Monat: September 2022

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Anchor Protocol price prediction as Terra and USTC spikes

Anchor Protocol price surged to the highest level since September 23 as cryptocurrencies associated with Terra surged. ANC, which has been delisted by several exchanges, rose to a high of $0.1054, which was about 27% above the lowest level on Monday.

Terra ecosystem surges

Anchor Protocol was a pivotal platform for Terra’s ecosystem. It was a DeFi platform that acted like a bank. It allowed people to deposit funds and then earn rewards in form of interest. At its peak, the platform had over $20 billion in total value locked (TVL).

All this came crumbling down in March as Terra USD crashed. UST was an algorithmic stablecoin that powered Anchor’s ecosystem. Therefore, the network crashed when the stablecoin lost its peg.

Anchor Protocol price went parabolic on Monday as cryptocurrencies associated with Terra bounced back. For example, Terra Luna Classic jumped by more than 50% from its lowest level on Monday. Similarly, Terra Luna 2.0 rose by over 20% while Terra’s stablecoin jumped.

It is unclear why these coins rose considering that Monday was a tough day for Terra’s ecosystem. In a statement, South Korea’s prosecutors said that they had requested Interpol to issue a red alert on Do Kwon, the founder of Terra. 

These prosecutors accuse Kwon and other associates of circumstantial evidence of escape since he left Singapore a few weeks ago. Also, they took issue with his claim that he was cooperating with prosecutors in different jurisdictions. Primarily, they accused Kwon with crimes related to capital markets laws.

In the past few months, Anchor Protocol and other cryptocurrencies associated with Terra have had occasional pump and dumps. This is one of the reasons why the ANC price jumped sharply on Monday. Still, many traders will find it difficult to trade Anchor since it has been delisted in several exchanges.

Anchor Protocol price prediction

The four-hour chart shows that the ANC price has been in a bearish trend in the past few days. This saw it crash from this month’s high of $0.2147 to a low of $0.083. It then went parabolic on Monday as Terra and USTC price rebounded.

Anchor has moved above the 25-day moving average while the MACD has formed a bullish divergence pattern. Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance point at $0.12.

The post Anchor Protocol price prediction as Terra and USTC spikes appeared first on CoinJournal.

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Veritaseum Capital sues Coinbase for patent infringement

Blockchain-based software firm Veritaseum Capital has accused Coinbase of infringing on a blockchain-related patent. The firm has decided to sue the popular crypto exchange for $350 million in damages.

Speaking for Veritaseum, US law firm Brundidge & Stanger has alleged in the lawsuit that Coinbase has undermined Veritaseum’s cryptocurrency payment technology patent or the “566 patent”. The lawsuit has been filed in the U.S. District Court in Delaware.

According to Veritaseum, the patent facilitates novel devices, systems and methods which enable parties to enforce value transfer agreements with little or no trust in each other.

The firm alleges in the lawsuit that Coinbase has used this system to run many of its blockchain infrastructure services, including Coinbase Android mobile wallet, iOS mobile wallet, its Coinbase Cloud, Coinbase Commerce APIs, Query and Transact, Participate, Delegate and Validator software, Coinbase Pay, Coinbase Wallet and Coinbase Operated Public Validators.

Veritaseum has argued that the $350 million compensation is justified considering that Coinbase has gained substantial profits due to its infringement and Veritaseum Capital “sustained damages as a direct and proximate result.” 

The law firm has also pointed out that a letter warning Coinbase of the infringement was sent in June and received no favourable response: 

“Defendant had prior knowledge, should have known, or at least been willfully blind of the ‘566 Patent’. Defendant has been on notice of the ‘566 Patent’ at least as early as July 3, 2022, if not earlier from other sources or parties.”

The July letter was sent in the context of Vertiaseum’s “Coinbase: Forensic Analysis & Deep Dive” report that suggested that Coinbase was only one of the many centralized and decentralized digital asset exchanges that are employing “unlicensed patented IP” from Veritaseum.

The firm, however, has not clarified how long Coinbase has been allegedly using the patent.

Court documents confirm that Patent 566 was awarded by the U.S. Patent and Trademark Office to Vertiaseum founder Reginald ‘Reggie’ Middleton and co-inventor Mathew Bogosian in December of 2021.

 

The post Veritaseum Capital sues Coinbase for patent infringement appeared first on CoinJournal.