Crypto News

Genesis Block Ceases Its Operations In Hong Kong, Reason Is FTX

Genesis Block Ceases Its Operations In Hong Kong, Reason Is FTX

The FTX scandal is turning out to be a trend even after two weeks. The aftershocks of the FTX collapse are still being felt throughout the cryptocurrency industry. Genesis Block Ceases Trading Operations Even now, many firms are opening up about their losses due to the FTX crash. Many firms have even stopped running their operations due to the FTX outbreak. Genesis Block is the latest addition to the list of firms that have been swallowed by the FTX contagion. Genesis has been operating in Hong Kong as a cryptocurrency entity. It has been providing retail services in the cryptocurrency…
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Despite Widening Fallout Of FTX, Bitcoin Price Has Managed To Sustain $16k

Despite Widening Fallout Of FTX, Bitcoin Price Has Managed To Sustain $16k

On the Thursday trading session, the trading price of most of the cryptocurrencies ended up facing a downtrend. This happened because of a great financial void created by the FTX exchange. After FTX officials announced they had faced an unrecoverable loss, it became the largest disaster in 2022. Right after FTX’s announcement, several companies started to reveal that they were exposed to FTX. Initially, multiple entities refused or did not admit they were exposed to FTX. As the financial void kept growing bigger and regulators started from all over the world started launching investigations against the crypto firms, they admitted…
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Janet Yellen Says More Oversight Needed After FTX Collapse

Janet Yellen Says More Oversight Needed After FTX Collapse

A growing number of leaders in Washington is demanding action after the crypto exchange FTX collapsed in spectacular fashion in just a week’s time. Now it appears that US Treasury Secretary, Janet Yellen, has also joined the mix, as she stated on Wednesday that the collapse showed that the crypto market requires more effective oversight. More oversight In Wednesday’s statement, Yellen said that the Treasury Department had generated reports in response to the executive order issued by President Joe Biden back in September on digital assets. According to her, their reports had highlighted a number of risks that had now…
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TSM Deals Another Low-Blow To FTX Suspending Its Sponsorship Deal

TSM Deals Another Low-Blow To FTX Suspending Its Sponsorship Deal

Team SoloMid (TSM), a major professional eSports organization is among the entities to have broken their links with FTX. Things have started to fall apart for FTX after it ended up crashing. Previously, the particular professional gaming organization was known as TSM FTX but after suspending the deal, it has become Team SoloMid. TSM Suspends $210 Million Deal Due to the recent mishaps that have taken place with the FTX exchange, TSM has decided to suspend the deal with the crypto firm. On November 16, the officials at the TSM announced that they have suspended their sponsorship deal with FTX…
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2 More Crypto Platforms Halt Withdrawals Over FTX Exposure

2 More Crypto Platforms Halt Withdrawals Over FTX Exposure

Crypto exchange Liquid Global announced on November 15th that it had halted both crypto and fiat withdrawals. The same day saw Salt, a crypto lending platform, inform its customers that it was also pausing deposits and withdrawals. In addition, reports indicate that another crypto lender, BlockFi, is gearing up to file for Chapter 11 bankruptcy protection. The lending platform had paused its withdrawals five days ago and its announcement on Monday said that they would continue to be halted. Withdrawal operations paused Things are not looking good for people in the crypto space, as crypto companies are halting withdrawals, which…
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1INCH to Become Very Attractive for Investors Following its Attempt to Reduce Gas Costs

1INCH to Become Very Attractive for Investors Following its Attempt to Reduce Gas Costs

1inch Network recently made an announcement that is to make the protocol very tractive for crypto investors. The platform announced it has carried out the implementation with aim of reducing gas costs. 1INCH Initiates v5 Router As per the latest announcement by the 1inch network, the transaction costs for their offerings in the decentralized exchange (DEX) segment would be significantly reduced. The communicated reduction is at least 10% in the gas costs. This would eventually make the Ethereum network more affordable for investors and other kinds of users. The latest move by the 1inch network is very profitable for the…
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Crypto.Com Accidentally Sent Ethereum Worth $400 Million To The Wrong Address

Crypto.Com Accidentally Sent Ethereum Worth $400 Million To The Wrong Address

After the shocking downfall of crypto exchange FTX, other centralized crypto exchanges have found themselves under the microscope and this applies to Crypto.com as well. Customers of the exchange became quite concerned after Kris Marszalek, the CEO, acknowledged that they had accidentally sent about 320,000 ETH tokens to a public address that was registered at a rival exchange. At the time of the transaction, the tokens were valued at $400 million. Accidental transaction Etherscan’s blockchain records show that Crypto.com transferred about 80% of its total ETH reserves on October 21st to an address on competitor exchange Gate.io. This was just…
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Strong Comments from Elon Musk Help in Boosting Weakening Price of Bitcoin

Strong Comments from Elon Musk Help in Boosting Weakening Price of Bitcoin

Despite taking a huge fall in the past week, things have recovered a bit for Bitcoin (BTC). With the initiation of the new week, the trading price of Bitcoin started under $17,000. As per many market experts, it is a fortunate thing for Bitcoin that its price has climbed higher throughout the last weekend. Otherwise, it could have started the new week at around $14,000. A Plunge Followed by a Rally As the news started rotating about FTX’s bankruptcy, the entire crypto industry was devastated. The investors kept on withdrawing their funds from the crypto exchanges and other trading firms.…
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BlockFi Pauses the Option for Withdrawal After FTX Collapse

BlockFi Pauses the Option for Withdrawal After FTX Collapse

The collapse of the FTX crypto exchange is reverberating from coast to coast, as state regulators in California have announced an investigation into the exchange. In addition, BlockFi, the crypto exchange based in New Jersey, also notified customers that platform activity would be limited. FTX bailed out BlockFi back in June when it had been facing problems due to the downturn in the crypto market. The announcement Late on Thursday, BlockFi published a post on Twitter that it also learned about the situation of FTX just like everybody through social media. It said that it was shocked and dismayed over…
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FTX Token to Decline Further, Japan Requests FTX Japan to Cease Operations

FTX Token to Decline Further, Japan Requests FTX Japan to Cease Operations

November seems to be the worst month for the FTX exchange. From the 8th of the month until now, several countries have asked FTX to cease its operations in their jurisdictions. FSA’s Request to FTX Japan Japan’s Financial Services Agency (FSA) has recently issued a request for the Japanese subsidiary of FTX, FTX Japan. The request launched by the FSA is for FTX Japan to cease its operations in the country. The Japanese regulatory authority has announced that it has a disagreement with the policies of FTX Trading Limited. The platform’s policies are no longer favorable or beneficial for Japanese…
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Analysts Expect A Surge In XRP Price As Coinbase Backs Ripple Against SEC

Analysts Expect A Surge In XRP Price As Coinbase Backs Ripple Against SEC

Coinbase, the second-largest cryptocurrency exchange has recently made it to the headlines, emerging as the Ripple supporter against the US SEC. Ripple Gets More Support Ripple Labs has been fighting its legal battle against the US Securities and Exchange Commission for a while. Many expect the long battle between both sides may soon reach its conclusion. While both sides have been trying their best to win the battle against each other, many in the crypto industry Ripple Labs may emerge as the winner. The issuer of XRP has found itself at an advantage as many cryptocurrency-related firms have started to…
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Trading Price of LINK Expects a 50% Correction as Chainlink Witnesses a Plunge

Trading Price of LINK Expects a 50% Correction as Chainlink Witnesses a Plunge

The price of the native token of the Chainlink network “LINK” ended up taking a fall in the recent trading session. The market downtrend has continued harming the trading price of LINK, bringing its trading price down to an alarming level. On November 8, a major downtrend took place that reportedly pulled the trading price of the entire crypto-verse. Like the rest of the major tokens such as Bitcoin and Ether, LINK also found itself being an unfortunate asset. LINK Price Plunged 10% On that particular day, LINK’s trading price dipped by almost 10%. Following the plunge, the trading price…
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Two Major Cryptocurrency Exchanges Faced Latency Issues On November 8

Two Major Cryptocurrency Exchanges Faced Latency Issues On November 8

November 8 turned out to be the worst nightmare for millions of cryptocurrency users as two major crypto exchanges ended up facing downtimes. Kraken and Coinbase Faced Outages On November 8, a huge number of users ended up on two major cryptocurrency exchanges and complained about the platforms either facing latencies or facing downtimes. The names of the particular cryptocurrency exchanges were Kraken and Coinbase. Both platforms rank among the top 5 cryptocurrency exchanges in the entire cryptocurrency industry. On that particular day, a great level of turbulence was observed in the cryptocurrency industry. It was because of this turbulence…
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Over $1 Million Lost By Rubic As Private Keys Were Reportedly Compromised

Over $1 Million Lost By Rubic As Private Keys Were Reportedly Compromised

The officials at Rubic recently reported that they suffered from an exploit that ended up costing them over $1 million. Rubic Exploited by Hackers Rubic is a major platform known for facilitating cross-exchange swaps for cryptocurrencies. The platform reported that it was exploited on Wednesday by hackers. The platform was hacked as the exploiters were able to gain access to the private keys that granted platform access to the hackers. The Rubic officials confirmed that unfortunately, it was not just a common user but the administrator, whose wallet access the hackers were able to exploit. Notification by Rubic The Rubic…
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LTC Price Could Rally By 200% In July 2023 Due To Pre-Halving Of LTC

LTC Price Could Rally By 200% In July 2023 Due To Pre-Halving Of LTC

The analysts seem to be coming up with different kinds of predictions surrounding the trading price of Litecoin (LTC). However, the majority of the analysts seem to be agreeing with one particular prediction that could see LTC’s price skyrocket. LTC Price to Experience 200% Surge Many analysts are predicted that in the month of July 2023, the trading price of LTC may surge up to 200%. This could happen as the halving of the digital asset takes place in the same month. It would become a coinciding month for LTC where the halving event could push the trading price of…
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In 12 Months, Energy Usage Of Bitcoin Surges 41%, Regulatory Risks To Rise

In 12 Months, Energy Usage Of Bitcoin Surges 41%, Regulatory Risks To Rise

The energy consumption for Bitcoin (BTC) has continued rising and the growth rate has been significantly higher in the running year. YoY Increase in Energy Consumption According to data, the year-over-year (YoY) energy consumption for mining Bitcoin has increased significantly. Although there has been a lot of stress to introducing energy-efficient means for Bitcoin mining, still, energy consumption has increased. Governments from around the world have been asking to introduce sustainable and diverse energy sources. Still, the rise in Bitcoin energy consumption has raised many concerns. For the running year, a 41% increase has been recorded in the energy consumption…
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Crypto.com Exchange’s Trade Volume Plummets By 91% One Year After ‘Brave’ Ad

Crypto.com Exchange’s Trade Volume Plummets By 91% One Year After ‘Brave’ Ad

Regardless of whether investors are crypto proponents or not, it’s no secret that cryptocurrencies have entered a bear market this year. Specifically, exchanges such as crypto.com are showing declining trade volumes as the market enters a state of crypto winter. The timing for this is awfully insidious as the firm’s bold Matt Damon commercial made its debut just a year ago. Crypto.com Volume Crashes By 91% In the past 12 months, the exchange’s regular volume dipped by 91 percent, going from a whopping $4 billion to a meager $380 million on a daily basis. These values are based on the…
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Dogecoin Takes Cardano’s Spot As 8th Biggest Crypto

Dogecoin Takes Cardano’s Spot As 8th Biggest Crypto

After an unbelievable surge of more than 115 percent, Dogecoin has taken Cardano’s spot to become the eighth largest crypto based on market cap. This comes after SpaceX CEO Elon Musk acquired Twitter in a multi-billion dollar deal. Over the past week, the Doge memecoin, which was developed as a joke, grew by over 97 percent. It’s now trading at $0.11 and holds a total market capitalization of $15.5 billion. Cardano, on the other hand, is priced at $0.40. With DOGE at 8th place, Cardano is now in 9th place, with an overall market cap of $14 billion. Cardano Founder…
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MakerDAO Co-Founder Dies At 29 In Puerto Rico

MakerDAO Co-Founder Dies At 29 In Puerto Rico

Last week, Nikolai Mushegian, the MakerDAO co-founder and the decentralized stablecoin Dai, was found dead in the city of Puerto Rico. According to local media reports, the co-founder of the crypto lending platform died due to drowning as the sea currents on the Condado beach dragged him down. By the time his body was rescued in San Juan, Mushegian did not have any vital signs. The incident It should be noted that Condado beach is regarded as one of the most dangerous places for swimmers in the world, as it reports indicated that eight people lost their lives there last…
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Argentinian Taxpayers Asked To Amend Statements As Per Their Crypto Holdings

Argentinian Taxpayers Asked To Amend Statements As Per Their Crypto Holdings

Inaccuracies and mis-declarations have been noticed by the Argentine Tax Authority (AFIP) in the annual statements filed by Argentinian taxpayers. According to the local Argentinian news sources, crypto exchanges as well as crypto holders have been directed by AFIP to remove the deficiencies. Approximately, four thousand notices have been compiled to be sent by AFIP to Argentinian taxpayers. The taxpayers shall be asked by AFIP to amend their annual statements so as to reflect their crypto holdings if any. The authority is expected to collect additional taxes, particularly from those taxpayers who hold cryptocurrencies. The financial statements that were asked…
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