India's Central Bank Plans to Launch Digital Rupee CBDC.
The Reserve Bank of India (RBI) will soon launch pilot tests for its upcoming digital rupee in a bid to increase awareness around its Central Bank Digital Currency (CBDC).
The country's central bank announced the news on Friday, detailing that the digital rupee will be available for specific use cases during the pilot. In a statement, the RBI said the pilot program will help create awareness around the planned features of the digital rupee.
“It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The note also seeks to explain the Reserve Bank’s approach towards the introduction of the CBDC,” the central bank reportedly said.
The RBI has also released a concept note for the digital rupee, which talks about key aspects of the CBDC, including its technology and design, potential use cases of the digital rupee, issuance mechanisms, and more. In addition, it explores how the introduction of a CBDC would impact the banking system, monetary policy, financial stability, and privacy issues.
“As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e₹, from time to time,” the RBI said.
The country's Finance Minister Nirmala Sitharaman had previously announced the launch of the digital rupee in her 2022-23 budget speech earlier this year. The announcement marked another clear indication that the Indian government is determined to launch a CBDC.
The Reserve Bank of India (RBI) will soon launch pilot tests for its upcoming digital rupee in a bid to increase awareness around its Central Bank Digital Currency (CBDC).
The country's central bank announced the news on Friday, detailing that the digital rupee will be available for specific use cases during the pilot. In a statement, the RBI said the pilot program will help create awareness around the planned features of the digital rupee.
“It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The note also seeks to explain the Reserve Bank’s approach towards the introduction of the CBDC,” the central bank reportedly said.
The RBI has also released a concept note for the digital rupee, which talks about key aspects of the CBDC, including its technology and design, potential use cases of the digital rupee, issuance mechanisms, and more. In addition, it explores how the introduction of a CBDC would impact the banking system, monetary policy, financial stability, and privacy issues.
“As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e₹, from time to time,” the RBI said.
The country's Finance Minister Nirmala Sitharaman had previously announced the launch of the digital rupee in her 2022-23 budget speech earlier this year. The announcement marked another clear indication that the Indian government is determined to launch a CBDC.
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Crypto and digital bank MinePlex secures $100M in funding from GEM.
The funding will be used in new banking technologies, including a collaboration with Mastercard and Visa for crypto transactions.
In another round of investments in the crypto space, Singapore-based crypto bank MinePlex has secured $100 million from digital asset investment firm GEM Digital Limited (GEM), aimed at closing the gap between digital assets and traditional banking.
According to an Oct. 11 announcement, MinePlex will use the funding to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions accepting Tether (USDT), Bitcoin, Ether and TRON.
Bringing digital assets and traditional banking services together is MinePlex’s big bet.
The platform offers fiat and crypto assets services within the same application, enabling transactions such as bill payments as well as purchases in crypto assets.
Introducing CrossFi, MinePlex’s co-founder and CEO, Aleksandr Mamasidikov, explained to Cointelegraph:
“We created CrossFi, a new technology that runs on the LPoS (Liquid Proof of Stake) consensus algorithm and MinePlex’s innovative blockchain, which provides such advantages as simplicity, operating speed, and low fees.”
According to MinePlex, its native MinePlex (PLEX) token will also be listed on new exchanges as part of the fundraising efforts.
The company also intends to open new offices in South Africa, Australia, India and Brazil, adding to its already established offices in Barcelona, Dubai, Uruguay and Singapore. The company claims to have processed more than five million cards across 50 banks in Russia, Europe and Asia.
GEM is a $3.4 billion alternative investment group that has been a source of capital for other startups in the crypto space.
In September, ParallelChain Lab secured $50 million in funds from GEM following the launch of its mainnet and native token listing, XPLL, while Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield.
In June, the private equity fund closed a $200 million investment in the cryptocurrency exchange Unizen to expand the firm’s business and its ecosystem.
The funding will be used in new banking technologies, including a collaboration with Mastercard and Visa for crypto transactions.
In another round of investments in the crypto space, Singapore-based crypto bank MinePlex has secured $100 million from digital asset investment firm GEM Digital Limited (GEM), aimed at closing the gap between digital assets and traditional banking.
According to an Oct. 11 announcement, MinePlex will use the funding to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions accepting Tether (USDT), Bitcoin, Ether and TRON.
Bringing digital assets and traditional banking services together is MinePlex’s big bet.
The platform offers fiat and crypto assets services within the same application, enabling transactions such as bill payments as well as purchases in crypto assets.
Introducing CrossFi, MinePlex’s co-founder and CEO, Aleksandr Mamasidikov, explained to Cointelegraph:
“We created CrossFi, a new technology that runs on the LPoS (Liquid Proof of Stake) consensus algorithm and MinePlex’s innovative blockchain, which provides such advantages as simplicity, operating speed, and low fees.”
According to MinePlex, its native MinePlex (PLEX) token will also be listed on new exchanges as part of the fundraising efforts.
The company also intends to open new offices in South Africa, Australia, India and Brazil, adding to its already established offices in Barcelona, Dubai, Uruguay and Singapore. The company claims to have processed more than five million cards across 50 banks in Russia, Europe and Asia.
GEM is a $3.4 billion alternative investment group that has been a source of capital for other startups in the crypto space.
In September, ParallelChain Lab secured $50 million in funds from GEM following the launch of its mainnet and native token listing, XPLL, while Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield.
In June, the private equity fund closed a $200 million investment in the cryptocurrency exchange Unizen to expand the firm’s business and its ecosystem.
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Metaverse trading volume plummeted 80%, but hype hasn’t decreased.
A DappRadar report found that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55%.
Third-quarter trading volume for the top 10 metaverse projects may have fallen 80% compared to the second quarter, but analytics firm DappRadar suggests that interest in virtual worlds still remains.
The metaverse sector has been hit with a fair amount of negative press as of late, particularly around suggested low user activity across certain platforms, such as Decentraland and Meta — reports which they have refuted.
DappRadar noted in an Oct. 20 report that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55% compared to Q2.
DappRadar explains that lower trading volumes could merely reflect decreasing asset prices and not necessarily lack of interest, noting that:
“We consider this a bullish sign because it shows that the hype for these types of projects hasn’t decreased. Instead, the fall of cryptocurrency prices has affected the projects’ overall trading volume instead of a lack of interest.”
A caveat to these sentiments, however, is that eight of the top 10 metaverse projects saw significant decreases in their nonfungible token (NFT) sales counts during Q3, with Yuga Labs’ Otherside seeing a 74% decrease for the quarter.
The positive action was primarily driven by The Sandbox and former Minecraft-based platform NFT Worlds V2, which saw NFT sale count increases of 190% and 79% apiece.
DappRadar attributed this to the hype surrounding The Sandbox’s Alpha Season 3, which offers a host of new gaming experiences and collectibles. While NFT Worlds V2 being booted off of Minecraft may have been seen as a “buying opportunity” as the value of its NFTs dropped by 90% in Q3.
Meanwhile, DappRadar’s report indicated that the floor prices for NFT land plots had decreased by 75% on average, which may have been one of the reasons why trading volumes had decreased by so much.
While the value of any piece of real estate, virtual or otherwise, is subject to swings, “Metaverse real estate is currently very depreciated,” DappRadar stated, adding that the declining prices are in accordance with the broader bear market of the crypto sector.
A DappRadar report found that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55%.
Third-quarter trading volume for the top 10 metaverse projects may have fallen 80% compared to the second quarter, but analytics firm DappRadar suggests that interest in virtual worlds still remains.
The metaverse sector has been hit with a fair amount of negative press as of late, particularly around suggested low user activity across certain platforms, such as Decentraland and Meta — reports which they have refuted.
DappRadar noted in an Oct. 20 report that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55% compared to Q2.
DappRadar explains that lower trading volumes could merely reflect decreasing asset prices and not necessarily lack of interest, noting that:
“We consider this a bullish sign because it shows that the hype for these types of projects hasn’t decreased. Instead, the fall of cryptocurrency prices has affected the projects’ overall trading volume instead of a lack of interest.”
A caveat to these sentiments, however, is that eight of the top 10 metaverse projects saw significant decreases in their nonfungible token (NFT) sales counts during Q3, with Yuga Labs’ Otherside seeing a 74% decrease for the quarter.
The positive action was primarily driven by The Sandbox and former Minecraft-based platform NFT Worlds V2, which saw NFT sale count increases of 190% and 79% apiece.
DappRadar attributed this to the hype surrounding The Sandbox’s Alpha Season 3, which offers a host of new gaming experiences and collectibles. While NFT Worlds V2 being booted off of Minecraft may have been seen as a “buying opportunity” as the value of its NFTs dropped by 90% in Q3.
Meanwhile, DappRadar’s report indicated that the floor prices for NFT land plots had decreased by 75% on average, which may have been one of the reasons why trading volumes had decreased by so much.
While the value of any piece of real estate, virtual or otherwise, is subject to swings, “Metaverse real estate is currently very depreciated,” DappRadar stated, adding that the declining prices are in accordance with the broader bear market of the crypto sector.
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Craig Wright Defeated in Lawsuit Against Hodlonaut.
Australian computer scientist and self-proclaimed Satoshi Nakamoto, Craig Wright, has been defeated in a defamation case in Norway against the popular Bitcoin (BTC) influencer Hodlonaut.
The win for Hodlonaut came after a seven-day trial in Oslo, Norway in September. The trial came about after Hodlonaut sued Wright in Norway in an attempt to avoid another lawsuit that was brought against him in the UK by Wright.
Central to the case was whether Hodlonaut, an outspoken critic of Wright and his Bitcoin SV (BSV) cryptocurrency, was justified in calling Wright a liar and a fraud in 2019.
According to a transcript of the ruling, “the prevailing opinion in the media” has been, and still is, that “Wright is unlikely to be Satoshi Nakamoto.”
As such, Hodlonaut’s tweets where he called Wright a fraud were justifiable, the judge concluded:
“Against this background, the court believes that [Hodlonaut] had sufficient factual grounds to claim that Craig Wright is not Satoshi Nakamoto in March 2019 […] Wright has come out with a controversial claim, and must withstand criticism from dissenters.”
“In a situation where [Wright] has not succeeded in, nor does he wish to, provide cryptographic evidence that can support his claim to be Satoshi Nakamoto, the court believes that he must accept that there is a debate as to whether he is who he says he is,” the ruling said.
In conclusion, Hodlonaut was acquitted of all claims for compensation, and is not liable for damages related to the claims he made on Twitter three years ago. Instead, Wright has been ordered to compensate Hodlonaut for his legal fees worth around $380,000.
Craig Wright’s attorneys told CoinDesk on Thursday that he would appeal the ruling, noting that “anonymous online bullying and harassment risks having a chilling effect” on public debate.
Australian computer scientist and self-proclaimed Satoshi Nakamoto, Craig Wright, has been defeated in a defamation case in Norway against the popular Bitcoin (BTC) influencer Hodlonaut.
The win for Hodlonaut came after a seven-day trial in Oslo, Norway in September. The trial came about after Hodlonaut sued Wright in Norway in an attempt to avoid another lawsuit that was brought against him in the UK by Wright.
Central to the case was whether Hodlonaut, an outspoken critic of Wright and his Bitcoin SV (BSV) cryptocurrency, was justified in calling Wright a liar and a fraud in 2019.
According to a transcript of the ruling, “the prevailing opinion in the media” has been, and still is, that “Wright is unlikely to be Satoshi Nakamoto.”
As such, Hodlonaut’s tweets where he called Wright a fraud were justifiable, the judge concluded:
“Against this background, the court believes that [Hodlonaut] had sufficient factual grounds to claim that Craig Wright is not Satoshi Nakamoto in March 2019 […] Wright has come out with a controversial claim, and must withstand criticism from dissenters.”
“In a situation where [Wright] has not succeeded in, nor does he wish to, provide cryptographic evidence that can support his claim to be Satoshi Nakamoto, the court believes that he must accept that there is a debate as to whether he is who he says he is,” the ruling said.
In conclusion, Hodlonaut was acquitted of all claims for compensation, and is not liable for damages related to the claims he made on Twitter three years ago. Instead, Wright has been ordered to compensate Hodlonaut for his legal fees worth around $380,000.
Craig Wright’s attorneys told CoinDesk on Thursday that he would appeal the ruling, noting that “anonymous online bullying and harassment risks having a chilling effect” on public debate.
Google still promoting crypto phishing sites warns Binance boss.
In a tweet this week, CZ warned that when searching for CoinMarketCap on Google, phishing sites with an “ad” tag were showing up in front of the actual website.
Binance CEO Changpeng Zhao (CZ) has warned that Google search results are still promoting crypto phishing and scamming websites.
Despite Google’s strict policies on crypto marketing for its ads service, scammers have still been slipping through the cracks over the past few years. At times, scam websites have even been displayed higher than legitimate crypto and blockchain projects.
In an Oct. 27 tweet, CZ warned that when searching CoinMarketCap on Google, phishing sites with an “ad” tag were showing up in front of the actual website.
“This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels,” he said.
Google displays phishing sites when users search CMC. This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels.
CoinMarketCap is one of the most commonly used crypto data aggregators on the market and was acquired by Binance for an undisclosed fee back in April 2020. Given its popularity, a lot of traffic could be directed toward these scam ads.
In some cases, phishing websites can be hard to spot, as they generally use copycat URLs to trick people that aren’t paying attention into clicking. For example, one of the websites CZ highlighted was spelled “coinomarketcaap.”
In April this year, blockchain security firm SlowMist uncovered a Terra-related phishing scam in which bad actors were using Google Ads to run copycat websites utilizing Achor Protocol and Astroport branding.
According to SlowMist, the promoted websites ranked ahead of the actual sites people were searching for and went on to swipe around $4.31 million worth of Luna Classic (LUNC) from 52 addresses between April 12 and April 21.
In a tweet this week, CZ warned that when searching for CoinMarketCap on Google, phishing sites with an “ad” tag were showing up in front of the actual website.
Binance CEO Changpeng Zhao (CZ) has warned that Google search results are still promoting crypto phishing and scamming websites.
Despite Google’s strict policies on crypto marketing for its ads service, scammers have still been slipping through the cracks over the past few years. At times, scam websites have even been displayed higher than legitimate crypto and blockchain projects.
In an Oct. 27 tweet, CZ warned that when searching CoinMarketCap on Google, phishing sites with an “ad” tag were showing up in front of the actual website.
“This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels,” he said.
Google displays phishing sites when users search CMC. This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels.
CoinMarketCap is one of the most commonly used crypto data aggregators on the market and was acquired by Binance for an undisclosed fee back in April 2020. Given its popularity, a lot of traffic could be directed toward these scam ads.
In some cases, phishing websites can be hard to spot, as they generally use copycat URLs to trick people that aren’t paying attention into clicking. For example, one of the websites CZ highlighted was spelled “coinomarketcaap.”
In April this year, blockchain security firm SlowMist uncovered a Terra-related phishing scam in which bad actors were using Google Ads to run copycat websites utilizing Achor Protocol and Astroport branding.
According to SlowMist, the promoted websites ranked ahead of the actual sites people were searching for and went on to swipe around $4.31 million worth of Luna Classic (LUNC) from 52 addresses between April 12 and April 21.
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Argo Blockchain is at risk of closing if it fails further financing.
Argo Blockchain has been selling its Bitcoin holdings earlier this year to cut debt to Michael Novogratz’s crypto investment firm Galaxy Digital.
The London Stock Exchange-listed cryptocurrency firm Argo Blockchain has warned that it’s at risk of ceasing operations due to a lack of financing.
The crypto mining company Argo Blockchain continues to explore new financing opportunities after failing to raise major capital from a strategic investor, according to an announcement on Oct. 31.
Argo has been seeking to raise about 24 million British pounds ($27 million) via subscription for ordinary shares. “The company no longer believes that this subscription will be consummated under the previously announced terms,” Argo said in a statement.
While Argo is exploring other financing options, there can be no assurance that it will sign any definitive agreements or consummate any deals. The firm will continue to work to reach sufficient capital for at least the next 12 months from the day of the announcement, Argo noted.
Argo will have to cut or event halt operations in case it fails to raise capital during this period, the firm noted, stating:
“Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations.”
Amid the lack of financing, Argo has been taking measures to preserve cash and optimize liquidity. The company sold 3,843 brand-new Bitmain S19J Pro miners for $5.6 million, which was the last batch of the original Bitmain order scheduled for installation in October 2022. Argo’s total hash rate capacity remained at 2.5 exahashes per second.
Previously, Argo has also been actively selling its mined Bitcoin holdings in order to cut debt to Michael Novogratz’s crypto investment firm Galaxy Digital. In July, Argo sold another 887 BTC after previously getting rid of 637 BTC in June 2022. In doing so, Argo became one of many crypto mining firms that opted to sell self-mined BTC amid the bear market of 2022, including Bitfarms, Core Scientific and Riot Blockchain.
Argo Blockchain has been selling its Bitcoin holdings earlier this year to cut debt to Michael Novogratz’s crypto investment firm Galaxy Digital.
The London Stock Exchange-listed cryptocurrency firm Argo Blockchain has warned that it’s at risk of ceasing operations due to a lack of financing.
The crypto mining company Argo Blockchain continues to explore new financing opportunities after failing to raise major capital from a strategic investor, according to an announcement on Oct. 31.
Argo has been seeking to raise about 24 million British pounds ($27 million) via subscription for ordinary shares. “The company no longer believes that this subscription will be consummated under the previously announced terms,” Argo said in a statement.
While Argo is exploring other financing options, there can be no assurance that it will sign any definitive agreements or consummate any deals. The firm will continue to work to reach sufficient capital for at least the next 12 months from the day of the announcement, Argo noted.
Argo will have to cut or event halt operations in case it fails to raise capital during this period, the firm noted, stating:
“Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations.”
Amid the lack of financing, Argo has been taking measures to preserve cash and optimize liquidity. The company sold 3,843 brand-new Bitmain S19J Pro miners for $5.6 million, which was the last batch of the original Bitmain order scheduled for installation in October 2022. Argo’s total hash rate capacity remained at 2.5 exahashes per second.
Previously, Argo has also been actively selling its mined Bitcoin holdings in order to cut debt to Michael Novogratz’s crypto investment firm Galaxy Digital. In July, Argo sold another 887 BTC after previously getting rid of 637 BTC in June 2022. In doing so, Argo became one of many crypto mining firms that opted to sell self-mined BTC amid the bear market of 2022, including Bitfarms, Core Scientific and Riot Blockchain.
Web3 Foundation makes bold claim to SEC: ‘DOT is not a security. It is merely software’.
According to CLO Daniel Schoenberger, the team developed a “workable theory of how token morphing may be achieved” for DOT based on the SEC’s concerns and federal securities laws.
The entity supporting research and development of Polkadot, as well as overseeing fundraising efforts for the blockchain, has argued that the United States Securities and Exchange Commission should not consider the Polkadot token a security under its regulatory purview.
In a Nov. 4 blog post, the Web3 Foundation Team’s chief legal officer Daniel Schoenberger said Polkadot’s native token had “morphed” and was “software” rather than a security. Schoenberger said the claim was “consistent with the views” it had shared with the SEC following discussions it began in November 2019.
“While the Polkadot vision had not contemplated that the blockchain’s native token would be a security, we understood that the SEC’s view was likely to be that the to-be-delivered token would be a security, at least at the time of delivery,” said Schoenberger. “Whatever it took in order for DOT, the native token of the Polkadot blockchain to be — or to become — a non-security, we were willing to do it.”
Web3 Foundation announces Polkadot's native token DOT has morphed and is software, not a security!
After 3 years of proactive engagement with the SECGov, W3F announces a landmark step towards the achievement of Web 3.0, a decentralized, trustless, serverless internet.
The chief legal officer said the Web3 Foundation had met regularly with the SEC’s fintech wing, FinHub, as part of chair Gary Gensler’s long-standing offer to crypto firms to “come in and talk.” According to Schoenberger, the team developed a “workable theory of how token morphing may be achieved” for DOT based on the SEC’s concerns and U.S. federal securities laws.
Though the fundraising entity said it “shared this theory many times with the SEC” on DOT not qualifying as a security, it’s unclear whether the federal regulator will respond to the claims seemingly infringing on their purview.
According to CLO Daniel Schoenberger, the team developed a “workable theory of how token morphing may be achieved” for DOT based on the SEC’s concerns and federal securities laws.
The entity supporting research and development of Polkadot, as well as overseeing fundraising efforts for the blockchain, has argued that the United States Securities and Exchange Commission should not consider the Polkadot token a security under its regulatory purview.
In a Nov. 4 blog post, the Web3 Foundation Team’s chief legal officer Daniel Schoenberger said Polkadot’s native token had “morphed” and was “software” rather than a security. Schoenberger said the claim was “consistent with the views” it had shared with the SEC following discussions it began in November 2019.
“While the Polkadot vision had not contemplated that the blockchain’s native token would be a security, we understood that the SEC’s view was likely to be that the to-be-delivered token would be a security, at least at the time of delivery,” said Schoenberger. “Whatever it took in order for DOT, the native token of the Polkadot blockchain to be — or to become — a non-security, we were willing to do it.”
Web3 Foundation announces Polkadot's native token DOT has morphed and is software, not a security!
After 3 years of proactive engagement with the SECGov, W3F announces a landmark step towards the achievement of Web 3.0, a decentralized, trustless, serverless internet.
The chief legal officer said the Web3 Foundation had met regularly with the SEC’s fintech wing, FinHub, as part of chair Gary Gensler’s long-standing offer to crypto firms to “come in and talk.” According to Schoenberger, the team developed a “workable theory of how token morphing may be achieved” for DOT based on the SEC’s concerns and U.S. federal securities laws.
Though the fundraising entity said it “shared this theory many times with the SEC” on DOT not qualifying as a security, it’s unclear whether the federal regulator will respond to the claims seemingly infringing on their purview.
Exchange outflows hit historic highs as Bitcoin investors self-custody.
Confidence in centralized exchanges appears to be waning as Bitcoin flows into self-custody wallets at near-record levels.
Bitcoin investors have been increasingly moving their holdings to self-custody solutions following the collapse of the world’s second-largest crypto exchange last week.
On-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, according to analytics provider Glassnode.
In a Nov. 13 post on Twitter, Glassnode reported that Bitcoin exchange outflows had hit near historic levels of 106,000 BTC per month.
It added that this has happened only three other times — in April 2022 and November 2020, as well as in June/July 2022. It also reported that the number of Bitcoin wallets receiving the asset from exchange addresses surged to around 90,000 on Nov. 9.
Exchange outflows are usually a bullish sign that BTC is being hodled for the long term. However, in this scenario, it appears to be the result of loundering confidence in centralized crypto exchanges.
Glassnode commented that outflows have resulted in “positive balance changes across all wallet cohorts, from shrimp to whales,” before adding:
“The failure of FTX has created a very distinct change in Bitcoin holder behavior across all cohorts.”
Since Nov. 6, when the FTX fiasco began, balance changes have increased across all BTC wallet sizes, with “shrimps” that have less than one coin increasing by 33,700 BTC. Whale wallets with more than 1,000 coins have seen an increase of 3,600 BTC, indicating that the self-custodian push is happening across the board.
Industry leaders are now starting to advocate self-custody solutions as the phrase “not your keys, not your coins” bears more weight than ever before.
On Nov. 13, Ethereum educator Anthony Sassano said that crypto holders shouldn’t be storing their assets on centralized exchanges unless their actively trading large amounts.
MicroStrategy’s Michael Saylor told Cointelegraph in an interview that self-custody prevents centralized third parties from abusing their power.
Glassnode also reported that stablecoins, many of which destabilized last week, have been flowing onto exchanges at increased rates over the past week.
Confidence in centralized exchanges appears to be waning as Bitcoin flows into self-custody wallets at near-record levels.
Bitcoin investors have been increasingly moving their holdings to self-custody solutions following the collapse of the world’s second-largest crypto exchange last week.
On-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, according to analytics provider Glassnode.
In a Nov. 13 post on Twitter, Glassnode reported that Bitcoin exchange outflows had hit near historic levels of 106,000 BTC per month.
It added that this has happened only three other times — in April 2022 and November 2020, as well as in June/July 2022. It also reported that the number of Bitcoin wallets receiving the asset from exchange addresses surged to around 90,000 on Nov. 9.
Exchange outflows are usually a bullish sign that BTC is being hodled for the long term. However, in this scenario, it appears to be the result of loundering confidence in centralized crypto exchanges.
Glassnode commented that outflows have resulted in “positive balance changes across all wallet cohorts, from shrimp to whales,” before adding:
“The failure of FTX has created a very distinct change in Bitcoin holder behavior across all cohorts.”
Since Nov. 6, when the FTX fiasco began, balance changes have increased across all BTC wallet sizes, with “shrimps” that have less than one coin increasing by 33,700 BTC. Whale wallets with more than 1,000 coins have seen an increase of 3,600 BTC, indicating that the self-custodian push is happening across the board.
Industry leaders are now starting to advocate self-custody solutions as the phrase “not your keys, not your coins” bears more weight than ever before.
On Nov. 13, Ethereum educator Anthony Sassano said that crypto holders shouldn’t be storing their assets on centralized exchanges unless their actively trading large amounts.
MicroStrategy’s Michael Saylor told Cointelegraph in an interview that self-custody prevents centralized third parties from abusing their power.
Glassnode also reported that stablecoins, many of which destabilized last week, have been flowing onto exchanges at increased rates over the past week.
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Disney brings back Bob Iger as CEO: Here’s the crypto connection.
Since leaving The Walt Disney Company, Bob Iger has been acting as an adviser and board member for the digital avatar platform Genies.
Metaverse-backer Bob Iger has announced a surprise return to his former role as CEO of Disney, taking over from now-former CEO Bob Chapek.
While Iger is most well known for serving 15 years as the CEO of the global entertainment conglomerate, the Disney executive became known in the crypto community after becoming a director, adviser and investor in Genies, a digital avatar platform running on Dapper Labs’ Flow blockchain.
“Thrilled to be joining the Genies Board of Directors to help Akash Nigam and company empower humans to create the 'mobile apps of Web3': avatar ecosystems,” Iger said at the time.
Iger was still at Disney as an executive and board chairman when the company filed for a metaverse-related patent on Dec. 28.
The patent was for a “virtual-world simulator in a real-world venue," and according to the filing, would allow visitors to Disney theme parks to use mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects.
However, Disney said at the time there were “no current plans” to use the “virtual-world simulator” patent, and the company has yet to announce any products related to the patent.
According to the Hollywood Reporter, Iger’s return will reportedly only be temporary, though, with Iger only agreeing to serve as Disney’s CEO for the next two years.
During his new term as CEO, Iger will reportedly work with the board to set the strategic direction for the company and work to develop a successor.
In his absence, Disney has continued to work toward projects involving the metaverse, nonfungible tokens (NFTs) and blockchain throughout the year.
In September, Disney started hiring a principal counsel to work on transactions involving NFTs, the metaverse, blockchain and decentralized finance (DeFi).
Since leaving The Walt Disney Company, Bob Iger has been acting as an adviser and board member for the digital avatar platform Genies.
Metaverse-backer Bob Iger has announced a surprise return to his former role as CEO of Disney, taking over from now-former CEO Bob Chapek.
While Iger is most well known for serving 15 years as the CEO of the global entertainment conglomerate, the Disney executive became known in the crypto community after becoming a director, adviser and investor in Genies, a digital avatar platform running on Dapper Labs’ Flow blockchain.
“Thrilled to be joining the Genies Board of Directors to help Akash Nigam and company empower humans to create the 'mobile apps of Web3': avatar ecosystems,” Iger said at the time.
Iger was still at Disney as an executive and board chairman when the company filed for a metaverse-related patent on Dec. 28.
The patent was for a “virtual-world simulator in a real-world venue," and according to the filing, would allow visitors to Disney theme parks to use mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects.
However, Disney said at the time there were “no current plans” to use the “virtual-world simulator” patent, and the company has yet to announce any products related to the patent.
According to the Hollywood Reporter, Iger’s return will reportedly only be temporary, though, with Iger only agreeing to serve as Disney’s CEO for the next two years.
During his new term as CEO, Iger will reportedly work with the board to set the strategic direction for the company and work to develop a successor.
In his absence, Disney has continued to work toward projects involving the metaverse, nonfungible tokens (NFTs) and blockchain throughout the year.
In September, Disney started hiring a principal counsel to work on transactions involving NFTs, the metaverse, blockchain and decentralized finance (DeFi).
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Artists face a choice with AI: Adapt or become obsolete 🤔
☁️ The artificial intelligence art gold rush began around 2018 when Christie’s auctioned “Portrait of Edmond Belamy” for an astounding $432,500. Since then, it has been an up-only journey for AI-generated images.
💛 “Théâtre D’opéra Spatial,” Jason Allen’s AI artwork, even won a prize at the Colorado State Fair art competition. This shows how AI-generated images have not only become more popular but also very sophisticated recently. But not everyone is happy about this development, and their concerns are valid.
✍️ The evolution of AI art has sparked feisty debates around originality, authorship and authenticity — themes fundamental to artistic expression. Generative AI, like any other technology, is intent-neutral. Whether the outcome is good or bad depends on how we use it.
☁️ The artificial intelligence art gold rush began around 2018 when Christie’s auctioned “Portrait of Edmond Belamy” for an astounding $432,500. Since then, it has been an up-only journey for AI-generated images.
💛 “Théâtre D’opéra Spatial,” Jason Allen’s AI artwork, even won a prize at the Colorado State Fair art competition. This shows how AI-generated images have not only become more popular but also very sophisticated recently. But not everyone is happy about this development, and their concerns are valid.
✍️ The evolution of AI art has sparked feisty debates around originality, authorship and authenticity — themes fundamental to artistic expression. Generative AI, like any other technology, is intent-neutral. Whether the outcome is good or bad depends on how we use it.
Coinbase establishes advisory council with former US lawmakers😤
💎 Former Senator Patrick Toomey, former Representative Tim Ryan, former Representative Sean Patrick Maloney, and others will advise Coinbase on crypto policies.
👍 Following some of its leadership team visiting the United Arab Emirates, crypto exchange Coinbase has announced the formation of an advisory council staffed with many former United States lawmakers and industry leaders.
👑 In a May 12 blog post, Coinbase said its Global Advisory Council would aim to navigate the “increasingly complex and evolving” crypto landscape globally. Former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, former New York Representative Sean Patrick Maloney, and other industry insiders will sit on the council and advise the company on crypto policies.
➡️According to Coinbase, the council currently consists of only five members, with plans to expand “with a bipartisan group of leaders with deep regulatory expertise.” Former Securities and Exchange Commission (SEC) chair Jay Clayton sits on a different board for the exchange, advising the firm on regulatory policy.
➡️ The announcement followed speculation by many that the U.S.-based crypto exchange could be considering moving its operations outside the country amid the lack of regulatory clarity. The exchange is currently in a legal battle with the SEC after receiving a Wells notice in March, prompting Coinbase to file a motion to force the commission to clarify its position on digital assets.🌸
➡️ “We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology,” 👈said the May 12 blog post.
✅ Coinbase launched its global derivatives platform in May, opening its services to users in more than 30 jurisdictions worldwide.
💎 Former Senator Patrick Toomey, former Representative Tim Ryan, former Representative Sean Patrick Maloney, and others will advise Coinbase on crypto policies.
👍 Following some of its leadership team visiting the United Arab Emirates, crypto exchange Coinbase has announced the formation of an advisory council staffed with many former United States lawmakers and industry leaders.
👑 In a May 12 blog post, Coinbase said its Global Advisory Council would aim to navigate the “increasingly complex and evolving” crypto landscape globally. Former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, former New York Representative Sean Patrick Maloney, and other industry insiders will sit on the council and advise the company on crypto policies.
➡️According to Coinbase, the council currently consists of only five members, with plans to expand “with a bipartisan group of leaders with deep regulatory expertise.” Former Securities and Exchange Commission (SEC) chair Jay Clayton sits on a different board for the exchange, advising the firm on regulatory policy.
➡️ The announcement followed speculation by many that the U.S.-based crypto exchange could be considering moving its operations outside the country amid the lack of regulatory clarity. The exchange is currently in a legal battle with the SEC after receiving a Wells notice in March, prompting Coinbase to file a motion to force the commission to clarify its position on digital assets.🌸
➡️ “We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology,” 👈said the May 12 blog post.
✅ Coinbase launched its global derivatives platform in May, opening its services to users in more than 30 jurisdictions worldwide.
Cryptocurrency arbitrage is several logically related transactions aimed at extracting profit from the difference in prices for the same or related assets at the same time on different exchanges or on different markets of the same platform. In simple words, it is the purchase of an asset on the stock exchange, where the demand for it (and, accordingly, the price) is lower, and the sale is where it is higher.
Take advantage of the arbitration opportunities with the help of the project Nimbus - is a Defy platform managed by ISO DAO, which offers 16 training strategies for apps-based users to participate in IPOs, start-up financing, and so on.
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‘Trusted’ marketplace sold fake Trezor wallets stealing crypto: Kaspersky🧐
👉Amid the rising popularity of hardware cryptocurrency wallets, the Russian cybersecurity firm Kaspersky has reminded users about the importance of using authentic crypto devices.
Kaspersky cyber incident expert Stanislav Golovanov on May 10 reported on an issue with fake hardware wallets impersonating major wallet firm Trezor. The incident occured in March 2022.
According to the blog post, the fake Trezor wallet allowed fraudsters to steal Bitcoin via a replaced microcontroller, which enabled attackers to take over control of the user’s private keys.
😁The victim reportedly purchased a tampered hardware wallet that posed as Trezor’s advanced crypto wallet Trezor Model T. The fake wallet appeared to be exactly the same as a genuine Trezor Model T wallet, providing a standard set of wallet functions.
“When handling the wallet, nothing felt suspicious either: all the functions worked as they should, and the user interface was no different from the original one,” Golovanov wrote.
😅The fake wallet was tampered from the inside, though. According to the Kaspersky team, attackers managed to access users’ crypto assets by replacing the inner firmware. “The actual mechanism of the theft remains unclear,” Golovanov noted, adding that the issue was caused by a “typical supply chain attack.”
😃To prevent supply chain attacks, Kaspersky’s cybersecurity experts advised users to only buy hardware wallets directly from the official vendor. The firm noted that the victim bought the fake Trezor wallet through a “trusted seller through a popular classifieds website.”
👉Amid the rising popularity of hardware cryptocurrency wallets, the Russian cybersecurity firm Kaspersky has reminded users about the importance of using authentic crypto devices.
Kaspersky cyber incident expert Stanislav Golovanov on May 10 reported on an issue with fake hardware wallets impersonating major wallet firm Trezor. The incident occured in March 2022.
According to the blog post, the fake Trezor wallet allowed fraudsters to steal Bitcoin via a replaced microcontroller, which enabled attackers to take over control of the user’s private keys.
😁The victim reportedly purchased a tampered hardware wallet that posed as Trezor’s advanced crypto wallet Trezor Model T. The fake wallet appeared to be exactly the same as a genuine Trezor Model T wallet, providing a standard set of wallet functions.
“When handling the wallet, nothing felt suspicious either: all the functions worked as they should, and the user interface was no different from the original one,” Golovanov wrote.
😅The fake wallet was tampered from the inside, though. According to the Kaspersky team, attackers managed to access users’ crypto assets by replacing the inner firmware. “The actual mechanism of the theft remains unclear,” Golovanov noted, adding that the issue was caused by a “typical supply chain attack.”
😃To prevent supply chain attacks, Kaspersky’s cybersecurity experts advised users to only buy hardware wallets directly from the official vendor. The firm noted that the victim bought the fake Trezor wallet through a “trusted seller through a popular classifieds website.”
Paraspace NFT protocol 'usurper' resigns after failing to overthrow CEO 🔔
➡️ The Paraspace NFT protocol saga over the whereabouts of the protocol’s fund took another turn on May 19 as the project's consultant Jay Yao resigned from his position in the company. Last Week, the NFT protocol made headlines over the missing funds and a barrage of accusations by chief executives and CEO against each other.
🟢 "Yubo has never done any embezzlement. The whole issue is a setup Jay & Thomas are neither shareholders nor co-founders of ParaSpace. Their action have no relation with ParaSpace."
💬 The spokesperson also claimed that "Jay & Thomas are illegally using multi-sig and Twitter account to threaten Yubo as they collude to take over ParaSpace." The same day, blockchain analytics firm Secure3 published a report stating "all funds are repaid" and "we didn't see any evidence of fund embezzlement."
➡️ The Paraspace NFT protocol saga over the whereabouts of the protocol’s fund took another turn on May 19 as the project's consultant Jay Yao resigned from his position in the company. Last Week, the NFT protocol made headlines over the missing funds and a barrage of accusations by chief executives and CEO against each other.
🟢 "Yubo has never done any embezzlement. The whole issue is a setup Jay & Thomas are neither shareholders nor co-founders of ParaSpace. Their action have no relation with ParaSpace."
💬 The spokesperson also claimed that "Jay & Thomas are illegally using multi-sig and Twitter account to threaten Yubo as they collude to take over ParaSpace." The same day, blockchain analytics firm Secure3 published a report stating "all funds are repaid" and "we didn't see any evidence of fund embezzlement."