Day: December 12, 2023

Avalanche (AVAX) posts triple-digit monthly gain as TVL surge points to user growth

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AVAX, the native token of the Avalanche ecosystem has surprised the market, posting double-digit gains amid a drawback in the wider crypto space. AVAX token smashed through the $40 barrier on Dec.12 to reach an intra-day high of $43. At the time of publication, the layer 1 token trades at $38, up 12% over the last 24 hours and 123% over the last 30 days. AVAXโ€™s market cap soars 341% in two months The latest rally has seen Avalancheโ€™s total market value grow more from $3.25 billion when the recovery…

Former US President Donald Trump launches โ€˜MugShotโ€™-themed NFT drop

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Former United States President Donald Trump is launching a third nonfungible token (NFT) drop, dubbed โ€œMugShot,โ€ centered around the theme of his ongoing criminal indictments. According to the Dec. 12ย announcement, the trading cards are purchasable via either credit card or Wrapped Ether (wETH) and are not transferrable until Dec. 31, 2024. Users will need to provide Know Your Customer (KYC) information to purchase the NFTs, even if they choose to pay with crypto. In explaining the rationale behind the collection, the collectionโ€˜s website reads: โ€œOn Thursday, August 24, 2023, President…

IRS lists 4 crypto crimes among its top cases in 2023

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The criminal investigation unit of the United States Internal Revenue Service (IRS) has listed four crypto-related cases among the top ten of its โ€œmost prominent and high-profile investigationsโ€ in 2023. In a Dec. 11 notice, the IRS unit said there were four significant cases in 2023 involving the seizure of cryptocurrency, fraudulent practices, money laundering and other schemes. Coming in at its third most high-profile investigation in the past year was OneCoin co-founder Karl Sebastian Greenwood, who was sentenced to 20 years in prison in September for his role in…

Warrenโ€™s Crypto Bill Is Likely Unconstitutional. Itโ€™s Also Unlikely to Pass

This is, in the grand scheme of things, exactly how Warrenโ€™s AML operates. Warrenโ€™s proposal is written in such a way to increase reporting requirements for nearly every corner of crypto. This includes anything from centralized exchanges, where filing โ€œsuspicious activity reportsโ€ (SARs) might make sense, and for parts and players in blockchain where the concept of collecting information on users is โ€ฆ asinine, like node operators and software developers. Source

Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

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Coinbase, the biggest crypto exchange in the US, is listing a new altcoin project built on its proprietary Ethereum (ETH) layer-2. In a new announcement made through the Coinbase Assets account on the social media platform X, Coinbase announces they are listing Seamless (SEAM). According to the Seamless website, the crypto project is the first โ€œnative, decentralized, non-custodial lending and borrowing protocolโ€ built on the Coinbase-backedย layer-2 scaling solution Base. Project incubator Coinbase says Base is designed to offer a safe, low-cost, developer-friendly way to build on-chain. The layer-2 network is…

Bitcoin Rushes To Exchanges, But This Sign Remains Positive For The Bulls

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On-chain data shows an increasing trend of Bitcoin moving to exchanges, a typical bearish sign, but another signal still remains optimistic for the bulls. Bitcoin Exchange Inflows Are Up, But So Are USDT Deposits According to data from the on-chain analytics firm Santiment, BTC has been flowing into exchanges recently. The relevant indicator here is the โ€œsupply on exchanges,โ€ which keeps track of the percentage of a cryptocurrencyโ€™s total circulating supply thatโ€™s currently sitting in the wallets of all centralized exchanges. When the value of this metric goes up, it…

S&P Global launches stablecoin ratings, ranks GUSD, USDP, USDC highest

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S&P Global has launched a stablecoin stability assessment. In its initial ratings of the eight stablecoins, none were given the top mark, but two received the lowest, based on their ability to maintain their fiat pegs. According to a statement, to establish its ratings, S&P Global first examines asset quality risks, then factors mitigating the risks, and then considers governance, legal and regulatory framework, redeemability and liquidity, technology and third-party dependencies, and track record. Factors additional to asset quality for S&P Global stablecoin assessment. Source: S&P Global S&P Global, formerly…

SEC met with Franklin Templeton over spot Bitcoin ETF

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Discussions between the SEC and Franklin Templeton emerged as crypto proponents stayed bullish on spot Bitcoin ETFs amid market dips. The $1.5 trillion asset manager reportedly met with the U.S. Securities and Exchange (SEC) on Dec. 8 for further discourse on the firmโ€™s bid for a spot Bitcoin ETF, a product many potential issuers hope to bring to Americaโ€™s market. JUST IN: ๐Ÿ‡บ๐Ÿ‡ธ SEC held a meeting with $1.5 trillion Franklin Templeton about its spot #Bitcoin ETF ๐Ÿ‘€ โ€” Bitcoin Magazine (@BitcoinMagazine) December 12, 2023 The details of the meeting…

Two individuals indicted for $25M AI crypto trading scam: DOJ

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The United States Department of Justice (DOJ) has indicted two individuals for allegedly operating a $25-million artificial intelligence (AI) crypto-trading Ponzi scheme. According to the Dec. 12 announcement, Australian national David Gilbert Saffron and Los Angeles resident Vincent Anthony Mazzotta Jr. are accused of operating trading programs that โ€œfalsely promised to employ an artificial intelligence automated trading bot to trade victimsโ€™ investments in cryptocurrency markets and earn high-yield profits.โ€ After receiving usersโ€™ deposits, however, the two individuals allegedly spent the money on โ€œprivate chartered jet flights, luxury hotel accommodations, private…