Once the crypto industry’s largest mining company, Core Scientific suffered an astounding, and swift, fall from grace last November, when bitcoin prices cratered amid cryptocurrency exchange FTX’s mid-November implosion. The company went public with a $4.3 billion valuation in 2021, but its market capitalization had fallen to $78 million by the time it filed for bankruptcy last December. Source
The data shows that in the past thirty days, Bitcoin NFTs have grossed about $167 million, which is several figures shy of Ethereum’s near-$397 million. However, NFT sales on Bitcoin are nearly three times larger than on the Solana network, according to Cryptoslam, trailing behind at about $57 million. Original
A possible explanation might be increasing regulatory attention to the crypto hacks and a number of high-profile enforcement cases, TRM Labs suggests. First of all, crypto exchanges are ramping up their KYC/AML policies, making it harder to cash out stolen coins. At the same time, the ETH mixing protocol Tornado Cash, which has been one the most popular money laundering tool for Ethereum so far, has been under the U.S. sanctions since August 2022, which automatically backlisted all Tornado-related funds for any regulated exchange. Source
Yeah, I think we wanna do a hybrid model for that. On the one hand, it’s so cool what we can empower through blockchain, and through the [shared] ownership of the Doge image. Maybe everyone who wants to opt-in as DOG holders, or Doge Pixel holders, gets into the credits of the film. Things like that, right? Or maybe there’s a meme competition where people submit animation to the film. Source
Yes, disclosures are in order. However, there are some disclosures that don’t apply, as well as things you might want to know about a digital asset that wouldn’t be included in current disclosure requirements. For example, MiCA requires that projects disclose the type of blockchain consensus mechanism they use, and its environmental impacts. But for now, they can do that in a public whitepaper, rather than a prospectus. Providing new definitions and rules like these seems like a better course than regulation by enforcement. Source
Outflows last week came to $32 million, pushing the total during the streak to $232 million, according to a report from CoinShares. Investors withdrew $33 million from bitcoin products alone last week, meaning BTC funds yet again dominated the outflow – as they have throughout the five-week period. Original
Four employees of South Korean crypto exchange Coinone have been indicted for allegedly employing illegal methods to amass profits exceeding 2.98 billion Korean won ($2.26 million) during coin listings from multiple projects. The information was reported by local news outlet The JoongAng on May 22. Market making In addition to the implications for Coinone and the individuals involved, the recently revealed incident of market manipulation carries broader ramifications for the cryptocurrency industry as a whole. Coinone, as a major cryptocurrency exchange in South Korea, plays a significant role in the…
As trading volumes are falling, and assuming that trading is the dominant use case for stablecoins, a respective decline in market capitalization would be anticipated, according to Clara Medalie, Kaiko’s research director. USDC and BUSD stablecoins’ market caps have shrunk in tandem with trading volumes. “But we are not seeing this trend for Tether,” Medalie said. Source
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The United Arab Emirates may soon be the home of a hotel in shape of a bitcoin. The 40-story tower is set to be unveiled on May 24th, says the developer. The world’s first bitcoin tower in Dubai A developer in Dubai recently unveiled plans to construct the world’s first bitcoin (BTC) tower. With the unveiling scheduled for May 24th, the project aims to demonstrate the significance of digital assets and cryptocurrencies, coinciding with the upcoming…
A U.S. bankruptcy court recently ordered cryptocurrency lender BlockFi to withdraw its prematurely disclosed chapter 11 reorganization plan and accompanying statement until all materials are formally authorized. On May 18, the court directed BlockFi, the insolvent cryptocurrency lender, to retract its prematurely disclosed chapter 11 reorganization plan and corresponding statement. The court insisted these documents should not have been revealed before being officially sanctioned. As a remedial measure, BlockFi was instructed to issue a rectification statement on its Twitter account within a day, which it promptly followed. The rectification tweet…