Notizie sulle criptovalute e i Bitcoin

SEC Chair Gensler Proposes ‘One Rule Book’ Crypto Regulation
June 26, 2022 23:30
SEC Chair Gensler Proposes 'One Rule Book' Crypto Regulation

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reportedly proposed “one rule book” for the regulation of crypto assets. “If this industry is going to take any path forward, it will build some better trust in these markets,” said Gensler.

SEC Chairman Calls for One Rule Book for Crypto

SEC Chairman Gary Gensler has proposed “one rule book” for the regulation of crypto, the Financial Times reported Friday. He is looking to strike agreements with other financial regulators, including the Commodity Futures Trading Commission (CFTC), to avoid gaps in the oversight of the crypto sector. He told the publication:

I’m talking about one rule book on the exchange.

The SEC chief elaborated that the rule should protect investors against fraud, front-running, and manipulation, in addition to providing transparency over order books.

The rule book will apply to “all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token,” Gensler described.

The SEC boss revealed that he is working on a “memorandum of understanding” with his counterparts at the CFTC, which would be a formal deal to ensure that trading in digital assets has adequate safeguards and transparency. He explained that if a commodity token is listed on a platform overseen by the securities regulator, the SEC would “send that information over to the CFTC.”

Gensler opined:

By getting that market integrity envelope, one rule book on an exchange will really help the public. If this industry is going to take any path forward, it will build some better trust in these markets.

U.S. Senators Kirsten Gillibrand and Cynthia Lummis recently proposed a framework that would extend the CFTC’s oversight of the crypto sector.

Last week, Gensler warned of “too good to be true” crypto products. He also recently warned that crypto exchanges often trade against their customers. Following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST), the SEC chairman cautioned investors that a lot of tokens will fail.

Gensler has been criticized for taking an enforcement-centric approach to regulating crypto assets. SEC Commissioner Hester Peirce said in May that the securities watchdog has dropped the ball on crypto regulation and there are long-term consequences.

What do you think about the comments by SEC Chairman Gary Gensler? Let us know in the comments section below.

Yuga Labs Sues Artist Ryder Ripps for ‘Scamming Consumers’ and Misusing Bored Ape Trademarks
June 26, 2022 21:00

The creators of the popular non-fungible token (NFT) project Bored Ape Yacht Club (BAYC), Yuga Labs, have sued the artist dubbed Ryder Ripps and collaborators for attempting to devalue the BAYC brand. Yuga Lab’s lawsuit claims Ripps and associates trolled the company and started “scamming consumers into purchasing RR/BAYC NFTs by misusing Yuga Labs’ trademarks.

Yuga Labs Files Lawsuit Against Ryder Ripps, Aims to ‘Fight Against Slanderous Claims’

A lawsuit has been filed by Yuga Labs in the state of Califonia against the artist Ryder Ripps and a few associates. The company spoke about the lawsuit on June 24 via Twitter and said that support from the community was “overwhelming.”

“We will continue to be transparent with our community as we fight these slanderous claims,” Yuga Labs said. “In order to put a stop to the continuous infringement, and other illegal attempts to bring harm to us and the BAYC community, we have filed a lawsuit against the responsible parties. We will continue exploring and pursuing all legal options at our disposal.”

Yuga Labs accuses Ryder Ripps of “seeking to devalue” official BAYC NFTs with a copycat collection called RR/BAYC NFTs. The lawsuit claims that original BAYC images were used and Ripps is accused of marketing the NFTs as official BAYC products.

Yuga Labs’ trademarks were also allegedly used in Ripps’ “Ape Market” NFT marketplace. The lawsuit adds that this is “no mere monkey business” and that Ripps’ actions were a “deliberate effort to harm Yuga Labs at the expense of consumers.”

During the first week of February, Ryder Ripps accused Yuga Labs’ trademarks of having “Nazi ties.” Yuga Labs co-founder Gordon Goner responded to the accusations in a Medium blog post and stressed that the allegations are “insanely far-fetched.”

The blog post gives a full summary of why the BAYC creators chose to use Apes, the inspiration behind the design of the BAYC logo, and the company name, Yuga Labs. The lawsuit accuses Ripps and several cohorts of “perpetuating a scam.”

The lawsuit notes that Ripps claims his actions are “satire,” but Yuga Labs insists Ripps raked in millions of ill-gotten profit from the RR/BAYC NFT collection. Yuga Labs believes Ripps and the collection will continue to damage the business. Ripps continues to tweet about the alleged connection between specific symbols Yuga Labs leverages.

The RR/BAYC NFT collection’s creator also tweeted about the “terms people who purchased RR/BAYC’s agreed to” which says the customer “understands that this is a new mint of BAYC imagery, re-contextualizing it for educational purposes, as protest and satirical commentary.”

What do you think about the Yuga Labs’ lawsuit against Ryder Ripps and the RR/BAYC NFT collection? Let us know what you think about this subject in the comments section below.

Harmony’s $100M Hack Was Due to a Compromised Multi-Sig Scheme, Says Analyst
June 26, 2022 18:30
Harmony's $100M Hack Was Due to a Compromised Multi-Sig Scheme, Says Analyst

On June 23, 2022, the Harmony development team announced that $100 million was siphoned from the Horizon bridge, and the organization explained it was working with national authorities and forensic specialists. According to an account published Polygon’s chief information security officer, Mudit Gupta, the Horizon bridge attacker allegedly took control of the multi-signature wallet leveraged in Harmony’s bridge.

Harmony’s Multi-Sig Exploited Polygon’s CSO Says, Harmony Protocol’s Founder Found Evidence That ‘Private Keys Were Compromised’

Three days ago, Harmony explained that it was attacked and the team witnessed $100 million siphoned from the Horizon bridge. “The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100 [million],” Harmony tweeted on Thursday. “We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds,” the Harmony team added.

Following the exploit, the very next day, Polygon’s chief information security officer, Mudit Gupta, said that the bridge was a 2 of 5 multi-signature scheme, and anyone with two of the addresses can take control of it. “The hacker compromised 2 addresses and made them drain the money,” Gupta added. Gupta said while the details aren’t public yet he summarized what he believes took place during the hack. “The two addresses were likely hot wallets used to listen for and process legit bridging transactions,” Gupta explained.

“The attacker compromised the server(s) that these hot wallets were running on,” the Polygon CSO wrote on Friday. “Once inside the server, they could access the keys that were kept in plaintext for signing legit transactions. The server exploit was likely either SSH key compromise or social engineering. This is eerily similar to how Ronin was hacked.” The analyst further added:

This was not a ‘Blockchain Hack.’ It was a ‘Traditional Hack.’ I’ve been begging protocols to focus on traditional security too alongside blockchain security for months now…

Furthermore, an incident report written by the Harmony Protocol’s founder says “the team has found evidence that private keys were compromised, leading to the breach of our Horizon bridge — Funds were stolen from the Ethereum side of the bridge.” The Harmony founder also noted that “confidentiality is key to maintain integrity as part of this ongoing investigation — The omission of specific details is to protect sensitive data in the interest of our community.”

What do you think about the Harmony exploit for $100 million? Let us know what you think about this subject in the comments section below.

Crypto Firm Voyager Digital Secures a $500M Line of Credit From Alameda Ventures to Cope With 3AC Exposure
June 26, 2022 16:00

Three days ago, News reported on the publicly listed company Voyager Digital after the crypto firm announced that it was owed $655 million worth of digital assets. Now according to a press release from Voyager, the company has secured funds from Alameda Ventures in order to get more access to liquidity.

Voyager Borrows $500 Million from Alameda

Voyager Digital Holdings, Inc. has revealed a collaboration with Alameda Ventures as the venture company has provided Voyager with a line of credit. The funds are “intended to help Voyager meet customer liquidity needs during this dynamic period.” Last week, reports noted that Voyager was suffering through financial hardship due to its exposure with Three Arrows Capital (3AC). Voyager said in a note to investors that it is owed 15,250 BTC and 350 million USDC, and the company gave 3AC a deadline to pay back the funds.

Voyager’s TSX-listed stock plummeted after the announcement losing more than 50% in value in less than 24 hours. By borrowing from Alameda, Voyager will use the funds to meet customer liquidity demands and strengthen operations during the crypto market volatility. “[Voyager] entered into a definitive agreement with Alameda for a US$200 million cash and USDC revolver and a 15,000 BTC revolver,” Voyager said in a statement. The company added:

As previously disclosed, the proceeds of the credit facility are intended to be used to safeguard customer assets in light of current market volatility and only if such use is needed.

Alameda Applies Certain Loan Conditions

Meanwhile, the news follows the crypto lender Blockfi securing a $250 million line of credit from FTX. Following the loan, a report published by the Wall Street Journal claims that FTX is discussing purchasing a stake in Blockfi. While Alameda is offering Voyager funds, there are some conditions that Voyager must abide by. For instance, “Alameda’s obligation to provide funding is subject to certain conditions, including: no more than US$75 million may be drawn down over any rolling 30-day period.” The loan agreement summary further adds:

[Voyager’s] corporate debt must be limited to approximately 25 percent of customer assets on the platform, less US $500 million; and additional sources of funding must be secured within 12 months.

Voyager still intends to pursue assets from 3AC and has been discussing the “legal remedies available.” The announcement notes that Voyager is “unable to assess at this point the amount it will be able to recover from 3AC.” On June 21, Voyager’s shares listed on TSX were trading for $1.23 per unit, and today, the stock is exchanging hands for $0.58 per unit. Additionally, Alameda indirectly holds 22,681,260 common shares of Voyager, equating to 11.56% of outstanding common and variable voting shares.

What do you think about Voyager securing a line of credit from Alameda? Let us know what you think about this subject in the comments section below.

Iran Aims to Roll Out Pilot Version of Crypto Rial Within 2 Months
June 26, 2022 13:30
Iran Aims to Roll Out Pilot Version of Crypto Rial Within 2 Months

The government in Tehran is taking steps in preparation of the launch of Iran’s new digital currency, referred to as the crypto rial. The monetary authority of the Islamic Republic hopes to initiate the pilot phase of the project within the next two months.

Crypto Rial to Be Different From Cryptocurrencies, Central Bank Says

Iranian authorities are taking the necessary measures to launch a pilot of the crypto rial as of the month of Shahrivar, according to the Persian calendar, which starts on Aug. 23, Governor of the Central Bank of Iran (CBI) Ali Salehabadi told reporters on Friday.

Quoted by the English-language Iran Front Page news portal, the top executive emphasized that Iran’s digital currency will be different from the decentralized global cryptocurrencies. It is solely designed to “replace the banknotes that the people currently possess,” he noted.

Salehabadi further unveiled that the pilot project will initially cover just one of the country’s regions. The crypto rial, which has been under development for some time, will be eventually introduced to other areas of the Islamic Republic, at a later, unspecified stage.

The CBI announced in April it’s preparing for the upcoming launch of the central bank digital currency (CBDC), after informing Iranian banks and other credit institutions about the regulations that will accompany its introduction. They detail how it will be minted and distributed.

The monetary authority will be the sole issuer of the crypto rial and will determine its maximum supply. According to earlier reports, the coin is based on a distributed ledger system that will be maintained by authorized financial institutions and capable of supporting smart contracts.

The new Iranian currency will be issued under the provisions governing the emission of banknotes and coins and will be available exclusively for transactions inside the country. The CBI will be responsible for monitoring the financial and economic impact of the digital cash and making sure it doesn’t negatively affect its monetary policies.

The central bank also insisted that the state-issued coin will play a role in establishing the presence of cryptocurrency in the country, where payments with bitcoin and the like are not allowed. The announcement of its pilot phase comes as dozens of central banks around the world are considering or already developing their own CBDCs.

Do you think Iran will be able to launch the pilot of the crypto rial in the next two months? Share your expectations in the comments section below.

Ruble Hits 7-Year High, Bukele, O’Leary Unfazed by Crypto Downturn, Elon Musk Will Keep Buying DOGE — News Week in Review
June 26, 2022 11:30

As sanctioned Russia’s fiat currency soars in value against the U.S. dollar, and crypto markets remain unpredictable, economists and crypto enthusiasts continue to puzzle and debate over what the next market move will be. In spite of this, several influential voices remain unperturbed when it comes to the future of decentralized digital assets, with Salvadoran president Nayib Bukele, Tesla and Spacex CEO Elon Musk, and Shark Tank’s Kevin O’Leary all recently reaffirming their faith in the cryptocurrency ecosystem in one way or another. This is the News Week in Review.

Russian Ruble Taps 7-Year High Against the US Dollar — Economist Says ‘Don’t Ignore the Exchange Rate’

Recent news reports have detailed that Russia’s fiat currency, the ruble, was the best performing currency worldwide and the articles explained that American economists were perplexed by the trend. On Monday, the Russian ruble rose to 55.47 per dollar, which was the highest increase since 2015. While many have dismissed the ruble’s exchange rate, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial called: “Don’t ignore the exchange rate: How a strong ruble can shield Russia.”

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Salvadoran President to Bitcoin Investors: Your BTC Investment Is Safe, Will Immensely Grow After Bear Market

The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market.

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Tesla CEO Elon Musk Confirms He'll Keep Buying and Supporting Dogecoin

Tesla CEO Elon Musk Confirms He’ll Keep Buying and Supporting Dogecoin

Tesla and Spacex CEO Elon Musk has reaffirmed his commitment to dogecoin (DOGE), and confirms that he will keep buying and supporting the meme cryptocurrency. The price of dogecoin climbed following his statements amid a crypto market downturn.

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Kevin O'Leary Says He Won't Sell Any Crypto Despite Downturn – 'You Just Have to Stomach It'

Kevin O’Leary Says He Won’t Sell Any Crypto Despite Downturn – ‘You Just Have to Stomach It’

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he is not selling any of his cryptocurrencies despite the crypto market downturn. “Long term, you just have to stomach it. You have to understand you’ll get volatility,” he stressed.

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What are your thoughts on this week’s hottest stories from News? Be sure to let us know in the comments section below.

CBDC Ensures Nigeria Remains Competitive in Increasingly Digital World — Central Bank Governor
June 26, 2022 09:30

The governor of the Central Bank of Nigeria (CBN) has insisted the recently introduced e-naira digital currency can potentially boost trade and investment activities in the country. He added the digital currency “would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.”

CBDC Gateway to Digital Economy

The Nigerian central bank governor, Godwin Emefiele, has said the recently introduced digital currency, the e-naira, ensures Nigeria will remain competitive in a world that has gone digital. Specifically, the introduction of the central bank digital currency (CBDC) to the Nigerian payment space is expected to bolster trade and investment activities, a report quoting Emefiele has said.

Remarks by Emefiele are the latest by either a government or CBN official aimed at reassuring skeptical Nigerians. At the launch of the CBDC in October 2021, the country’s president, Muhammadu Buhari, similarly touted the introduction of the e-naira as something that would result in Nigeria’s GDP growing by $29 billion in 10 years.

Besides reassuring statements, the CBN has used various events it has hosted as platforms for promoting the use of the CBDC. The latest of such events is the “eNaira – Africa’s Gateway to a Digital Economy” hackathon, which is set to commence on June 27 and is expected to run until July 21.

Identifying and Eliminating Glitches

According to a report in The Eagle Online, the CBN, which has encouraged Nigerians to register for the e-naira hackathon, believes the event might be useful in helping innovators think of innovative solutions for the CBDC. Emefiele also added:

We cannot deny the fact that the newly introduced CBDC (eNaira) would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital. We have seen in the past few years how digital currencies have opened international economies to individuals who wield them and how seamless they have made trading, buying, investing and other economic activities.

Meanwhile, a statement reportedly issued by both organizers and the CBN said innovators attending the event will look at ways of eliminating glitches that may hamper e-naira transactions. They will also be asked to come up with an e-naira design that addresses blockchain and cross-border remittances, the report said.

What are your thoughts on this story? Let us know what you think in the comments section below.

Lebanon Inflation Rate Surges to 211%, Economist Steve Hanke Recommends a Currency Board
June 26, 2022 07:30

As political leaders in crisis-hit Lebanon bicker over positions in the yet-to-be-formed government, the country’s runaway inflation rate surged to 211% in May 2022, new data has shown. Economist Steve Hanke insists that a currency board is a solution to Lebanon’s currency woes.

Black Market in Fuel Driving Inflation

The inflation rate in crisis-torn Lebanon surged to 211% in May, making it the 23rd consecutive time the consumer price index (CPI) has surged, a report has said. The revelation of the latest inflation figure comes as the country’s politicians reportedly struggle to form a new government more than a month after parliamentary elections.

According to a National News report, the politicians’ failure to create a new government is delaying the implementation of key reforms that allow Lebanon to receive a $3 billion bailout from the International Monetary Fund (IMF). The report also quotes a note from Byblos Bank that attempts to reveal factors likely to be worsening the inflation situation. The note asserts:

The inability of the authorities to monitor and contain retail prices … as well as the fluctuation of the Lebanese pound’s exchange rate on the parallel market and the gradual lifting of subsidies on hydrocarbons, have encouraged opportunistic wholesalers and retailers to raise the prices of consumer goods disproportionately.

The bank reportedly added that the smuggling of imported products, as well as the emergence of a black market for fuel, had contributed to the latest surge in the inflation rate. As noted in the report, transport costs alone had in a period of 12 months gone up by 515%. The health sector had the second highest surge as prices have gone up by 468% during the same period.

Currency Board Recommended

The National News report also asserts that Lebanon, whose public debt now exceeds $100 billion, needs to have a government in place in order for it to access a further $11 billion that was pledged by donors in 2018. Nevertheless, this funding only becomes available once the required reforms have been carried out.

Lebanon Inflation Rate Surges to 211%, Economist Steve Hanke Recommends a Currency Board

Meanwhile, Johns Hopkins University professor and economist Steve Hanke recently argued in a tweet that an IMF bailout is not going to stop what he called “Lebanon’s economic death spiral.” Instead of attempting to rescue a collapsed currency, Hanke recommends a currency board.

“Since Jan 1st, 2020, the Lebanese pound has depreciated 92% against the USD. The Mikati government won’t stop Lebanon’s economic death spiral with a flawed deal with the IMF. The only way for Leb to establish confidence & stability is to install a Currency Board,” the economist argued.

What are your thoughts on this story? Let us know what you think in the comments section below.

Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform
June 26, 2022 05:30
Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform

Coinbase has announced that the company plans to introduce a number of changes for customers in the Netherlands in order to comply with the 1977 Sanctions Act, a law that recently applied know-your-customer (KYC) guidelines to non-custodial wallets. If the person living in the Netherlands wants to send crypto to a third-party wallet via Coinbase, they must identify the wallet owner’s name, the purpose of transfer, and the full residential address of the recipient.

On June 27, Coinbase Says KYC Info Will Be Required in the Netherlands for Outgoing Crypto Transfers

Dutch Coinbase customers may have a harder time sending funds to people with a third-party or non-custodial wallet if they don’t provide KYC information. Starting on June 27, 2022, Coinbase will require users from the Netherlands to provide KYC data if they plan to send crypto to a wallet off the Coinbase platform.

Coinbase says the new rules are being applied because the company must comply with local regulations. The 1977 Sanctions Act coupled with the Money Laundering and Terrorist Financing Prevention Act (Wwft) requires virtual asset service providers (VASPs) to provide KYC data on outgoing transactions involving non-custodial and third-party wallets.

The 1977 Sanctions Act is codified by the Dutch Authority for Financial Markets (AFM) and Netherlands Central Bank (DNB). This means that Coinbase, or any Dutch VASP for that matter, must identify who the crypto transfer is going to and the purpose of the transaction.

When Coinbase applies the new rule to Dutch customers, they can check a box that notes the transfer is being sent to themselves. However, if the Coinbase customer from the Netherlands wants to send funds outside of Coinbase to another individual, they must provide identity details.

Jeff Garzik Expects the KYC Rule to Expand Beyond the Netherlands

Coinbase’s blog post to Netherlands customers says they must provide a “full name,” the “purpose of transfer,” and the “full residential address of the recipient.” If the person does not know the address, they need to stop and get the information before proceeding.

“We are required to collect additional information for all transactions where a customer in the Netherlands sends crypto from their Coinbase exchange account to an address that is not controlled by Coinbase,” the crypto trading platform’s blog post explains.

While the new rule is only for customers in the Netherlands, there’s concern the regulatory approach could happen in other countries.

“Only the Netherlands for now, but expect this to expand,” former Bitcoin Core developer Jeff Garzik said on Twitter. “Don’t blame Coinbase – they know its antithetical to most crypto users, and would not do this voluntarily. Travel Rule enforcement will be an ugly battleground. LEA wants to surveil all parties in all transactions.”

Garzik added:

Current crowd advice: Always deposit from, and withdraw to, your own wallet. It’s a good idea for security, privacy and accounting reasons, as well as legal.

What do you think about the new Coinbase rules being applied to residents from the Netherlands? Let us know what you think about this subject in the comments section below.

Binance Launches New Platform for VIP and Institutional Crypto Investors
June 26, 2022 03:30
Binance Launches New Platform for VIP and Institutional Crypto Investors

Crypto exchange Binance has launched a new platform for VIP and institutional investors. The VIP program allows Binance users to “get rewarded with more discounts and VIP privileges” as their trading volume climbs up VIP tiers.

‘Binance Institutional’ Launched

Global cryptocurrency exchange Binance announced Thursday the launch of “Binance Institutional,” a new platform for VIP and institutional cryptocurrency investors. It is one of Binance’s efforts “to upgrade its institutional offerings and services,” the exchange said.

Binance Institutional’s services are tailored for all types of institutions, its website describes. They include asset managers, brokers, hedge funds, family offices, proprietary trading firms, liquidity providers, high net worth individuals, and mining companies.

The new platform offers a number of services, including direct access to OTC liquidity, asset management, custody, and brokerage.

Binance CEO Changpeng Zhao (CZ) commented:

Brokerage services are well positioned to help our industry bridge some of the gaps between the crypto and traditional financial markets and drive continued digital asset growth.

The VIP program allows users to “get rewarded with more discounts and VIP privileges” as their trading volume climbs up VIP tiers, Binance explained. VIP privileges include fee discounts and higher 24-hour withdrawal limits.

The exchange offers nine VIP tiers. A VIP must have a 30-day trade volume of at least 1 million BUSD and a balance of at least 25 BNB. A level nine VIP has a 30-day trade volume of at least 5 billion BUSD and a BNB balance of at least 5,500.

Meanwhile, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating Binance’s BNB token, alleging that it could be an unregistered security.

What do you think about Binance Institutional? Let us know in the comments section below.