Crypto
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Celsius exodus: $320M in crypto sent to FTX, user withdrawals paused
Crypto staking and lending platform Celsius may be dealing with its rumored liquidity crisis by unstaking $247 million worth of Wrapped Bitcoin from Aave and sending it to FTX exchange. Speculations among the crypto community are now flaring as the project has been moving massive amounts of WBTC, ETH, and other crypto assets in addition to pausing withdrawals for users. Celsius users have criticized the platform for how they believe the project has mismanaged its funds following the collapse of the Anchor Protocol on the now-named Terra Classic blockchain. The project could be addressing those concerns with the recent moves to stabilize liquidity. Some think that if Celsius fails, it would sell its significant stack of staked ETH (stETH), which would cause it to depeg further from ETH. stE...
Nifty News: Kraft Foods files for NFT and Metaverse patents, Seth Green gets his ape back, and more…
American food manufacturing and processing giant Kraft Foods Group has filed NFT and Metaverse patents for several of its popular brands. The firm joins a host of mainstream companies such as Gatorade, Nike, Adidas, and Coca-Cola that have moved to secure their products and branding in the crypto/virtual sphere. According to a June 13 Tweet from United States Patent and Trademark Office (USPTO) licensed trademark attorney Mike Kondoudis, Kraft Foods has locked in trademarks for Jell-O, Kool-Aid, Velveeta, Lunchables, Oscar Mayer, Philadelphia, and of course the Kraft brand. The firm’s NFT and Metaverse trademarks cover a long range of potential services and products including a virtual restaurant where users can earn rewards and virtual assets, virtual food and drinks, NFTs and NFT-b...
Ethereum difficulty bomb delayed but network adoption still growing
Ethereum network developers have decided to delay the difficulty bomb, a major step leading up to the highly anticipated Merge upgrade for the layer-1 blockchain. They set the delay to two months in order to “be sure that we sanity check all the numbers before selecting an exact delay and deployment time” according to core developer Tim Beiko in a June 11 tweet. In short, we agreed to the bomb delay. We were already over time, and want to be sure that we sanity check all the numbers before selecting an exact delay and deployment time, but we are aiming for a ~2 month delay, and for the upgrade to go live late June. — Tim Beiko | timbeiko.eth (@TimBeiko) June 10, 2022 The difficulty bomb will be a measure to disincentivize ETH mining operations from keeping their physical mining devices run...
Yuga Labs co-founder prewarns possible attack, claims Twitter insider involved
Gordon Goner, pseudonymous co-founder of Yuga Labs, issued a warning about a possible incoming attack on their social media accounts under the Yuga Labs umbrella after receiving “credible information” that an insider from Twitter would help bypass the security of the accounts. Yuga Labs, home to some of the most popular nonfungible tokens (NFTs) including the Bored Ape Yacht Club (BAYC) and Otherside, proactively approached Twitter for security after receiving information about a soon-to-happen orchestrated attack on its social media accounts. We’ve received credible information that there may soon be an attack on our social media accounts, using an inside source at @Twitter to bypass our security. There are no surprise mints. Ever. — GordonGoner.eth (@GordonGoner) June 11, 2022 Soon ...
The CFTC’s action against Gemini is bad news for Bitcoin ETFs
On June 2, 2022, the United States Commodity Futures Trading Commission (CFTC) initiated an action against Gemini, the crypto exchange founded by billionaire twins Tyler and Cameron Winklevoss. Among other things, the complaint alleges that Gemini made a number of false and misleading statements to the CFTC in connection with the potential self-certification of a Bitcoin futures contract, the prices for which were to be settled daily by an auction (the “Gemini Bitcoin Auction”). In the complaint, the CFTC specifically articulated the position that these statements were designed to mislead the commission as to whether the proposed Bitcoin futures contract would be susceptible to manipulation. While the Winklevoss brothers were not named in the suit, the complaint alleges that “Gemini office...
Top 5 cryptocurrencies to watch this week: BTC, FTT, XTZ, KCS, HNT
Bitcoin (BTC) is threatening to drop to its worst weekly close since December of 2020. The crypto markets are in are held firmly in a vice grip and the selling accelerated following a higher-than-expected inflation report from the United States on June 10. It is not only the crypto markets that are facing the brunt, even U.S. equities markets finished the week ending June 10 with sharp losses. Risky assets may remain volatile in the near term as traders await the outcome of the U.S. Federal Open Market Committee meeting on June 14 and June 15. Crypto market data daily view. Source: Coin360 Bloomberg Intelligence senior commodities strategist Mike McGlone warned that if the stock markets continue to drop, then it will signal that most assets may have seen their peak exuberance in the ...
DeFi pulls the curtain on financial magic, says EU Blockchain Observatory expert
As decentralized finance continues its victorious march — although the road is sometimes bumpy — some significant questions on its nature remain. How can DeFi applications be protected from becoming nonoperational under extreme stress? Is it really decentralized if some individuals have way more governance tokens than others? Does the anonymous culture compromise its transparency? A recent report from the EU Blockchain Observatory and Forum elaborates on these questions and many others around DeFi. It contains eight sections and covers a range of topics, from the fundamental definition of DeFi to its technical, financial and procedural risks. Conducted by an international team of researchers, the report formulates some important conclusions that will hopefully make their way to the eyes an...
Bitcoin price drops to lowest since May as Ethereum market trades at 18.4% loss
Bitcoin (BTC) saw further losses on June 12 as thin weekend trading volumes fueled an ongoing sell-off. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst likens risk asset ‘pump’ to 1929 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $27,150 on its sixth straight day of downside. With hours to go until the weekly close, the pair was in danger of resuming the losing streak, which had previously seen a record nine weeks of red candles in a row. To avoid that outcome and put in a second “green” close, BTC/USD needed to gain over $2,000 from current spot price, which at the time of writing was $27,400. BTC/USD 1-week candle chart (Bitstamp). Source: TradingView With support levels failing to change the mood thanks to the thinner...
6 Questions for Alex Wilson of The Giving Block
We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Alex Wilson, co-founder of The Giving Block — a crypto donation solution that provides an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptocurrencies. Alex is a co-founder of The Giving Block, a Shift4 company. The Giving Block is a leading crypto philanthropy platform that makes accepting and fundraising cryptocurrencies easy for nonprofits and empowers donors to give crypto to their favorite causes. Alex oversees The Giving Block’s growth in several areas, including technological innovation, crypto and financial partnerships, and institutional giving. Alex’...
Ethereum price enters ‘oversold’ zone for the first time since November 2018
Ethereum’s native token Ether (ETH) entered its “oversold” territory this June 12, for the first time since November 2018, according to its weekly relative strength index (RSI). This is the last time $ETH went oversold on the weekly (hasn’t confirmed here yet). I had no followers, but macro bottom ticked it. Note, you can push way lower on weekly rsi, not trying to catch a bottom. https://t.co/kLCynTKTcS — The Wolf Of All Streets (@scottmelker) June 12, 2022 ETH eyes oversold bounce Traditional analysts consider an asset to be excessively sold after its RSI reading fall below 30. Furthermore, they also see the drop as an opportunity to “buy the dip,” believing an oversold signal would lead to a trend reversal. Ether’s previous oversold reading appeared i...
What are Bitcoin improvement proposals (BIPs), and how do they work?
Gathering significant consensus within the community is the first step of the process. Sometimes, even the most valuable proposals can take years before they are approved or rejected because the community can’t find an agreement. Once a BIP is submitted as a draft to the BIP GitHub, the proposal gets reviewed and worked on transparently so that everyone can view its progress and consequent testing outcomes. As Bitcoin blockchain is based on code, protocol changes will have to be reflected in the code, and miners will have to add a reference to their hashed block to signal that they accept or reject their implementation. Because of the severe implications some changes might inflict on miners, a modification in the code requires acceptance by a vast majority of around 95% unless a ...
Here’s how the Metaverse enables inclusivity for genderqueer people
In the wake of the rising popularity of games like Fortnite, Roblox and Minecraft and the concept of the Metaverse, the ability of “avatars” to escape unpleasant realities, or simply have fun, is emphatically relevant. It warrants a discussion on digital citizenship and the “inclusivity” of individuals and their identities in the virtual realm, and it provides new meaning for those with gender dysphoria or who identify as genderqueer. In the real world, there is a known bias against those who do not identify with the sex assigned to them at birth. According to a recent study, approximately 2.7% of adolescents in the United States identify as trans or gender diverse. Extrapolating this to the global population, more than 200 million people likely fall into this category and come under press...
