Thursday, June 30, 2022
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Liquidation of 3AC Ordered in British Virgin Islands
  • A person with knowledge of the matter told Sky News that a BVI court had ordered the liquidation of crypto hedge fund Three Arrows Capital on 27 June.
  • Earlier this week, Voyager Digital issued a notice of default to 3AC for failing to pay its loan of 15,250 BTC and 350 million USDC.
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CoinFLEX to Resume Withdrawals After $47M Token Offering
  • CoinFLEX paused all withdrawals on the platform on 24 June due to extreme market conditions, and an account going into negative equity without being liquidated.
  • Called Recovery Value USD (rvUSD), the new token will be worth $1 each, and will come with a 20% APR paid daily in rvUSD.
Coinbase to Shut Down Coinbase Pro Platform
  • Launched in 2018, Coinbase Pro was designed to provide advanced traders with unlimited trading volumes, as well as a larger choice of cryptocurrencies.
  • Coinbase plans to replace “Pro” with its Advanced Trade feature by the end of the year, bringing all of its services under the same platform.
Crypto.com Granted In-Principle License in Singapore
  • One of the advantages of receiving a Major Payment Institution license is that it allows companies to provide Digital Payment Token services to customers in Singapore.
  • In order to acquire the license, Crypto.com was obliged to act in accordance with AML and CFT legislations, as well as comply with a number of legal demands.
Kris Marszalek, Co-Founder and CEO at Crypto.com

Kris Marszalek, Co-Founder and CEO at Crypto.com, on the MoneyConf Stage during day two of RISE 2018 at the Hong Kong Convention and Exhibition Centre in Hong Kong. Seb Daly/RISE via Sportsfile

WeChat Bans Crypto and NFT Public Accounts
  • WeChat, China’s largest social media platform with over 1.1 billion daily users, has changed its policy and will now ban accounts connected to crypto and NFTs.
  • The platform has placed “engaging in virtual currency or digital collection business” under its illegal operations clause, meaning it will be considered as “violating content”.
U.K. Backtracks Controversial Crypto Data Collection Proposal
  • The rule, which was proposed last July, would have required all senders of crypto to collect the personal information of the recipient, even if they were using private wallets.
  • Her Majesty’s Treasury decided to not enforce the rule following the feedback it received on its consultation paper, which was also released last July.
Big Ben (Elizabeth Tower) stands at the north end of the Palace of Westminster

Big Ben (Elizabeth Tower) stands at the north end of the Palace of Westminster, the meeting place of House of Commons and House of Lords, London, United Kingdom, April 19, 2017. Shutterstock

Musk Hints at Crypto Payments on Twitter
  • During a Twitter virtual all hands on deck meeting, billionaire Elon Musk said “it would make sense to integrate payments into Twitter”, including crypto.
  • The CEO of Tesla and SpaceX also noted that his goal for Twitter was to “maximize the usefulness of the service”, and that enabling convenient payments was one way to do it.
Tesla CEO Elon Musk in California City

Tesla CEO Elon Musk in California City, California, USA on 14 December 2020. Shutterstock

Circle to Launch Euro-Backed Stablecoin on 30 June
  • The so called Euro Coin (EUROC) will be fully backed by euro-denominated reserves, with the initial custodian being San Diego-based Silvergate Bank.
  • Circle noted that the Grant Thornton LLP will be issuing attestations of EUROC’s reserves on a monthly basis, starting July.
Jeremy Allaire (Circle CEO) speaks on a panel discussion during the Digital Life Design (DLD) Conference at the HVB Forum

Jeremy Allaire (Circle CEO) speaks on a panel discussion during the Digital Life Design (DLD) Conference at the HVB Forum on January 20, 2014 in Munich, Germany. Hubert Burda Media/Picture Alliance

Tether Denies Rumors About its Commercial Paper Holdings
  • Tether said the rumor its commercial paper portfolio was 85% backed by Chinese commercial papers was “completely false and likely spread to induce further panic”.
  • The company also noted that it has reduced its portfolio to $11 billion, down from $20 billion in March, and that the goal was to eventually reduce its commercial paper backing to zero.
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WeChat Bans Crypto and NFT Public Accounts
  • The company said the move was made “to protect and preserve assets”, and was caused by “extreme market conditions”.
  • Over the last few days the company has also moved massive amounts of wBTC and ETH from the Aave platform to the FTX exchange for unknown reasons.
Osmosis Suffers $5M Liquidity Pool Exploit
  • Osmosis’ bug allowed users to add liquidity to any of its liquidity pools, and immediately withdraw 150% of their initial investment.
  • The DEX noted that four individuals were responsible for 95% of the stolen funds, and that two have already volunteered to return $2 million.
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Editors' Picks
Crypto Bank Sues Federal Reserve Over Application Delay
  • Custodia had already received confirmation from the Kansas Fed that its application was complete and had “no showstoppers”, but is yet to receive approval even after 19 months.
  • Custodia’s complaint notes that a master account, which provides institutions with direct access to the Fed’s payment system, is “vital” for its business.
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Japan Passes Stablecoin Bill to Protect Investors
  • After the bill takes effect in 2023, only licensed banks, registered money transfer agents, and trust companies will be allowed to issue stablecoins in Japan.
  • The bill notes that in order for stablecoins to be considered digital money, they must be linked to the price of yen or another legal tender.
Court of justice sign written in Japanese outside court

Court of justice sign written in Japanese outside court. Shutterstock

CFTC Sues Gemini Over 2017 BTC Futures Contract Evaluation
  • One of the main points of the complaint is that Gemini provided misleading information on how susceptible to manipulation the BTC futures contract could be.
  • The CFTC seeks disgorgement of ill-gotten gains, civil monetary penalties, injunctions relating to registration and trading, and an injunction against further violations of the Commodity Exchange Act.
Founders of Gemini Tyler Winklevoss (L) and Cameron Winklevoss

Founders of Gemini Tyler Winklevoss (L) and Cameron Winklevoss speak onstage during TechCrunch Disrupt NY 2015 on day 3 at The Manhattan Center on May 6, 2015 in New York City. Noam Galai/Getty Images for TechCrunch

Guides
4 Common Password Misconceptions
  • Passwords have become a part of our daily life, protecting our most sensitive data, and we have to make sure they are as secure as possible.
  • There are many ways a password can become compromised, as such it remains important that we become aware of some of the most common password myths.
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How to Find The Best DeFi Pools For Your Assets
  • Investment opportunities in defi are innumerous, but finding the best hasn’t been an easy task thus far.
  • Yield Samurai is a decentralized finance data aggregator that helps investors find the highest-yielding pools in a few clicks.
How to Explore Historical DeFi Data
  • Yield Samurai is a decentralized finance historical data aggregator.
  • It allows people to explore pool prospects on different platforms and apps to find the best place to earn interest on cryptoassets.
Impermanent Loss Explained With Examples & Math
  • Learn what impermanent loss is, how it manifests, and how to calculate it.
  • We use several examples and formulae for both standard and complex AMM-based pools to examine, explain, and plot impermanent loss.
How to Leverage Yield Farming on Alpha Homora – The Simple Guide
  • Learn how Alpha Homora works, how to open a leveraged position and earn more with the same amount of assets, and how to manage your positions.
  • We also explain how to choose a pool to leverage, the rules of leveraging on the platform, and how to calculate possible scenarios.
Opinion
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