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  • Cointelegraph.com News - 7 February 2023, 4:52 am

    Finance minister Jeremy Hunt says the digital pound, or “Britcoin” would be issued and backed by the Bank of England, but won’t negate the use of cash. The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could “provide a new way to pay” without necessarily replacing cash.On Feb. 7, a joint consultation paper on Central Bank Digital Currencies (CBDCs) is set to drop, with the BoE and Treasury seeking feedback on how, and if they should proceed with building a CBDC.In a Feb. 6 public statement, Finance Minister Jeremy Hunt indicated that the two entities would seek to develop a modernized digital payments system that doesn’t necessarily negate the use of cash. “While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that’s trusted, accessible and easy…Read More

  • Cointelegraph.com News - 7 February 2023, 4:38 am

    The BAYC creators have settled with developer Thomas Lehman over his role in selling a copycat collection of BAYC NFTs. The creator of the nonfungible token (NFT) collection Bored Ape Yacht Club has settled a lawsuit with one of the developers behind a copycat collection known as RR/BAYC. On Feb. 6, Yuga Labs settled a lawsuit that involved Thomas Lehman, the developer of websites and a smart contract selling “misleading” BAYC NFTs from digital artist Ryder Ripps.The firm behind the blue-chip collection sued Lehman in January for his involvement and technical support for the collection of mimic monkeys.According to the suit, Lehman assisted Ripps and Jeremy Cahen to develop and promote the NFTs on social media. It claimed that this was a “deliberate effort to harm Yuga Labs at the expense of consumers by sowing confusion,” regarding the two collections.In the settlement, Yuga Labs and Lehman agreed on a permanent injunction barring…Read More

  • Cointelegraph.com News - 7 February 2023, 3:04 am

    The co-founder of Webaverse said they somehow got their crypto hacked from their Trust Wallet during a meeting with two people claiming to be investors. The co-founder of Web3 metaverse game engine “Webaverse” has revealed they were victims of a $4 million crypto hack after meeting with scammers posing as investors in a hotel lobby in Rome. The bizarre aspect of the story, according to co-founder Ahad Shams, is that the crypto was stolen from a newly set up Trust Wallet and that the hack took place during the meeting at some point.He claims the thieves could not have possibly seen the private key, nor was he connected to a public WiFi network at the time. The thieves were somehow able to gain access while taking a photo of the wallet’s balance, believes Shams.The letter which was shared on Twitter on Feb. 7, contains statements from Webarverse and Shams, explaining that…Read More

  • Cointelegraph.com News - 7 February 2023, 2:29 am

    Crypto firms in the United Kingdom could face some harsh punishments under the FCA’s proposed financial promotions regime. Newly proposed advertising rules in the United Kingdom could potentially see executives of crypto firms face up to two years of prison for failing to meet certain requirements around promotion, according to the United Kingdom’s financial watchdog. In a Feb. 6 statement, the U.K. Financial Conduct Authority revealed that if the proposed “financial promotions regime” is approved by Parliament, all crypto firms in the country and overseas would have to follow certain requirements when advertising their crypto services to U.K. customers. “Cryptoasset businesses marketing to UK consumers, including firms based overseas, must get ready for this regime,” said the FCA.“Acting now will help ensure they can continue to legally promote to U.K. consumers. We encourage firms to take all necessary advice as part of their preparations,” it added.Under the FCA’s proposed regime, crypto firms…Read More

  • Cointelegraph.com News - 7 February 2023, 12:55 am

    The agreement comes as a result of federal prosecutors looking to ban SBF from contacting current or former FTX and Alameda employees while on house arrest. Sam Bankman-Fried’s lawyers have reached an agreement with federal prosecutors concerning his use of messaging apps. According to a Feb. 6 court document, both parties have agreed SBF “shall not use any encrypted or ephemeral call of messaging application, including but not limited to Signal.”However, under the agreement, the former FTX CEO will be able to access FaceTime, Zoom, iMessage, SMS text, email and Facebook Messenger.He will also be allowed to use the encrypted messaging service WhatsApp but only if “monitoring technology is installed on his cellphone that automatically logs and preserves all WhatsApp communications.”The latest agreement comes as a result of a push in late January by federal prosecutors to ban SBF from contacting current or former employees of FTX or its sister…Read More

  • Cointelegraph.com News - 6 February 2023, 11:30 pm

    Digital Currency Group (DCG) plans to hand its equity stake in Genesis’ trading arm to Genesis Global, which will then be sold, pending court approval. A Genesis creditor has revealed the new proposed restructuring plan between Genesis, Digital Currency Group and creditors will see creditors getting back at least 80% of their funds. On Feb. 6, Genesis Global announced it reached an “agreement in principle” with Digital Currency Group (DCG) and its creditors, which will eventually see its crypto trading and market-making arm sold as part of restructuring efforts.DCG would contribute its share of equity in Genesis Global Trading — Genesis’ brokerage subsidiary business — to Genesis Global Holdco, the holding entity for Genesis.The transaction would bring all Genesis-related entities under the same holding company.The terms of the agreement will see DCG exchanging an existing $1.1 billion promissory note due in 2032 for convertible preferred stock. It will also refinance its…Read More

  • Cointelegraph.com News - 6 February 2023, 9:52 pm

    A few deals for crypto commercials in this year’s Super Bowl reportedly fell apart following the collapse of FTX, but at least one project is giving away NFTs. Fans watching the Kansas City Chiefs face off against the Philadelphia Eagles in Super Bowl LVII on Feb. 12 will reportedly not see a plethora of ad spots for cryptocurrency companies, as they did in 2022.According to a Feb. 6 Associated Press report, there had been four potential deals with crypto firms for commercials costing roughly $6 to $7 million in the 2023 Super Bowl, all of which fell apart following the FTX bankruptcy filing in November. Fox Sports executive vice president of ad sales Mark Evans reportedly said there would be “zero representation” from major crypto companies on Feb. 12, when roughly 100 million people could be tuned in to the football game.During Super Bowl LVI in 2022, companies including FTX,…Read More

  • Cointelegraph.com News - 6 February 2023, 9:15 pm

    The mining firm reported two of the buildings at its Whinstone facility in Rockdale were damaged in December as Texas experienced days of sub-zero temperatures. Crypto mining firm Riot Platforms — formerly Riot Blockchain — reported that 17,040 rigs deployed at its operations in Texas were offline due to “severe winter weather” in the state.In a Feb. 6 announcement, Riot reported that two of the buildings at its Whinstone facility in Rockdale, Texas were damaged in December as the state experienced days of sub-zero temperatures. From Dec. 22 to Dec. 25, temperatures across many parts of Texas — and the United States — dropped below freezing. “Some sections of piping in Buildings F and G were damaged during the severe winter storms in Texas in late December,” said Riot CEO Jason Les. “As a result of this damage, our previously announced target of reaching 12.5 [exahashes per second] in total hash…Read More

  • Cointelegraph.com News - 6 February 2023, 8:31 pm

    The announcement came with just two days’ notice, but it does not apply to Binance.US users, so only 0.01% of active users will be affected. Binance has announced that it is temporarily suspending bank transfers in United States dollars (USD) beginning Feb. 8. No other trading methods will be affected, the exchange said in a tweet on Feb. 6.The news came with no explanation, although the company — the world’s largest cryptocurrency exchange — added in the same tweet that:“We are working hard to restart the service as soon as possible. […] All other methods of buying and selling crypto remain unaffected.”Binance CEO Changpeng Zhao (CZ) said in a separate tweet: “It is worth noting that USD bank transfers are leveraged by only 0.01% of our monthly active users. However, we appreciate that this is still a bad user experience.”The suspension apparently applies only to international Binance users, as Binance.US tweeted that…Read More

  • Cointelegraph.com News - 6 February 2023, 8:20 pm

    Staking is currently available for DOT, XTZ, ADA and ETH, with yields reportedly ranging from 2.99% to 11.65%. United Kingdom-based neo-banking platform Revolut, which boasts 25 million customers globally, has introduced crypto staking to its U.K. and European Economic Area (EEA) customers. According to a report from London-based news agency AltFi, the staking feature is expected to go live this week, allowing users to generate income on their crypto assets during its “soft testing” phase.At present, the staking feature is available for Polkadot’s DOT (DOT),  Tezos’s XTX (XTZ), Cardano’s ADA (ADA) and Ether (ETH), with yields ranging from 2.99% to 11.65%. However, these yields are not guaranteed.In cryptocurrency, staking is a process where an individual holds or locks up a certain amount of a specific digital asset in a wallet for a certain period, typically from several days to several months. This action helps secure the network and validates transactions on…Read More

  • Cointelegraph.com News - 6 February 2023, 8:10 pm

    While the British Treasury emphasizes the liberal approach, Australia goes with the profound taxonomy of all the crypto assets. The U.K. outline of the future financial services regulatory regime for crypto covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens and initial coin offerings. And it’s certainly good news for the industry, as the upcoming regulation doesn’t propose a ban on algorithmic stablecoins or excessive requirements on data sharing for digital asset operators. The Australian consultation paper on “token mapping” is a foundational step in the government’s multistage reform agenda to regulate the market. Based on the “functional” and technology-neutral method, the paper proposes several basic definitions for all things crypto. Its taxonomy of four types of crypto-related products includes crypto asset services, intermediated crypto assets, network tokens and smart contracts. And let’s not forget about Hong Kong, where the local monetary authority has…Read More

  • Cointelegraph.com News - 6 February 2023, 8:00 pm

    The initial “Dfura” marketplace, which is currently in development, is expected to include up to 10 Web3 data providers. Infura is developing a decentralized marketplace of data providers that will help to prevent Web3 app crashes in the future, according to a Feb. 6 Cointelegraph interview with Infura researcher Patrick McCorry.McCorry stated that the new “Dfura” or “decentralized Infura” will help to ensure that blockchains remain decentralized by distributing data provider services among multiple providers in a marketplace. It will have “up to 10 providers initially” that will “work together to bootstrap the network and then […] Gradually iterate and get more players.” Some potential partners will meet at ETH Denver in late February or early March to discuss the project’s next steps.The new project will not be a new blockchain. Instead, it will be a marketplace that matches consumers of blockchain data with data providers, as McCorry explained:“There’ll be…Read More

  • Cointelegraph.com News - 6 February 2023, 7:44 pm

    The dYdX Foundation made an abrupt change to its project’s tokenomics, but it may have done so in consultation with its attorneys. On Jan. 24, the dYdX Foundation, the entity responsible for the dYdX decentralized crypto exchange, announced “changes” to its tokenomics — the way it distributes tokens to early investors, employees and contractors, and, of course, the public.So, what’s uncommon about the situation? The project’s foundation, in agreement with dYdX Trading Inc. and its early investors, decided to amend the project’s tokenomics and extend the period for which such investors’ initial batch of tokens would be locked, changing the date from Feb. 1 to Dec. 1, 2023. Whether this was a good or a bad thing depended on which side of the trade one was on. On the one hand, investors agreeing to hold their tokens for a longer period suggests a vote of confidence on their part in…Read More

  • Cointelegraph.com News - 6 February 2023, 6:44 pm

    Italian central banker Ignazio Visco talked about fostering or discouraging crypto assets during a lengthy speech to the Italian financial markets association. The Bank of Italy is looking for new ways to apply distributed ledger technology (DLT) and is preparing for the advent of Markets in Crypto-Assets (MiCA) regulation, bank governor Ignazio Visco told a congress of Assiom Forex, the Italian financial markets association, on Feb. 4. DLT may offer benefits such as cheaper cross-border transactions and increased financial system efficiency, Visco said. The Italian central bank “is focused on the need to identify areas” where DLT can contribute to financial stability and consumer protection. Visco expressed the desire to see regulations that sorted out the crypto-asset market to separate “highly risky instruments and services that divert resources from productive activities and collective well-being” from those that bring tangible benefit to the economy:“The spread of the latter can be fostered by…Read More

  • Cointelegraph.com News - 6 February 2023, 5:45 pm

    The U.S. dollar’s rise has put brakes on Bitcoin’s price recovery, but lower levels are likely to attract buyers for BTC and altcoins such as Dogecoin. The United States Dollar Index (DXY) has started a strong recovery and its rise is putting pressure on Bitcoin (BTC) and the S&P 500 (SPX) index. Market participants will be keenly watching for any insights on future rate hikes when Federal Reserve Chairman Jerome Powell speaks before the Economic Club of Washington on Feb. 7.Meanwhile, Bitcoin’s 43% rebound in January has improved sentiment among small investors. Crypto analytics firm Santiment said that the number of Bitcoin addresses holding 0.1 Bitcoin or less soared by 620,000 to hit 39.8 million, the highest level since Nov. 19.Daily cryptocurrency market performance. Source: Coin360With the sentiment turning positive, traders usually buy the dips as they anticipate the uptrend to continue. However, some analysts believe that the dip buyers…Read More

  • Cointelegraph.com News - 6 February 2023, 5:44 pm

    John Ray said when he took control of FTX in November 2022, there was a “massive scramble for information” related to the exchange’s funds, insurance and personnel. John Ray, who took over as CEO of crypto exchange FTX, has described some of the chaotic experiences at the firm following the company declaring bankruptcy.In testimony for FTX’s case in the United States Bankruptcy Court for the District of Delaware on Feb. 6, Ray said he and other professionals had “carefully” been conducting an investigation into FTX’s activities, due to the company having no physical office. The FTX CEO seemed to be pushing back against a motion to assign an independent examiner to the bankruptcy case, claiming that “inadvertent errors” could result in “hundreds of millions of dollars of value” being destroyed.According to Ray, when he took control of FTX in November 2022, there was “not a single list of anything” related…Read More

  • Cointelegraph.com News - 6 February 2023, 4:46 pm

    According to CoinShares, digital asset investment products saw inflows totaling $76 million last week. On Feb. 6, European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report,” which revealed that investors are showing a strong interest in digital asset investment products, with inflows totaling $76 million last week, marking the fourth consecutive week of inflows.The report indicates a change in investor sentiment for the start of 2023, with year-to-date inflows now at $230 million. This growth has led to an increase in total assets under management (AUM), which now stands at $30.3 billion — the highest since mid-August 2022.Investors are primarily focusing on Bitcoin (BTC), with weekly inflows of $69 million, accounting for 90% of total flows for the week. This investment growth primarily comes from the United States, Canada and Germany, with weekly inflows of $38 million, $25 million and $24 million, respectively.However, opinions are divided over…Read More

  • Cointelegraph.com News - 6 February 2023, 4:00 pm

    It’s all about a golden cross, a death cross and the Federal Reserve when it comes to Bitcoin price action in the first half of the week. Bitcoin (BTC) stayed motionless at the Feb. 6 Wall Street open as analysis showed an “interesting dynamic” in play on BTC price charts.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin: Golden cross meets death crossData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ignored the start of United States equities trading to stay near $22,800.The pair had seen flash volatility into the weekly close, abandoning levels nearer its six-month highs above $24,000.Bitcoin thus worried market participants as the week began, with an increasing number eyeing a potential retest of $20,000 or lower.For on-chain monitoring resource Material Indicators, attention now turned to two classic chart features: a “golden cross” on daily timeframes and a “death cross” on weekly timeframes.Representing interplay between the 50-…Read More

  • Cointelegraph.com News - 6 February 2023, 3:52 pm

    Explaining Web3 social networks — their benefits, challenges and how they work. The future of decentralized social mediaTraditional Web2 social media platforms are plagued by fundamental problems such as censorship, lack of users’ privacy and demonetization. Decentralization is a potential solution.Many of Web2’s major social media are already looking for a way out by making steps forward to Web3 and decentralization. For instance, Reddit touted community points, which are ERC-20 tokens that users can earn by posting quality content and contributing to online communities. To do so, Reddit is working with Arbitrum, a layer 2 protocol designed to scale Ether (ETH) transactions.Twitter rolled out support for NFTs, allowing users to connect their wallets and display NFTs as profile pictures. Meta is also experimenting with nonfungible tokens on Instagram. Blockchain-based social media platforms continue to provide new functions and methods to interact with technology and one another.Despite the number of challenges,…Read More

  • Cointelegraph.com News - 6 February 2023, 3:00 pm

    Enya Labs co-founder Alan Chiu said that the move would allow developers to build on- and off-chain DeFi applications on top of Uniswap. Members of the Uniswap community voted in favor of deploying Uniswap v3 on Boba Network’s layer-2 protocol on Ethereum. Gaining over 51 million votes, the proposal submitted by Boba Foundation and FranklinDAO to deploy Uniswap v3 on Boba Network passed. This means that the Boba Network will be the sixth chain to deploy Uniswap v3, with the deployment scheduled to proceed in the coming weeks. The move was backed by several entities, such as GFX Labs, Blockchain at Michigan, Gauntlet and ConsenSys. According to Alan Chiu, co-founder and CEO of Enya Labs — a core contributor to Boba Network — the move will enable developers within the ecosystem to create a new generation of on- and off-chain decentralized finance (DeFi) applications on top of Uniswap. Chiu explained: “While…Read More