This Avalanche Project Main Dev Was Behind A Ponzi Scheme?

The Avalanche community has seen its fair share of drama in the past days as Wonderland (TIME) hit a new price low. Data from CoinGecko indicates that the token has lost over 90% of its value since November 2021. Related Reading | Hackers Are Now Using Compromised Cloud Accounts To Mine Crypto The Avalanche token was priced close to $10,000 and has been on a downtrend since that period reaching $406, as of press time. TIME has been one of the worst performers in the DeFi sector and could see…

Rio Official Explains Why City Is Putting 1% of Its Treasury Reserves Into Crypto

By investing 1% of its treasury reserves in crypto, the Brazilian city of Rio de Janeiro seeks to become a global crypto hub and lessen locals’ distrust towards cryptocurrencies, Rio de Janeiro’s secretary of economic development Chicão Bulhões told CoinDesk TV on Thursday. “We know that [bitcoin] is volatile, that some people criticize us for that, but it is the future, and Rio wants to be a reference for the world as a cryptocurrency-friendly city, like Miami or Zug, in Switzerland,” Bulhões said. According to Bulhões, locals are wary of…

Renowned VC Mark Carnegie Leads $30 Million Investment Round in Blockchain Software Firm Chrono.Tech

Chrono.Tech is turning many heads by its venture into disrupting the HR and recruitment industry. The team aims to leverage blockchain technology to streamline the many day-to-day processes in this segment. That vision has attracted over $30 million in funding, according to today’s press release. Chrono.Tech Spans Many Solutions Blockchain technology can, in theory, disrupt and streamline many businesses, processes, and operations. Making an impact on the HR and recruitment strategy is one possibility, although it hasn’t been explored in-depth yet.Chrono.Tech aims to change that narrative, as the Australian blockchain…

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How Did a Former Quadriga Exec End Up Running a DeFi Protocol? Wonderland Founder Explains

Following one of the most tumultuous 48 hours in recent crypto history, DeFi’s most freewheeling act is showing signs that it may be coming to an end. On Thursday morning, popular on-chain analyst zachxbt revealed in a Twitter thread that 0xSifu, the pseudonymous treasury manager for decentralized finance (DeFi) project Wonderland, is in fact Michael Patryn – the co-founder of a notorious Canadian crypto exchange that defrauded investors of upwards of $190 million. Read more: Wonderland Rattled After Co-Founder Tied to Failed QuadrigaCX Exchange The revelation has rocked “Frog Nation,”…

Measuring the Extended Crypto Market Downturn Against Prior Bear Markets – Featured Bitcoin News

The crypto economy has shed enormous value over the last three months and the leading crypto asset bitcoin is down more than 46% since it’s all-time high (ATH) at $69,044 per unit. The same can be said for a great number of digital currencies as the so-called crypto bear market has lasted 78 days so far. 78 Days Into the Current Downturn, Crypto Supporters Question How Long the Bear Market Will Last At the time of writing, a great number of crypto proponents are wondering whether or not the current…

Derivatives data suggests that Bitcoin’s $39K bounce was a mere blip

Bitcoin (BTC) bulls are probably quite disappointed with how the start of 2022 has shaped up, especially since the cryptocurrency plunged over 20% in the first 25 days of the year. Even more shocking is the fact that the supposed $32,930 bottom on Jan. 21 was the lowest level BTC price had seen in 6 months, while equity markets as measured by the S&P500 reached an all-time high on Jan. 4.  The sell-off in risk markets accelerated after the U.S. Federal Reserve announced its plan to raise interest rates in…

Tesla Report Shows Bitcoin Holdings Remain Unchanged At $1.2 Billion

Elon Musk, and by extension, Tesla, have been one of the biggest proponents of bitcoin. The automotive manufacturer which is headed by the billionaire had been a big push in the first bitcoin run-up towards a new all-time high in May 2021. This had come as a result of the EV manufacturer announcing that it would be accepting BTC as a payment method for its cars. Not too long after, the company had repealed its decision to accept the digital asset as a method of payment, citing environmental concerns as…

Ethereum failing to target core Web3 issues, says NEAR co-founder

Illia Polosukhin, the co-founder of NEAR protocol, thinks Ethereum development has a focus problem. He says engineers should be fixing crucial issues that will enable Web3 to scale to billions of users. “We need simplicity of usage. We need easy programmability. We need composability that is natural to the applications. I don’t see the current Ethereum evolutions targeting any of those goals,” Polosukhin said in an exclusive interview with Cointelegraph. Polosukhin envisions a new version of the internet, or Web3, in which the user will retain full ownership of their…

Chainlink Labs Hires Diem Co-Creator Christian Catalini as Technical Adviser

Blockchain project Chainlink Labs has hired the co-creator of Meta’s Diem, Christian Catalini, as well as Stanford cryptographer Dan Boneh as technical advisers, the firm announced Thursday. Chainlink develops “oracle” networks that connect real-world data with smart contracts built on blockchains. European telecommunications company Deutsche Telekom is one of the main data providers to Chainlink. Catalini and Boneh will primarily work on the Cross-Chain Interoperability Protocol (CCIP), a new international standard for decentralized inter-blockchain messaging, data, and token movements. With CCIP, users will be able to move tokens and execute…