Tag Archives: social

The United States Securities and Exchange Commission (SEC) has accused two companies, their executives, and a supposed international gold trader, of running a fraudulent scheme to boost demand for their digital token. The false promotion of the token netted proceeds of over $36 million for the defendants, the agency said. A Fake $10 Billion Gold Bullion Acquisition According to a lawsuit filed on Friday (September 30, 2022), a Bermudan company called Arbitrade, a Canadian...

While institutional traders are not prevalent in Sub-Saharan Africa, the region is known to have the highest number of small retail transactions globally. Part of the driving force for cryptocurrency adoption there is fiat currency devaluation, high unemployment rate, and economic instability. Crypto P2P Thriving in Africa Despite Regulatory Problems According to a report by blockchain analytics firm Chainalysis, retail users make up the bulk of crypto-related activities in...

Ethereum pulled off a stunning technical upgrade that saw the popular blockchain transition to the proof-of-stake consensus model for processing transactions after six years of work. However, post-merge activity on layer-2 has dropped. According to the latest stats by Dapp Radar, the already descending unique active wallets and transactions have further dropped by 35% from August to September. A similar trend was seen in terms of Ethereum’s TVL, which fell by 5.6% to $31.41...

Change is in the air as the crypto space continues to see top executives step down from their roles amid the market crisis that stemmed from the Terra Luna fiasco and the Federal Reserve’s continuous interest rate hike, which negatively impacted the global financial market. The change in crypto-related executive leadership started with Twitter co-founder Jack Dorsey stepping down from the company’s board of directors in May. While Twitter is not a crypto-focused firm, Dorsey...

The Department of Justice (DOJ) is objecting to a motion by troubled cryptocurrency lender Celsius, seeking to reopen withdrawals for selected customers. Since Celsius halted withdrawals in June, the company has filed for Chapter 11 bankruptcy, while the CEO recently resigned from his position. A United States Trustee for the DOJ, William Harrington, on Friday (September 30, 2022), filed an objection, asking the bankruptcy court to deny Celsius’ motions to reopen withdrawals...

Bitcoin’s weekend continues to be rather uneventful as the asset has settled at around $19,000. Most altcoins are also quite calm today, with minor daily losses. LUNC, on the other hand, keeps rising following another double-digit price increase. Bitcoin Boring at $19K The primary cryptocurrency had a quiet week, unlike the previous one. Last weekend saw the asset trade around $19,000, something that didn’t really change until Tuesday. At that point, the bulls stepped up and...

The Bank for International Settlements (BIS) on Tuesday announced that a multi-jurisdiction CBDC pilot spearheaded by BIS Innovation Hub has been successful. The project saw 164 transactions worth nearly $22 million in real-value cross-border payments through a purpose-built multi-CBDC platform – mBridge.   Apart from the central banks of Hong Kong, China, Thailand, and the United Arab Emirates (UAE), 20 commercial banks also participated in the project, which lasted a little...

An analysis carried out by the financial services company – Bankrate – determined that US millennials are not as enthusiastic about cryptocurrencies as they were last year. Around 30% said they feel comfortable investing in digital assets compared to 50% in 2021. The Latest Change in Trends Younger generations, including millennials and Generation Z, are among the most active demographic groups in the cryptocurrency space. A recent survey, though, revealed that the former had...

The Solana blockchain experienced yet another outage late on Friday, but it’s back online after getting restarted. The protocol’s native cryptocurrency dropped by 6% daily as a consequence of the latest network outage. The Solana Status Twitter page informed late last night about the network issues as it stopped processing transactions. Shortly after, Stakewiz – an entity operating a validator node on Solana – provided more details, saying validators stopped voting at 22:41...

On Tuesday night, an Ethereum MEV bot gained 800 ETH through the use of clever arbitrage, only to lose all of it and more to a hacker an hour later. Here’s how the situation played out on-chain: The event began with a third-party trader mistakenly losing nearly $2 million to spreads on Uniswap v2 trade. While he initially traded in 1.8 million cUSDC, he only received 518 USDC in return.  According to Flashbots Product Lead Robert Miller, this only created a “massive arbitrage...