Mga Gabay, Kaalaman at Insight sa Crypto

In Mark Cuban's Opinion, Cryptocurrency Startups With Strong Fundamentals Will Do Well

Following the collapse of the total crypto market capitalization below the $1 trillion level earlier this week, several crypto projects are suffering a severe economic downfall as a result.　　In light of the current state of the ecosystem, Mark Cuban, the owner of the Dallas Mavericks basketball team and an Ethereum maximalist, is supporting ventures in the crypto business with strong fundamentals.　　In an interview with Fortune, Cuban stated that events like the one now affecting the crypto business will expose and demolish enterprises that are being sustained by inadequate market fundamentals.　　“In stocks and crypto, you will see companies that were sustained by cheap, easy money—but didn‘t have valid business prospects—will disappear,” the Shark Tank investor told Fortune. “Like [Warren] Buffett says, ’When the tide goes out, you get to see who is swimming naked.”　　Companies like Celsius are currently unable to meet their withdrawal commitments after suspending this portion of their operations just before the start of the week, proving Cubans point. Several initiatives, including Terra, have failed in the last month, while legacy corporations such as Coinbase, BlockFi, and Gemini have revealed plans to shrink their operations in order to save money.　　These are not new to Cuban, but he maintains that

2022-06-20Malalim na Pagsisid

Following Meta, Yahoo Announces Metaverse Activities in Hong Kong

American web services provider Yahoo has announced that it is launching a series of metaverse activities in Hong Kong.　　Yahoo plans to launch activities to explore the use of immersive advertising technologies. The companys announcement comes a day after Meta Platforms announced similar plans to use Hong Kong as a testing ground to roll out several metaverse initiatives.　　Yahoos announcement stated that the company will host virtual concerts and exhibitions on the popular metaverse platform Decentraland. They plan to feature local idols and artists and release a limited amount of non-fungible tokens (NFTs).　　“Yahoo Hong Kong has always been providing a wide range of online services that are relevant to peoples daily lives, including using the latest technology to improve and enhance the user experience,” said Lorraine Cheung, head of the audience at Yahoo Hong Kong. “We hope to use the metaverse to connect people regardless of time and physical location.”　　Yahoo is also launching an NFT exhibition called “The Abyss of Kwun Tong” this week in collaboration with local creators. The exhibition is about the iconic Hong Kong neighbourhood that has been transformed by redevelopment projects.　　Other tech companies such as Meta and South Koreas Samsung Electronics have also chosen Hong Kong as a

2022-06-17Malalim na Pagsisid

Binance Looks to Hire 2,000 New Staff

Binance exchange is arguably living up to its ranking as the biggest digital currency trading platform in the world as it has unveiled its plans to hire as many as 2000 new workers despite the current financial market meltdown.　　The companys founder and Chief Executive Officer, Changpeng Zhao (CZ), confirmed the move. CZ said the firm has made a very thoughtful decision to turn down “Super bowl ads, stadium naming rights, large sponsor deals” a few months ago, a decision it implied has contributed to its solid financial state amidst this unprecedented “crypto winter.”　　With only a few platforms sharing details that suggest they are not as overly impacted by the current market downturn, the likes of Nasdaq-listed trading platform, Coinbase Global Inc announced earlier as reported by Blockchain.News that it has downsized its workforce by as much as 18%.　　While the Coinbase move placed the feather on the exchanges cap as other company executives had been hinting at slowing the hiring pace for quite some time now, a related retrenchment move was announced by Gemini exchange a few days ago.　　While the current downtime is hitting exchanges differently, crypto lending platform Celsius seems to be reeling more under the crushing weight of the

2022-06-17Malalim na Pagsisid

OpenSea Seeks to Introduce New Security Provision

OpenSea is stepping up its game to protect its users as hundreds of non-fungible token (NFT) owners are constantly targeted by scammers.　　The worlds largest trading platform for digital collectables announced recently that it has upgraded its platform to automatically send suspicious NFT transactions or incoming assets to a “hidden” tab. While this detection is done by default, OpenSea said the enablement can be adjusted with users typically being given the opportunity to choose whether they will like to decide which incoming NFTs will be added to the Hidden tab.　　OpenSea also said the new sieving tool is not perfect as the algorithm is still being trained. As a result, some legitimate assets may be hidden but users can remove them from this tab without any harm whatsoever.　　“These changes have started rolling out to all users. Over the next few weeks and months, we will continue to train our detection logic. During this time, we may accidentally auto-hide legitimate transfers. If that happens to you, please know that we‘re working to evolve our algorithms, and it’s safe to unhide transfers you were expecting,” the NFT trading platform said.　　The update to its fraud detection program has become a very big necessity for OpenSea

2022-06-17Malalim na Pagsisid

Coinbase Cuts Employees By 18% as Market Outlook Remains Bleak

CEO Brian Armstrong has announced that approximately 18% of all of Coinbase Global Incs workforce will be laid off as the cryptocurrency trading platform strategizes to navigate the now evident crypto winter.　　While Armstrong cited over-hiring in the wake of the Nasdaq-listed American cryptocurrency trading platforms expansion in early 2021 as one of the reasons for the explosive growth, it noted that the reality of the economic outlook is not encouraging and the business has to survive in case the recession is drawn out for much longer. Armstrong said the decision to lay off the staff is to cut costs and drive increased efficiency across the board.　　“As we operate in this highly uncertain period in the world, we want to ensure we can successfully navigate a prolonged downturn,” Armstrong said in the note shared with all of the companys staff.　　“For the past few months, adding new employees has made us less efficient, not more. We have seen ourselves slow down considerably due to coordination headwinds, and difficulty fully integrating new team members. We believe the targeted resourcing changes we are making today will allow our organization to become more efficient.”　　Coinbase Woes is Encompassing　　Coinbase stock is currently trading at $51.86, down from

2022-06-15Malalim na Pagsisid

Crypto.Com, BlockFi Announce Massive Layoffs as Economic Crisis Bites

Crypto exchange Crypto.com and lending platform BlockFi announced on Monday plans to cut over 400 jobs globally, as they come under pressure from difficult market conditions. 　　Crypto.com said that it would reduce its workforce by 5%, that is about 260 employees. CEO Kris Marszalek disclosed the announcement via Twitter social media: “Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so ... That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260, or 5%, of our corporate workforce.”　　Meanwhile, BlockFi also announced on Monday that it is laying off 20% of its workforce, which is around 170 people. Zac Prince, BlockFi CEO, said in a tweet Monday that the crypto lending firm is reducing its “headcount by roughly 20% and the reduction impacts every team at the company. This decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities.”　　Recession Fears　　Crypto.com and BlockFi have followed a series of various crypto firms faced with massive layoffs. Late last month, Bitso, one of the biggest crypto exchanges

2022-06-15Malalim na Pagsisid

Do Kwon Denies Allegations of Cashing Out $2.7Bn through DegenBox

Do Kwon, the once cherished developer who gained prominence with the rise of Terra Blockchain protocol is now being dragged on Twitter for a series of alleged financial misconducts that possibly led to the collapse of UST and LUNA. 　　According to a Twitter user, FatMan Terra, Do Kwon allegedly used the Abracadabra protocol, DegenBox, to siphon as much as $2.7 billion from the UST and Terra coffers months leading to the eventual collapse of the Layer-1 protocol. According to FatMan, a Terra insider with affiliations to the Terra Research Forum, Kwon exploited the borrowing design of Degenbox and the promise of its high APYs to generate enough liquidity with which he was able to move out the said funds.　　Earlier, it was discovered based on the testimonies from unnamed employees of Terraform Labs that Do Kwon cashes out as much as $80 million monthly, typically deployed to dozens of other wallets. The claim from FatMan is a corroboration of these earlier facts, but Do Kwon is denying them all.　　Taking to his official Twitter handle, Kwon criticized the allegations levied against him, noting that they all are false. He said his critics pointed out that he sold off all of his holdings

2022-06-15Malalim na Pagsisid

Tron DAO Reserve Buys $50M BTC, TRX

Tron DAO Reserve announced through Twitter that it bought $50 million worth of Bitcoin and Tron (TRX) to “safeguard the overall blockchain industry and crypto market.”　　Tron DAO Reserve manages algorithmic stablecoin USDD, which went live on the blockchain on May 5. Earlier in June, Tron announced that it would significantly increase the amount of capital backing USDD after witnessing the collapse of Terras algorithmic stablecoin in May, according to The Block.　　The Block reported that Tron DAO Reserve has created a reserve comprising cryptocurrencies and other stablecoins amassing to overcollateralise USDD.　　The reserve has been guaranteed to be maintained at a minimum of 130% of the total amount of USDD in issuance.　　Tron has already begun publishing real-time updates on the collateral ratio on the Tron DAO Reserve website since June 5. The ratio on June 12 was almost 193%.　　Since its launch, the USDD decentralised stablecoin was pegged to the US dollar at a ratio of 1:1 through the Tron DAO Reserve in cooperation with top blockchain institutions.　　The USDD protocol runs on the TRON network with an initial total supply of 100 million. It has been launched on decentralised exchanges such as Sunswap, Sun.io, Curve, Uniswap, Ellipsis, Pancakeswap, and Kyberswap.　　In addition, USDD connects

2022-06-14Malalim na Pagsisid

Binance.US Sued for Selling Unregistered LUNA Securities

Binance.US has been sued in a class-action lawsuit for selling unregistered security tokens from the Terra blockchain protocol.　　The class-action lawsuit was filed in the Northern District of California, dragging the exchange for misleading investors with the sale of LUNA and UST tokens, both of whose collapse led to the loss of over $40 billion of investors money globally.　　The lawsuit, filed by the plaintiffs, represented by law firms Roche Freedman and Dontzin Nagy & Fleissig, blames Binance.USs business model “premised on illegally enabling the sale of unregistered securities to as many US investors as possible, as often as possible.”　　The Plaintiffs are asking for a Jury trial where it deems necessary as the exchange was also accused of promoting the airdrops of tokens in a bid to facilitate trading volume.　　Since the collapse of UST and LUNA, several groups of investors, including those from South Korea, have been plotting lawsuits as they explore avenues to cut back on their losses, despite the emergence of Luna 2.0. 　　In a bid to aid those seeking to explore legal options in pursuit of all parties they deemed guilty in the Terra mishap, Kyle Roche from Roche Freedman posted an update back in May, which seems to

2022-06-14Malalim na Pagsisid

Bitcoin Falls to the Lowest Level since Dec 2020

Bitcoin has fallen to its lowest level for a year and a half, trading around $25,344 at the time of writing, according to data from CoinGecko.　　Prior to that, the cryptocurrency had fallen even further to $24,903.49 - levels not seen since December 2020.　　The dip in the value of Bitcoin shows a loss of more than 62.9% since its all-time high set last November at $69,044.77.　　The overall estimated current market value of the crypto market is around $1.07 trillion, following a loss of $2 trillion eight months ago.　　The crypto market is likely to remain bearish as investors fear that the Federal Reserve (Fed) will be more aggressive with its monetary policy, aggravating the blow from last month when the Fed raised interest rates. Investors worry that the central bank will raise its rates sharply to fight inflation - which is at its highest in 40 years. 　　The fall of bitcoin has also affected other digital currencies. Ethereum, the second cryptocurrency by market value, has fallen to around $1,320, far from the $4,878.26 level from November. The digital currency has lost 72.6% of its value since November 10.　　Meanwhile, two up-and-coming decentralized finance ecosystem tokens Cardano and Solana were down 9.4% and 12.7%

2022-06-14Malalim na Pagsisid

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