Day: February 13, 2023

First weekly death cross ever — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts a new week just under $22,000 as bulls fail to reclaim lost ground in February. After some modest volatility towards the weekly close, BTC/USD is still near three-week lows as a new status quo enters with $22,000 as resistance. The largest cryptocurrency stands at the beginning of an important week of macroeconomic data, however, with plenty of opportunities for volatility to return. These come first and foremost in the form of the U.S. Consumer Price Index (CPI), the January print for which will be released on Feb.…

UAE central bank to issue CBDC as part of its financial transformation program

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The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program.  In a recent announcement, the CBUAE introduced the FIT program and highlighted its aim to support the country’s financial services sector. The central bank highlighted that the program would promote digital transactions and enable the UAE’s competitiveness as a financial and digital payment hub. The first stage of the FIT program includes the issuance…

Paxos reportedly ordered to stop issuing Binance USD

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The New York Department of Financial Services (NYDFS) has reportedly ordered blockchain company Paxos Trust to stop the issuance of dollar-pegged Binance USD (BUSD) stablecoin.  The New York regulator’s actions come shortly after the United States Securities and Exchange Commission (SEC) issued a wells notice to Paxos — a letter the regulator uses to tell companies of planned enforcement action. The notice alleged that Binance USD is an unregistered security. The NYDFS has reportedly asked Paxos to stop creating more of its BUSD token. Paxos will continue to manage redemptions of the…

MetaMask issues scam alert as NameCheap hacker sends unauthorized emails

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Popular crypto wallet provider MetaMask warned investors against ongoing phishing attempts by scammers attempting to contact users through NameCheap’s third-party upstream system for emails. On the evening of Feb. 12, web hosting company NameCheap detected the misuse of one of its third-party services for sending some unauthorized emails — which directly targeted MetaMask users. Namecheap described the incident as an “email gateway issue.” ⚠️MetaMask does not collect KYC info and will never email you about your account!Do not enter your Secret Recovery Phrase on a website EVER.If you got an…

Microsoft Reportedly Shutting Down Industrial Metaverse Focused Group – Metaverse Bitcoin News

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Software giant Microsoft is shutting down one of its most significant groups dedicated to the development and promotion of the industrial metaverse. According to reports, the company terminated its whole Industrial Metaverse Core group, which was composed of 100 employees, as part of the 10,000-person layoff rounds announced in January. Microsoft Reportedly Terminating Industrial Metaverse Group Microsoft, the Washington-based software giant, seems to be abandoning the metaverse in favor of other initiatives. According to reports from The Information, the company announced internally the disbandment of the Industrial Metaverse Core group,…

Are stablecoins securities? Well, its not so simple, say lawyers

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Recently reported planned enforcement action against Paxos by the United States Securities and Exchange Commission (SEC) over Binance USD (BUSD) has many in the community questioning how the regulator could see a stablecoin as a security. Blockchain lawyers told Cointelegraph said that while the answer isn’t black and white, there exists an argument for it if the stablecoin was issued out in the expectation of profits or are derivatives of securities. A report from the Wall Street Journal on Feb. 12 revealed that the SEC is planning to sue Paxos Trust Company…

SEC’s crypto staking crackdown has uncertain consequences for DeFi: Lido Finance

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A crackdown by the United States securities regulator on crypto staking could have unintended consequences for decentralized finance (DeFi), according to the head of business development at Lido DAO.    In a Feb. 13 Bloomberg report Jacob Blish, who leads business development at Lido’s decentralized autonomous organization (DAO), said the most significant risk would be if the SEC eventually concluded that no U.S. citizen can interact with crypto staking services, including protocols. “The biggest risk I personally see as a U.S.-based person is if they come down and say you…

Vitalik Buterin donates $227k to help earthquake victims in Turkey

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Ethereum co-founder Vitalik Buterin has now made at least two substantial contributions to help the victims of last week’s devastating earthquake in Turkey and Syria. The Turkey-Syria 7.8 magnitude earthquake struck on Feb. 6. Its death toll has now risen to 33,000 — one of the world’s worst in decades. Over the week, the Ethereum co-founder has been one of many actively donating Ethereum to support relief efforts in Turkey. His latest donation was on Feb. 12 for 50 ETH, or approximately $77,000, sent to to Anka Relief, according to…