Tag Archives: social

STX – the native token of the Stacks network – has soared by a whopping 160% in the past seven days.  One possible reason behind the significant surge could be the connection between the asset and one of the recent trends in the cryptocurrency space – the Bitcoin NFTs through the Ordinals protocol. The financial services platform – Matrixport – predicted that STX could rally even more in the near future. The primary reason is the rapidly increasing number of newly-minted...

Major Australian gaming firm Immutable slashed 11% of the company’s headcount, stating that the job cut happened in order to ensure cash reserves last for a long time. This is the second time Immutable is reducing its workers after the firm axed the number of its employees in July 2022. Immutable Incurred Losses Worth $56 Million According to the Sydney Morning Herald on Wednesday (Feb. 22, 2023), Immutable co-founder and CEO James Ferguson announced the layoffs in a note...

Tencent Cloud announced strategic collaborations with prominent companies in the crypto industry namely – Ankr, Avalanche, Scroll, and Sui – to support the development of the Web3 ecosystem. According to the official statement by the subsidiary of the Chinese tech giant, the latest move aims to establish close relationships with industry partners to assist developers to accelerate the adoption of Web3. Tencent Fortifying Presence in Web3 Tencent Cloud International’s Senior...

Calls for more transparency in the process of crypto regulation in the U.S. are mounting. The latest to join the trend is the Blockchain Association, with the spate of enforcement action continuing as the Securities and Exchange Commission ramps up its war on crypto. On Feb. 22, Blockchain Association CEO Kristin Smith told Bloomberg that the crackdown has been a “behind closed doors” operation targeting specific companies for certain circumstances. “What we really need is a...

Arbitrum has already been leading the pack in the layer 2 roll-up. However, the daily transactions on the protocol hit 1.14 million on February 21st, surpassing Ethereum mainnet, which recorded 1.05 million. According to the on-chain data on Dune Analytics, this is a new record high for the scaling solution. Since the beginning of the year, daily transactions on the blockchain have been on an uptrend surging by over 273% in less than two months. In comparison, the same metric...

Alex Gladstein – CSO of the Human Rights Foundation – thinks bitcoin symbolizes some of the USA’s values based on the Declaration of Independence: free speech, property rights, and open capital markets. He argued that the primary cryptocurrency could thrive in democracies and struggle in totalitarian countries. ‘It’s Financial Privilege’  In a recent episode of Simply Bitcoin, Alex Gladstein presented himself as a keen advocate of the leading digital asset and pointed out its...

Decentralized finance (DeFi) protocol Hope Finance suffered a $2 million exploit on February 20th. The hacker purportedly stole everything from the protocol genesis, according to its Twitter account, which was the first to announce that the community was scammed. The Arbitrum-based protocol also shared the information of the person while attaching a photograph with a voter’s card. The post alleged the hacker to be a Nigerian named Ugwoke Pascal Chukwuebuka who carried out the...

Major blockchain infrastructure platform Paxos Trust Company is holding discussions with the US Securities and Exchange Commission (SEC) concerning Binance stablecoin BUSD, according to a report by Reuters. The company earlier received a notice from New York authorities to cease minting BUSD. According to Reuters on Tuesday (Feb. 21, 2022), Charles Cascarilla, CEO of Paxos, sent an email to the firm’s employees on Feb. 18, informing them that the company is holding...

Last year was less profitable for crypto scammers as their revenue plunged nearly 50% in 2022, according to a new study by blockchain analytics firm Chainalysis. The blockchain company noted that the decrease in revenue could be linked to the decline in the value of cryptocurrencies due to the correlation of most scam types with bitcoin’s price. Crypto Scam Revenue Dropped to $5.9B in 2022 Crypto scam revenue started 2022 on an upward trend but came spiraling down in May at...

The United Kingdom’s crypto and fintech industries saw investment dry up in the latter half of 2022 amid a combination of turbulent macroeconomic conditions and record-high inflation. Businesses in the region completed a total of 591 fintech deals in 2022, compared to 724 in 2021.  The Fintech Trajectory According to Bloomberg, the data comes from a report published Wednesday by the big four accounting firm, KPMG. Its numbers show a $22 billion drop in Fintech investment in...