• Polygon (MATIC) co-founder Anurag Arjun announced on Thursday that he is leaving the company to work on another project.
• Sandeep Nailwal, another Polygon co-founder, said that it’s not a „goodbye.“
• MATIC had no significant reaction to the news of Arjun’s departure announcement.
Polygon (MATIC) Co-Founder Departs Company
Anurag Arjun, one of Polygon’s co-founders, announced on Thursday that he is leaving the company to work on another project. This comes just 10 days before the launch of their zkEVM scaling solution.
Project Formerly Owned by Polygon
Arjun will be working on Avail, a modular blockchain optimized for data availability. This project used to belong to Polygon Labs and Polygon Foundation but will now be spun off and exist independently with Arjun as its founder.
Polygons Visions for Ethereum Scaling Solutions
Polygon has been one of the biggest winners in the cryptocurrency world over the past few years. With multiple Ethereum scaling solutions in production, they are set to become a layer 2 powerhouse in the near term future.
Reaction from Other Co-Founder
Sandeep Nailwal, another Polygon co-founder, said on Twitter that Arjun’s departure isn’t a „goodbye.“ He also said that without his leadership and technical vision, The Polygon protocol would not be what it is today.
MATIC Price Reaction
MATIC had no significant reaction to the news of Arjun’s departure announcement and is currently trading at around $1.18, up 3.9% in the past 24 hours according to CoinGecko data.
• Shiba Inu (SHIB) lost the key support level maintained since January 14th, 2023 and added a zero to its price.
• The SHIB Token team plans to release the Shibarium Public Beta this week.
• The community contributed towards maintaining SHIB’s price by burning tokens on Shibburn.
Shiba Inu (SHIB) Plunges 10%
The popular Japanese guard dog-themed cryptocurrency Shiba Inu (SHIB) lost a multi-month fundamental support level and added a zero to its price. As the global crypto market cap falls short of $1 trillion once again, SHIB plummeted by 8.5% in value over the last 24 hours, with a 30% deficit since last month.
Shibarium Public Beta
The SHIB Token team plans to release the Shibarium Public Beta this week as an effort to fight against the bear market. To do so, the community, popularly known as the SHIB Army, contributed towards maintaining SHIB’s price by burning desired amount of tokens on Shibburn. One particularly large burn transaction has made waves on Twitter recently, as 85,682,280 SHIB tokens were set ablaze – breaking one record for largest burn transaction this year.
Shib: The Metaverse
Aside from supporting their token prices via burns, Shiba Inu is also trying to gain momentum with highly-anticipated upgrades. The project’s metaverse “SHIB: The Metaverse” is set to be featured in the upcoming SXSW Experience in Austin, Texas – only conceptual artwork had been revealed prior to this announcement..
Gas Fee Token Plummets
The gas fee token for Shibarium – Bone ShibaSwap (BONE), also plunged by 11.3% in value over the past 24 hours and 15.2% since last month – dropping out of TOP 100 coins by global market capitalization once again and now trading at $1.55 according to CoinGecko data .
The prolonged crypto winter bears have returned and affected Shiba Inu’s (SHIb) prices drastically , causing it drop almost 10%. However , there are several upgrade projects that can potentially help revive its momentum , such as releasing public beta version of Shibarium or featuring “Shib: The Metaverse” at SXSW Experience event . Though gas fee token BONE also saw a plunge in prices , it still remains within top hundred coins by global market capitalization .
• NFT Wash Trading is a form of market manipulation where a single trader is both the buyer and seller of an asset in order to create misleading data and inflate trading volumes.
• It can be used to attract regulatory scrutiny and incentivize users by artificially inflating figures for rewards.
• Forbes analysis suggests that over 50% of all Bitcoin trade volume is fake.
What Is NFT Wash Trading?
NFT Wash Trading is a form of market manipulation where a single trader acts as both the buyer and seller in a transaction, creating false data and inflating trading volumes. This practice isn’t exclusive to non-fungible tokens (NFTs) but can be observed across other digital assets like Bitcoin and traditional stocks as well. For example, imagine you own a cryptopunk and you list it for sale on an NFT marketplace like Opensea or Blur. With another cryptocurrency wallet you control, you buy the collectible from yourself – while still owning both the token and crypto used to pay for it. According to Chainalysis, some wallets have made over 800 sales to self-funded wallets.
Why Does Crypto And NFT Wash Trading Happen?
Despite being considered unethical by many, wash trading does have its benefits for traders looking to take advantage of incentives offered by platforms or brokerages. Token Airdrops are one such incentive where blockchain protocols reward users with crypto assets when they complete certain tasks or join their network – wash trading helps users artificially inflate their figures so they can qualify for greater rewards than would otherwise be possible. Furthermore, Forbes analysis reveals that over 50% of all Bitcoin trade volume could be falsely inflated due to wash trading activities taking place on exchanges across the globe.
Are There Legal Consequences Of NFT Wash Trading?
While not explicitly illegal in most jurisdictions, regulators often take an interest in potential cases of market manipulation – especially when high-value assets are involved or if there is suspicion that investors may have been misled about true trade volumes on platforms like Polygon or Ethereum Classic (EC). The SEC has also warned investors about potential risks associated with wash trades after noting that „trades involving two related parties who are acting together may appear legitimate but are actually conducted without economic substance.“ As non-fungible tokens become increasingly viewed as genuine financial instruments, more stringent regulations may come into effect which could result in stiff penalties for those caught participating in wash trades on public blockchains like Ethereum or Binance Smart Chain (BSC).
How Can I Avoid Washing My NFTs?
The best way to avoid getting caught up in any sort of legal trouble related to wash trading activities is simply not participating at all! Stick with reputable exchanges (like Uniswap), research any platform before investing your hard earned money into it, use cold storage solutions whenever possible, and read through the terms & conditions thoroughly before signing up for anything new online – these small steps can go a long way towards protecting your funds from unscrupulous actors out there looking to make quick profits off unsuspecting traders!
Wash trading remains a moral gray area despite its clear advantages to savvy traders looking for ways around strict regulations imposed by governments worldwide on cryptocurrencies & digital assets alike. While no specific laws exist against this type of activity yet, investors should always exercise caution when dealing with digital markets & look out for signs which might indicate suspicious behavior from other participants involved in transactions – if something doesn’t feel right then don’t do it!
• Dogecoin (DOGE) surpasses Binance USD (BUSD) in the TOP 10 global market cap.
• SEC restricts Paxos, the issuer of BUSD, from producing any more stablecoins.
• BUSD market cap dropped dramatically, while USDT and USDC also declined.
Dogecoin Flips Binance USD Stablecoin: BUSD Loses 50% of its Market Cap
Binance has been under scrutiny recently due to competitor Circle’s reports to the Securities and Exchange Commission (SEC). The reports cited mismanagement of the Paxos-issued stablecoin Binance USD (BUSD). This resulted in over $3 billion worth of BUSD being moved away from the platform in 6 days. In addition, back in September, Binance delisted USD Coin (USDC), converting all assets to BUSD – which later caused losses for Circle.
Dogecoin Surpasses BUSD
Despite a 2.2% slip by Dogecoin (DOGE), it was still able to reclaim its spot in the TOP 10 by global market cap – surpassing that of Binance USD. This happened just after one member warned Doge holders about switching to a DeFi solution instead of using BUSD. As a result, this was the first time DOGE overtook the CeFi platform’s stable coin since its inception.
SEC Restricts Minting New Stablecoins
The SEC officially forbade Paxos from producing any more BUSD stablecoins; thus cutting its market cap in half from November 2022 ($22,527 billion) to February 2023 ($11,424 billion). Additionally, both Tether (USDT) and USDC also saw declines as their respective market caps rose ($67,8 billion to $70,1 billion) and fell ($42,3 billion to $41,5 billion).
All these events have lead up to an unprecedented shift within cryptocurrency landscape with DOGE leading the charge against CeFi giants like Binance. However it remains too early to tell if this trend is here to stay or not; only time will tell what kind of impact this historic event will have on cryptocurrency as we know it today!
Dogecoin unexpectedly surpassed famous open-source memecoin – pushing aside giant CeFi platform’s own stable coin – amid SEC restrictions placed on PAXOS minting new coins and other shifts within cryptocurrency landscape such as fall and rise of USDC and USDT respectively.
• Zk-rollups are touted as a solution to Ethereum’s scalability issues.
• Zero-knowledge proofs and rollup technology aim to boost transaction throughput on the blockchain.
• The Blockchain Trilemma dictates that perfect blockchains successfully balance decentralization, security and scalability.
What is ZK-Rollups?
ZK-Rollups are touted as the ultimate solution to Ethereum’s scalability issues. This technology uses zero-knowledge proofs and rollup technology to improve transaction throughput on the blockchain, allowing for more users without sacrificing speed or security.
The Blockchain Trilemma
First coined by Vitalik Buterin, the Blockchain trilemma dictates that the perfect blockchain must successfully balance decentralization, security and scalability. Decentralization means that miners and validators should be owned and operated independently around the world; Scalability means that transactions should be fast and affordable; Security means that transactions should be protected by cryptography and no one can break into wallets with a 51% attack.
How Do ZK-Rollups Solve Ethereum’s Issues?
Zk-rollup solutions could help Ethereum solve its scalability problem by providing a layer of offchain computation which would increase speed while maintaining network security. This would allow for more users on the network without sacrificing speed or decentralization, thus solving the trilemma dilemma faced by many blockchains today.
Benefits of ZK Rollups
The benefits of zk-rollups include increased throughput, lower gas fees, improved privacy features, better usability, reduced storage costs and fewer operational requirements for developers. All these factors make zk-rollups an attractive option for businesses looking to build their applications on top of Ethereum’s platform.
Although zk-rollup solutions have been touted as a way to improve scalability in Ethereum’s ecosystem, there is still much uncertainty about how they work exactly and what their implications are for businesses building applications on top of it. Ultimately though, zk-rollups provide an interesting approach to solving some of Ethereum’s biggest challenges when it comes to scaling up its platform while maintaining decentralization, security and affordability – key elements of any successful blockchain project in today’s market
• The Securities and Exchange Commission (SEC) has recently taken legal action against BUSD issuer Paxos, resulting in the halt of minting BUSD coins.
• CryptoQuant has observed a large-scale withdrawal from Binance and an increase in BUSD deposits to various Paxos deposit addresses.
• Andrew Thurman estimates that the total amount of BUSD burned this week could reach into the billions.
SEC’s Action Against Paxos
The Securities and Exchange Commission (SEC) has taken aim at the stablecoin’s issuer, Paxos, for allegedly violating securities laws. As a result of the SEC’s move, Paxos announced that it would halt the minting of BUSD.
BUSD Supply Shrinks
Andrew Thurman, a researcher from Nansen, noted that various Paxos deposit addresses saw a „huge uptick“ in deposits on Monday leading to a significant amount of BUSD burning with a volume of more than $275 million. He estimated that this figure could rise into the billions by the end of the week.
BUSD Inflow on CEXes Rises
CryptoQuant reported an upward trend in the amount of BUSD deposited on centralized exchanges with over $200 million worth being deposited on multiple addresses following SEC’s notice against Paxos. Additionally, CryptoQuant also revealed transfer of approximately 3,500 BTC away from Binance due to SEC’s notice.
Large-Scale Withdrawals from Binance
The news regarding SEC’s move against Paxos resulted in large-scale withdrawals from Binance as investors moved their funds to other exchanges or wallets for safety reasons which are expected to continue until legal clarity is provided by PAXOS or any regulatory body involved.
It remains unclear how long this situation will last as no official statement has been released by either PAXOS or SEC yet but one thing is certain: This dispute will have far reaching implications for both PAXOS and its customers including those who use its products such as Binance USD (BUSD). It remains to be seen how quickly these two parties can come up with a resolution before major losses start taking place due to prolonged uncertainty over trading platforms like binance using $BUSD as their primary currency source.
• Shytoshi Kusama, the lead developer of Shiba Inu (SHIB), publicly clarified that he isn’t associated with the new token Paw (PAW) and warned of potential pump-and-dump schemes.
• Kusama also shared a donation link to support victims of the recent earthquake in Turkey and Syria.
• Shibarium’s release date remains uncertain, but Kusama encourages the SHIB Army to celebrate Valentine’s Day regardless.
Shiba Inu Developer Clears Up Token Rumors
Shytoshi Kusama, the lead developer of Shiba Inu (SHIB), recently took to Twitter to clarify any misconceptions about his association with a new copycat token Paw (PAW). He warned against possible pump-and-dump schemes related to PAW and urged caution amongst the SHIB Army.
Kusama Shares Crypto Donations for Turkey & Syria
In addition, Kusama shared a donation link that supports BEP20, Avalanche, and ERC-20 coins which is suitable for SHIB transfers on the Ethereum (ETH) network. This was in response to an appeal for aid for victims of an earthquake in Turkey and Syria where over 35,000 people were affected.
Uncertainty Around Shibarium Launch Date
The highly anticipated Layer-2 solution for Shiba Inu has still not been released on Valentine’s Day as speculated by members of the SHIB Army earlier. Despite this delay though, Kusama encourages everyone to enjoy this day regardless and remain patient until further updates are given regarding Shibarium’s launch date.
DefiKraken Falsely Endorses Unrelated Token
Moreover, DefiKraken mistakenly endorsed a fake token as part of Shiba Inu’s ecosystem without proper verification which caused confusion amongst crypto investors and traders alike. Consequently, it is best advised to practice due diligence before investing or trading any digital asset online.
Despite rumors surrounding Paw (PAW) token being false and delays around Shibarium’s launch date remaining uncertain ,the generous act from Shytoshi Kusama towards supporting victims in Turkey & Syria should be celebrated by all within the cryptocurrency community today on Valentine’s day!
• The article outlines six of the most famous crypto skeptics: Xi Jinping, Warren Buffett, Jamie Dimon, Bill Gates, Nouriel Roubini and Alan Greenspan.
• It explains how each of these influential people have expressed skepticism towards cryptocurrency and blockchain technology.
• It also elaborates on the various measures they have taken to oppose the crypto economy.
The crypto economy now has a cumulative market cap of approximately a trillion dollars. Some may argue it’s proof that crypto solves real financial problems, however for many influential people, crypto’s market cap is temporary and the entire industry is a farce. This article will cover six of the most famous crypto skeptics and why they think cryptocurrency is doomed.
Xi Jinping is arguably the second most influential person in the world. He has used his political power to wage war against blockchain technology by banning Bitcoin transactions in 2013 as well as ICOs in 2017. The People’s Bank of China labeled Initial Coin Offerings (ICOs) an illegal fundraising mechanism and asked them to return money it had taken from investors. In 2019, the attention turned to Bitcoin mining which was labeled an undesirable industry with calls to ban it.
Warren Buffet is one of the world’s top investors and he has been very vocal about his disdain for cryptocurrencies like Bitcoin calling them “rat poison squared” due to their lack of intrinsic value and usefulness as currency or store-of-value asset class he believes no one can predict their future value which makes them unreliable investments compared to stocks or bonds with more fundamental backing.
Jamie Dimon is another prominent figure who has expressed his opinion on cryptocurrencies stating that governments will shut down Bitcoin if it gets too big because it could threaten fiat currencies like US dollar or Euro by making them irrelevant or redundant as means of payment .He also added that governments would not allow digital currencies as legal tender since there are no laws governing its use or even regulating its trading activities globally yet .
Bill Gates called Bitcoin “one of the crazier speculative things” due to its lack of intrinsic value compared with traditional assets like stocks bonds or commodities which have tangible value behind them .He further added that though he believes cryptocurrencies are effective ways for transferring funds but investing into them can be quite risky since their prices are highly volatile and unpredictable .
In conclusion, while some may see cryptocurrency as a way out from fiat currency system others believe it cannot replace fiat currencies due to its volatility unpredictability lack inherent value and decentralized nature making regulation difficult all around world plus various countries including China imposing bans on certain aspects related cryptos such as mining exchanges etc They remain skeptical about this new form money which only time can tell whether they right wrong
• North Korean hackers have attempted to launder an additional $27 million worth of Ethereum (ETH) after the FBI confirmed that two groups of North Korean government hackers were behind the Harmony Bridge attack.
• A Crypto Investigative Researcher has reported that the hackers have tried to move the funds through exchanges, similar to what they did with the $63.9 million on January 13th.
• Upon receiving notification, some exchanges acted quickly and frozen part of the stolen assets.
North Korean hackers have recently made an attempt to launder an additional $27 million worth of Ethereum (ETH) from the Harmony Bridge exploit. This incident has come to light just two weeks after the FBI confirmed the involvement of two groups of North Korean government hackers behind the attack.
A Crypto Investigative Researcher, ZachXBT, reported via Twitter on January 29th that the hackers had just finished laundering another $27.18 million from the Harmony Bridge exploit. The on-chain sleuth revealed that the funds were sent to six exchanges using three main wallet addresses, though he refrained from disclosing which platforms had received the ETH.
ZachXBT notified the exchanges of the transactions, and upon receiving the notification, some of them acted quickly to freeze part of the stolen assets. When asked how much was frozen, ZachXBT replied that it was up to the exchanges to disclose the information.
The incident has raised serious concerns about the safety of cryptocurrencies as it is believed that the North Korean hackers have been taking advantage of the inherent anonymity of blockchain technology for their money laundering activities. Experts have, therefore, urged exchanges to take strict measures to protect their users from such malicious activities. Furthermore, the recent incident has also highlighted the need for more stringent regulations to ensure the security of digital assets.
• Decrypt Studios held the inaugural Crypties Awards in Miami in December of 2022
• The event was hosted by Josh Ostrovsky and presented by a variety of crypto projects
• Kathleen Breitman discussed the Tezos blockchain and NFT gaming onstage at the Web Summit in Lisbon
On November 30th, Decrypt Studios held the inaugural Crypties Awards in Miami, Florida. The event was hosted by Josh Ostrovsky, better known as “The Fat Jewish”, and presented by a variety of crypto projects such as Polygon, Filecoin Foundation, Lamina1, Async, BeetsDAO, The Gold Mask, Gem Set, Breakout, Anonymous, Infinite Objects, Ape Water, Decentralized Pictures, and Vault 721.
The awards were given out in nine categories, and the winner of the Game of the Year award was Crypto Unicorns. Katrina Wolfe accepted the Cryptie from presenter Avery Akkineni of Vayner3. The other nominees in the category were Stepn, Zed Run, and Blankos Block Party.
The Crypties 2022 also featured onstage panels and interviews from conferences and summits. Onstage at the Web Summit in Lisbon, Tezos co-founder Kathleen Breitman spoke about how the Tezos blockchain has used a proof-of-stake mechanism since its inception, her admiration for Tendermint, Ethereum and sharding, progressive decentralization, and NFT gaming with Decrypt’s Stephen Graves.
At the 0xpo Summit, Clay Robbins of Slow Ventures, Steven McKie of Amentum, and Curtis Spencer of Volt Capital discussed the state of raising capital in a bear market. They shared strategies for getting the best deals, structuring agreements, and adjusting to the current market conditions.
The Crypties Awards 2022 was an exciting and informative event, bringing together some of the biggest names in the crypto and blockchain industry. It was a great opportunity to recognize outstanding projects and celebrate the innovation and progress being made in the space.