Day: April 10, 2023

US President Joe Biden Extends Sanctions Against Russia, Has Argued Alternatives Would Involve Waging Third World War – Bitcoin News

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U.S. President Joe Biden decided to extend the sanctions that the U.S. government enacted against Russia for one more year, arguing that the country continues to pose a threat to the security of the nation. Biden had talked about these sanctions before, explaining that the only option besides enacting them would involve a direct international military conflict. U.S. President Joe Biden Extends Anti-Russia Sanctions for One More Year U.S. president Joe Biden has decided to extend the sanctions enacted against the Russian Federation for one year, on the basis that…

Lawyer lays out his reasoning on why XRP is not a security

Ripple’s XRP (XRP) is not a security because it does not fit the definition of an “investment contract,” the “only” legislative definition that it could “possibly” fit, according to Jeremy Hogan, a partner at the law firm of Hogan & Hogan. In a series of tweets on April 9, Hogan explained that, in his opinion, XRP could only be considered a security under the definition of an “investment contract,” as it doesn’t fit the other definitions of a security such as stocks or bonds. Hogan argues, however, that the United…

Bitget launches $100M Web3 fund for crypto projects in Asia

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Crypto derivatives exchange Bitget launched a new fund focused on supporting the next generation of Web3 projects. According to a statement seen by Cointelegraph, $100 million will be invested in the fund as an initial investment.  Bitget says it will target funding Web3-friendly venture firms and projects worldwide. It will focus on Asian projects from experienced teams with clear roadmaps that are working on real-world problems. “We can see that Web3 space is evolving rapidly and many projects deserve the support to further advance such development and make Web3 a…

Ethereum validator cashes in 689 ETH from MEV-Boost relay

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A 689 Ether (ETH) reward worth $1.28 million has been paid from a single Miner Extractable Value (MEV)-boost relay block on the Ethereum Beacon Chain in one of the largest rewards in recent months. Ethereum liquid staking solution Lido was paid the reward from block number 17007842 on the Beacon Chain — which was finalized on April 9, contained 47 transactions and was built by beaverbuild.org, according to transaction data. High Proposer Payment Alert! Validator 0x388c… received 689.02 ETH.Block built by a @beaverbuild builder (0x96a59d…)‍Slot: 6,181,978.Received through the @GnosisDAO relay.https://t.co/Pv3bqfZMrU…

Crypto Exchange BitGet Starts $100M Asia-Focused Web3 Fund

“Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023,” Gracy Chen, the Managing Director of Bitget, said to CoinDesk in a statement. Source

Dollar to Play Lesser Role Due to Its Weaponization, Digital Currencies, Economist Jeffrey Sachs Says – Finance Bitcoin News

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Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs. The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon by Washington, the introduction of currencies like the digital yuan, and America’s shrinking share of the global economy. United States’ Smaller Share in World Economy to Affect the Dollar The role of the U.S. dollar will naturally decrease as the share of the United States in…

Ethereum staking deposits dip due to regulatory pressure and Shapella upgrade

Ethereum staking deposits have declined slightly in recent weeks due to increased regulatory pressure and the Shapella upgrade slated for April 12. On April 9, on-chain analytics provider Glassnode reported on the current state of the Ethereum staking ecosystem. The data revealed that deposit activities are currently low “due to regulatory pressure and the Shanghai upgrade.” Financial regulators in the United States have been coming down hard on crypto this year. The Securities and Exchange Commission (SEC) is adamant that Ether (ETH) is a security and has cracked down on…

‘Right time’ for Hong Kong’s Web3 push despite market flux — Financial Secretary

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Now is the “right time” for Hong Kong to push forward with Web3 despite the crypto market fluctuations, according to the Financial Secretary of Hong Kong, Paul Chan. In an April 9 blog post, Chan explained that one of the three major directions he has proposed in the city’s budget was for the further development and application of Web3. Translated, Chan wrote that for “Web3 to steadily take the road of innovative development” Hong Kong will “adopt a strategy that emphasizes both ‘proper regulation’ and ‘promoting development.’” Chan says the…

Sushiswap Smart Contract Bug Results in Over $3M in Losses; Head Chef Says Hundreds of ETH Recovered – Defi Bitcoin News

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According to several reports, a bug introduced to the decentralized exchange (dex) protocol Sushiswap’s smart contract has resulted in more than $3 million in losses. The blockchain and smart contract security firm Peckshield explained the exploited contract was “deployed in multiple blockchains.” Dex Platform Sushiswap Suffers From Smart Contract Exploit Over the weekend, the dex platform Sushiswap saw its RouteProcess02 contract exploited and then distributed across various blockchain networks. Blockchain security firm Certik published an alert after discovering the exploit. The company Peckshield also updated the crypto community via Twitter,…

FTX financial controls were a ‘hodgepodge’ of apps, says court filings

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FTX was run by three inexperienced people “not long out of college,” who relied on “a hodgepodge” of online shared documents and communications across a series of different apps to manage the multi-billion dollar empire according to FTX CEO John Ray III. In an April 9 court filing in a Delaware Bankruptcy Court, John J Ray III gave his first detailed account of the control failures at FTX. Ray stated that his restructuring team had “identified extensive deficiencies in the FTX Group’s controls” from a lack of appropriate financial and…