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Tag Archives: AA News

Crypto Firm Spent $600,000 to Create a Half-Elon Musk, Half-Goat Statue

The cryptocurrency company EGT (which stands for Elon GOAT Token) built an interesting monument of Elon Musk. The statue represents a creature with a goat’s body and the entrepreneur’s head stuck on it that is about to shoot into space on a rocket. The firm plans to deliver the item to Musk’s home in Austin, Texas, on November 26 and invited people to attend the claim of this “historical gift.” Musk Put on a Pedestal Twitter’s new owner and the world’s richest man – Elon Musk...

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Crypto Exchange Bitget Expands to Africa. Plans To Hire 400 New Workers

The cryptocurrency winter has been colder for some than others. While some cryptocurrency exchanges are forced to conduct massive employee layoffs to weather the bear market, others like Bitget continue to make massive hires to improve their services. On November 25, the cryptocurrency and crypto derivatives exchange Bitget announced its registration in the Seychelles, Africa, as a means to facilitate its global expansion. As reported by The Cryptonomist, Bitget plans to...

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Circle Warns About Scammers Baiting USDC Users

Circle, the firm behind USDC stablecoin, issued a warning about an active phishing campaign attempting to lure users into transferring tokens to malicious addresses. As per the tweet, the threat actors masquerading to work for Centre, which is a consortium founded by Coinbase and Circle. Circle’s Statement Circle said there is no new version of the USDC token in the marketplace and urged users not to fall for the scam. “PSA WARNING: There is an active phishing campaign...

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Binance Removes Trading Pairs for FTX-Linked Serum Token

Binance, the world’s largest crypto exchange, will remove multiple trading pairs for the DEX protocol Serum (SRM), which is known to have deep ties to both FTX and Alameda Research.  The token will no longer be tradeable for Bitcoin (BTC), Tether (USDT), or Binance’s native BNB token.  What is Serum? Binance revealed Serum’s trading restrictions, alongside a handful of other pair removals, in an announcement on Friday. Other restricted assets include the BTC hash rate-backed...

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Turkey to Confiscate ‘Suspicious’ Assets Related to FTX: Report

The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX.  The authorities also plan to open an investigation against the trading venue’s former CEO – Sam Bankman-Fried (SBF). Going After SBF The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a thorough inspection on FTX and its dubious activities over the years. The entity vowed to...

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MakerDAO Disposes of renBTC as Stablecoin Collateral

MakerDAO – the issuer of the decentralized stablecoin DAI – unanimously passed a proposal this week to remove renBTC as a form of reserve collateral.  The Bitcoin-pegged token was deemed too risky to hold exposure to in light of its connections to the now-bankrupt trading desk Alameda Research.  Alameda and Ren As announced by MakerDAO over Twitter on Thursday, Maker’s governance voted to offboard the RENBTC-A Vault type in a governance poll that opened on Monday. Nearly...

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Bitcoin, Ethereum Not Securities: Clarifies Belgium’s FSMA

Belgium’s financial regulator does not consider crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) to be securities. The Financial Services and Markets Authority (FSMA) released a statement in which it said cryptocurrencies that are issued solely by computer code do not constitute securities. The regulator’s response comes after receiving an increasing number of questions about the application of financial rules on the asset class. Win for BTC, ETH With a prominent...

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Users Can Now Verify the Bitcoin They Own on Binance via Merkle Tree

The world’s largest cryptocurrency exchange – Binance – introduced its Proof of Reserves (PoR) system to display to users the exact amount of its crypto reserves. The feature will initially show only bitcoin’s holdings, while other coins will follow in the future. Binance has taken some additional measures to reaffirm its customers’ trust during the turbulent times following the FTX crash. In a recent announcement, the company disclosed the launch of a Proof of Reserves (PoR)...

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After Voyager Bid, CrossTower Eyes Further Acquisitions

The FTX implosion may have dented investor confidence and extended the crypto winter, but that does not appear to be a hurdle for many exchanges from pursuing expansion via mergers and acquisitions. One such is – CrossTower – a crypto exchange that is reportedly considering new acquisitions of different types of companies with a good set of customers with them and a positive balance sheet. Risk Appetite for Acquisitions CrossTower’s CEO Kapil Rathi said investors are...

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Binance SAFU Insurance Fund is 44% Backed by its Own Token

Binance’s emergency insurance fund is largely comprised of a cryptocurrency tied to the company itself, according to on-chain data.  The two addresses associated with the fund show that its BNB tokens account for 44% of its reserves.  The Wrong Type of Insurance? As shared by on-chain analyst Willy Woo on Twitter, the Secure Asset Fund for Users (SAFU) includes $367 million worth of BNB. The remainder is made up of Binance’s dollar-pegged stablecoin BUSD ($300 million) and...

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