cryptoonus

[cryptoonus]

Russia To Commence Crypto Mining Facility Valued Over $12.3 Million

The Russian Federation has announced plans to launch a crypto mining center shortly. The value of the mining center project is $12.3 million (900 million rubles). According to a report by the Russian media channel RBC, this massive data processing facility will be located in Buryatia, a republic in eastern Siberia. JSC Corporation working for Development of the Far East and the Arctic (KRDV), will oversee the cryptocurrency mining venture. KRDA is a government-affiliated company that operates under the Russian Ministry for Development and is the President's Plenipotentiary Representative working for the Far Eastern Federal District of the Russian Federation. The project will need 30,000 mining machines and 100 workers, and 100 megawatts of power. The project may start operations in the first half of 2023. BitRiver, Russia's largest provider of cryptocurrency mining colocation services, will own and operate the facility. Russia to Provide Financial Assistance for Its Newly Launched Crypto Mining Initiative. Per a press release by KRDV, Bitriver-B, a subsidiary of Russia's largest mining company Bitriver, has initiated project construction by establishing essential infrastructure and power facilities. The cryptocurrency mining operation is expected to be completed in the first half of 2023. Related Reading | Record-Breaking Bitcoin Mining In Q1 2023 By CleanSpark KRDA was established in 2012, and since then working on development projects. KRDV has a mission of the economic and infrastructure development of the Russian Far Eastern Federal District. It supports investment initiatives across multiple industries, such as tourism, energy, and healthcare. The government intends to provide support for the cryptocurrency mining center. KRDV aims to significantly subsidize the operating expenses of the mining farm located in Buryatia through various government support programs. This support will come in the form of reduced income tax rates, exemptions on land and property taxes, and other benefits. Furthermore, the 100-megawatt mining center will only need to pay half the cost of its electricity tariff. These concrete forms of government support are based on Buryatia's status as a "Priority Development Area," It serves as a way to attract domestic and international investors. The mining center will benefit from various incentives, including zero land and property taxes and a reduced income tax rate. Furthermore, the electricity costs for mining operations will be reduced by half. Read the full article

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New Crypto Regulations To Curb Tax Fraud In Kazakhstan

Kazakhstan, a major player in the world of Bitcoin mining, has taken steps to regulate the crypto industry with the aim of reducing tax fraud and illegal business practices. President Kassym-Jomart Tokayev signed two new laws on Feb. 6 that enforce the nation's stance on illegal mining operations and the issuance of digital assets. The first law mandates that digital asset issuers must have government approval. It also mandates that they must be subject to monitoring under the "On Combating the Legalization of Proceeds from Crime and the Financing of Terrorism." This law takes effect on Apr. 1st, 2023. Reducing The Possibility Of Tax Evasion The second legislation addresses unsecured digital assets earned through mining operations. To curb tax evasion, crypto miners in Kazakhstan must sell at least 75% of their revenue through registered crypto exchanges. This rule, aimed at collecting "income information for tax purposes," will be in effect from Jan. 1, 2024, to Jan. 1, 2025. Moreover, all mining licenses in Kazakhstan are limited to three years and vary based on the miner's ownership of the facilities. Kazakhstan also launched its central bank digital currency project, the "digital tenge," in conjunction with the new regulations.  The National Bank of Kazakhstan and Binance, a crypto exchange, jointly published a report. The report outlines the bank's vision for collaboration between traditional finance and DeFi. The report by the National Bank of Kazakhstan and Binance noted that the bank had started a research and development project. The project aims to explore how its CBDC can bridge the gap between crypto and traditional fiat payment systems. Related Reading | Record-Breaking Bitcoin Mining In Q1 2023 By CleanSpark Additionally, the Astana Financial Services Authority granted Binance a permanent license in October 2022. The license allows Binance to manage a digital asset platform and provide custody services. However, Kazakhstan is positioning itself as a leader in the world of crypto and digital assets with new regulations and the launch of its CBDC. These developments demonstrate Kazakhstan's commitment to the rapidly evolving crypto space. Read the full article

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400 Million Dogecoin Transfers Stir Crypto Community

The foremost tracker of major cryptocurrency transactions, Whale Alert, has picked up on three huge transfers of Dogecoin, totaling 1,200,000,000 coins. These transfers, each valued at 400 million Dogecoin, have caused excitement in the cryptocurrency community as they equate to roughly $100 million. The origin and recipient of these transfers remain a mystery, as they were designated as such by Whale Alert. Nonetheless, the cost of these transactions has truly astounded the crypto community. The transfers were completed for a measly $0.16 in DOGE, a fee that traditional banks could never match. This development serves as evidence of the increasing appeal and practicality of cryptocurrencies, particularly Dogecoin. Crypto transactions showcase their effectiveness and swiftness by completing these transfers in just a matter of minutes. Dogecoin has gained widespread popularity in cryptocurrency, causing its value to reach new heights. The increased usage of Dogecoin has led to a remarkable increase in its value in the recent times. The smooth execution of these latest transfers reinforces the belief that cryptocurrencies are the future of finance and monetary transactions. Anticipating the potential outcomes of these transfers and the future of Dogecoin and the cryptocurrency market is thrilling. The prospects for Dogecoin and the wider cryptocurrency industry make speculating on the results of these transfers an exciting endeavor. The sheer size and speed of these transfers, regardless of who made them—individuals, exchanges, or institutions—will have a lasting effect on the cryptocurrency community. Dogecoin Upward Trend Stalls The early days of 2023 brought hope to Dogecoin and the cryptocurrency market as a whole, with the meme coin's value trending upwards. However, in recent days, Dogecoin has faced a sharp decline, wiping out its previous progress. Presently, CoinMarketcap reports that Dogecoin is trading at $0.08175 and has seen a modest growth of 0.10% in the past 24 hours. Despite this, the coin has seen a consistent decrease in value in the past week. Additionally, The final day saw an even sharper drop, exacerbating the downward trend in the coin's value over the week. Related Reading | Kraken Under SEC Scrutiny For Securities Violations Dogecoin's recent decline has resulted in a 12% reduction of its value over the past week. This setback has erased a substantial portion of the digital asset's monthly progress, leaving it with only a 4.7% increase. Read the full article

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Ethereum vs Microsoft: The Twitter Debate 

Tuur Demeester, a Bitcoin expert, and David Schwartz, the Ripple CTO, compared Ethereum and Microsoft stocks in a recent Twitter exchange. Additionally, the exchange discussed the similarities and differences between ETH and MSFT stocks. Discussions between experts like Schwartz and Demeester are crucial to shaping the future of the rapidly advancing crypto industry. The ongoing development and innovation demands continual evaluation and examination. These influential individuals' viewpoints will be crucial in establishing the legal framework for cryptocurrencies and other digital assets. Additionally, the discussion between Schwartz and Demeester addresses a crucial issue. The regulation of cryptocurrencies and digital assets in the future. As cryptocurrencies gain increasing acceptance and mainstream usage, establishing clear rules becomes essential to safeguard investors and maintain market stability. Demeester started the discussion by tweeting about the Howey Test and saying that buying Ethereum is similar to investing in a shared venture. He initiated the debate on the topic. Demeester's claim was met with bewilderment from Schwartz, who noted that when someone buys Microsoft shares, they are legally the owner of the corporation and its assets. He challenged Demeester to clarify his comparison between Ethereum and holding Microsoft shares. Ethereum Future at Stake: Security or Commodity Classification Demeester countered by asserting that investing in ETH is similar to acquiring Microsoft stock, as both involve the allocation of funds into a shared venture with the hope of generating profits. He continued to explain that a central authority manages ETH nodes, and the development of client upgrades is also centralized, making ETH open to censorship threats. Schwartz challenged Demeester's argument by pointing out that ETH doesn't involve investing funds in a common enterprise. He emphasized the need to clarify what Demeester is comparing to buying Microsoft shares. Schwartz emphasized the key distinction between a commodity and a security as investment in a common enterprise. He claimed that if shared interest alone is used as criteria, then all commodities would be considered securities. Related Reading | Record-Breaking Bitcoin Mining In Q1 2023 By CleanSpark Schwartz and Demeester's debate highlights ongoing ETH security or commodity classification debate. The resolution of this disagreement could bring about major consequences for the cryptocurrency industry's future. Read the full article

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Record-Breaking Bitcoin Mining In Q1 2023 By CleanSpark

The first quarter of the 2023 fiscal year's financial report for CleanSpark, dubbed "America's Bitcoin Miner," has been made public. The business saw significant increase in its Bitcoin mining activities even though sales fell and a net loss resulted. CleanSpark's revenue for the quarter was $27.8 million, a 25% decrease from the previous year. The business had an adjusted EBITDA of $1.4 million and a net loss of $29.0 million. Despite this, the firm mined 1,531 Bitcoins, setting a record and increasing by 132% over the previous year. Quarter after quarter, we have achieved steady growth by implementing an operational strategy that positions us as one of North America's fastest-growing, dependable, and efficient publicly traded Bitcoin miners. CleanSpark, a leader in the Bitcoin mining industry, has established its reputation by prioritizing the acquisition of profitable assets and utilizing resources efficiently. CleanSpark's average hashrate increased quickly and exceeded the worldwide hashrate despite the country's economic difficulties. In one quarter, the firm produced the most Bitcoin through mining. Bradford announced that their efforts from the previous quarter are starting to pay off. They are seeing the rewards of their hard work and anticipate maintaining their progress towards achieving their objectives. They expect to continue their momentum towards meeting their goals. In addition to $427.0 million in total shareholders' equity as of Dec 31, 2022, CleanSpark's financial sheet also showed $2.1 million in cash and $3.9 million in bitcoin. The business had $19.6 million in debt, but during the fourth quarter, it was decreased by 8%, or $1.6 million. CleanSpark Strategic Investments Lead To Continued Success CleanSpark is still optimistic about its future development and profitability despite experiencing problems in Q1. The business stands out in its field and is well-positioned for continuing success because to a dedication to effective operations and strategic investments. Gary A Vecchiarelli, CleanSpark's CFO, shares that the company has accomplished effective sourcing and successful closing of deals that have not only expanded their portion of the worldwide hashrate but also generated many bitcoin and cash flow, all while reducing their existing debt. CleanSpark faced some economic challenges in Q1. Despite this, they are optimistic and look forward to 2023. They aim to consistently execute their plans and make progress this year. Related Reading | Peter Wall Resigns As CEO & Interim Chairman Of Argo Blockchain Vecchiarelli reported that CleanSpark ended the year with a per-Bitcoin value of around $17,000, resulting in cash and bitcoin liquidity of roughly $6.0 million. CleanSpark poised for growth, steadfast in mission to be top-five miner. Company remains committed to being a leading player in the industry. Read the full article

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Kraken Under SEC Scrutiny For Securities Violations

The U.S. Securities and Exchange Commission (SEC) has been investigating crypto exchange Kraken for potential rule violations regarding securities offerings. Kraken is one of the largest US exchanges. A recent report from Bloomberg on Feb. 8th revealed an investigation involving specific offerings made by Kraken to its American clientele is underway. According to a source familiar with the situation expects, a resolution to reach soon as the investigation nears its final stages. At present, it remains uncertain which offerings are being investigated by the securities regulator. An SEC spokesperson declined to comment when asked about the rumored investigation, stating that the SEC does not make public statements about the existence or absence of ongoing investigations. Additionally, the company Kraken has yet to offer a response to the comment. However, SEC Chair Gary Gensler's aim for crypto regulation in 2023 is to enforce compliance with crypto exchanges and lending platforms through registration with SEC or enforcement actions. Kraken CEO Dave Ripley stated that registering with the SEC was unnecessary as the exchange doesn't deal in securities. Furthermore, he emphasized their disinterest in listing tokens classified as securities. Gensler Emphasizes Most Crypto Except Bitcoin Are Securities. Moreover, SEC conceded LBC secondary market sales aren't securities after the lawyer's argument convinced the judge. Related Reading | Coinbase CEO Claims That SEC Intends To Prohibit Retail Staking The regulator uses the "Howey test" to determine securities, named after the 1946 SEC v Howey case, which set a precedent for securities transactions in the U.S. In addition, the Howey Test: Defining Investment Contracts and Securities. . Read the full article

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Peter Wall Resigns As CEO & Interim Chairman Of Argo Blockchain

Argo Blockchain, a well-known participant in the Bitcoin mining industry, has announced a change in its organisational structure. Peter Wall, who was acting as CEO and Interim Chairman, resigns to pursue other opportunities. Seif El-Bakly, the Chief Operating Officer, has been named the temporary CEO by the business. According to the news release, Peter Wall's leadership at Argo led to the company's significant expansion and success. He leaves behind an enterprise that is capable and skilled and has a clear plan for future expansion. Wall shared his gratitude for his teammates' support and dedication as well as his pleasure in Argo's achievements throughout his tenure with the business. Additionally, the newly appointed Chairman of the Board, Matthew Shaw, praises Wall's achievements to Argo. He thanks Wall for laying out such a strong foundation. Shaw is looking forward to building on this foundation and guiding Argo to more success in the future. Argo Blockchain affirms in the press release that Seif El-Bakly's appointment as interim CEO will enable the company to sustain its success and growth. Argo company confident future success under interim CEO in upcoming months. Sarah Gow, a non-executive director, has announced her resignation from the board of directors of Argo Blockchain owing to health concerns. The business thanks Gow for his invaluable services and wishes her a quick recovery. In the press release, Argo emphasizes its intention to engage the services of an executive search firm as it moves forward with leadership changes. The company aims to find a new CEO through this process. Wall has agreed to work with Argo as a consultant for the future three-month transition phase. In the future, the firm will update how this transformation is going. Argo Shifts Reporting Approach After Helios Takeover Bitcoin production for the company increased by 14% in Jan 2023, with a total of 168 BTC being mined. This is a significant improvement from the previous month of Dec 2022, when the company only mined 147 BTC. The company's increase in Bitcoin production highlights its success in the mining industry. Production increased due to lower curtailment in Jan, caused by Dec severe US winter storm. The storm reduced working hours, resulting in a boost in production for the month of Jan. Additionally, the company's hashrate capability was 2.5 EH/s, and its Bitcoin holdings as of Jan 31 were 115 BTC or Bitcoin Equivalents. Mining revenue in Jan increased from $2.49 million in Dec to $3.42 million as a result of the 14% increase in production. Related Reading | Ethereum On-Chain Activity Boosts With Increased Gas Price Galaxy Digital Holdings' takeover of operations at Helios prompted Argo to announce a shift in its reporting approach. The company will now include its mining profits in its quarterly reports and financial statements instead of offering monthly updates. Read the full article

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Ethereum NFT Market Cap Has Decreased By More Than 59%

DappRadar published a report on February 09, showing a decrease of 59.60% in the Ethereum (ETH) NFT market cap value. ETH NFT's market cap value depreciated from $9.3 billion in 2022 to $3.7 billion in early 2023. According to a market capitalization analysis of DappRader, 81 of the most extensive NFT collection active on the Ethereum Network. DappRadar (@DappRadar) tweet stated: "The market cap for 81 Ethereum collections analyzed by our machine-learning algorithm experienced a decrease of 59.60% in USD value, from $9.3B at the beginning of 2022 to $3.7B at the end of the year."  DappRadar attributed the 88% market cap loss of Ethereum-based NFT projects by June to the collapse of Terra Luna in May 2022. Related Reading | Ethereum On-Chain Activity Boosts With Increased Gas Price The decline in the market capitalization of NFT projects was not from a lack of investor participation but due to manipulation by bad actors in the ecosystem. The leading cause of the industry decline was the FTX crash which resulted in the collapse of the global cryptocurrency market and the NFT market cap. Top Grossing ETH-based NFTs Since 2022 According to the report, some NFT projects launched in 2021 and early 2022 experienced remarkable market cap growth of up to 260%. This growth was seen in the Azuki, Pudgy Penguins, and Degen Toonz collections, with market caps appreciation of 113.89%, 260%, and 204%, respectively. After the Terra Luna crash, some new NFT projects have emerged, including the Potatoz with a 134.68% increase in market cap, Renga with 211.63%, DigiDaigaku with 209.88%, and God Hates NFT with massive 1,653.28% growth. It's admirable that these projects achieved such rapid growth despite the bear market leading to a 60% decrease in the price of ETH, the cryptocurrency utilized by the Ethereum network, over the past year. Bored Ape Yacht Club Dominates The Market According to DappRadar, Yuga Labs, creator of the Bored Ape Yacht Club, has emerged as a dominant force in the Ethereum network's NFT market. The company has secured its position as a top player in the NFT industry, despite the downfall of other projects. Although Yuga Labs' holdings accounted for 67% of the total value of the Ethereum NFT market, Bored Ape Yacht Club's market capitalization fell by 64.92%, from $2.6 billion to $934 million, by the end of 2022. Despite this, Yuga Labs took a risk by purchasing two of the largest NFT collections, CryptoPunks and Meebits, for an undisclosed sum. Since, collections have recovered strongly, appreciating from a drop of up to 60% in 2022. With the cryptocurrency market improvement, the NFT ecosystem may finally have a chance to thrive. The recent surge in trading activity for blue-chip collections and the rise of NFTs on the Bitcoin network point to a promising future. Read the full article

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Coinbase CEO Claims That SEC Intends To Prohibit Retail Staking

Brain Armstrong, Coinbase CEO, stated that US Securities and Exchanges Commission intends to restrict retail investors from crypto retail staking. Coinbase's CEO declined to specify the information origin, referring to it as "rumors," but characterized it as a "terrible" concept. Armstrong stated on Twitter: "We hear rumors that the (US Securities and Exchanges Commission) would like to get rid of crypto staking in the US for retail customers. I hope that's not the case as I believe it would be a terrible path for the US if that were allowed to happen." Staking is the process of placing a cryptocurrency into an agreement. They can also validate blocks if they choose to stake on the chain, and this process to be sufficient and scalable than other options like Bitcoin mining.  Armstrong defended staking, arguing that it is not a security, highlighting its benefits to cryptocurrency networks. He clarified that "staking is not a security" and emphasized its advantages. Related Reading | Threshold (T) Sees 132% Price Surge Following Coinbase Roadmap 2023 Armstrong also mentioned a debate after Ethereum's transaction to staking approach the previous year. There was an argument against regulation that staking lacked the objective of profiting solely from the actions of others. Previous CoinBase Investigation The SEC has previously investigated Coinbase for its interest-generating offerings. The company discontinued its Lend product after facing the threat of charges from the regulator in 2021. Coinbase reported that the SEC asked for details on its services. The required elements include its staking programs, yield-generating products, and stablecoin offerings in late 2022. The SEC's intent could be unclear, whether they plan to ban staking through third-party providers like Coinbase or limit staking. However, it would be easier for the regulator to implement the latter if fiat currency had no involvement. Staking used Several well-known blockchains and cryptocurrencies that utilize them, including Ethereum (ETH), BNB Chain (BNB), Cardano (ADA), Polkadot (DOT)), and Avalanche (AVAX), among others. In 2020, the SEC initiated legal action against Ripple Labs Inc. The SEC claims that the payment network operated by Ripple, which utilizes the XRP cryptocurrency, constitutes unregistered security. SEC also stated that selling XRP tokens worth $1.3 billion was against the law. The lawsuit remains pending in the judicial system. In September of last year, Ethereum, the second-largest cryptocurrency globally by market value, transitioned to a Proof-of-Stake (PoS) system, which necessitates network validators to lock up their Ether as collateral on the blockchain. In March, the Ethereum network scheduled to undergo an upgrade called "Shanghai," permitting holders to access their staked rewards on the web. Read the full article

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Ethereum On-Chain Activity Boosts With Increased Gas Price

According to a report released on Feb 8, Analytex, a cutting-edge analytics platform for DeFi 2.0 and beyond, has unveiled that Ethereum, the second largest cryptocurrency by market capitalization, has shown an increase in its on-chain activity. The report showed that Ethereum's average gas price increased and smart contract usage boosted, despite a decrease in the average number of transactions and unique wallets. The data indicates a growth in Ethereum's on-chain activity. Analytex, a cutting-edge analytics platform for DeFi 2.0 and beyond, was the source of this information. The report discovered that in Jan 2023, the average gas price, measured in gwei, rose by 29.27% compared to the previous year. User activity rose, causing gas prices to jump from 19.2 gwei in Dec 2022 to 24.82 gwei in Jan 2023. The increase in activity led to a 29.27% rise in the average gas price compared to the previous year. The report revealed that the average number of daily unique active ETH wallets dropped by 10% to 387,475, the lowest it has been in six months. Conversely, the number of unique active smart contracts rose by 6.74%. Ethereum Activity Rises Despite Decrease There was a modest decrease of 0.8% from Dec and Jan, as seen by daily ETH transaction statistics. Despite fluctuations, the average daily block count remains steady, while the monthly total block size increases consistently. According to Analytex, these contradictory data indicators show a rise in interest from both blockchain developers and current consumers. DappRadar's report shows a significant rise in Ethereum's impact on the decentralized finance industry. The total value locked across various staking pools increased by 26% in Jan 2023. Ethereum's growing influence in the DeFi space is evident from these numbers. The report highlights the growing importance of Ethereum in the DeFi landscape. Lido Finance overtakes Maker DAO as the leading DeFi protocol, reaching $74.6 billion in staked assets due to successful liquid staking derivative protocols. The market recognizes Lido's innovative approach to staking. Staking in DeFi has also increased as a result of Ethereum's planned Shanghai update, which is expected to enable withdrawals from ETH staking contracts. Moreover, according to a report by Bernstein, Ethereum's popularity is on the rise, boosted by the launch of a mini-game by Yuga Labs, which has increased the demand for non-fungible tokens (NFTs). The Ethereum blockchain's daily fees have sharply increased, increasing from double to $4 million to $6 million just one year. At the same time, the value of ETH has significantly increased, climbing by 35%. Analysts consider ETH and Bitcoin to be solid investments despite negative ether inflation. The upcoming Shanghai upgrade in mid-March provides the next significant stimulus for ETH. Analysts remain optimistic about the future performance of both cryptocurrencies. Related Reading | Ali Martinez Predicts 10% Shiba Inu Movement, Awaited By Supporters During this event, you can withdraw your staked ether, but be cautious, as unstaking ether might cause supply concerns. Read the full article

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Riot's Impressive Jan 2023 Bitcoin Production, CEO Proud Of Record 740

Riot, a leading industry player, announced impressive Jan 2023 production updates. Self-mining rose 62% to a record 740 Bitcoin, up from 458 Bitcoin in Jan 2022. Jason Les, CEO of Riot, showed immense pride in the company's continual monthly Bitcoin production increase, reaching a new peak of 740 in January. Les acknowledged the winter storm damage and its effect on the fleet and hash rate capacity. Despite winter weather's impact on fleet and hash rate, Riot sold 700 BTC and earned a $13.7 million net gain. On January 31st, Riot possessed 6,978 BTC with a miner deployment of 82,656 and a 9.3 exahash per second capacity. Riot acquired 5,130 new S19-series miners in Jan and deployed 6,912, with a further 1,152 waiting for deployment. After deployment, Riot's miner count will reach 83,808, with 17,040 temporarily offline due to building damage. The firm is exploring options for hash rate growth at the Corsicana facility. Building D of Riot's air-cooled facilities has been completed, and miners deployed, while Building E is still under construction and engineering. Furthermore, Winter storm damage to Buildings F and G may slow Riot's planned hash rate growth, but repairs are in progress. Timelines for deployment updates will be communicated as they become accessible. Jason Les, the CEO of Riot, said: The Target of 12.5 EH/s total hash rate capacity in Q1 2023 was delayed due to damage. Updates to come as the impact on the deployment schedule becomes more explicit. Related Reading | The Sandbox And Saudi Arabian Digital Government Authority Make Strong Partnership Riot's operations are secure with strong data center infrastructure, with Corsicana expansion for planned hash rate growth. Furthermore, Riot finished its miner purchase deal with Bitmain and is weighing options for more hash rate growth. Read the full article

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The Sandbox And Saudi Arabian Digital Government Authority Make Strong Partnership

The Sandbox signed a memorandum of understanding with the Saudi Arabian government for joint metaverse development. The partnership ceremony took place at the LEAP 2023 conference in Saudi Arabia. The momentum of the significant metaverse dampened in 2022 due to bear market conditions. However, the start of 2023 has been strong, with some inactive crypto niche revival in the first 30 days. The Sandbox experiences a rebirth. Sebastien Borget, the COO and co-founder of the Sandbox, announced in a LinkedIn post on Thursday that the Sandbox has signed a partnership with Saudi Arabia Digital Government Authority (DGA).  Sebastien expressed his excitement about the partnership, saying he was honored to sign with MOU at the #leap2023 conference. He showed his interest in working together on projects related to the metaverse.     Related Reading | Binance Secures MVP License From Dubai’s VARA A Memorandum of Understanding (MOUs) is the first legally binding agreement that makes the deal official. They usually indicate the intention to sign the comprehensive agreement and define its limits and scope. Metaverse Momentum Borget announced the news during the LEAP Tech conference in Riyadh and Saudi Arabia. It is the first significant collaboration from a major in the metaverse realm, including Decentraland; the Sandbox is the primary competitor. Although the metaverse has not been more active, it is still alive, and partnerships could start a new trend if the market changes. Before the announcement, nothing significant had happened with the major players in the metaverse, including Sandbox and its competitor, since mid-year when Sandbox partnered with Playboy. Other Business Partners of Sandbox The Sandbox has teamed up with renowned names from both the Web3 and non-Web3 industries. The prominent names include Snoop Dogg, Gucci, TIME, Atari, HSBC, Warner Music Group, and more. Based in Saudi Arabia, the conference takes place as the Middle East strives to position itself as a center for innovative technologies. In November, Abu Dhabi in the UAE was selected as the home of the newly established blockchain association for the Middle East, Asia, and Africa. Previously, the Dubai International Financial Centre introduced a regulation for crypto tokens, which covers all recognized tokens within its jurisdiction. The city has established a reputation as a leader in innovation within the Web3 industry for a long time. Read the full article

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Ali Martinez Predicts 10% Shiba Inu Movement, Awaited By Supporters

Crypto Analyst Ali Martinez made a recent prediction about Shiba Inu on Twitter. The forecast stated that there would be a 10% price movement for the cryptocurrency. This caused excitement among the members of the crypto community. Specifically, it brought delight to supporters of the Shiba Inu coin. However, advisors caution traders to exercise patience while they wait for confirmation. Martinez stressed that a 30-minute candlestick close above $0.0146 or below $0.0142 would determine the direction of the trend. Martinez's prediction has generated significant interest in the cryptocurrency community. The dedicated supporters of SHIB, known as the SHIB Army, are eagerly anticipating the realization of Martinez's forecast. Shiba Inu Coin Soars 67% with Shibarium Launch The meme-inspired cryptocurrency continues to create a buzz in the market, exhibiting a bullish trend despite recent market reversal. The community is optimistic and confident in the asset's future growth, as there is a 20% higher volume of bids compared to asks. The meme crypto remains a topic of interest among market participants. The 67% increase in the value of the Shiba Inu coin reflects the optimistic outlook. The upcoming launch of Shibarium, a layer-2 blockchain on the Ethereum mainnet backed by Shiba Inus, contributes to this growth. Shibarium aspires to serve as a layer-2 solution atop the Ethereum mainnet, offering developers an efficient environment for decentralized app development. The aim is to achieve reduced transaction costs and enhanced scalability of the network. Shibarium aims to empower the community to advance the project's vision. This has sparked enthusiasm among Shiba Inu community members, potentially driving further growth of the currency. Indicators like Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) also indicate a positive outlook for the asset. Additionally, the MACD shows a bullish crossover, indicating a probable continuation of the trend, and the RSI measures the trend's strength, climbing above 50 levels. Related Reading | OKB Token Breaks Record, Supported By OKX Collective An analysis of the coin's current price reveals data from CoinMarketcap indicating its trading at $0.00001412. The weekly chart displays a substantial increase of approximately 20% and provides insights into the coin's recent performance. Read the full article

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Bitstamp Joins France's Crypto Elite With Regulator Approval

Bitstamp, a leading crypto exchange, has added France to its list of regulated markets after registering with the Financial Markets Authority. The regulator's website confirmed the exchange's registration, putting Bitstamp in good company alongside Binance, Bitpanda, and Société Générale's Forge unit. However, Bitstamp registers in France, demonstrating a commitment to meeting the EU's high crypto standards. The registration process includes thorough checks to ensure that the company has competent management and complies with anti-money laundering norms. Furthermore, according to proposals approved by lawmakers at the National Assembly on January 24, 2023. Cryptocurrency companies in France would be required to follow additional conflict of interest and consumer protection rules beginning in 202. The Assembly voted 61 to 33 in favor of the proposed legislation. However, the move will likely result in sighs of relief in the crypto industry because it represents a softening stance. Assembly's Finance Committee, French Senate favored onerous requirements for firms to hold a compulsory license by October. Bitstamp's European Expansion: Navigating Regulated Markets France, like the rest of the European Union, is gearing up to implement new EU-wide legislation known as the Markets in Crypto Assets regulation (MiCA). Following the demise of FTX, lawmakers want to ensure that national procedures do not create new loopholes. Bitstamp, with its headquarters in Luxembourg, London, and New York, has already registered in Spain and Italy. Moreover, the European crypto sector is preparing for the arrival of the EU's Markets in Crypto Assets (MiCA) regulation. MiCA will impose strict reserve and investor information requirements on crypto services such as wallets and exchanges. Therefore, in the wake of the FTX collapse, French lawmakers are proposing tougher requirements for unlisted companies serving the French market. These companies will have to separate client assets and manage conflicts of interest, a move designed to facilitate the transition to MiCA. In addition, Bitstamp's registration in France solidifies its position as a reputable and trustworthy player in the European crypto market. Bitstamp's commitment to high regulatory standards is good for future success as the sector awaits MiCA implementation. Related Reading | South Korean Authorities Traveled To Serbia To Find Terra's, Do Kwon Read the full article

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SEC Tightens Grip on Crypto Industry: Scrutiny of Brokers & Advisors Ahead

U.S. securities watchdog, the Securities and Exchange Commission (SEC), plans to scrutinize crypto brokers and investment advisors that provide or offer guidance on cryptocurrencies in the coming year. The SEC's Division of Examinations outlined its 2023 priorities, requiring brokers and advisers in crypto to exercise caution in offering, selling, and recommending digital assets. SEC Chair Gary Gensler stated that despite the expanding markets, changing technologies, and emerging risks, the Division of Examinations remains committed to safeguarding investors. The Division will aid in following the federal securities laws and regulations as it implements the 2023 priorities. Additionally, Richard R. Best, head of the Division of Examinations, stated that the chosen priorities display a "transforming environment" and the dangers that accompany these changes. He mentioned that by staying up-to-date with industry advancements, the SEC would be in a better position to recognize potential hazards for both investors and the markets. SEC's 2023 Crypto Broker-Adviser Examination Priorities The SEC will monitor its registered brokers and advisers. They must comply with standards of care in recommendations, referrals, and investment advice. According to the February 7th tweet: Today we announced the Division of Examinations 2023 priorities. The Division publishes its examination priorities annually to provide insights into its risk-based approach. The SEC will examine if entities regularly review and update their procedures for compliance, disclosure, and risk management practices. Additionally, the SEC released similar priorities as 2022, with an increased focus on standards of care and practices by brokers. The regulator prioritizes broker behavior rather than the unique risks presented by emerging financial technologies, as highlighted in 2022. Moreover, the SEC recently stated their investigation into registered investment advisers offering digital asset custody without proper qualifications. It comes nearly two weeks after a report on the matter. Related Reading | Lunar New Year Boosts China’s Central Bank Digital Currency (CBDC) Adoption SEC prioritizes investigation into registered investment advisers after FTX collapse, according to previous reports. The research has been ongoing for months. Furthermore, Investment advisory firms must meet legal requirements and follow 1940 Act custodial safeguards to offer custody services. Read the full article

[cryptoonus]

Is The Price Of Shiba Inu (SHIB) About To Peak?

The price of Shiba Inu (SHIB) is about to peak, following which a decrease is anticipated. SHIB broke 151-day resistance on Jan. 13, reaching a high of $0.0000157 on Feb. 4, reclaiming key resistance at $0.0000139. The daily RSI produced a bearish divergence in the overbought area following the breakout. In addition, the price of Shiba Inu tokens made a lengthy upper wick. A decline will likely occur as a result. The future direction of SHIB price rests on whether it falls below the crucial $0.0000139 resistance level. A continuation above could bring a retest of Aug. 2022 high at $0.0000180, while a drop below may result in a decrease to $0.0000118. The technical analysis predicts a SHIB drop, backed by bearish divergence and a five-wave upward trend (black) with a symmetrical triangle in wave four. Extended wave five matches the length of waves one and three, suggesting a potential top. Movement in the next 24 hours could confirm. Related Reading | ADA 65% Price Boost Driven By Whales & Sharks Accumulation A drop to $0.0000118 would retest the wave four regions, a typical occurrence in upward movements. An increase above the previous high ($0.0000157) would invalidate the bearish forecast and may lead to a rise toward $0.0000180. SHIB price may drop to $0.0000118 but reach $0.0000180 if it rises above $0.0000157. Read the full article

[cryptoonus]

CoW Swap DEX Suffers Major Exploit, Thief Makes Off With Over $180,000

A fresh DEX, CoW Swap, suffered an exploit resulting in the thief absconding with over $180,000. Cybercriminals are striking CoW Swap DEX, transferring funds worth $123,000 DAI, $50,000 BNB, and $7,400 ETH via two wallets. Crypto firm PeckShield reports on a hacking incident and explains how it occurred. It seems (1) @CoWSwap 's GPv2Settlement contract has been tricked 10 days ago to approve SwapGuard for DAI spending and (2) SwapGuard was just triggered to transfer out DAI from GPv2Settlement. Here are the two related txs: https://etherscan.io/tx/0x92f906bce94bab417cccc87ae046448d7fb8c2c0350b7ed911545577acb3bfc1… and https://etherscan.io/tx/0x90b468608fbcc7faef46502b198471311baca3baab49242a4a85b73d4924379b The attacker appears to have approved SwapGuard for DAI eleven days ago via CoWSwap's GPv2Settlement contract. Then, DAI was removed from GPv2Settlement utilizing SwapGuard to be triggered. The SwapGuard function allows anyone to allegedly call arbitrary functions, and it's being exploited to the tune of over $180,000. Exploiter is still active; some claim others are using the same exploit, fighting over remaining funds. CoW Swap has yet to comment. Exploiter is still active: https://etherscan.io/tx/0x68da7ec7408c060460caf2346a2dd45b5066a65a7b83d7977b7cb0d7ee744bb5… Probably shouldn't use CoWSwap until situation has resolved. Another incident has occurred in the DeFi area, a popular target for attackers. The DeFi industry suffered billions of losses in 2022, and thefts have continued in 2023. CoW Swap is a relatively recent DEX that matches and executes orders in part using "Coincidence of Wants." For order execution, it blends off-chain and on-chain transactions. COW Token Airdrop Boosts Gnosis Chain with 50% GNO Token Rise Additionally, when the platform started the COW token airdrop last year, it garnered media attention. This helped the connected Gnosis chain or its token as well; following the announcement, the GNO token rose by almost 50%. Furthermore, CoW Swap introduced Surplus-Capturing Limit Orders more recently. As a result, traders can decide the price at which they will buy or sell certain assets. Related Reading | South Korean Authorities Traveled To Serbia To Find Terra’s, Do Kwon Gnosis network updated with Gnosis Safe (Sep 2022 launch) to improve web3 ownership access, collaboration, and security and rebranded as Sage. Gnosis transitioned to proof-of-stake and has over 100,000 validators as part of its network. Read the full article