Crypto
Wazupnaija – Naija Entertainment blogs & Forums – Business – Crypto
A beginner’s guide to NBA Top Shot NFTs
NBA Top Shot is a nonfungible token (NFT) marketplace that enables basketball fans to buy, sell and trade NBA-themed digital collectibles. These collectibles are “Moments” — NFTs of NBA video clips and digital art — available per their degree of rarity. In other words, users can trade NFTs that feature anything from a winning three-pointe from Luka Dončić to a dunk from Lebron James, depending on their availability. A NBA Top Shot Moment listing example. Source: Official Website The concept is akin to traditional sports collectible where fans attempt to acquire the rarest of items associated with teams, with an aim to either collect or sell it later at a higher price. Except, in the case of NFTs, these collectibles are digital — unique cryptographic tokens that exist on a ...
Sam Bankman-Fried is one step closer to US extradition: Report
Former FTX CEO Sam Bankman-Fried, who has been in the custody of Bahamian authorities, faces extradition to the United States following a hearing. According to reports, Bankman-Fried appeared in a hearing of The Bahamas Magistrate Court on Dec. 21 — the third since his arrest — where he waived his right to a formal extradition process that could have taken weeks. Officials from the U.S. Embassy, Federal Bureau of Investigation, and U.S. Marshals Service were reportedly in attendance to facilitate Bankman-Fried’s handover, to which he had first signed papers on Dec. 20. Reuters reported that SBF’s legal team said the former CEO was “anxious to leave” The Bahamas. Jerome Roberts, on Bankman-Fried’s legal team, reportedly heard SBF say on Dec. 19 his decision...
Price analysis 12/21: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI
As the year comes to an end, investors will be keenly watching for a Santa Claus rally on Wall Street as many believe that if the rally does not happen, the next year may either remain flat or turn negative. Jurrien Timmer, director of global macro at asset management giant Fidelity Investments, tweeted on Dec. 19 that the United States equities markets may remain “sideways” and choppy in 2023. He expects “one or more retests of the 2022 low, but not necessarily much worse than that.” Daily cryptocurrency market performance. Source: Coin360 The cryptocurrency market has been largely correlated with the S&P 500 in 2022. Unless both markets decouple, the sideways or negative action in the equities markets may not bode well for the cryptocurrency market. Analysts remain divided on t...
Shiba Inu vs Metacade: What is the better crypto investment?
Following in the footsteps of meme coins like Doge, Shiba Inu crypto token exploded in 2021 and ended up becoming one of the top-performing assets of the last bull run. But if you’re comparing it to Metacade moving forward, you may not be sure which is the better investment to make. This article should help. It covers everything you need to know about Shiba Inu crypto vs. Metacade to help you figure out which should top your investment list. What is Metacade (MCADE)? Metacade is Web3’s first virtual arcade. It’s a place gamers can go to try out the best GameFi and P2E titles in a single place. With an ever-increasing number of different games to choose from, there’ll be something for everyone to enjoy in the Metacade, whether they’re casual or hardcore gamers. The platform also provides ma...
Bitcoin miner Core Scientific reportedly filing for Chapter 11 bankruptcy
Just days after a creditor offered to help Core Scientific avoid possible bankruptcy, reports have emerged confirming the Bitcoin (BTC) mining company’s fate. Core Scientific is reportedly filing for Chapter 11 bankruptcy protection in Texas owing to falling revenue and low BTC prices. On Dec. 14, financial services platform B. Riley offered to provide Core Scientific with $72 million in non-cash financing — $40 million with zero contingencies and $32 million with conditions — to retain value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting. As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC report quoted a person familiar wit...
Superhero cans merger with Swyftx citing regulatory scrutiny
With more regulators eyeing the crypto space as the FTX debacle continues, the $1.5 billion merger of online investing platform Superhero with the Australian crypto exchange Swyftx was shelved. In an email to its customers, Superhero highlighted that it will not be proceeding with its merger with the crypto exchange. According to the company, this is because of heightened regulatory scrutiny within Australia and globally. They wrote: “As a result of the current environment, we have decided that the best thing for our Superhero customers is to unwind the merger and move forward as a separate, unrelated company.” The firm also assured its users that their funds are safe, as neither their data nor their assets were provided to Swyftx. The companies first announced the merger on June 8 a...
Crypto on-chain crime drama sees the good guys finally win
The stories about people getting their private keys hacked or stolen are nothing new, with a number losing their life savings because of these thefts. However, in quite an anti-climax scene, a crypto user managed to save their crypto holdings despite losing their private keys. Harpie, an on-chain security firm, revealed an instance of on-chain crime drama where the good guys eventually won. One of the users in their Discord group reportedly raised concerns about the suspected theft of their private keys. When the firm looked into said customer’s wallet, someone was indeed trying to transfer funds from the victim’s accounts. How did we do this? About a month ago, this user protected their tokens with Harpie. By approving and protecting their tokens with Harpie, this user gave us permis...
Alaska adds ‘virtual currency’ to its regulatory regime
From Jan. 1, 2023, the term “virtual currency” will take its place in the money transmission regulations of Alaska. It will oblige the companies dealing with digital currencies to obtain a money transmission license in the state. As reported by the law firm Cooley on Dec. 19, the state of Alaska amended its money transmission regulations to include the definition of “virtual currency.” According to the amendment to the local Administrative Code, adopted by the Division of Banking and Securities (DBS), the virtual currency is: “[A] digital representation of value that is used as a medium of exchange, unit of account, or store of value; and is not money, whether or not denominated in money.” The most obvious impact of this change, which will come into force on Jan.1, is the requirement...
4 legislative predictions for crypto in 2023
If you saw the returns in my crypto portfolio this year, you would take a pass on my predictions for the direction of the cryptocurrency market. So, I will stick to what I know and share some regulatory predictions for the crypto industry. Few legislative changes A few minor victories will logroll small legislative fixes into “must pass” bills like the defense authorization or omnibus spending bills. The top candidate would be a de minimis exemption for smaller crypto transactions to exempt users from capital gains tax liability every time they purchase a coffee with crypto. The protection for noncustodial crypto providers in Republican Representative Tom Emmer’s bill might make it in as well. On the outside, a bipartisan stablecoin bill may be possible, though Senate Democrats are still a...
Uniswap to allow users to buy cryptocurrency using debit and credit cards
Decentralized exchange Uniswap has partnered with fintech company Moonpay to allow users to buy cryptocurrency on its web app using debit cards, credit cards, and bank transfers. The bank transfer option is being rolled out for users within most U.S. states, Brazil, the United Kingdom and the Single Euro Payments Area, also known as SEPA. In the announcement made on Dec. 20, Uniswap shared that its users will now be able to convert fiat to cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum in a matter of minutes. 1/ Go direct to DeFi Starting today, you can now purchase crypto on the Uniswap Web App using a credit/debit card or bank transfer at the best rates in web3 thanks to our partnership with @moonpay! https://t.co/YVyk8e6d2h — Uniswap Labs (@Uniswap) Decemb...
Who has returned donations or contributions from FTX amid the firm’s reputational risks?
Before its downfall, crypto exchange FTX and its then-CEO Sam Bankman-Fried had been some of the most prolific spenders in the space, bailing out crypto firms and donating to political campaigns and media outlets. With more than 1 million FTX creditors looking to be made whole, what’s happening with these funds? Bankman-Fried said in May he had been willing to donate between $100 million and $1 billion to lawmakers as part of elections in 2024. Bloomberg reported on Dec. 12 — hours before SBF’s arrest in the Bahamas — that his total donations could be at least $73 million, given directly to candidates or through political action committees (PACs). Though many of Bankman-Fried’s and FTX’s donations to Democrats were noted with the Federal Election Commission as part of the public reco...
SBF signs extradition papers, set to return to face charges in the US
Sam Bankman-Fried, the jailed founder of the FTX cryptocurrency exchange has reportedly signed papers on Dec. 20 that will soon see him handed over to Federal Bureau of Investigation (FBI) agents and flown to the United States to face criminal charges. The move was expected, as Bankman-Fried was reported to have agreed in principle to being extradited to the U.S. earlier this week on Dec. 19, despite earlier reports indicating he wanted to see the indictment against him fir ABC News reported the development that Bankman-Fried signed extradition papers on Dec. 20 citing The Bahamas’ acting commissioner of corrections Doan Cleare. A Dec. 21 report from Bloomberg said the exchange founder signed surrender documents on Dec. 20 citing Cleare, with another set of papers waiving h...
