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Chayanika Deka



Articles by Chayanika Deka

Meta Lost $13.7B on Metaverse Initiative in 2022

2 days ago

Mark Zuckerberg’s Metaverse bid proved costly for the company amidst a persistent bear market as Reality Labs lost $13.7 billion in 2022.
According to Meta’s earnings release, the company’s metaverse arm recorded an operating loss of $4.28 billion in the fourth quarter, dragging down its total for the year.
Facebook was rebranded as Meta in the fall of 2021 as Zuckerberg doubled down on efforts to create a digital universe where people can work, shop, play, and learn. However, as Metaverse adoption has slowed down in 2022 due to the turbulent market conditions, the company’s investors called for a curb in spending in the segment.
Burning Billions in Metaverse
In the fourth quarter, Reality Labs generated $727 million, while its revenue for the entirety of the year stood at

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Optimism’s OP Token Clinches Record High Nearing $3 After New Bedrock Proposal

2 days ago

OP – the governance token of Ethereum layer 2 scaling solution Optimism – surged by more than 30% over the past 24 hours from $2.23 to $2.92, hitting a fresh all-time high.
The price action comes after Optimism Foundation released a proposal regarding upgrading the Optimism mainnet to Bedrock.
The proposal stated that the upgrade seeks to provide a “new level of modularity, simplicity, and Ethereum equivalence for Layer 2 solutions, providing unprecedented performance and functionality,” including transaction costs, throughput characteristics, and sync speeds.
The Bedrock upgrade is being touted as a significant step towards the multi-chain future in the OP ecosystem.
It is a new generation of decentralized Rollup architecture developed by Optimism Labs, expected to pave

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Korea’s FSC Orders Exchanges to Delist and Classify Crypto With Securities Properties

3 days ago

South Korea is looking to amp up regulations to prevent unfair trade in the industry. As such, the Financial Services Commission issued instructions to five major crypto exchanges in the country to delist and classify digital assets that have similar properties to that of securities.
The implosion of the once-prominent Terra ecosystem tokens was the first domino to fall in an ensuing series of other high-profile collapses. The subsequent failure of hedge fund Three Arrows Capital (3AC) and a slew of bankrupted exchanges and lenders such as Celsius Network, Voyager Digital, Genesis, and FTX greatly impacted the South Korean market.
As a result, regulators in the country have called for setting up comprehensive crypto regulations to protect investors.
FSC’s Order
According

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North Korean Hackers Stole $1.7B Worth Crypto in 2022: Chainalysis

3 days ago

2022 can easily be considered the worst year when it comes to securing cryptocurrencies, as projects suffered a series of devastating hacks and exploits. According to the latest Chainalysis report shared with CryptoPotato, $3.8 billion was stolen from cryptocurrency businesses, with decentralized finance (DeFi) being the primary target.
March and October saw huge spikes, with $732.4 million and $775.7 million, respectively. The latter went on to become the biggest single month ever for crypto hacking with 32 separate attacks.
Targeting DeFi
DeFi protocols alone recorded a loss of $3.1 billion, thereby accounting for 82.1% of all cryptocurrency stolen by hackers. The figure is up from 73.3% in 2021.
Meanwhile, 64% of the losses originated from cross-chain bridge protocols

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Toyota Taps Astar Network for Web3 Hackathon

4 days ago

Japan’s largest conglomerate – Toyota Motor Corporation – will sponsor the world’s first global Web3 hackathon. Polkadot’s leading parachain, Astar Network, has been roped in to make Web3 use cases for Toyota’s employees.
According to the official press release shared with CryptoPotato, the car giant is looking to embrace the Web3 space in a bid to improve the company’s operations. The latest online hackathon is expected to serve as an initial step in the process.
Toyota – Astar Web3 Hackathon
As part of the event, developers from around the world are invited. The theme will be to build an intra-company DAO support tool on the Astar Network to enable anyone to create teams, issue governance tokens, and vote without requiring them to understand the details of Web3.
While

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Celsius’ Independent Examiner Reveals Astonishing Facts About Internal Discrepancies

4 days ago

Celsius abandoned its promise of transparency from its start, according to former prosecutor Shoba Pillay who was appointed as an independent examiner by United States Bankruptcy Judge Martin Glenn.
In a filing, Pillay stated that the bankrupt crypto firm conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect.
The report claimed that Celsius lacked a sufficient risk management function and was unable to track its financial position or evaluate profitability. It also stated that Celsius and its founder Alex Mashinsky, who is currently facing fraud allegations in the United States, failed to deliver on the lavish promises.
Very Ponzi-Like Operations
The examiner interviewed Celsius employees, including former

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UK Regulator Launches Inquiry into Charity With Ties to Sam Bankman-Fried

4 days ago

UK’s Charity Commission announced inquiring into a charity called – Effective Ventures Foundation over its ties with FTX.
According to the official press release, the charity reported its association with FTX as a serious incident because the bankrupt cryptocurrency exchange was its “significant funder.”
The non-ministerial department asserted that trustees submitted an RSI and sufficiently performed their duties and responsibilities. While trustees have not been involved in any wrongdoing, the Charity Commission did point out indications of potential risks to the charity’s assets.
The commission also said that the inquiry was launched to establish facts and help ensure the trustees protect the charity’s assets.
It also sought to confirm if the operations are in line with

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A Look at Cardano’s Overcollaterized Stablecoin Djed

5 days ago

Stablecoins have been one of the most controversial areas of the cryptocurrency industry. But this has not deterred industry leaders to bring about new pegged tokens built on a secure foundation.
The much-awaited Djed – which happens to be Cardano’s native overcollateralized stablecoin – is set to launch this week. Developed jointly by the layer 1 blockchain network, COTI, along with core Input Output Global (IOG) devs, the stablecoin is expected to benefit the overall Cardano $77.2 million DeFi market.
Djed’s Launch
The ADA-backed stablecoin would deploy on the mainnet following the completion of chain index syncing. The process takes around 14 days to complete and was started more than a week, according to COTI’s blog post.
At launch, Djed is expected to go live on more

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What Is Happening With China and its Crypto Approach?

5 days ago

Last year’s industry-wide meltdown has haunted Asian firms as they cautiously plot their recovery. China was once a hotbed for crypto mining and trading. Even after announcing a blanket ban on all digital asset activities more than a year ago, there’s reason to believe that the country may make a comeback in the space.
Tron founder Justin Sun, who has a history of hyping the industry, also said China could embrace the asset class, especially after the implementation of a tax on crypto transactions, which he considers to be “a big step toward cryptocurrency regulation.”
Taxing Crypto
Some Chinese authorities have started levying a 20% personal income tax on the investment profits of individual crypto investors and Bitcoin miners. In an attempt to control crypto tax, many

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Argo Blockchain Slapped With Lawsuit Over Misleading Statements

6 days ago

Argo Blockchain has been accused of federal securities law violation during the initial public offering (IPO) of its American depositary shares (ADS) in 2021, according to a filing in the United States District Court for the Eastern District of New York.
The latest development is yet another blow to Argo, which was struggling to stay afloat amidst a brutal crypto winter. The complaint alleged that the company negligently prepared its IPO documents which hid crucial details that would affect its business profitability.
Lawsuit Against Argo
In the class action lawsuit, investors of Argo Blockchain have accused the firm of making untrue statements and omitting key information, thereby failing to disclose its capital constraints, electricity, and other costs, in addition to

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Crypto Investment Trends That Will Define 2023: Report

7 days ago

Less than a month into the new year, the market is already showing sustainable signs of recovery, and the “creative destruction” that transpired could ultimately be a huge win not just for the consumer but also in terms of regulatory protections and rapid innovation, as well as lowered cost structures.
Despite the many ups and downs, crypto has become a serious player in the world economy. Investors are still pouring their portfolios into the asset class. According to OKX’s new report, here are the five key trends in crypto investment that will define the year ahead.
Ethereum Devs
The development in the Ethereum ecosystem has been consistently increasing. The completion of the Merge shifting from Proof of Work to Proof of Stake saw its energy consumption slash by 99%. To

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US SEC Inquires Investment Advisers Over Crypto Custody: Report

8 days ago

The United States Securities and Exchange Commission (SEC) is targeting investment advisors for potentially offering digital asset custody to its clients without meeting proper criteria.
Citing three unnamed sources, Reuters reported that the Commission is probing advisers’ efforts to follow the rules around custody of clients’ digital assets after the implosion of FTX.
The investigation has not been made public yet, but the enforcement staff of the SEC has sought details from the investment advisers for details with regard to the steps followed by them to assess custody for platforms, including the now-bankrupt crypto exchange, according to one of the sources.
Typically, clients’ digital assets are stored with a third party.
Investment advisers cannot hold custody of

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Bithumb Offices Raided as Legal Woes Pile up (Report)

8 days ago

More troubles for South Korean crypto exchange Bithumb brews as its offices were reportedly raided on Thursday.
Authorities launched an investigation into potential price manipulation of a coin listed on the platform, according to a report by Yonhap. The token in question has not been revealed.
Prosecutors said they are probing transactions linked to a specific person or entity allegedly manipulating the coin’s price to make a profit. In a statement, the Seoul District Prosecutor’s Office said,
“This is a search and seizure to secure the transaction details of a specific coin, and it has nothing to do with Bithumb.”
In addition to Bithumb, the prosecutors are planning to look into the transaction details at other crypto exchanges where the token is listed.
Founder’s

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Deribit Eyes Dubai Amidst Global Expansion Plans: Report

9 days ago

Crypto exchange Deribit is planning to move its main headquarters to Dubai as soon as the third quarter of this year. The Bloomberg report suggests that the new office will be staffed by a team of 10 people comprising both domestic hires alongside the exchange’s core employees.
Roles in management, compliance, and support will be housed in the Dubai office.
According to Deribit Chief Legal, Compliance, and Regulatory Officer David Dohmen, some employees will continue to be based in Panama.
Dohmen was quoted saying that the regulatory regime in Dubai is more tailored to crypto than other jurisdictions.
“We’ve had a number of clients who basically intimated to us that they would like to trade on a crypto exchange that’s actually regulated. In Panama, we are not regulated.

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Roger Ver Breaks Silence on Genesis Lawsuit, Claims He Has Sufficient Funds to Pay

9 days ago

Early Bitcoin adopter and executive chair of Bitcoin.com, Roger Ver, said he has “sufficient funds” to pay Genesis Global after being hit by a lawsuit by the now-bankrupt crypto broker’s unit – GGC International.
The Bitcoin Cash proponent noted that he is happy to pay the amount he owes but pointed out that the agreement requires Genesis to remain solvent. In a new Reddit post, Ver claimed that Genesis failed to provide him assurances about its finances.
The Digital Currency Group broker and lending desk slid into bankruptcy after weeks of fresh fundraising attempts. The court documents reveal that it has over $150 million to fund its restructuring efforts.
Ver allegedly owes around $21 million to Genesis.
Genesis Vs. Roger Ver
Ver, who was once known as “Bitcoin Jesus,”

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Mango Markets Sues Exploiter Avraham Eisenberg for $47M in Damages

9 days ago

Mango Markets’ exploiter Avraham Eisenberg was hit with a lawsuit by Mango Labs, the company behind the DeFi protocol, for $47 million in damages.
The Wednesday filing with the United States District Court for the Southern District of New York alleges that Eisenberg executed a malicious attack on Mango Markets by manipulating the native token, MNGO, through “fraud, deception,” and converted nearly $114 million from the depositors of the protocol into his own accounts.
Eisenberg in Trouble
A Mango Markets’ related decentralized autonomous organization (DAO) and Eisenberg entered into an agreement that enabled the exploiter to keep $47 million from the exploit while protecting him against any potential criminal investigation. While he returned $67 million and retained the

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Pantera, Kraken, and Others Join Consortium for Injective Labs’ $150M Fund

10 days ago

The digital asset markets have been shaky in the past year, but the blockchain sector continues to scale as demand intensifies from both crypto-native as well as traditional institutions eyeing to leverage the space.
Decentralized smart contracts platform Injective is the latest to announce a new $150 million ecosystem initiative to spur the adoption of interoperable infrastructure and DeFi.
Leading the charge is a consortium of prominent Web3 players such as Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs, and IDG Capital, among others. Injective has assembled the largest consortium to date within the broader Cosmos ecosystem for the purpose.
$150M Fund
The members will focus on backing promising projects building

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Clear Upward Trend in Addresses as Ethereum Rallies Past $1.6K: Data

11 days ago

The year started on a bullish note which aided the world’s largest altcoin to sprint towards its pre-FTX market cap levels.
Days after struggling to overcome $1,600, Ethereum finally climbed past the resistance level on Tuesday amidst a broader market rally. Even as certain group of investors looking to pocket quick gains began offloading the token, this has not affected the growing appeal of the network.
Ethereum Ownership
According to the latest data by IntoTheBlock, there is a clear upward trend in addresses with balances of all sizes. Except for one cohort of Ether holders with 0.10 ETH to 1 ETH, which started decreasing in size with the start of the bear market, all the other cohorts have been on a steady rise.
With the most recent increase in Ethereum’s price, some

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Bitcoin Surges Past $23K, Is the Rally Sustainable? (Analysis)

11 days ago

Bitcoin has been moving higher as the equity markets fetched more gains. The world’s largest cryptocurrency by market capitalization climbed over $23,000 on Tuesday. Since the beginning of the year, both Bitcoin and Ethereum added 40% surges to their trajectory, retracting the entire post-FTX dump.
Needless to say, the ongoing rally has sparked concerns over its sustainability on the backdrop of last year’s bloodbath, as well as subsequent numerous fake-out rallies. However, the latest Bankless report suggests that “there are reasons to believe that this rally could have legs.”
‘Bears Out of Skies’
One of the major reasons pointed out by Bankless is that there is little to suggest that the market is over-leveraged. 2022 saw a major de-leveraging event as centralized

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Vitalik Buterin Weighs in on Stealth Address to Bring Privacy to Blockchain Transactions

12 days ago

Privacy tools have always been heralded as a key to financial freedom in the crypto industry. In the Ethereum ecosystem, discussions surrounding the subject matter have revolved mostly around privacy-preserving transfers of ETH and mainstream ERC20 tokens.
In a bid to improve the state of privacy on the network, its co-founder Vitalik Buterin has proposed a stealth address system.
“Last Remaining Challenge for Ethereum”
The concept of Stealth addresses using elliptic curve cryptography was first introduced in the context of Bitcoin by BTC core developer Peter Todd in 2014 to obscure transaction details. In the latest blog post, Buterin acknowledged that privacy is “one of the largest remaining challenges in the Ethereum ecosystem” while highlighting the need for a privacy

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Today in 2014: Ethereum Was Announced by Vitalik Buterin on Bitcointalk

12 days ago

Vitalik Buterin’s first tryst with the Bitcoin community dates back to 2011. He began participating in ‘Bitcointalk,’ a forum created by Satoshi Nakamoto. It was then that he co-founded and started writing articles for Bitcoin magazine. He began traveling to speak with BTC developers around the world in a bid to construct a new, potentially superior iteration of the Bitcoin blockchain.
In late 2013, Buterin described the idea of yet another digital currency in a white paper and sent it to a few of his friends. The vision was to develop a blockchain with a built-in programming language and platform for decentralized applications, an “android of the cryptocurrency world” of sorts.
Subsequently, Ethereum was officially announced on Bitcointalk on January 23rd, 2014. It has

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Stellar Becomes Newest Member of CFTC’s Committee

13 days ago

The non-profit organization – Stellar Development Foundation – announced joining a new advisory committee of the United States Commodity Futures Trading Commission (CFTC).
According to the firm’s statement, SDF will be one of the four crypto-focused organizations at the Global Markets Advisory Committee (GMAC), which is one of the five active Advisory Committees overseen by the CFTC. The firm behind the Stellar blockchain will join representatives from traditional finance players, including the likes of J.P. Morgan, Goldman Sachs, and BlackRock.
SDF’s Role in GMAC
Since SDF represents the blockchain industry on the GMAC, the foundation expects to bring the focus on Layer 1 protocols and remittances. The organization also plans on highlighting the role of stablecoins in the

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Ethereum and Cardano Record Highest Level of Developer Activity in 2022: DappRadar

13 days ago

Ethereum and Cardano have always been at loggerheads. The two blockchain network’s development activity has been pitted against each other even before the former’s transition to Proof-of-Stake (PoS). Needless to say, Ethereum and Cardano went on to become the blockchains with the most active developers in 2022, with 223 and 151 average daily devs throughout the year.
According to the latest report by DappRadar, Ethereum saw the smallest decrease of 9.37% in active developers and managed to retain its dominance. Cardano’s developer count declined by 26.47% from the previous year.
Developer activity indicates the blockchain’s health and growth. As explained by DappRadar, the metric gives an insight into the level of interest and engagement by devs, which is crucial “for the

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Ransomware Revenue Drops Amidst Less Successful Extortion Attempts: Chainalysis

13 days ago

2022 has been a turbulent year. One good thing to come out of it is that – ransomware earnings are significantly down.
Attacks on the crypto industry remain rampant. However, data suggests that victims are increasingly refusing to pay ransomware attackers. Blockchain analytics company Chainalysis, in a new report, shed light on the changing dynamics in the ransomware industry.
Zooming in on Ransomware Attacks 2022
It found that over 10,000 unique strains were active in the first half of the year alone – a trend that was also confirmed by on-chain data. In comparison, around 5,400 unique strains were recorded to be active over the same period of 2021. The number of active strains has increased substantially in recent years, a major portion, however, goes to a small group of

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21Shares’ New ETP Provides Exposure to PoS Cryptocurrencies But No ETH

14 days ago

21Shares announced the launch of first-of-its-kind crypto staking index ETP focused on proof-of-stake-based coins.
Dubbed 21Shares Staking Basket Index ETP (STAKE), the product will essentially provide exposure to staking rewards while tracking the performance of underlying staked coins via a single ETP.
World’s First Crypto Staking Index ETP
According to the official press release, the index will track ten crypto-assets, including Binance Coin (BNB), Cardano (ADA), Cosmos (ATOM), Polkadot (DOT), Solana (SOL), and Tezos (XTZ).
It is expected to address demands from both retail and institutional investors across the world.
Despite the fact that STAKE is designed to track PoS-based coins, the product, however, does not include Ethereum (ETH).

In a statement, the company

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US Feds Confiscate Nearly $700M of Sam Bankman-Fried’s Assets: Report

14 days ago

The United States Federal prosecutors have confiscated nearly $700 million in cash and assets connected to Sam Bankman-Fried, the disgraced founder of FTX.
At the heart of the seizure are the 55 million Robinhood shares owned by Bankman-Fried and Gary Wang, valued at over $455 million. The ownership of the shares has been disputed even by BlockFi and FTX creditor Yonathan Ben Shimon who laid claims over them. The Feds, for one, believe they were purchased using allegedly stolen funds of FTX customers.
Assets Seized
The CNBC report identified three accounts by FTX Digital Markets on Silvergate Bank, which held over $6 million. These assets were seized around January 11. A rural Washington state bank, Moonstone Bank, also had ties to FTX management and held nearly $50

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CleanSpark Kicksoff 50MW Bitcoin Mining Expansion

14 days ago

Bitcoin mining company – CleanSpark – has started the construction of the second phase on a site in Washington, Georgia, that is set to accommodate 16,000 miners. This move is expected to increase its hash rate total to as high as 8.7 EH/s, thereby contributing an additional 2.2 EH/s.
In the new phase, the mining machine fleet will include – Antminer S19j Pro and Antminer S19 XP – which are considered to be the latest and most power-efficient models of such machines currently available.
Bitcoin Mining Expansion
Based on the final number of each model in the mix, the total computing power that will be added to CleanSpark’s bitcoin mining capacity will range from 25% to 34% increase from its current hash rate of 6.5 EH/s. Zach Bradford, CleanSpark’s Chief Executive Officer,

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Cardano’s Charles Hoskinson Comments on the CoinDesk Selling Rumors

15 days ago

Charles Hoskinson, CEO of Input Output Global, the firm behind the Cardano blockchain, is interested in purchasing the crypto news website CoinDesk.
The latter is exploring a potential sale as its sister firm slid into bankruptcy. CoinDesk’s Kevin Worth recently asserted that the publication was receiving “numerous inbound indications of interest.”
On Potential CoinDesk Acquisition and Journalistic Integrity
In the latest livestream, Hoskinson said his media interest is broad and would like to “figure out how to get to journalistic integrity again.” The exec highlighted the need to find a way for a strong media outlet. He even suggested ways to have a financial incentive to be truthful instead of pushing specific agendas.
The IOHK supremo previously criticized the

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Peter Thiel’s Fund Cashed Out $1B Worth Crypto After Holding for 8 Years: FT

16 days ago

Peter Thiel has been a long-time Bitcoin backer. But his fund closing almost all its crypto positions shortly before the market went downhill did not sit well with many.
According to Fortune’s latest report, Thiel’s VC firm – Founders Fund – cashed out all of its bets on cryptocurrencies and made $1.8 billion in profit while doing so.
The San Francisco-based fund bought Bitcoin over eight years ago when the flagship crypto was trading under $1,000. Over the next few years, it increased its holdings substantially.
Speaking at the Bitcoin 2022 conference in Miami in April, Thiel continued to champion Bitcoin and called for its increased adoption. He even went on to say, “we are at the end of the fiat game regime,” while highlighting that Bitcoin was still undervalued but has

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BitKeep Expects to Compensate All Victims of $8M Exploit by March-End

16 days ago

Multi-chain crypto wallet BitKeep revealed that it will launch the compensation portal in the first week of February, and 50% of the funds are expected to be returned to users by the end of the same month. The remaining funds will be distributed by the end of March.
To avoid fluctuation, the asset valuation of the compensation will be converted to USDT stablecoin.
In a series of tweets, BitKeep said that its technical team, as well as security agencies, devised a closed-loop verification system that included the affected users’ multi-dimensional information, such as wallet addresses, stolen amounts, and token details.
“Hackers never sleep-pls take good care of your assets & be mindful to not trust any messages of “warm-hearted customer service” or “help you recover your

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