Day: January 19, 2023

ConsenSys slashes headcount 11% as chief economist reveals formula for adoption

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ConsenSys, the parent company behind MetaMask, is letting go of 11% of its workforce, with CEO Joseph Lubin blaming “uncertain market conditions” brought on by recent collapses. In a blog post from ConsenSys CEO Joseph Lubin on Jan. 18, the blockchain firm CEO said “poorly behaved” centralized finance actors have cast a “broad pall on our ecosystem that we will all need to work through.” Lubin said the decision will impact 96 employees and is part of plans to focus its resources on its core businesses. Today we need to…

FTX’s Illiquid Holdings Filled With Tokens That Sit in Venture Funds in Which It Invested; Bitcoin Falls Below $21K

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“In our view, crypto (and bitcoin in particular) has been somewhat misunderstood. It is not an inflation hedge, but more of a debasement hedge that protects holders from fiscal/monetary profligacy and policy error,” Jonah Van Bourg, Global Head of Trading at Cumberland, told CoinDesk in a note. “Any risk of US debt default is indeed a form of US Dollar debasement and/or policy error, and the increased demand we’re seeing (expressed in higher crypto prices) is this use case bearing itself out.” Original

LUNC Network Upgrade Backed By Major Exchanges

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Just this January 14th, LUNC just went through its network upgrade that was supported by Binance. The upgrade was due to several developments on-chain. According to its January 1st blog post, it was because the system of LUNC remints tokens that were burnt for a development fund.  Along with this, the ecosystem would also have an increase in gas fees for better validators and staking rewards in the platform. This would mean that the ecosystem would continuously burn and make LUNC a deflationary currency.  What It Means For LUNC Luna…

Bitzlato Exchange Busted as US Deals ‘Blow to Crypto Crime,’ Arrests Owner – Exchanges Bitcoin News

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Cryptocurrency exchange Bitzlato, better known to the Russian-speaking segment of the market, has been taken down as part of an “international cryptocurrency enforcement action,” the U.S. Justice Department announced. The Russian owner of the platform has been arrested for his role in the alleged transmission of illicit money. Bitzlato claimed it was hacked. US, France Hit Cryptocurrency Exchange Bitzlato, Russian Co-founder Detained in Miami U.S. authorities have apprehended Anatoly Legkodymov, a resident of China, on charges that his Hong Kong-registered crypto trading platform, Bitzlato, processed illicit funds worth hundreds of…