Crypto Guides, Knowledge & Insights

Nigeria's Central Bank in Talks with Blockchain Platform R3 for CBDC revamp

By: Damian Okonkwo 　　Nigerias central bank has reportedly entered into discussions with blockchain platform R3 for the revamp of its central bank digital currency (CBDC).　　According to a Bloomberg report, the central bank is seeking to enhance its existing e-naira digital currency and is exploring the use of blockchain technology to facilitate cross-border payments and boost financial inclusion.　　The central banks move to enhance its digital currency comes as other countries around the world are also developing and launching their own CBDCs. China, for example, has already launched a digital yuan, and other countries, including the United States and the European Union, are also working on their own digital currencies.　　R3 is a blockchain platform that provides enterprise-grade solutions for businesses and governments. The platform is known for its Corda blockchain technology, which enables secure and private transactions between parties. R3 has also developed a number of blockchain-based solutions for the financial services industry, including a trade finance platform and a blockchain-based identity management system.　　The central banks discussions with R3 could help to accelerate the development and launch of a revamped e-naira digital currency. The use of blockchain technology could also help to improve the speed and efficiency of cross-border payments, making it

2023-02-27Deep Dive

Shiba Inu’s BONE Price Spikes Suddenly; Here’s Why?

Shytoshi Kusama, the leader of Shiba Inu developers, has dropped another hint that has caught the attention of Shiba Inu enthusiasts. The hint may be related to the long-awaited launch of Shibarium, although it is not confirmed. Speculations around the launch of the L2 blockchain have also contributed to the increase in the value of Shiba Inus BONE, which has surpassed the market capitalization of other top meme coins.　　Shiba Inus BONE Price Suddenly Spikes　　Shiba Inu enthusiasts have interpreted the use of three dots by Shytoshi Kusama as a signal that the beta release of Shibarium is imminent. As a result, the price of the Shiba Inu ecosystem token BONE has surged in the past 24 hours. BONE will be used as the gas token in the Shibarium Layer-2, which has contributed to a 4% increase in its value. BONE is now one of the top-performing tokens among the largest meme cryptocurrencies. Additionally, BONEs listing on Gate.io has also supported the recent price surge.　　In an official blog post, it was announced that the crypto exchange would list Bone ShibaSwap with the trading pair BONE/USDT. The platform, which has over 12 million registered users, updated its trading page for ShibaSwap on Thursday

2023-02-26Deep Dive

Largest NFT Dump Ever; NFT Market To Crash?

Nansens Andrew Thurman has put forward a theory that the upcoming second airdrop on the Blur marketplace may be the reason behind the significant influx of NFT sales, as it could be an effort to acquire additional BLUR token rewards while also generating profits.　　According to Nansens data, Jeffrey Hwang, who is also known as Machi Big Brother, is a major player in the NFT market. Within a span of just 48 hours, he sold 1,010 tokens for a total of 11,680 ETH, which is equivalent to $18.6 million.　　The largest NFT dump ever　　Andrew Thurman, Nansens Simian Psychometric Enhancement Technician, took to Twitter on February 25 to draw attention to the trading activity of the past two days, which he believes to be “perhaps the largest NFT dump ever,” making it a significant development in the world of NFTs.　　The primary sales event included the sale of 90 NFTs from the Bored Ape Yacht Club (BAYC), 191 NFTs from the Mutant Ape Yacht Club (MAYC), and 308 NFTs from Otherdeed, among others. This sale is noteworthy due to its size and impact on the NFT market.　　Andrew Thurman, from Nansen, speculated that Machi Big Brother (Machi) may have been attempting to make some profits

2023-02-25Deep Dive

XRP News: US SEC’s Narrative Of Calling Token A Security Winning?

Leaders in the digital asset industry have strongly criticized the U.S. Securities and Exchange Commission (SEC) for how it classifies tokens. However, during the recent hearing for the LBRY lawsuit, the commission conceded that the token in question does not fall under the category of a security.　　XRP Lawsuit Is The Key？　　In the XRP Lawsuit, John Deaton, who serves as Amicus Curiae, has argued that the U.S. SECs narrative labeling tokens as securities needs to come to an end. He believes that a token is simply a piece of software code and should be treated as such.　　Deaton asserts that a token can be compared to any other commodity or asset that can be marketed, packaged, and sold as a security. He explains that the term “investment contract,” which is commonly used to define a security, is not about the underlying asset itself, but rather about the conditions that surround the offer and sale of the asset.　　During the XRP lawsuit, John Deaton pointed to the Telegram case, where Judge Castel had explicitly stated that the GRAM token was not a security, but rather an “alphanumeric sequence.” Deaton also referenced the Ethereum speech by Hinman, in which it was stated that the digital

2023-02-25Deep Dive

New Charges Filed Against Sam Bankman-Fried, Former FTX CEO, in Multi-Billion Dollar Fraud Case

Sam Bankman-Fried, the co-founder of FTX, was charged with four new counts in a fresh indictment released on February 22, 2023. Operating an illegal money transfer company and plotting to conduct bank theft are among the accusations. A federal grand jury in Manhattan accused Bankman-Fried 72 days ago on eight separate counts, including the plot to conduct wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit stocks fraud, and conspiracy to commit money laundering.　　New Charges Of FTX Founder Involved Of Plundering Customer Accounts　　According to the new charge, Bankman-Fried took advantage of FTX customers confidence and plundered customer accounts, using billions of dollars in misappropriated funds for different purposes. Bankman-Fried is also accused of influencing the operations of bitcoin businesses he established and managed, including FTX.com and Alameda Research. According to the charge, Bankman-Fried committed a multibillion-dollar scam using a number of systems and methods that enabled him to access and take FTX client assets without being detected.　　Bankman-Fried is also accused of cheating clients through the acquisition and selling of swaps, making illegal political donations, and scamming the Federal Election Commission.　　FTX Founders Deception Charges Raise Ethics Concerns in Bitcoin Industry　　Bankman-claimed Frieds actions raise significant worries about the bitcoin

2023-02-24Deep Dive

Bitcoin Price To Suffer? IMF Issues Crypto Action Plan

The global digital asset is facing more selling pressure as financial regulators continue to scrutinize it. The overall market capitalization has decreased by 1.39% in the past day. Despite this, the International Monetary Fund (IMF) has released a nine-point action plan for countries to manage crypto assets.　　Bitcoin Price To Take A Hit？　　According to reports, the IMF has recommended that countries should not consider digital assets like Bitcoin (BTC) as legal tender. Despite this advice, El Salvador, which has already declared Bitcoin as legal tender, plans to establish a “Bitcoin Embassy” in the United States to promote the adoption of digital assets.　　The IMFs executive board discussed a paper called “Elements of Effective Policies for Digital Assets,” which provided guidance to member countries on the issue.　　The IMF stated that in light of the many failures of digital assets, exchanges, and firms in recent years, taking action to address this issue has become a major concern for them. They recommend implementing policies that prioritize protecting monetary sovereignty and stability, which includes avoiding granting crypto assets legal tender status.　　IMF Going Against Crypto？　　In 2021, the IMF cautioned El Salvador when it declared Bitcoin as its official currency, and later, the Central African Republic followed suit.　　Meanwhile,

2023-02-24Deep Dive

The Freezing of Binance Accounts: An Urgent Need for Risk Management and Market Regulation

Recently, news of Binance freezing user accounts rapidly spread on Twitter, with many users stating they had been impacted. According to WikiBIT‘s investigation, an Australian user named ’illiquidity providooor‘ tweeted at 7:56 pm last night that his Binance account had been frozen. The tweet gained 1.5M engagements and 305 replies. Later, another Twitter user called ’BitRun tweeted at 11:52 pm last night that Binance had frozen their customers accounts for over a month without any explanation. The amount involved reached up to 180,000 U$. The tweet has already gained 91.8K engagements in a short period of time, with even more comments under it showing the multitude of victims.　　Many Binance users don‘t know why their accounts were unexpectedly frozen, and Binance has not responded positively. Were the users wrong, or was it Binance’s fault？ However, before February 24th, many users had already complained on Twitter about their Binance accounts being frozen without reason. A Twitter user called ‘cici’ tweeted on February 20th that his account was frozen, but Binance did not respond at all. The user even received threats to return the USDT by transferring it to a separate party. Failure to do so would lead to permanent account freezing. How

2023-02-24Deep Dive

Bank of Israel Introduces A Framework To Oversee Stablecoins

The Bank of Israel is exploring the issue of digital assets and their impact on the areas it oversees, including maintaining financial stability, managing monetary policy, and regulating payment systems. The increasing interest in digital assets and the associated risks have prompted the Bank to establish a committee headed by Deputy Governor Andrew Abir to examine the issue from various perspectives, including prudential, regulatory, technological, monetary, and legal.Regulating Stablecoin Activity in Israel　　One of the key areas the committee has focused on is the regulation of stablecoin activity in Israel. A stablecoin is a digital asset that is designed to maintain its value by pegging it to the value of another asset. The issuer of the stablecoin operates a mechanism that ensures the stability of the coins value. Unlike other digital assets, stablecoins have the potential to be used not only as an investment asset but also as a means of payment.　　The Bank of Israel is responsible for regulating and supervising means of payment, and the principles document developed by the committee outlines the regulation of stablecoin activity in Israel. The aim of this regulation is to allow stablecoin activity while managing the inherent risks associated with using them and adjusting

2023-02-24Deep Dive

eToro Updates Its eToro Money Crypto Wallet Services

The services provided by the eToro Money digital wallet will alter on March 26, 2023. These adjustments will have an effect on the crypto token exchange service as well as the support for specific eToro cryptocurrencies.eToro Money Discontinues Cryptocurrency Exchange Service for Wallet Users　　The cryptocurrency exchange service will be discontinued for eToro Money crypto wallet users. This implies that users of crypto assets in the Wallet will no longer be able to exchange them for other crypto assets. As a consequence, any digital asset transfer should be handled previous to the adjustments taking effect.　　Furthermore, the eToro Money Crypto Wallet will no longer accept the following eToro cryptocurrencies as of March 26, 2023: AUDX, CADX, CHFX, CNYX, EURX, GBPX, GLDX, HKDX, JPYX, NZDX, PLNX, RUBX, SGDX, SLVX, TRYX, USDEX, and ZARX.　　If a person has any of the above coins in their eToro Money Crypto Wallet, they can change them to one of the Wallets approved crypto assets.　　If a user does not change the tokens by March 25, 2023, at 23:59 GMT, they will be immediately refunded the USD worth of their eToro crypto tokens at the rate accessible to eToro at the time of closing. Within seven working days, the refund

2023-02-24Deep Dive

XRP Lawsuit Settlement Incoming? Lawyer Drops Scenario

There is a lot of anticipation surrounding the upcoming Summary Judgment in the SEC Vs Ripple Lawsuit, which has been ongoing for a long time. One area of speculation pertains to the resolution of the XRP lawsuit.　　Ripple To Settle XRP Lawsuit　　John Deaton, an Amicus Curiae in the XRP lawsuit, provided insights on the potential settlement of the case. He suggested that if the US SEC acknowledges in writing that the ongoing and future sales of Ripples XRP are not securities and that secondary market sales by individuals, including exchanges, will not be treated as securities, the lawyers would advise their clients to settle.　　The Ripple defendants could have chosen to settle earlier, but they decided to bring the case to court. However, XRP holders lawyer, John Deaton, believes that Ripple will not settle because they are fighting for clear crypto regulations.　　Deaton also advised that Ripple CEO Brad Garlinghouse and the Ripple Board, who act as fiduciaries to shareholders, should settle in the given scenario. If Ripple fails to settle and loses the case, the company could be in litigation for a decade.　　US SEC To Settle？　　A settlement cannot be appealed in court and can prevent a ruling from becoming precedent if the

2023-02-23Deep Dive

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