Crypto Guides, Knowledge & Insights

LINE-founded cryptocurrency exchange BITFRONT announces closure

BITFRONT, a cryptocurrency exchange launched by LINE, Asias largest social media platform, has announced its closure.　　Withdrawals of cryptocurrencies held on the platform will be terminated on March 31, 2023, and all personal user information gathered by the firm will be erased within 40 days.　　The BITFRONT team announced on November 28 that, despite efforts to “overcome the hurdles in this quickly expanding business,” the company has decided to close BITFRONT.　　“Unfortunately, we have realized that we must close BITFRONT in order to continue building the LINE blockchain environment and LINK token economy.”　　The move was made in the “best interests of the LINE blockchain ecosystem,” according to the company, and was unrelated to recent difficulties with “particular exchanges that have been accused of misbehavior.”　　BITFRONT has suspended all new signups and credit card payments as of November 28 at 05:00 UTC.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!　　Wish to get more KNOWLEDGES and SKILLS？ Scan this!

2022-11-28Deep Dive

After launch delays, Cardano stablecoin closes its doors.

The software for the venture will still be available to anyone wishing to create with it, and Ardana Labs will hold any residual cash and treasury amounts in its possession “until another competent dev team in the community steps forward to continue our work.”　　The announcement of the information was unexpected, which caused many people to be surprised. As a result, many individuals were surprised by the choice.　　On the other side, it appears that problems have existed for a considerable amount of time previous to this.　　In order to acquire money for its business operations, Ardana has been conducting what is frequently referred to as an initial stake pool offering (ISPO) since the Fourth of July. The rewards for staked are provided to the producers themselves, as opposed to the users donating ADA to them. This is in contrast with conventional fund-raising strategies, which distribute the ADA to the developers.　　Users are encouraged to continue delegating because they receive DANA tokens, which are essential to the platforms functionality, as payment for their efforts.　　The concurrent price declines of DANA and ADA, in addition to the declining stake yields from Cardano as a result of the current crypto winter, have regrettably created problems for ISPO

2022-11-28Deep Dive

Popular Nigerian Crypto Exchange Quidax: lays off 25% of its employees

By: Damian Okonkwo 　　The popular Nigerian crypto company known as Quidax has laid off 20 of its employees reducing its labor force by 25% down from the 100 active employees working with the company.　　This recent development has led many investors to question the strength of the company fearing the company may be facing some difficult times and linked them to the FTX crisis.　　However, speaking on this development, the management of the company disclosed that the decision to lay off some of its workers does not relate to the FTX crisis as the company is still stable to date.　　They considered the current decision as necessary to withstand the current economic downturns that have affected the strength of different companies across the company.　　And proceeded to assure all investors that their funds are safe as the company is insured and not moving away any time soon.　　Notwithstanding, many still doubt the companys strength citing the fact that it had previously slashed the salary of its workers by 30% in August and was further reported to be one of the major sponsors of the recently concluded Big Brother Naija show organized within the country where the company spent so much money towards the success of

2022-11-28Deep Dive

Two "crypto shops" in Uzbekistan receive their initial crypto licenses.

The National Agency for Perspective Projects (NAPP), the main cryptocurrency market regulator in Uzbekistan, has finished distributing the first crypto permits in the republic, in accordance with an official statement that was publicly revealed on November 17.　　The so-called “cryptocurrency stores” Crypto Trade NET LLC and Crypto Market LLC have both been granted licenses that legally allow them to offer services associated with cryptocurrencies. The two businesses received permits in line with the presidential decree that was released in April 2022, the NAPP stated in a statement. This law establishes guidelines for the exchange of cryptocurrencies in Uzbekistan.　　　　The announcement comes shortly after the Uzbek government imposed access controls on some of the biggest cryptocurrency exchanges around the globe on the basis that they were legally authorized to offer bitcoin trading services. In August 2022, the NAPP announced the measures; however, it appears the statement has since been deleted.　　The most recent licenses were granted at a moment when Uzbekistan is working hard to create a new legislative regime for cryptocurrencies in the coming months.　　Beginning on January 1, 2023, only crypto businesses that have been granted licenses by the Uzbek government may offer their services to citizens of that nation.　　　　As a reminder, WikiBit

2022-11-28Deep Dive

Why NFTs Will Upgrade Everything

Most people associate NFTs with pricey artwork, digital collectibles, and incredibly expensive images of cartoon monkeys.　　However, NFTs can enable a wide range of useful applications, from obtaining loans to using AI for interior design. They achieve this by fundamentally altering how people—not Big Tech—gain from their data. This is why:　　Everything you care about is non-fungible.　　Digital representations of non-fungible things are useful (and common).　　Decentralizing these representations makes them vastly more useful to the end user. 　　Everything you care about is non-fungible　　If two things of the same kind may be used interchangeably and cannot be distinguished from one another, they are said to be fungible. A fungible thing can be exchanged for another one that is exactly the same without losing any value, similar to exchanging one dollar for another.　　Even while they are valuable, fungible assets like cash or gas are often only significant to the extent that they enable us to obtain non-fungible items (belongings, experiences).　　On the other hand, something that is non-fungible is distinct.　　This applies to everything you own, including your house, car, and even a cup of coffee. It covers your connections, physical appearance, and personal preferences. All of these things are non-fungible: credentials, reputation, memories, and experiences. Each

2022-11-27Deep Dive

The Bukele government of El Salvador suggested "Bitcoin bonds"

The El Salvador House of Representatives was given a 33-page legislation dealing with digital stocks on November 17 with a request that they establish a legislative structure allowing the nation to utilize digital assets in its public offerings. The financial system was first opened to volcano bonds, often referred to as Bitcoin bonds, by the administration of Nayib Bukele, who presided over the country from 2021 to 2022.　　The financial system was initially introduced to volcano bonds, often referred to as Bitcoin bonds, by the administration of Nayib Bukele, who presided over the country from 2021 to 2022.　　　　The original plan planned for the issuance of bonds with a face value of about $1 billion, with the money raised going towards the construction of a “Bitcoin City” at the foot of the Colchagua volcano. After it was discovered that the sale of the notes just wouldnt generate a profit, this iteration of the plan was abandoned.　　Given that the city would be located close to the volcano, it is thought that the hydrothermal energy produced by the volcano will make the place ideal for a plant for mining cryptocurrencies. If this plan were to be approved, Bitcoin would receive a direct investment equivalent

2022-11-25Deep Dive

Red Bull Racing is how NFT finishes the F1 season.

Max Verstappen was atop the drivers rankings for the second year in a row, winning the championship for the second time in his professional career after leading Red Bull Racing to the summit of the manufacturers standings in Formula One (F1) during the 2018 season. He had the opportunity to win the crown a second or third time in his career thanks to this win. The final race scheduled for 2022 will take place in Abu Dhabi on November 20, 2022. This will represent the seasons conclusion. This is reportedly the first occasion in Formula One history that a team would display an NFT on the livery of the car. The event will be the final contest planned for 2022.　　The cryptocurrency exchange Bybit was named as Red Bull Racings major sponsor in February 2022. Only a few companies that deal in cryptocurrencies sponsor Formula One teams, and Bybit is one of them. Lei the Lightning, an anime-inspired Azuki collection mascot, and NFT-created artwork will both be on exhibit next to the banks official logo. 10,000 NFTs are included in the compilation, one of which is the original Lei Azuki NFT. At the time this article was written, the value of

2022-11-25Deep Dive

Binance Allocates Another $1B for Its Crypto Recovery Fund

Binance, a cryptocurrency exchange, has allocated another $1 billion to its industry recovery fund, effectively increasing the funds size to more than $2 billion.　　Binance CEO Changpeng “CZ” Zhao announced the additional allocation on Friday.　　The increase comes just one day after CZ revealed that Binance is aiming for $1 billion for its crypto recovery fund. Aptos Labs, Jump Crypto, and other well-known cryptocurrency companies have joined Binances initiative and will contribute $50 million to the fund.　　The recovery fund would be used to purchase distressed crypto assets and provide assistance to the industry. Since the beginning of the year, the crypto market has experienced a massive decline, resulting in the closure of several crypto firms.　　The cryptocurrency market remains volatile, with BTC trading 1.6% lower during the day, hovering around $16,400 at the time of writing.As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!　　Scan the QR Code to get more news!

2022-11-25Deep Dive

FTX Hires Ex-Regulators to Investigate Firm’s Collapse

Former senior U.S. regulators have been hired to help untangle the mess at cryptocurrency exchange FTX, whose recent collapse has raised concerns about a lack of regulatory oversight.　　In its first hearing in Delaware bankruptcy court on Tuesday, a lawyer for FTX stated that the company has hired former enforcement chiefs from the Securities and Exchange Commission and the Commodity Futures Trading Commission, both of whom are now partners at law firm Sullivan s new CEO in determining what went wrong.　　FTX has hired Steven Peikin, who was co-director of the SECs enforcement division from 2017 to 2020, and James McDonald, who was director of enforcement at the CFTC from 2017 to 2020.　　Another prominent FTX hire is Nicole Friedlander, who from 2008 to 2016 served as chief of the complex frauds and cybercrime unit at the U.S. attorney‘s office for the Southern District of New York, one of the nation’s most influential federal law-enforcement agencies. Ms. Friedlander is also a Sullivan s priorities will most likely include document preservation.　　According to James Bromley, counsel to FTXs new management and a partner at Sullivan s demise and will engage with regulators in the United States and around the world. The team of former regulators

2022-11-25Deep Dive

Genesis employs a professional in bankruptcy avoidance

The corporation has hired investment banking firm Moelis s significant to observe that Voyager Digital also employed Moelis s report dated November 21 suggesting the contrary. 　　The spokesman said, “Genesis continues a constructive and fruitful dialogue with its creditors. According to reports, Genesis is attempting to raise between $500 million and $1 billion from investors to close a funding gap brought on by ”extraordinary market turbulence and the collapse of the crypto trading FTX. 　　　　On its balance sheet, the cash strapped lending institution has existing debts worth $2.8 billion, based on a story that was released by Bloomberg on November 22. The corporation has lent to “associated parties,” which would include both its holding company, Digital Currency Group, and its subsidiary and loan unit, Genesis Global Trading, for almost 30% of its total lending.　　Digital Currency Groups CEO, Barry Silbert, asserts in a recently circulated letter that the business owes Genesis Global Capital $575 million, with final payment in May 2023. 　　Since the closure of FTXs exchange on November 11, Genesis, Grayscale Ventures, and its parent company, Digital Currency Group, have been the center of attention. The spread has caused others to worry that all these businesses may fail as the

2022-11-25Deep Dive

...

175177

...

736