Costa Rica Uses NFTs to Fund Coffee Research
A new partnership between the Tropical Agricultural Research and Higher Education Centre (CATIE) and the Specialty Coffee Association of Costa Rica (SCACR) will help launch an NFT collection that is inspired by 12 of CATIE’s coffee varietals to help fund coffee conservation and research. The auction will be organized through the NFT distribution company BIOCENFT, with proceeds specifically allocated towards the promotion of CATIE’s International Coffee Collection, which serves as the world’s fourth largest.
Inspired by the Geisha, Wush-Wush, Mibirizi, Hava, Rume Sudan, ER-47, SL-28, SL-34, Centroamericano, Milenio, Esperanza, and Casiopea varieties, each of the 12 NFTs features a unique design that showcases the unique characteristics of each coffee variety. Noelia Villalobos, SCACR’s Executive Director, believes that leveraging NFTs will amplify awareness regarding coffee biodiversity, consolidating CATIE and SCACR’s conservation endeavors. With the proceeds, research and development would be tailored towards the creation of pest and disease-resistant coffee strains, while helping to enhance and elevate Costa Rican coffee standards that fall in alignment with global marketing campaigns targeting untapped markets.
A new partnership between the Tropical Agricultural Research and Higher Education Centre (CATIE) and the Specialty Coffee Association of Costa Rica (SCACR) will help launch an NFT collection that is inspired by 12 of CATIE’s coffee varietals to help fund coffee conservation and research. The auction will be organized through the NFT distribution company BIOCENFT, with proceeds specifically allocated towards the promotion of CATIE’s International Coffee Collection, which serves as the world’s fourth largest.
Inspired by the Geisha, Wush-Wush, Mibirizi, Hava, Rume Sudan, ER-47, SL-28, SL-34, Centroamericano, Milenio, Esperanza, and Casiopea varieties, each of the 12 NFTs features a unique design that showcases the unique characteristics of each coffee variety. Noelia Villalobos, SCACR’s Executive Director, believes that leveraging NFTs will amplify awareness regarding coffee biodiversity, consolidating CATIE and SCACR’s conservation endeavors. With the proceeds, research and development would be tailored towards the creation of pest and disease-resistant coffee strains, while helping to enhance and elevate Costa Rican coffee standards that fall in alignment with global marketing campaigns targeting untapped markets.
Banks Would Have to Disclose Crypto Holdings Under New BIS Plan
Banks will have to disclose cryptocurrency holdings under new plans floated Thursday, as international regulators partly blamed banking collapses on the sudden popularity of crypto. The Basel Committee on Banking Supervision, which sets norms for lenders in traditional finance (TradFi), has already said banks should issue potentially prohibitive capital for their holdings of unbacked crypto such as bitcoin (BTC) or ether (ETH).
After a turbulent year that saw the collapse of crypto exchange FTX, as well as digitally focused lenders Signature and Silicon Valley Banks, the standard-setter now wants to see lenders reveal their exposure as it seeks to cut contagion. A consultation paper to be published soon will propose “a set of disclosure requirements related to banks’ crypto asset exposures,” complementing existing capital requirements for digital assets that were finalized in December, the Committee said in a statement. The Basel grouping, which includes bank supervisors from 28 global jurisdictions including the U.S., U.K. and European Union, had previously said it will monitor crypto norms and modify them if needed, but does not appear to have previously flagged the idea of separate disclosure rules.
Banks will have to disclose cryptocurrency holdings under new plans floated Thursday, as international regulators partly blamed banking collapses on the sudden popularity of crypto. The Basel Committee on Banking Supervision, which sets norms for lenders in traditional finance (TradFi), has already said banks should issue potentially prohibitive capital for their holdings of unbacked crypto such as bitcoin (BTC) or ether (ETH).
After a turbulent year that saw the collapse of crypto exchange FTX, as well as digitally focused lenders Signature and Silicon Valley Banks, the standard-setter now wants to see lenders reveal their exposure as it seeks to cut contagion. A consultation paper to be published soon will propose “a set of disclosure requirements related to banks’ crypto asset exposures,” complementing existing capital requirements for digital assets that were finalized in December, the Committee said in a statement. The Basel grouping, which includes bank supervisors from 28 global jurisdictions including the U.S., U.K. and European Union, had previously said it will monitor crypto norms and modify them if needed, but does not appear to have previously flagged the idea of separate disclosure rules.
Ripple CFO Kristina Campbell exits company
Ripple's Chief Financial Officer Kristina Campbell has left the company after about two and a half years. Campbell's LinkedIn profile shows that she no longer works at Ripple and instead, as of this month, started working as CFO at Maven Clinic, a digital health care provider. The Harvard-educated executive previously worked several years in financial services before joining Ripple in April 2021. Ripple has been engaged in a battle with the Securities and Exchange Commission, with the regulatory agency suing the company. A trial is slated for next year.
Ripple’s Chief Financial Officer of roughly two and a half years has departed the crypto company and started working in the health care industry. Campbell's LinkedIn profile shows that she no longer works at Ripple and instead, as of this month, started working as CFO at Maven Clinic, a digital health care provider. The Harvard-educated executive previously worked several years in financial services before joining Ripple in April 2021. The crypto market has been exceedingly volatile thanks in large part to a prolonged bear market, and layoffs have been common. Ripple, meanwhile, has been making inroads in markets outside the U.S., including the Asia Pacific region. Ripple did not immediately respond to a request for comment from The Block.
Ripple's Chief Financial Officer Kristina Campbell has left the company after about two and a half years. Campbell's LinkedIn profile shows that she no longer works at Ripple and instead, as of this month, started working as CFO at Maven Clinic, a digital health care provider. The Harvard-educated executive previously worked several years in financial services before joining Ripple in April 2021. Ripple has been engaged in a battle with the Securities and Exchange Commission, with the regulatory agency suing the company. A trial is slated for next year.
Ripple’s Chief Financial Officer of roughly two and a half years has departed the crypto company and started working in the health care industry. Campbell's LinkedIn profile shows that she no longer works at Ripple and instead, as of this month, started working as CFO at Maven Clinic, a digital health care provider. The Harvard-educated executive previously worked several years in financial services before joining Ripple in April 2021. The crypto market has been exceedingly volatile thanks in large part to a prolonged bear market, and layoffs have been common. Ripple, meanwhile, has been making inroads in markets outside the U.S., including the Asia Pacific region. Ripple did not immediately respond to a request for comment from The Block.
Decentralized App BCH Bull Prepares for Launch, Platform Allows Users to Long or Hedge Bitcoin Cash Against a Myriad of Tradeable Assets
Just recently the developers behind the Bitcoin Cash-centric project Anyhedge released the alpha version of the Anyhedge Whitelabel and since then, 284 smart contracts were created onchain, and more than $32,900 in funds hedged using the alpha protocol.
Furthermore, this month, General Protocols, the engineers behind Anyhedge, revealed the team plans to launch a decentralized application (dapp) on the Bitcoin Cash blockchain that allows anyone to long bitcoin cash against a myriad of tradeable assets.
General Protocols to Launch a Decentralized Application That Allows Users to Hedge or Long Bitcoin Cash, Anyhedge Alpha Whitelabel Recently Released
In recent times, there’s been a few different projects building within the Bitcoin Cash (BCH) ecosystem. One protocol called Anyhedge just released the protocol’s alpha version, which allows users to create smart contracts onchain.
Furthermore, the team behind Anyhedge, General Protocols, recently summarized the Anyhedge Extension, which was made possible after the new ruleset changes were applied to the BCH network last May.
Just recently the developers behind the Bitcoin Cash-centric project Anyhedge released the alpha version of the Anyhedge Whitelabel and since then, 284 smart contracts were created onchain, and more than $32,900 in funds hedged using the alpha protocol.
Furthermore, this month, General Protocols, the engineers behind Anyhedge, revealed the team plans to launch a decentralized application (dapp) on the Bitcoin Cash blockchain that allows anyone to long bitcoin cash against a myriad of tradeable assets.
General Protocols to Launch a Decentralized Application That Allows Users to Hedge or Long Bitcoin Cash, Anyhedge Alpha Whitelabel Recently Released
In recent times, there’s been a few different projects building within the Bitcoin Cash (BCH) ecosystem. One protocol called Anyhedge just released the protocol’s alpha version, which allows users to create smart contracts onchain.
Furthermore, the team behind Anyhedge, General Protocols, recently summarized the Anyhedge Extension, which was made possible after the new ruleset changes were applied to the BCH network last May.
Frax Finance's Fed Yield-Matching Staking Vault Attracts $30M, FXS Steady
Frax's governance token FXS is in stasis as the decentralized finance protocol's nascent high-yielding staking product draws millions in investor money. Early Thursday, Frax unveiled sFRAX, an ERC4626 staking vault allowing holders of the protocol's partially collateralized fractional-algorithmic stablecoin FRAX to earn yields matching the U.S. Federal Reserve's (Fed) interest rate on reserve balances (IORB), currently around 5.4%. The product debuted with an APY of 10%, eventually converging with the Fed's 5.4% IORB rate.
FXS' price rose 7% to $5.66 on Thursday, but has since pulled back to $5.49 to indicate a 0.5% gain on a 24-hour basis, CoinDesk data show. The steady price action is consistent with the continued low-volume range play among market leaders bitcoin and ether. The new offering comes as lending protocol MakerDAO enjoys a first-mover advantage in capitalizing on high interest in the U.S. According to Parsec Finance, MakerDAO has invested over $2 billion in short-term bonds via offchain structures since February 2022, offering a 5% savings rate on DAI and buy back its MKR token. On a year-to-date basis, MKR has gained over 168%, outshining bitcoin's 62% rise by a big margin. FXS, meanwhile, has gained only 32% this year. Some in the crypto community expect FXS to catch up with MKR.
Frax's governance token FXS is in stasis as the decentralized finance protocol's nascent high-yielding staking product draws millions in investor money. Early Thursday, Frax unveiled sFRAX, an ERC4626 staking vault allowing holders of the protocol's partially collateralized fractional-algorithmic stablecoin FRAX to earn yields matching the U.S. Federal Reserve's (Fed) interest rate on reserve balances (IORB), currently around 5.4%. The product debuted with an APY of 10%, eventually converging with the Fed's 5.4% IORB rate.
FXS' price rose 7% to $5.66 on Thursday, but has since pulled back to $5.49 to indicate a 0.5% gain on a 24-hour basis, CoinDesk data show. The steady price action is consistent with the continued low-volume range play among market leaders bitcoin and ether. The new offering comes as lending protocol MakerDAO enjoys a first-mover advantage in capitalizing on high interest in the U.S. According to Parsec Finance, MakerDAO has invested over $2 billion in short-term bonds via offchain structures since February 2022, offering a 5% savings rate on DAI and buy back its MKR token. On a year-to-date basis, MKR has gained over 168%, outshining bitcoin's 62% rise by a big margin. FXS, meanwhile, has gained only 32% this year. Some in the crypto community expect FXS to catch up with MKR.
opBNB-based AI platform MyShell raises funds at $57 million valuation
MyShell, an opBNB-based platform that offers AI tools, has raised $5.6 million in a seed funding round. The round was led by INCE Capital, with participation from Hashkey Capital, Folius Ventures, SevenX Ventures, OP Crypto and others, MyShell said Monday. This was an equity with token warrants round and brought MyShell's valuation to $57 million, co-founder Ethan Sun told The Block in an interview. MyShell also raised a small $200,000 pre-seed round earlier this year from friends and the crypto community, Sun said.
Launched in May, MyShell is a web3-enabled AI platform that lets users create personalized chatbots called "Shells." The platform is for both content creators and consumers — creators can generate AI content bots, and consumers can find and use those bots. Since its launch in May, MyShell claims to have already gained over 30,000 creators and over 400,000 users. It aims to bring a creator ecosystem to blockchain. "The AI landscape today is grappling with pressing challenges, including a lack of transparency, centralization, and misaligned incentives," said Sun. "Our goal is to cultivate an ecosystem where users genuinely own their creations and receive fair compensation for their work."
MyShell, an opBNB-based platform that offers AI tools, has raised $5.6 million in a seed funding round. The round was led by INCE Capital, with participation from Hashkey Capital, Folius Ventures, SevenX Ventures, OP Crypto and others, MyShell said Monday. This was an equity with token warrants round and brought MyShell's valuation to $57 million, co-founder Ethan Sun told The Block in an interview. MyShell also raised a small $200,000 pre-seed round earlier this year from friends and the crypto community, Sun said.
Launched in May, MyShell is a web3-enabled AI platform that lets users create personalized chatbots called "Shells." The platform is for both content creators and consumers — creators can generate AI content bots, and consumers can find and use those bots. Since its launch in May, MyShell claims to have already gained over 30,000 creators and over 400,000 users. It aims to bring a creator ecosystem to blockchain. "The AI landscape today is grappling with pressing challenges, including a lack of transparency, centralization, and misaligned incentives," said Sun. "Our goal is to cultivate an ecosystem where users genuinely own their creations and receive fair compensation for their work."
Gecko Terminal Integrates With FlokiFi Locker, Signifying Increasing Adoption for Floki
GeckoTerminal, the renowned Decentralized Exchange (DEX) tracker tool offered by Coingecko, has made a significant move by integrating with Floki's crypto locker protocol, FlokiFi Locker. This collaboration highlights the growing acceptance and adoption of Floki in the cryptocurrency industry.
GeckoTerminal, with its massive user base of over 50 million annual visitors, serves as the largest independent aggregator of cryptocurrency data worldwide. Its platform currently tracks an impressive number of tokens, exceeding 1.5M, across over 100 networks.
The integration of FlokiFi Locker into GeckoTerminal provides users with seamless access to lock details for projects that utilize FlokiFi Locker to secure their liquidity pools. This integration brings convenience and efficiency to the fingertips of GeckoTerminal's users.
For Floki, this integration represents a significant triumph, as it signifies the increasing adoption of their utility products by the most prominent and respected brands in the crypto realm. Moreover, it opens doors to introduce FlokiFi Locker potentially, and consequently Floki itself, to millions of new users. This partnership begins a fruitful and mutually beneficial collaboration between two exceptional crypto brands.
As GeckoTerminal and Floki join forces, the crypto community can expect enhanced accessibility and visibility for FlokiFi Locker, further solidifying Floki's position as an influential player in the cryptocurrency landscape.
GeckoTerminal, the renowned Decentralized Exchange (DEX) tracker tool offered by Coingecko, has made a significant move by integrating with Floki's crypto locker protocol, FlokiFi Locker. This collaboration highlights the growing acceptance and adoption of Floki in the cryptocurrency industry.
GeckoTerminal, with its massive user base of over 50 million annual visitors, serves as the largest independent aggregator of cryptocurrency data worldwide. Its platform currently tracks an impressive number of tokens, exceeding 1.5M, across over 100 networks.
The integration of FlokiFi Locker into GeckoTerminal provides users with seamless access to lock details for projects that utilize FlokiFi Locker to secure their liquidity pools. This integration brings convenience and efficiency to the fingertips of GeckoTerminal's users.
For Floki, this integration represents a significant triumph, as it signifies the increasing adoption of their utility products by the most prominent and respected brands in the crypto realm. Moreover, it opens doors to introduce FlokiFi Locker potentially, and consequently Floki itself, to millions of new users. This partnership begins a fruitful and mutually beneficial collaboration between two exceptional crypto brands.
As GeckoTerminal and Floki join forces, the crypto community can expect enhanced accessibility and visibility for FlokiFi Locker, further solidifying Floki's position as an influential player in the cryptocurrency landscape.
Binance onboards fiat partners for Euro withdrawals and deposits following Paysafe separation
Binance penned new partnerships with fiat providers to enable Euro transactions, a month after Binance's original Euro banking partner Paysafe stopped working with the firm. "We have signed agreements with a number of new regulated and authorized fiat partners to provide a variety of fiat services to our community. Users have already started being migrated to the new services," Binance wrote in a Thursday release. Services stemming from the partnership includes EUR transactions via Open Banking.
"Being able to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally. Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating. Offering fiat services provides essential ease of use to all participants in the crypto ecosystem," Binance added. Binance's new partnerships come after the firm experienced another major setback in the summer, when the German financial regulator BaFin rejected Binance's custody license application. "SEPA," or Single Euro Payments Area, includes 36 countries that enable cashless Euro payments in the European Union.
Binance penned new partnerships with fiat providers to enable Euro transactions, a month after Binance's original Euro banking partner Paysafe stopped working with the firm. "We have signed agreements with a number of new regulated and authorized fiat partners to provide a variety of fiat services to our community. Users have already started being migrated to the new services," Binance wrote in a Thursday release. Services stemming from the partnership includes EUR transactions via Open Banking.
"Being able to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally. Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating. Offering fiat services provides essential ease of use to all participants in the crypto ecosystem," Binance added. Binance's new partnerships come after the firm experienced another major setback in the summer, when the German financial regulator BaFin rejected Binance's custody license application. "SEPA," or Single Euro Payments Area, includes 36 countries that enable cashless Euro payments in the European Union.
Taiwan’s Financial Supervisory Commission Set to Regulate Country’s Virtual Assets Industry
Taiwan’s Financial Supervisory Commission is set to be announced as the body that will oversee and regulate the virtual asset industry. According to a report, the collapse of crypto exchanges like FTX prompted Taiwanese officials to seek ways of protecting users against similar events should they recur.
According to Taiwanese government officials, the country’s financial sector regulator — the Financial Supervisory Commission (FSC) — is set to become the body overseeing and regulating the country’s virtual currency industry. As per a CNA report, an announcement to this effect is set to be made in late March or early April.
Taiwan’s Financial Supervisory Commission is set to be announced as the body that will oversee and regulate the virtual asset industry. According to a report, the collapse of crypto exchanges like FTX prompted Taiwanese officials to seek ways of protecting users against similar events should they recur.
According to Taiwanese government officials, the country’s financial sector regulator — the Financial Supervisory Commission (FSC) — is set to become the body overseeing and regulating the country’s virtual currency industry. As per a CNA report, an announcement to this effect is set to be made in late March or early April.
Former FTX CEO Sam Bankman-Fried will take the stand on Thursday
Sam Bankman-Fried, the disgraced former CEO of the FTX crypto exchange, is expected to take the stand on Thursday, defense lawyers said. During a teleconference on Wednesday, Bankman-Fried's lawyer Mark Cohen confirmed his client will testify and that his testimony will probably take the entire day on Thursday, before going into cross examination on Friday. Analysts had seemed split on whether he would and have said that if the former billionaire does decide to testify, it would take a few days.
All of the seven expert witnesses Bankman-Fried proposed to call, for example, were denied by Judge Kaplan, though Kaplan left open the door for him to call on four as rebuttals to government witnesses. Many of Bankman-Fried's motions in limine, which concerned which arguments and which evidence could be offered at trial, have also been denied by the judge. The former FTX CEO faces decades in prison if he is convicted on a slew of charges, including fraud, over allegations that he and other FTX executives used billions of customer assets to make their own failed investments. FTX filed for bankruptcy protection late last year. Bankman-Fried's defense has seemingly struggled before the trial to get certain witnesses on the stand.
Sam Bankman-Fried, the disgraced former CEO of the FTX crypto exchange, is expected to take the stand on Thursday, defense lawyers said. During a teleconference on Wednesday, Bankman-Fried's lawyer Mark Cohen confirmed his client will testify and that his testimony will probably take the entire day on Thursday, before going into cross examination on Friday. Analysts had seemed split on whether he would and have said that if the former billionaire does decide to testify, it would take a few days.
All of the seven expert witnesses Bankman-Fried proposed to call, for example, were denied by Judge Kaplan, though Kaplan left open the door for him to call on four as rebuttals to government witnesses. Many of Bankman-Fried's motions in limine, which concerned which arguments and which evidence could be offered at trial, have also been denied by the judge. The former FTX CEO faces decades in prison if he is convicted on a slew of charges, including fraud, over allegations that he and other FTX executives used billions of customer assets to make their own failed investments. FTX filed for bankruptcy protection late last year. Bankman-Fried's defense has seemingly struggled before the trial to get certain witnesses on the stand.
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gave a prediction about the rate of Cardano
Renowned cryptoanalyst and founder of Into The Cryptoverse Benjamin Cowan shared his opinion on the price behavior of altcoins relative to bitcoin (BTC). He focused on the Cardano digital coin (ADA). According to him, this virtual asset has good prospects.
According to Cowan's analysis, ADA, which has already lost 78.8% of its price high, will continue to fall to the lower boundary of dynamic support against the BTC rate. According to him, that means a future value of 800 SATS per ADA. This level, according to Cowan's prediction, was referred to 2018. It was then retested in the third quarter of 2019. According to the dynamics, the ADA value should return to this value.
Nevertheless, the analyst assured: finding a bottom against BTC "would be a big deal" for Cardano. He noted that after a rebound from this value, the cryptocurrency rate will go up. At the same time, the expert added that "the final support may be at the level of 400 SATS per ADA.
Renowned cryptoanalyst and founder of Into The Cryptoverse Benjamin Cowan shared his opinion on the price behavior of altcoins relative to bitcoin (BTC). He focused on the Cardano digital coin (ADA). According to him, this virtual asset has good prospects.
According to Cowan's analysis, ADA, which has already lost 78.8% of its price high, will continue to fall to the lower boundary of dynamic support against the BTC rate. According to him, that means a future value of 800 SATS per ADA. This level, according to Cowan's prediction, was referred to 2018. It was then retested in the third quarter of 2019. According to the dynamics, the ADA value should return to this value.
Nevertheless, the analyst assured: finding a bottom against BTC "would be a big deal" for Cardano. He noted that after a rebound from this value, the cryptocurrency rate will go up. At the same time, the expert added that "the final support may be at the level of 400 SATS per ADA.
CME on the Cusp of Replacing Binance as Top Bitcoin Futures Exchange
The regulated Chicago Mercantile Exchange (CME) is climbing ranks on the list of largest bitcoin (BTC) futures and perpetual futures exchanges by open interest in a move reminiscent of the early stages of the 2020-21 bull run. With a notional open interest (OI) of $3.54 billion, CME is now the second-largest bitcoin futures exchange, up from the fourth position seen weeks ago, according to Coinglass. Notional open interest refers to the U.S. dollar value locked in the number of active or open contracts.
Keeping the top spot is the offshore unregulated exchange Binance, with an open interest of $3.83 billion. That’s 8% higher than the CME. CME’s standard bitcoin futures contract is equivalent to 5 BTC, while the micro contract is sized at one-tenth of 1 BTC. The standard ether futures have a contract size of 50 ETH, while micro futures are equivalent to one-tenth of 1 ETH. Most open interest in offshore exchanges is concentrated in perpetual futures rather than traditional futures contracts. Perpetuals are futures with no expiry and use the funding rate mechanism to keep perpetuals in sync with the spot price. Per some observers, CME’s ascent is a sign of an institutional-led rally. Bitcoin has risen 27% this month amid lingering macroeconomic uncertainty and spot ETF optimism.
The regulated Chicago Mercantile Exchange (CME) is climbing ranks on the list of largest bitcoin (BTC) futures and perpetual futures exchanges by open interest in a move reminiscent of the early stages of the 2020-21 bull run. With a notional open interest (OI) of $3.54 billion, CME is now the second-largest bitcoin futures exchange, up from the fourth position seen weeks ago, according to Coinglass. Notional open interest refers to the U.S. dollar value locked in the number of active or open contracts.
Keeping the top spot is the offshore unregulated exchange Binance, with an open interest of $3.83 billion. That’s 8% higher than the CME. CME’s standard bitcoin futures contract is equivalent to 5 BTC, while the micro contract is sized at one-tenth of 1 BTC. The standard ether futures have a contract size of 50 ETH, while micro futures are equivalent to one-tenth of 1 ETH. Most open interest in offshore exchanges is concentrated in perpetual futures rather than traditional futures contracts. Perpetuals are futures with no expiry and use the funding rate mechanism to keep perpetuals in sync with the spot price. Per some observers, CME’s ascent is a sign of an institutional-led rally. Bitcoin has risen 27% this month amid lingering macroeconomic uncertainty and spot ETF optimism.
SafeMoon fraud charges by SEC and Unregistered Crypto Offering
The charges stem from their involvement in an extensive fraudulent scheme related to the unregistered sale of the cryptocurrency security known as SafeMoon. SafeMoon fraud charges have been filed by the SEC against SafeMoon LLC, its creator Kyle Nagy, and its executives John Karony and Thomas Smith for the unregistered sale of the SafeMoon cryptocurrency. The SEC alleges that they promised to increase the token’s price but instead caused a market capitalization drop.
David Hirsch of the SEC emphasized that unregistered offerings like SafeMoon lack necessary disclosures and accountability, making them attractive to scammers. The SEC’s complaint alleges that Nagy assured investors that funds in SafeMoon’s liquidity pool were secure and inaccessible, but significant portions were never locked and were misused for personal expenses. The SEC warns investors to be cautious as fraudsters often fail to deliver on promised profits. SafeMoon experienced a rapid price increase of over 55,000 percent in 2021, but the price fell by nearly 50 percent when it was revealed that the liquidity pool was not secure. Following this, Karony and Smith allegedly manipulated the market using misappropriated assets.
The charges stem from their involvement in an extensive fraudulent scheme related to the unregistered sale of the cryptocurrency security known as SafeMoon. SafeMoon fraud charges have been filed by the SEC against SafeMoon LLC, its creator Kyle Nagy, and its executives John Karony and Thomas Smith for the unregistered sale of the SafeMoon cryptocurrency. The SEC alleges that they promised to increase the token’s price but instead caused a market capitalization drop.
David Hirsch of the SEC emphasized that unregistered offerings like SafeMoon lack necessary disclosures and accountability, making them attractive to scammers. The SEC’s complaint alleges that Nagy assured investors that funds in SafeMoon’s liquidity pool were secure and inaccessible, but significant portions were never locked and were misused for personal expenses. The SEC warns investors to be cautious as fraudsters often fail to deliver on promised profits. SafeMoon experienced a rapid price increase of over 55,000 percent in 2021, but the price fell by nearly 50 percent when it was revealed that the liquidity pool was not secure. Following this, Karony and Smith allegedly manipulated the market using misappropriated assets.
Binance Ruble Payment Partnership Completely Terminates Amid Regulatory Challenge
Binance, one of the world’s leading cryptocurrency exchanges, is set to terminate its partnership with payment processor Advcash, also known as Advance Cash. This decision comes as part of Binance’s ongoing efforts to navigate regulatory challenges and increase compliance in its operations. The partnership, established in 2019, allowed Binance customers to deposit and withdraw Russian rubles, even from sanctioned Russian banks, through Advcash. However, recent developments suggest that Binance is now distancing itself from this arrangement.
According to the Wall Street Journal, Binance informed a client of its decision through an email, though Advcash claims it has not received any official communication regarding the termination of the Binance ruble payment partnership. This move is in line with Binance’s strategy to discontinue associations with payment processors across Europe and the Americas amidst an investigation by the U.S. Department of Justice. The investigation centers on concerns related to money laundering, sanction evasions, and alleged fraud. Despite facing substantial regulatory hurdles and compliance challenges due to Western sanctions against Russia, Binance continued to serve Russian users until August 2023. The departure from the Russian market also saw top Russian executives leave the company in early September.
Binance, one of the world’s leading cryptocurrency exchanges, is set to terminate its partnership with payment processor Advcash, also known as Advance Cash. This decision comes as part of Binance’s ongoing efforts to navigate regulatory challenges and increase compliance in its operations. The partnership, established in 2019, allowed Binance customers to deposit and withdraw Russian rubles, even from sanctioned Russian banks, through Advcash. However, recent developments suggest that Binance is now distancing itself from this arrangement.
According to the Wall Street Journal, Binance informed a client of its decision through an email, though Advcash claims it has not received any official communication regarding the termination of the Binance ruble payment partnership. This move is in line with Binance’s strategy to discontinue associations with payment processors across Europe and the Americas amidst an investigation by the U.S. Department of Justice. The investigation centers on concerns related to money laundering, sanction evasions, and alleged fraud. Despite facing substantial regulatory hurdles and compliance challenges due to Western sanctions against Russia, Binance continued to serve Russian users until August 2023. The departure from the Russian market also saw top Russian executives leave the company in early September.
US Supreme Court agrees to take up Coinbase case involving arbitration jurisdiction
The U.S. Supreme Court announced on Friday that it would hear a case involving Coinbase and whether a dispute involving a Dogecoin sweepstakes can be settled through arbitration. The move comes almost a year after Judge Sallie Kim, for the U.S. District Court for the Northern District of California, denied Coinbase's motion to take the dispute to arbitration, according to an opinion from December 2022. Arbitration can be favored by companies because it can cost less and be resolved more quickly.
The case involves two different contracts, one that would lead to arbitration and the other that would be required to be figured out in a California court. David Suski, a Coinbase user among others, opted into Coinbase's Dogecoin Sweepstakes in June 2021 and agreed to a user agreement, which included an arbitration provision. Suski then later opted into a separate "officials rules" for the sweepstakes, which included a clause that California courts would have "exclusive jurisdiction over any controversies regarding the sweepstakes," according to Kim's opinion. Coinbase argued that the user agreement should have superseded the official rules, but the California judge ultimately disagreed.
The U.S. Supreme Court announced on Friday that it would hear a case involving Coinbase and whether a dispute involving a Dogecoin sweepstakes can be settled through arbitration. The move comes almost a year after Judge Sallie Kim, for the U.S. District Court for the Northern District of California, denied Coinbase's motion to take the dispute to arbitration, according to an opinion from December 2022. Arbitration can be favored by companies because it can cost less and be resolved more quickly.
The case involves two different contracts, one that would lead to arbitration and the other that would be required to be figured out in a California court. David Suski, a Coinbase user among others, opted into Coinbase's Dogecoin Sweepstakes in June 2021 and agreed to a user agreement, which included an arbitration provision. Suski then later opted into a separate "officials rules" for the sweepstakes, which included a clause that California courts would have "exclusive jurisdiction over any controversies regarding the sweepstakes," according to Kim's opinion. Coinbase argued that the user agreement should have superseded the official rules, but the California judge ultimately disagreed.
Not a week goes by without interesting news about the Sundae project.
After a post by one of the founders of the Odyssey project regarding Bitget exchange opening Sundae deposits was published, Elon Musk made a post on his X network:
"Ice cream is one of the great joys of life."
It's hard not to agree with Elon. In just two months, the Sundae token's value has increased from $0.25 to $4, making its many followers 16 times richer.
We'd like to remind you – this is at least the third mention by Musk of some "ice cream." The first mention miraculously coincided with the listing on MEXC.
So, what is Sundae? What's the secret behind the rapid token's value growth during such a depressive period of bear market rally?
The secret of this growth partly lies in rumors that Sundae senators have established an accumulation fund where about 30% of the token's sales profit goes.
The fund plans to invest in various sources of income, such as trust funds, media, online schools, IT companies, digital agencies, and even immortal canvases by world-famous authors.
The project has all chances to become revolutionary, as evidenced by its listing on major exchanges like MEXC and Bitget, the participation of bloggers with a million-strong audience and funds that previously invested in the current market "monsters."
One of the Odyssey co-founders explains: "Sundae means 'ice cream dessert.' Yesterday, the token cost only $0.25, less than ice cream. Today it's already $4, and tomorrow it could be worth thousands. Can you buy your secure future at the price of an ice cream? A foolish question, of course, you can!"
After a post by one of the founders of the Odyssey project regarding Bitget exchange opening Sundae deposits was published, Elon Musk made a post on his X network:
"Ice cream is one of the great joys of life."
It's hard not to agree with Elon. In just two months, the Sundae token's value has increased from $0.25 to $4, making its many followers 16 times richer.
We'd like to remind you – this is at least the third mention by Musk of some "ice cream." The first mention miraculously coincided with the listing on MEXC.
So, what is Sundae? What's the secret behind the rapid token's value growth during such a depressive period of bear market rally?
The secret of this growth partly lies in rumors that Sundae senators have established an accumulation fund where about 30% of the token's sales profit goes.
The fund plans to invest in various sources of income, such as trust funds, media, online schools, IT companies, digital agencies, and even immortal canvases by world-famous authors.
The project has all chances to become revolutionary, as evidenced by its listing on major exchanges like MEXC and Bitget, the participation of bloggers with a million-strong audience and funds that previously invested in the current market "monsters."
One of the Odyssey co-founders explains: "Sundae means 'ice cream dessert.' Yesterday, the token cost only $0.25, less than ice cream. Today it's already $4, and tomorrow it could be worth thousands. Can you buy your secure future at the price of an ice cream? A foolish question, of course, you can!"
Arbitrum DAO voting on $24 million 'backfund' for projects that missed out on grants
The Arbitrum DAO is currently voting on a proposal that could inject 21.4 million ARB tokens ($24 million) into projects that were approved but fell short of the 50 million ARB total funding cut-off in last month’s first round of grants for its Short-Term Incentive Program. Dubbed a one-time “backfund,” it outlines plans to increase the total STIP budget to 71.4 million ARB, funding a further 26 protocols in addition to the 29 initially successful projects.
By nearly doubling the projects receiving support, the proposal, prepared by the Arbitrum STIP Inclusion Working Group following a series of community calls and workshops, argues it represents a critical opportunity to “support diverse, emerging builders” and “avoid potentially irreversible harm of crushing small, high potential builders.” The majority of temperature check voters, some 90.3% are currently in favor of the proposal, with 8.3% against and 1.4% abstaining. Voting began on Tuesday and is set to conclude on Nov. 14. If passed, the program is designed to maintain the timeline and process of STIP 1, approving funding of an additional 21.4M ARB through the end of Jan. 31, 2024.
The Arbitrum DAO is currently voting on a proposal that could inject 21.4 million ARB tokens ($24 million) into projects that were approved but fell short of the 50 million ARB total funding cut-off in last month’s first round of grants for its Short-Term Incentive Program. Dubbed a one-time “backfund,” it outlines plans to increase the total STIP budget to 71.4 million ARB, funding a further 26 protocols in addition to the 29 initially successful projects.
By nearly doubling the projects receiving support, the proposal, prepared by the Arbitrum STIP Inclusion Working Group following a series of community calls and workshops, argues it represents a critical opportunity to “support diverse, emerging builders” and “avoid potentially irreversible harm of crushing small, high potential builders.” The majority of temperature check voters, some 90.3% are currently in favor of the proposal, with 8.3% against and 1.4% abstaining. Voting began on Tuesday and is set to conclude on Nov. 14. If passed, the program is designed to maintain the timeline and process of STIP 1, approving funding of an additional 21.4M ARB through the end of Jan. 31, 2024.
JPMorgan Adds Programmable Payments to JPM Coin
Users of JPMorgan's (JPM) blockchain-based settlement token, JPM Coin, can now program their accounts to make payments automatically according to preset conditions. The financial giant is allowing clients to plug in conditions for funds to be moved to cover overdue payments or margin calls, according to an email on Friday. Previously, they had to set standing orders for payments to take place at a particular time, whereas now they can program them to kick in when the relevant criteria are met.
JPMorgan introduced JPM Coin in 2019 to enable institutional clients to make wholesale payments on a blockchain. Last month it reached the milestone of handling $1 billion of transactions daily, though this remains a trivial figure compared with the $10 trillion the bank moves every day in total. "This new feature helps clients to respond dynamically to events, which is ever more important as 24x7 payment infrastructure proliferates, and responding to volatility becomes vital," the bank said. Previously clients would need to set standing orders for payments to take place at a particular time; now they can program them to kick in when the relevant criteria are met. whereas now they can program them to kick in when the relevant criteria are met.
Users of JPMorgan's (JPM) blockchain-based settlement token, JPM Coin, can now program their accounts to make payments automatically according to preset conditions. The financial giant is allowing clients to plug in conditions for funds to be moved to cover overdue payments or margin calls, according to an email on Friday. Previously, they had to set standing orders for payments to take place at a particular time, whereas now they can program them to kick in when the relevant criteria are met.
JPMorgan introduced JPM Coin in 2019 to enable institutional clients to make wholesale payments on a blockchain. Last month it reached the milestone of handling $1 billion of transactions daily, though this remains a trivial figure compared with the $10 trillion the bank moves every day in total. "This new feature helps clients to respond dynamically to events, which is ever more important as 24x7 payment infrastructure proliferates, and responding to volatility becomes vital," the bank said. Previously clients would need to set standing orders for payments to take place at a particular time; now they can program them to kick in when the relevant criteria are met. whereas now they can program them to kick in when the relevant criteria are met.
China declares stealing digital collections like NFTs liable for criminal theft sentence
The Chinese government says theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data. It outlines three views on the type of crime that theft of digital collections falls under, the first two classifying it as either data or digital property. However, the statement stresses that the third view, which sees digital collections as both data and virtual property, would fall under the umbrella of “co-offending.”
The statement explained that stealing a digital collection includes intrusion into the system on which it is housed, therefore also committing the crime of illegally obtaining computer information system data and theft. It elaborates on this topic, naming digital collections “network virtual property” and stressing that in the criminal law context, “collections should be recognized as property.” NFTs were specifically mentioned, establishing that digital collections are derived from the concept of NFTs “abroad” and use blockchain technology to “map specific assets” with “unique, non-copyable, tamper-preventing, and permanent storage characteristics.”
The Chinese government says theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data. It outlines three views on the type of crime that theft of digital collections falls under, the first two classifying it as either data or digital property. However, the statement stresses that the third view, which sees digital collections as both data and virtual property, would fall under the umbrella of “co-offending.”
The statement explained that stealing a digital collection includes intrusion into the system on which it is housed, therefore also committing the crime of illegally obtaining computer information system data and theft. It elaborates on this topic, naming digital collections “network virtual property” and stressing that in the criminal law context, “collections should be recognized as property.” NFTs were specifically mentioned, establishing that digital collections are derived from the concept of NFTs “abroad” and use blockchain technology to “map specific assets” with “unique, non-copyable, tamper-preventing, and permanent storage characteristics.”
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