CryptoUK, a United Kingdom-based lobby group, is calling for a crypto safelist to enable banks to know the registered crypto firms. Thus, the banking sector won’t shut off their services to all crypto firms based on the assumption that they are not registered. This call comes after the US banking sector made the headlines following…
Category: Blockchain
Bitcoin ATM Maker General Bytes Suffers Security Breach, Halts Cloud Services
Leading Bitcoin ATM manufacturer General Bytes reportedly encountered a security breach and the loss of BTC tokens worth $1.5 million stolen from several ATM outlets. Accordingly, the firm has reportedly shut down its cloud services due to concerns over the platform’s vulnerability after the latest exploits. The Exploit According to a recent blog post, the…
Ethereum Supply Tumbles To 66,000 ETH In 2023 As Token Becomes Deflationary
The crypto industry saw a landmark event as the supply of the second-largest crypto asset, Ethereum, experienced a significant drop of 65,000 ETH at the start of the year, as revealed by IntoTheBlock. Per the report, this comes from the September 2022 Merge that signaled Ethereum’s transition to the proof-of-stake (PoS) consensus algorithm from the…
China’s Fujian Province Records $22B Worth Of Digital Yuan Transactions In 12 Months
The central bank digital currency (CBDC) has continued to enjoy wide use in China as residents and companies in the Fujian Province reportedly processed nearly $22 billion in digital Yuan (e-CNY) transactions from last year to date. The Fujian Province was one of several districts added to the country’s CBDC pilot phase last year. Fujian…
Orca DEX To Restrict Trading Through Its Interface For Its United States Users
Starting March 31, the DEX operating on Solana—Orca will prevent users located in the US from conducting trades on its web platform. The plan was revealed in an official announcement published on its website. On-chain platform DefiLlama disclosed that the exchange currently holds a total value of over $46 million locked in smart contracts of…
Euler Finance Hacker Begins Giving Back Stolen ETH
The biggest news in the DeFi space is the attack on Euler Finance, which resulted in a staggering $197 million exploit. However, recent developments suggest the situation may not be as dire as initially thought. According to reports, the hacker, whose identity is still unknown, might be having a change of heart and contemplating returning…
Circle Enlists Cross River As Its Banking Partner To Broaden Relationship With BNY Mellon
Circle has developed “enhanced relationships” with various banking partners, including BNY Mellon, to aid in the redemption of USDC. Bank of New York Mellon currently offers custody services to Circle’s reserves. It was a tumultuous weekend as Circle’s USDC stablecoin deviated from its peg to the US dollar. However, a sequence of actions taken by…
Following HT Flash Crash, Justin Sun Creates $100M Liquidity Fund for Huobi
The cryptocurrency industry is no stranger to volatility. Still, Huobi’s recent flash crash of its Huobi Token (HT) sent shockwaves through the market. The crash caused the token’s price to drop an astounding 90%, catching many crypto traders off guard. In response, Huobi has set up a $100M liquidity fund to help stabilize the market…
Entertainment Platform Lego Partners With Epic Games For Metaverse Collaboration
Lego, the renowned Danish toy manufacturer known for its vibrant plastic building bricks, aims to broaden its entertainment offerings and focus on the metaverse. In collaboration with Epic Games, Lego is gearing up to launch a virtual world to penetrate new digital markets and sustain its growth momentum while expanding its market share. Lego Doubles…
Sen. Warren Demands Accountability In Crypto Amid “Sham Audits
Senator Elizabeth Warren recently spoke out against “sham audits” of cryptocurrency exchanges. Her comments come as Silicon Valley Bank (SVB) declares bankruptcy. Her words echo the sentiment of many crypto community members who have been watching the collapse of the FDIC-insured institution with growing concern. Senator Warren’s comments focused on the importance of rigorous and…
Understanding Crypto Mining Rigs and Its Types
What is a Crypto Mining Rig? A crypto mining rig is a computer system specifically designed and optimized for the purpose of mining cryptocurrency. Mining involves using computational power to solve complex mathematical equations in order to verify and process transactions on a blockchain network. Mining rigs typically consist of multiple high-performance graphics processing units…
What is a Decentralized Exchange (DEX) and How Does It Work?
Before looking at what are Decentralized Exchanges (DEXs), we shall discuss what an “Exchange” and “Decentralized Finance (DeFi)” are. What is an Exchange? An exchange is a platform or marketplace where individuals, businesses, or institutions can buy and sell various assets, such as stocks, bonds, currencies, commodities, and cryptocurrencies. The purpose of an exchange is…
Neobank Nubank Releases Its Own Currency Called Nucoin
Nubank, a leading neobank in Brazil backed by Warren Buffett, made headlines a couple of years ago when it became the first bank in the country to offer crypto trading options on its platform. Now, the company has taken the next big step in its crypto journey with the launch of Nucoin. This new cryptocurrency…
Bitcoin (BTC) vs. Ethereum (ETH): Key Differences
Undoubtedly, Ethereum and Bitcoin are two famous cryptocurrencies that have gained great traction over the past few years. Consider these two cryptocurrencies and Pepsi and coca cola of the crypto world. Although many believe these two assets are competitors, the truth must be clarified. In 2009 Bitcoin laid its step in the cryptosystem and has…