💰 MakerDAO Disposes of renBTC as Stablecoin Collateral
MakerDAO – the issuer of the decentralized stablecoin DAI – unanimously passed a proposal this week to remove renBTC as a form of reserve collateral. The Bitcoin-pegged token was deemed too risky to hold exposure to in light of its connections to the now-bankrupt trading desk Alameda Research. As announced by MakerDAO over Twitter on Thursday, Maker’s governance voted to offboard the RENBTC-A Vault type in a governance poll that opened on Monday.“Considering the acquisition of the Ren project by Alameda Research and the recent bankruptcy of the latter, the Ren development team disabled the Ren network mints,” said Maker. Ren 1.0 network, it said, will shut down within 30 days after November 18th.
MakerDAO – the issuer of the decentralized stablecoin DAI – unanimously passed a proposal this week to remove renBTC as a form of reserve collateral. The Bitcoin-pegged token was deemed too risky to hold exposure to in light of its connections to the now-bankrupt trading desk Alameda Research. As announced by MakerDAO over Twitter on Thursday, Maker’s governance voted to offboard the RENBTC-A Vault type in a governance poll that opened on Monday.“Considering the acquisition of the Ren project by Alameda Research and the recent bankruptcy of the latter, the Ren development team disabled the Ren network mints,” said Maker. Ren 1.0 network, it said, will shut down within 30 days after November 18th.
🟠 Binance’s Zhao says industry is ‘healthier’ after a ‘nasty’ year
Binance CEO Chanpeng Zhao said the industry is in a "healthier" place after a "nasty" 2022, and he expects better things in 2023. He declined, however, to make any specific predictions. "The trick for us is to monitor the industry and then whatever is trending we try to support it," Zhao said. The CEO, who launched a recovery fund for troubled crypto companies in the wake of FTX's collapse, did not mince words when it came to his former competitor. Binance earlier today released its proof-of-reserves system, starting with bitcoin, in order to show that the exchange is healthy and solvent. For bitcoin, Binance has provided a snapshot of account balances and the exchange's bitcoin reserves
Binance CEO Chanpeng Zhao said the industry is in a "healthier" place after a "nasty" 2022, and he expects better things in 2023. He declined, however, to make any specific predictions. "The trick for us is to monitor the industry and then whatever is trending we try to support it," Zhao said. The CEO, who launched a recovery fund for troubled crypto companies in the wake of FTX's collapse, did not mince words when it came to his former competitor. Binance earlier today released its proof-of-reserves system, starting with bitcoin, in order to show that the exchange is healthy and solvent. For bitcoin, Binance has provided a snapshot of account balances and the exchange's bitcoin reserves
🪙 Binance clarifies initial $1 billion recovery fund deposit came from own assets
Crypto exchange Binance clarified that an initial $1 billion deposit to its crypto industry recovery fund came from its own assets after details of the transferring wallet raised questions among some commentators on Twitter. On-chain transactions show the funds came from one of Binance's cold wallets for BUSD, the exchange's dollar-pegged stablecoin. This wallet was recently listed in Binance's proof of funds documentation, which shows all the cold and hot wallets the exchange owns as part of a transparency push following this month's collapse of rival crypto exchange FTX.
Crypto exchange Binance clarified that an initial $1 billion deposit to its crypto industry recovery fund came from its own assets after details of the transferring wallet raised questions among some commentators on Twitter. On-chain transactions show the funds came from one of Binance's cold wallets for BUSD, the exchange's dollar-pegged stablecoin. This wallet was recently listed in Binance's proof of funds documentation, which shows all the cold and hot wallets the exchange owns as part of a transparency push following this month's collapse of rival crypto exchange FTX.
🪙 Justin Sun, Tron DAO line up to contribute to Binance recovery fund: Exclusive
Blockchain operator Tron DAO and Justin Sun, its billionaire founder, have applied to contribute capital to Binance’s industry recovery fund. The application comes after seven crypto industry heavyweights were unveiled as its initial contributors yesterday. Binance published details of the fund yesterday after CEO Changpeng Zhao had earlier signaled a plan to launch it. Binance poured an initial $1 billion into the vehicle. Meanwhile, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group agreed to an initial aggregate commitment of around $50 million.
Blockchain operator Tron DAO and Justin Sun, its billionaire founder, have applied to contribute capital to Binance’s industry recovery fund. The application comes after seven crypto industry heavyweights were unveiled as its initial contributors yesterday. Binance published details of the fund yesterday after CEO Changpeng Zhao had earlier signaled a plan to launch it. Binance poured an initial $1 billion into the vehicle. Meanwhile, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group agreed to an initial aggregate commitment of around $50 million.
🇬🇧 UK’s 'biggest ever' scam leads to 100 arrests after police track bitcoin records
More than 100 people were arrested in what the London’s Metropolitan Police calls “the UK’s biggest ever fraud operation” after taking down a fraud website called iSpoof used on 200,000 potential victims in Britain alone. Scotland Yard’s Cyber Crime Unit worked in cross-national cooperation, including authorities in the U.S. and Ukraine, to take down the site this week. In a 20-month period, the Met police claims the operation earned the criminals almost £3.2 million ($3.9 million). Tracing bitcoin records, which was used to pay for iSpoof’s services, allowed the Cyber Crime Unit to narrow down suspects.
More than 100 people were arrested in what the London’s Metropolitan Police calls “the UK’s biggest ever fraud operation” after taking down a fraud website called iSpoof used on 200,000 potential victims in Britain alone. Scotland Yard’s Cyber Crime Unit worked in cross-national cooperation, including authorities in the U.S. and Ukraine, to take down the site this week. In a 20-month period, the Met police claims the operation earned the criminals almost £3.2 million ($3.9 million). Tracing bitcoin records, which was used to pay for iSpoof’s services, allowed the Cyber Crime Unit to narrow down suspects.
👉 Telegram sells usernames worth $50 million on the Open Network blockchain
The names were sold via Fragment, a platform that secures name ownership on the blockchain. In slightly less than one month, Telegram has sold $50 million usernames on The Open Network, a blockchain that the company developed, Telegram founder and CEO Pavel Durov claimed. Telegram in October gave users the ability to buy usernames for its app via a blockchain-based platform called Fragment. The platform lets interested parties buy available usernames and secure ownership on its "The Open Network" blockchain, known as TON. Telegram has sold more than $50 million in usernames, founder Pavel Durov said.
The names were sold via Fragment, a platform that secures name ownership on the blockchain. In slightly less than one month, Telegram has sold $50 million usernames on The Open Network, a blockchain that the company developed, Telegram founder and CEO Pavel Durov claimed. Telegram in October gave users the ability to buy usernames for its app via a blockchain-based platform called Fragment. The platform lets interested parties buy available usernames and secure ownership on its "The Open Network" blockchain, known as TON. Telegram has sold more than $50 million in usernames, founder Pavel Durov said.
📣 Broker-dealer INX makes bid for Voyager's assets
Broker-dealer and digital assets trading platform INX is making a play for bankrupt crypto lender Voyager Digital's assets. INX joins other industry players such as CrossTower, Wave Financial and Binance.US in the bidding process. Voyager filed for Chapter 11 bankruptcy protection in July due to its over $650 million exposure to the collapsed crypto hedge fund Three Arrows Capital (3AC). Crypto exchange FTX.US initially won the bidding process for Voyager's assets in September. The auction process for Voyager's assets reopened after the FTX Group filed for Chapter 11 bankruptcy protection.
Broker-dealer and digital assets trading platform INX is making a play for bankrupt crypto lender Voyager Digital's assets. INX joins other industry players such as CrossTower, Wave Financial and Binance.US in the bidding process. Voyager filed for Chapter 11 bankruptcy protection in July due to its over $650 million exposure to the collapsed crypto hedge fund Three Arrows Capital (3AC). Crypto exchange FTX.US initially won the bidding process for Voyager's assets in September. The auction process for Voyager's assets reopened after the FTX Group filed for Chapter 11 bankruptcy protection.
🇪🇺 Policymakers crank the heat on new EU crypto laws in FTX hearing
EU policymakers laid pressure on enforcing bloc-wide crypto regulations in the European Parliament’s economic committee today following the spectacular collapse of FTX. is a sufficient band aid for the implications of the debacle. "The collapse calls for urgent need of the MiCA regulation," said Alexandra Jour-Schroeder, the European Commission's financial unit deputy. FTX saw a dramatic demise after the collapse of its native token, FTT, a crash that affected millions of users and numerous firms. The exchange, which was valued at $32 billion at the start of the year, filed for bankruptcy protection on Nov. 11.
EU policymakers laid pressure on enforcing bloc-wide crypto regulations in the European Parliament’s economic committee today following the spectacular collapse of FTX. is a sufficient band aid for the implications of the debacle. "The collapse calls for urgent need of the MiCA regulation," said Alexandra Jour-Schroeder, the European Commission's financial unit deputy. FTX saw a dramatic demise after the collapse of its native token, FTT, a crash that affected millions of users and numerous firms. The exchange, which was valued at $32 billion at the start of the year, filed for bankruptcy protection on Nov. 11.
🪙 Jump Crypto, Polygon Ventures, GSR contribute to Binance's $1 billion recovery fund
Binance's industry recovery fund, to which it's already contributed $1 billion, has attracted some big names early on including Jump Crypto, Polygon Ventures and market maker GSR. Binance is looking to amass around $1 billion for its “industry recovery fund,”. The fund was announced last week to help mitigate the fallout stemming from FTX's collapse. Binance's initial commitment of 1 billion BUSD can be verified at the following address. The addresses of other participants will be available in the next week. Binance expects more participants to join soon, with over 150 applications already received. Public addresses must be shared for transparency.
Binance's industry recovery fund, to which it's already contributed $1 billion, has attracted some big names early on including Jump Crypto, Polygon Ventures and market maker GSR. Binance is looking to amass around $1 billion for its “industry recovery fund,”. The fund was announced last week to help mitigate the fallout stemming from FTX's collapse. Binance's initial commitment of 1 billion BUSD can be verified at the following address. The addresses of other participants will be available in the next week. Binance expects more participants to join soon, with over 150 applications already received. Public addresses must be shared for transparency.
🇪🇺 EU blockchain infrastructure plan proceeds as parliament passes digital policy
The European Parliament passed a vote on the Digital Decade policy program, which will help businesses and public services digitalize their work and promises support for a “pan-European blockchain-based infrastructure.".The plenary meeting vote passed by 529 to 22 on Thursday. The policy file sets ambitions for the European Union to achieve digitization goals for 2030. It outlines large-scale, so-called “multi-country projects” to achieve the targets covering topics such as building common data infrastructure, beefing up on high-performance computing, rolling out 5G internet corridors and investing in blockchain and web3 solutions.
The European Parliament passed a vote on the Digital Decade policy program, which will help businesses and public services digitalize their work and promises support for a “pan-European blockchain-based infrastructure.".The plenary meeting vote passed by 529 to 22 on Thursday. The policy file sets ambitions for the European Union to achieve digitization goals for 2030. It outlines large-scale, so-called “multi-country projects” to achieve the targets covering topics such as building common data infrastructure, beefing up on high-performance computing, rolling out 5G internet corridors and investing in blockchain and web3 solutions.
🇸🇬 Hodlnaut faces Singapore police investigation for alleged fraud
Crypto lending platform Hodlnaut is under police investigation in Singapore for alleged fraud and cheating three months after freezing client withdrawals and filing for protection from creditors. This may hinder the firm’s recovery from a series of legal and financial complications. Hodlnaut and its leaders are suspected of making "false representations relating to the company’s exposure to a certain digital token," according to a police statement on Wednesday. The beleaguered company has seen a series of liquidity crises and legal complications. Earlier in November, it turned out the Singapore-based crypto lender held assets worth $13.1 million.
Crypto lending platform Hodlnaut is under police investigation in Singapore for alleged fraud and cheating three months after freezing client withdrawals and filing for protection from creditors. This may hinder the firm’s recovery from a series of legal and financial complications. Hodlnaut and its leaders are suspected of making "false representations relating to the company’s exposure to a certain digital token," according to a police statement on Wednesday. The beleaguered company has seen a series of liquidity crises and legal complications. Earlier in November, it turned out the Singapore-based crypto lender held assets worth $13.1 million.
TP ICAP gets FCA approval to offer crypto services to institutional clients
TP ICAP's new exchange, known as Fusion Digital Assets, will use the firm's electronic OTC platform, Fusion, to give clients access to a non-custodial cryptoasset exchange for order matching and trade execution. The interdealer broker's new trading venue will be for institutional clients only. The firm's new venture will also integrate with Fidelity Digital Assets for safekeeping clients' assets and settlement services. The platform will offer diversified Liquidity from proven market makers around the globe. The wholesale crypto market has "lacked the credible infrastructure and assurance necessary for the firm's traditional client base to allocate capital," said Duncan Trenholme, co-head of digital assets at TP ICAP Group.
TP ICAP's new exchange, known as Fusion Digital Assets, will use the firm's electronic OTC platform, Fusion, to give clients access to a non-custodial cryptoasset exchange for order matching and trade execution. The interdealer broker's new trading venue will be for institutional clients only. The firm's new venture will also integrate with Fidelity Digital Assets for safekeeping clients' assets and settlement services. The platform will offer diversified Liquidity from proven market makers around the globe. The wholesale crypto market has "lacked the credible infrastructure and assurance necessary for the firm's traditional client base to allocate capital," said Duncan Trenholme, co-head of digital assets at TP ICAP Group.
🪙 Ethereum accumulation trend hits new highs following FTX implosion
Ethereum whales and sharks have been accumulating Ether (ETH) at a record rate since the FTX crash, Santiment reported on Nov. 30. The market intelligence platform revealed that wallets holding between 100 and 100,000 ETH had reached a 20-month high. Santiment highlighted the accumulation pattern leading to Ethereum Merge. According to the chart, Ethereum whales and sharks acquired more ETH in the weeks preceding the Merge, which pushed the asset’s value up but dumped immediately after the Merge. The blockchain analytics firm noted that the addresses dumped between October and November.
Ethereum whales and sharks have been accumulating Ether (ETH) at a record rate since the FTX crash, Santiment reported on Nov. 30. The market intelligence platform revealed that wallets holding between 100 and 100,000 ETH had reached a 20-month high. Santiment highlighted the accumulation pattern leading to Ethereum Merge. According to the chart, Ethereum whales and sharks acquired more ETH in the weeks preceding the Merge, which pushed the asset’s value up but dumped immediately after the Merge. The blockchain analytics firm noted that the addresses dumped between October and November.
📣 Avalanche DEX Trader Joe is deploying on Arbitrum
Decentralized exchange Trader Joe is launching on the Ethereum scaling chain Arbitrum. The move represents Trader Joe’s first deployment on a new chain since it launched in 2021. Trader Joe has the highest total trading volume across all applications on Avalanche. Trader Joe's Arbitrum debut will be limited in scope. Features such as its native token JOE, lending platform Banker Joe, and NFT marketplace Joepegs will only be available on Avalanche. Last week, it launched a new technology called the Liquidity Book Automated Market Maker (AMM), which it claims is more efficient than traditional decentralized exchange models.
Decentralized exchange Trader Joe is launching on the Ethereum scaling chain Arbitrum. The move represents Trader Joe’s first deployment on a new chain since it launched in 2021. Trader Joe has the highest total trading volume across all applications on Avalanche. Trader Joe's Arbitrum debut will be limited in scope. Features such as its native token JOE, lending platform Banker Joe, and NFT marketplace Joepegs will only be available on Avalanche. Last week, it launched a new technology called the Liquidity Book Automated Market Maker (AMM), which it claims is more efficient than traditional decentralized exchange models.
📉 Bitcoin mining revenues fell 20% in November
Bitcoin mining revenues fell 19.9% in November to about $472.64 million, according to data compiled by The Block Research. The cryptocurrency's price, which had been hanging around the $19,000 mark last month, slumped below $17,000 in the aftermath of FTX's collapse. Most bitcoin mining revenues came from the block reward subsidy ($460.32 million) and only a small portion from transaction fees ($12.32 million). The share of bitcoin transaction fees over total revenue increased slightly to around 3%. For a good portion of the month, bitcoin’s price was beneath $17,000, whereas in October it was trading between $19,000 and $20,000. Bitcoin miners generated about 5.3 times the revenues of Ethereum stakers.
Bitcoin mining revenues fell 19.9% in November to about $472.64 million, according to data compiled by The Block Research. The cryptocurrency's price, which had been hanging around the $19,000 mark last month, slumped below $17,000 in the aftermath of FTX's collapse. Most bitcoin mining revenues came from the block reward subsidy ($460.32 million) and only a small portion from transaction fees ($12.32 million). The share of bitcoin transaction fees over total revenue increased slightly to around 3%. For a good portion of the month, bitcoin’s price was beneath $17,000, whereas in October it was trading between $19,000 and $20,000. Bitcoin miners generated about 5.3 times the revenues of Ethereum stakers.
⚡️ Whale Initiates $12,000,000 MATIC Transaction On Coinbase As Cryptocurrency Assets Recovers.
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