CryptoX – Cryptocurrency Analysis and News Portal Coinbase’s Layer 2 blockchain has another problem on its hands. Source The post LeetSwap Halts Trading After $630K Drained From Liquidity Pairs appeared first on CryptoX. CryptoX Portal
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…
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…
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
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 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…
Shanghai’s government unveiled an implementation plan on July 31 aimed at propelling the growth of its urban blockchain digital infrastructure system from 2023 to 2025. The plan is designed to drive the city’s digital transformation and bolster blockchain adoption in various sectors, including the economy, public services, and urban governance. On-chain and cross-chain development In the website update, authorities share they plan to accelerate the construction of Pujiang digital chain’s urban blockchain digital infrastructure system, having it in full operation by 2025. By design, the system will offer rapid on-chain and…
Binance CEO Changpeng ‘CZ’ Zhao is looking to bring smaller algorithmic stablecoins to the market, in a bid to offer investors options other than the current global stablecoin giants. Speaking in a July 31, ask me anything (AMA) session on Twitter, CZ cited risks associated with large stablecoins such as Tether (USDT) and Binance USD (BUSD), saying that while Tether is by far the largest stablecoin by market cap, he remains cautious of the asset due to its lack of transparency: “I personally have not seen any audit reports of…
Agent GPT is an innovative autonomous AI Agent platform that empowers users to create and deploy customizable autonomous AI agents directly on the web. This comprehensive overview explores the features, functionalities, use cases, and future prospects of Agent GPT. Introduction Agent GPT is an open-source project that allows users to create autonomous AI agents built on GPT-4. These agents can act autonomously, write their own code, and perform various tasks on the internet. The platform is gaining popularity for its user-friendly interface, customization options, and potential applications ranging from chatbots…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Coinbase has retracted its earlier statement that the US SEC had requested it to suspend all trading except for Bitcoin. Coinbase’s CEO Brian Armstrong previously said that the U.S. Securities and Exchange Commission had requested it to suspend all trading activities except for Bitcoin (BTC) in an interview with the Financial Times. The CEO’s announcement generated widespread discourse across various platforms, triggering crucial conversations about crypto regulation and its impacts on market dynamics. Armstrong expressed his…