Crypto Guides, Knowledge & Insights

Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes

Reports indicate that the worlds largest cryptocurrency exchange by trade volume, Binance, has announced the crypto company has committed to investing $200 million into the American business magazine Forbes. The digital currency company Binance confirmed the $200 million stake into Forbes on the social media platform Twitter.　　Binance Pledges $200 Million to Forbes　　Binance has made a $200 million investment into Forbes, the U.S.-based business magazine and digital publisher owned by the Forbes family and Integrated Whale Media Investments. A report published by CNBC, and shared by Binance on Twitter, explains that the investment “is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0 based tools” Forbes has plans to go public via a special purpose acquisition company (SPAC) deal with Magnum Opus.　　“Binance‘s strategic investment will be through Binance’s assumption of subscription agreements representing $200 million of commitments in the $400 million private investment in public equity (PIPE) that was previously announced along with Forbes intention to go public via a business combination with Magnum Opus,” Forbes detailed on Thursday. The American business magazine and digital publisher added:“The transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand

2022-02-11Deep Dive

Canadian Conservative MP Pushes for Crypto Framework

Key Takeaways　　Canadian Conservative MP Michelle Rempel Garner has introduced Bill C-249, which aims to create a crypto framework.　　The bill, if put into law, would have Canadas Minister of Finance consult with provincially-designated crypto experts.　　Bill C-249 is meant to promote the growth of the crypto sector and ensure that lawmakers understand cryptocurrency.　　A Canadian Member of Parliament has introduced a bill that aims to make lawmakers interact with cryptocurrency experts.　　Garner Introduces Bill C-249　　Conservative MP Michelle Rempel Garner introduced Bill C-249, titled “Encouraging the Growth of the Cryptoasset Sector Act,” in Canadas House of Commons on Wednesday, Feb. 9.　　If it is approved, the bill would create a framework demanding that Canadas Minister of Finance consult with crypto experts designated by provinces and territories. Garner said in a videoclip that officials and lawmakers are setting policies despite being unfamiliar with cryptocurrency, and that this act could solve that problem.　　The framework would “focus on lowering barriers to entry” in the cryptocurrency sector and would also “[protect] those working in the sector” while reducing administrative burdens.　　Garner also stated that “Canada should be attracting billions of dollars in investment in the fast-growing cryptoasset industry.” The proposal is meant to encourage growth in the sector.　　Bill C-249 has already

2022-02-11Deep Dive

Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks

One of the largest rating agencies in the U.S., Fitch Ratings, has downgraded El Salvadors long-term default rating deeper into junk status, citing risks from adopting bitcoin as legal tender as a key reason. “The adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing for 2022-2023,” Fitch detailed.　　El Salvador Downgraded to Junk　　Fitch Ratings downgraded El Salvador‘s Long Term Foreign Currency Issuer Default Rating (IDR) from “B-” to “CCC” Wednesday. The American credit rating agency is one of the Big Three credit rating agencies. The other two are Moody’s and Standard & Poors (S&P).　　For Fitch, bonds rated AAA, AA, A, or BBB are considered investment grade, while those rated BB, B, CCC, CC, C, or D are considered speculative, or junk grade, bonds. The company explained that CCC ratings mean “Substantial credit risk” with “Very low margin for safety,” and that “Default is a real possibility.”　　The rating agency explained:　　In Fitchs view, weakening of institutions and concentration of power in the presidency have increased policy unpredictability, and the adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing for 2022-2023.　　The rating

2022-02-11Deep Dive

RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India

The governor of India‘s central bank, the Reserve Bank of India (RBI), has reiterated his concerns that cryptocurrency is a “big threat” to the country’s financial and macroeconomic stability. He also warned investors of the risks of investing in crypto, stating this type of investment has no underlying value.　　RBIs Multiple Concerns About Crypto　　Reserve Bank of India (RBI) Governor Shaktikanta Das said during a press conference Thursday that cryptocurrency is a major threat to Indias macroeconomic and financial stability.　　Referring to any crypto not backed by the central bank as “private cryptocurrency,” Governor Das was quoted by local media as saying:　　“Private cryptocurrency, or whatever name you call, is a big threat to our macroeconomic stability and financial stability.”　　He explained that any cryptocurrencies with currency-like property will undermine the RBIs ability to deal with financial and macroeconomic stability issues.　　The central bank governor proceeded to warn investors about the risks of investing in cryptocurrencies. Referring to the Dutch tulip bulb market bubble in the 17th century, he cautioned:　　“Investors in cryptocurrency should keep in mind that they are investing at their own risk. They should also keep in mind that the cryptocurrency has no underlying, not even a tulip.”　　Das noted that the RBIs position is

2022-02-11Deep Dive

IRS Reveals Guidelines On How Crypto Investors Can Report Their Purchases On Tax Forms

The IRS releases guides on how to report taxes using form 1040.　　People who purchased crypto with real currency and have been hodling are exempted.　　Cryptocurrency taxation has come underfire in recent months for its supposed lack of clarity.　　The Internal Revenue Service (IRS) has provided guides to help people file their crypto tax returns. It comes after a lack of clarity in the previous phrasing of the question on tax reporting caused some confusion for taxpayers.　　The First Question On Form 1040　　“At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency？” This is the first question on form 1040 when you try to file your tax returns. CNBC‘s Robert Frank joined CNBC’s Squawk on the Street to explain the criteria for answering that question.　　Robert Frank noted that if the answer to the question was in the affirmative, individuals will be required to fill out a separate form and pay their tax. However, the analyst noted that people who had just purchased and held crypto felt obligated to answer in the affirmative. He said that this was so crypto purchased with real currency does not fall into the category of being received. Frank

2022-02-11Deep Dive

144.2 Million SHIB Burned, While SHIB Becomes Token with Largest USD Value for Whales

Data provided by the team of the Shibburn Twitter account shows that in the last three days, 144.2 million Shiba Inu meme tokens have been moved to a dead wallet by various members of the SHIB community in order to push the second largest canine crypto to surge to a new all-time high.144.2 million SHIB destroyed　　The combined sum of of 144.2 million SHIB have been burned, as per by tweets shared by the Shibburn Twitter user, on Feb. 7, 8 and 9, to the tune of 56.3 million, 36.8 million and 46.7 million coins.　　To add to that, in the last 24 hours, another 4,441,908 Shiba Inu were moved out the circulating supply in five transactions. By now, the overall burned amount of these meme tokens is equal to 410,302,160,108,630. There are still 548,973,043,170,104 SHIB in circulation.　　A total of 40,724,796,721,265 Shiba Inu tokens have been staked.SHIB holds the position of biggest token by USD value　　According to the website of on-chain data service WhaleStats, SHIB is now the biggest token in the portfolio of the top 1,000 Ethereum whales by USD value.　　The percentage of Shiba Inu in the wallets of the aforementioned whales is 16.62, which is worth an amazing $1,773,025,189. FTX

2022-02-10Deep Dive

This popular Japanese game is about to auction its first NFT

GensoKishi Online “META WORLD,” a new GameFi version of the iconic game Elemental Knights, recently announced its first NFT auction.　　The Polygon -based project allows players to expand the limits of RPG roles and customize their characters according to their taste.“Cosplay” NFTs　　In the auction, which started on February 7, players can bid for a range of “Cosplay” NFTs including Legend, Super Rare, Rare, and Normal NFTs. 　　AND ITS ON !!!!????????⚡️　　Our first EVER NFT Auction???? Click below to bid:https://t.co/0KA1NnG2Hv pic.twitter.com/IX9VYg2eNq　　— GensoMeta (@genso_meta) February 7, 2022　　Among those, Legendary Cosplay NFTs are particularly sought after due to their uniqueness.　　Those participants who win one in the auction, will be the sole owner of this NFT in the entire Metaverse.　　“Cosplay” in GensoKishi represents one of the games key features–introducing a creative twist to the role play concept.　　The game allows players to modify their characters. The concept doesn‘t only involve dressing up the appearance, but also improving the character’s status by unlocking special skills.　　Since each Cosplay has distinct stats which impact its strength, depending on rarity, some of the wearable equipment comes with unique abilities.　　Super Rare Cosplays (GensoKishi Online “META WORLD”)　　“By combining these Cosplays that each have their unique skills, you can build your own character that

2022-02-10Deep Dive

McDonald’s Metaverse Moves: 11 Trademark Applications for 'Virtual Restaurant' & Virtual Goods

American fast-food behemoth McDonalds is the latest major brand to make a move into the metaverse by filing no fewer than twelve trademark applications on February 4, eleven of which make direct references to virtual restaurants, cafes, concerts, and other virtual services, goods, and events.　　Trademark attorney and founder of Gerben Intellectual Property Josh Gerben first brought up the applications on Twitter, pointing out 10 applications filed by the fast-food chain.　　These filings indicate that the company many plan to offer “a virtual restaurant featuring actual and virtual goods” and “operating a virtual restaurant featuring home delivery.”　　One of the filing applications requests to trademark “Virtual food and beverage products” and “Downloadable multimedia files containing artwork, text, audio and video files and non-fungible tokens” (NFTs).　　McDonalds also included its McCafe brand in the Metaverse trademark application. The brand also seeks to trademark “Virtual food and beverage products” and “Downloadable multimedia files containing artwork, text, audio and video files and non-fungible tokens.”　　McDonalds is headed to the metaverse.　　The company has filed 10 (TEN!) trademark applications indicating it plans to offer “a virtual restaurant featuring actual and virtual goods” and “operating a virtual restaurant featuring home delivery.”#Mcdonalds #Metaverse pic.twitter.com/J9pK7EK9nl— Josh Gerben (@JoshGerben) February 9, 2022　　The move follows

2022-02-10Deep Dive

New York Mayor Opposes Bitcoin Mining

Eric Adams, New York Citys cryptocurrency-friendly mayor, has bewildered the Bitcoin community after voicing his opposition to crypto mining during a local government budget hearing with elected officials in Albany:　　I support cryptocurrency, not crypto mining.　　New York State Assemblymember Dr. Anna Kelles praised Adams for making the distinction between crypto and the mining of it. She added that New York City could become the crypto capital of the U.S. without supporting environmentally damaging crypto mining.　　Several legislators expressed their concerns regarding Adamss wholehearted embrace of cryptocurrencies.　　As reported by U.Today, Adams volunteered to accept his first paycheck in Bitcoin and Ethereum, two proof-of-work (PoW) cryptocurrencies that rely on energy-intensive mining.　　The 61-year-old mayor also vowed to make New York, which is known for its hostile regulatory regime, the center of the cryptocurrency industry, giving Miami a run for its money.　　Bitcoiners slammed Adams for his shameful comment, arguing that one cannot be pro-crypto while simultaneously opposing mining.　　As reported by U.Today, Democratic gubernatorial candidate Jumaane Williams recently proposed imposing a moratorium on proof-of-work (PoW) mining during a meeting near the shore of Seneca Lake. Locals have called for halting the Greenidge Generation Bitcoin mining facility, which was reportedly responsible for heating the largest of the Finger

2022-02-10Deep Dive

North Korea Fires Crypto Bomb At US, Calls It ‘King of Theft’

North Korea has always hogged the headlines – not only for its “habitual” firing of ballistic missiles (which irks Uncle Sam and his allies) – but also for its passion for (allegedly) stealing other countries crypto.　　On Thursday, (Feb. 10), North Korea accused the US of stealing funds and committing underhanded cybercrime just days after the United Nations accused Pyongyang of conducting cyberattacks on crypto exchanges around the world.Refuting UN Crypto Theft Claims　　Although the UN observers did not specifically cite the US, they alleged that the information was obtained from a “member nation” – and also made reference to data gathered by the American firm Chainalysis on alleged North Korean crypto raids.　　According to South Korean news outlet EDaily, the North‘s foreign ministry debunked UN monitors’ recent assertions that North Korean hackers harvested over $50 million between 2020 and mid-2021.　　In a report last year, North Korea has hacked $1.8 billion worth of crypto from multiple exchanges around the globe.Total crypto market cap at $1.97 trillion in the daily chart | Source: TradingView.com　　In 2020, Kommersant reported that a hacking organization known as “Kimsuky” has taken advantage of the COVID-19 pandemic using so-called spear-phishing methods to steal top-secret information from Russian defense firms.　　Kumsuki has

2022-02-10Deep Dive

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