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When Ekaterina Abreu awakened on Nov. 9 at 5 a.m. in her Russian home, she grabbed her phone and checked her cryptocurrency savings. Her account in the Chatex app she used to buy and store crypto looked weird: The balance of her XRP holdings was concealed. Chatex support replied to her query saying that they would provide information later. “I thought it can’t be good,” she said. Bad news soon arrived. The day before, the U.S. had announced sanctions against Chatex, saying the crypto exchange had “facilitated transactions for multiple ransomware variants” and workled with the over-the-counter trading (OTC) firm Suex. Two…
Social metaverse platform Digital Village IO Inc. has raised two million, upsizing from its initial 500,000 goal, to support the development of its virtual sphere. The Digital Village, which describes itself as “a recomposition of gaming, social media and e-commerce”, is set to launch to the public in the second quarter of 2022. The platform will allow users to walk through virtual spaces with avatars and further enable them to showcase, wear and exchange digital assets within their community. The pre-seed funding round gained backing from active investors, including Venrex, an early-stage venture capital firm that has previously backed Revolut,…
Singapore’s move to suspend the local operations of Bitget, a shirt sponsor of Italian football team Juventus, comes as the city-state seeks to establish itself as a global cryptocurrency hub. Bitget in October was threatened with legal action by BTS’s agency Hybe over the promotion of digital currency Army Coin, named after the group’s enthusiastic followers BTS Army. The owner and creator of the coin is unknown. The platform had advertised Army Coin as a way to provide lifetime financial support to BTS members “so they do not have to worry about surviving but instead let them do what they…
One of the great misnomers in the crypto world is stablecoins. These digital assets are meant to provide a safer exposure to crypto, with coins pegged to stores of value such as the dollar or gold to limit price fluctuations and facilitate transactions. But they are far from stable. My research has shown 2016 and 2019 vintages of new stablecoins had failure rates of 100 per cent and 42 per cent respectively. The problem for broader financial stability is that even the successful coins that have seen explosive growth have flaws. The Biden administration has recognised the risks and a…
Stacked, a web-based platform that provides passive investment tools for retail investors interested in crypto, just announced it raised a $35 million Series A co-led by Alameda Research, a crypto trading firm owned by FTX founder Sam Bankman-Fried. Bybit and BitDAO partner Mirana Ventures co-led the round alongside Alameda. Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures, and Jump Capital also participated. The Chicago-based company, which launched in April 2020, raised a $1 million seed round in September 2020. The latest round brings its total funding to “just shy of $40 million,” co-founder and CEO Joel Birch told TechCrunch in an interview. It plans to use the funds to…
Despite rallying since Friday night’s crash, the bitcoin price is down more than 10% on this time seven days ago and almost 30% from its all-time high of almost $70,000 per bitcoin set last month. Meanwhile, most other major cryptocurrencies, including ethereum, its biggest rivals Binance’s BNB, Solana and cardano, as well as Ripple’s XRP and the meme-based dogecoin have also fallen sharply, wiping away around $300 billion worth of value in a matter of days. A couple of smaller coins, Terra’s Luna and Polygon’s matic, have bucked the trend and are both up by around 30% on this time…
Whether to hold on or to let go is the question here. No, we are not drawing the plotline of a romantic drama. We are talking about the dip which is equally dramatic. Or perhaps, a few shades more dramatic than an actual romantic drama. The crypto market walked into the weekend to slip and fall and the fall has been quite hard on the crypto investors whose hopes of celebrating a happy weekend were shattered to bits as the graph took a deep dive. And now, instead of the weekend, they have something else to celebrate. A meme fest…
Bitcoin prices bounced around on Sunday but remained below $50,000, with the volatility continuing a weekend of wild trading that sent the cryptocurrency tumbling more than 17% in just 24 hours. The cryptocurrency traded at $49,250 around 12:50 p.m. Sunday on Wall Street, according to data from Coin Metrics. Earlier in the day the cryptocurrency slid more than 2% as the cryptocurrency struggles to regain the $50,000 mark. On Saturday prices dropped to a low around $43,000, down from the $57,000 bitcoin traded at Friday morning. Bitcoin’s sharp tumble follows Friday’s risk-off tone in the broader market. All three major…
Two days ago on December 2, the Ross Ulbricht Genesis Collection auction of non-fungible token (NFT) assets kicked off at Art Basel Miami via the Superrare platform. The Ulbricht NFT collection auction ends on December 8, and so far the auction has seen a bid of 666 ether or roughly $2.6 million. Additionally the project Pleasrdao aims to up the ante as the “Free Ross DAO” bidding on the collection has raised 1,042 ether or $4.2 million to date. Ross Ulbricht NFT Auction Eyes Millions in Ether“Curated by Entoptic, this is the first and only NFT to include Ross Ulbricht’s…
Snoop Dogg’s California mansion is being recreated in The Sandbox, a decentralized metaverse game on Ethereum that just released its first wave of virtual lots in the “Snoopverse.” Someone Paid $450K to Be Snoop Dogg’s Metaverse Neighbor. Snoop Dogg, a rapper from California, has moved into The Sandbox metaverse. And there’s someone who really wants to live next door. The Sandbox sells virtual land in the form of NFTs, which are one-of-a-kind tokens that confer ownership rights to digital items—in this case, plots of digital real estate. Sandbox LAND NFTs can be bought and sold on platforms like OpenSea just…