Crypto Guides, Knowledge & Insights

The OFAC regulations are causing Ethereum to be almost entirely banned.

The market has already been watching Ethereums rates increase to OFAC regulations in response to the Ethereum framework restriction that creates obstacles to the crypto ecosystems goal of highly open and available financing. Over 73% of the transactions on the Ethereum network in the last 24 hours, according to the current updates, have been found to enforce OFAC compliance. 　　　　Top crypto news outlets issued a report on the escalating censorship issues in October 2022, when it was discovered that 51% of Ethereum blocks had already passed OFAC rules. However, according to mevWatch data, the percentage of daily blocks produced that are compliant with OFAC requirements has climbed to 73% as of November third.　　Some MEV-Boost relays required by OFAC might censor financial activity in the meantime. As a result, the network must install a non-censoring MEV-Boost relay in order to ensure Ethereums impartiality.　　Ethereum examiners can further loosen their compliance with OFAC rules by deleting intermediaries like BloXroute Max Profit, BloxRoute Ethical, Manifold, and Relayooor from their MEV-Boost setup.　　A US government agency imposes sanctions against cryptocurrency retailers　　The US govt agency has the authority to impose trade and economic penalties on crypto outlets based on compliance with OFAC. The agency had already authorized

2022-11-09Deep Dive

Coinbase CEO calls out “risky business practices” in FTX saga, sympathizes with those involved

Coinbase CEO Brian Armstrong took to Twitter on November 8 to express his “sympathy for everyone involved in the current situation with FTX.” When customer assets are at risk, Armstrong understands how “stressful” it can be.　　The Coinbase CEO, on the other hand, made certain that the community understood the distinctions between Coinbase and FTX, stating that Coinbase has no “material exposure” to either FTX or Alameda Research.　　Armstrong asserted unequivocally,　　“This event appears to be the result of risky business practices, such as conflicts of interest between closely related entities and misappropriation of customer funds (lending user assets).”　　In a now-deleted Twitter discussion, FTX CEO Sam Bankman-Fried asserted that customer assets were not at risk. However, following the announcement of a possible Binance takeover, he revealed that FTX had a “backlog” of customer withdrawals that needed to be cleared by Binance.　　Coinbase is registered and publicly traded in the United States, according to Armstrong, “because we believe that transparency and trust are so vital.” Furthermore, because Coinbase is a publicly traded firm, it is compelled to provide financial data in compliance with SEC standards, whereas FTX is not.　　Armstrong also used the opportunity to criticize additional regulation, which SBF had backed while specifying areas where

2022-11-09Deep Dive

Solana will get the Euro Coin and the Cross-Chain Transfer Protocol from Circle starting 2023.

In June, Circle released The Euro Coin, a stablecoin guaranteed by the euro. The Euro Coin is tied to the Euro, as opposed to its equivalent, the USDC coin, which is tied to dollars. The Euro coin is already operational on the Ethereum blockchain, and by the first quarter of 2023, it will also be operational on the Solana blockchain. 　　The introduction of the Euro coin on Solana, in accordance with Sheraz Shere, Head of Payments at Solana Labs, opens up fresh use cases for quick FX, gives dealers layout flexibility with a different base currency, and enables lent and borrowed of the Euro Coin on a blockchain. In Solana Pay, the Euro coin will be an additional payment option to USDC.　　　　When Euro Coin launches on Solana, exchanges like FTX will add functionality for payments, repayments, and trading. In addition, Raydium and Solena, two Solana-based DeFi (Decentralized finance) protocols, have expressed interest in backing the stablecoin when it debuts, according to Circle. 　　In addition to the Euro Coin, Circle will also be deploying its cross-chain transfer mechanism, that was first revealed in September, on the Solana blockchain. The protocol would launch on Ethereum and Avalanche in the first half of

2022-11-08Deep Dive

Outstanding $7M Fundraising by Crypto Exchange Coinmetro

After the funding, the companys value increased by a factor of three, reaching $180 million. The businesss previous valuation was $60 million in the prior year. 　　Coinmetro, based in Estonia and regulated by the EU, was established in 2018. Additionally, the cryptocurrency exchange is legally registered in the US, Canada, and Australia. 　　The business intends to launch a number of passive income products as well as expand operations in the US, UK, and Europe with the help of the additional funding.　　　　Coinmetro CEO Kevin Murcko states, “we have no shortage of ideas and are looking forward to making them real for our growing community over the months and years to come.” Crunchbase reports that the cryptocurrency business has so far generated $18 million in total.　　Early in 2023, the company intends to raise a Series A. 　　The typical check size for a seeding which was before A round even during the third period was $6.5 million. Another cryptocurrency company recently looked to raise money. On November 7, 2022, the New York-based web3 investing company CoinFund revealed that it was trying to raise $250 million just 3 months after its prior fund. CoinFund stated that it intended to use the funding to support

2022-11-08Deep Dive

Bitcoin Could Be Ruined by the CBDC Launch, Says Arthur Hayes

The co-founder of the BitMEX exchange and well-known trader and crypto expert Arthur Hayes has shared his thoughts on what he believes will occur to Bitcoin if most Central Bank Digital Currencies (CBDCs) are eventually introduced.　　In a press statement, Hayes has described the CBDC as “pure evil” as, in his viewpoint, it will give the entire government power to amend laws pertaining to a range of subjects, including the consumption of Bitcoin.　　　　He asserted that the right of people to self-govern fair commerce among themselves is directly violated by CBDCs. The CBDC, he continued, will have an impact on banks because it poses an imminent crisis to their capability to conduct commerce.　　He added that he thinks the voters apathy will allow the government to easily replace fiat money with CBDC, ushering in nightmares of financial surveillance. He did, however, make a suggestion that commercial and domestic banks might act strangely as a collaborator to prevent the federal government from implementing the greatest CBDC design for stifling the public　　Hayes further emphasized that the government is attempting to combat economic inflation by using CBDC. However, he asserts that doing so might harm the blockchain sector, which would harm the general public. He only

2022-11-07Deep Dive

Whole FTT Shares Are Sold by Binance

CZ has only stated “new findings which have come to light” as the basis for selling FTT, the native token of the competing FTX exchange.　　“As part of Binances exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books. 1/4” 　　The CEO of Alameda tweeted in reaction to CZs most recent action that her selling companys financial situation is stronger. In her reply to the post made by the CEO of Binance, she also made a repurchase offer.　　“@cz_binance if youre looking to minimize the market impact on your FTT sales, Alameda will happily buy it all from you today at $22!”　　Weeks following condemnation of FTXs creator and CEO Sam Bankman-Fried for his regulation ideas, Binance made this decision. 　　　　On October 19, Bankman-Fried released a proposal that has since come under fire. It is a thorough route map for regulating monitoring and business norms in the area of digital assets. 　　Critics claim that Bankman-plan Frieds to establish technical standards endangers both the fundamental principles of DeFi and the leading DeFi teams and platforms in

2022-11-07Deep Dive

NITDA to train 30,000 Nigerians on Blockchain Technology

By: Damian Okonkwo 　　In furtherance of the quest to promote the adoption of Blockchain technology in Nigeria, the National Information Technology Development Agency (NITDA) has disclosed they will be offering a full scholarship package to selected citizens on the use of Blockchain technology today. This will be carried out in partnership with Domineum Blockchain Scheme.　　The current decision taken by NITDA seems to align with the intention of the CBN in carrying out mass literacy programs and workshops across the state designed to sensitize the masses on the use of the eNaira across the country.　　According to NITDA, the scholarship has been designed to run across the 36 states of Nigeria and will be carried out through online and physical training.　　The deadline for applying for the scholarship program has been given as 28th November, 2022. While the program itself will commence on 1st December 2022. Interested applicants should visit their website to apply for the program.　　The Director-General of NITDA - Mr. Kashifu Inuwa Abdullahhas had stated his conviction that great potentials rests in the use of Blockchain technology and Robotics, and when harnessed will positively transform the Nigerian economy today.　　He, therefore, pledged the unwavering determination of NITDA to champion the course of

2022-11-07Deep Dive

Huobi alleges pNetwork made over $4M from its Gala ‘white hat attack’

Huobi claims that the GALA incident was not a white hat operation, as pNetwork stated, but rather a $4.5 million profit for the protocol.　　According to the exchange, there were other “premeditated actions” during the incident that netted the people involved more than $10 million in profit. Huobi went on to say that despite speaking with the pNetwork team 50 minutes before the incident, it was not informed that it would attack the pGALA token.　　Furthermore, there was no evidence that the vulnerability had been exploited, despite the fact that it had been in the contract for over two months. According to Huobi, the pNetwork teams rush to conduct the attack indicated malign intent to profit from the tragedy.　　The exchange also called the release of 55.6 billion GALA tokens to save a pool worth approximately $400,000 ridiculous and thus unjustified.　　Huobi converts users GALA tokens to pGALA　　Meanwhile, numerous Huobi users were enraged after their GALA tokens were changed into pGALA by the exchange.　　After a wrapper version supported by pNetwork, the crypto exchange chose to delist GALA; pGALA lost its value due to the developer minting surplus tokens in a white hat attack.　　The extra new tokens drove GALAs price on Huobi almost to zero,

2022-11-07Deep Dive

Terra Founder Do Kwon Still Defiant as South Korea Cancels Passport

Prosecutors in South Korea are said to have obtained evidence that Terraform Labs founder Do Kwon urged an employee to manipulate market prices for the firms cryptocurrency Terra.　　According to the Korean Broadcasting System, Kwons local passport is now invalid. On October 5, the South Korean Ministry of Foreign Affairs issued a notification demanding Kwon to return his passport or have it revoked.　　The troubled entrepreneur is alleged to have departed South Korea at the end of April, stopping in Singapore before heading to an unspecified destination in Europe.　　While Kwon was thought to be in Singapore, South Korea filed an arrest order for him. Soon after, an Interpol red notice was issued, effectively requesting that the 31-year-old Terraform Labs founder be located and arrested for apparent violations of capital-markets law.　　If Kwon just has one passport, he will be unable to lawfully travel between nations.　　Kwon has claimed for months that he is not on the run. Kwon indicated in a recent interview with crypto journalist Laura Shin that he did not want his whereabouts to be known for fear of threats to his personal security.　　Kwon, on the other hand, tweeted this morning that he wants to organize a conference or meetup to demonstrate

2022-11-07Deep Dive

Nexo-backed NFT technology provider, MetaQuants, launches real-time appraisal algorithm for NFTs

Nexo-backed MetaQuants, a provider of NFT solutions, has introduced their algorithm product in order to support real-time collateral assessment for NFTs, marketplace, and wallet analytics.　　The alpha version of the new algorithm product is intended to enhance NFT lending, market, overpricing, and market manipulation penalties. As a result, the algorithm product is well-suited to Nexos planned non-custodial infrastructure.　　MetaQuants has recently launched a number of solutions aimed at increasing transparency, accuracy, and risk management in the volatile virtual world, aided by Nexos financial and strategic investments.　　Furthermore, MetaQuants has recently begun a funding round in order to raise funds to expand its staff and product offerings.　　Notably, Nexo, a leading regulated institution for digital assets, believes in a real-time mark-to-market NFT algorithm that provides efficient valuation estimates for assets susceptible to market manipulation for its retail and corporate customers. Notably, MetaQuants innovative technology enables the implementation of such a technique and may be used by Nexo.　　Over time, the company has made efforts to expand its presence throughout Asia. In July, it inked a deal sheet for a potential acquisition with Vauld, a Singapore-based blockchain firm. Furthermore, due to the market conditions devastating the cryptosphere, Nexo expressed interest in acquiring assets Celsius in June.

2022-11-05Deep Dive

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