Crypto Guides, Knowledge & Insights

Sam Bankman-Fried Officially Introduced As Testimony for This Week’s Congressional Hearing of FTX

Discredited FTX founder Sam Bankman-Fried has formally gotten named as a testimony for the upcoming Congressional committee on the crypto exchanges collapse.　　In accordance with a new administration document, the ex - chief executive of the insolvent crypto firm is being named forward to give testimony as a witness at a hearing of the House of Representatives Committee of Financial Services at 10 a.m. (EST) on December 13th.　　　　Even being summoned to testify is John J. Ray III, who assumed over as CEO of FTX last month following Bankman-Fried left.　　Ray will give testimony prior to actually Bankman-Fried, who is alleged of mismanaging client funds by lending money out to other businesses, failing to adequately assess risk, and price manipulation.　　Previously this week, Democratic Congresswoman Maxine Waters, the chair of the Committee on Financial Services, prompted Bankman-Fried to participate in the proceedings　　Based on your role as CEO and your media interviews over the past few weeks, its clear to us that the information you have thus far is sufficient for testimony.　　As you know, the collapse of FTX has harmed over one million people. Your testimony would not only be meaningful to Members of Congress, but is also critical to the American people.　　It is imperative

2022-12-13Deep Dive

Genesis liquidation could force DCG bankruptcy – The Chopping Block reports

On a recent edition of Unchaineds “The Chopping Block,” Haseeb Qureshi, Managing Partner at Dragonfly Capital, highlighted the probable ramifications of Genesis going bankrupt.　　Qureshi stated on the December 3 edition of Unchaineds The Chopping Block,　　“It appears that there was a lot of funny busy in the accounting department at Genesis at a very high level.”　　According to Qureshi, the Digital Currency Groups (DCG) $1.1 billion promissory note to Genesis may be “callable” in the case of liquidation, requiring DCG to pay the notes complete value immediately.　　Qureshi also mentioned DCGs reported $2.1 billion purchase of Genesis “bad debt” in Three Arrows Capital (3AC).　　However, Qureshi pointed out:　　“DCG does not have $2.1 billion in cash to cover the promissory notes face value.”　　Qureshi presented two possible possibilities in the event that Genesis went bankrupt.　　The first scenario involves “Genesis filing [for bankruptcy] and then pulling DCG into bankruptcy,” resulting in a complicated bankruptcy procedure.　　The second possibility is that “Genesis goes bankrupt, and then the note is auctioned off at a value less than par,” but DCG is saved.　　Qureshi continued by saying that “it looks very, very likely” that Genesis will have to file for bankruptcy or go through a restructuring in which creditors agree to lower

2022-12-12Deep Dive

Nigeria records N38.9 trillion in e-payment transactions in November 2022

By: Damian Okonkwo　　Nigerias e-payments transactions attained a high record of N38.9 trillion in November 2022. According to the Nigeria Inter-Bank Settlement System (NIBSS), the country recorded its highest e-payments transactions so far in November 2022, with the total transactions rising to N38.9 trillion in November. This marked an over 12.7% increase compared to the N34.5 trillion recorded in the previous month.　　The November data also brought the total e-payments made so far in 2022 to a total of N345 trillion.　　A significant improvement was also witnessed in the e-payments transactions on a Year-over-Year (YoY) basis which rose by 50% YoY judging by the N25.9 trillion recorded in November 2021.　　The total NIP volume for November increased to N492.2 million marking a 53.8% YoY increase compared to the N319.9 million recorded in November 2021.　　Overall, Nigeria has made a significant improvement in its efforts towards running a cashless economy. The current data showed that more citizens have embraced the cashless methods for sending and receiving money within the country.　　The e-payments transactions through NIP are an account number-tied method of payment created in 2011 by NIBSS. The CBN has pushed so hard to enforce this method of payment since then such that it has become today

2022-12-12Deep Dive

Latest in Crypto Hiring: More Fall Victim to Persistent Layoffs

As the year marked by the demise of major industry players comes to a close, several more organizations have announced rounds of layoffs in the last week, preparing for crypto winters low point.　　Amber Group, according to Bloomberg, plans to reduce its employment from 700 to less than 400 people. The report comes after reporter Colin Wu tweeted on Monday that the company has started laying off hundreds of employees again this month.　　The company claimed in a tweet on Tuesday that its operations and the WhaleFin app are “business as usual,” but that it is continually altering internal teams and functions.　　A request for comment was not immediately returned by a representative.　　Bybit CEO Ben Zhou stated in a series of tweets on December 3 that the company plans to shrink “across the board” in order to be more agile in navigating the market slump.　　“Difficult decision taken today,” he said, “but harsh times demand tough decisions.” “I have just announced plans to downsize our employment as part of an ongoing corporate reorganization as we target our efforts for the deepening bear market.”　　A request for comment was not returned by a spokesman.　　Australian cryptocurrency exchange Swyftx also announced that it would be laying off some

2022-12-11Deep Dive

FTX Revival Proposal Supported by Sam Bankman-Fried Lifts FTT Token

FTT, the native cryptocurrency of the defunct FTX crypto exchange, soared Friday after the platforms founder, Sam Bankman-Fried, came out in support of a crypto influencer Ran Neuners exchange rebirth plan.　　　　　　“I continue to believe that this would be a fruitful avenue for parties to pursue! I *hope* that the existing teams will do so ”Bankman-Fried responded to Neuners suggestion to revive FTX by producing a new FTT token and distributing it to creditors and depositors via Twitter.　　Neuner, the host of CNBCs “Crypto Trader” show, which debuted in 2020, suggested transferring 100% of profits to token holders, claiming that this would restore FTXs dominance and make users whole.　　“Neuners approach is a debt restructuring plan,” said Griffin Ardern, a volatility trader with cryptocurrency asset management firm Blofin. “Sams support for the same appears to have renewed investor hope that their monies will be returned.”　　According to TradingView statistics, the FTT token increased by 47% to $1.97, the highest level since Nov. 16, following Bankman-tweet Frieds at 08:18 UTC.　　This change has not been well received by everyone.　　“I think this is a wonderful... second-leg-of-the-scam plan,” said Markus Thielen, head of research at Matrixport, a crypto lender.　　Thielen compared the issuing of fresh FTX coins to the

2022-12-10Deep Dive

Top 3 Cheap Cryptocurrencies With Prospective Growth in 2023

The fact that virtual currencies are here to remain is no longer a secret. Although they carry a high level of risk due to their volatility, cryptocurrencies have shown to be a reliable investment choice. Therefore, as the year draws to a close, cryptocurrency investors and fans are interested in learning which cryptocurrency currencies to purchase in 2023.　　Basic attention token (BAT)　　One such cheap crypto to take a gander for is bat. Basic attention token strives to fundamentally change the $500 billion internet advertising industry. In collaboration with the brave web page, its founding members are seeking to strengthen the apprehensions about online security to boost the coins adaptation and use cases.　　Basic attention token prices, which were introduced in 2017, have already increased by 350% since their launch, and the courageous website has been gaining more than 25 million users a year. It is anticipated that this continuous rise, rising internet security consciousness, and exploding blockchain adoption will support the upward price movement of bat.　　　　Cronos 　　Cronos is to crypto.com what Binance Coin and the Binance Smart Chain are about the Binance Exchange, in the same way that the prominence of BSC consequently led the valuation of the bnb token to unthinkable

2022-12-09Deep Dive

Coinbase Requests Customers to Change USDT for USDC

“The events of the past few weeks have put some stablecoins to the test and weve seen a flight to safety,” Coinbase said in a blog article accepted for publication Friday morning Asia time. “We believe that USD Coin (USDC) is a trusted and reputable stablecoin.”　　Coinbase said beginning today its going to waive fees for worldwide retail clients to transform USDT to USDC. Coinbase is a co-founder of USDC. On-chain statistics reveals that USDT is the 3rd most popular trading digital money on Coinbase, going to represent 5% of the quantity on the exchange, where it presently transacts for 99 cents.　　Weeks after the FTX economic meltdown, Tether (USDT) was dragged off its rack and bartered as cheap as 93 cents. The large percentage of trading pairs on transactions have brought back to $1, but the CoinGecko report indicates that it persists to trade at 99 cents on certain pairs at Binance.　　In late September, Tether was first ordered by a U.S. judge in New York to generate financial documents pertaining to the support of USDT. This is distinct from the lawsuit even before New York Supreme Court thats requesting for the New York Attorney General to publish information it collected in

2022-12-09Deep Dive

WikiBit Reviews: Is Avalanche (AVAX) a Good Investment?

Made its debut in 2020 by Ava Labs, Avalanche is an Ethereum contender that enables the production of tailored blockchains (including private blockchains) and decentralized applications (dApps) (dApps). Its native, fixed-supply AVAX coin is the console unit of currency, used for reimbursing processing fees and for setting in Avalanches consensus protocol.　　Avalanches smart contracts system props up both decentralized applications (dApps) and independent blockchains. Here are some of the factors that make Avalanche remarkable:　　Transaction fee configuration. Payment processing expenses vary based on the location of money transfer and Avalanches limited bandwidth. All service charges are consumed from circulation—to allow AVAX into becoming increasingly scarce over time. Avalanche subscribers meeting to elect the Avalanche service charge, trying to make AVAX charges subject to transformation.　　Participation incentive programs. High availability and easy integration can both increase the percentage of AVAX prizes that a network participant can garner for having to process AVAX payments.　　Consensus Method. Transactions on the Avalanche blockchain are affirmed that used a distinctive system that allows many comparatively tiny, random subset of features of members of the network to transact directly even before transactions are regarded finalized.　　Coin production. The optimum source of AVAX is sealed at 720 million tokens, but AVAX consumers

2022-12-09Deep Dive

New Privacy Protocol Arriving to the Cardano (ADA) Ecosystem is Outlined by Charles Hoskinson

Hoskinson claims that ADAs forthcoming privacy procedure Midnight, which was recently confirmed, aims to establish a nondisclosure system of smart contracts, just like what Ethereum (ETH) did for Bitcoin in a new conversation on Corey Castas Crypto Coins YouTube channel (BTC).　　According to Hoskinson, Midnight seeks to resolve the counterintuitive issue of having both confidentiality and disclosure rules at the same time.　　From a regulatory perspective, you‘re not actually allowed to use blockchain systems [for privacy]. Why？ There’s [the] Bank Secrecy Act, GDPR [General Data Protection Regulation], you have all these privacy departments.　　Anytime you could engage in a regulated business, there‘s a privacy requirement because regulated business requires you to give away some personally-definable information and there’s a privacy law on the other side of it that says you have to keep it a secret.　　The problem is that if you try to do it in a blockchain setting, your private information becomes public to everybody… so it made sense to me to find a way to… create a confidentiality network, so like what Ethereum did to Bitcoin, where Ethereum said ‘we have programmability,’ Midnight does to [Cardano], where instead of having a privacy coin, what you do is you have a confidentiality

2022-12-09Deep Dive

Resistance to Polygon's MATIC exists, but this new Web3 relationship ought to thrill customers!

On Wednesday, Polygons (MATIC/USD) price declined by 2.49% as it continued to encounter resistance at $0.96. MATICs price was $0.88 and it was slightly declining from the breakpoint. If the bears keep pushing down on MATIC pricing, it can revert to the $0.77 support level. For MATIC, however, significant fundamental developments keep occurring.　　Warner Music Group and Polygon have launched a yearlong relationship with dynamic platform building and e-commerce LGND. The release claims that LGND will be able to develop the LGND Music Web3 ecosystem thanks to Polygon. The network will debut in January 2023 and, through a proprietary overlay, will enable digital assets from various blockchains. Warner Recording artists will introduce digital treasures via the collaboration on the application and desktop devices.　　Warner Music Group and Polygon have launched a yearlong relationship with dynamic platform building and e-commerce LGND. The release claims that LGND will be able to develop the LGND Music Web3 ecosystem thanks to Polygon. The network will debut in January 2023 and, through a proprietary overlay, will enable digital assets from various blockchains. Warner Recording artists will introduce digital treasures via the collaboration on the application and desktop devices.　　The cooperation is evidence of Polygons expanding importance in Web3.

2022-12-08Deep Dive

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