Day: February 13, 2023

Paxos Halt of BUSD Stablecoin Issuance Derails Binance Strategy for Global Dominance, With Tether’s USDT, Circle’s USDC, Maker’s DAI as Likely Gainers

In the largest BUSD pool on decentralized finance (DeFi) protocol Curve, where traders can swap between stablecoins, traders almost depleted the USDT, USDC and DAI liquidity. Now, 85% of the pool’s liquidity is BUSD, making it difficult for traders to exchange large amounts of BUSD, and forcing sellers to accept losses at the discounted exchange rates. At current rates, a trader exchanging 10,000 BUSD will receive 9,982 USDT. Source

Binance CEO Warns of ‘Profound Impacts’ on Crypto Industry if BUSD Is Ruled as a Security – Altcoins Bitcoin News

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Binance CEO Changpeng Zhao (CZ) has warned of “profound impacts” on the crypto industry if stablecoin Binance USD (BUSD) is ruled as a security. His warning followed an alleged lawsuit by the U.S. Securities and Exchange Commission (SEC) against Paxos, the issuer of Binance USD. Binance’s CEO on SEC Action Against Paxos and BUSD Following the news that the U.S. Securities and Exchange Commission (SEC) intends to take action against Paxos Trust Company over stablecoin Binance USD (BUSD), Binance CEO Changpeng Zhao (CZ) took to Twitter Monday to explain the…

DeFi exploits and access control hacks cost crypto investors billions in 2022: Report

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Cyber criminals used a variety of novel ways to carry out hacks and exploits in 2022, with over $2.8 billion of cryptocurrency stolen last year. According to a report from CoinGecko using data sourced from DeFiYield’s REKT Database, nearly half of the total crypto stolen in 2022 was fleeced using diverse methods. This includes bypassing verification processes, market manipulation, ‘crowd looting’ as well as smart contract and bridge exploits. The biggest hack of 2022 was carried out through an access control hack. Sky Mavis, the developer behind popular game Axie…

Sanctioned Mixer Blender Re-Launched as Sinbad, Elliptic Says

After Sinbad was launched, most of incoming transactions would come from a wallet linked to Blender.io, and Sinbad operators rewarded promoters of the new mixer also from a wallet related to Blender. The two mixers had similar patterns of work, Elliptic said, and both have Russian-speaking websites and tech support teams, meaning both might have roots in Russia or Russian-speaking countries. Source

NFT Gaming Protocol Aavegotchi Aims to Increase Engagement With Upgrade

Aavegotchi is an “open-source, community-owned NFT gaming protocol,” as stated on its homepage, where users can interact with the Aavegotchi metaverse and stake their NFTs with Aave’s interest-generating aTokens. Aavegotchis, the on-chain collectible NFT ghosts, have three attributes – collateral stake, traits and wearables – that dictate their value and rarity. Original Source AavegotchiAimsEngagementGamingIncreaseNFTProtocolupgrade CryptoX Portal

Venom Blockchain Partners with DAO Maker to Incubate Web3 Startups Focused on Real-world Use Cases – Press release Bitcoin News

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press release PRESS RELEASE. Abu Dhabi, 13 February 2023 — Venom Foundation, the first Layer-1 blockchain licensed by the Abu Dhabi Global Market (ADGM), has announced a partnership with DAO Maker, a leading blockchain growth solutions provider known for their Launchpad, to incubate promising Web3 startups focused on delivering real-world use cases. DAO Maker will actively assist in the development of the Venom ecosystem and contribute to the success of projects within the Web3 space. With DAO Maker’s support, Venom is confident that it will enable developers to make valuable…

Coinbase CEO invites DC residents over for ice cream and crypto talk

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Brian Armstrong, CEO of United States-based cryptocurrency firm Coinbase, is looking for lawmakers and regulators to discuss regulatory clarity in the crypto space. In a Feb. 13 tweet, Armstrong put a call out for anyone with access to the Dirksen Senate Office in Washington, D.C. to meet him at the building’s snack bar and “chat about crypto.” According to the Coinbase CEO, he was looking for “low sugar options” amid the selection of soft serve ice cream and toppings. “I’m in Washington D.C. and had a meeting canceled,” said Armstrong.…

Bakkt Shifts Focus to B2B Technology Solutions, Plans to Discontinue Consumer App – Bitcoin News

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Bakkt Holdings Inc. announced Monday that it will solely focus on business-to-business technology solutions and discontinue its consumer application. The company stated that the app will officially be discontinued on March 16, 2023, and app users will continue to have access to all of their assets. Bakkt Consumer App to Sunset, Loyalty Points Still Accessible Through Other Channels Following Bakkt’s pending acquisition of Apex Crypto from Apex Fintech Solutions, the company has announced it is discontinuing its consumer business venture. Bakkt’s consumer platform will shift its focus to provide businesses…