Month: January 2022

Certik identifies Arbix Finance as a rug pull, warns users to steer clear

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BSC-based yield farming protocol Arbix Finance was identified by blockchain security company Certik as a rug pull.  According to the firm’s incident analysis, there were several reasons why the project was flagged. The security firm cites that the ARBX contract has mint() with onlyOwner function, 10 million ARBX tokens were minted to 8 addresses, and 4.5 million ARBX were minted to a single address. Following this, Certik confirmed that the 4.5M minted tokens were then dumped. The firm also reported that the $10 million in funds deposited by users were…

Someone Gave You Crypto as a Gift … Now What?

One of the easiest and most popular options available for new crypto holders is to simply hold on to their gifted assets long-term – usually for a minimum of one year. Although cryptocurrencies are notoriously volatile, the values of legitimate cryptocurrencies often maintain an upward trajectory over time as an increasing number of people adopt them. So simply by doing nothing, you can potentially generate profit by holding on to some cryptocurrency. For instance, the price of bitcoin at the beginning of 2019 was $29,000, and by November, it had…

UK advertiser ASA continues crypto ad banning spree

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The United Kingdom’s Advertising Standards Authority, or ASA, has ruled to place an official ban on two mobile application advertisements from popular trading platform Crypto.com which promoted the ease of purchasing cryptocurrencies such as Bitcoin, as well as earning yield rewards on digital assets. Gaining notoriety within the industry for their strict legislation on the proposed implications of a cryptocurrency advert, the ASA flagged the marketing material for breach a number of financial watchdog rules, including not effectively stating the risk potential of the investment, abusing consumer’s lack of market…

A Banking Breakdown in Mexico

Recently I traveled to Mexico City. I know less Spanish than the average toddler. On my very first day in Mexico, at the ATM, I inserted my card … and the machine swallowed it. I pressed the red cancel button. Nothing. I pressed more buttons at random. Nothing. I spoke to a lady inside the bank, who couldn’t understand a word I was saying (not her fault), and after we found a translator, she explained that this ATM was out of order, and that if I understood Spanish, I would…

Bitcoin monthly RSI lowest since September 2020 in fresh ‘oversold’ signal

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A key Bitcoin (BTC) metric has just reached its lowest levels since the months after the March 2020 market crash. As noted by popular analysts on Jan. 5, Bitcoin’s relative strength index (RSI) is printing a “hidden bullish divergence” on monthly timeframes — and if it plays out, they say, the result will be very pleasing for hodlers. RSI falls below summer 2021 floor Amid frustration at the lack of direction on BTC/USD, it is no secret that a host of on-chain indicators has long demanded higher price levels. The…

Core Scientific Mined Over 1K Bitcoin in December, Nearly 6K in Total in 2021

Digital asset mining company Core Scientific mined a total of 1,044 bitcoin in December, taking its total for the year to 5,769. As of the end of the year, Core Scientific held 5,296 BTC (approximately $248 million at current prices), according to an announcement Wednesday. The total of 5,769 BTC in 2021 comfortably exceeds those of Bitfarms and Marathon Digital who both made similar announcements Monday, having mined 3,452 and 3,197 respectively. For December, Bitfarms mined 363 bitcoins, while Marathon mined 484.5. Core…

Fireblocks ‘Whitelists’ 30 Trading Firms for Aave’s Institutional DeFi Debut

In a zero-interest environment in traditional markets, banks may have a new friend in decentralized finance (DeFi) – or a version of which they can at least compliantly participate in. This is what institution-friendly DeFi initiative Aave Arc is offering, having now officially launched with the help of cryptocurrency custody firm Fireblocks, plus a “whitelist” of 30 licensed trading firms. The lending and borrowing of cryptocurrency that happens in DeFi is normally done in a purely pseudonymous manner; users are known by nothing more than long strings of numbers and…

The worst influencer and celebrity NFT cash grabs of 2021

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The monumental growth of the nonfungible token (NFT) sector in 2021 was a double-edged sword. While it may have transformed the wealth of countless investors and artists alike, it also gave birth to an alarming trend of popular figures who pounced on the tech to turn JPEGs into a quick profit.  Here, we’ll take a look at four influencers and celebrities who allegedly threw quality and utility out the window to vacuum capital out of their supporters’ pockets amid a year plagued by a global pandemic, labor shortages, unstable finances…

Leading NFT Marketplace Opensea Raises $300 Million, Firm’s Post-Money Valuation Taps $13.3 Billion – Finance Bitcoin News

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Leading non-fungible token (NFT) marketplace Opensea announced the firm has raised $300 million in a Series C funding round led by Paradigm and Coatue. Opensea’s latest capital raise has propelled the company to a $13.3 billion post-money valuation. Opensea Raises $300 Million, Commands Post-Money Valuation of $13.3 Billion In mid-November, a report authored by theinformation.com’s Kate Clark and Berber Jin explained that Opensea was fielding new investments after investors were allegedly chomping at the bit to fund the project. At the time, Opensea’s estimated valuation was $10 billion and two…