Day: September 14, 2023

Friend.tech Records Two New Milestones Amidst Renewed Hype

Friend.tech, a decentralized social network, has witnessed a sharp resurgence barely two weeks after critics pronounced the platform dead. The platform is enjoying renewed user interest, with its total value locked (TVL) surpassing $20 million a few days ago. Thanks to this growing momentum, Friend.tech has seen its trading volume and platform fees rise to new peaks. Friend.tech Continues Resurgence With New Trading Volume Peak Decentralized application (dApp) Friend.tech has witnessed significant activity in the past few days. This has been reflected in the social media platform’s daily active users,…

Two more top executives depart Binance.US amid layoffs, SEC action: Report

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Two more top executives are leaving Binance.US, one day after the departure of CEO Brian Shroder and the layoff of a third of its staff, The Wall Street Journal reported. Binance.US is the United States offshoot of the international cryptocurrency exchange. Head of legal Krishna Juvvadi and chief risk officer Sidney Majalya were said to be leaving. Juvvadi was hired in May 2022, coming from Uber, where he was global head of compliance. Majalya joined the company in December 2021 after being Intel’s chief compliance officer. Before Intel, he, too,…

Bitcoin clean energy usage reportedly exceeds 50% — Will Tesla start accepting BTC payments?

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Elon Musk said in 2021 that Tesla would accept Bitcoin payments once miners were using roughly 50% clean energy sources “with positive future trend” — a benchmark that may have recently been met. In a Sept. 14 thread on X (formerly Twitter), Bloomberg analyst Jamie Coutts reported the percentage of Bitcoin (BTC) mining energy coming from renewable sources had exceeded 50% with “falling emissions plus a dramatically rising hash rate.” According to Coutts, the push toward renewable energy sources was the result of miners dispersing from China in the wake of…

R3 downsizing, lays off 20% of staff citing economic challenges

New York’s blockchain company, R3, has reduced its workforce by over 20% as a cost-saving measure due to lower-than-expected adoption rates in the financial sector. Bloomberg reported that while R3 have seen potential with central banks, other projects didn’t perform as expected, affecting their revenue. In a world of uncertainties, R3’s layoffs showcase the tough terrain startups navigate. How has your own startup adjusted to stretch its financial runway? — INSIDE.COM (@inside) September 14, 2023 Although exact numbers were not provided, anonymous sources indicate that this downsizing will impact multiple…

Legal And Risk Executives Abandon Ship

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In recent developments, Binance.US, the American affiliate of cryptocurrency giant Binance, is engulfed in a storm of legal challenges and a wave of executive departures.  Binance.US Rocked By Legal Woes And Executive Exodus As regulatory scrutiny intensifies, key risk and legal executives have chosen to part ways with the company, adding to the growing list of personnel changes within its ranks. Following this trend, according to a Wall Street Journal report, Krishna Juvvadi, the head of legal, and Sidney Majalya, the chief risk officer, have also decided to leave Binance.US. …

Crypto market outflows reached $55B in August as liquidity dwindled — Bitfinex

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Capital outflows in the crypto industry reached $55 billion in August, according to a report released by crypto exchange Bitfinex.  The analysis is based on the aggregate realized value metric, which measures the realized capital of Bitcoin (BTC) and Ether (ETH) with the combined supply from the top five stablecoins Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). “A deep dive into the data reveals a prevailing trend: by early August, the industry had begun to experience capital outflows,” notes the report. According to this…

Remitano exchange allegedly hacked for $2.7M; $1.4M frozen by Tether

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Crypto exchange Remitano experienced large withdrawals under suspicious circumstances on September 14, with some blockchain analysts concluding that it may have been hacked. A total of $2.7 million worth of crypto has been withdrawn through the suspicious transactions. Tether has frozen one address the attacker allegedly used, potentially saving $1.4 million worth of customers’ crypto. At approximately 12:45 p.m. on September 14, a known Remitano hot wallet began sending funds to an address with no prior history. Approximately $1.4 million worth of Tether (USDT), $208,000 worth of USD Coin (USDC)…

Animoca Brands subsidiary to launch a metaverse token on Bitcoin

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Darewise Entertainment, a subsidiary of Animoca Brands, is partnering with Horizen Labs to develop the first metaverse token on Bitcoin. Horizen Labs, a blockchain firm, will guide on token development and provide consulting services. This deal aims to roll out the first-ever metaverse token designed on the Bitcoin(BTC) network. Both firms are respected entities in the web3 and gaming arenas, and their alliance aims to challenge Ethereum’s(ETH) dominance in the space. “The potential for Bitcoin to become more than just a store of value is immense. To achieve that potential,…

Bitcoin’s cycles are changing — Bloomberg analyst Jamie Coutts explains how and why

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In the latest episode of Cointelegraph’s Market Talks, host Ray Salmond speaks with Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence.  When asked whether Bitcoin’s (BTC) pre- and post-halving price action could differ from previous cycles due to a change in global monetary policy, Coutts said:  “I’ve been writing about this for most of the year. We do have some strong fundamentals in the space, but ultimately, what drives risk assets is liquidity. The longer that we have this tightening cycle, and if we start…