Day: October 11, 2023

Centralized crypto platforms forced to freeze Arab countries’ funds

As the conflict between Israel and Hamas escalates, the former CEO of Paxful calls on users to stay away from centralized crypto platforms. Ray Youssef, former CEO of Paxful, a peer-to-peer crypto platform, took to X to alarm users about the growing risks of being blocked on centralized exchanges. The regulators worldwide have increased their efforts to track and seize crypto sent to Hamas, a terrorist group supported by a robust sociopolitical structure inside the Palestinian territories. Attention everyone in the middle east. ALL exchanges are now being pressured to…

Crypto Analyst Puts Litecoin Price At $84, Here’s The Timeline

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Since its third halving event was successfully completed in early August, the Litecoin price has fallen off the radar of crypto investors. This was mainly due to the price decline that LTC experienced after heavy profit-taking from investors who had invested leading up to the price surge triggered by the expectations around the halving. But it seems the tides are finally turning for the coin as one analyst predicts a more than 30% increase in price going forward. Litecoin Price Shooting For The Stars The current crypto market headwinds seem…

Binance Launches Self-Trade Prevention Feature for Spot and Margin Trading

It’s important to note that Binance strictly prohibits intentional self-trading on the platform, categorizing it as a form of market manipulation. Leading global cryptocurrency exchange Binance is set to roll out its self-trade prevention (STP) feature to help users reduce unnecessary self-executed orders and related transaction fees. The exchange said the tool primarily caters to application programming interface (API) traders who use automated trading programs with its trading engine. According to an official announcement on October 11, this new functionality will be available to all users engaged in spot and…

WOO Network Repurchases from Bankrupt Hedge Fund 3AC to ‘Clear the Uncertainty’

WOO co-founder Jack Tan said the repurchase allows the company to move on “without further distractions from the 3AC fallout”. WOO Network has announced its decision to repurchase shares and tokens it sold to defunct Singaporean hedge fund Three Arrows Capital (3AC) back in 2021. The Taiwan-based trading platform and liquidity provider said in a press release that it has reached an agreement with Teneo, 3AC’s liquidator. The press release states that WOO has agreed to cancel the shares 3AC bought during a Series A funding round. It will also…

JPMorgan Goes Live with Its Blockchain-Based Collateral Settlement

The move signals a major stride on the part of JPMorgan as it intensifies its efforts towards boosting the commercial applications of blockchain technology. United States’ largest bank by assets, JPMorgan Chase & Co may have started using its blockchain-based collateral settlement for customers. This follows after a recent transaction between BlackRock Inc and Barclays Plc saw the duo use JPMorgan’s Tokenized Collateral Network (TCN) to effect the trade. According to Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, BlackRock had used TCN to turn some shares into digital…

Bitfinex Parent Firm Announces $150M Share Buyback to Protect Hack Vitcims

The proposal outlines a deal that encompasses roughly 9% of iFinex’s outstanding capital and assigns a value of $1.7 billion to the company. As per the latest report, the parent firm of the Bitfinex exchange – iFinex Inc – has started exploring a $150 million share buyback, as per the letter written to shareholders on September 22. The directors of iFinex have proposed an offer of $10 per share for 15 million shares. The document notes that a group of directors within iFinex and its subsidiaries are eligible to participate…

JPMorgan debuts tokenization platform, BlackRock among key clients: Report

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American banking giant JPMorgan debuted its in-house blockchain-based tokenization application, the Tokenized Collateral Network (TCN), on Oct. 11, according to Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as…

Samsung’s Q3 2023 Operating Profit Drops 78% amid Memory Chip Slump

To enhance profitability and mitigate the impact of cyclical downturns, Samsung is focusing on advanced memory chips, particularly high bandwidth memory chips that are crucial for AI servers and processors.  Samsung Electronics, the South Korean tech giant, released its preliminary earnings guidance for the third quarter (Q3 2023), indicating a notable 77.9% drop in operating profit compared to last year. According to the company, the decrease in profitability is primarily attributed to the lingering effects of a prolonged slump in memory chip prices, which have posed challenges for the semiconductor…