cryptonewssource

May 31, 2023, 6:12

📣 Ordinals Market And Bitcoin Miladys Launched New Standard BRC-721E

According to the official website, the Bitcoin NFT market Ordinals Market and Bitcoin Miladys jointly released the BRC-721E standard, allowing immutable, verifiable ERC-721 NFTs to be migrated to Ordinals without prior embedding of the entire NFT series. BRC-721 tokens are named after the Ethereum smart contract token standard for NFTs, ERC-721 tokens. Having a common file and metadata to source from will make it easy to build oracles that scan the Bitcoin blockchain.

BRC-721E encodes data directly into a burn transaction, which specifies a Bitcoin address to receive the inscription. Previously, Teleburn required to know the inscription ID before destroying the ETH NFT, but BRC-721E allows destruction before burning, which also means that the destruction transaction also acts as an inscription request on the chain, and users can also use this to receive airdrops. Ordinal Inscriptions, like NFTs, are digital assets inscribed on a satoshi, Bitcoin’s lowest denomination (BTC). Inscribing on satoshis, which are named after Bitcoin’s pseudonymous founder, Satoshi Nakamoto, is now feasible owing to the Taproot update, which was published on the Bitcoin network on November 14, 2021.

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https://t.me/CryptoNewsSource

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cryptonewssource

May 30, 2023, 14:31

💰 Bitcoin Soars $28,000 After US Debt Ceiling Lift Ready To Vote

Bitcoin’s weekly situation update showed positive signs, with the price surpassing the $28,000 threshold after the agreement to raise the debt ceiling was announced and voted on. After seeing the positive news from the US debt ceiling lifting and, like the market comments from the previous article, BTC recovered when it touched the support area at $25,800 and retested the $27,000 and $28,200 areas. Currently, in the H4 time frame, the price is close to the strong resistance area combined.

On May 28, according to local time, US President Biden said in a speech that he had reached a final agreement with House Speaker McCarthy on raising the debt ceiling and called on Congress to approve the agreement as soon as possible. Biden said that reaching a debt ceiling agreement was an important step forward: “This agreement averted the worst of the crisis” and “eliminated the risk of catastrophic default.” He strongly urged the House of Representatives and the Senate to pass the agreement. The proposed deal has now been published on the House of Commons website. It projects that non-defense government spending will stay the same for two years and then increase by 1% by 2025.

Source

https://t.me/CryptoNewsSource

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cryptonewssource

May 29, 2023, 10:34

📣 Stargate DAO voting to reduce exposure to Multichain-issued stablecoin

The Stargate DAO is voting on a proposal to lower its exposure to a stablecoin created by the Multichain protocol — in light of its ongoing situation — and to isolate pools containing the asset from its other pools. The Stargate DAO is the governance system for the Stargate bridge, a means of transferring assets from one blockchain to another using the LayerZero protocol. The bridge operates through pools of funds stored on each chain.

The Stargate bridge connects the Fantom blockchain to seven other blockchains. On each of these chains are pools of funds containing the anyUSDC stablecoin, which was issued by Multichain and is a commonly used stablecoin on Fantom. The proposal seeks to disconnect the Fantom pools from Stargate's other pools and lower exposure to the stablecoin. On Twitter, unverified rumors have surfaced that the team was arrested in China. In a group Telegram message with the Multichain team, Multichain's VP of Strategic Partnerships, who goes by Mog, replied that he didn't know whether the leadership team had been detained by Chinese authorities.

Source

https://t.me/CryptoNewsSource

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cryptonewssource

May 28, 2023, 14:52

🟢 MakerDAO Proposes Increasing DAI Savings Rate To 3.33%

MakerDAO is making a proposal to increase the DAI Savings Rate (DSR) to 3.3%. If accepted, the proposal would constitute a significant increase from the current rate of just 0,6%. A core MakerDAO development team has proposed increasing DAI’s savings rate to 3.33% amid soaring interest rates as the US Federal Reserve seeks to combat persistent inflation. The proposal still needs to go through a formal voting process before it can be passed.

The Dai savings rate, known as the DSR, can be adjusted regularly in response to short-term changes in Dai market conditions. In addition, it says that interest is accrued in real-time from the system’s revenue. The proposal is currently receiving a lot of support from the community, as many believe the move will boost DAI traffic. One community member even stated that if it goes through, they “will find an alternative to DeFi borrowing”. MakerDAO said in February that increasing DSR by 1% last year pushed more than 35 million DAI into deposits in a month. Meanwhile, the 3-month US Treasury bond yield is currently around 5.29%.

Source

https://t.me/CryptoNewsSource

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cryptonewssource

May 27, 2023, 8:27

📣 Scam Project SeaSwap Party Withdrew 30,000 SUI From The Contract

SeaSwap, described as a decentralized exchange (DEX) built on the Sui blockchain, allowing users to trade various cryptocurrencies in a fast and secure manner, has become the latest name to cause users to lose confidence in DeFi projects as it became a vanity project after only a short time of launch. According to CertiK Alert monitoring, the SeaSwap project is an exit scam. It has canceled its Twitter account and suspended its social channels. The project administrator urgently withdrew SUI from the token sale contract, totaling 32,787 SUI ($32,000).

Coincu has also investigated the information about SeaSwap, but currently, there is very little contact about this DEX, and the project’s social pages are currently inaccessible. SeaSwap promises to be a DEX based on the Sui blockchain, allowing users to exchange numerous cryptocurrencies quickly and securely. SeaSwap, as an automated market maker, employs a central limit order book to offer liquidity and enable users to buy and sell tokens at market rates in real-time. According to the project whitepaper, it provides additional chances for generating income via liquidity providing and staking, in addition to trading. But in reality, this is just a scam project.

Source

https://t.me/CryptoNewsSource

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cryptonewssource

May 26, 2023, 7:45

🪙 Tornado Cash Users Set Up A Lawsuit Against The US Treasury

Six persons battling the US Treasury to reverse Tornado Cash penalties stated in their most recent papers that the US lacks the jurisdiction to restrict the platform. The plaintiffs submitted their reply brief, requesting that the penalties be lifted. The lawsuit against the US Treasury is being funded by Coinbase. Individuals contend in a May 24 filing in support of an earlier petition for partial summary judgment that the issue is not about carving out specific rules for new technology.

Plaintiffs claimed that sanctioning Tornado Cash violated the First Amendment by impeding free expression. To preserve their privacy, the plaintiffs employed open-source software. According to the complaint, punishing the open-source platform violates the basic rights of American residents. The statute used to penalize the crypto mixer states that it can only prohibit property. The legal definition of property, however, is anything that may be owned. But, no one can own, manage, or alter the privacy-focused software. No one, even founders, developers, and users who happen to have TORN in their wallets, can modify or control the platform.

Source

https://t.me/CryptoNewsSource

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cryptonewssource

May 25, 2023, 6:16

🔻 OP Stack Brings Optimism Closer To Superchain Dream

Refusing to stay in the Layer 2 array, Optimism is trying to “expand” its power to other blockchains when launching the OP Stack tool to help networks interact and combine into a chain of alliances. Desiring to position itself as a Superchain, OP Stack turns the Optimism mainnet into a modular blockchain, demonstrating diverse solutions. OP Stack is the code that powers Optimism’s next-generation architecture. It’s a series of modules that form tight.

Namely, a series of modules that work together to form unified and trusted blockchains. Each of these components implements a specific layer in the stack. Each layer of the OP Stack is described by a well-defined API and filled with a module for that layer. Users can easily modify existing modules or create completely new modules of their own to meet the needs of any application under construction. The solution does not “hit hard” on the future of multi-chain or blockchain alone. Instead, the project focuses on a group of highly interoperable and collaborative blockchains to form an emerging, robust structure of the collective, Superchain. OP Stack makes blockchain building more accessible than ever.

Source

https://t.me/CryptoNewsSource

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cryptonewssource

May 24, 2023, 7:02

📣 Crypto Hacks Are Down and Hackers Tend to Return Stolen Money: TRM Labs Report

Hacker stole around $400 million from crypto projects during 40 attacks in the first three months of 2023, blockchain intel firm TRM Labs said in a new report. The average hack size also got smaller, according to TRM, from $30 million in 2022 to $10.5 million for the same period in 2023. Hackers also increasingly return the money they steal, settling for a “white hat” reward from the exploited projects.

Hack victims got almost half of the stollen funds back in 2023, TRM Labs estimates. For example, an attacker who exploited the TenderFi protocol returned half of the $1.6 million he got out of the attack (TenderFi paid $850,000 bounty in return). Similarly, the hacker behind the Euler lending protocol exploit also agreed to return all the $200 million worth of crypto he ran away with. Both hacks happened in March. In April, the hacker who drained the Safemoon protocol returned $7.1 million of crypto, keeping the rest of his $9 million loot. A possible explanation might be increasing regulatory attention to the crypto hacks and a number of high-profile enforcement cases.

Source

https://t.me/CryptoNewsSource

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cryptonewssource

May 23, 2023, 2:51

📣 Crypto Trading Platform Hotbit Terminates CEX Operations

Cryptocurrency trading platform Hotbit said it ended all centralized exchange (CEX) operations, citing deteriorating operating conditions and changes in the broader crypto landscape. Hotbit, which says it has 5 million users, suspended trading deposits and withdrawals last August after law-enforcement authorities froze some of its funds during a criminal investigation into a former employee.

Users have until 04:00 UTC on June 21 to withdraw their assets from the platform, Hotbit said Monday. The wider crypto industry was then plunged into crisis mode after the collapse of exchange FTX in November, which resulted in "continuous outflows of funds from CEX users ... and deteriorating cash flow," Hotbit said. The crypto industry will pivot increasingly toward more decentralized business models in response to the sterner regulatory oversight of centralized firms following FTX's collapse, according to Hotbit. Decentralized businesses should in theory be able to avoid the risk of there being a single point of failure, as occurred with FTX.

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https://t.me/CryptoNewsSource

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cryptonewssource

May 22, 2023, 6:16

📣 Bitboy Crypto, PSYOP Creator Encounters Class-Action Lawsuit

Ben.eth, a pseudonymous NFT collector turned famous meme currency inventor, has made over $7 million in ETH sales in the last seven days with a presale of his new memecoin, PSYOP. In a tweet on May 20, Mike Kanovitz, a partner at law firm Loevy & Loevy and CEO of Jurat Blockchains, alleges that he will sue ben.eth if he does not repay PSYOP presale customers. As an NFT, a letter was sent to the address ben.eth. Ben.eth is facing class action lawsuits for deceiving investors and for wire fraud.

Ben.eth might face charges of deceiving investors, racketeering, fraud, and wire fraud, according to the letter. The PSYOP presale garnered more than $7 million, and the lawyer seeks $21 million in damages if the class action case is launched. In a settlement, Kanovitz has requested that investors get ETH. Ben.eth has identified media celebrity Andrew Tate as a prospective buyer for the PSYOP meme currency. Earlier, YouTuber Ben “Bitboy” Armstrong was connected to the BEN meme currency after purchasing and then selling all of his token holdings. Others are claiming to be suing Ben.eth and have shown interest in joining the current class action lawsuit.

Source

https://t.me/CryptoNewsSource

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