Schlagwort: blockchain markets

• SBF is finally in the United States after signing an agreement earlier this year.

• The SEC chair said the agency would continue cracking down on cryptocurrency companies.

• Paxful removes Ether from their trading platform.

SBF is now in the United States

Sam Bankman-Fried, the former CEO of FTX, is now back in the US after he was extradited from the Bahamas earlier this week. He signed US extradition papers earlier this week and was moved to the United States on Thursday.

Following the extradition, SBF was issued a $250 million bail which he paid a few hours later. However, he still has a lot to answer for in the United States.

Earlier this week, former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty, after they were charged with committing fraud that resulted in the collapse of the FTX cryptocurrency exchange.

According to the US Attorney for South District of New York (SDNY) Damian Williams, this is likely not the last major development in relation to the FTX investigations.

The US SEC also announced earlier this week that it had charged Wang and Ellison for their roles in a multiyear scheme to defraud FTX equity investors. 

The SEC to continues its crackdown on crypto

The SEC chair, Gary Gensler, revealed earlier this week that the agency would continue to clamp down on cryptocurrency companies. He called for the regulation of crypto issuers and exchanges. 

In an interview earlier this week, Gensler said;

“Financial history would tell you that most of these tokens [native tokens of crypto exchanges] will fail. [Insiders] sell the public on an idea while they’re potentially fraudulently pumping up the stock. This leads to distorted incentives and puts the public further at risk of the token not being properly registered and having proper disclosures and complying with the various provisions of the securities law about anti-fraud and anti-manipulation.”

Paxful removes ETH from its platform

Peer-to-peer trading exchange Paxful announced earlier this week that it had removed Ether from its platform. The Paxful CEO  cited the prevalence of scams among Ethereum-based tokens as one of the major reasons why ETH was removed.

Tezos activates the Lima upgrade

The Tezos team announced earlier this week that it had completed the 12th upgrade on its blockchain. The upgrade, called Lima, introduces several new features while also reducing the risk of bugs in smart contracts.

Lima marks the fourth protocol upgrade in 2022 as Tezos seeks to improve its blockchain. 

Waves planning to launch another stablecoin

Waves already has the USDN stablecoin, but that might not be enough. The Waves CEO and founder, Sasha Ivanov, promised that he would launch a new stablecoin, one that cannot be deppeged from the US Dollar.

However, the CEO said the new stablecoin would not be launched until the USDN plan resolution is implemented. 

Binance.US acquires Voyager assets

BAM Trading Services Inc.’s bid (operating as Binance.US) was chosen by Voyager Digital LLC, the operating unit of Voyager Digital Ltd., to acquire its assets after reviewing strategic options.

Voyager Digital said it chose Binance.US because it wants to maximise the value returned to clients and creditors as soon as possible. The bid from Binance.US is valued at around $1.022 billion. 

According to Voyager, the bid consists of the to-be-set fair market value of its crypto portfolio, valued at $1.002 billion at current market prices.

The post This week in crypto: SBF extradited to the United States appeared first on CoinJournal.

• Metacade is expected to list on BitMart after signing the listing terms.
• Metacade presale is currently in the Beta Sale stage.
• The Beta round price of the MCADE token is 0.01 USDT for 1 MCADE.

After a successful Metacade (MCADE) presale amid the current crypto bear market, Metacade has today announced that it has signed the terms to get listed on BitMart, a leading crypto exchange ranked at position 21 by CoinMarketCap with an average daily trading volume of about $447M.

🚨🚨🚨 BREAKING 🚨🚨🚨

We are delighted to announce that we have signed terms with one of the leading exchanges in the crypto space, @BitMartExchange! ⚡⚡⚡

With over $447m of trading volume in the last 24 hours, they stand 21st in the @CoinMarketCap exchange rankings! 🔥 pic.twitter.com/4fxrM0ul6I

— METACADE (@Metacade_) December 23, 2022

If the listing process is to be completed successfully, BitMart will be among the first cryptocurrency exchanges to allow its customers to trade the decentralized GameFi token that has been making headlines in the past month.

MCADE token performance so far

Before delving into the performance of the Metacade (MCADE) token, it is important to mention that Metacade is disrupting the crypto market as we know it by creating a decentralized GameFi hub that will bring everything related to Play-to-Earn (P2E) on one platform. P2E games have been such a hit within the blockchain and crypto world, which is likely the reason behind the great performance of the MCADE token at a time when even the likes of Bitcoin (BTC) and Ethereum (ETH) are struggling.

The MCADE token is currently in the Beta presale round and 54% of the available MCADE tokens have already been sold out raising a whopping $1,340,966. One MCADE token is going for 0.01 USDT and the price is expected to rise to 0.012 USDT for one MCADE token in the next stage.

The next phase for Metacade is expected to be highly exciting as gamers and blockchain fanatics collaborate, communicate, and participate in things like dynamic virtual hangouts on the platform.

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• The decentralised application (Dapp) industry saw a 50% growth in unique active wallets in 2022.
• DappRadar’s 2022 report shows that DeFi, gambling and blockchain games dapps were the most popular.
• However, DeFi protocols unique active wallets grew only 2% even as total value locked (TVL) by 73%.

2022 has been one of the most brutal for the cryptocurrency industry, with the crypto winter punctuated not just with plummeting prices but also major negative events. FTX’s implosion is a case in point, DappRadar, the world’s largest dapps store, noted in its Dapp Industry Report 2022.

But despite the turmoil and the ongoing bear market, crypto has shown a resilience that’s reflected in events such as Ethereum’s successful Merge that has seen energy consumption decline by 99.9%.

The year has also witnessed several other surprising growth metrics, DappRadar indicated in the end-of-year report. One of these is the significant growth in a key metric for the decentralised applications (dapps) sector – an increase in overall daily unique active wallets.

Dapps saw 50% growth in unique active wallets

According to the DappRadar report, the dapp industry registered a 50% increase in daily unique active wallets (dUAW) for 2022. Per the data, dUAWs rose from average of 1.58 million in 2021 to over 2.37 million in 2022.

As per the report, DeFi, gambling, and games were the most popular dapps categories. Although DeFi activity reduced, with dUAW only increasing by 2% to a daily average of 652,970 from 641,510 in 2021.

Gambling dapps registered 53,364 dUAW in 2021, but that number increased by 106% in 2022 to reach an average of 110,140 dUAW.

Blockchain-based games also saw a significant jump in daily unique active users, with an 85% increase in 2022 pushing the metric from 622,620 dUAW to 1,152,255 daily unique active wallets.

DeFi industry TVL decreased significantly in 2022

While the dapps industry remains on the path to greater adoption – we recently highlighted the sector saw a 31% growth in users in Q3, 2022 – the Total Value Locked (TVL) shrank massively amid the bear market. 

In 2022, DeFi TVL decreased by 73.97% to $55 billion as of December, down from the all-time high above $256 billion in December 2021.

Despite the significant declines, the top two DeFi chains remain as Ethereum and BNB Chain – which have unfortunately seen their TVL shrink by 74.56% and 62.5% respectively in 2022. Meanwhile, layer2 solutions like Arbitrum and Optimism have fared better. For instance, Arbitrum’s TVL only fell 12% while Optimism’s jumped 127%

The post Dapps’ daily unique active wallets increased 50% in 2022 appeared first on CoinJournal.

• California Department of Financial Protection and Innovation (DFPI) has ordered MyConstant to cease offering some products.
• The DFPI had warned in July that it would crack down on crypto interest account providers.
• DFPI argues that MyConstant offered and sold unqualified, non-exempt securities.

In a press release on December 21, the California Department of Financial Protection and Innovation (DFPI) ordered crypto lending platform MyConstant to “desist and refrain” from offering a  number of its crypto-related services in California. This comes after the department warned in July that it would be cracking down on crypto interest account providers in the state.

The DFPI first announced it was investigating MyConstant on December 5 via a press release that stated that MyConstant was not licensed to operate in California.

MyConstant was specifically ordered to stop offering its peer-to-peer loan brokerage service and interest-bearing crypto asset accounts. The DFPI says that the two products violate the California Consumer Financial Protection Law and California Securities Law.

According to the DFPI, MyConstant’s offering and selling of its peer-to-peer lending service known as “Loan Matching Service” contravenes California’s financial codes. The department said that the crypto lender engaged in “unlicensed loan brokering,” since the platform allowed lenders to lend without proper licenses.

DFPI’s problem with MyConstant interest-bearing products

Besides the P2P lending, the DFPI also has problems with MyConstant’s fixed interest-bearing crypto asset product. The product allows customers to deposit crypto assets and fiat with the promise of receiving a fixed annual percentage interest return.

According to the DFPI, the product is an example of where MyConstant offered and sold unqualified, non-exempt securities.

MyConstant has been facing hard economic times

The action by DFPI comes at a time when the crypto lender seems to be going through tough times. On November 17, it announced that it was unable to continue with business as usual due to the rapidly deteriorating market conditions that prompted heavy withdrawals.

The platform then limited its business activities including pausing withdrawals and announcing that “No deposit or investment request will be processed at this time.”

Since then MyConstant has been updating its users on its website on future plans including recently (December 15) updated plans that include a financial overview, estimated recovery, and liquidation schedule.

The platform has however continued to offer crypto-backed loans, ensuring borrower compliance, processing loan repayments, returning borrowers’ collateral once they repay their loans in full, and liquidation of borrowers’ collateral if they default.

The post MyConstant ordered to cease crypto-lending services in Califonia appeared first on CoinJournal.