DeFi & Ethereum News

2023-02-03 06:19:02 Actual Owner Of Bithumb Arrested For Embezzlement Of Company Assets

On February 2, the Minister in charge of the arrest warrant of the Seoul Southern District Court, South Korea, arrested Kang Jong-hyun, who is believed to be the actual owner of Bithumb, the cryptocurrency exchange of Bithumb, citing suspicions of corruption.

The arrest warrant for another Mr. Jo, who was in charge of accounting-related affairs under Mr. Kang’s direction, has been rescinded. He is said to have confessed to all orders. Previously, on January 25, the Financial Investigation Division 2 of the Seoul Southern District Prosecutor’s Office requested arrest warrants for 3 people, including Kang, on charges of breach of trust and embezzlement under the Severe Penalties Act for Specific Economic Crimes and fraudulent transactions.

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2023-02-02 06:09:02 MicroStrategy expected to report profit despite down quarter for crypto: Preview

MicroStrategy reports fourth quarter results Thursday with the company expected to turn a profit after several down quarters even as revenue comes in slightly lower than a year earlier. The software firm, better known in recent years for its bet on bitcoin, is expected to report revenue.

Net income is estimated at $10.7 million, which would be the first time MicroStrategy has posted a profit since the fourth quarter of 2020. MicroStrategy, which ended the third quarter with 130,000 bitcoin, sold the cryptocurrency for the first time last month, liquidating 704 bitcoin worth $11.8 million at the time of sale. But it turned around and bought 810 BTC two days later, adding to the 2,395 BTC acquired between Nov. 1 and Dec. 24. FTX collapse and bitcoin drop to around $17,000 compared to its November 2021 high of $69,000.

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2023-02-01 06:32:02 Blockchain security firm Sec3 raises $10 million in seed funding

Sec3, a blockchain security firm that audits smart contracts among other services, raised $10 million in a seed funding round. Several angel investors, including Santiago Santos, a former ParaFi Capital partner, and Anatoly Yakovenko, co-founder of Solana, also joined the round.

As part of the deal, Multicoin Capital holds a board observer seat, Chris Wang, co-founder and president of Sec3, said in an interview. Sec3 began raising for the seed round in February last year and closed it in April but only decided to announce now as the firm was occupied building products, Wang said. Sec3, formerly Soteria, is also publicly launching its products today. Until now, the firm only served private clients. Sec3 offers four products —Launch Audits, X-Ray, CircuitBreaker and WatchTower — that work across project stages.

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2023-01-31 06:53:02 Floki Inu DAO Approves Plan To Burn Tokens Worth More Than $100 Million

A recent governance proposal that aimed to burn 4.2 trillion FLOKI tokens on a cross-chain bridge and lower transactional tax was approved by the Floki Inu community. Floki subsequently moved to the quicker and less expensive BNB Chain in 2021 in response to community requests.

According to developers, the proposal was approved by a 99.97% majority in support of burning the bridge tokens and 0.03% against it. The 4.2 trillion tokens will be permanently burned at 8 PM UTC on February 9, 2023, and the Floki Inu transaction tax will be reduced to 0.3% as at 8 PM UTC on February 3. With a 10 trillion token supply initially on Ethereum, Floki Inu subsequently moved to the quicker and less expensive BNB Chain in 2021 in response to community requests. FLOKI from Ethereum to BNB Chain and vice versa, this required a cross-chain bridge.

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2023-01-30 06:45:02 Secret Foundation And Secret Labs Engage In Open Conflict

The Secret Foundation’s and its founder Tor Bair’s previous business practices have been questioned by Guy Zyskind, the founder and CEO of Secret Labs. Both parties endorse the Secret Network, a blockchain in the Cosmos ecosystem that focuses on anonymity.

Zyskind made accusations regarding the foundation’s lack of openness, the alleged improper administration of an OTC transaction that resulted in a loss of around $250,000, and a probable open loan to the defunct trading company Alameda. The issues were brought up in a post on the governance forum for the Secret Network. Zyskind demanded that the foundation be reorganized as a non-profit, that all of its current money be returned to the community, and that it thereafter be obliged to submit grant applications in order to carry out activities that support the ecosystem.

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2023-01-29 06:32:02 Crypto tax unicorn CoinTracker cuts 20% of staff citing industry gloom, over-hiring

Crypto tax unicorn CoinTracker laid off about a fifth of its staff due to market conditions. A total of 19 employees were let go from the San Francisco-headquartered crypto tax company as its leadership cited headwinds from crypto winter alongside bringing on too many people.

A company spokesperson confirmed the layoffs in an email and said that 15 of the 19 who were let go were in the customer support team. CoinTracker offered affected employees 12 weeks of pay, three months healthcare coverage for U.S.-based employees and a removal of the equity cliff meaning that anyone departing can remain a shareholder. They'll also be allowed to keep their laptops. "While we tried our best to get this just right, in this case it is now clear to me that we over-hired," wrote Armstrong.

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2023-01-28 06:12:02 Cardano-based exchanges confirm Djed listings ahead of stablecoin launch

Decentralized exchanges MinSwap and MuesliSwap, both based on the Cardano blockchain, have announced their support for the upcoming Djed stablecoin and its accompanying governance token, Shen. The stablecoin, which is planned to go live on the Cardano network.

MinSwap, the largest decentralized exchange on Cardano, revealed that Djed and Shen will be paired against the ADA cryptocurrency in a liquidity pool. With over $30 million in liquid tokens locked on the exchange, this presents a significant opportunity for Djed to gain traction in the Cardano ecosystem. MuesliSwap, another crypto exchange on Cardano, with roughly $6.6 million in value locked, also announced its support for the upcoming stablecoin.

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2023-01-27 05:58:02 Proof Founder Kevin Rose Just Had Over $1M Worth of NFTs Stolen From His Wallet

The crypto world still feels like the Wild West at times, especially when even seasoned Web3 creators and NFT collectors fall victim to exploits that typically claim less-experienced traders. That happened again Wednesday afternoon as Kevin Rose.

A total of 40 NFTs were apparently taken from his krovault.eth wallet early Wednesday afternoon, including about 25 Chromie Squiggles from the Art Blocks project, as well as a valuable Autoglyphs NFT from original CryptoPunks creator Larva Labs. Rose confirmed the event via a tweet soon after speculation began circulating on Twitter. Public wallet data displayed via the OpenSea marketplace shows that Rose apparently began transferring some of his most valuable NFTs out of the krovault.eth wallet.

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2023-01-26 06:30:41 Lido Team Provides Design For Staked Ether Withdrawals

The Lido team put up ideas for how the protocol should handle ether withdrawals when Ethereum’s forthcoming Shanghai upgrade has been turned on. The design paper also stated that Lido’s bunker mode tries to stop knowledgeable actors.

The Lido team put forward its designs to the Lido DAO, the project’s form of governance, via a post on the community’s forum. The feature will enable users to unstake their staked ether tokens once the Shanghai upgrade happens. The Lido team characterized the withdrawal feature’s creation as a challenging undertaking. Due to the way staked ether withdrawals will function after the Shanghai upgrade, this complexity exists. Withdrawals won’t occur for everyone participant at the same time because the procedure will be asynchronous.

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2023-01-25 06:07:02 SEC Commissioner Stresses “The Point Of Crypto” As The Market Seeks To Recover

After a disastrous year, Hester Peirce, a commissioner on the Securities and Exchange Commission (SEC), advises industry participants to keep in mind what cryptocurrency is actually all about. Peirce said that it is up to those working in the sector to increase the value of cryptocurrencies.

Peirce brought out some lessons to be learnt from the problems that the crypto business had to deal with last year in a keynote at the Digital Assets at Duke conference. The commissioner claimed that 2022 was a “awful, dreadful, no good, very poor year” for authorities and the cryptocurrency industry. Peirce thought there were some important lessons to be learned from the myriad issues that cropped up last year, though. Peirce said that it is up to those working in the sector to increase the value of cryptocurrencies.

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