Cryptocurrencies news-Page 19
Dingo crypto token flagged as scam over 99% transaction fee backdoor
The research arm of cybersecurity software firm Check Point has flagged the Dingo Token (DINGO) as a “potential scam” after reportedly discovering a smart contract function that has been used to manipulate transaction fees. In a Feb. 3 blog post, Check Point Research (CPR) said it looked into the code behind the Dingo Smart Contract, discovering a backdoor function "setTaxFeePercent," which can change the contract's buy and sell fee up to 99%. This is despite the project’s whitepaper stating that there is only a 10% fee per transaction. According to CPR, this essentially allows the project’s owner to withdraw up …
Blockchain / Feb. 6, 2023
What is the global financial crisis and its impact on the global economy
When the financial system or the economy as a whole undergoes a rapid and large decline, it is said to be in a financial crisis. Financial assets like stocks, bonds, and real estate often see a sharp and significant decline in value during financial crises. They can also be identified by a decline in credit availability and a loss of faith in financial institutions like banks. Related: DeFi vs. CeFi: Comparing decentralized to centralized finance Financial crises can be caused by a variety of factors, including: Overleveraging: When people, businesses, and governments take on excessive debt, they put themselves at …
Adoption / Feb. 5, 2023
The world must take a 'collective action' approach to regulations – suggests India’s Finance Minister
India’s Finance Minister, Nirmala Sitharaman, stated that regulation “cannot be done” by a single country, it requires “collective action,” in a recent television interview. Speaking to Rahul Joshi on CNBC-TV18 in India on Feb. 3, Sitharaman noted that while the central bank is the “authority for issuing cryptocurrency,” the rest of the digital assets created outside are “using very useful financial technologies.” Sitharaman said that India is looking at a "global" standard operating procedure (SOP) to be “agreed upon” for regulating crypto assets, ahead of India hosting the G20 Finance Ministers and Central Bank Governors meeting in Bengaluru later this …
Blockchain / Feb. 4, 2023
CFTC head looks to new Congress for action on crypto regulation
Rostin Behnam, chair of the United States Commodity Futures Trading Commission, or CFTC, has said he will be continuing efforts for the agency to regulate non-security tokens. In remarks released for a Feb. 3 American Bar Association event, Behnam pointed to “bankruptcies, failures, and runs” as part of the justification for Congress to give the CFTC the authority to address regulation for cryptocurrencies. According to the CFTC chair, the commission was "well positioned" to address any regulatory gaps but deferred to U.S. lawmakers to pull the trigger on legislation. “Regulation is necessary to protect customers and to prevent failures which …
Regulation / Feb. 3, 2023
DeFi enjoys a prolific start to 2023: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. 2023 started on a bullish note for the entire crypto market, including the DeFi ecosystem, with most of the tokens posting double-digit gains in January and recording multi-month highs. Aside from the bull rally, January also saw a 93% year-on-year decline in losses from DeFi exploits and hacks. The slew of regulatory action against the Mango Markets exploiter is being hailed as a big win for the DeFi sector. The United States Securities and …
Regulation / Feb. 3, 2023
Are Cosmos’ ecosystem growth and roadmap enough to sustain ATOM’s current 50% monthly rally?
In September 2022, Interchain Foundation, the team behind Cosmos’ development , introduced the Cosmos ATOM 2.0 whitepaper. The document proposed significant changes to Cosmos’s design, including a tokenomics upgrade to fund the Cosmos ecosystem development and reduce ATOM inflation. While the whitepaper launch acted as a bullish catalyst for ATOM price, the community vote to pass the proposal eventually failed, primarily because of its enormity. Some community members wanted to take a measured approach to each development feature listed in the whitepaper, starting with Interchain Security in Q1 2023. Interchain Security will enhance the value accrual position of ATOM as …
Blockchain / Feb. 3, 2023
Kazakhstan’s digital currency in pilot stage, per Binance, National Bank joint report
The National Bank of Kazakhstan (NBK) has launched a digital tenge pilot project, according to a report published jointly by the bank and Binance on Feb. 3. The report looked at global approaches to digital asset regulation, the digital asset industry and decentralized finance (DeFi) in Central Asia and the Commonwealth of Independent States in particular. In his introduction to the report, NBK Deputy governor Berik Sholpankupov wrote about the bank’s vision of a “collaboration between Traditional Finance and DeFi” that could increase financial inclusion and support international trade. He added: “In Kazakhstan, we also started a practical R&D project …
Adoption / Feb. 3, 2023
Price analysis 2/3: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX
Bitcoin’s (BTC) rally in 2023 has been boosted by expectations that the United States Federal Reserve will slow down the pace of its rate hikes as inflation has started cooling down. Some even anticipate a rate cut by the end of the year. That assumption received a jolt on Feb.3 when the U.S. employment data for January beat expectations and unemployment hit its lowest level since May 1969. If markets do not react negatively to news perceived as bearish, it’s a sign that the sentiment has turned positive. Traders may then shift their focus to the next important economic data …
Bitcoin / Feb. 3, 2023
Value of WisdomTree’s crypto holdings fell 61.9% in Q4
United States fund manager WisdomTree saw the value of its digital asset holdings decline sharply in the fourth quarter, reflecting the prolonged bear market in Bitcoin (BTC) and other cryptocurrencies. WisdomTree’s cryptocurrency funds held $136 million worth of assets as of Dec. 31, 2022, down from $163 million at the beginning of the quarter and marking a $23 million depreciation, the company disclosed in its quarterly earnings report on Feb. 3. Twelve months earlier, WisdomTree’s cryptocurrency portfolios held $357 million worth of assets. The fund manager posted a net loss of $28.3 million in the fourth quarter, though operating revenues …
Sec / Feb. 3, 2023
Binance severs ties with Indian crypto exchange WazirX
The debacle between the global cryptocurrency exchange Binance and Zanmai, the operator behind the Indian cryptocurrency exchange WazirX, continues in a new blog post from Binance banning the latter from utilizing its services. On Feb. 3, Binance released a post that acknowledged the ongoing “public debate” with Zanmai over its claims of Binance involvement in running WazirX. Binance said on Jan. 26 it gave WazirX the ultimatum of retracting its statements and continuing using Binance wallet services or terminating its usage. According to the announcement, Zanmai made no retraction and now has until Feb. 3, 2023, 23:59 UTC, to remove …
Business / Feb. 3, 2023
Binance re-enters South Korea with GOPAX exchange
Major cryptocurrency exchange Binance is coming back to South Korea with a new acquisition of the local crypto trading platform Gopax. Binance has acquired a majority stake in the troubled crypto exchange Gopax, re-entering South Korea after exiting the market two years ago, Bloomberg reported on Feb. 3. The funding for the transaction reportedly came from a Finance-initiated investment project known as the Industry Recovery Initiative, to which Binance pledged $1 billion. Binance chief business officer Yibo Ling said that Binance has acquired a “meaningful” equity position at Gopax without disclosing the terms of the deal. The acquisition comes a …
Bitcoin / Feb. 3, 2023
Ray Dalio says Bitcoin is not the answer, the community responds
While billionaire Ray Dalio believes that fiat is in jeopardy, he also thinks that neither Bitcoin (BTC) nor stablecoins are the answer. In response, crypto community members took to Twitter to express their opinion on the topic. In a recent interview on CNBC's Squawk, Dalio shared his takes on Bitcoin being a potential solution to the problems with fiat currency. The billionaire argued that it would not be effective as a store holder of wealth and a medium of exchange. Dalio also highlighted that stablecoins are also a replica of state-backed currencies and would also not be an effective form …
Decentralization / Feb. 3, 2023