Day: June 17, 2023

Crypto payments platform Wyre shutters citing bear market conditions

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San-Francisco-based crypto payments firm Wyre is shutting down after almost 10 years in business, citing the financial challenges of the bear market, and not anything to do with any hawkish “regulatory agency direction” in the United States. In a June 16 blog post, the firm stated that it made the difficult decision to wind down to “protect the best interest of our key stakeholders and customers.” “Wyre continues to secure customer assets. If you have assets on the Wyre platform, you can continue to withdraw them via Wyre’s dashboard until…

ApeCoin loses 28% in a week amid salary controversy

ApeCoin, the buzzing cryptocurrency governed by ApeCoin DAO, is sailing in tumultuous waters with a 28% drop in value over the last week. The unsettling salary revelations of the DAO’s leadership have stirred up a storm within the community.  ApeCoin (APE), an Ethereum-based digital currency associated with the Bored Ape Yacht Club ecosystem, has struggled with choppy market conditions.  The upheaval seems to have originated not from external market forces but within its governing body, the ApeCoin DAO. Last week, the cryptocurrency world was abuzz when Vulkan, the secretary of…

KuCoin price jumps over 18% as crypto markets rebound 

KuCoin (KCS) has emerged as one of the top gainers in the last 24 hours, with an 18% price surge. Meanwhile, the global crypto markets begin a slow recovery following the bloodbath triggered by the US Securities and Exchange Commission’s (SEC) recent enforcement actions against market participants. The price of bitcoin (BTC), ethereum  (ETH), and other cryptocurrencies have posted decent gains in the last 24 hours, suggesting investor confidence may gradually return to the space following the crazy bloodbaths witnessed in recent weeks. Gary Gensler’s SEC took legal actions against…

FDIC cracks down on misleading insurance claims by OKCoin

The US Federal Deposit Insurance Corp. (FDIC) issued a cease and desist letter to crypto exchange OKCoin over misleading statements regarding the exchange’s insurance status. In a letter dated June 15, the FDIC accused OKCoin and its senior executives of making false representations that certain crypto-related products were FDIC-insured. The agency has ordered OKCoin to remove these misleading claims from its website, social media accounts, marketing materials, mobile app, and other customer-facing publications within 15 business days. Moreover, OKCoin must provide written confirmation assuring the FDIC of their prompt compliance.…

US Congress may chart new regulatory path for ethereum

The US Congress may put ethereum (ETH) in a new category with less burdensome regulations than securities or group it with bitcoin (BTC) as a commodity, JPMorgan strategists suggest. The theory arises after the SEC’s ongoing debates on Ethereum’s nature as a security. As debates around crypto regulations persist, ethereum stands at a regulatory crossroads.  The Block reported that a novel prediction from JPMorgan strategists, led by Nikolaos Panigirtzoglou, suggests that Congress might classify ethereum differently from its current status. Instead of tagging it along with bitcoin as a commodity,…

Nike teases upcoming ‘Airphoria’ NFT sneaker hunt on Fortnite

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Footwear and apparel giant Nike has hinted that it may soon drop a collection of sneaker nonfungible tokens in Epic Games’ widely popular online game Fortnite. The move would mark a potentially huge opportunity for Web3 adoption by traditional gamers, given that Fortnite has had more than 242.9 million active players over the past 30 days, according to Active Player. Great catch with the @dotSWOOSH reference. @FortniteGame integration would be the biggest thing that’s ever happened with NFTs — Jalazo.eth (@nft4dummies) June 16, 2023 In a June 16 announcement across…

Binance delists PEPE from its loan product 

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance has announced the delisting of the PEPE meme coin from its Flexible Loan product. The company has advised users to repay all outstanding PEPE loans before June 26 to avoid potential liquidation. Binance, the world’s largest bitcoin (BTC) trading venue and leading blockchain ecosystem, has relinquished support for PEPE as a borrowable asset in its Flexible Loan product. The exchange announced that all outstanding PEPE loan positions of Binance’s Flexible Loan market participants will be…