Day: August 1, 2023

Michael Egorov’s $100 Million Position, A Risk To Curve Finance And DeFi?

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Following the recent exploit of Curve Finance pools, there have been genuine concerns about the stability of the decentralized exchange and the Decentralized Finance (DeFi) ecosystem. A new report has emerged, raising questions about Curve founder Michael Egorov’s $100 million loan positions. These positions have garnered significant interest, as they are backed by about 47% of the entire CRV circulating supply. With the price of CRV dwindling, these debts appear to be at risk of liquidation, putting the Curve protocol, CRV investors, and the overall DeFi space on edge.  A…

Bitcoin Rebounds to $29.2K, Recovering From DeFi Fears; CRV Jumps 5%, XRP Rises

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Ether (ETH), the second largest crypto in market value, was recently changing hands at $1,850, off 0.3% from Tuesday same time. SOL and ADA, the tokens of smart contracts platforms Solana and Cardano, were a few fractions of a percentage point in the red, while Ripple’s XRP was up slightly, despite a court ruling casting doubt on its partial legal win against the Securities and Exchange Commission (SEC) last month. Original

New Exhibit Uses AI to Recreate Allen Ginsberg Poetry

“In celebration of Ginsberg’s avowedly experimental impulses, this collaboration utilizes an AI-powered camera to ‘read’ a selection of Ginsberg photographs on view during the exhibition, translating his iconic vision of American counterculture into poetic responses influenced simultaneously by Ginsberg’s canon, his undeniable presence woven inextricably into the written record of the internet, and parsed by AI,” the gallery writes in its description of the exhibition. Source

GameStop will stop support for its crypto wallets, citing ‘regulatory uncertainty’

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Gaming retail company GameStop has announced it will remove its digital wallets from the market starting in November, citing “regulatory uncertainty of the crypto space.” In a notice posted to its website, GameStop said iOS and Chrome Extension wallets will no longer be available starting on Nov. 1, advising users to ensure they have access to their secret passphrases by Oct. 1. The wallets, launched in May 2022, allow users to manage cryptocurrencies and nonfungible tokens, or NFTs. GameStop notice to users of its crypto wallets. Source: GameStop GameStop, once…

Litecoin Blockchain’s ‘Halving,’ Set for Wednesday, Should Harden Supplies of ‘Digital Silver’

Litecoin, like Bitcoin, uses a “proof-of-work” security mechanism – relying on “miners” who expend computational resources to process transactions and secure the network. During that process, miners win rewards – a combination of variable transaction fees and a predetermined “subsidy” that gets halved approximately every four years. (With Litecoin, they happen every 840,000 transaction blocks, and the average time to generate each block is about 2.5 minutes.) Source

Binance To Enter Japan With A Bang, Will List More Tokens Than Any Local Exchange

According to Japanese-based crypto media outlet Coinpost, Binance will launch in Japan fully this month and intends to list 34 tokens on its exchange. This means the platform will offer more tokens than its local competitors in Japan, with major domestic exchanges Bitbank, GMO Coin, and Coincheck listing 30, 36, and 22 tokens, respectively.  The largest crypto exchange by trading volume intends to list its native BNB token, making this the first time it will be available in the country. Some of the other tokens expected to be listed include…

3AC co-founder rejects jurisdiction of bankruptcy court, claiming he renounced US citizenship

Kyle Davies, the co-founder of bankrupt crypto hedge fund Three Arrows Capital (3AC), has submitted documentation to court claiming he is fully a citizen of Singapore and not the United States. In an Aug. 1 filing with U.S. Bankruptcy Court for the Southern District of New York, Davies provided notarized and Apostilled copies of the form applying for the renunciation of his U.S. citizenship on Dec. 15, 2020. He claimed to have received citizenship to Singapore following the issuance of a passport in January 2021 and was not “subjecting [him]self…

Bitcoin Drops Under $29,000, Here’s Where BTC Could Find Support Next

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Bitcoin has plunged below the $29,000 level during the past day. According to on-chain data, here’s the next level that could act as major support. Bitcoin Short-Term Holder Realized Price May Be The Next Support Level As pointed out by an analyst in a CryptoQuant post, the realized price of the short-term holders at $28,000 could be an essential level for the asset. The “realized price” here refers to the cost basis (that is, the buying price) of the average investor in the Bitcoin market. Whenever the price of the…

Voyager customers targeted by scammers during 30-day withdrawal period: Report

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Scammers set their sights on Voyager Digital customers during the month-long window when they were able to withdraw some portion of their funds from the bankrupt crypto brokerage, Bloomberg reported, citing Darren Azman, a lawyer for the firm. Law enforcement has been notified of the situation, he added. Voyager customers withdrew $490 million between June 23 and July 22. That sum was almost 80% of the amount available, Azman said at a hearing of the Southern District of New York Bankruptcy Court held by telephone. According to Bloomberg, scammers used…