, tax, financial, technical, and other matters. The pension fund said the financial loss from the FTX investment would have a minimal impact on its plan, given its size relative to its total net assets and strong financial position.

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2022-11-19 06:13:02 Bitstamp Follows Other Exchanges in Canceling Orders for FTX and Celsius Tokens

Bitstamp is set to disable new orders and cancel existing orders for all FTT and CEL trading pairs, it announced on Friday. FTT is the proprietary exchange token of FTX, which offered customers small discounts on trades for holding FTT before the firm’s high-profile slide into bankruptcy last week.

CEL offered users of the now defunct crypto lender Celsius a small increase in rewards on the platform before the lender shut down withdrawals in June. The move comes after many other exchanges in the crypto world have already started prohibiting users from trading FTT: Binance removed the FTT/BTC, FTT/BNB, FTT/ETH and FTT/USDT trading pairs from its platform earlier this week.

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