Tuesday , January 25 2022
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Chayanika Deka



Articles by Chayanika Deka

Multichain Whitehat Hacker Returns 259 ETH: Report

2 days ago

The users of cross-chain protocol lashed out over an unsolved security vulnerability that appeared earlier this week and the platform’s failure to act. Later on, though, Multichain revealed that one whitehat hacker returned 259 ETH, worth approximately $813,000.
The Multichain Exploit
It all started when Multichain announced the existence of a flaw that made several accounts vulnerable to malicious entities. The team behind the protocol urged its users to revoke approvals for six tokens – WETH, PERI, OMT, WBNB, MATIC, and AVAX, in order to protect their assets, an action that inevitably prompted hackers to rush in and exploit the vulnerability.

📢UpdateAccording to the tracking data, one whitehat hacker has returned 259 ETH (https://t.co/BvTwOQTsE1). At this moment, a

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Another Islamic Organization Issues Fatwa Against Cryptocurrencies in Indonesia

4 days ago

Tarjih Muhammadiyah is the third Islamic organization to issue a fatwa against the use of cryptocurrencies in Indonesia.
Cryptocurrencies аnd Fatwas
According to a report by CNBC Indonesia, the Tarjih Council and the Central Executive Tajdid of Muhammadiyah issued a new fatwa against cryptocurrency use, deeming it haram, or unlawful, for Muslims. The organization detailed two reasons behind the move.
Firstly, it observed that digital assets such as Bitcoin are speculative and highly volatile in nature. Additionally, cryptocurrencies are not backed by any other assets such as gold and are believed to be “obscure,” thereby making them unlawful under Islamic laws.
Secondly, the fatwa also stated that digital currencies do not follow Sharia tenets for barter system or medium

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Iranian CBI Officials Reveal CBDC Pilot Phase to Start Soon

5 days ago

In the face of massive sanctions, top Iranian official believes cryptocurrency is a solution. The country is now looking to launch its CBDC in a pilot phase.
CBDC headlines have been dominating fintech media for quite some time. Several countries are working on a national digital currency, but only a handful of them have landed in the pilot phase. Iran is the latest country that is gearing up to roll out its CBDC pilot soon.
Iranian CBDC
According to the latest report published by the Iranian Labour News Agency, the Central Bank of Iran (CBI) intends to launch a CBDC pilot phase shortly. The official did not disclose any specific timeline for the same. The report also mentioned that the CBI Vice Governor for IT Affairs Mehran Moharamian sees cryptocurrencies as a solution

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India-Based TikTok Competitor Chingari Closes $15 Million Funding Round

6 days ago

One of the world’s most prominent cryptocurrency exchanges, OKEx, has invested in the short-video platform Chingari which announced raising $15 million in a funding round.
As part of OKEx’s strategic investment in Chingari, the startup’s native token GARI will be listed on the exchange on January 18. Five more crypto exchanges are set to list the token on the same day.
OKEx’s Undisclosed Investment in Chingari
According to the report, the extended Series A funding round for the Indian video application, Chingari, was led by Republic Capital. Other participants of the funding event were Onmobile, JPIN Venture Catalysts, Hill Harbour. Following the latest development, Chingari has so far raked in total funds of $28 million. OKEx has also made an undisclosed investment.
The

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Chinese Authorities Crack Rug Pull Scam, Arrest 8 Individuals

6 days ago

The public security bureau of Chizhou city in the eastern province of Anhui has frozen six million yuan or nearly $1 million worth of crypto assets and arrested eight people for defrauding its investors since last year.
Rug Pull Crypto Scam
Chinese authorities have arrested eight in a rug pull scam involving 50 million yuan or $7.8 million in digital assets as the Beijing crackdown continues. The report suggested that several investors were duped in a scheme that let the alleged perpetrators transfer the liquidity to an “anonymous pool,” thereafter laundering the funds without investors’ consent.
It all started after an investor reported a loss of 590,000 yuan or $92,882 worth of cryptocurrency in June 2021. After conducting a thorough investigation, the Chizhou police

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OpenSea Scores ATH of $3.5B in Monthly Ethereum Trading Volume

7 days ago

The popular NFT auction marketplace, OpenSea, has surpassed the $3.5 billion mark in monthly Ethereum trading volume.
OpenSea Hits New High
According to the latest chart by Dune Analytics on January 17, OpenSea has already clocked in $3.52 billion in terms of monthly Ethereum trading volume, even with two more weeks to go until the conclusion of this month. The platform’s daily trading volume has oscillated between $169-$261 million throughout January.
With the latest milestone, it surged past the previous all-time high of $3.42 billion in August 2021. During the same month, OpenSea’s monthly fees on Ethereum also touched a new high of $236 million.
Notably, OpenSea’s monthly trading volume figures on Etheruem went downhill over the next few months, eventually falling to

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Peckshield Reveals Over 50 Potentially Dubious Projects on Binance Smart Chain

9 days ago

In yet another concerning development, the prominent blockchain security firm, Peckshield, revealed looking into more than 50 potentially dubious projects on Binance Smart Chain(BSC).
Rug Potentials on Binance Smart Chain
Rug pulls were a frequent occurrence in the crypto space in 2021. In this kind of scam, developers of a DeFi project abandon it unexpectedly and siphon off with user funds. Binance Smart Chain was one of the badly hit DeFi platforms which lured numerous malicious actors since its inception.
In the latest development, Peckshield revealed detecting more than 50 tokens with “rug-potentials” on BSC. The blockchain security company alerted the community that the admins behind the mentioned tokens can potentially mint unlimited tokens, restrict users from

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DeFi and NFT Scaled to New Heights in 2021: CoinGecko Report

10 days ago

CoinGecko’s 2021 report noted that DeFi managed to branch out from Ethereum onto other chains at a rapid pace. The NFT market, on the other hand, saw a meteoric rise thanks to the complementary areas of metaverse and GameFi.
Drastic Fluctuations In DeFi Ecosystem
According to the latest report by CoinGecko, the market cap across the decentralized finance protocols grew by 7.5x from $20 billion to $150 billion in 2021. Its dominance has more than doubled from 2.8% to an all-time high of 6.5%.
The emergence of DeFi 2.0, activated by new-generation products that seek to ramp up the designs of existing protocols, resulted in a thriving final quarter of the year. The report also mentioned that the rise of incentives for new alternative EVM networks, including Cronos, Aurora,

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Chinese Law Enforcement Agency Have Reportedly Seized $1.7 Billion Worth of Crypto

11 days ago

Reports emerged indicating that the Chinese officials are keeping a close eye on cryptocurrency activities and are applying innovative strategies to tackle virtual currency money laundering.
“An Important Breakthrough”
According to the Chinese state-owned broadcaster, CCTV (controlled by the CCP), the country’s Ministry of Public Security has solved 259 cases that involve cryptocurrency money laundering. It also seized cryptocurrencies worth 11 billion yuan, or nearly $1.7 billion, and called the latest development – an important breakthrough.

On January 14, China’s Ministry of Public Security said it had cracked 259 cases involving cryptocurrency money laundering, and seized virtual currency worth 11 billion yuan, about $1.7 billion. https://t.co/UFouT5pfnT
— Wu

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After a16z Exit, Katie Haun Plans to Secure $900M for Crypto Funds

17 days ago

Prominent crypto investor Katie Haun is reportedly planning to raise a whopping $900 million for a pair of cryptocurrency investment funds. This could be a significantly large debut for a new venture capital firm.
Katie Haun’s High Target for First Venture Firm
Haun, who is set to depart as a partner at Andreesen Horowitz (a16z), has high targets for her new venture firm, according to Financial Times. The investor has doubled down on a $300 million early investment fund focusing on cryptocurrency startups, while the other $600 million will be raised for a fund dedicated to larger firms and digital tokens.
The reports also stated that Haun had witnessed strong early demand from high-profile and wealthy investors. Hence, she has set a high goal for the new venture and also

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Mozilla Co-Founder Calls Crypto Donors Planet-Incinerating Ponzi Grifters

18 days ago

The San Francisco-headquartered non-profit organization – Mozilla Foundation – which supports the development of the Firefox browser, announced accepting donations in Dogecoin (DOGE) using BitPay. While the wider community didn’t react well, the harshes critic was none other than one of its co-founders.
Mozilla Co-founder is Not a Crypto Fan
In a fierce Twitter thread, Jamie Zawinsk, aka JWZ, blasted the browser maker for accepting “planet incinerating cryptocurrency donations.” The reason behind his harsh words is the environmental impact of these digital assets – a common criticism.
For context, JWZ co-founded Mozzila in 1998 and also coined the term “Mozilla” before exiting the project a year later. Mozilla went on to release the popular Firefox browser in 2004.

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Security Risks Holding Back Insitutions and Wealth Managers from Investing in Crypto: Report

18 days ago

The cryptocurrency industry saw a tremendous surge in terms of institutional adoption in 2021. Experts suggest that this trend is likely to continue this year as well. But whether it’s a tidal wave or a trickle will depend on how the industry evolves in terms of technology that offers secure storage and protects user funds.
Institutions Fear Security Risks
The cryptocurrency market has been notoriously volatile – a common critique levied against the industry since the very beginning. However, this isn’t the primary concern among the institutional players. A recent report by Europe’s largest regulated digital-asset hedge fund manager demonstrated that is, in fact, security concerns that are holding institutional investors back from entering into the cryptocurrency and

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Coinbase Chief Brian Armstrong Purchased Luxury $133M Estate in LA

19 days ago

Cryptocurrency executives are tapping the real-estate market. The latest one to do so is none other than Coinbase’s Brian Armstrong, who just bought a lavish Bel-Air property from Japanese entrepreneur Hideki Tomita that was previously owned by Seagram Heiress Ellen Bronfman.
Brian Armstrong’s Costly Affair in LA
According to a report by The Wall Street Journal, Armstrong purchased a massive $133 million Los Angeles estate. The deal was closed in December last year, and several reports claim that it was one of the costliest “single-family home” sales ever completed in the Los Angeles area. The Coinbase exec’s luxury estate was bought from a company linked to Hideki Tomita, the Japanese founder of Dip Corporation.
Designed by internationally acclaimed English architect John

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NFT-Focused Metaversal Lands $50 Million in Funding Led By CoinFund

19 days ago

After a phenomenal run in 2021, the NFT industry continues to grow fast and attract more professional and institutional players. Riding the hype is the NFT-focused venture studio, Metaversal, which secured a $50 million Series A round.
$50M Investment Secured
According to the official blog post, the investment round saw backing from blockchain investment firm CoinFund and a research-intensive investment company – Foxhaven Asset Management.
In addition to the two entities, Metaversal’s funding round also saw participation from other leading management funds. These included Franklin Templeton, Rarible Collab+Currency, Dapper Labs, Digital Currency Group (DCG), NGC Ventures, Rockaway Blockchain Fund, Narwhal Ventures, Galaxy Vision Hill, Synthetix founder Kain Warwick, etc.

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El Salvador’s Government Prepares Laws Covering Bitcoin Bonds

19 days ago

In a bid to bring in regulatory clarity and a framework for the issuance of Bitcoin Bond and securities in the cryptocurrency, El Salvador’s finance minister, Alejandro Zelaya, has revealed plans to send approximately 20 bills to Congress.
The Ambitious Bitcoin City
According to reports, the aforestated bills will encompass regulations about securities issuance and ensure legal structure and certainty to anyone to wishes to purchase a Bitcoin bond. The Finance Minister, however, did not divulge any details as to when the legislation will be submitted to the lawmakers.
The news comes on the heels of the Central American country’s announcement in November to issue what is also known as Volcano Bonds. Commenting on the development, El Salvadore President  Nayib Bukele said

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SEC Delays NYDIG’s Spot Bitcoin ETF Proposal by Two Months

19 days ago

The United States regulatory watchdog – Securities and Exchange Commission (SEC) – has delayed the ruling on NYDIG’s proposal for a spot bitcoin exchange-traded fund by 60 days.
The original deadline was January 15th. If allowed, NYDIG’s Bitcoin ETF will be the first-ever spot Bitcoin ETF in the country.
According to the official filing, the SEC said that it will decide whether to approve the NYDIG’s proposal by March 16.
The agency explained that it needs to designate a longer period before issuing an order so that it has “sufficient time to consider the proposed rule change and any comments received.”
NYDIG happens to be a subsidiary of asset manager Stone Ridge Holdings Group. It had applied for its spot exchange-traded fund – NYDIG Bitcoin ETF – to enable investors to

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Nasdaq-Listed ASIC Maker Canaan Partners With Multiple Mining Firms in Kazakhstan

20 days ago

Canaan, one of the world’s largest manufacturers of Bitcoin mining equipment, announced strategic collaboration agreements with several mining companies in Kazakhstan as part of its expansion plans in the region.
Canaan’s Expansion Roadmap
The latest development of Canaan’s joint-mining business plans with Kazakh firms comes a few weeks after a successful launch of the last batch of mining machines online under its first phase of deployment in the nation. As of December 31st, 2021, the Chinese ASIC maker had an average of 10,300 AvalonMiners in operation in Kazakhstan and continues to deliver additional computing power.
While discussing the deployment of over 10,000 mining machines, Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, stated that the move only

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The Bitcoin Hash Rate Reaches New All-Time

21 days ago

The year started on a rather bland note, far below the bold predictions made by several notable Bitcoin proponents in terms of BTC’s price. While 2021 was quite impressive, the cryptocurrency market entered a familiar territory of extreme fear as it began the first week of 2022.
In contrast, though, Bitcoin’s hash rate has registered a new all-time high, indicating that the network’s robustness has never been more secure.
Bitcoin Hash Rate Taps a New Peak
According to the data compiled by BitInfoCharts, the Bitcoin hash rate has maintained an upward trajectory since hitting multi-year lows around six months ago. The drop was temporary but damaging as the metric fell below 60 EH/s.
It was triggered by the Chinese miner exodus due to the country-wide ban on mining and

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Digital Currency Group and Jamestown Bring New Years Eve Ball Drop to Metaverse

25 days ago

New Year’s Eve Party is a glitzy affair in NYC, as with most parts of the world. The celebration in Times Square, for one, generally accommodates around 58,000 people in viewing areas. However, due to the pandemic, the figures will be scaled down among other prohibitions. But visitors can also enjoy New Year’s Eve ball drop from the comfort of their homes – in the metaverse.
New Year’s Eve on Metaverse
The global real estate firm and the owner of One Times Square in Manhattan, Jamestown, and the cryptocurrency giant Digital Currency Group (DCG) have partnered to recreate the iconic tower of the New Year’s Eve ball drop in the popular blockchain-based virtual world – Decentraland.
Interestingly, DCG is a long-time backer as well as one of the largest owners of digital real

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Polygon Dodges a Bullet: Patches a Bug That Put $24 Billion Worth of MATIC at Risk

26 days ago

Bugs and vulnerabilities are part of a blockchain network. Polygon revealed how it dodged a bullet after detecting a vulnerability, introduced a fix, upgraded the network, paid off a bounty to the whitehat hackers, all with a silent patch.
Polygon’s Silent Patch
According to the latest blog post by the team, it all started when two whitehat hackers informed the bug bounty platform, Immunefi of an issue in the Polygon PoS genesis contract on December 3rd. The vulnerability in question could have enabled malicious entities to siphon off over 9.2 billion MATIC tokens (worth approximately $24 billion) out of MATIC’s total supply of 10 billion.
Following this, Polygon’s core team joined forces with the whitehat hackers, as well as Immunefi, to introduce a fix by upgrading 80%

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India’s Regulatory Watchdogs Wants Mutual Funds to Refrain From Crypto-related NFOs

26 days ago

India’s crypto saga did not have any significant breakthrough this year. As the regulatory climate remained unclear, the country’s market regulator feels mutual fund houses should not come up with fund offers related to cryptocurrency assets.
SEBI Not Excited About Crypto NFOs
The Securities and Exchange Board of India (SEBI) chairman, Ajay Tyagi, reportedly noted that the regulatory entity does not want the domestic mutual funds to develop any crypto-based new fund offers (NFOs) until the government comes up with a digital asset bill.
The SEBI chief’s remarks on mutual fund investments related to cryptocurrency come after Invesco Mutual Fund deferred the launch of the blockchain fund due to regulatory uncertainty.
Earlier, the country’s securities regulator approved the

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Alibaba Vice-Chairman and Billionaire Joe Tsai Likes Crypto

27 days ago

The Chinese government has gone out of its way on the crypto crackdown. Despite this, the industry has evolved tremendously and continues to capture the imagination of many. Joe Tsai, who happens to be the executive vice-chairman of the Chinese e-commerce behemoth, Alibaba Group, is the latest to share his feelings on Twitter in three simple words, saying – “I like crypto.”
Tsai is Bullish on Crypto
Joe Tsai’s latest comment on crypto has created a frenzy in the micro-blogging space. For the uninitiated, Tsai is a Taiwanese billionaire who also owns the Brooklyn Nets of the National Basketball Association (NBA).
Interestingly, Brooklyn Nets’ sharpshooter Kevin Durant happens to be a Coinbase investor. The NBA star and his company Thirty-Five Ventures recently entered into

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Ozzy Osbourne Forays into the NFT Space With ‘Cryptobatz’

28 days ago

Ozzy Osbourne has announced entering the crypto industry with the launch of his very own NFT collection – Cryptobatz. He is paying tribute to one of the most iconic (or bizarre as some may say) moments in music history.
With the NFT debut, the former Black Sabbath singer now joins a long list of proponents that includes American heavy metal bands – Megadeth and Avenged Sevenfold – among others.
Ozzy Enters NFT Space
Osbourne’s tryst with bats isn’t new. His latest NFT collection is a reference to his infamous bat-biting incident that dates back to his Iowa live performance on January 20, 1982. Following the incident, Osbourne claimed that he thought the bat was a toy tossed by an audience member. But the “batz” in his NFT collection, however, is one-of-a-kind.
Osbourne

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Binance Received Regulatory Approval From Canada and Bahrain

29 days ago

As the year is inching close, the world’s largest cryptocurrency exchange, Binance, has secured an MSB license to offer cryptocurrency services from the Candian regulatory authorities. On the same day, the company also received in-principle approval from the central bank of Bahrain.
Glad Tidings for Binance
According to the official filing with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Binance’s Canadian arm will be operating as Binance Canada Capital Markets. It will also engage in foreign exchange dealing, money transferring, and virtual currencies.
The exchange was incorporated as a domestic entity on December 1st, 2021, and the license is valid for the next four years, i.e., till December 31st, 2024.
Confirming the news, CZ tweeted:

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Baidu’s Metaverse App Will Not Support Digital Assets as Tech Giant Exercises Caution

December 25, 2021

Chinese internet behemoths are racing to the metaverse. Baidu, for one, is fairly confident that its metaverse app will take at least six years to fully launch. However, as the tech giant eyes to explore more, it will not add support for digital assets on the app.
Baidu’s Metaverse World
While speaking at the “Create 2021,” Baidu’s annual developers’ event, Ma Jie, the company’s Vice President, shed some light on the timeline of its immersive digital world ‘XiRang.’ Although the application has been under development for over a year, it could take an additional six years to launch. According to Ma, XiRang is capable of hosting 100,000 virtual attendees.
With XiRang, Baidu intends to develop an open-source platform for metaverse developers and build an infrastructure for a

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World Chess Champion Magnus Carlsen Competed in a 1 BTC Prize Bullet Tournament

December 25, 2021

In 2021, many celebrities across different fields got involved with the cryptocurrency space in various ways.
Chess grandmaster Magnus Carlsen competed for the top prize of 1 Bitcoin (approximately $51,000 at the time of writing) in the bullet tournament “Agadmator CakeDeFi Christmas Arena” on the 21st of December.
Apart from Carlsen, the 2-hour featured some of the very best bullet players in the world, including Hikaru Nakamura, Alireza Firouzja, Andrew Tang, Daniel Naroditsky, among others.
The event had to halt midway due to technical difficulties. However, the open-source Internet chess server, Lichess, revealed that it will be resumed on another day with the same scores and the same remaining time of around 1 hour 15 minutes.
Carlsen has emerged as a crucial

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No Spot Bitcoin ETFs for American Investors This Year: SEC Shots Down Two Proposals

December 24, 2021

Reflecting on the past year, 2021 has been great for Bitcoin and the cryptocurrency market. It even saw the birth of two BTC futures ETFs in the States, but with just a week remaining until the end of it, American investors might not see spot one.
SEC in no Mood for Spot Bitcoin ETFs
According to the official document, the SEC rejected physically-backed Bitcoin ETFs proposed by Valkyrie and Kryptoin. The regulator cited similar market manipulation concerns while referring to both to list and trade shares of Valkyrie Bitcoin Fund and the Kryptoin Bitcoin ETF Trust.

Valkyrie just got Genzinated. 4th spot disapproval. Early too, just in time to ruin their Xmas. Could be more coming.. https://t.co/amMarvHzaM
— Eric Balchunas (@EricBalchunas) December 22, 2021

It stated that

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TON’s Journey Isn’t Over Yet, Scores Partnership With Telegram-Verified Payments Bot

December 23, 2021

Telegram may have abandoned its crypto project, but the token lives on. None other than the CEO of the cloud-based instant messaging service Telegram and the creator of the blockchain project, Pavel Durov, is happy that it’s alive and well.
TON blockchain had a rough start, but that might be changing soon. The TON Community has announced the partnership of the TON blockchain and Donate, the recently introduced payment service verified by Telegram.
TON Community Fetches New Partnership
According to the official announcement, the latest deal essentially enables the users to make donations and pay for their subscriptions using the Toncoin cryptocurrency. On the other hand, the admins of the channels will be able to collect their income in the same cryptocurrency. Not much is

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Former POTUS Donald Trump Says Crypto is Dangerous But Praises Melania’s NFT Project

December 22, 2021

Former US President Donald Trump is no fan of cryptocurrencies, and he is making that known once again. The only currency he wants is the US Dollar.
Trump has been a critic of cryptocurrencies for quite some time now, and this outlook isn’t changing anytime soon. Even if the former FLOTUS Melania Trump has warmed up to the idea of NFT and digital assets, her husband still believes that cryptocurrencies are dangerous.
Donald Trump Weighs on Crypto: Still Not a Big Fan
In a recent interview with Fox Business, Donald Trump revealed that he never liked Bitcoin and other cryptocurrencies. Like many other critics and naysayers, Trump didn’t go to lengths to explain why he thinks investing in those assets can be dangerous. He said,
“I never loved it because I like to have the

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Binance to Replace Quarterly Burn with a BNB Auto-Burn Mechanism

December 22, 2021

The cryptocurrency exchange giant Binance announced the implementation of a new BNB Auto-Burn mechanism.
The aim is to provide greater transparency and predictability to the BNB community.
BNB Auto-Burn is also designed to foster the development of a “healthy blockchain ecosystem” together with the Binance Smart Chain (BSC) and Binance Coin (BNB) communities.
According to the official blog post, the new system, dubbed “BNB Auto-Burn,” will have two characteristics. It will be objective and verifiable. It will not rely on the revenues generated on the Binance’s centralized exchange through the use of the native token.
Instead, it will be automatically adjusted in that the burn amount will be based on BNB’s price. This, in turn, takes into account the supply and demand for

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