Month: August 2022

Spending $276M in Ether — Colossal Ethereum Whale That Participated in the Genesis ICO Transfers 145,000 ETH – Bitcoin News

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After three years of dormancy, a massive ethereum whale that participated in the project’s first token sale, also known as the Genesis initial coin offering (ICO), spent 145,000 ether worth just over $276 million using today’s ethereum exchange rates. Mega Ethereum Whale Distributes 145,000 Ether to 9 Different Addresses On August 14, 2022, onchain data indicates that a whale who participated in the Ethereum Genesis ICO has moved 145,000 ETH to various addresses. The funds were worth $276 million using current ETH exchange rates. It was the first time the…

Crypto Lender Celsius On Pace to Run Out of Cash by October

“They [Celsius] could obtain debtor-in-possession financing or sell assets,” Brandon M. Hammer, counsel at Cleary Gottlieb Steen & Hamilton, a law firm, told CoinDesk. “However, to take such steps they would need court approval, which requires notice and an opportunity for interested parties, like customers and the creditors committee, to object.” (Neither Hammer nor the law firm are involved in the bankruptcy case.) Source

WHY THIS WEEK IS HUGE FOR BITCOIN & ETHEREUM HODLERS…

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io What was the CPI data report for August? What’s happening w/ cryptocurrency this week? Today we discuss the LATEST crypto news for bitcoin, ethereum, metaverse altcoins, & more! 👋 SLAP THE LIKE BUTTON! 🔴 Kevin Smith Makes Crypto History with First Ever NFT Film (Huge Moment) 🟠 Mark Cuban EXPOSES The Crypto Market in 2022 | Full Interview 🎬 Why Spike Lee is BULLISH on Bitcoin and NFTs Altcoin Daily, the best cryptocurrency news media online! Is ethereum a good investment 2022?…

BitGo to sue Galaxy Digital for $100M over dropped acquisition

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Digital asset custodian BitGo said it planned to seek more than $100 million in damages from Galaxy Digital, alleging the investment firm owed the funds as part of a “reverse break fee” in its decision to terminate an acquisition agreement. In a Monday blog post, BitGo referred to Galaxy’s actions as “improper” in claiming a breach of contract to drop an agreement to acquire the digital asset custodian. BitGo has enlisted the services of law firm Quinn Emanuel to pursue legal action against Galaxy for not paying a “$100 million…

Blockchain Scalability Firm StarkWare Launches Recursion to Streamline Ethereum

“After turning on recursion this week, we now have the ability to fit tens of millions of NFT mints into a single recursive proof, and therefore into a single Ethereum transaction,” said Eli Ben-Sasson, president and co-founder at StarkWare, in a media brief provided to CryptoX. “We’re not using recursion at this intensity yet, but the tech is in place and the moment that traffic merits it, we will. This is what blockchain scaling is all about – building to prevent tomorrow’s bottleneck.” Source BlockchainEthereumFirmLaunchesRecursionscalabilityStarkWareStreamline CryptoX Portal

Coin Center may challenge US Treasury’s sanctions on Tornado Cash in court

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United States-based crypto policy advocacy group Coin Center said it intended to “pursue administrative relief” for individuals affected by Tornado Cash sanctions imposed by the Treasury Department’s Office of Foreign Asset Control, or OFAC. In a Monday blog post, Coin Center executive director Jerry Brito and director of research Peter Van Valkenburgh alleged OFAC “overstepped its legal authority” when it named cryptocurrency mixer Tornado Cash and 44 associated wallet addresses to its list of Specially Designated Nationals, or SDNs, on Aug. 8. The directors claimed Treasury’s actions could have potentially…

Stop Attacking DeFi Founders for Complying With the Tornado Cash Sanction

Last week, Rune Christtensen, founder of MakerDAO, the issuer of the dai stablecoin, said the U.S. sanction will likely usher in a “new age” of DeFi. Whereas the pre-sanction period emphasized user acquisition and protocol growth, the new period would recenter decentralization as a primary goal. What this means is still in process, though Christensen suggested that Maker could de-peg its stablecoin from the U.S. dollar, which represents a wild departure from its existing project. Source

Fed to issue long-awaited guidelines for granting master accounts to crypto banks

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The United States Federal Reserve Board announced Monday that it had finalized its guidelines for the factors reserve banks are to consider when reviewing requests for Federal Reserve accounts and payment services. The guidelines create a three-tiered review framework with the level of due diligence to be provided, depending on the applicant’s risk level.  Guidelines were first proposed in May 2021, with a supplemental proposal released in March, and the final guidelines, which come into force after their publication in The Federal Register, are “substantially similar” to them. The Fed…

Bitcoin price corrects after hitting a wall at a multi-month descending trendline

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On Aug. 15, Bitcoin (BTC) price and the wider market corrected while the S&P 500 and DOW looked to build on four-straight weeks of robust gains. Data from TradingView and CNBC show the Dow pushing through its 200-day moving average, a first since April 21 and perhaps a sign for bulls that the market has bottomed.  Dow Jones Industrial Average Index (DJI). Source: TradingView While equities markets have been strikingly bullish in the face of high inflation and a steady schedule of interest rate hikes, a number of traders fear…