Day: August 1, 2023

FTX Officially Floats Plan to Restart International Crypto Exchange

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FTX filed a series of court documents yesterday (Monday) with the claims of the debtors and also proposed a plan for one class of claimants to relaunch the offshore cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around…

US defense bill may be ‘problematic’ for USDC and stablecoins: Analysts

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Circle’s USD Coin (USDC) and other stablecoins could potentially face a compliance nightmare if a new national defense bill that passed in the United States Senate makes it all the way. In a July 31 investment note seen by Cointelegraph, Berenberg analyst Mark Palmer explained that a recent amendment to the 2024 National Defense Authorization Act (NDAA), could potentially introduce new KYC and anti-money laundering measures that stablecoin issuers will be unable to comply with. “The amendment would require the U.S. Treasury Secretary to ‘establish examination standards for crypto assets’…

How digital coins affect the planet

The growing popularity of cryptocurrencies has led to more people looking into how much energy they use and how they affect the environment. Let’s delve into the environmental impact of well-known coins, looking at the technology behind them and the consequences they have on our planet. Ethereum’s evolution toward sustainability Ethereum has cemented its status as a significant player in the blockchain landscape, facilitating the rise of smart contracts and decentralized applications (dApps). However, its influential position comes with an environmental cost. Ethereum recognized this issue and transitioned from the…

Is SBF secretly behind BALD? Crypto Twitter debates latest conspiracy

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Crypto Twitter has been abuzz with debate after a new conspiracy theory has suggested FTX founder Sam Bankman-Fried may be secretly behind one of the most controversial new memecoins on Base. The BALD memecoin, which draws its namesake from a humorous reference to Coinbase CEO Brian Armstrong, was launched on July 30 and witnessed an incredible 289,000% gain within the first 24 hours of trading. just to catch you up SBF the guy with the fake crypto exchange and responsible for one of the biggest frauds in history may have…

Crypto staking rewards are taxable once received: IRS

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United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority. On July 31, the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14, giving clarification about how income earned from staking digital assets should be treated for taxation purposes. Excerpt from Rev. Rul. 2023-14. Source: irs.gov Gross income includes income realized in any form, whether in money, property, services and now staking rewards. The ruling applies to cash-method taxpayers who receive any crypto…

Defunct Crypto Exchange FTX Plans to Restart Platform for Non-U.S. Customers

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The filing, posted Monday night U.S. time, delineates the claimants into various groups. The first group is claimants of FTX.com offshore exchange, which it calls “dotcom customers”, next is customers of the U.S. exchange (“U.S. customers”), after, customers of its NFT exchange, then general unsecured claims, secured claims, and subordinated claims. Included in general claims are those from Alameda’s lenders or trading partners, while subordinated claims are taxes and fines from penalties. Source

Base’s largest DEX LeetSwap halts trading amid exploit concerns

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Decentralized exchange LeetSwap, which operates on Coinbase’s Base network has announced a sudden pause to trading, citing concerns of a potential exploit. LeetSwap tweeted on Aug. 1 that it noticed some of its liquidity pools may have been compromised and has temporarily able stopped trading to investigate. Algorithmic market maker Wintermute’s research head Igor Igamberdiev was among those sharing theories on how the exploit may have worked, saying the attacker could have used an exposed smart contract function. Related: Pro-XRP lawyer Jeremy Hogan’s scam tweet bonanza finally falls silent The…

Yuga Labs to buy metaverse studio, Etihad NFT staking to take off and more

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Yuga Labs accelerates Otherside plan Nonfungible token (NFT) conglomerate Yuga Labs has agreed to acquire the metaverse-building startup Roar Studios as Yuga looks to bolster its Otherside metaverse. Yuga tweeted the news on July 31 saying the impending acquisition was to “execute our expansive vision” for Otherside. An accompanying release said Roar Studios’ founder and chief Eric Reid will join Yuga as the general manager of Otherside, charged with leading the development and production of the metaverse. We are proud to announce Yuga Labs is acquiring Roar Studios, a music…