Day: April 13, 2023

BTC miners cash $5M on Ordinals, Reddit NFTs get botting backlash and more

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Bitcoin (BTC) miners have pocketed over $5 million from creating nonfungible token (NFT)-like inscriptions using the Ordinals protocol. Transaction fees for Ordinals transactions exploded 240% from $1.5 million on March 10 to 5.2 million by April 12, according to Dune Analytics data. The rise came on the back of a rather slow period between Feb. 16 and March 10, which from $1 million to $1.5 million. Prior to thatfees hit the $1 million mark within the first four weeks of the Ordinals protocol launching on Jan 21. Transaction fees paid…

DeFi Protocol Yearn Finance Impacted in Nearly $11M Exploit That Occurred Via Aave Version 1

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China Fines Bitmain $3.6 Million for Tax Violations, Report – Mining Bitcoin News

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Chinese authorities have fined leading crypto mining hardware manufacturer Bitmain for tax-related violations, local media reported. The penalty comes amid increasing tax checks in the digital asset sector, according to information from the crypto community. Bitmain Fined for Failing to Pay Income Tax on Behalf of Employees One of the world’s largest producers of devices designed for cryptocurrency mining, Bitmain, has reportedly been fined for unpaid taxes. The news was spread on social media by Chinese crypto journalist Colin Wu, also known by his Twitter handle ‘Wu Blockchain.’ Bitmain, the…

Wall Street firms embrace Avalanche blockchain for efficient financial transactions

T. Rowe Price Associates, together with several prominent Wall Street companies, is set to explore the potential of the Avalanche blockchain to revolutionize financial trade execution and settlement using a new application called Spruce. T. Rowe Price Associates is joining forces with several Wall Street companies to explore the Avalanche blockchain’s potential in enhancing the efficiency of financial transactions. Alongside Cumberland, WisdomTree Inc., and Wellington Management Group LLC, the firm will commence trials in financial trade execution and settlement using a new application known as Spruce. This development follows similar…

Attorney of FTX Said Exchange Could Reopen; Recovers Over $7.3 Billion in Assets

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In a court hearing on Wednesday, Sullivan & Cromwell, the solicitors for crypto exchange FTX, said the company is contemplating reopening in the future while it deals with bankruptcy. Allowing FTX’s creditors to convert a portion of their ownership into a stake in a reopened exchange was one possible solution that was proposed. The exchange’s relaunch was one of many potential possibilities being evaluated for the company’s future, lead FTX attorney Andy Dietderich told the court. If that course of action goes ahead, according to Dietderich, the plan will need to…

Crypto VC funding hits 2-year low, US firms still favorite: Galaxy Research

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Venture capitalist (VC) investment into crypto firms continued to fall in the first quarter of 2023, yet despite the current regulatory turbulence for crypto in the United States, it is still first for the number of firms raising capital according to a new report. An April 11 report from Galaxy Research, the research arm of crypto investment firm Galaxy Digital, said the $2.4 billion invested by VCs throughout Q1 2023 was the lowest sum invested since the last quarter of 2020. CRYPTO VC IN STARES INTO THE ABYSS Q1 saw…

LimeWire’s new game simulates music pirating nostalgia and pays in crypto

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A new game aimed at reviving the nostalgia of pirating music with the added bonus of crypto rewards has been launched by the former peer-to-peer file-sharing platform turned nonfungible token (NFT) marketplace LimeWire. On April 13, the historic music-downloading platform, wildly popular in the early 2000s was revived and turned to Web3 in the form of a retro music-downloading game themed on the Microsoft Windows XP operating system. Players need to enter their email addresses to play the browser-based game that prompts them to search for old early 2000s music…

G7 to Discuss More Crypto Regulation and How to Help Developing Nations Introduce Central Bank Digital Currencies – Regulation Bitcoin News

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The G7 countries are discussing more crypto regulation and ways to help developing nations introduce central bank digital currencies (CBDCs). “As a priority of this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC,” said Japan’s Vice Minister of Finance for International Affairs. G7 to Discuss Stronger Crypto Regulation The G7 countries will discuss tighter cryptocurrency regulation as well as explore ways to assist developing countries in introducing central bank digital currencies (CBDCs)…

FTX considering a comeback as more funds are recovered

FTX has successfully recovered $7.3 billion in assets and is considering relaunching the exchange in the second quarter of 2023 as per recent reports. During a hearing that took place on April 12 in the United States bankruptcy court for the district of Delaware, attorneys from Sullivan & Cromwell representing FTX said that the cryptocurrency company had recouped around $7.3 billion in assets. An inquiry into the assets is still underway, however, a document from the creditors that was submitted in March said that the four FTX firm silos had…