Author: Sollcrypto
The lawsuit initiated by the United States Securities and Exchange Commission against Ripple in December 2020 has resulted in a setback of nearly three years for the adoption of the XRP token, currently valued at $0.52. This insight was shared by pro-XRP attorney John Deaton in a recent post on the platform X (formerly known as Twitter). Deaton’s observations emerged in the context of Coinbase’s announcement about acquiring a minority stake in Circle, the issuer of the USD Coin (USDC) valued at $1.00, and their plans to enhance the USDC ecosystem. The attorney contemplated how Ripple and its XRP token…
Binance.US Collaborates with MoonPay to Introduce USD Transactions via USDT Following Two Months of Exclusive Crypto Operations Binance.US, after transitioning into a crypto-exclusive platform for two months, has unveiled a fresh collaboration with MoonPay, a cryptocurrency payments company. This partnership aims to enable users to purchase the U.S. Dollar-pegged stablecoin Tether (USDT), valued at $1.00, for utilization on the Binance.US platform. In an official statement on August 22, the cryptocurrency exchange declared the adoption of USDT as its new “base asset” for all transactions. The integration with MoonPay provides users with a pathway to engage in transactions using USD. This…
Thailand Threatens Legal Action Against Facebook Unless Crypto Scams and Fraudulent Ads Are Addressed Unless substantial measures are taken to counteract alleged investment and cryptocurrency scam advertisements on its platform, Thailand is considering pursuing a court-issued shutdown order against Facebook. According to an announcement made on August 21st by the Ministry of Digital Economy and Society, over 200,000 individuals have fallen victim to deceptive Facebook ads promoting cryptocurrency scams, fraudulent investment opportunities, and fictitious entities masquerading as legitimate government agencies like the Securities and Exchange Commission. Among the tactics employed by these fraudulent parties, the Ministry of Digital Economy and…
Coinbase and Circle Revamp Partnership Following Identical Blog Announcements on August 21st Coinbase and Circle have undertaken a transformative restructuring of their collaboration, as disclosed in synchronized blog posts on August 21st on both companies’ official websites. These two entities had previously collaborated on the creation and management of the USD Coin (USDC), a stablecoin pegged to the value of $1.00, with the token’s governance falling under the purview of the Centre Consortium. In a significant shift, the Centre Consortium will no longer operate as an independent entity, as explained in the blog posts. Instead, internal teams within Coinbase and…
Announcing its closure on Friday, NFT startup Recur revealed that its Web3 platform is gradually winding down, unable to endure the challenges of the crypto downturn. This comes despite the platform’s association with prominent brands like Hello Kitty and Nickelodeon, whose IP it hosted. In the coming months, Recur’s platform will progressively lose its essential functionalities, as detailed in a blog post by the company. This includes the capability for users to retrieve NFTs from Recur, convert stablecoin balances into cash, and engage in collectible trading on marketplaces hosted by Recur. “We recognize that this decision has been a challenging…
Friend.tech, a recently unveiled decentralized social (DeSo) network, achieved an impressive feat by accumulating over $1 million in fees within a 24-hour timeframe on August 19. This performance surpassed that of established players in the cryptocurrency landscape, including Uniswap and the Bitcoin network. The platform, introduced in beta form on August 11, introduces a novel concept where users can tokenize their social networks by buying and selling “shares” of their connections. This enables those who acquire these shares to engage in private messaging with one another. Operating with a 5% transaction fee, the protocol leverages the spread from trades to…
After a sharp 11% decline in Bitcoin’s value, currently at $26,105, trader sentiment has shifted to bearish. Despite finding some support around the $25,000 mark, numerous analysts are anticipating a further downward move, potentially targeting the significant $20,000 level. The downward trend isn’t confined solely to the cryptocurrency markets; the United States equities markets also experienced a week of losses. The S&P 500 Index registered a 2.1% decrease, and the Nasdaq Composite saw a drop of approximately 2.6%. Both indexes are now on a three-week losing streak, indicating that traders are adopting a risk-off approach in the short term. The…
On August 17, Binance, recognized as the world’s largest cryptocurrency exchange, received a notice from payment processor Checkout.com, indicating the termination of their contract due to concerns surrounding regulations. Yet, as detailed in a report by Forbes, Binance expressed dissent over Checkout.com’s grounds for ending the agreement and hinted at the potential pursuit of legal action. Dewi Mustajab, Binance’s spokesperson, remarked, “We have made significant strides in developing a top-tier compliance program and aim to enhance trust with both regulators and partners.” Mustajab additionally emphasized that the contract’s termination by Checkout would not disrupt the services provided by Binance. Checkout.com,…
Global Disparity: Mining 1 BTC in Lebanon Costs 783 Times Less Than Italy, CoinGecko Finds In a striking international divergence, the expenses associated with mining an individual Bitcoin (BTC) show remarkable contrasts across households worldwide. According to a recent report from CoinGecko, the cost of producing one Bitcoin in Italy reaches a staggering $208,500, while in Lebanon, the expense is approximately 783 times lower. CoinGecko’s report, published on August 17, delves into the details, revealing that a mere 65 countries offer profitability for solo Bitcoin miners, exclusively based on household electricity costs. Within this set, 34 countries belong to Asia,…
On August 18, separate attacks targeted two decentralized finance (DeFi) protocols, Exactly and Harbor. These incidents were reported by blockchain security companies, DeDotFi and PeckShield. Detailed blockchain data highlights that a sum of 4323.6 Ether (ETH), equivalent to approximately $7.3 million at the current valuation of $1,669 per ETH, was compromised from Exactly Protocol. Following the breach, the attackers transferred 1490 ETH through the Across Protocol and 2,832.92 ETH to the Ethereum network via the Optimism Bridge. Exactly operates as one of the crypto lenders functioning within the Optimism network. Initial reports indicated a theft of more than 7160 ETH,…