Crypto
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Crypto exchange OKX releases second proof of reserves
Crypto exchange OKX has released its second proof of reserves (PoR) on its website, only a month after releasing its first one. Haider Rafique, chief marketing officer at OKX, said on Twitter that the crypto exchange is committed to sharing its reserves status every month. NEW #OKX #proofofreserves published TODAY. This is our 2nd PoR published and we commit to publishing monthly ✅ A quick overview of our PoR and new features…. — Haider (@Haider) December 23, 2022 The announcement also included the rollout of a new feature that allows “users to view OKX reserve ratios for new and historical data,” self-verify on-chain assets, and download new and historical data, Rafique said. OKX’s second proof-of-reserves ratios indicate that the exchange has 101% of Bitcoin (BTC), 103% of E...
Price analysis 12/23: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI
Bitcoin (BTC) is on track to end the year with a loss of about 65%. This would mark the third negative year for Bitcoin with the other two being 2014 and 2018. In comparison, the S&P 500 has fared much better but that is also down close to 20% in 2022. Although cryptocurrency prices have seen deep cuts this year, traders have continued to plow money into the space. An online survey conducted by Blockchain.com shows that 41% of the respondents bought crypto this year and 40% plan to purchase crypto in the next year. Daily cryptocurrency market performance. Source: Coin360 However, a sustained recovery in risk-assets may happen only after inflation shows signs of cooling. That would raise expectations of a pivot by the United States Federal Reserve from its aggressive monetary ...
HK legislator’s firm to lure 1,000 Web3 start-ups over 3 years
A start-up accelerator co-founded by Hong Kong legislative council member Jonny Ng Kit-Chong wants to attract 1,000 Web3 businesses to set up shop in the city-state over the next three years. Ng Kit-Chong is a member of the legislative council for the election committee constituency and has been in office since January this year. The engineer and politician has his finger in a lot of pots as he has declared owning shares in roughly 40 different companies. One such company is the start-up accelerator G-Rocket, which he co-founded alongside Casper Wong in 2016. Wong is the current CEO and spoke to the South China Morning Post on Dec. 23 about the firm’s new aptly named program “Hong Kong Web 3.0 Hub.” The CEO outlined that G-Rocket is first looking to help 100 Web3 start-ups get their busine...
Be ‘very wary’ of crypto proof-of-reserve audits: SEC official
A senior official from the United States Securities and Exchange Commission has warned investors to be “very wary” about relying on a crypto company’s “proof-of-reserves.” “We’re warning investors to be very wary of some of the claims that are being made by crypto companies,” said SEC’s acting chief accountant Paul Munter in a Dec. 22 interview with The Wall Street Journal. A number of crypto firms have commissioned “proof-of-reserves” audits since the collapse of crypto exchange FTX, aiming to quell concerns over their own exchange’s financial soundness. However, Munter said the results of these audits isn’t necessarily an indicator that the company is in a good financial position. “Investors should not place too much confidence in the mere fact a company says it’s got a proof-of-reserves...
How crypto could be good for CBDC and vice versa: Industry exec explains
Cryptocurrencies like Bitcoin (BTC) could potentially find some mutually beneficial interactions with central bank digital currencies (CBDCs), according to one industry executive. While crypto is often associated with financial freedom, the concept of CBDC is frequently seen as the exact opposite. But this doesn’t mean that there cannot be a balance between the two, according to Itai Avneri, chief operating officer and deputy CEO at the crypto trading platform INX. CBDCs and regulated cryptocurrencies could potentially complement each other in the future as the two types of digital currencies have their own benefits, Avneri said in an interview with Cointelegraph on Dec. 22. Comparing CBDCs to regulated primary offerings, Avneri suggested that allowing or enabling crypto funds to participa...
New NFT private auction scam threatens OpenSea users
As nonfungible tokens (NFTs) became more popular, bad actors who constantly try to exploit users within the space have become more active. Now, a new hack involving a feature on the NFT marketplace OpenSea threatens NFT holders through phishing sites. In an announcement, anti-theft project Harpie warned NFT users of a new hack involving gasless sales on the OpenSea platform. According to Harpie, hackers were able to steal millions in digital assets by exploiting the feature. When users want to conduct gasless sales within the OpenSea platform, they are required to approve a signature request with an unreadable message. With this feature, users are also able to allowed to create private auctions with unreadable signatures. Hackers have been able to steal NFTs like magic with a little-...
Marshall Islands legally recognizes DAOs as domestic limited liability companies
The Republic of the Marshall Islands, an independent island state located in the Pacific Ocean near the Equator, has announced that the Decentralized Autonomous Organizations Act of 2022 has officially been passed into law. The law recognizes decentralized autonomous organizations and enables legal entities registered in the country to formally adopt DAO structures and governance tools. The government hopes the move will encourage the growth of decentralized entities and their accompanying elements within the state. According to the announcement, the DAO Act of 2022 will allow DAOs to incorporate as limited liability companies (LLCs), enabling them to identify as DAO LLCs. The act is also poised to allow both for-profit DAOs and nonprofit DAOs to register while providing definitions and re...
BNB Chain now has more unique addresses than Ethereum, developer says
Unique addresses on the Build and Build (BNB) Chain have now surpassed Ethereum, according to a Dec. 22 statement from the developer. BNB Chain has made significant strides in onboarding the next billion users into #Web3 in 2022. We want to thank our incredible community for coming along for the ride as we lay the groundwork for an even bigger year to come. Further details ⤵️https://t.co/9jNFdVeoZ3 pic.twitter.com/QjxL3ey759 — BNB Chain (@BNBCHAIN) December 22, 2022 The developer claims that this makes BNB Chain “the largest layer 1 blockchain in the world.” However, blockchain data shows that the Bitcoin network is still larger than both BNB Chain and Ethereum. According to Etherscan, Ethereum currently has over 217 million unique addresses. By contrast, BNB Chain has over 2...
Rating agencies, not regulators, can rebuild trust in crypto after FTX
The last year has been an eventful one for the crypto space. The collapse of the Terra ecosystem and its TerraUSD (UST) algorithmic stablecoin saw $50 billion wiped off the market in a flash. And more recently, FTX, an exchange many thought was “too big to fail,” came crashing down. There’s been no shortage of drama in the space, which has seen name-stay businesses and projects disappear along with investors’ funds. Given the events of this year, it’s inevitable that serious government attention is coming for the space, in every major jurisdiction — and on the time scale of a few months to at most a few years, not decades. This was fairly clear to most industry observers even before the recent FTX debacle, and now it has become glaringly obvious. There is much debate in the space abo...
The most eco-friendly blockchain networks in 2022
2022 saw the continued advancement of green crypto projects as more industry companies focused on sustainability to reduce carbon emissions. A series of elemental forces drove the paradigm shift, including user demands for faster and more energy-efficient blockchains, growing climate change awareness among investors, and rising government concerns about energy consumption in the crypto sector. Among the most notable eco-friendly crypto developments in 2022 was the transition of the Ethereum blockchain from a proof-of-work (PoW) to proof-of-stake (PoS) consensus layer. The Merge, completed in September, joined the original execution layer of Ethereum with its new PoS consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining by enabling the network to be secu...
The Argentine Football Association (AFA) Partners with Upland to Expand the Realm of Fandom of the First Division of Argentina to the Metaverse
Buenos Aires, Argentina, 22nd December, 2022, Chainwire -The strategic partnership will allow AFA to engage fans with a better understanding of how the metaverse works, how to contribute and benefit, while also expanding fan engagement and connecting fans to the teams and players they admire -The partnership represents the first Argentinian football presence in the metaverse and the first time for Upland to offer exclusive in-game video footage ownership to fans The Argentine Football Association (AFA), FIFA World Cup Qatar 2022™ World Champions, and Uplandme, Inc. the leading metaverse platform in mapping the real world that already has more than 3 million registered accounts, today announced the signing of an official license agreement to bring the First Division Argentina (...
Bitcoin dips below $16.7K as US GDP meets fresh BTC price ‘death cross’
Bitcoin (BTC) fell at the Dec. 22 Wall Street open as United States equities reversed previous gains. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin risks new and unseen “death cross Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to intraday lows of $16,650 on Bitstamp. The pair remained a conspicuous stocks copycat as the S&P 500 opened down 1.6% and the Nasdaq Composite Index traded down 1.8% at the time of writing. The weakness appeared to be a reaction to stronger-than-expected U.S. gross domestic product (GDP) growth in Q3, data for which was released prior to the open. Despite notionally a sign of recovery, concerns focused on the Federal Reserve continuing its restrictive economic policy on the assumption that the economy wo...
