Month: February 2023

Stop treating NFT drops like ad campaigns

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The rise of Non-Fungible Tokens (NFTs) has created a new frontier for brands looking to engage with consumers in a more meaningful way. However, as more and more brands enter the space, many are discovering that what they have committed to actually requires methodical, continuous effort and engagement that escalates with each milestone. Basically, brands are finding themselves in a type of ‘engagement Ponzi scheme’ that their marketing teams are not equipped to handle. Here’s why.  The challenge stems from two things: Many users ask for “utility” from NFTs, but…

DeFi Protocol Platypus Announces Major Compensation after $9M Hack

DeFi protocol Platypus is in talks with Aave and stablecoin issuer Tether in order to recover the funds stolen from last week’s exploit. In a major announcement on Thursday, February 23, decentralized finance (DeFi) for stablecoins – Platypus Finance – announced a major compensation to users affected in the recent exploit. In a major exploit, hackers drained more than 49 million from the protocol last week. Platypus said that it would repay a minimum of 63% of the funds to its users after it recovered the funds. In order to…

Binance Launches Airdrop Portal for Holistic User Experience

Leading exchange Binance recently launched a dedicated Airdrop Portal that keeps track of all supported tokens.  Binance has announced the launch of an Airdrop Portal, which shows an overview of airdrops supported by the crypto exchange. With this new initiative, the Binance community can now keep abreast of the latest progress regarding airdrops. The one-stop Binance Airdrop Portal also provides comprehensive information on all available tokens hosted on the Portal. Available details include the Airdrop Period, Snapshot Time, Token Status, and Mode of Operation. Although Binance pledges to continually update the Airdrop…

Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience – Africa Bitcoin News

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More than a year after it launched its central bank digital currency with partner Bitt Inc, the Central Bank of Nigeria is reportedly seeking a new technology partner. The new partner is expected to help the central bank implement a system which gives it greater control of the digital currency. One expert said the central bank should consider improving user experience if it wants to see more Nigerians adopting the e-naira. Controlling the E-Naira’s Underlying Technology The Central Bank of Nigeria (CBN) is seeking to install a new system to…

Bitcoin Futures on CME Outpace Those on Binance to Trade at Widest Premium Since November 2021

Bitcoin has surged over 45% so far this year, outperforming traditional risk assets, including Wall Street’s tech-heavy Nasdaq index, by a significant margin. Futures typically trade at a premium in a sign of leverage being skewed on the bullish side when the underlying asset is appreciating in value. Conversely, during bear markets, discounts are often observed. Source

DEX Mango Markets Will Alter Multi-Sig Feature to Mitigate Security Threats After $114M Exploit

CryptoX – Cryptocurrency Analysis and News Portal In the event of unforeseen market conditions, Mango’s security council can put the protocol into “post-only mode” to limit deposits, buys, borrows and position increases. The decentralized autonomous organization (DAO) can then vote on whether to halt trades, force settlement or updating risk parameters. Original Source The post DEX Mango Markets Will Alter Multi-Sig Feature to Mitigate Security Threats After $114M Exploit appeared first on CryptoX. CryptoX Portal

Gary Gensler on FTX Fallout and Deceptive Crypto Market

The question of what constitutes security according to US securities laws remains a very volatile issue in the crypto ecosystem today. When the FTX Derivatives Exchange imploded by filing for bankruptcy last year, Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC) was the most blamed regulator that was blamed by the public. The blame centers on the fact that there were red flags that were exhibited by the trading platform, all of which went undiscovered due to the closeness between Sam Bankman-Fried and the regulators.…

Bitcoin price continues to fall, but derivatives data hints at a short-term rally to $25K

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It’s possible that many people have already forgotten that Bitcoin’s (BTC) price closed 2022 at $16,529 and the recent rebound and rejection at the $25,000 level could raise concern among certain investors. Bears are pushing back at the $25,000 level and there has been multiple failed attempts at the level between Feb. 16 and Feb. 21. Currently, it looks like the $23,500 resistance is continuing to gain strength with every retest.  Pinpointing the rationale behind Bitcoin’s 45.5% year-to-date gain is not apparent, but part of it comes from the United…