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Nexo demands $3 billion in damages over canceled Bulgarian investigation

Nexo, a crypto lending firm, said on Jan. 24 that it aims to obtain $3 billion in damages from Bulgaria over a cancelled criminal investigation.

Bulgarian prosecutors initially launched an investigation into Nexo AG over one year ago in January 2023. At that time, authorities raided the firm’s offices and charged four Bulgarian individuals with money laundering, tax fraud, and computer fraud. Authorities also alleged violations of Russian sanctions.
Ava Labs outlines scaling solution Vryx in plan for Avalanche to reach 100,000 TPS

Blockchain builder Ava Labs has laid out details for its scaling solution Vryx as part of plans to get the Avalanche blockchain to support speeds of around 100,000 transactions per second.

Ava Labs is already implementing the scaling approach, which was detailed in a research post published today. It plans to have benchmarks in the next few weeks.
Coinbase Nears Historic 1 Million Bitcoin Milestone Amid Rise in Reserves and ETF Activity

Recent data reveals Coinbase Global is on the brink of holding 1 million bitcoins, requiring just an additional 5,019 bitcoins to cross this significant milestone.

In the preceding fortnight, Coinbase has witnessed its bitcoin reserves grow by 16,404 bitcoins, inching closer to this noteworthy threshold.
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GameFi delivers Oasys Navi NFT gaming marketplace

GameFi forms an exclusive partnership with Oasys and jointly delivers its Oasys Navi NFT gaming marketplace. This is the latest project that has been unsheathed by the two entities. The project will be responsible for organizing prime gaming-oriented NFT launches.  GameFi, on its part, will be backing INO and IDO campaigns that exist on the Oasys blockchain, as well as other fresh NFT projects. In the case of the uninitiated, GameFi is basically a Web3 platform, while Oasys is a well-known and respected Japanese gaming blockchain.

According to the Head of Ecosystem Alliance at Oasys, Yas, they are looking forward to taking this partnership forward and making a difference to the overall Web3 gaming market as well as creating an atmosphere of all-inclusiveness where the whole gaming community is concerned. As a mark of commitment from their side, they have jointly come out with the Oasys Navi NFT marketplace.  

As a part of their next plan of action, the two companies, GameFi, together with Oasys, will be involved with the deliverance of a beta version of an NFT marketplace. There will be a game dashboard and a mainnet launch which is in the offing. Collectively, the two entities will be delivering INOs, and features like tournaments will also be in the picture in the very near future.
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Crypto Risks in Focus: Yellen's Call for Legislation

U.S. Treasury Secretary Janet Yellen, at the helm of the Financial Stability Oversight Council, sounded the alarm on cryptocurrency risks and urged lawmakers to take action.

Market Instability Concerns: Yellen highlighted the volatility and breakneck growth of crypto assets, pointing to recent market turbulence as a wake-up call.

Regulation Is Key: The Treasury Secretary stressed the need for a robust regulatory framework, with a particular focus on stablecoins and ensuring platforms play by the financial rulebook.

Enforcement & Legislation: Yellen made it clear that existing rules must be enforced, while also urging Congress to pass laws that specifically address stablecoins and non-security crypto-assets.
Bitcoin ETFs Outperform Three Decades of U.S. Launches

Bitcoin Spot Exchange-Traded Funds (ETFs) achieved a historic milestone by accumulating over $6 billion in assets within their first month of trading, surpassing any ETF launched in the United States in the past three decades.

This accomplishment occurred as Bitcoin rose above $47,000, making Bitcoin Spot ETFs the only ones among over 5,500 ETFs to reach such a significant milestone within the initial 17 trading days.
Banxa, Payments Partner for Binance and OKX, Lands on UK Crypto Register

The U.K. affiliate of payments infrastructure provider Banxa (BNXA) on Friday became the first company to join the Financial Conduct Authority's crypto register in 2024.

Being added to the regulator's list allows BNXA UK VASP to provide crypto services to U.K. clients. The company's general manager, Brinda Paul, was until February also the director of compliance at Melbourne, Australia-based Banxa, whose shares trade on the Toronto Stock Exchange, according to her LinkedIn profile.
According to Adrian Krion, the co-founder and CEO of Spielworks, the NFTs will also have utility within their Dungeon Worlds game. They will be providing mining power and material drops to their players.Blockchain gaming platform creates refundable NFT program

Blockchain gaming startup Spielworks has partnered with the Web3 platform Mycelium Network to launch a program that allows full refunds for nonfungible token (NFT) purchases.

In an announcement sent to Cointelegraph, the team explained that within the program, users who acquire NFTs called "Reverties" are eligible to get a full USD Coin (USDC) refund. The project also allows users to stake this new series of NFTs in Spielworks’s game called Dungeon Master and purchase them using USDC via a separate minting mechanism.

Through the partnership, Spielworks will leverage Mycelium Network to support USDC purchases. Within the minting transaction, the USDC will be transferred to a decentralized finance (DeFi) lending pool at the Aave protocol.

The team said that the interest earned in the lending pool will be used to buy back Spielwork's token, in an attempt to help their community. A portion of the earnings will also be allocated to help the Wombat Protection Society of Australia.

According to Adrian Krion, the co-founder and CEO of Spielworks, the NFTs will also have utility within their Dungeon Worlds game. They will be providing mining power and material drops to their players.
Starknet Foundation to Distribute 40 Million Tokens to DeFi Protocols

The Starknet Foundation announced Monday that its committee for decentralized finance (DeFi) will distribute 40 million STRK tokens to DeFi protocols native to Starknet, its layer 2 blockchain network that is based on zero-knowledge technology.

The announcement to distribute tokens to DeFi protocols comes as crypto denizens both applauded and criticized Starknet Foundation’s airdrop strategy to let roughly 1.3 million addresses claim STRK on Feb. 20.
Coinbase urges SEC to approve listing of Grayscale's proposed spot ether ETF

Coinbase has urged the Securities and Exchange Commission's to list the Grayscale Ethereum trust for trading, according to the company's chief legal officer Paul Grewal.

Taking to the social media platform X, Grewal announced Coinbase had responded to the SEC's request for comment. He said Coinbase had provided the "legal, technical, and economic rationale" needed for approval.
Uniswap surges 60% after proposing fee reward mechanism for holders

Decentralized exchange (DEX) Uniswap’s native token UNI climbed 60% on Feb. 23 to a two-year high of $12.48 following a governance proposal to introduce a fee reward mechanism for holders. UNI was last trading at these price levels in January 2022.

The primary driver behind the price rise is a new proposal to overhaul the DEX’s governance system. It aims to tackle the crucial issue of low engagement and “stale” delegation by directly incentivizing active participation.
Singularity attracts $2.2 million to develop KYC-compliant DeFi platform for institutions

Singularity Network, a protocol catering to institutional investors seeking confidential access to DeFi, raised $2.2 million in its second funding round that concluded in late 2023.

The funding round was spearheaded by Gumi Crypto Capitals, with participation from notable investors like Eureka Partners and Nomura’s digital asset subsidiary, Laser Digital. Other participants in this round included Digital Assets Capital Management, Gandel Invest, and Apollo Crypto—these firms had backed Singularity during its seed round.
DeFi ‘points’ farming has reshaped the crypto investment landscape

As a DeFi-focused hedge fund, MEV Capital has grown comfortable with moving funds around on-chain in pursuit of higher returns, a strategy known as yield farming.

MEV Capital is farming these points especially in order to gain exposure to EigenLayer and a raft of other Ethereum restaking projects offering off-chain points to on-chain users.

It’s a testament to renewed animal spirits in crypto and the excitement surrounding restaking that hedge funds like MEV Capital are now acquiring participation tallies for clients.
Coca-Cola and Top DAOs Join Coinbase's 'Onchain Summer' Web3 Festival for Base Launch

Crypto exchange Coinbase has kicked off the multi-week Onchain Summer event to celebrate the launch of its much-anticipated Layer 2 network Base. The crypto giant said that each week in the series will bring new activations across Web3, including art, music, culture, and gaming.

Companies, artists, and creators will be running onchain events "that will make crypto more accessible, fun, and useful than ever before," Coinbase said. New mints will happen daily from August 9 through August 31.

The exchange wants users to bridge their ETH to the new network to mint a free NFT - hence, boosting the activity and engagement on Base. The "first-of-its-kind onchain festival" includes "over 50 leading brands, platforms, marketplaces, artists, and creators," Coinbase said.

Popular decentralized autonomous organizations (DAOs), such as Nouns and Friends With Benefits will participate, as will the soft drink giant Coca-Cola.
S. Korean watchdog goes after crypto whales to ensure AML compliance.

The South Korean regulator noted that popular stablecoins used by the public might become a primary tool for money laundering using digital assets.

South Korea’s financial watchdog, the Financial Services Commission (FSC), will monitor crypto whales with assets of over 100 million won ($70,000) to prevent money laundering efforts using digital assets.

The FSC noted that having a larger proportion of digital assets and stablecoins equates to a higher money laundering risk. Thus, special focus should be placed on monitoring crypto whales with significant digital-asset and stablecoin holdings under the new Anti-Money Laundering guidelines, reported local media.

The report also noted that stablecoins, especially those commonly used by the public, are more likely to be used as a means of crime. The report reads:

“In the case of an independently listed virtual asset, it is possible that it did not meet the listing criteria of other virtual asset operators, and it can be evaluated that the risk of money laundering of virtual asset operators with a high proportion of the virtual asset is high.”

Apart from monitoring crypto whales and their activities, the report also advocates for keeping an eye on retail customers making high-value deposits. Those customers should be monitored for any significant change in holdings every quarter.

“Customers with large virtual asset holdings are at higher risk of money laundering.”

South Korea is known for its strict implementation of crypto-related policies, especially in the wake of the collapse of the Terra ecosystem. Its financial regulators have doubled down on their efforts to ensure investor protection and bring crypto legislation by early 2024.
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El Salvador Has More Bitcoin Than Public Estimates With Multiple BTC Revenue Sources, President Bukele Indicates

President Nayib Bukele of El Salvador has indicated that his country’s bitcoin holdings may exceed public estimates.

He revealed that El Salvador has been generating bitcoin-related revenue from various sources in addition to the capital gains from bitcoin purchased since its legalization as a legal tender in the country.
Net $680 million flows into Bitcoin ETFs as Grayscale outflows tick back up to $276 million

Bitcoin ETFs continued their strong performance on March 13, with a net inflow of $683.7 million, according to data from Bitmex Research.

This marks another positive day for Bitcoin ETFs, following the surge in inflows seen on March 12. Per Bitmex Research ETF flow data, BlackRock’s iShares Bitcoin ETF (IBIT) again led the way, attracting $586.5 million in new investments.

Fidelity’s FBTC fund also maintained its momentum, with inflows of $281.5 million.
JPMorgan says bitcoin rally 'propagated' by retail and speculative institutional investors

The recent surge in bitcoin and the broader crypto market is primarily driven by retail and speculative institutional investors buying both gold and bitcoin futures rather than investors shifting from gold to bitcoin, according to JPMorgan analysts.

Since their launch earlier this year, spot bitcoin exchange-traded funds have seen heavy inflows, while gold ETFs have witnessed outflows