MBCAE

All assets on Coinbase have restarted trading

mbcae@newsletter.paragraph.com (MBCAE) — Sun, 05 Mar 2023 12:44:49 GMT

Three hours after trading on Coinbase.com (Advanced Trade) was disabled, trading has been re-enabled for all assets on the Coinbase Exchange, Coinbase iOS and Android mobile apps, according to official sources. According to previous news, Coinbase suspended Coinbase in the early morning of March 5, Beijing time․ Com transactions and transfers, followed by technical upgrades and maintenance.

Coinbase L2 network Base test network has launched the Chainlink price feed function

mbcae@newsletter.paragraph.com (MBCAE) — Sun, 05 Mar 2023 01:34:37 GMT

The Coinbase L2 network Base testnet has launched the Chainlink price feed function. Through this integration, Base-based developers can access industry-standard Chainlink data sources and other web3 services. Base will also participate in the Chainlink SCALE program, which aims to provide developers with Chainlink data and services at a lower cost. As part of this plan, Base will bear certain operating costs of Chainlink services on its network and reduce the gas costs incurred by Chainlink nodes when submitting oracle reports on Base.

ConsenSys' zkEVM testnet will go live on March 28

mbcae@newsletter.paragraph.com (MBCAE) — Sat, 04 Mar 2023 01:03:22 GMT

Ethereum infrastructure development firm ConsenSys will launch a public testnet for its zero-knowledge Ethereum Virtual Machine (zkEVM) on March 28. Its private testnet has processed over 350,000 transactions. ConsenSys has not confirmed when their zkEVM will exit the testnet stage, but Nicolas Liochon, ConsenSys R&D director and head of the ZK business group, said it should be completed by the end of 2023. As previously reported in January, ConsenSys’ zkEVM testnet has opened a private beta version to 100 selected users. But now it's open for anyone to join.

Later this month, Polygon will also launch its zkEVM mainnet beta. Scroll and Matter Labs have also announced that they will be launching ZK rollups, but no dates have been set yet.

Voyager bankruptcy hearing adjourned Thursday due to unrest, resumes Friday

mbcae@newsletter.paragraph.com (MBCAE) — Fri, 03 Mar 2023 11:05:24 GMT

Eight hours of testimony by a U.S. judge and creditors on the broker’s proposal to sell assets to Binance.US took place on Thursday. Judge Michael Wiles has yet to rule on the restructuring agreement. The hearing will take place Friday in the U.S. District Court for the Southern District of New York. Bankruptcy court proceeds.

The restructuring plan was approved by 97% of voting creditors, although only 6% of Voyager creditors actually voted, lawyers said. According to a lawyer for Voyager debtors, more than 167,000 Voyager customers have registered on the Binance.US platform. In addition, the US Securities and Exchange Commission and New York regulators opposed the restructuring plan.

In addition, at the hearing site, Mark Renzi, managing director of Berkeley Research Group, and Timothy Pohl, independent director of Voyager Digital, had a commotion in court, and the impulsive behavior of creditor Alah Shehadeh forced Wiles to suspend the hearing.

Bankruptcy Lawyer: FTX Assets Exist "Huge Gap", All "Class A Assets" Tokens Have Deficits

mbcae@newsletter.paragraph.com (MBCAE) — Fri, 03 Mar 2023 00:27:02 GMT

According to a filing by FTX’s bankruptcy lawyers, there is a “significant shortfall” in FTX.com’s assets. Of the $2.2 billion in total assets identified in the wallets of FTX.com-related accounts based on the latest price calculations, only $694 million is in the most liquid “Class A assets,” which include fiat, stablecoins, bitcoin, and ether currency. All FTX tokens that are Class A assets have a deficit. Other assets include $385 million in customer receivables, as well as significant claims against FTX affiliate Alameda Research and related parties. Alameda has a net borrowing of $9.3 billion from FTX.com wallets and accounts. At the same time, the FTX team identified accounts payable by customers at $7 billion. In addition, FTX US also showed an asset gap, with total assets in wallets of accounts related to the exchange of $191 million, customer receivables of $28 million, and related party receivables of $155 million.

South Korean financial authorities began to conduct on-site inspections of currency market exchanges, and the first inspection object was GDAC

mbcae@newsletter.paragraph.com (MBCAE) — Thu, 02 Mar 2023 13:25:14 GMT

The Financial Intelligence Unit (FIU) under the South Korean Financial Services Commission will begin on-site inspections of the country’s currency market exchange GDAC on March 6, focusing on the establishment and operation of the anti-money laundering (AML) system. This is the first time financial authorities have conducted detailed inspections of currency market exchanges through on-site inspections. GDAC Exchange received a notice from the regulatory agency on on-site inspection on February 23.

The director of the FIU Virtual Assets Inspection Department said, “We plan to select the inspection objects based on the number of users, transaction amount, and whether they are the objects of interest. First, we will inspect the AML system of market operators that convert cash into virtual assets.” The risk of money laundering is heightened during the conversion of cash into virtual assets.

Last year, FIU targeted the currency market and wallet operators without going through inspection procedures, and only conducted individual symposiums and suggestions and consultations related to money laundering. The two-week on-site inspection that was conducted was in stark contrast.

Coinbase CEO: Suspension of BUSD trading is due to liquidity concerns

mbcae@newsletter.paragraph.com (MBCAE) — Thu, 02 Mar 2023 00:41:13 GMT

Coinbase CEO Brian Armstrong said in an interview with Bloomberg TV on Wednesday that Coinbase's decision to suspend BUSD trading was due to concerns about liquidity. As Paxos has been ordered to stop minting BUSD, Coinbase is concerned about the liquidity issues customers are facing. Armstrong also defended Coinbase’s staking product, saying it is not a security, and reiterated that the company is prepared to defend it in court if necessary, though it would prefer to work with regulators. Coinbase previously stated that according to its internal monitoring and review process, BUSD no longer meets the listing standards, so it will delist the stablecoin. But the exchange did not provide any other details. As previously reported, the New York Department of Financial Services (NYDFS) recently ordered Paxos to stop minting BUSD due to several unresolved issues with Paxos’ oversight of its relationship with Binance. In addition, the U.S. Securities and Exchange Commission (SEC) plans to sue Paxos for selling unregistered securities.

Provenance Blockchain Foundation Launches $50 Million Developer Grant Program

mbcae@newsletter.paragraph.com (MBCAE) — Wed, 01 Mar 2023 12:10:26 GMT

The Provenance Foundation, a public blockchain for financial services, has announced a $50 million developer grant program that will award $50 million in HASH, the native token of the Provenance blockchain, to support developers building core services and experiences.

The Provenance Blockchain Foundation evaluates applicants on factors including security, compliance, wallets, identity, developer tools and ability to contribute to new financial asset use cases. In addition, all funded projects must go through KYC screening.

Coinbase Launches 'Crypto435' Advocacy Campaign in 435 U.S. Congressional Districts

mbcae@newsletter.paragraph.com (MBCAE) — Wed, 01 Mar 2023 00:22:52 GMT

Coinbase announced on Twitter that it will launch the "Crypto435" advocacy campaign in 435 congressional districts in the United States, aiming to promote policies that support cryptocurrencies. The "Crypto435" campaign aims to grow the crypto advocacy community and share tools and resources, calling for advocates to be heard by lawmakers and regulators in Washington, D.C., and U.S. state capitals in making decisions about the future of cryptocurrencies. And hope to make progress on its mission to increase economic freedom.

Currently, the "Crypto435" advocacy campaign website registration is open. Earlier today, it was reported that Coinbase spent $3.39 million on crypto lobbying in 2022, making it the institution with the highest spending on crypto lobbying.

Decentralized exchange Mangrove completes $7.4 million Series A funding

mbcae@newsletter.paragraph.com (MBCAE) — Tue, 28 Feb 2023 13:00:31 GMT

Decentralized exchange Mangrove completed $7.4 million in Series A financing, led by Cumberland and Greenfield Capital, and participated by CMT and Gumi Crypto Capital (gCC). . Funds raised this time will be used to provide features and conduct research on the exchange.

It is reported that Mangrove provides liquidity through its "offer-is-code" method to build its order book-based decentralized exchange. Mangrove will launch first on Polygon and will be rolled out to multiple Ethereum Virtual Machine (EVM) compatible chains this year. Mangrove had completed a $2.7 million seed round of financing in 2021.

E-sports player Mongraal has agreed to sell "Jimmy Keys" for 1,000 ETH

mbcae@newsletter.paragraph.com (MBCAE) — Tue, 28 Feb 2023 01:08:18 GMT

Well-known e-sports player and anchor Mongraal announced on Twitter that he has agreed to sell "Jimmy Keys" to Adam Weitsman for 1,000 ETH (approximately 1.6 million US dollars). According to previous news, Mongraal reached the top of the Dookey Dash game and won the "Monkey Jimmy Key". Mongraal's initial offer was 2,222 ETH (about $3.6 million).

Neutrino’s proposal to “suspend or terminate current governance until the roadmap is released” failed

mbcae@newsletter.paragraph.com (MBCAE) — Mon, 27 Feb 2023 10:32:23 GMT

The governance page shows that Neutrino's proposal to "suspend or terminate the current governance before the release of the roadmap" was not voted through. Although the proposal's support rate was as high as 92%, the total number of votes did not reach the quorum.

The proposal mentioned that the current Neutrino system lacks transparency and direction, making it impossible for stakeholders to understand its long-term goals and strategies. Without a clear direction, stakeholders are left in the dark about the future of the project, unable to make informed decisions or provide valuable feedback to improve the system.

Goerli test network version BAYC floor price reaches 28.5ETH

mbcae@newsletter.paragraph.com (MBCAE) — Mon, 27 Feb 2023 00:59:31 GMT

The floor price of the Goerli testnet version BAYC BoredApeYachtClub - GOERLI - TEST has reached 28.5 ETH, the current total transaction volume has reached 4384 ETH, and there are 3851 holders.

Solana Deep Freeze Continues, Validators Prepare for Second Reboot Attempt

mbcae@newsletter.paragraph.com (MBCAE) — Sun, 26 Feb 2023 13:54:53 GMT

The deep freeze on the Solana network continues, with validators preparing for a second restart attempt in hopes of restoring user service to the chain, CoinDesk reported. Validators currently running the Solana infrastructure have long since concluded that the best solution to the current problem is to restart synchronously and fork the chain. When validators realized they had chosen the wrong restart point, the first attempt was abandoned, further extending the delay.

Validators and developers say the problem has evolved from an initial slow transaction processing to an almost complete disruption of activity on Solana, such as blocks being stopped and transactions not being processed or validated. This means that users' on-chain encrypted assets cannot be moved and will continue to be frozen until the critical back-end infrastructure is back online.

Hours after the crisis, key players in the Solana ecosystem are still searching for the cause of the incident. A leading theory is that a "fat block" affected the mechanics of the blockchain. It's worth noting that the network was being upgraded shortly before the problems started.

As of now, validators have teamed up with Solana Labs developers to try again to restart the blockchain and have 70% staked support, an 80% supermajority required for the network to continue functioning.

In addition, Solana Status tweeted earlier that a coordinated restart is underway to address a significant slowdown in block finalization during the upgrade from 1.13 to 1.14.

Coinbase’s Q4 financial report shows that retail investors only contributed 14% of transaction volume but contributed 96% of revenue

mbcae@newsletter.paragraph.com (MBCAE) — Sun, 26 Feb 2023 00:16:11 GMT

According to @SovereignIntern tweet, Coinbase's latest financial report shows that in the fourth quarter of 2022, institutional investors contributed 86% of the transaction value ($125 billion) but only contributed 4% of the revenue ($13.4 million), and retail investors contributed 14% of the transaction value ($20 billion) but contributed 96% of revenue ($308.8 million). The transaction fee for retail investors is about 0.75%, and the transaction fee for institutional investors is about 0.5 per ten thousand. In addition, Coinbase should directly include 50% of USDC income in its income statement Interest income, and did not regard USDC as equity equity assets. The revenue brought by USDC has accounted for 25% of Coinbase's quarterly revenue. Coinbase and Circle each hold 50% of the USDC issuing company Centre, which is operated by Circle. Coinbase's trading business and USDC's business are a set of barbells, which reduces the cyclical performance to a certain extent.

Dan Tapiero's crypto investment firm 10T Holdings will no longer raise funds

mbcae@newsletter.paragraph.com (MBCAE) — Sat, 25 Feb 2023 13:12:02 GMT

According to The Block, 10T Holdings, an encryption investment company founded by hedge fund veteran Dan Tapiero, will no longer conduct any financing. He will turn his attention to new cryptocurrency private equity firm 1RoundTable (1RT) Partners. Tapiero said in an interview that 10T has three funds and there will be no new 10T funds. According to previous news, Dan Tapiero plans to launch an encrypted private equity firm 1RoundTable Partners, which aims to raise up to $1 billion for the flagship fund 1RT Opportunities Fund by the end of the third quarter. The fund will focus on supporting the equity of mid-to-late stage digital asset companies that "have substantial appreciation potential in the next 5 to 10 years." The fund has received backing from hedge fund billionaire Alan Howard.

Mango Markets to Change Multi-Signature Capabilities to Mitigate Security Threats

mbcae@newsletter.paragraph.com (MBCAE) — Sat, 25 Feb 2023 00:20:04 GMT

Solana-based lending and trading protocol Mango Markets has announced two new features ahead of its version 4 (v4) launch focused on mitigating immediate security threats, CoinDesk reported. To avoid being hacked or exploited again, Mango will impose new restrictions on multi-signature wallets, which will allow developers to respond to "unforeseen market dynamics" and any vulnerabilities in program code.

Mango Markets expects to place its v4 product in beta mode in the coming months, but an exact date has yet to be set.

Founder of Waves: I am not a beneficiary of any project on Waves, all ecological tokens will be donated to the XTN treasury

mbcae@newsletter.paragraph.com (MBCAE) — Fri, 24 Feb 2023 14:44:20 GMT

Sasha Ivanov, founder of the public chain project Waves and Vires Finance, said on Twitter: "It's time to clarify some things about the Waves ecosystem and my participation in it. Waves has become a decentralized ecosystem composed of independent projects. Own roadmap. I'm not a beneficiary of any projects on Waves, just an advisor to some of them. My sole goal and motivation is to make the ecosystem work. That's why I'm also responsible for issues that affect the entire ecosystem, and Committed to addressing these issues.”

Additionally, Ivanov announced that Waves.exchange is effectively relaunching (already announced last October) via a new decentralized bridge on the WX.network domain. Current gateways will continue to operate for the foreseeable future, and their liquidity issues will be resolved in about a month. There will be a new version of the lending protocol, support for new bridges, and other major improvements. Vires holders will receive protocol profits as before. The new version is expected to be around mid-March.

IMF: Cryptocurrencies Should Not Be Granted Legal Tender Status

mbcae@newsletter.paragraph.com (MBCAE) — Fri, 24 Feb 2023 00:57:29 GMT

In general, cryptocurrencies should not be granted legal tender status, the executive board of the International Monetary Fund (IMF) said in a statement on Thursday. The board, made up of 24 directors elected by IMF member countries, presented a working paper earlier this month warning of the risks cryptocurrencies pose to monetary policy, taxation, financial stability and consumer protection. According to the statement, the directors generally believe that in order to maintain monetary sovereignty and stability, encrypted assets should not be granted official currency or legal tender status. Strict prohibition is not the best option, cryptocurrency risks can be reduced through targeted restrictions. But some board members believe that "the possibility of a complete ban cannot be ruled out." The statement also said that regulation should not stifle innovation and that governments can benefit from the underlying digital technologies. The IMF has previously worried that cryptocurrencies could be used to evade government capital controls and has discouraged countries such as El Salvador from adopting bitcoin as an official currency.

Digital asset custody platform Fireblocks lays off 5% of staff, about 30 employees

mbcae@newsletter.paragraph.com (MBCAE) — Thu, 23 Feb 2023 13:32:02 GMT

According to Calcalis Tech, digital asset custody platform Fireblocks announced layoffs of 5%, about 30 employees. Fireblocks CEO Michael Shaulov said: "As we prepare for the next wave of growth, we want to ensure we are optimized to capture and serve new verticals, use cases and markets for Fireblocks. Due to this need, we a small reorganization."