With hundreds of new cryptos and NFTs constantly popping up, it's really hard to keep up with all the news and major updates. From 99.99% falls in price and 1000% gains, to updates about crypto regulations in different countries and the latest NFT sales, find the most recent news on the market right now.
Trending Coin of the Week - Cardano (ADA)
Cardano is a fully open sourced third generation proof of stake blockchain. It addresses the issues in first and second generation blockchains. This means that it aims to process more transactions that are cheap and quick. This blockchain platform is also the home to ADA, Cardano’s native token. Cardano also implements Ouroboros, a peer-reviewed PoS blockchain protocol. Cardano is currently led by co-founder Charles Hoskinson and Cardano was established by a blockchain development company called Input Output Hong Kong (IOHK, we will have a look into IOHK later). Charles Hoskinson is the CEO and founder of IOHK as well as the co-founder of Ethereum and Cardano, two of the world's most popular cryptocurrencies.
ADA is a digital currency as well as Cardano’s native token which can be used to make transactions. ADA is a digital asset which can be used to participate in the network’s staking. According to a few studies, people found out that ADA is the only coin with a researchful method and a scientific philosophy. ADA was named after ADA Lovelace who was a 19th century mathematician and a writer. She wrote the first set of rules that can be followed on a computer, which made her the first computer programmer.
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Citigroup becomes most recent institution to enter the cryptocurrency market
Citigroup makes its initial investment in a Hong Kong-based company that deals in digital assets. The action represents a strategic shift for Citigroup, which has hitherto shunned the cryptocurrency market. Citi Ventures has given Xalts a $6 million initial investment, but the venture capital arm of the bank has declined to reveal the precise sum. Another supporter is the Californian VC company Accel. Along with several hedge funds, Sandeep Nailwal, who co-founded the Polygon blockchain, has also contributed.
A $51 million dignity token asset offering gets lawsuit from the Ontario Securities Commission (OSC)
Troy Richard James Hogg is being sued by the Ontario Securities Commission (OSC) for selling unregistered securities during an initial coin offering (ICO) in which he raised $51 million. In a news release, the OSC said that between 2017 and 2019, Hogg and his businesses, Cryptobontix Inc., Arbitrade Exchange Inc., and Arbitrade Ltd., marketed and sold Dignity tokens (also known as Unity Ingots).
OpenSea generated $144.5 million in revenue in the third quarter, with 76% going to the creators
According to Token Terminal, OpenSea received $144.5 million in user fees, with the majority of the money going to artists. Token Terminal revealed in a tweet that just $35 million got to OpenSea LLC. Therefore, 76% of the payments were paid to the artists. This is hardly unexpected considering that authors may set the costs on a collection up to 10% while the NFT marketplace only takes 2.5% of the sale as fees.
BNB Chain Announces Further Measures Following 100 Million Hack
Following the events, the BNB Chain team published a lengthy article titled Ecosystem Update in an effort to consult the community on the BNB ecosystem’s next actions. An apology is followed by information about whether to utilize BNB Auto-Burn to cover any more funds that have been taken, the start of a bug detection programme, a $1 million prize for unusual circumstances, and a hacker finding reward of 10% of the recovered assets.
Hacker Targets $21 Million Transit Swap Vulnerability
When a hacker used an inherent flaw in its swap contract, decentralized exchange aggregator Transit Swap lost $21 million to an attack. The multi-chain DEX tweeted this information along with an apology for the vulnerability. “After a self-review by the TransitFinance team, it was confirmed that the incident was caused by a hacker attack due to a bug in the code. We are deeply sorry,” it said.
SEC fines Kim Kardashian $1.26 million for failing to disclose her endorsement of cryptos.
Kim Kardashian agreed to pay the SEC $1.26 million after the American regulator accused her of failing to disclose payment for an endorsement of a cryptocurrency. The public figure got paid $250,000 to advertise EMAX tokens on her Instagram profile in June. Gary Gensler, the chairman of the SEC, warned investors that although celebrities are skilled performers, they usually lack the knowledge necessary to provide sound investing advice.
FTX partners with VISA
Customers in Europe, Asia, and Latin America can now purchase Visa debit cards through FTX. The card will initially be made available to FTX clients in Asia, Europe, and Latin America. When it becomes accessible in their respective countries, those on the waitlist will receive an email notification. The card was introduced by FTX in the US earlier this year. The card will be introduced in 40 nations so that its users may use cryptocurrency to pay for products and services.
WazirX dismisses 40% of its workers
Following the lengthy crypto slump, WazirX, a major Indian cryptocurrency exchange, reduced its workers by 40% on Saturday. According to reports, the decision affected 40–70 out of the 150 workers at the firm. For 45 days, the impacted employees would still be paid. WazirX said that by reducing its workforce, it will be able to retain stability and weather the crypto winter.
Creditors of the Mt. Gox Bitcoin Exchange can now sign up to choose a method of payment
A new feature of the Mt. Gox rehabilitation system enables creditors to pick a payback strategy and enter payee data. The feature enables creditors to choose a mode of payback and to enter payee data into the online claim submission system. The selection and registration deadline is January 10.
Binance Receives Presidential Approval To Build Kazakhstan's Crypto Market
Bitcoin exchange Binance has been given the go-ahead by the Kazakh president to establish a market for virtual assets. Additionally, the nation will participate in the Law Enforcement Training Program established by Binance to combat global cybercrime. The announcement follows the signing of an agreement between the executives of Binance and the Financial Monitoring Agency of the Republic of Kazakhstan.
Canada Companies Sued for Not Disclosing Crypto Trading Fees
According to reports, a Canadian law firm is gearing to file a class-action lawsuit against two fintech companies. According to reports, the lawsuit challenges commission-free cryptocurrency trading advertisements and the failure to disclose any additional expenses. Banks and insurers must limit their exposure to cryptocurrencies in accordance with new interim guidelines released by OSFI, Canada’s financial regulator. According to the petitioners, the fintech firms defrauded clients and made millions of dollars in profit.
Lax Italian Crypto Approvals Could Be Dangerous for EU Consumers
According to a report, the Italian financial authority is awarding licenses for bitcoin exchanges without thoroughly screening them. The nation has a “very light” registration procedure. Italy’s registration procedure is “very light” in comparison to other EU nations, according to Francesco Dagnino, managing partner of the Milan-based legal firm Lexia Avocati, who has handled 16 applications.
Over the Ukraine Referendums, the EU blocks any Russian access to cryptocurrency
The eighth set of sanctions against Russia has been issued by the European Commission. According to a press statement posted on its website, the European Commission, the executive arm of the European Union, declared that an eighth round of sanctions on Russia had been decided upon in response to its ongoing invasion of Ukraine. Russian officials also forbade access to the cryptocurrency exchange OKX.
Prior to declaring bankruptcy, former Celsius CEO withdrew $10 million to 'pay taxes.'
According to a Financial Times article, former Celsius CEO Alex Mashinsky had taken out $10 million to pay taxes and for estate planning. According to a spokesman, Mashinsky had made deposits equivalent to the amount of money he took. Concern was raised by the choice to remove money during that period, and the cryptocurrency community questioned whether Mashinsky knew the business would have financial difficulties after the market fall.
Finalized Auction Dates for Bankrupt Celsius Network's Assets
According to a document filed on October 3 with the U.S. Bankruptcy Court for the Southern District of New York, the insolvent cryptocurrency loan company Celsius Network has scheduled dates for the asset auction. At 10:00 AM Eastern Time on October 20, the auction will take place. There are also rumors that FTX will offer to buy Celsius’ assets. Bankman-Fried revealed that the business has billions to support the cryptocurrency industry.
Lark Davis, a crypto influencer, escapes the Celsius bankruptcy with $2.5 million
Crypto investor Lark Davis took $2.5 million from Celsius while supporting the platform, according to ZachXBT, an on-chain crypto investigator. ZachXBT said on September 29, 2022, that Davis had unethically collected $1.2 million from the sale of eight new tokens he had advertised to his audience of 400,000+ on YouTube. After identifying Davis’s wallet address from an earlier YouTube video where Davis had provided it for donations, he discovered what Davis had been hiding.
NFT and Metaverse Stats of the Week
Top NFT Sale of the Week – CryptoPunk #3990 – Ξ240 ($327.46k)
Top NFT Collection of the Week – RENGA – Volume – Ξ3990 (~$5.2M)
Top Gaining Metaverse Token – Defina Finance +111.23%
This Week’s Gainers and Losers
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