An international forum on the cryptoindustry will be held in February.
An international forum Blockcain Life 2023 will be held in Dubai from February 27 to 28. The forum will be attended by key figures from the crypto world, government representatives, heads of international companies, funds, investors and startups.
The forum has been held since 2017 and is among the top three international events dedicated to the crypto industry.
What will be at the forum
Networking with 4000 participants and meeting the heads of industry companies
An exhibition area with over 100 project booths
Speeches by industry experts in the conference hall
After-party on a luxury yacht “LOTUS”
The participants of the forum will find the projects for investment
interesting business solutions, partners. The Blockchain Life 2023 program will include speeches about industry trends: DeFi, NFT, metaverses, mining and much more.
Sam Bankman-Fried will appear in court in Bagram on December 19 and will not challenge his extradition to U.S. authorities.
Sam Beckman-Fried, the former head of the failing FTX exchange, will appear in court in the Bahamas on December 19 to overturn a decision not to extradite him to the U.S. This was reported by Reuters, citing a source. The head of FTX was detained in the Bahamas on December 13 at the request of the United States authorities.
Last week, the SEC filed charges against Bankman-Fried for running a scheme to defraud investors. The SEC plans to hold the FTX chief accountable for fraudulently obtaining billions of dollars from investors and for misusing those funds to buy luxury real estate and political contributions.
Upon arrival in the U.S., Bankman-Frieda will find himself at a detention center in Brooklyn, a few days after his arrival, a trial will take place where he will be asked to plead guilty and a judge will consider bail. Since it is unknown where the stolen funds are now, Bankman-Fried will remain in custody.
Aplle AppStore blocked Coinbase cryptocurrency wallet update due to the presence of NFT-related transactions.
The AppStore blocked an update to Coinbase Wallet that added the ability to send NFTs to other users. The app store on iOS gas payments must go through Apple’s payment system and the company must charge a 30% fee on transactions.
Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee.
According to the Coinbase team, knowledgeable people who understand how blockchain works clearly understand that this is impossible. Gas goes to the processing of the transaction in the blockchain, not any of the parties. Especially since the payment system in Apple's apps does not support cryptocurrencies.
Coinbase Wallet developers hope that the problem will be solved soon and think that this is just an omission on Apple’s part. They are also ready to interact with the company and are willing to help sort out the issue.
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Kraken has announced its intention to lay off 30% of its staff due to a decline in trading on the crypto exchange.
Cryptocurrency exchange Kraken will cut 30% of jobs, which is about 1.1 thousand employees. This decision was made so that the company could survive the Crypto Winter and adapt to the current market conditions. The decision was published on the exchange's blog.
The reduction of the team is due to the high level of decline in trading and reduced inflows of new customers, which is the consequence of macroeconomics and geopolitics. The size of the team will be reduced from the size of a year ago.
According to CEO Jesse Powell, the exchange has exhausted other ways to cut costs, and layoffs will help the platform maintain business in the long term.
Popular exchange known to many traders working on both the cryptocurrency and the fiat market. KR is a proven and reliable cryptocurrency exchange that provides a huge amount of tools for various types of trading.
Regardless of the long duration of the crypto winter and the collapse of FTX, cryptocurrency will still be used abundantly in the future.
According to Coindesk, analyst firm Morgan Stanley expects further bankruptcies of crypto industry players and deleveraging. Following the collapse of FTX, the market is now re-evaluating the value of the project’s issued tokens and trying to figure out if they were used as leverage.
Despite the fallout from FTX, financial analysts believe that the industry will see a new dawn and will continue to be profitable. The industry is still focused on building digital asset infrastructure, but experts believe it won't enter everyday life until 10 to 15 years from now.
Morgan Stanley expects further deleveraging, focusing on the declining capitalization of stablecoins, especially Tether (USDT).
The markets were shut down after announcing possible risks associated with them. Interviewees unanimously agreed that the decision was correct.
DeFi-Protocol Aave announced a temporary freeze on lending operations for 17 tokens. The decision was put forward to the community, during which it won 100% support from users.
The list of blocked tokens included the following tokens: yearn. Finance (YFI), Curve DAO (CRV), 0x (ZRX), Decentraland (MANA), 1inch (1INCH), Basic Attention (BAT), Enjin (ENJ), sUSD (SUSD), Ampleforth (AMPL), Gemini Dollar (GUSD), Rai Reflex Index (RAI), Pax Dollar (USDP), Liquity USD (LUSD), xSUSHI (XSUSHI), DeFi Pulse Index (DPI), renFIL, Maker (MKR).
On November 22, Aave incurred $1.6 million in bad debt due to a large loan in the Curve DAO token. Aave developers said that the project has protection against such cases. There is a separate protection module and reserve funds for this. The said loan debt was less than 0.1% of the total percentage of lending on the platform.
Revenues from Bitcoin miners have fallen to their lowest in two years. The network's hash rate fell by 13%.
On Nov. 26, according to Blockchain.com, Bitcoin mining revenue was $11.6 million. Previously, the mining low was revealed on November 2, 2020, on which day $10.9 million was earned at a rate of $13,700.
Bitcoin miners’ earnings fell amid the steepest drop in the value of BTC since 2018. It is now trading at $16,220, which is 76.5 percent below its all-time low.
In 24 hours, 131 blocks of the Bitcoin network were mined, the reward at the current rate was $13.2 million. A quarter of these blocks were mined by miners connected to the Foundry USA pool. AntPool (25), Binance (19), F2pool (16) and ViaBTC (12) were also involved in mining.
The hashrate of the network was also reduced. If on November 2 it reached the maximum of 273 Eh/s, now it fell to 237 Eh/s. This means that some of the miners shut down their equipment.
In addition to Binance, crypto projects Aptos Labs and Animoca Brands also invested in the idea.
Cryptocurrency exchange Binance has allocated $1 billion to the industry recovery fund. Changpeng Zhao, head of the exchange, made the announcement on Twitter. The amount of money that the exchange has allocated throughout time to the crypto industry development fund is now more than $2 billion.
The SAFU (The Secure Asset Fund for Users) fund, created in 2018, consisted of BUSD, BTC and BNB to the tune of $1 billion. Other cryptocurrencies such as Polygon Ventures, Jump Crypto, Aptos Labs, Kronos and others also joined the fund. Together, they will contribute about $50 million. These funds will be used to buy troubled assets and support the industry as a whole.
Binance said that they have already received 150 applications from companies that need help. In addition to financial assistance, Binance helps provide companies with advice, technical support and other support.
The testing of Japan’s electronic currency will last for two years. During the testing period, companies and individuals will be able to use the token in practice.
In spring 2023, the Bank of Japan, in cooperation with the country's three major banks and regional institutions, plans to begin the practical phase of testing the digital yen.
According to Nikkei, the testing will last two years. It will include digital currency deposits and withdrawals, as well as testing support for the asset without the Internet. Depending on the results of the testing, a decision will be made in 2026 to switch to the digital yen.
In 2021, there was already a test of basic functions such as issuance and circulation. The next phases of testing will be the last before the digital currency is released to the public.
In addition to the development of the currency itself, the government also needs to form a series of laws governing its use. The digital yen is supposed to be used in all cases where cash is used.
The volume of transactions on popular trading platforms decreased by at least 60%.
During the week the sales volume on the largest crypto exchanges more than halved. According to analysts from Kaiko, the decline in volumes came a week after the collapse of FTX.
Trade volume cooled off significantly last week after one of the busiest weeks ever during the FTX collapse. Weekly volume on Huobi and Bitfinex dropped 82% and 75%, respectively. Gemini's volume fell by 56% after the exchange halted its Earn program and Binance’s dropped 60%. pic.twitter.com/bGbYPyLKpB
Trading volumes on Huobi exchanges fell by 82% and Bitfinex by 75%. Gemini saw a 56% drop in volume, which led the platform to limit payouts to its clients.
The trading volume of the Binance exchange decreased by 60%. On platforms BitMEX, Binance US, Coinbase, Kraken and KuCoin the volume of sales also halved.
There was also a decline on the DeFi-platform Uniswap V3. Before the collapse of FTX, its trading volume was $4 billion a week, now it has dropped to $1 billion. After the fall of FTX there was an outflow from the centralized exchanges, and decentralized exchanges on the contrary gained new customers.
To expand its user base, Huobi plans to expand its influence in the markets of Southeast Asia, Europe and other regions.
Huobi announced the launch of a program to rebrand its products. It includes a name change (removing "Global" from the name) and increasing influence on the global market. These activities are related to the purchase of the About Capital Buyout Fund in October 2022.
The new name will consist of two Chinese characters, "火" and "必. The first signifies eternal life force and its transmission to generations, and the second signifies the desire to win.
Huobi plans to increase investment in the Southeast Asian and European regions, which will help increase the exchange's user base. The company also plans to hire blockchain and digital asset talent from around the world.
During the day, the value of BTC dropped by 4%. Other cryptocurrencies are also falling in value.
Rate of the first cryptocurrency fell below $16,000. Thus, Bitcoin fell by 4.2% per day and dropped to $15,976. Now, according to Coingecko, BTC is trading at $16,149.
The decline began after Bitcoin reached $16,900 on November 18. After the weekend, it fell to $16.5 thousand and continued to fall. The share of BTC on the market now is 37.2%.
Other popular altcoins are also subject to decline. The value of Ethereum during the day decreased by 7.3% and reached $1,115, the value of BNB fell by 5.5% to $256. Ripple token fell in price by 8.6% and reached $0.35, in turn, the value of Polygon fell by 7.8% to $0.79. The total market value of the cryptocurrency now stands at $832 billion.
The Bahamas Securities Commission, acting to protect customers of the FTX exchange, plans to withdraw the remaining funds on the exchange.
The Bahamas Securities Commission in circulation announced that it intends to transfer the assets of FTX Digital Markets Ltd. to its own cryptocurrency wallet to preserve the funds. The regulator did so under its authority to take action in accordance with customer protections.
On the day the Bahamian regulator’s appeal was announced, Nov. 12, FTX CEO Sam Bankman-Fried was questioned by the island nation’s police. Law enforcement authorities are investigating his role in FTX’s collapse. They are also working closely with their U.S. counterparts. U.S. and Bahamian authorities are discussing sending Bankman to the states for questioning.
Prior to that, on November 11, the Bahamas Securities Commission had already frozen the assets of FTX Digital Markets. This was done to stabilize the exchange. On the same day FTX began voluntary proceedings under Chapter 11 of the Bankruptcy Code.
The head of Binance Changpeng Zhao said that representatives of FTX turned to him for help, because the U.S. exchange of liquidity crisis.
Changpeng Zhao tweeted that he was buying the FTX platform. He said that FTX turned to Binance for help because of a serious liquidity crisis. To maintain FTX liquidity, Binance decided to purchase the U.S. platform.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
The head of Binance also wrote that in the coming days will be conducted due diligence. Zhao noted that the situation is dynamic and at any time things can change. Binance has the option to back out of the deal.
Following the announcement of the FTX purchase, its native token FTT plummeted by 72% overnight. It is now trading around $4.87. The initial problem with the loss of liquidity is due to Binance's announcement that they will sell their remaining FTTs within a few months. After that announcement, about $1.2 billion was withdrawn from FTX.
Transactions on exchanges totaled $543 billion in October, the lowest mark since December 2020.
According to The Block, trading volume on cryptocurrency exchanges this month renewed the low it has held since December 2020. The amount of transactions in October was $543 billion, while in September the figure was $733 billion.
October 2022 showed the lowest volatility, before that the minimum was set in July 2020. Bitcoin has continued to trade in a narrow price range since June 2022.
More than half of the trades were made on the Binance exchange and totaled $390 billion. The second-largest trading volume was the U.S. cryptocurrency exchange Coinbase with $46.9 billion. Total trading volume in Europe also decreased by 20% and amounted to $17.7 billion, which is the lowest since October 2020.
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There were 44 hacks during October. Of the $760 million, developers were able to recover $100 million.
The 44 October hacks resulted in the theft of $760 million worth of cryptocurrency by hackers. According to analysts at PeckShield Alert, $100 million was recovered from the owners. The total value of the losses was $657.2 million. A total of $3 billion in cryptocurrency was stolen this year.
#PeckShieldAlert ~44 exploits (53 protocols affected) grabbed ~$760.2M in Oct. 2022, and ~$100M already returned the exploited protocols (Total loss: $657.2M) As of October 2022, the stolen funds (~$3B) in 2022 “doubled” last year’s loss pic.twitter.com/mKZAjVk7UU
In October, BNB Chain was hacked, which resulted in the theft of $544 million by attackers, but only $100 million could be withdrawn. The developers managed to block the transfers before the hacker managed to withdraw the amount. Now he has about $432 million in his account, which cannot be cashed out.
The developers decided to hold a vote, which will decide the fate of the funds in the hacker’s account. Either they will remain frozen, or tokens will be burned to cover some of the stolen funds.
Dogecoin’s rise in value stopped at $0.14 after Ilon Musk’s purchase of Twitter.
On October 30, Dogecoin meme cryptocurrency rate renewed its maximum since April 2021 and rose to $0.14. As of October 31, according to CoinGecko, the token is trading at $0.12, with the value of the altcoin up 102% over the week.
The value of the token began to rise in value on October 27, when billionaire Elon Musk changed his Twitter account description to ChiefTwit. Musk visited Twitter’s headquarters in San Francisco and posted a video of himself walking around the office with a sink in his hands. The deal to buy the social network closed on October 28.
In June, Musk said he wanted to integrate payments into Twitter, including the use of cryptocurrencies. The businessman has repeatedly expressed support for Dogecoin, after which its value rose.
The trial of a former Bithumb owner in a BXA token fraud case began in South Korea.
The South Korean prosecutor’s office has asked to sentence former Bithumb exchange owner Lee Chong to eight years in prison. He is accused of fraud to the tune of $70 million, according to a local publication. The case involves fundraising from investors in 2018, where the Bithumb Coin (BXA) token was involved.
At the time, Bithumb was South Korea’s largest cryptocurrency exchange, and in 2018 it announced the release of its own BXA token. In October 2018, the owner of the Bithumb exchange offered to invest in the token to BK Group Chairman Kim Mo, who subsequently invested $77 million in the token.
The exchange never launched BXA. The investors filed a class action lawsuit against Hoon. The investors’ funds were never recovered. Hoon’s trial will take place on December 20, where he will likely be sentenced to eight years because the amount is too high and he has not agreed to plead guilty.
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