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George Georgiev



Articles by George Georgiev

Pyth Network Explains Why Bitcoin Flash-Crashed to $5,400 on September 20th

8 hours ago

The entire market has been fairly uncertain throughout the past week, though one event stands out from the rest. On September 20th, Bitcoin’s price crashed to around $5,400 on Pyth Network oracle’s BTC/USD feed.
Pyth is an oracle network based on Solana and it aims to bridge blockchains and real-world data. This is highly needed in the field of cryptocurrencies to provide relevancy, accuracy, and interoperability.
However, on September 20th, between 12:21 and 12:23 UTC, the Pyth BTC/USD aggregate price “had several sharp dips below $40,000, reaching as low as $5,402 and the confidence intervals became extremely wide.”
This became clear following multiple reports and an official blog post on behalf of the team.
BTC/USD Price and Confidence, Pyth Network.This caused issues

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China’s Crypto Crackdown is an Opportunity for the US, Says Senator Pat Toomey

10 hours ago

Following today’s events, Senator Pat Toomey says that the ongoing cryptocurrency crackdown in China is a considerable opportunity for the United States.
Earlier today, reports revealed further regulatory pressure on cryptocurrencies in China. This time, the country seems to target mining and trading.
Although not many of it was new, the announcement triggered a market-wide pullback, sending Bitcoin down to slightly above $40K.
Senator Pat Toomey, representing the state of Pennsylvania, said that this might be a big opportunity for the US.
China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage of China.
The politician also said that Beijing is “so hostile to economic freedom they

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Global Risk and China FUD Result in a Bitcoin Rollercoaster: The Weekly Crypto Recap

12 hours ago

There are no boring days in crypto, and this week, like a lot of others, has managed to definitively prove it. The past seven days have been an absolute rollercoaster in the cryptocurrency market, so let’s start with Bitcoin.
BTC’s price was sitting comfortably at around $47,500 last Friday and started improving slowly throughout the weekend. On Saturday, we saw an attempt at $49K, which was unfortunately rejected. On Sunday, the price retraced a bit, but nothing spelled major signs of trouble.
Then came Monday. Throughout that day, the price of Bitcoin started plummeting, and the trend continued throughout the next few days, as it reached a low of around $40,000 on Wednesday. The bulls stepped in and started the recovery process, bringing Bitcoin’s price up to about

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Over $400 Million Liquidated in a Day as Bitcoin Tumbled Below $41K

15 hours ago

The market suddenly turned red today following what seems to be another wave of regulatory efforts to crack down on cryptocurrencies in China. This left over $400 million liquidated in less than a day.
As CryptoPotato reported, China continues with its efforts to further crack down on the entire cryptocurrency market.
The country’s national bank issued a statement outlining that digital assets are banned, adding that operating with exchanges will also be prohibited.
While a lot of this isn’t new, the market responded negatively, and Bitcoin’s price tumbled by more than $3K in a matter of minutes.
It didn’t stop there, as moments later, the price went below $41,000 before recovering to where it currently trades around $41,400.
This left a massive number of liquidated

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1inch Network Expands to Arbitrum to Lower Transaction Costs

3 days ago

The popular decentralized cryptocurrency exchange aggregator, 1inch Network, will be expanding to Arbitrum.
In a press release shared with CryptoPotato, the team revealed that the move is aimed at lowering transaction costs and improving throughput and withdrawal speeds.
Arbitrum is an Ethereum scaling solution built using Optimistic Rollups, and it allows developers to cross-compile contracts for running on Arbitrum.
This is aimed at ensuring full compatibility with Ethereum on Web3 interface and smart contract levels.
Speaking on the matter was Steven Goldfeder, CEO at Offchain Labs – the team behind Arbitrum, who said:
“The Arbitrum One ecosystem is virbant with many excellent and high volume DEXes and we are very excited to have 1inch join as a DEX aggregator. […]

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Following Bitcoin’s Drop, Addresses in Profit Slumped From 82% to 70%

4 days ago

Bitcoin’s most recent downturn also took a toll on the addresses that are in profit – they decreased from 82% to 70% in less than a couple of days.
As CryptoPotato reported yesterday, the entire cryptocurrency market tumbled following a broader collapse of stocks throughout the world amid rising debt crunch fears in China.
This saw over $800 billion worth of both long and short positions liquidated, and Bitcoin’s price tumbled to as low as $40,200 earlier today.
The sharp decline also caused a lot of the addresses that were previously in profit – to not be. Precisely, the number of addresses in profit slumped from 82% to 70%.
Glassnode also made a comment on the sharp move. According to them:
When the Bitcoim market eperiences significant price moves, we can assess the

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The Evergrande Debt Crisis in China and What It Could Mean for Bitcoin

5 days ago

The financial world is watching Evergrande and what’s going on in China closely, as this has been undoubtedly the headliner for the past couple of weeks.
Today, global markets tumbled as Evergrande stock price lost another 10%, sending Bitcoin well into the red with a decrease of around 8% in the past 24 hours alone. But is the pain over?
Evergrande – Chinese Real Estate Behemoth Sags
Evergrande managed to become one of the leading companies in China when it comes to real estate. Reportedly, it has developed over 1,300 projects in more than 280 Chinese cities, and it’s also the owner of one of the country’s largest football teams – Guangzhou FC.
It did so by borrowing over $300 billion from more than 171 domestic banks and 121 other financial firms. Last year, though,

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BitMEX in 2021: CEO Alex Hoeptner Explains How He’ll Take the Veteran Exchange to a New Era (Exclusive)

8 days ago

Established in 2014, BitMEX is a veteran derivatives exchange, a pioneer for the crypto industry, which used to be the leading one for a serious period of time. In fact, the traded volume on BitMEX was much more than that on any other derivatives exchange until 2019.
BitMEX exchange had a serious impact on the cryptocurrency market as a whole, and in a sense, helped shape the industry into what it has become today.
CryptoPotato had the pleasure of interviewing Alexander Hoeptner – the CEO of BitMEX. In this episode, we talk about the ever-increasing regulatory presence in the industry, whether it’s good or bad for it, where the market is going to, how’s BitMEX doing after the $100 million CFTC and FinCen settlement, and many more interesting things.
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In-Depth: Cardano’s Hardfork, Smart Contracts vs. Criticism, and What’s Ahead?

9 days ago

Cardano is currently the third-largest cryptocurrency by means of total market capitalization. The network saw substantial growth over the current bull cycle, which brought its current valuation to $76 billion at the time of this writing.
Over the years, Cardano has received serious criticism of its approach where naysayers argued that the billion-dollar market cap is completely unjustified for a network with no usable applications.
For those unaware, the project took a different way to market. Cardano’s peer-review standard is loved by some and refuted by others, but the fact is that the team behind it produced numerous papers and spent considerable time theory-crafting before actual implementation.
Nevertheless, the abovementioned criticism, to some extent, was rendered

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Cardano Now Has Smart Contracts Capabilities: Alonzo Mainnet Upgrade Went Live

12 days ago

The wait is finally over. After years of researching and producing a multitude of peer-reviewed papers on the network’s structure, potential, ideas, goals, and whatnot, Cardano now has smart contracts capabilities to further bolster its ecosystem.
Alonzo Mainnet Now Live
As of now, Cardano saw an important hard fork go through, and Alonzo is now live on the mainnet. What this means is that the network supports smart contracts, enabling various teams and projects to start building and deploying their protocols directly on Cardano.

1/2 Upgrade successful.
Moments ago, we deployed the #Alonzo upgrade at the epoch rollover.
Welcome to the start of a new era for #Cardano $ADA pic.twitter.com/r6QNvTv4pt
— Input Output (@InputOutputHK) September 12, 2021

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Over $2.5 Billion USDC Now Circulates on Solana

12 days ago

Solana’s network saw explosive growth this year, but it appears that it’s not just NFTs that are driving it higher. The total amount of USDC that circulates on Solana is now up to $2.5 billion.
Data from the Solana explorer reveals that the current supply of USDC on the network is just shy of $2.5 billion.
Commenting on the matter was the Co-Founder and CEO at Circle, the company behind the dollar-pegged stablecoin, Jeremy Allaire, who said that the “USDC on Solana jumped from 1B to 2B in circulation” in just a week.
Allaire also revealed that the effort to put USDC on Solana came as part of their goal to introduce “Multichain USDC, forming partnerships with a number of important chains,” and they saw Solana as one of the first to reach out to because of “the scale, speed,

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Cardano With Most Commits per Month in the Past Year: Report

13 days ago

It goes without saying that the past 12 months have been an absolutely wild ride in the cryptocurrency industry in terms of price. This also makes it easy to forget that there’s a lot of work being done on the most popular networks to fuel this massive growth.
We take a closer look at Outlier Ventures’ Blockchain Development Trends report, examining the period between July 2020 and June 2021.
Cardano Lead by Commits Per Month (CPM)
First things first, the report outlines that Cardano ranks the highest when it comes to the average commits per month on its blockchain. The total is 702 CPM, which represents a growth of 24% to the previous 12-month period.
The second network following Cardano is, somewhat expectedly, Ethereum with an average of 447 CPM – a growth of 10.5%.

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BlackRock Director Rick Rieder: Bitcoin Price Could Go Up Significantly

13 days ago

Rick Rieder, the managing director of BlackRock, Inc., said in an interview on CNBC’s “Squawk Box” Thursday that he could see the Bitcoin price (BTC) “go up significantly.” That’s a welcome word for bitcoin traders this week, with the price back down to the $45K handle.
That doesn’t by any means make Mr. Rieder, the CIO for the world’s largest asset management company (with $9 trillion in assets under management), an all-out Bitcoin bull.
He cautioned that the bitcoin price is very volatile and questioned the alternative asset thesis that bitcoin makes a good hedge.
Why The BlackRock CIO Is Long BTC
During the Squawk Box segment, Rieder said:
“First of all I’ll say on crypto— people describe it as a hedge or alternative. I’m not sure it’s a really great hedge. I mean the

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SEC Charges Rivetz Corp CEO Over a $18 Million Fraudulent ICO

14 days ago

The United States Securities and Exchange Commission (SEC) continues with its efforts to clamp down on illegal initial coin offerings. This trend started a couple of years back when ICOs were at their prime but has steadily escalated in 2020 and 2021.
SEC Charges Rivetz Corp CEO for $18 Million
According to an official litigation release, the SEC has charged Rivetz Corp., Rivetz International SEZC, as well as the president of Rivetz and the CEO of Rivetz International – Steven K. Sprague. The Commission alleges that the companies have conducted an illegal and unregistered offering of securities through an initial coin offering.
The complaint reads that between July and September 2017 (when ICOs started to gain a lot of steam), the defendants offered and sold digital assets

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Volatile Week Following El Salvador’s Bitcoin Adoption and Plunge Below $43K: The Weekly Crypto Recap

14 days ago

It goes without saying that this has been one of the most important and also exciting weeks for Bitcoin, in general.
The reason for which it was important is that El Salvador officially became the very first country in the world to formally recognize Bitcoin as a legal tender. In other words, no one is currently allowed to refuse payment in BTC, and that’s the law.
The reason for which it was exciting is that it was particularly volatile. On the day El Salvador made the law official, BTC dropped by a grand total of $10,000. What was touted as “Bitcoin Day” quickly became the bloodiest day since May 19th. In less than an hour, we saw over $2.5 billion in liquidated positions as the price just kept dropping to a low of about $43,000.
At the time of this writing, Bitcoin’s

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Cardano Addresses the Smart Contracts Criticism In-Depth

15 days ago

Cardano, the third-largest cryptocurrency by market capitalization, has been gathering momentum in anticipation of its smart contracts mainnet upgrade.
The Cardano team announced in September 2021 that the smart contract functionality was made available on its Alonzo testnet, while its mainnet is expected to be deployed by September 12.. However, the feature has been under criticism by some in the cryptocurrency industry due to a concurrency issue.
But there are some, like Ethereum proponent Anthony Sassano, who outlined a supposed fundamental issue related to concurrency on Minswap – Cardano-based decentralized exchange (DEX).
What is a concurrency issue – you may ask? Basically, it prevents multiple users from interacting with a program or protocol simultaneously.

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Buying The Dip: 3rd Largest Bitcoin Wallet Just Bought $23 Million Worth of BTC

16 days ago

The third-largest bitcoin wallet has been busy buying the dip. During the current market downturn, the whale entity added almost 500 BTC to its stash.
The mysterious third-largest Bitcoin whale bought 490 BTC when it was exchanging hands at around $46,800 in a transaction with a face value of $23 million.
WhaleAlert reported that it took place on September 8 at 00:05 GMT, and the coins were moved from the US-based crypto exchange Coinbase.
As of press time, that whale still holds 4,000 more BTC than at the all-time high at $65,000, bringing its worth to $5 billion.
CryptoPotato reported on August 27 that this BTC whale also accumulated more Bitcoin with two purchases. One of them was 466 bitcoins at the $47,400 level. The previous one was on August 26 with a modest

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Bitcoin Dumps $7K to Below $43K as $2.6 Billion Liquidated in Minutes

17 days ago

In a completely unexpected turn of events, Bitcoin’s price crashed to below $43,000 in a matter of minutes. This happens on the day El Salvador officially recognizes it as legal tender in what many called the “Bitcoin Day.”
In a matter of hours, Bitcoin’s price crashed from above $52,000 to below $43,000 in a violent red candle and a massive sell-off.
Chart by TradingViewIn two consecutive candles, bitcoin’s price lost about $7,000 of its value.
Since then, it has somewhat recovered to $46,600 where it currently trades, according to Bitstamp.
This event also saw a tremendous spike in the daily liquidations, as can be expected.
Data shows that in the past hour alone, over $2.57 billion were liquidated, while this number adds up to a grand total of $3.5 billion in the past

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Looks Rare: SBF’s TEST NFT Sells for $270K on FTX Marketplace as FTT Surges to ATH

18 days ago

The NFT season continues to boom, and it shows little signs of slowing down, despite the talks of an NFT bubble. The most recent example of it is the ‘TEST’ NFT created by the CEO of FTX – Sam Bankman-Fried.
‘TEST’ NFT Sells for a Whopping $270K
As CryptoPotato reported yesterday, FTX allowed users to mint custom non-fungible tokens (NFTs) on their exchange.
Fun fact: once they did so, users flooded the platform with drawings of fish. In fact, the images were so many that SBF was forced to implement a paywall. Initially, he wanted to charge a one-off fee of $500, but the community reacted rather sharply, and the fee was reduced to $10.
In any case, once the platform went live, SBF created the first NFT and put it up for sale. It was a hand-written “TEST” image with

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64% of Cardano Pools Upgraded to Alonzo 1.29.0 Ahead of Mainnet Update

19 days ago

Data reveals that 64% of the pools of Cardano are already prepared for the upcoming fork that’s scheduled to take place on September 12th and would potentially introduce smart contracts to the network’s mainnet.
Majority of Pools Alonzo-Ready
As CryptoPotato reported earlier this month, the team behind Cardano managed to successfully implement a smart contracts capability on the Alonzo testnet. This allowed developers time to test out the protocol ahead of its mainnet upgrade, which should supposedly happen on September 12th.
Now, it appears that 64% of the pools in the network are already “Alonzo-ready,” meaning they’ve successfully upgraded to Alonzo 1.29.0, according to the Cardano network monitoring resource Pooltool.
Cardano Network Health/Upgrades to Alonzo

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$19 Million: The Current Bid for 107 Bored Yacht Apes NFTs Minted for 0.08 ETH Each

19 days ago

The NFT market continues to rage, and it shows no signs of slowing down. At the time of this writing, Sotheby’s is hosting a dedicated online sale of NFTs of Bored Ape Yacht Club (BAYC,) and the current bid is just short of $20 million.
$19 Million for NFT Apes
It goes without saying that non-fungible tokens are where all the rage is within the past couple of months, with multiple collections selling for astronomic figures across a variety of blockchains such as Ethereum, Solana, and Binance Smart Chain (BSC).
We saw some tremendous valuations, but the train doesn’t seem to slow down. At the time of this writing, Sotheby’s is hosting a collection of 107 NFTs from the Bored Ape Yach Club series. Each one of them was minted in 2021 and represents an ERC721 token. During the

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Bitcoin Back Above $50k, Altcoins Surging Double-Digits: The Weekly Crypto Recap

21 days ago

This week saw Bitcoin’s price surging past $50,000 on a few occasions, while altcoins have been charting double-digit gains all along.
Let’s start with BTC. The primary cryptocurrency is up about 7% over the past seven days, and it’s currently sitting above the coveted $50K mark. However, it took it a few attempts to go there, and we need to see today’s daily candle close above it for further validation of the bullish continuation.
Towards last weekend, Bitcoin attempted to test $50K, but fell short, and it started declining from there. It even dipped below $47K on Wednesday – September 1st. Ever since, though, the cryptocurrency has been performing tremendously well, and it shows – we’re back above $50K!
And while BTC’s gains may seem impressive, it’s the altcoins who

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Cardano Adds Smart Contracts Capabilities to Alonzo Testnet

23 days ago

The team behind the third-largest cryptocurrency by means of market capitalization – Cardano – announced that they’ve successfully added smart contract capabilities to the current testnet of the platform.
Smart Contracts Live on Alonzo
In an announcement made on September 2nd, Input Output – the research and development company behind Cardano – revealed that they’ve successfully updated the Alonzo testnet to now include Plutus smart contract capabilities.
Yesterday, we upgraded the Cardano testnet, successfully deploying Plutus smart contracts capability. The focus is now on final component testing & exchange integrations, ahead of the Alonzo mainnet upgrade, still on track for deployment on 12 September. – Reads the announcement.
The first thing that needs consideration

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Bullish: Bitcoin Reserves on Coinbase the Lowest Since December 2017

24 days ago

The past couple of days saw Bitcoin consolidating between important support and resistance lines, which is arguably good for its price as it’s definitively better than a flat-out correction. Now, data shows us that the Coinbase BTC balance sits at levels not seen since December 2017.
Coinbace Bitcoin Balance Go Down
One of the ways to gauge the potential for upcoming big moves in Bitcoin’s price is by following the BTC balance on exchanges.
If the number is high, it means there are more bitcoins to be traded. It’s a very popular metric to look at, and analysts have been using it to determine the possibility of high volatility in the near-term future.
Data from the popular analytics resource, Glassnode, reveals that the leading US-based cryptocurrency exchange – Coinbase –

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Market Cap Reclaims $2T, Binance Strengthens Regulatory Compliance: The Weekly Crypto Recap

August 20, 2021

This week was entirely positive in the cryptocurrency market as almost everything is trading well in the green. It wasn’t without its hurdles, so let’s jump straight to it.
Bitcoin managed to push towards $48K last Friday, but the week was filled with choppy price action and a somewhat expected downturn. By Thursday, BTC’s price was in the low $44,000’s, and that’s when the bulls stepped in.
On that day, the price shot up and tested $47K – a level that got left behind in the dust today. At the time of this writing, BTC is testing $49K for a total of 7% daily increase, bringing the weekly gains to just shy of 10%. It’s important to keep monitoring the price action and whether or not we can see a daily candle closing above the important resistance of $48.1K and flip it into

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Polkadot’s Kusama (KSM) Announces the Next 5 Parachain Auctions

August 19, 2021

Following the success of its first six parachain auctions, Kusama – Polkadot’s Canary network, goes ahead and announces the dates and details for the next 5 auctions.
Kusama Goes Ahead With 6 More Parachain Auctions
According to materials shared with CryptoPotato, Kusama will schedule the next five parachain auctions on its network.
The dates for them, as per the current recommendations, are as follows:
2021/09/01, 12:00 GMT: Sixth Kusama Parachain Slot auction commences. Bids may be placed.
2021/09/03, 09:00 GMT: Sixth Kusama Parachain Slot auction ending period begins. Only bids made before this point will certainly be considered in the final result. Bids made following this point have a linearly reducing chance of being considered.
2021/09/08, 09:00 GMT: Sixth Kusama

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Kevin O’Leary Explains Why Institutions Aren’t in Crypto Yet (Exclusive Ft. WonderFi’s Ben Samaroo)

August 16, 2021

CryptoPotato got the chance to interview the popular investor Kevin O’Leary, also known as Mr. Wonderful, from his performance on Shark Tank, where he’s one of the sharks.
O’Leary talks about some important considerations for our industry, such as portfolio diversification, ESG concerns, institutional involvement (and why it’s not there yet), and some of his most recent investments, such as WonderFi.
We’re also joined by Ben Samaroo, founder at WonderFi, who talks about the future of DeFi and where the industry is headed going forward.
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Mr. Wonderful on Crypto: When Facts Change, I Change
O’Leary told us that 6 out of 10 of his most recent investments were in the field of cryptocurrencies. However, he wasn’t always this fond of digital assets. Back in the

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Crypto Market Cap Back Above $2 Trillion: The Weekly Recap

August 13, 2021

It’s been a wild ride over the past seven days, but this time bulls had the upper hand, bringing the total cryptocurrency market cap above $2 trillion once again.
Let’s start with Bitcoin. It’s up almost 14% throughout the week, currently testing the important 200-MA resistance at around $46.7K, once again. It failed to breach it a couple of days ago, which sent the market into a short-term correction.
However, bulls prevented any serious losses, and after less than a day of downwards pressure, the price is back on a positive footing. It’s also important to note that the notable on-chain metrics continue to favor this recovery, showing no real signs of substantial selling pressure inbound.
The rest of the market is also well in the green, where one of the most impressive

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What is Polkadot? The Complete Guide

August 12, 2021

Polkadot has quickly become one of the most popular and, by far, among the biggest cryptocurrency blockchains throughout the entire industry.
It appears that the hype surrounding Polkadot is only growing stronger, so we’ve taken the liberty to compile a comprehensive walk-through, guiding those who are less aware of the project and what it is all about.
Photo by Alina Grubnyak on UnsplashWhat is Polkadot In Simple Words?
Polkadot is Ethereum Co-founder Gavin Wood’s bet against blockchain maximalism. Its rise in popularity and gains has been stunning since its launch in May 2020. Since then, it has become one of the top 10 cryptocurrencies by market cap, according to CoinGecko.
But what is Polkadot, and what impact is it making on the industry? Who is using it, and is the

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Poloniex Agrees to Pay Over $10M in Fines to the SEC For Running Unregistered Crypto Exchange

August 9, 2021

According to a recent press release, the popular cryptocurrency exchange, Poloniex, has agreed to pay a fine upwards of $10 million to the United States Securities and Exchange Commission.
The release reads that the company has agreed to pay the fine for operating an unregistered digital asset exchange.
According to the order of the SEC, from July 2017 to November 2019, when Poloniex sold out the platform, it was operating a web-based trading platform that wasn’t registered, despite meeting the criteria of an “exchange,” as stipulated by the securities laws.
Moreover, the Commission also found that employees of Poloniex had stated that they wanted the exchange wanted to be “aggressive” in making new digital assets available on the platform.
Speaking on the matter was

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