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A day after blackout, Fiona dumps more rain on Puerto Rico
The storm stripped pavement from roads, tore off roofs and sent torrents pouring into homes. It also took out a bridge and flooded two airports. Authorities reported one death from the hurricane — a man swept away by a flooded river in the inland town of Comerio. Puerto Rico officials said it was too early to know the full scope of damage. The storm was still expected to dump up to 15 inches (38 centimeters) of rain in some places as it spun away from the U.S. territory that is home to 3.2 million people. One death was associated with the blackout — a 70-year-old man who was burned to death after he tried to fill his generator with gasoline while it was running, officials said. Gov. Pedro Pierluisi declined to say how long it would take to fully restore electricity, but he said for most cu...
South Korean authorities ask Interpol to issue ‘Red Notice’ for Do Kwon: Report
South Korean prosecutors have reportedly requested Interpol intervene in their case against Terra co-founder Do Kwon by issuing a “Red Notice” — suggesting global law enforcement agencies may attempt to find and detain him. According to a Monday report from the Financial Times, the Seoul Southern District prosecutors’ office said it had “begun the procedure” to place Kwon on Interpol’s Red Notice list following steps to revoke the Terra co-founder’s passport while he was in Singapore. Interpol’s website states that a Red Notice is requested by authorities “locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” but the agency cannot compel local law enforcement to arrest the subject of such notice. “We are doing our best to locate and ...
Panda DAO says it will dissolve and return investor’s assets due to internal strife
On Monday, decentralized autonomous organization Panda DAO put forth a new proposal to dissolve itself and return assets back to investors. According to the seven-point referendum, between 500 million and 700 million PANDA tokens out of the 1.292 billion PANDA in circulation would be distributed among investors. Of those remaining, some would be redistributed among liquidity providers. Meanwhile, an estimated 50 million PANDA will be burned, and another 44.56 million PANDA will go toward compensation for eight of the project’s core developers. Should the referendum pass and the dissolution process complete, the Panda dev team plans to remove PANDA from Uniswap, publish all of the project’s open source code and shut down all social media under the Panda DAO umbrella. As for reas...
XRP price risks 30% decline despite Ripple’s legal win prospects
Ripple (XRP) price was wobbling between profits and losses on Sept. 19 despite hopes that Ripple would eventually win its long-running legal battle against the U.S. Securities and Exchange Commission (SEC). Ripple and the SEC both agreed to expedite the lawsuit on Friday to get an answer on whether $XRP is a security or not. From the updates of the case, it sounds like it’s in the favor of @Ripple pic.twitter.com/SAyl4VLxdM — Jeff Sekinger (@JeffSekinger) September 19, 2022 Fed spoils SEC vs. Ripple euphoria The XRP/USD pair dropped by over 1% to $0.35 while forming extremely sharp bullish and bearish wicks on its Sept. 19 daily candlestick. In other words, its intraday performance hinted at a growing bias conflict among traders. XRP/USD daily price chart. Source: TradingView The inde...
Russian official says bill to give businesses leeway in use of crypto internationally
A Russian Finance Ministry official has provided new details about a bill on digital currencies, whicht is currently being drafted. The bill provides local infrastructure for settlements and regulation on mining, but will leave many details for businesses to work out on their own, the Finance Ministry’s Financial Policy Department head Ivan Chebeskov said Monday at a roundtable hosted by the International Chamber of Commerce Russia in Moscow. Interfax quoted Chebeskov as saying: “It is not completely clear how it should be regulated, so we give businesses the opportunity with this bill to pay with cryptocurrency, but in terms of what cryptocurrencies will be used, how to negotiate with counterparties, with which countries it will operate — all this we are leaving to entrepreneurs....
R&B Group WanMor Signs With Mary J Blige’s Beautiful Life Productions
R&B quartet WanMor announced on Monday (Sept. 19) their new deal under Mary J Blige’s Beautiful Life Productions and 300 Entertainment. “There’s been so much conversation about the state of R&B and the next generation of R&B artists,” says Mary J. Blige. “This generation has been giving us great R&B, and that feeling, that soul, and that sound remains in our DNA. When we heard WanMor sing, we knew we could stop looking. They are IT! Supporting and cultivating true R&B talent is why I started Beautiful Life Productions, and I couldn’t be more proud to do this with these young men.” “WanMor is what we have been missing in music. There’s no one out like them,” says Kevin Liles, chairman & CEO of 300 Entertainment and Elektra Music Group. “It all comes down to their voi...
Australian senator drafts bill aimed at stablecoin, digital yuan regulation
Australian Liberal Senator Andrew Bragg has released a new draft bill aimed at clamping down on digital asset exchanges, stablecoins, and China’s central bank digital currency, the e-Yuan. In a statement on Sept. 18, Senator Bragg stated that “Australia must keep pace with the global race for regulation on digital assets” as “it is essential that the parliament drives law reform” on the matter. The new draft bill, titled Digital Assets (Market Regulation) Bill 2022, calls for the introduction of licenses for digital asset exchanges, digital asset custody services, stablecoin issuers, as well as disclosure requirements for facilitators of the e-Yuan in Australia. Australia must keep pace in the digital assets race: a bill to protect consumers, promote investment & protect our inter...
Crypto market bloodbath leads to $432M in liquidation
The crypto market turmoil entered the third week of September as most of the cryptocurrencies started the week on a bearish note. The total crypto market cap dipped below $1 trillion again, with several cryptocurrencies recording a double-digit downfall over the past 24 hours. The ongoing bearish turmoil has led to nearly half a billion in liquidations for the leverage crypto traders over the past 24 hours. Data from Coinglass highlight that 130,087 traders were liquidated with a total liquidations value of $431.51 million. Bitcoin (BTC) leverage traders lost $44.5 million, followed by Ether (ETH) traders with a total liquidation of $8.39 million. Long traders made a significant chunk of losses on majority of the exchanges with the average difference between the amount of long and short li...
ETHW confirms contract vulnerability exploit, dismisses replay attack claims
Post-Ethereum Merge proof-of-work (PoW) chain ETHW has moved to quell claims that it had suffered an on-chain replay attack over the weekend. Smart contract auditing firm BlockSec flagged what it described as a replay attack that took place on Sept. 16, in which attackers harvested ETHW tokens by replaying the call data of Ethereum’s proof-of-stake (PoS) chain on the forked Ethereum PoW chain. According to BlockSec, the root cause of the exploit was due to the fact that the Omni cross-chain bridge on the ETHW chain used old chainID and was not correctly verifying the correct chainID of the cross-chain message. Ethereum’s Mainnet and test networks use two identifiers for different uses, namely, a network ID and a chain ID (chainID). Peer-to-peer messages between nodes make use of network ID...
British regulator lists FTX crypto exchange as ‘unauthorized’ firm
The Financial Conduct Authority (FCA), the chief financial regulator in the United Kingdom, issued a warning to Bahama-based crypto exchange FTX, claiming it operates without authorization. The company joined a growing list of unregistered cryptocurrency-related businesses that continue to outweigh those signed up with the FCA. A warning note, dated Sept. 16, claims that the firm “may be providing financial services or products in the UK without authorization.” Addressing the potential customers, the FCA notes that they won’t be able to get their money back or seek the protection of the Financial Services Compensation Scheme “if things go wrong.” By the end of August, the list of crypto companies registered with the FCA included 37 entities, with the Crypto.com becoming the latest to...
Waves founder: DAOs will never work without fixing governance
Decentralized Autonomous Organizations (DAOs) have been heralded as the future of governance, unlocking a more egalitarian approach to decision-making. However, decentralizing leadership isn’t a magical solution that instantly leads to better results. To truly get the most out of a decentralized organization, steps must be taken to regulate weighted voting and tokenomics. If not carefully balanced, DAOs can implode — and some already have. Decentralized governance explained DAOs offer a model for managing a project or company that distributes voting rights across all members. There is usually no central authority, only the will of the collective. While this sounds equitable in theory, the opposite can be true for certain governance models. Perhaps most problematic of all structures a...
Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins
The S&P 500 and the Nasdaq Composite index suffered their worst weekly performance since June as investors remain concerned that the Federal Reserve will have to continue with its aggressive monetary policy to curb inflation and that could lead to a recession in the United States. Bitcoin (BTC) remains closely correlated to the S&P 500 and is on track to fall more than 9% this week. If this correlation continues, it could bring more pain to the cryptocurrency markets because Goldman Sachs strategist Sharon Bell cautioned that aggressive rate hikes could trigger a 26% fall in the S&P 500. Crypto market data daily view. Source: Coin360 The majority expect the Fed to hike rates by 75 basis points in the next meeting on Sept. 20 to Sept. 21 but the FedWatch Tool shows an 18% probab...
