In a surprising turn of events, SushiSwap’s former head, anonymously known as Chef Nomi on Twitter, has apologized for their mistakes and returned $14M to the project’s development fund. Nomi said in a Sept. 11 Tweet thread: To everyone. I f***** up. And I am sorry. On Sept. 6, news broke that Nomi had given FTX exchange CEO, Sam Bankman-Fried, control over the SushiSwap project — but not before taking approximately $13 million with them. The funds, which Nomi alone controlled, were from a $27 million dollar developer fund that was meant to…
Day: September 11, 2020
Blockchain Bites: Square’s Patent Posse, Binance’s DeFi Bridge, SushiSwap’s Co-Founder Speaks
Square is pushing back against crypto patent hogs, Binance is doubling down on DeFi and what’s the story with crypto’s latest attempt at a backdoor public listing. Top shelf Patent posseSquare, the bitcoin-friendly payments company, is building an “alliance” to pool crypto patents and preserve the industry’s open-source spirit. The non-profit Cryptocurrency Open Patent Alliance (COPA) aims to stop companies from locking up useful technologies in patents, a practice Square says hamstrings innovation and stifles crypto adoption. Members must pledge to make their patents freely available to all other members using a…
Bitcoin Investors Grow Fearful as Signs of Weakness Proliferate
It has been a rocky past couple of weeks for Bitcoin. The cryptocurrency was able to surge as high as $12,400 just a couple of weeks ago before it lost its momentum and began plunging lower, ultimately hitting lows of $9,900 before bouncing higher. This has done little to offer insight into its near-term outlook, although it has elucidated underlying strength amongst the crypto’s bears. One analyst is now noting that he is flipping short on BTC, hoping to trade a move down to $9,600. He indicates that this fresh…
Yearn.finance YFI soars to $33K after Coinbase listing — is $40K next?
One of the hottest cryptocurrencies in recent weeks has been Yearn.finance (YFI). The project fundamentals are food for thought, but its price is also a relatively new approach in the cryptocurrency markets, with YFI valued at over $30,000 per YFI, or three times the price of one BTC, albeit with a much smaller market cap. Nevertheless, it has caught the attention of traders and its price also surged in the past few days after Coinbase Pro announced on Sep. 10 that it will list the token shortly. Yearn.finance tests support…
Ethereum 2.0 is coming, unlikely to speed up enterprise DeFi adoption
Many members of the blockchain community have been anxiously awaiting the arrival of Ethereum 2.0, the major upgrade to the Ethereum blockchain set to be released in multiple phases. Phase 0 is the first expected release on the Ethereum 2.0 roadmap, scheduled to launch this year. While speculation around the exact release date remains, Ethereum co-founder and founder of software company ConsenSys, Joseph Lubin, revealed in a recent interview on the Baseline Protocol YouTube channel that Ethereum 2.0 will indeed arrive soon: “Ethereum 2.0 is coming. We are now in…
Binance listing SUSHI was no big deal
Binance’s Changpeng Zhao has received more than his fair share of criticism since Binance’s 2017 launch. As a high-profile crypto figure and the CEO of one of the sector’s largest companies, that is to be expected. But the denunciation leveled at him after the anonymous Chef Nomi’s SushiSwap sell-off scandal has been unwarranted. Few things are more antithetical to the ethos of decentralized finance than having a single figure being the arbiter of the quality or viability of a project. If crypto and decentralized finance are borne of the desire…
Binance should not have listed SUSHI
Chef Nomi has cooked up what appears to be the biggest exit scam of 2020, but should others be held accountable as well? Binance, like many other major exchanges, listed SUSHI raw and unaudited on Sept. 1. The token price doubled upon listing. The token contract was deployed on Aug. 26, it started trading two days later, and the first and only security audit was published on Sept. 3 (the firm confirmed to Cointelegraph that it had not discussed its audit of SushiSwap with Binance prior to publication). Binance’s listing…
Crypto Analyst: Bitcoin (BTC) Could Experience 30-day Gains of 20-40%
Quick take: Timothy Peterson has postulated that Bitcoin could soon experience 30-day gains of 20 – 40% His analysis is based on a significant drop on Bitcoin’s sentiment value to a threshold known to precede a pump Mr. Peterson had earlier concluded that Bitcoin was undervalued with a jump to $11k likely in the near future Crypto analyst Timothy Peterson has shared his latest analysis of Bitcoin where he explains that BTC could soon experience 30-day gains of 20 – 40%. His analysis is based on Bitcoin’s sentiment dropping to…
Tesla stock TSLA chart resembles Bitcoin bubble in 2017, says analyst
Julian Bridgen, the co-founder of the macroeconomic research firm MI2 Partners, believes Tesla stock (TSLA) shows signs of a bubble. He compared the stock Bitcoin (BTC) in 2017 when it hit $20,000 and dropped 58% in two months. From the yearly high to the month’s bottom, TSLA price dropped by 33.74%. The stock has recovered in the past 48 hours, posting a considerable recovery of 12.46%. Uncannily similar fractal between the Tesla stock price chart and Bitcoin price chart Bridgen shared a chart of Tesla stock with a fractal of…
DeFi Networks Still in Boom With Locked BTC Increase By 20X
DeFi networks show signs of the increase despite the current decrease on the market. Since September, 2 Bitcoins available in the networks have increased from 67,038 BTC until 87,752 BTC. Even though the coin market has seen a retraction in the past week, the DeFi networks seem unaffected by sentiments. Signals show that there is an increase in the volume of Bitcoins locked in decentralized networks over the past week. Data available from DefiPulse revealed that there has been 30% rise in the volume of the coins in the networks.…