Billions of Shiba Inu (SHIB) worth almost half million dollars on move by Hong Kong crypto start-up Mixin Network after $200 million hack

Shiba Inu Eyes Transfer of Billions of SHIB by Mixin Amid $200 Million Hack

As the crypto market faces constant volatility challenges and regulatory pressures, major cryptocurrencies have experienced significant declines and slowed growth over the years. However, a new chart ...

Analyst Presents 4 Charts That Prove Crypto Is Not Dead

Amid falling bridges and staking cartels, industry experts like the Chainlink co-founder are again debating the age-old question of decentralization.

Only Bitcoin, Ethereum, and Chainlink Are Meaningfully Decentralized: Sergey Nazarov

The concept of decentralization in the blockchain industry is being questioned after recent hacks and centralization iss...

Chainlink Co-Founder Sergey Nazarov Calls Out 'Decentralization Theater' in Crypto Industry

Bitcoin is still down 60% from its November 2021 all-time high so many traders are wondering if BTC price could crash further in the coming months.

Is Bitcoin price going to crash again?

#Mixin Network was hacked, affecting US$200 million in funds#

The United States Securities and Exchange Commission (SEC) has pushed back announcing a decision on the approval of two spot Ethereum exchange-traded funds (ETF) products.
This follows the SEC’s decis...

SEC Defers Approval Decision for ARK 21Shares and VanEck Ethereum ETFs

Binance’s European debanking woes continue as it urges Paysafe users to convert their Euros to digital dollars.

Binance urges users to convert Euros to USDT after Paysafe debank

The legal team of Terraform Labs’ former CEO Do Kwon declares that the United States Securities and Exchange Commission (SEC) demands for his deposition are unrealistic.
“The motion should be denied because it would be impossible for Mr. Kwon to appear for such a deposition,” the filing declares.
Do Kwon’s Lawyers Assert SEC Deposition Request Is Infeasible
In a recent court filing, Kwon’s legal team vehemently opposed the SEC’s request to prevent them from submitting requests on Kwon’s behalf:
“The SEC’s request for alternative relief—an order precluding Defendants from submitting a statement by Mr. Kwon on summary judgement—should also be rejected.”
On June 19, Kwon was sentenced to four months in prison in Montenegro. He was convicted of having counterfeit passports from Belgium and Costa Rica in his possession.
Read more: What Is Terra (LUNA)?
It further claims that Kwon has never opposed the SEC the opportunity to depose him. It claims that Kwon has already testified to the SEC for “approximately 21 hou

Do Kwon’s Legal Team Objects to SEC Deposition Request

By year-end, the complete QuarkID roadmap aims to reach over 2.5 million users by broadening the range of available credentials

Buenos Aires government ID, coming to Ethereum via zkSync

Binance’s CEO sought to quell rumors about the mysterious, day-old, crypto company as he seeks to quit Russia.

CZ Denies He Owns CommEX, Binance Russia's New Owner

Source: AdobeStock / Proxima Studio
The Bank for International Settlements (BIS) and central banks of France, Singapore, and Switzerland have jointly announced a successful test of cross-border trading and settlement for wholesale central bank digital currencies (wCBDCs).
This test incorporated innovative decentralized finance (DeFi) technology concepts and was executed on a public blockchain.
Project Mariana Tested Cross-Border Trading Using CBDCs
Project Mariana, jointly developed by three BIS Innovation Hub centers - Swiss, Singapore, and Eurosystem Hub Centers, in conjunction with the Bank of France, Monetary Authority of Singapore, and Swiss National Bank, demonstrated the feasibility of cross-border trading and settlement involving hypothetical euro, Singapore dollar, and Swiss franc wCBDCs among simulated financial institutions.
The project's success hinged on three key elements:
Common Technical Token Standard: A standardized token provided by a public blockchain to facilitate interoperability and exchange between various currencies.
Bridges for Seamless Transfer: Mechanisms for frictionless transfer of wCBDCs across different networks.
Automated Market Maker (AMM): A specialized decentralized exchange enabling automatic pricing, execution, and immediate settlement of spot FX transactions.
The AMM effectively pooled liquidity from the hypothetical euro, Singapore dollar, and Swiss franc wCBDCs, utilizing innovative algorithms to price and execute spot FX transactions automatically.
This project aimed to explore next-generation financial market infrastructures designed to streamline cross-border trading and settlement processes among financial institutions.
Project Leverages Public Blockchain to Enable Seamless Exchange
It leverages a common token standard on a public blockchain, enabling seamless exchange and interoperability across diverse local payment and settlement systems maintained by participating central banks.
This approach offers insights into incorporating an international dimension into ongoing wCBDC design explorations.
The report noted that while Project Mariana marks a significant step forward, it is essential to recognize that tokenization and DeFi technologies are still in their early stages.
Cecilia Skingsley, Head of the BIS Innovation Hub, stated:
Project Mariana pioneers the use of novel technology for interbank foreign exchange markets. It successfully demonstrated that it is feasible to exchange wholesale CBDC across borders using novel concepts such as automated market makers.

BIS and Central Banks of France, Singapore and Switzerland Successfully Test Cross-Border CBDC Using DeFi

Source: Youtube / Yahoo Finance
In a congressional hearing on September 27, the chair of the United States Securities and Exchange Commission (SEC) Gary Gensler, faced a barrage of questions and criticisms regarding the oversight of crypto markets.
Colorful analogies and sharp rebukes at the hearing shed light on the contentious relationship between regulators and the crypto industry.
“Tonya Harding of Regulations”
United States Representative Andy Barr led the charge with a memorable comparison, dubbing Gensler the "Tonya Harding of securities regulations."
Barr accused Gensler of burdening the U.S. capital markets with excessive regulatory red tape, referencing Gensler's previous assertion that the U.S. capital market should not rest on its laurels and should keep evolving.
Barr's analogy drew a connection to the infamous Tonya Harding-Nancy Kerrigan scandal, where Harding was involved in an attack on her figure skating rival.
Another member of the House, Representative Warren Davidson, didn't mince words, expressing his hope that the Biden administration would dismiss Gensler from his position.
He accused Gensler of advancing a "woke" political and social agenda and abusing his role as SEC Chair. Davidson suggested that the SEC Stabilization Act, introduced by him and Representative Tom Emmer, could facilitate Gensler's removal.
Regulatory Status of Bitcoin
During the hearing, Gensler was also questioned about the regulatory status of Bitcoin.
In response to the U.S. House Committee on Financial Services Chair Patrick McHenry's query, Gensler indicated that Bitcoin did not meet the criteria established by the Howey Test, implying that it is not considered a security.
However, when McHenry suggested Bitcoin might be a commodity, Gensler declined to provide a definitive answer, citing that the determination of whether it is a commodity falls outside the scope of U.S. securities laws.
The questioning continued with an unexpected twist when U.S. Representative Ritchie Torres probed Gensler about the classification of physical Pokemon trading cards.
Torres sought to understand whether purchasing these cards constituted a securities transaction.
Gensler's response was cautious, stating that it depended on the context. He emphasized that the core of the Howey Test is whether the investing public anticipates profits based on the efforts of others.
Recently, the US SEC has filed lawsuits against NFT issuers for not adhering to security laws.
“Stand With Crypto” Logo Displayed in the Background
As the hearing unfolded, keen observers noted a Coinbase "Stand With Crypto" logo in the background—a nod to a Coinbase-led initiative advocating for cryptocurrency legislation in the United States.
The campaign aims to promote cryptocurrency innovation and policy reform, with "Stand With Crypto Day" recently taking place in Washington, D.C.
While Gensler faced sharp criticism and analogies, the future of cryptocurrency regulation remains a topic of debate and discussion among lawmakers and industry participants.

US House Committee Grills SEC Chair Gary Gensler Over Crypto, Dubbed 'Tonya Harding of Regulation'

Crypto.com has partnered with PayPal and Paxos. Through this tie-up, Crypto.com has been established as a “preferred” PayPal USD [PYUSD] exchange. A month ago, PayPal rolled out PYUSD for payments and transfers. Issued by Paxos Trust Company, the stablecoin is backed by U.S. dollar deposits, short-term U.S. Treasury bonds, and other cash equivalents.
Crypto.com has already listed PYUSD on its platform for both retail and institutional users. In fact, the latest blog post highlighted that it is currently the crypto trading platform with the “deepest liquidity” for PYUSD trading pairs across the world.
Thrilled to partner on driving the global adoption of crypto together with @PayPal & @Paxos 🤝 https://t.co/Hjf9AhbUeg
— Kris | Crypto.com (@kris) September 28, 2023
Also Read: Ethereum Creates ‘Bullish’ Divergence: 12% Rally to Follow?
Commenting on the latest development, Crypto.com’s CEO, Kris Marszalek, asserted on X [formerly Twitter] that the company was thrilled to partner with the two companies to drive the global adoption of crypto. Meanwhile, Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships at Crypto.com, said,
“Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”
Crypto.com, and PayPal will Continue Exploring Together
The latest development will encash PayPal and Crypto.com’s initial integrations. This means users will be able to use PayPal to top up their Crypto.com Visa Card. The official statement revealed that PayPal and Crypto.com will “continue to explore” bringing more connected top-up and commerce capabilities going forward.
Source: Crypto.com
Also Read: JPMorgan: Stablecoin Issuers Might Shatter Funding Market
In a recent blog post, PayPal revealed that its stablecoin is available to Venmo users and will be “rolling out fully in the coming weeks. Along with Crypto.com, it is also available on a few other selected exchanges, including Bitstamp, Coinbase, and Kraken.
Right after the launch, a recent Nansen report suggested that PYUSD was struggling with early adoption. Data pointed out that roughly 90% of PYUSD was held in Paxos Trust’s wallets. Parallelly, the holdings of “smart money” investors were fairly negligible towards the end of August. The report asserted that, on the surface, there was a lack of demand from crypto users for PYUSD. Such was likely the case because other alternatives already existed on the market. However, the latest partnership could help improve the state of affairs and expose PYUSD to a much larger user base.
Also Read: Crypto AUM Could Rise to $500 Billion in 5 Years: Bernstein

PYUSD: Crypto.com Partners With PayPal, Paxos

Fireblocks has announced full support for the Tezos network, allowing users of its platform to custody Tezos-based asset...

Fireblocks Now Supports Tezos, Offering Custody and Access to Decentralized Applications for Users

Source / Sam Cooling x Geralt
Michael Egorov, the founder of the decentralized finance (DeFi) protocol Curve, has recently paid off all his debt on the lending protocol Aave. Currently, he has a remai...

Curve Founder Michael Egorov Settles $35.3 Million Debt Position on Aave Platform, $CRV Set for Bull Run?

Source: A screenshot, Instagram/winklevoss
Tyler and Cameron Winklevoss owned Gemini exchange reportedly withdrew approximately $280 million from Genesis Global just months before the crypto lender initiated a freeze on customer deposits and ultimately filed for bankruptcy.
Genesis and Gemini had jointly offered an "Earn" program that allowed customers to earn interest on their cryptocurrency holdings.
Under this program, users of the Winklevoss-owned exchange could lend their digital assets through Genesis.
In August 2022, Gemini executed a substantial withdrawal of cryptocurrency funds from Genesis, as disclosed by an anonymous source, The New York Post reported.
Withdrawal Was Made to Establish a Reserve for Gemini Earn Users
The funds pulled from Genesis were earmarked to establish a reserve intended to facilitate immediate redemptions for Gemini Earn program participants.
The report claims none of this withdrawn money was directed to Gemini's founders, the Winklevoss twins, citing one of the sources close to the matter.
Genesis and Gemini both have not made any comments on the story yet.
Following the collapse of FTX, which significantly impacted the crypto market, Genesis froze customer withdrawals.
Gemini Sues Genesis for Not Paying Back $1.1 Billion to Earn Users
In January this year, Genesis Global filed for Chapter 11 bankruptcy protection in New York. Gemini has since filed a claim in the bankruptcy court seeking $1.1 billion on behalf of its Earn program users.
Over the months following the initial withdrawal freeze, Gemini, Genesis, and its parent company Digital Currency Group (DCG) engaged in settlement negotiations, which sometimes turned public with disputes involving DCG's founder, Barry Silbert, and the Winklevoss twins.
While a tentative agreement was reached in February, it was never finalized.
Mediated negotiations that followed failed to yield a mutually agreeable settlement, leading Gemini to sue DCG for fraud in July.
In the lawsuit, Gemini claimed that it had attempted to terminate the Earn program in mid-October 2022, and one of its founders had a face-to-face meeting with Silbert, who sought to address concerns about insolvency. A DCG spokesperson dismissed the lawsuit as a "publicity stunt" and denied any wrongdoing.
Adding complexity to the situation, Genesis sued its parent company, DCG, in September for over $620 million in unpaid loans.
Both Genesis and Gemini also faced charges from the U.S. Securities and Exchange Commission in January, alleging that the Earn program constituted an unregistered sale of securities.

Gemini Reportedly Withdrew $280 Million From Genesis Before Crypto Lender Filed for Bankruptcy

The new AI assistant, Meta AI will be initially available from Sept. 27 for a limited group of U.S.-based users.

Mark Zuckerberg reveals Meta AI chatbot, his answer to ChatGPT

Source: AdobeStock / Photocreo Bednarek
Bitcoin miner Marathon Digital confirmed it mined an invalid block due to a bug during an experiment to sharpen the company’s operations.
The firm disclosed the incident in an announcement on X(formerly Twitter) saying the firm utilizes a small portion of the hash rate to experiment in the developmental pool to improve its overall mining capacity.
According to several reports, it mined the invalid Bitcoin (BTC) block at height 809478 citing a bug in its environment.
“The error was the result of an unanticipated bug that came from one of our experiments.”
The firm explained that the error that was discovered was not connected to the Bitcoin Core or Marathon Digital production pool adding that Bitcoin functioned properly.
“This incident, while unintended, underscores the robust security of the Bitcoin network, which rejected and rectified the anomaly.”
Community raises concerns
On Wednesday, Bitcoin developer 0xB10C revealed that Marapool was faced with an issue due to wrong spending outputs confirmed by other developers.
Within hours, community members flagged the incident with some calling for wider investigations although the miner explained that the experiment was in no way intended to alter Bitcoin’s core.
Similarly, BTC devs like “mononaut” said the mistake came from relying on ascending absolute fees to sort transactions while analyst Dylan LeClair noted that this sort of experiment should have been carried out on a testnet before a subsequent deployment on Bitcoin’s mainnet.
Jameson Lopp the co-founder of CasaHodl highlighted the events as proof of Bitcoin’s strength.
“Bitcoin is an impenetrable fortress of validation. No double spending allowed!”
The company’s share price was down 2.94% in the last 24 hours.
Marathon to increase capacity
Marathon Digital has revealed plans for its mining arm to improve capacity relying on efficiency while it expands its operations.
This year the company reported a 134% year-on-year increase in its mining capacity and was able to shrink its net losses in the last quarter while improving revenues compared to last year occasioned by market downturn and stifling regulations.
In May, the company announced an increase in hash rate by 22% to 14 EH/s and installed rates by 16% to 17.9 EH/s. It also increased its unrestricted BTC holdings to 11568 BTC.
Furthermore, the company has pushed its plans for an expansion to the Middle East in a partnership with Zero Two billed to optimize two mining sites in Abu Dhabi with a combined capacity of 250 megawatts.
The company plans this amid miner's woes, increased BTC hashrate, and an upcoming BTC halving which is approximately 205 days away.

Marathon Digital Mines Invalid Bitcoin Block, Blames Bug Amid Community Concerns

Web3 is frequently characterized as the forthcoming progression of the internet. It sets itself apart from its counterparts due to its decentralized structure. The domain has gained significant recogn...

72.5% of Major Video Game Studios Embracing Web3 Gaming

Source / Sam Cooling x Chantelle CeeCee
Terra (LUNA) is in the midst of a comeback, after disgraced project founder Do Kwon filed court documents on Wednesday that suggested his legal team will fight ...