Day: May 6, 2023

UK High Court Rules to Set Aside Interim Proprietary Injunction Against Binance – Regulation Bitcoin News

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A high court in the United Kingdom recently set aside a proprietary injunction that was issued against the crypto exchange Binance. In its application challenging the injunction, Binance said the action had been taken without notice. Binance also said it could not comply with the injunction since it was granted after the fraudulently acquired crypto assets in question were moved. Claimant Proceeded Against Binance Without Notice A United Kingdom high court recently ruled to set aside an interim proprietary injunction against the cryptocurrency exchange Binance. The interim injunction, which required…

Memecoin sends BTC fees to the moon, miner profits top $50B…

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Top Stories This Week Memecoin hype drives Bitcoin transaction fees to multi-year highs The ongoing trading frenzy of memecoins like Pepe has triggered an unwanted consequence for Bitcoin (BTC) — raising its transaction costs to their highest point in two years. On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, jumping about 400% from late April. Bitcoin’s BRC-20 token standard has become the latest trend in the crypto ecosystem amid the rise of memecoins. A total of 8,500 different tokens have been minted…

Kazakhstan collected $7M in crypto mining taxes in 2022

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The government of Kazakhstan has received 3.07 billion tenge (approximately $7 million) in tax payments from crypto mining entities in 2022, following the implementation of an amended law regulating the fiscal burden of mining cryptocurrencies, according to the local media reports. Preliminary data from the government for 2023 shows that mining fees collected by April 27 totaled 240 million tenge – worth over $541,000 at the time of writing. The figures are much lower than the 652 million tenge (~$1.5 million) in fees paid in the first quarter of 2022.  Kazakhstan…

NFT Inspect Announces New Community Council Members & Collaborative Partner for Ongoing Project Activity

Leading Web3 project NFT Inspect recently undertook some shakeups amid activity geared toward increased adoption of decentralized technology. NFT Inspect has made key announcements regarding its ongoing project activity, including onboarding new team members and a strategic investment infusion. The one-stop-shop Web3 support app has been active lately alongside its Community Council members to enhance the blockchain and Web3 space. Besides growing its board with two new Community Council members, the NFT Inspect team has added a new investment and collaboration partner. The team expects these developments to help boost the…

SEC Probes First Republic Bank Executives for Insider Trading; Lawmakers Dump Bank’s Shares Before Collapse – Bitcoin News

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After the second largest bank failure in history, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating First Republic Bank executives for allegedly engaging in insider trading. Two sources have claimed that the securities regulator is scrutinizing the bank’s executives for making trades using confidential information. Although the sources have not named any specific individuals under investigation, they assert that the SEC is looking into the matter. Furthermore, reports indicate that U.S. lawmakers sold shares of the troubled bank before it collapsed and was acquired by JPMorgan Chase. Securities…

Defi Market Holds Steady at $49.31 Billion TVL, Lido Finance Leads the Pack With 24.82% Share – Defi Bitcoin News

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Since April 18, 2023, the total value locked (TVL) in decentralized finance (defi) has been fluctuating just below the $50 billion threshold. As of today, the TVL amounts to $49.31 billion, registering a 1% increase within the last 24 hours. TVL in Defi Shows Signs of Improvement, Yet to Surpass Previous Record of $53 Billion Currently, the combined TVL across all defi platforms stands at $49.31 billion as of May 6, 2023, with Lido Finance leading the pack by commanding a 24.82% share of $12.24 billion on Saturday. Over the…

Quadratic funding: The future of crowdfunding, explained

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Quadratic funding is a new approach to crowdfunding that incentivizes smaller contributions and promotes the funding of diverse, high-quality projects. What role could blockchain technology play in the future of quadratic funding? In the future, blockchain technology has the potential to significantly enhance the effectiveness and efficiency of quadratic funding.  Blockchain technology can alleviate some possible issues and restrictions with the present system by offering a safe, open, and unchangeable record of donations and funding distributions. Blockchain-based smart contracts can automate the entire funding process, lowering the risk of abuse…

DEUS Finance hacked, over $6M DEI stablecoin stolen

Over $6m worth of DEI, a stablecoin of the DEUS decentralized finance (DeFi) protocol, DEI, was stolen in a hack, the latest details on May 6 show. The exploit led to a loss of more than $5m on Arbitrum, an Ethereum layer-2 solution, and $1.3m in BNB Smart Chain (BSC). DEI losses over $6M in a hack A report from PeckShield, a blockchain security company, shows that DEUS Finance lost over $6m in a hack targeting two networks, BNB Chain and Arbitrum. While confirming the hack, DEUS said they had…

Coinbase Shares Jump 18% After Brian Armstrong Says Exchange Had ‘Turning Point’ First Quarter

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Coinbase (COIN) shares surged by more than 18% on Friday after the company’s chief executive, Brian Armstrong, said in an earnings call on Thursday that the exchange had a “turning point” quarter to kick off 2023. Armstrong notes that the company experienced 22% net revenue growth in 2023 Q1 compared to the final quarter of last year, according to a transcript of the call. Coinbase also witnessed a 24% decrease in operating expenses quarter-over-quarter. Says the CEO, “Q1 marked a real turning point in our financial performance. Revenue was up…