The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies. FDIC issued a Friday press release disclosing cease and desist letters for cryptocurrency exchange FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec. In the letters, which were issued on Thursday, the government agency alleges that these organizations misled the public about ce...

The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies. FDIC issued a Friday press release disclosing cease and desist letters for cryptocurrency exchange FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec. In the letters, which were issued on Thursday, the government agency alleges that these organizations misled the public about ce...

An attack in April 2022, which drained off nearly $80 million from various Rari Fuse pools, required the decentralized finance (DeFi) platform Fei Protocol to come up with a solution that minimizes damage to the ecosystem. Fei Labs’ latest proposal, which partly recommends revoking participation from Tribe DAO, received mixed sentiments from the community. Fei Protocol founder Joey Santoro announced the latest proposal, TIP-121: Proposal for the future of the Tribe DAO, revealing the company’...

An attack in April 2022, which drained off nearly $80 million from various Rari Fuse pools, required the decentralized finance (DeFi) platform Fei Protocol to come up with a solution that minimizes damage to the ecosystem. Fei Labs’ latest proposal, which partly recommends revoking participation from Tribe DAO, received mixed sentiments from the community. Fei Protocol founder Joey Santoro announced the latest proposal, TIP-121: Proposal for the future of the Tribe DAO, revealing the company’...

The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations. In an agreement with lender New York Digital Investment Group (NYDIG), the company plans to release 26,000 of its mining rigs, 18,700 of which are currently running. The sell-off will create more liquidity and clear $67.4 million in debt held by Stronghold. Before the agreement, the company had $47 million in liq...

The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations. In an agreement with lender New York Digital Investment Group (NYDIG), the company plans to release 26,000 of its mining rigs, 18,700 of which are currently running. The sell-off will create more liquidity and clear $67.4 million in debt held by Stronghold. Before the agreement, the company had $47 million in liq...

The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers and documents relating to their cryptocurrency transactions equivalent to at least $20,000 carried out between 2016 and 2021. The IRS filed suit in the Sou...

The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers and documents relating to their cryptocurrency transactions equivalent to at least $20,000 carried out between 2016 and 2021. The IRS filed suit in the Sou...

Amid many cryptocurrency mining firms in Texas scaling down operations to reduce the load on the power grid, at least one company set up miners not quite as affected by the state’s energy requirements during extreme heat. In June, White Rock Management expanded its crypto mining operations to Texas — its first in the United States — but reported its facility in the Brazos Valley region would mine Bitcoin (BTC) using “environmentally responsible” methods. While the firm’s mining operations in ...

Amid many cryptocurrency mining firms in Texas scaling down operations to reduce the load on the power grid, at least one company set up miners not quite as affected by the state’s energy requirements during extreme heat. In June, White Rock Management expanded its crypto mining operations to Texas — its first in the United States — but reported its facility in the Brazos Valley region would mine Bitcoin (BTC) using “environmentally responsible” methods. While the firm’s mining operations in ...

While Tornado Cash developers are fearing for their lives, Do Kwon is "partying," according to podcaster Eric Conner. As the Terra (LUNA) co-founder and CEO Do Kwon breaks his silence about the collapse of the algorithmic stablecoin Terra USD (UST) and LUNA, the community responded with various sentiments against the Terra executive. Despite Kwon’s attempts to clear his name in an interview, community members remain unhappy with the Terra CEO. In a tweet, podcaster Eric Conner compared Do Kwo...

While Tornado Cash developers are fearing for their lives, Do Kwon is "partying," according to podcaster Eric Conner. As the Terra (LUNA) co-founder and CEO Do Kwon breaks his silence about the collapse of the algorithmic stablecoin Terra USD (UST) and LUNA, the community responded with various sentiments against the Terra executive. Despite Kwon’s attempts to clear his name in an interview, community members remain unhappy with the Terra CEO. In a tweet, podcaster Eric Conner compared Do Kwo...

After recovering the HUSD stablecoin’s dollar peg, crypto exchange Huobi explained what caused the short-term liquidity problem and assured users that it has been resolved. On Aug. 18, HUSD started to fall from its dollar value, trading at $0.92 at the start of the day and falling as low as $0.82 a few hours later. This alarmed community members, speculating what may happen if the stablecoin doesn’t recover its dollar peg. In response to the concerns, the crypto exchange platform immediately ...

After recovering the HUSD stablecoin’s dollar peg, crypto exchange Huobi explained what caused the short-term liquidity problem and assured users that it has been resolved. On Aug. 18, HUSD started to fall from its dollar value, trading at $0.92 at the start of the day and falling as low as $0.82 a few hours later. This alarmed community members, speculating what may happen if the stablecoin doesn’t recover its dollar peg. In response to the concerns, the crypto exchange platform immediately ...

The majority of 4,653 active Ethereum nodes are in the hands of centralized web providers like Amazon Web Services (AWS), which could “expose Ethereum to central points of failure,” according to crypto analytics platform Messari. A Monday post shows that three major cloud providers account for 69% of hosted nodes on the Ethereum Mainnet, with over 50% of that coming from Amazon Web Services (AWS), over 15% from Hetzner and 4.1% from OVH. Figures from Ethernodes additionally show that Oracle (...

The majority of 4,653 active Ethereum nodes are in the hands of centralized web providers like Amazon Web Services (AWS), which could “expose Ethereum to central points of failure,” according to crypto analytics platform Messari. A Monday post shows that three major cloud providers account for 69% of hosted nodes on the Ethereum Mainnet, with over 50% of that coming from Amazon Web Services (AWS), over 15% from Hetzner and 4.1% from OVH. Figures from Ethernodes additionally show that Oracle (...

Digital asset custodian BitGo said it planned to seek more than $100 million in damages from Galaxy Digital, alleging the investment firm owed the funds as part of a “reverse break fee” in its decision to terminate an acquisition agreement. In a Monday blog post, BitGo referred to Galaxy’s actions as “improper” in claiming a breach of contract to drop an agreement to acquire the digital asset custodian. BitGo has enlisted the services of law firm Quinn Emanuel to pursue legal action against G...

Digital asset custodian BitGo said it planned to seek more than $100 million in damages from Galaxy Digital, alleging the investment firm owed the funds as part of a “reverse break fee” in its decision to terminate an acquisition agreement. In a Monday blog post, BitGo referred to Galaxy’s actions as “improper” in claiming a breach of contract to drop an agreement to acquire the digital asset custodian. BitGo has enlisted the services of law firm Quinn Emanuel to pursue legal action against G...

If you know anything about crypto and also read the news, I’m sure you’ve read about crypto mining. And if you’ve read about crypto-mining, you’ve read about how Bitcoin depends on proof-of-work (which is so so so terrible for the environment) and about how Ethereum is moving from proof-of-work to proof-of-stake soon (which is so so so much better for the environment). Which is better? In answering that, most proof-of-work versus proof-of-stake pieces either get too technical or are too obvio...

If you know anything about crypto and also read the news, I’m sure you’ve read about crypto mining. And if you’ve read about crypto-mining, you’ve read about how Bitcoin depends on proof-of-work (which is so so so terrible for the environment) and about how Ethereum is moving from proof-of-work to proof-of-stake soon (which is so so so much better for the environment). Which is better? In answering that, most proof-of-work versus proof-of-stake pieces either get too technical or are too obvio...

Open interest of ether options has hit a fresh all-time high. Per The Block's data dashboard, August 12 saw open interest hit $8.11 billion—a figure that's nearly three times higher than where it stood a month ago. The surge in open interest of ether options appears to be tied to the emergence of new, more complex strategies, among traders positioning themselves ahead of Ethereum's transition from proof-of-work to proof-of-stake, according to hedge fund LedgerPrime. That transi...

Open interest of ether options has hit a fresh all-time high. Per The Block's data dashboard, August 12 saw open interest hit $8.11 billion—a figure that's nearly three times higher than where it stood a month ago. The surge in open interest of ether options appears to be tied to the emergence of new, more complex strategies, among traders positioning themselves ahead of Ethereum's transition from proof-of-work to proof-of-stake, according to hedge fund LedgerPrime. That transi...

BlueBenx, a Brazilian crypto lending platform, reportedly blocked all of its 22,000 users from withdrawing their funds following an alleged hack that drained $32 million (or 160 million Brazilian real). While no details about the hack were made available, the company allegedly laid off most of its employees. BlueBenx joins the growing list of crypto companies that failed to deliver on their promise of exorbitant yield returns this crypto winter. The Brazilian crypto lender promised up to 66% ...

BlueBenx, a Brazilian crypto lending platform, reportedly blocked all of its 22,000 users from withdrawing their funds following an alleged hack that drained $32 million (or 160 million Brazilian real). While no details about the hack were made available, the company allegedly laid off most of its employees. BlueBenx joins the growing list of crypto companies that failed to deliver on their promise of exorbitant yield returns this crypto winter. The Brazilian crypto lender promised up to 66% ...