Day: August 21, 2023

Gemini Hits Back At SEC Lawsuit With Dismissal Filing

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Gemini, an American cryptocurrency exchange, has taken a stand against the United States Securities and Exchange Commission (SEC), deeming the lawsuit brought forth by the regulator as “absurd.” Gemini Pushes Back Against SEC Lawsuit In the ongoing legal battle between Gemini Exchange and the US SEC, co-founders Cameron Winklevoss and Tyler Winklevoss have contested the validity of the SEC’s case by submitting a comprehensive brief to oppose the SEC’s claims on the Gemini Earn program.  In the filing, Gemini stated that the SEC had failed to establish a clear definition…

Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program

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Crypto exchange Gemini is calling out the U.S. Securities and Exchange Commission (SEC) in its lawsuit over the platform’s Earn program. In a lengthy post, Gemini lawyer Jack Baughman says that the SEC’s lawsuit targeting the protocol’s Earn program, which allowed customers to loan their digital assets to crypto firm Genesis as a means of earning interest, is “absurd” and contradictory. “The SEC is floundering. They can’t even decide what the security is. On the one hand, they claim that the loan agreement was a security. On the other hand,…

Friend.tech targeted by phishing scam as its volumes grow

On-chain threat monitoring system AegisWeb3 has issued a warning on X, alerting the community against phishing attacks imitating Friend.tech. According to AegisWeb3, a phony X account called @friendtech_web3 recently announced an airdrop for the Friend token and directed users to a fraudulent website. The bogus tweet has received much attention, with over 674,000 views thus far. Aegis’ warning comes on the heels of another scam update from Certik, a platform known for sending real-time tips about crypto scams and hacks. #CertiKSkynetAlert 🚨 We have detected a large liquidity removal on…

Dogecoin Proof Of Stake Discussion Heats Up As Lead Dev Chimes In

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Dogecoin Lead Developer, Mishaboar has expressed his doubts about a possible move to a Proof of Stake (PoS) blockchain consensus. The developer has stated that the transition to a POS mechanism is not a “sensible approach” and has highlighted several issues that could develop from the change. Mishaboar Objects To PoS Transition Mishaboar took to social media on August 20, to express his concerns about the potential impacts a PoS transformation could have on Dogecoin’s network and decentralized nature. In a recent Twitter post, he staunchly refuted the transition and…

Coinbase sees lukewarm demand for debt buyback, raises offer

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Crypto exchange Coinbase has raised the offer on its $150 million debt buyback program after lukewarm demand. In an Aug. 21 announcement, Coinbase revealed that since the buyback program went into effect earlier this month, investors have tendered just over $50 million of bonds compared to a target of $150 million. Accordingly, the exchange raised its offer on 3.625% Senior Notes due 2031 from 64.5 cents on the dollar to 67.5 cents on the dollar. Coinbase wrote:  “Holders of Notes (“Holders”) who validly tendered and did not validly withdraw their…

Why the choice of the blockchain matters for NFT collections

One of the fundamentals of launching an NFT collection is choosing where you’ll mint it to reach the moon. If everyone is choosing the Ethereum and Solana blockchain to mint their collection, does it mean it’s good for your collection too? Sometimes, less saturated blockchains like Ripple, Tezos and Polygon can turn out to be a blue ocean for your collections.  I’ve sold a client’s collection on Ripple. There are many other examples of brands that made their grand foray into less saturated chains. For example, McLaren did two successful…

Social Platform Friend.tech Gains 100K Users in Days Even in Depths of a Bear Market

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Binance Coin Drops Below $210, BNB Bridge Hacker In Trouble

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In a complex tangle of smart contracts, governance proposals, and fluctuating crypto prices, the financial health rate of the infamous Binance BNB Bridge exploiter address (0x48…9bec) has fallen below the critical value of 1, hovering at 0.99. This development is of particular interest, given that the address holds a significant collateral of 784,616.10 BNB and a debt position in the form of USDT and USDC totaling $124 million. The plummeting health rate comes amidst the fall of Binance Coin (BNB) to $207.9, well below the pre-determined liquidation price of $210.80,…

Viral App Friend.Tech Usage, Revenue Surges

A slew of personalities outside of crypto circles on X joined Friend.tech. Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform late Sunday and saw his share prices quickly become among the most expensive. Elsewhere, NBA player Grayson Allen saw shares surge quickly in mere hours after joining. Source

Binance limits withdrawals in Europe, cites payment processor issues

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Binance cryptocurrency exchange customers are allegedly facing troubles with fiat withdrawals in Europe due to issues related to the Single Euro Payments Area (SEPA) transfers. The exchange has allegedly suspended euro withdrawals and deposits via SEPA, Binance’s customer support wrote in a now-deleted message on X (formerly Twitter) on Aug. 20. In the now-deleted message, the cryptocurrency exchange said it doesn’t have a specific time frame for restoring SEPA transfers, adding that its payment provider “can no longer support these transactions.” “We understand the inconvenience this has caused, and we’re actively…