Day: July 5, 2023

Crypto developer commits $2M rug pull fraud to fuel gambling addiction

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According to a Reddit post, a developer has posted an unusual farewell note, apologizing and blaming his online gambling woes after leaving a project in shambles, turning a $2 million valuation into $20,000 within minutes. Several investors in the Encryption AI project have reported that its developer performed a rug pull during a liquidity migration event. As a result, the project’s token, 0XENCRYPT, went from trading at around $2.05 to an all-time low of $0.02. Token data aggregator CoinGecko recorded the massive price drop around July 2. Seven-day price chart for Encryption…

Bitcoin traders hope to ‘buy the dip’ as BTC price heads toward $30K

Bitcoin (BTC) headed lower into the July 5 Wall Street open as a risk-off mood entered United States equities. BTC/USD 1-day chart. Source: TradingView BTC price begins hitting dip-buying targets Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tapping multi-day lows of $30,280 on Bitstamp. BTC price action continued a sideways trading pattern within a larger range in place practically since mid-June. With no discernible progress toward breaking topside resistance, Bitcoin traders hoped that a sweep of the lows would provide the fuel bulls needed. Reached for #Bitcoin. pic.twitter.com/ePhBZET0TW…

Pendle Finance Expands to BNB Chain

Pendle offers users yields in the form of tradable digital tokens, with some strategies offering as much as 82% annualized yields on ether (ETH) and ether derivative tokens. These have a maturity period that ends in late 2023 or early 2024. LSDs are tokens created by DeFi protocols, such as Lido, to reward users who stake ETH on their platform. Source

How blockchain technology and DeFi could help solve the housing crisis

The prices of houses are sky-high all around the world, and homebuyers are feeling the pain. While affording a home has never been more difficult for many people, the ability to raise funds to construct new homes has never been easier, thanks to decentralized finance (DeFi). The newly launched Home Construction Collective is attempting to leverage blockchain’s coordination and fundraising potential in an effort to fund the construction of, and therefore increase the supply of, affordable homes. On Episode 14 of The Agenda podcast, hosts Jonathan DeYoung and Ray Salmond…

Denmark orders Saxo Bank to erase cryptocurrency holdings

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Financial regulators in Denmark are coming after cryptocurrency service providers, declaring that local banks are not allowed to hold cryptocurrency to hedge against trading risks. On July 4, the Danish Financial Supervisory Authority (DFSA) officially ordered the local investment bank Saxo bank to dispose of its own holdings in crypto. The regulator said that Saxo Bank’s crypto activity “lies outside of the legal business area of financial institutions,” citing section 24 of the Denmark’s Financial Business Act. According to the DFSA, Saxo Bank offers its customers the opportunity to trade…

Bitcoin’s BRC-69 standard eliminates data limit for Ordinals

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin Ordinals, often called bitcoin’s (BTC) version of NFTs, are experiencing a significant surge as a new token standard, BRC-69, was launched on July 3. The latest standard brings an innovative solution to reduce the time and cost of making inscriptions on the bitcoin blockchain. Until now, Ordinals had a 4-megabyte limit on what could be inscribed on bitcoin. However, the introduction of BRC-69 aims to overcome this limitation through a mechanism called “recursive inscriptions.” This…

US reportedly plans to restrict China’s access to cloud computing services

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Officials in the United States are considering restricting China’s access to cloud computing services in an effort to safeguard the country’s advanced technology, according to a report in the Wall Street Journal.  According to the report, the Biden Administration proposed adding controls to the amount of access China companies will have to U.S.-based cloud computing services such as Amazon Web Services (AWS) and Microsoft.  Providers, including those mentioned above, would need government approval prior to providing services that use powerful artificial intelligence (AI) chips to Chinese clients, the WSJ said, citing sources…

UAE free zone teams up with HBAR Foundation to support Web3 startups

RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates (UAE) dedicated to crypto companies, has signed a memorandum of understanding (MOU) with the HBAR Foundation to support its ecosystem members through a grant program and by providing assistance in leveraging the Hedera blockchain.  In an announcement sent to Cointelegraph, His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the chairman of RAK DAO, said that the collaboration with HBAR Foundation will drive sustainable growth for the ecosystem and will shape a future where the UAE…

Binance ceases support for deposits and withdrawals of suspended Multichain-bridged tokens

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Binance cryptocurrency exchange has announced it is ceasing its support of deposit and withdrawal services for a range of Multichain-bridged tokens, effective from July 7, 2023.  Binance has officially stated in its blog that the tokens impacted by the decision are Polkastarter (POLS) via BNB Smart Chain, Alchemy Pay (ACH) via BNB Smart Chain, Beefy.Finance (BIFI) via Fantom Network, SuperVerse (SUPER) via BNB Smart Chain, Travala (AVA) via Ethereum Network, Spell Token (SPELL) via Avalanche C-Chain, Alpaca Finance (ALPACA) via Fantom Network and Harvest Finance (FARM) via BNB Smart Chain.…