Month: July 2023

BIS develops framework against CBDC cyberattacks

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On July 7, the Bank for International Settlements (BIS), a financial institution owned by constituent central banks, published a framework for defending central bank digital currencies (CBDCs) against cybersecurity threats. The BIS wrote: “Recent examples of smart contract hacks, which have led to the loss of a significant amount of value in DeFi, serve as an example of the potential security risks CBDC systems could face.” In its report, the BIS said security frameworks should safeguard the confidentiality, integrity, and availability of CBDC transactions. By design, CBDCs must be able…

President will step down and chief legal officer will become CEO

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Ryan Wyatt will be stepping down as president of Polygon Labs and moving into an advisory role after more than a year at the firm. In a July 7 announcement, Wyatt said he planned to leave Polygon at the end of July but would be staying in the crypto space by continuing to advise the firm. Polygon chief legal officer Marc Boiron — also the former chief legal officer of dYdX — will be stepping up as the company’s new CEO. Proud to start as CEO role at @0xPolygonLabs, reporting…

Price analysis 7/7: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT

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Bitcoin and select altcoins are finding buyers at lower levels, indicating a pick-up in positive sentiment. Bitcoin is still struggling to stay above $31,000. While a tight consolidation near the overhead resistance is a positive sign, the failure to rise above it may result in short-term liquidations. However, a shallow pullback should not be considered a trend change because, many times, the bulls take a step back to regroup and launch another attack at the resistance. If the barrier is overcome, the positive momentum picks up. Binance CEO Changpeng “CZ” Zhao…

How Argentina’s inflation is helping altcoins and the crypto market

On today’s Macro Markets show, veteran stock market and Cryptox analyst Marcel Pechman starts by analyzing Argentina’s 150% inflation, which proves that people continue to work and consume (somehow) even if their local currency loses its value. What is the lesson here? For starters, everyone wants free money. That explains why altcoins and airdrops continue to attract attention, regardless of whether the majority of investors end up being unprofitable. You might think that those investors would quickly learn their lesson, but in reality, quite the opposite occurs. All it takes…

US-Based Crypto Exchange Gemini Sues Genesis Parent Company DCG Over Gemini Earn Dispute

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Crypto exchange Gemini is suing the parent company of bankrupt crypto broker Genesis over the Gemini Earn program, claiming that top executives of the lender mislead creditors. According to a new report from Reuters, the US-based exchange is suing Digital Currency Group (DCG). Additionally, in a lengthy thread, Gemini co-founder Cameron Winklevoss says that the crypto exchange has filed a lawsuit against DCG and its chief executive, Barry Silbert, for allegedly personally masterminding a fraud scheme against creditors. According to Winklevoss, after Gemini decided to end the Earn program, Silbert…

ETF approval may boost Bitcoin’s liquidity, but it won’t be a game changer — JPMorgan

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A possible approval of a spot Bitcoin exchange-traded fund (ETF) won’t be a game changer for crypto markets, although it might benefit the leading cryptocurrency, according to a report by JPMorgan managing director Nikolaos Panigirtzoglou. Based in London, Panigirtzoglou is part of JPMorgan’s global market strategy team. He believes that a Bitcoin ETF in the United States would have a similar impact on markets to those seen in Canada in Europe, where spot Bitcoin ETFs have been around for some time. According to the report seen by Bloomberg, Bitcoin ETFs…

3AC Liquidator May Try to Claw Back About $1.2B From Digital Currency Group, BlockFi

A confidential July 7 report from Teneo, the liquidator, that CoinDesk reviewed referred to more than $1 billion of “prospective claims” against DCG and its Genesis lending subsidiary consisting of “both preference claims and claims which have resulted from issues around the perfection of loan and security documentation.” It also noted more than $220 million of “preferential payments” to BlockFi. Source

Binance and BNB Feel Strain of World’s Regulators Leaping Into Action

“If the allegations against Binance are true, they implicate very serious criminal and civil misconduct, including national-security related issues,” said Alex Zerden, a former U.S. Treasury Department official who is founder and CEO of advisory firm Capitol Peak Strategies. “And given the exchange’s global footprint, the investigation into Binance and these allegations would likely span multiple jurisdictions and require sustained cooperation among multiple jurisdictions.” Source

Sega Suspends Blockchain Gaming Initiatives, Game Over?

Japanese video game powerhouse Sega plans to withhold its biggest game franchises from third-party blockchain projects, as it cools interests in blockchain gaming, a Bloomberg report has revealed. This move comes after the underwhelming performance of non-fungible tokens (NFTs) and the waning excitement around blockchain-based games in recent months. Sega Rolls Back Blockchain Gaming Plans, COO Questions Technology  In an interview with Bloomberg, Sega’s co-Chief Operating Officer Shuji Utsumi revealed that the company would not be pursuing its blockchain gaming plans, at least for now. Healso mentioned that the firm…