© Provided by InvestorsHubElon Musk is charged with insider trading
Tesla (NASDAQ:TSLA) CEO Elon Musk faces accusations of insider trading in an investor lawsuit that claims the Tesla CEO rigged the cryptocurrency Dogecoin (COIN:DOGEUSD) and lost billions as a result. . Investors claim Musk used promotional strategies, including Twitter posts and media appearances, to profit at their expense. The judge indicated that he was likely to uphold the investors' appeal. The case is Johnson et al v. Musk et al., US District Court, Southern District of New York, No. 22-05037.
OpenAI CTO's Twitter account was hacked
On June 2, OpenAI CTO Mira Murati's Twitter account was hacked, resulting in tweets promoting the launch of the fake coin. The tweet contained a phishing link promising an ERC-20 token called OPENAI. The linked website imitated the design of the real project, but was used to steal data from crypto wallets. Users suspect a SIM swapping attack. The post stayed online for about an hour and was viewed 79,600 times and retweeted 83 times before being removed.
Bitcoin mining profitability is low, but the miner bucks this trend
The Hashrate Index reported a 44% drop in Bitcoin (COIN:BTCUSD) mining profitability over the past 12 months. However, mining company ClarkSpark is bucking this trend by expanding its fleet of mining equipment. They recently bought 12,500 Antminer S19 XP units for $40.5 million below market price. Other companies like Compass Mining and Bitfarms are also expanding their mining activities despite profitability issues. The industry continues to grow as miners make new moves and consolidate their position in the market. " This acquisition puts us on track to meet and potentially exceed our year-end target of 16 PE/s," said CEO Zach Bradford.
Marathon Digital set a Bitcoin mining record in May
Marathon Digital Holdings (NASDAQ:MARA) is up 77% since April 2023 and set a Bitcoin production record in May. The company produced 1,245 BTC, which is 366% more than in May 2022. The increase in production is due to the increase in BTC. Hash rate and transaction fees. The company used unusually high transaction fees to generate profit. Marathon Digital expects to reach a hash rate of 23EH/s by mid-year. “ Thanks to our article and the improved time of the month, we were able to take advantage of this opportunity. While these unusually high transaction fees have historically been rare, we believe these developments may bode well for the future of the mining economy ,” said Fred Thiel, Marathon President and CEO.
Digital Currency Group Seeks Consolidated Class Action Lawsuit
Digital Currency Group (DCG) and its CEO, Barry Silbert, have filed a class action lawsuit over alleged losses during the cryptocurrency winter. The defendants argued that the cases were similar and had overlapping legal issues. The defendants also argued that the cases should be consolidated to avoid conflicting decisions and improve the efficiency of the judiciary. In the letter, the defendants told Underhill that they had asked US District Judge Lewis Liman to move the case from New York to Connecticut. “The full motion will be filed by June 13, 2023, and if Judge Liman grants the motion for assignment to this court, the defendants intend to expeditiously proceed to consolidation of the two cases,” it was stated. read in the letter. The Connecticut plaintiffs challenged the change, while DCG closed its brokerage subsidiary, TradeBlock, citing regulatory uncertainty.
Alchemy Pay works with Mastercard for NFT payments
Alchemy Pay (COIN:ACHUSD) has partnered with Mastercard (NYSE:MA) to offer NFT Checkout, a direct payment method for digital art. The goal of the integration is to make the NFT marketplace more accessible by changing the way users interact with digital art. “ This greatly reduces the hurdles associated with time-consuming and cumbersome cryptocurrency purchases and transactions,” Alchemy Pay said. The company believes that partnering with Mastercard, a global company, can increase the adoption of NFTs. In addition, Alchemy Pay has announced updates to its services, such as the addition of new payment channels in New Zealand and Australia, and support for 22 currencies for emergency services.
Banco Xapo announces its integration into the SEPA network
Xapo Bank has announced its integration into the SEPA network, allowing its members to transfer funds in euros quickly and efficiently. With this integration, members can send and receive funds in euros from financial institutions in SEPA participating countries. In addition, Xapo Bank offers competitive exchange rates and an interest rate of 4.1% per year on euro deposits. The SEPA integration is part of Xapo Bank's commitment to offer additional fiat and crypto payment options. Traditional payment methods can require people to deposit and withdraw euros from their EU accounts outside of business hours, often requiring changing banks and leading to higher costs. "This is a challenge for people living in emerging markets, digital nomads and anyone who works internationally or transfers money across multiple borders," said Seamus Roca, CEO of Xapo Bank.
Silvergate Bank will introduce a 10-day self-pay plan
Silvergate Bank (NYSE:SI) has agreed to submit a payment plan to the Federal Reserve and California financial regulators within 10 days. The order comes amid the bank's liquidation process after regulators identified business failures and loopholes. The plan is subject to approval by the California Department of Financial Protection and Innovation, and the bank is subject to restrictions and regulatory approvals on executive bonuses and severance payments. The bank saw a significant drop in cryptocurrency-related deposits from its clients, in part due to the collapse of cryptocurrency exchange FTX Trading Ltd. expires,” the Fed said.
CFTC Proposes Major Review of Risk Management Rules for Cryptocurrencies and AI
The Commodity Futures Trading Commission (CFTC) has proposed revising its risk management rules to address risks related to new technologies such as cryptocurrencies and artificial intelligence. The CFTC has highlighted the risks associated with digital assets, including recent bank failures and the collapse of crypto exchanges. The security of cryptocurrencies and the need to identify and manage risks were also highlighted. The CFTC accepts public comments on proposed regulations before developing final regulations. "Brokers may consider holding client assets in the form of stablecoins or other digital assets, which may involve unknown and unique risks. These brokers may face third-party retention and other risks that need to be identified and managed," the broker said. Commissioner Romero on Thursday.
Circular on the introduction of local currency on the Arbitrum platform
Circle, the issuer of the USD stablecoin (COIN:USDCUSD), will launch its native coin on the Arbitrum platform on June 8. As part of the arbitration, the Fund announced that the local USDC would replace the bridge version currently in use. The change will bring benefits including USD redemption and Inter-Chain Transfer Protocol (#CCTP) support. Circle plans to turn the registry over to Arbitrage after launch. In arbitrage, the fund will work closely with ecosystem programs to ensure a smooth transition to liquidity. "Once integrated with the Arbitrum Bridge, it will enable native transfer of USDC to Ethereum (and other supported chains) in minutes with no further payment delays," he said.
Coinbase Derivatives Exchange Launches Institutional Trading in Bitcoin and Ether Futures
CFTC-regulated derivatives exchange Coinbase (NASDAQ:COIN) will begin institutional trading in Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) futures on June 5. Institutional size contracts allow investors to manage risk and earn attractive returns. with low fees. The initiative is intended to meet growing institutional interest and enable more granular management of cryptocurrency risk. Coinbase also recently launched nano-bitcoin and ether contracts, fueling demand for advanced derivatives. The reduction of trading costs is aimed at improving access and participation in the cryptocurrency ecosystem. "The launch of institutional contracts is another important step in our ongoing mission to make modern financial instruments accessible to market participants and underscores our commitment to providing solutions tailored to the needs of institutional clients," the statement read. of press . Furthermore, Coinbase has expanded its international presence by launching a derivatives exchange in Bermuda.
Uniswap community rejects LP fee proposal
In a surprise vote, more than 45% of the Uniswap community rejected the proposal to charge registration fees to liquidity providers (LPs). Over 45% of the community voted for no fee, about 42% voted for LPs to be charged one-fifth of the fee, and only 12% supported one-tenth of the fee . LPs are professional market makers who facilitate trading on Uniswap and are currently not charged any fees by the platform. A rejected proposal may result in a parameter review to the satisfaction of the community. “We must reiterate that liquidity providers are users of the protocol and do not require full concessions. The LPs that make the most money on Uniswap are not retailers. They are professional market makers as seen on traditional exchanges," the company said.
Huobi is applying for a cryptocurrency trading license in Hong Kong
According to Huobi advisor and Tron founder Justin Sun, the Huobi exchange is targeting a cryptocurrency trading license in Hong Kong and could get it in the next 6-12 months. The move to Hong Kong is intended to further the city's ambition to become a hub for virtual assets. Furthermore, Sun noted that other Asian exchanges such as OKX, Gate.io, Bitget and ByBit are also considering applying for similar licenses. However, due to strict regulatory requirements, Huobi does not intend to operate in Canada.
China sets national standard for blockchain technology
China's Ministry of Industry and Information Technology (MIIT) has created a national standard for blockchain technology to promote its development and standardization in the country's industry. Over a hundred blockchain companies implement this standard in their operations. Despite its restrictive stance on cryptocurrencies, China is actively exploring the use of blockchain technology and has made significant progress in developing its digital yuan CBDC.
The Central Bank of Kenya does not consider digital currencies a priority
The Central Bank of Kenya has stated that problems with payment systems can be solved through innovation within the existing ecosystem and that the creation of a central bank digital currency (CBDC) cannot be a top priority. After receiving more than 100 comments during a consultation, the central bank highlighted the benefits and risks associated with CBDC and the challenges faced by countries that have already implemented the technology. “ The appeal of CBDC is waning. "The bank will continue to monitor developments in CBDCs for future assessment," the Central Bank of Kenya said in a press release.
The Central Bank of Nigeria has clarified the ban on cryptocurrency transactions
In 2021, the Central Bank of Nigeria (CBN) banned cryptocurrency transactions in the country due to money laundering, terrorist financing, and a lack of money supply controls. The CBN lieutenant governor cited a lack of transparency in the cryptocurrency market and dissatisfaction with operators' practices as reasons for the ban. Nigerian fintech startup Lazerpay has also announced that it has ceased operations due to a lack of funding. “We excluded them from our banking system since financial stability is constantly threatened by the opacity of the cryptocurrency system (…) When the central bank began to combat the COVID crisis with measures such as quantitative easing, some members of the private sector; he believed that such measures could lead to hyperinflation ,” explained Kinsley Obiora, CBN Deputy Governor for Economic Policy.
Animoca Brands postpones 2020 financial report due to market turmoil
Animoca Brands, a leading Hong Kong-based investor in blockchain and web3 games, has delayed its 2020 financial reports. The company has been given until the end of the first quarter of 2023 to publish its 2020 audited financial statements, but no did. still did. In a recent report, the company's president, Yat Xu, attributed the delay to market turmoil in 2021 and 2022. The company continues to work with its private auditor, DFK International, to prepare the reports. Sue says the impact of investments in 2020 will result in big calculations in 2020 financial statements. “ A lot happened in 2021 and 2022. I mean, it's like the industry lives its entire life in a few months .”
Kakarot completes funding round with support from zkEVM, Vitalik Buter and Starkware
Kakarot zkEVM, a Cairo-based Ethereum Virtual Machine (EVM), has closed its pre-funding round. The project was supported by investors such as Vitalik Buterin, Nicolas Bacca and Starkware. Kakarot allows developers to build EVM-compliant applications using the Solidity language. The project includes integration with Starknet Layer 2 and the creation of a single package with the Madara sequencer that will enable Layer 3 zkEVM, promoting scalability and low gas costs. The ultimate goal is to connect to the native Starknet protocols and enable interoperability. Calculations at a different level (asymptotic) result in exponentially lower gas costs than L2 and higher throughput (TPS). The scope of the collections is accumulating and multiplying”, says the project.