Genesis Global Capital, a subsidiary of Digital Currency Group, filed in court for DCG to repay outstanding loans in excess of $600 million on Wednesday. Source
Genesis Global Capital Files for Over $600M in Unpaid DCG Loans: Court Docs
Day: September 6, 2023
Bitcoin (BTC) and Other Crypto Assets Should Be Marked at Current Values, Says FASB
The FASB, which is a nongovernmental standard-setting board overseen by the U.S. Securities and Exchange Commission (SEC), had proposed the rule in March. The suggested changes departed from the usual practice of marking these assets for their unrealized losses – seen by the industry as a barrier to wider crypto adoption. Specifically moving crypto into the accounting rules means companies will make gains and losses a part of their quarterly income reports. Original
Cathy Wood's ARK Invest Files for First Spot Ether ETF
The Ark 21Shares Ethereum ETF is the first attempt to list such a fund in the U.S. that directly invests in ETH, the second largest cryptocurrency by market capitalization. Source
Financial privacy and regulation can co-exist with ZK proofs — Vitalik Buterin
Ethereum co-founder Vitalik Buterin has published a research paper diving into privacy pool systems as a tool to achieve more privacy in financial transactions, allowing users to prove dissociation from illicit funds through zero-knowledge-proof technology. The document initially discusses one of the most popular privacy-enhancing protocols, Tornado Cash, which allows users to deposit and withdraw cryptocurrencies without creating an identifiable link between the two addresses. Recently, United States authorities filed criminal charges against its founders, alleging extensive use by bad actors. “The critical issue with Tornado Cash was essentially that legitimate users…
HashKey signs MOU for crypto exchange insurance
Users of Hashkey Exchange Hong Kong will soon be able to receive insurance protection on digital assets custodied on the platform. According to local news reports on Sept. 6, Hashkey has signed a memorandum of understanding with fintech firm OneDegree for insurance coverage on exchange wallets. The insurance policy will apply to both hot wallets and cold storage addresses. Xiaoqi Weng, COO of Hashkey, said the firm seeks to “improve the financial, technical and service infrastructure to provide customers with more comprehensive protection” and expand its contribution to Hong Kong’s…
Ethereum Learns of Potential Defector as ‘Supreme Court’ Mooted
BASE’S NEW FANBASE: Just as the Friend.tech fad faded, sapping some of the post-launch adoration of Coinbase’s new Base layer-2 blockchain (as chronicled in last week’s The Protocol), there’s a new kid in town: Aerodrome Finance. The platform, which markets itself as the Base ecosystem’s “premiere liquidity engine and hub,” has quickly attracted more than $170 million of TVL or “total value locked,” helping to push the overall TVL of protocols on Base to more than $400 million. The secret? According to the newsletter Wu Blockchain, the project’s “native token,…
Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding?
CryptoX – Cryptocurrency Analysis and News Portal After bankruptcies tore apart the crypto lending, the industry is attempting to rebuild in a sustainable and accountable manner. Original Source The post Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding? appeared first on CryptoX. CryptoX Portal
PERP Spikes 90%, Perpetual Protocol Foundation Sends Tokens To Binance: Is This Good
PERP, the native token of Perpetual Protocol, is one of the top-performing assets, looking at price action in the past 48 hours. As of September 6, the token is changing hands at $0.78, adding roughly 90% from August 2023 highs. Amid this stellar performance, reports reveal that the Perpetual Protocol Foundation has transferred 903,000 PERP worth approximately $691,000 to Binance, the world’s largest cryptocurrency exchange by trading volumes and client count. PERP transfers to Binance: Etherscan PERP Ripping Higher After Dumping In Q2 2023 According to Lookonchain, a blockchain analytic platform, the wallet…
Base’s ‘Onchain Summer’ saw over 700K NFTs minted from 268K users in August
Base network’s “Onchain Summer” promotion in August resulted in over 700,000 non-fungible tokens (NFTs) minted by over 268,000 unique wallets, according to a Sept. 6 announcement from the team. Coinbase launched Base, its Ethereum layer-2, on Aug. 9. To spur adoption, the network’s team implemented a month-long launch event. It partnered with over 50 companies, artists, and creators to release new digital art NFTs exclusively on Base. Each art set was released on a different date, requiring users to return to the network repeatedly to collect every piece. Over the…
Bitcoin Alternative ‘Bitcoin BSC’ Launches Presale on Binance Smart Chain With High APY Staking
Aiming to offer a Bitcoin alternative to investors during the bear market, Bitcoin BSC token is off to an explosive start in its presale, having already raised close to $50,000 in just 24 hours. Investors have been dissatisfied with Bitcoin’s performance in recent weeks as the largest cryptocurrency is down 11% over the past month. On the other hand, Bitcoin clones like BTC20 and BTC 2.0 have outperformed the bearish crypto market and have shown remarkable bullish strength. Bitcoin BSC is another such token that is generating tremendous enthusiasm amongst…