Crypto
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Opinion: The Inter-Blockchain Communication Protocol will end ecosystem maximalism
When I entered crypto, I succumbed to the contest between blockchain ecosystems, believing one had to be “better” than others. I have since realized the future of cryptocurrency is bringing with it a variety of platforms that will excel at different things. With the Inter-Blockchain Communication Protocol (IBC), I’ve left behind the days of thinking chains have to compete and embrace a connected interchain future. Let me explain. Solana, Polkadot, etc. — what do they have in common? They are individual state machines, each trying to achieve something only one has done before: create a sustainable, robust ecosystem of developers, investors and, most importantly, users. So far, Ethereum shows no signs of slowing. Since beginning the summer of 2020 with an 8% share of the total crypto market,...
Alameda wallet under liquidator control incurred $11.5M in losses: Arkham
The liquidators of Alameda Research have reportedly incurred at least $11.5 million in losses since taking control of Alameda’s trading accounts. On Jan. 16, a Twitter thread from Arkham Intelligence reported that one wallet under the control of liquidators has seen a string of “significant losses” due to liquidations, some of which were “preventable losses.” Over the past two weeks being under Liquidator control, the account incurred significant losses: Largest single liquidation: $4.85MTotal liquidated amount: $11.5MPreventable losses: $4M+ — Arkham (@ArkhamIntel) January 16, 2023 As one example, Arkham noted that the account ending 0x997 initially had a short position of 9,000 Ether (ETH) ($10.8 million) against the collateral of $20 million in USD Coin (US...
Binance to let institutions store crypto with cold custody
Amid the centralized cryptocurrency exchanges (CEX) crisis, crypto exchange Binance is moving to improve its institutional trading services with cold-custody opportunities. On Jan. 16, Binance announced the official launch of Binance Mirror, an off-exchange settlement solution that enables institutional investors to invest and trade using cold custody. The newly launched Mirror service is based on Binance Custody, a regulated institutional digital asset custodian, and involves mirroring cold-storage assets through 1:1 collateral held on a Binance account. Binance emphasized that the new solution enables more security, allowing traders to access the exchange ecosystem without having to post collateral directly on the platform, stating: “Their assets remain secure in their seg...
Bitcoin price breakout or bull trap? 5K Twitter users weigh in
Bitcoin (BTC) is trading at its highest levels in over two months, but the phrase on every trader’s lips is “bull trap.” After delivering 25% returns in a single week, BTC/USD remains under suspicion among Bitcoin bear market survivors. Bitcoin bull trap fails to convince It has been called the “biggest bull trap” ever seen, and despite holding above $20,000, BTC price action is fooling no one. This week, with Wall Street closed until Jan. 17, out-of-hours trading continues to support higher levels, but faith in these staying around for long is hard to find. For those who observed drop after drop throughout 2022, culminating in the FTX scandal, it appears simply too good to be true that Bitcoin will now flip bullish. That is the current result of Cointelegraph’s dedicated Twitter sur...
3AC, Coinflex founders collaborating to raise $25M for new claims trading exchange
Founders of collapsed crypto hedge fund Three Arrows Capital (3AC) Su Zhu and Kyle Davies are reportedly trying to raise money for a new cryptocurrency exchange in partnership with Coinflex cofounders Mark Lamb and Sudhu Arumugam. According to a pitch deck, they are looking to raise $25 million. The proposed new exchange is to be called GTX, according to the presentation. They propose to specifically target claims against bankrupt firms. “FTX users are selling claims at ~10% face value for immediate liquidity or waiting 10+ years for the bankruptcy to process disbursements,” the presentation said. It promised to crack the claims market: “Our legal team will streamline and automate claims onboarding to GTX and make it the dominant marketplace for FTX and other bankrupt companies...
Seoul government opens city’s metaverse project to public
The Seoul Metropolitan Government has launched its Metaverse Seoul project, allowing residents of the South Korean capital city to access city services in a virtual environment. In a Jan. 16 press briefing, Seoul Mayor Oh Se-hoon announced the launch of the first phase of Metaverse Seoul following beta testing of the project. According to the mayor, the online environment will be a “place of communication for citizens” of the capital city, allowing them to virtually visit many of Seoul’s attractions, access official documents, file certain complaints, and receive answers to questions on filing municipal taxes. ‘메타버스 서울’ 내놓은 오세훈 “독자적 구축이 바람직” https://t.co/7D6Jqmojni PK되면 갓겜될 듯 pic.twitter.com/s6ovgnDOQl — 돌으 (@fangdor) January 16, 2023 The city’s government reportedl...
Nifty News: Price drops on ‘Cryptohouse’ with NFT decor, mint your personality as an NFT and more
Waning interest in a North Hollywood crypto-themed home A crypto-friendly house in North Hollywood, Los Angeles, is seemingly struggling to sell, as the property has seen its price reduce three times in a little over four months. The so-called “Cryptohouse,” as stated on the glowing neon sign in its kitchen, was listed for sale at $1.2 million in October 2022. As of Jan. 5, its asking price is now $949,000. The impressive custom neon sign never lets you forget just where you are. Image: Zillow The four-bed, three-bath home sees the listing agents boasting in the property description of its spacious and flowing floor plan ideal for “savvy investors.” For unknown reasons, the description doesn’t mention its tasteful wallpaper choices, which include multiple nonfungible tokens (NFTs) f...
Cross-border crypto scammers on the hit list for EU agencies
By the end of 2022, scammers shifted their focus to duping crypto investors who desperately tried to recoup their year-long losses. An international law enforcement operation led by European government agencies joined crypto entrepreneurs and businesses to curb cross-border crypto scams since July 2022, uncovering a criminal network operating through call centers. Europol and Eurojust, two EU agencies for law enforcement cooperation, joined authorities from Bulgaria, Cyprus, Germany and Serbia to investigate online investment fraud since June 2022. The investigation identified a criminal network that incurred over $2.1 million in losses — primarily for German investors. Call centres selling fake crypto taken down in Bulgaria, Serbia & Cyprus. The criminal organisations lured victims to...
BTC price cancels FTX losses — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week at new 2023 highs but still dividing opinion after a blistering price rally. In what is shaping up to be the antidote to last year’s slow bleed lower, January has delivered the volatility Bitcoin bulls were hoping for — but can they sustain it? This is the key question for market participants going into the third week of the month. Opinion remains divided on Bitcoin’s fundamental strength; some believe outright that the march to two-month highs is a “sucker’s rally,” while others are hoping that the good times will continue — at least for the time being. Beyond market dynamics, there is no shortage of potential catalysts waiting to assert themselves on sentiment. United States economic data will keep coming, while corporate earnings could deliver some fresh ...
Shiba Inu devs to launch Shibarium L2 network beta
The developers of the dog-themed token Shiba Inu (SHIB) posted an update to inform its community about its upcoming beta release of Shibarium — a layer-2 network that will run on top of the Ethereum mainnet. In the announcement, SHIB developers shared information about layer-2 blockchains. They highlighted that Shibarium is being developed to provide a tool to allow the community to build and grow the project and fulfill its founder’s vision. While some believe creating Shibarium is a way to increase the memecoins price, the developers noted that this wasn’t the goal. They wrote: “Patience is key, and some see Shibarium as a price-pumping tool, but that is not the project’s focus and never has been.” Instead, the developers mentioned that the goal of the new update in its infras...
Nexo investigation is not political, Bulgarian prosecutors say
Siika Mileva, a spokesperson for Bulgaria’s chief prosecutors, has denied political motivations behind the probe against the crypto lending firm Nexo, according to local reports. The comments were made in response to claims that the investigation had a connection to the company’s political donations. Almost all cases where a prosecution launches an investigation that affects someone’s financial interests results in attacks and accusations, Mileva said. “It has become a national sport to attack the institutions,” he added. On Jan. 12, a group of prosecutors, investigators and foreign agents searched the company’s offices in the Bulgarian capital city of Sofia. The operation targeted a large-scale money laundering scheme as well as violations of Russia’s international sanctions. In less than...
5 altcoins that could breakout if Bitcoin price stays bullish
The cryptocurrency markets have made a strong comeback in the past few days. That drove the total crypto market capitalization to $995 billion on Jan. 14, according to CoinMarketCap data. Bitcoin (BTC) led the recovery from the front and skyrocketed above $21,000 on Jan. 14. After the sharp rally, the big question is whether the recovery is a dead cat bounce that is a selling opportunity, or is it the start of a new uptrend. It is difficult to predict with certainty if a macro bottom has been made but the charts suggest that a bottoming process has begun. Crypto market data daily view. Source: Coin360 Independent market analyst HornHairs highlighted that the 2017 to 2018 bear market lasted for 364 days and from 2021 to the current market low, the duration is again 364 days. Another interes...
