Month: January 2023

Did Binance Make an Honest Error With Customers’ Funds?

Binance mistakenly kept collateral for some of the crypto assets it issues in the same wallet as funds belonging to its customers, Bloomberg reported Tuesday. The exchange issued 94 so-called Binance-peg tokens (B-Tokens), and reserves for almost half of those are stored in a cold wallet called Binance 8. The wallet contains more tokens than required for the number of B-Tokens issued. The issue is, when collateral is pooled together and used for trading, it’s locked up, and clients or holders of assets may not be able to withdraw if…

Keith Comito on the benefits of blockchain tech and decentralization in longevity research

Lifespan.io President and co-founder Keith Comito was into longevity before longevity was cool. “We started our nonprofit back in 2014,” Comito said. “Back then, few credible researchers would be caught dead saying they were working on aging. It was still kind of a scientific backwater. So, we wanted to emulate what the cancer research advocates did, starting in the ‘40s.” He said those early advocates identified the most credible research at the time and used “old-school” fundraising approaches like telethons to crowdfund for their work. They built a grassroots movement…

Smart Contracts without Admin Rights Are Crucial for Trustless Decentralized Finance

The primary objective of decentralized finance is to create a world where no trust is needed. When people think of decentralized finance, they automatically assume there are no risks. After all, intermediaries don’t exist, and everything is trustless. However, smart contracts can still contain admin rights, which puts all users at risk. Ensuring these “admin keys” no longer exist is the next major frontier to conquer. DeFi Smart Contracts and Admin Rights On the surface, a smart contract is a code facilitating automation and decentralization. Users interact with the code…

Roger Ver Sued for Defaulting on $20 Million Genesis Debt

GGC has given Ver 20 days to respond to the complaints filed against him. As crypto lending firm Genesis begins to come to terms with its bankruptcy, one of its offshoots – GGC International, has sued popular Bitcoin Cash (BCH) advocate Roger Ver. According to a January 23 court filing made available at the New York State Supreme Court, Ver is being sued over his failure to settle crypto options transactions worth over $20.8 million. And in addition to that, GGC also wants Ver to bear whatever costs the firm…

Here’s Why The Bitcoin Price Rally Stalled For Now

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The Bitcoin price rally has stalled for five days now. After BTC experienced a furious surge from $21,000 to $23,000 last Friday, the price is now in a consolidation phase. The reasons for this are diverse. As NewsBTC reported, Bitcoin’s Relative Strength Index (RSI) on a daily basis is showing severe overheating. The technical indicator reveals that the BTC price is in heavily oversold conditions. During the recent upward movement, the daily RSI was near 90 at times but has since cooled to 78 at press time. The stalling of…

Latam Common Currency to Focus on Settlements Among Mercosur and BRICS Countries – Economics Bitcoin News

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President of Brazil Luis Inacio Lula Da Silva clarified the scope and reach of the common currency that Brazil and Argentina are studying to issue in Latam. Lula Da Silva clarified that he believed this currency would be used to settle cross-border payments between the two countries and also countries from BRICS and Mercosur. Lula Clarifies Latam Common Currency Intention Luis Inacio Lula Da Silva, president of Brazil, has clarified the facts surrounding the intention that Argentina and Brazil have of creating a Latam common currency, that would be later…

Crypto Lender Celsius Wins Court Approval for Customer Withdrawals, Flare Token Airdrop

Customers are allowed to withdraw funds transferred to the platform after the bankruptcy petition date in the form of crypto “net of any gas fees or transaction costs,” according to the order. The withdrawals will need to be approved by the appointed committee of creditors should the transfer amount exceed $40,000 (and the transferor received more than of $200,000 from Celsius during the three months leading up to the bankruptcy filing). Source