Month: May 2023

Crypto scandal hits South Korea as executives accused of $2.2m scam

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…

Tether USDT Trading Volume Falls to Multi-Year Lows, Market Cap Rise Is ‘Questionable,’ Kaiko Says

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

World’s first bitcoin tower in Dubai coming soon says developer

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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…

Court directs BlockFi to retract chapter 11 reorganization plan

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…

It’s Now Too Difficult To Run a Centralized Crypto Exchange, Says Hotbit As It Shuts Down

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Hong Kong-based cryptocurrency trading platform Hotbit announced today that it will stop all operations on May 22, 2023. In a new announcement, Hotbit, which had 5 million users, cites deteriorating operating conditions, crypto industry changes, and risk management concerns as their motives for shutting down. “This decision is based on three reasons: Firstly, the deterioration of the operating conditions. After the Hotbit management team was forced to suspend operations for several weeks due to the investigation in August 2022, the industry has experienced a series of crises, including the collapse of…

Why the Biggest Emerging Markets Are Turning to Crypto

Throw in the increasing probability of significant currency turmoil ahead in emerging countries’ economies, inflationary pressures and a strong dollar, and, in turn, the likelihood of political turmoil, and you can see how the “insurance” and “hedge” qualities of crypto assets such as BTC and stablecoins become even more compelling. Monetary liquidity headwinds may be significant, but they are not the whole crypto market story. Source

Dash (DASH) Blockchain Halts, Binance Pool Suspends Mining Rewards

Several hours later, Dash Core developer Pasta tweeted that the devs had identified issues and were working on a fix. “There are two options we are investigating, and everyone is focused on promptly resolving this issue,” Pasta wrote, adding that the planned release of the latest Dash Core client update, v19, might be delayed to resolve the issues first. Source link

Glassnode says big bitcoin price swings may be coming

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Glassnode, a prominent analytics firm, has recently shared its insights on Twitter regarding the price dynamics of bitcoin, the leading cryptocurrency by market cap. According to Glassnode analysis, bitcoin has displayed exceptional stability over the past week, with a narrow trading range of 3.4%. This noteworthy consolidation phase represents the tightest range observed in the past three years. Drawing parallels to similar market consolidations in July 2020 and January 2023, Glassnode’s experts believe that significant market…

Web3 Educational Company Upstream Launches My First DAO Course

“There are a lot of concepts around starting online communities that people don’t understand, such as tokenomics, governance and voting,” said Taub. “That’s also one of the reasons why it’s harder on adoption … I think putting together an amazing course about how to do it and why to do it will just unlock so many people’s brains.” Source

Bitcoin’s role as a crisis hedge and the implications for the USD

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied In a recent video posted by popular cryptocurrency YouTuber, CryptosRUs, gave a comprehensive analysis of current economic events in the U.S. and their potential implications on the crypto market. US debt ceiling and economic uncertainty A pressing issue in the U.S. is the stalemate over the debt ceiling, a legal limit to the amount of money the federal government can borrow to cover its existing obligations. CryptoRUs warns that failure to increase this limit could lead…