Etherisc Launches Chainlink-Powered USDC Peg Protection
Etherisc, the open-source decentralized insurance protocol and ecosystem, has released a depeg USDC protection hedge to the public, a press release said. In case of a depeg, the solution protects USDC (COIN:USDCUSD) deposits in non-custodial wallets with automated pre-specified payments, verified through the Chainlink Data Feed. As soon as the USDC to USD price feed reports a USDC price below 0.995, the product enters a triggered state. If USDC does not recover within 24 hours, the product will enter the unlinked state, and once this happens, customers will be able to claim a USDT payment from their protected wallet. After a depeg event, users have up to 7 days to claim.
Bitcoin price holds at $29,000 after PCE data
Bitcoin (COIN:BTCUSD) holds steady around $29,000 as markets escape a “shock” from core consumer inflation (PCE) released this morning. “The trend is our friend, but the core is flat for now – hovering at 4.6% since December,” said financial commentator Tedtalksmacro at Twitter, adding that the numbers did not shake the market. Attention is increasingly focused on next week’s macro events, with emphasis on the Federal Reserve’s decision on interest rates.
Ripple sold $336 million worth of XRP tokens in Q1
Blockchain firm Ripple sold more than $361 million worth of XRP tokens (COIN:XRPUSD) in the first three months of the year, up from $226.31 million in the previous quarter, it said in its latest XRP Markets Report. “XRP Ledger on-chain activity remained strong, with decentralized exchange volume up 34% Q4 to $115 million”, as reported CoinDesk. Ripple acquired XRP from the open market to ensure there is enough supply available for the growing on-demand liquidity business. Ripple’s total sales, net of purchases, ended the quarter at 0.44% of global XRP volume.
Binance to Launch Operations in Japan
Binance is ready to start operations in the Japanese market, according to a notice published on Friday. The largest exchange by trading volume acquired the regulated Sakura Exchange BitCoin (SEBC) last year. Therefore, according to the notice, existing services on the ESCB will be terminated on May 31, while a new service under the provisional name “Binance Japan” will be launched after June 2023.
Dave Ripley takes over as CEO of Kraken
Kraken has announced the appointment of Dave Ripley as the company’s new CEO. The leadership succession plan was initially released in September 2022. However, effective April 27, Ripley replaces Jesse Powell – who assumes his new role as Chairman of the Board. In a blog post, Kraken said the leadership team has been working to achieve a smooth transition. “The company is in great hands, but technically #BTC was >$30,000 at the official time of transition. The Board expects $100,000 by the end of the year,” joked Powell.
Genesis will have a mediation period of 30 days
Genesis Global Trading, along with its creditors and other parties, have agreed to a 30-day mediation period pending the appointment of a mediator, according to CoinDesk on Friday. The settlement follows a request made by Genesis Global to the US Bankruptcy Court for the Southern District of New York earlier in the week to appoint a mediator to assist with the terms and conditions of Genesis Digital Currency Group owner’s contribution to the recovery of debtors plan.
Bitget predicts very high crypto acceptance in the next years
Bitget released a study on the relationship between demographic changes and cryptocurrency adoption rates across generations, finding that millennials are the dominant group of cryptocurrency enthusiasts, comprising 46% of respondents, and that by the beginning of the next decade, demographic processes could lead to a dramatic shift towards increased acceptance of cryptocurrencies despite slowing population growth; Also, statistics indicate uneven use of digital assets across different age groups, especially in countries with long life expectancy and a highly educated population, such as Japan.
KuCoin user confirmed as the author of daily Rug Pulls
According to Cointelegraph, cryptocurrency exchange KuCoin has confirmed that the address allegedly responsible for launching thousands of memecoin scams belongs to one of its users. However, the exchange will not freeze user assets without any official notice from law enforcement. At the moment, blockchain explorer Etherscan has already marked the address as a fake phishing wallet.
Former FTX executive’s home searched by FBI
Bloomberg reported that the U.S. Federal Bureau of Investigation (FBI) searched the home of former FTX executive Ryan Salame as part of the wide-ranging investigation into the collapse of the cryptocurrency exchange and its attempts to exert political influence in Washington. FBI agents went to Salami’s Maryland home on Thursday morning, according to people familiar with the matter. It was not immediately clear what the agents were looking for, the report said.
CFTC convicts its biggest Bitcoin fraud scheme in $3.4 billion fine
In a press release on Thursday, the CFTC revealed that Cornelius Johannes Steynberg, a South African citizen and CEO of Mirror Trading International Proprietary Limited (MTI), was ordered to pay the fine for his role in a fraudulent pooling scheme commodities that involved foreign currency transactions and Bitcoin. Judge Lee Yeakel ordered Steynberg to pay $1.73 billion in restitution and an additional $1.73 billion in civil monetary penalties. The CFTC said this is the “largest fraudulent scheme involving Bitcoin” charged in any CFTC case and the “largest civil monetary penalty ordered in any CFTC case.”
Canadian police issue cryptocurrency scam warning
The National Post reported that a senior Canadian was swindled out of over $7.5 million in a cryptocurrency ploy, leading to the latest police warning of cryptocurrency-based fraud schemes. Police said the elaborate scam lasted several months and included the victim being robbed of cash, both in the original scam and by someone claiming he could help get his money back. The case is still under investigation.
Neutronpay launches app in Canada and partners for remittances to El Salvador
Neutronpay, a Bitcoin and Lightning company, has announced the launch of its mobile app in Canada. According to the company, Neutronpay aims to provide a fast, secure and low-cost solution for cross-border remittances using Lightning. In addition to the app launch, Neutronpay announced its first Canadian partnership with DitoBanx, a Bitcoin and Lightning app in El Salvador. The partnership aims to facilitate cross-border remittances between Salvadoran Canadians and their families in El Salvador. “We look forward to supporting Salvadorans and each new community that comes to us, so stay tuned!” – Neutronpay said in a statement.
Al-Qassam brigades announce the suspension of Bitcoin donation
Shehab reported that the military wing of the Palestinian group Hamas will stop accepting donations in bitcoin (COIN:BTCUSD), citing a message posted on a Telegram group. The post said that the group would suspend donations via BTC for “the safety of donors […] especially in light of the intensified prosecution and doubling of hostile effort against anyone trying to support the resistance via this currency.”
Visa develops Blockchain-based CBDC project for Brazil
Visa (NYSE:V) has unveiled a new blockchain and CBDC project in Brazil. Visa’s offering was created in partnership with Agrotoken, Microsoft (NASDAQ:MSFT) and Sinqia (BOV:SQIA3). The company’s solution is a financial platform designed for small and medium-sized enterprises, and would be of particular interest to small farmers and agricultural businesses. The platform comprises an interoperability solution, a Visa innovation called Universal Payment Channel (UPC). “The project will allow a [Brazilian] soybean producer to create and auction – globally – a contract that has been tokenized on an authorized version of the Ethereum blockchain, using different interoperable forms of money,” said Catherine Gu, Global Head of CBDC at Visa.
JPMorgan builds AI model to analyze 25 years of Fed speeches
According to Bloomberg, JPMorgan (NYSE:JPM) has unveiled an artificial intelligence (AI) tool to analyze U.S. Federal Reserve statements and speeches to detect potential trading signals. “Based on Fed statements and central bankers’ speeches 25 years ago, Fed economists, including Joseph Lupton, employed a ChatGPT-based language model to detect the tenor of policy signals, effectively classifying them into a easy to restrictive scale on what JPMorgan is calling the Hawk-Dove Score”.
Greenidge Deploys 8,400 Platforms Capable of ~1.0 EH/s
Troubled US Bitcoin miner Greenidge (NASDAQ:GREE) has entered into an agreement with publicly traded miner Core Scientific (USOTC:CRZWQ), under which Core will host and operate Greenidge-owned Bitcoin miners at two of its facilities, according to a statement. Greenidge also announced the installation of an additional 1,500 company-owned miners at existing US facilities. “Together, this successfully completes the deployment of 9,150 Greenidge miners,” the company said.
Argo Blockchain announced 2022 year results
Argo Blockchain (NASDAQ:ARBK) reported Q4 EPS of -0.02, $0.26 better than the analyst estimate of -0.28. Revenue for the quarter came in at $11.23 million versus the consensus estimate of $12.96 million. The total number of Bitcoin or Bitcoin Equivalent (“BTC”) mined during 2022 was 2,156, up 5% compared to BTC mined in 2021, despite an increase in global hashrate and network difficulty.