Day: December 7, 2022

Security in crypto comes from liquidity or the lessons we learned after FTX

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The FTX bankruptcy has sent the crypto space into a downward spiral, and the crypto space is still buzzing to get all the details that led to this situation. Numerous reports have popped up, and the bankruptcy hearings bring new information daily. Considering the extent of FTX’s involvement in the global crypto space now is the time to take a hard look at what happened and draw some valuable lessons. One thing is very clear from the start – what brought the exchange giant down was overallocation in low-liquidity tokens,…

Binance Rakes in 90% of Revenue from Transaction Fees, according to CZ

Binance CEO Changpeng Zhao disclosed that his exchange is overwhelmingly dependent on transaction fees for revenue generation.  Binance chief executive officer Changpeng “CZ” Zhao recently revealed that the crypto exchange generates 90% of its revenue from transaction fees. In a TechCrunch interview from 2 weeks ago, Zhao also added that his company had removed all ads from the data site CoinMarketCap. Binance acquired CoinMarketCap in 2020. According to him, Binance chose to remove ads to allow for a cleaner experience. However, CZ noted that the exchange could decide to reinstate ads at any time. He…

Binance’s Bitcoin Reserves Are Overcollateralized, Says Audit

The report was meant to assure customers that their bitcoin (BTC) assets are collateralized, exist on the blockchain and are in Binance’s control. Mazars took a snapshot of Binance’s total reserves and liabilities on Nov. 22 to perform a collateralization analysis. Assets included were customers’ spot, options, margin, futures, funding, loan and earn accounts for BTC and wrapped bitcoin (BBTC and BTCB) held on the Bitcoin, Ethereum, BNB Chain and Binance Smart Chain blockchains. Source

One Coin Co-Conspirator Frank Schneider Faced Charges for Money Laundering in Unsealed File

CryptoX – Cryptocurrency Analysis and News Portal Co-accused U.K. national Christopher Hamilton, who faces similar charges to Schneider, in August lost a plea in his home country to avoid extradition to the U.S., while his fellow countryman Robert McDonald managed to avoid extradition on human rights grounds. Original Source The post One Coin Co-Conspirator Frank Schneider Faced Charges for Money Laundering in Unsealed File appeared first on CryptoX. CryptoX Portal

BTC, ETH Continue to Consolidate as USD Strengthens – Market Updates Bitcoin News

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Bitcoin was consolidating on Wednesday, as the U.S. dollar continued to strengthen versus several G7 currencies. A strong dollar means demand for cryptocurrencies typically plummets, with the global market cap trading in the red as of writing. Ethereum was also lower today, falling as it remained below $1,300. Bitcoin Bitcoin (BTC) continued to consolidate in today’s session, as prices hovered around the $17,000 mark on hump-day. Following a low of $16,939.92 on Tuesday, BTC/USD raced to an intraday peak of $17,109.38 earlier in today’s session. The move saw bitcoin continue…

Bullish News For Polygon! zkEVM Mainnet Is Coming Soon

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Polygon, an Ethereum layer-2 solution, has recently seen massive hype due to notable partnerships with major brands such as Starbucks, Mercedes, Meta, Reddit, eBay, Disney, and Adobe, among others. And the team led by Sandeep Nailwal, co-founder of Polygon, continues to work hard to keep that hype going. Via Twitter, Nailwal shared a massively bullish news today. He wrote: zkEVM passing 99.5% of Ethereum test vectors putting Polygon zkEVM at extremely high EVM-equivalence. This is also reflected in the dev experience where 1000s of solidity smart contracts have been deployed…

Crypto Exchange Binance.US Eliminates Trading Fees for Ether

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Binance.US is getting rid of trading fees for ether (ETH), the company announced on Tuesday, expanding its zero-free program beyond just bitcoin (BTC). Free trading will apply to the following spot market pairs: ETH/USD, ETH/USDT, ETH/USDC and ETH/BUSD. The exchange will also offer additional trading fee discounts to customers who pay their trading fees with BNB tokens. Source

Argentine Government Creates National Blockchain Committee

“Blockchain technologies have emerged as one of the greatest innovations in the field of information technologies, providing the effective possibility of optimizing public-sector processes and the traceability, transparency and efficiency of the services provided to citizens by recording transactions with higher levels of security,” the government said in the decree. Source link

Argentine Government Creates a National Blockchain Committee

“Blockchain technologies have emerged as one of the greatest innovations in the field of information technologies, providing the effective possibility of optimizing public sector processes and the traceability, transparency and efficiency of the services provided to citizens by recording transactions with higher levels of security,” the government said in the decree. Source ArgentineBlockchainCommitteeCreatesGovernmentNational CryptoX Portal