Monthly Archives: August 2021

Poly Network offers to on board ‘Mr. White Hat’ as chief security advisor

“Poly Network has no intention of holding Mr. White Hat legally responsible,” said the team. Decentralized finance protocol Poly Network has offered the person behind a $610 million hack an advisory position and $500,000 — whether they like it or not.  In a Tuesday update, the Poly Network team said in a seeming attempt to gain access to hacker’s expertise, it would be inviting them to the position of chief security advisor. In addition, the project will be sending a $500,000 bounty for the attacker, whom Poly […]

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Cryptocurrency derivatives market shows growth despite regulatory FUD

The cryptocurrency derivatives market will continue to flourish in 2021 despite the regulatory crackdown on the sub-ecosystem. The cryptocurrency market has successfully rebounded from the two-month slump it had gone into from late May to the end of July. Bitcoin (BTC) and Ethereum (ETH) have been leading the charge, posting impressive gains over the last two weeks. The market is seeing price levels that it had reached back in May of this year. Along with the price gains, the cryptocurrency derivatives market that includes financial instruments like […]

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1inch announces deployment to Optimism’s layer-2 solution

1inch indicated that its launch on the Optimistic Ethereum network will lead to faster confirmation times and lower fees. Decentralized exchange aggregator 1inch has announced its deployment on the Optimistic Ethereum, or OE, mainnet, highlighting a considerable reduction in user transaction fees and confirmation delays. Sergej Kunz, co-founder of the 1inch Network stated “the 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed.” While deposits utilizing the OE network are set to be credited almost instantly, withdrawals will require a waiting period of 7 […]

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Big Three Credit Agency Fitch Warns El Salvador Adopting Bitcoin Will Negatively Affect Insurers

Fitch Ratings, the American credit agency and member of the ‘Big Three’ credit agencies, has published a paper on El Salvador’s adoption of bitcoin and making the crypto asset legal tender in the country. Fitch believes that after the country enforces the new tender law it will face “volatility risk” alongside “regulatory and operating risks” as well. Fitch Ratings Says El Salvador’s Bitcoin Adoption Invites New Risks In 21 days, El Salvador’s bitcoin tender law will be enforced after the bill to make bitcoin legal tender in […]

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Galaxy Digital Files for Bitcoin Futures ETF

Galaxy Digital has filed with the SEC for a Bitcoin futures exchange-traded fund under the Investment Company Act of 1940. The move follows Galaxy Digital’s initial filing for a Bitcoin ETF, though that effort was not approved. Notably, the Mike Novogratz-led company, which boasts $1.42 billion in assets under management as of 30 June 2021, would not invest in Bitcoin directly, but rather Bitcoin futures and other investment vehicles. Bitcoin ETF filings are subject to the regulations of the Chicago Mercantile Exchange. The filing is in accordance […]

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Crypto miner Argo Blockchain goes ‘climate positive’ on greenhouse gas emissions

Environmental sustainability continues to be top of mind for cryptocurrency miners after Elon Musk drew negative attention to the industry earlier this year. Cryptocurrency mining company Argo Blockchain announced Tuesday that it has reached an important milestone in its climate strategy, sending a strong signal that environmental sustainability remains one of its primary focuses.  The company claims its crypto operations have become “climate positive” for Scope 1, 2 and 3 greenhouse gas emissions. According to Carbon Trust, a global advocacy group for environmental sustainability, Scope 1 emissions […]

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Inching closer to global agreement on taxing the sustainable digital economy

The G20, OECD and other international agencies are set to implement a multilateral approach to tax policy to achieve sustainability goals. In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain. Since 2013, the Organization for Economic Cooperation and Development, or OECD, has been discussing the base erosion and profit shifting (BEPS) risks of large multinational enterprises (MNEs) — […]

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The perfect storm: DeFi hacks will advance the crypto sector moving forward

There is a silver lining from the DeFi hacks as new tech develops to protect the sector: “DeFi will be much safer in 12 months from now.” The rise of decentralized finance, or DeFi, could be paving the way toward a fully decentralized financial ecosystem. Yet, given the innovative nature of DeFi, the sector remains in constant development and is therefore prone to a number of vulnerabilities.  Unsurprisingly, one of the biggest challenges currently facing the DeFi sector is security threats. This has become apparent as more […]

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Solana is now in price discovery as SOL shows strength below $70 all-time highs

Optimism keeps flowing around Solana, with even current record levels still attractive as a buy-in. Solana (SOL), the in-house token of decentralized computing platform Solana, continued major gains on Tuesday to become a top 10 cryptocurrency. SOL/USD 1-hour candle chart (FTX). Source: TradingView SOL becomes top-10 market cap crypto Data from Cointelegraph Markets Pro and TradingView showed SOL/USD gain another 15% on Tuesday, briefly passing $72. Against weekly returns of nearly 70%, attention from traders was firmly focused on SOL, which on the day had delivered the […]

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Major European music festival will allow fans to buy tickets using EGLD

“Blockchain technology has immense potential for large gatherings of digital natives who for a brief period of time become part of a hyperlocal economy,” said Beniamin Mincu. The Untold Festival, scheduled to be held in Romania next month, has partnered with the Elrond Network to allow concert goers to pay for their tickets in cryptocurrency. In a Tuesday announcement, Untold said that tickets for its 2021 festival could be purchased using Elrond (EGLD). The festival reported that it would be allowed to have an unlimited number of […]

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