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Category: crypto

  • Unlicensed Bitcoin ATM Provider Ceases Operations in Connecticut

    Bitcoin of America, a cryptocurrency ATM provider, has reached an agreement with the Connecticut Department of Banking to halt its operations due to a lack of proper licensing. The Department of Banking stated on May 22 that Bitcoin of America failed to obtain the necessary license to operate Bitcoin ATM kiosks in the state. The consent order was enforced after several consumers in Connecticut fell victim to a scam involving these kiosks, resulting in substantial financial losses. As a result, Bitcoin of America made restitution of $86,000 to affected consumers. Following a criminal indictment, the company is now winding down its operations in Connecticut.
    Jorge Perez, the banking commissioner, issued a warning against using unlicensed crypto kiosks. He cautioned that investors are often coerced and deceived into depositing cash into these kiosks and transferring an equivalent amount of cryptocurrencies to the scammers. Bitcoin of America, which facilitates the transfer of consumer funds to third parties, is required to be licensed as a money transmitter. Legislation is being considered in the state to introduce more regulations and consumer protections, including requiring digital currency kiosks to be licensed as money transmitters in Connecticut.
    Furthermore, the Connecticut State Police, Department of Banking, Office of the Attorney General, and the Department of Consumer Protection jointly issued a scam alert, advising against using unlicensed crypto and Bitcoin ATMs. In March, 52 Bitcoin of America ATMs and kiosks suspected of being involved in scams were confiscated in Ohio.
    The global geopolitical instability and the crackdown on unlicensed operations have negatively impacted the overall Bitcoin ATM network. In March alone, there was a significant decline, with 3,627 crypto ATMs going offline, marking the largest-ever monthly decrease in crypto ATMs.

  • Openfort Secures $3M Funding for Web3 Gaming Wallet Service

    Openfort, a blockchain gaming infrastructure startup, has successfully concluded a $3 million seed funding round to advance its Web3 gaming wallet-as-a-service product.
    The funding round was led by Gumi Cryptos Capital and Maven 11, with participation from Game7, NGC Ventures, and Newman Capital. Openfort plans to utilize the capital to expand its wallet product and establish partnerships in the Web3 gaming space.
    Currently in private beta, Openfort’s wallet solution offers user-friendly APIs compatible with Unreal Engine, Unity, and React, catering to various platforms such as browsers, PCs, and eventually, mobile devices. The aim is to simplify user interactions with Web3 wallets and games by automating less critical blockchain transactions through account abstraction, enhancing the overall blockchain gaming experience.

  • Bitcoin Becomes Second-Largest NFT Chain with Impressive Sales Volume

    According to data from CryptoSlam, Bitcoin has quickly risen to become the second-largest nonfungible token (NFT) chain within the Bitcoin community. CryptoSlam’s metrics for the past 24 hours, seven days, and 30 days show that Bitcoin has hosted a significant amount of NFT sales volume across the market. In the last 30 days alone, Bitcoin recorded a remarkable $167.47 million worth of NFT sales on secondary markets. However, it still trails behind Ethereum, which posted $395.95 million in NFT sales during the same period. Notably, Bitcoin has surpassed competitors like Solana and Mythos Chain, which only achieved $55.8 million and $35.4 million in sales over the past 30 days, respectively.

  • FTX Crypto Exchange Revival Plans Underway, New CEO Works on Reboot Strategy

    In recent court filings, it has been revealed that FTX, a bankrupt crypto exchange, is actively working on a revival plan under the leadership of its new CEO, John Ray III. The filings highlight the progress made by Ray in relation to the Chapter 11 bankruptcy proceedings, with particular attention given to the intention of rebooting FTX. This development has caught the interest of the crypto community.
    Ray initially mentioned the idea of reviving the troubled crypto exchange in January of this year. Reports at the time suggested that the bankrupt exchange had discovered $5.5 billion in liquid assets, and the new CEO was collaborating with creditors to formulate a revival plan. After a month passed without any updates, the crypto community moved on. However, in April, a report surfaced stating that the exchange had managed to recover $7.3 billion in assets, and the FTX team was aiming to relaunch the crypto exchange by the second quarter of 2024.
    The recent court filing confirms that the reboot plan is indeed being considered. It outlines that the new CEO has been conducting a series of meetings with creditors and debtors over the past month. These discussions have covered various crucial aspects, such as the restructuring of the exchange, review of restating plans, finalizing the necessary materials for the reboot of FTX 2.0, and providing feedback on the FTX 2.0 bidder list. The details in the document suggest that FTX will be entering a bidding process.
    The news of the FTX reboot has had a positive impact on the native FTX token (FTT), with its price surging by over 13% as the announcement of the relaunch became public.
    This court filing has brought relief to the crypto community, with many commending Ray’s efforts to revive the exchange that owes billions to its creditors. One prominent crypto influencer, known on Twitter as DegenSpartan, believes that FTX 2.0 could be a promising path to recovery for all parties involved. The influencer suggested that many creditors would be willing to sell their assets at lower prices just to exit their positions, potentially helping the exchange become solvent again. However, not everyone shares this optimism about the reboot process, as some argue that the exchange itself was founded on fraudulent principles.
    One Twitter user expressed strong opposition to allowing FTX to resume operations, considering the exchange’s alleged unethical practices.

  • Fan Token Provider Socios.com obtained a regulatory approval in Italy

    If your football fan,I am so you have heard about famous fan token provider socios.com. Recently socios have announced that they have received regulatory approval in Italy via official blog. 

    The regular approval will allow social to work in domestic spares of Italian football. The organisation has already collaborate with many football club like AC Milan, Inter Milan, Roma to name a few.
    Those who do not know about the Socios, it is a renowned football club offering fan engagement incentive. so if you own a piece of your favourite club, you can contribute in certain decision of the clubs. 
    However that the contribution is limited to the minimal it very minimal and its only revolve around less prominent topic. The fan still cannot contribute in the issues like day to day management of the club or important decisions.

  • Coinbase Will Pause Ethereum Transactions During most awaited “The Merge”

    In a month, Ethereum will transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus also famous as “The Merge”.  As it is one of the biggest events for the blockchain community, Users, exchange platforms, miners, and developers are gearing up for the event. 

    One of the Major crypto exchange platforms Coinbase recently announced that it will pause transactions with Ethereum and with tokens using the ERC-20 standards, these include deposits and withdrawals ahead of the Ethereum “Merge”, in an official post.

    In the post, Coinbase stated “We recommend you don’t send your ETH to anyone in an attempt to “upgrade to ETH2” as there is no ETH2 token. Your assets will be safe and secure during this period and no action is required to upgrade on your part.”

    The ETH2 ticker will represent staked ETH ahead of “The Merge”. This ticker will be removed once the PoS transition is completed

  • After Vauld, ZipMex Gets 3 Months Protection from Singapore Court

    One of the leading crypto exchanges, Zipmex, announced that it had obtained protection from any action from creditors from the Singapore High Court for more than three months. Zipmex has applied for 6-month creditors protection to restructure its debt. The 3 month period granted by the court will give it additional time to address liquidity concerns. 

    On July 21, Zipmex halted all cryptocurrency withdrawals. While cryptocurrencies like Solana (SOL), XRP, and ADA withdrawals have resumed. However, popular coins like Bitcoin and Ether are still locked for withdrawals.

  • Amidst confusion, Central Bank of Iran’s Governor Reminded Crypto Trading or Investing Not Legal in Iran

    Governor of the Central Bank of Iran, Ali Salehabadi, in a statement said that the crypto trade or investment is banned and does not intend to make crypto payments legal in Iran. Except for the authorized entities and individuals can mine for any international payments. 

    Iranian companies are legally allowed to make payments for imports in cryptocurrencies. Even, the Islamic Republic of Iran has purchased goods worth $10 million using crypto currencies. 

  • Philippines’s UnionBank Adds Support For Crypto Transaction With New App

    While OTC crypto trading has been available for quite some time, Goldman Sachs, a major US bank, becomes the first bank to trade an over-the-counter crypto transaction. 

    However, the Philippines’ UnionBank, one of the largest banks, announced the launch of a crypto service for its clients. The announcement has made them the first bank to do so.

    According to the Bank, it will allow its customers to buy and sell bitcoin, ether, and other virtual digital assets. Though, the App is available to randomly selected users. 

  • aUSD, Acala’s Stablecoin, Falls 99 Percent After Hackers Issue 1.3 Billion Tokens

    Many wake up to a sudden drop in the price of aUSD from $1 to $0.009. Decentralized finance (DeFi) platform Acala’s native stablecoin, aUSD by  99% after hackers exploited a bug in a protocol’s newly-deployed iBTC-aUSD liquidity pool to mint 1.28 billion tokens.

    Acala team disabled the transfer of the “erroneously minted aUSD” remaining on the Acala parachain. While the hacker’s wallet still has 1.27 billion tokens in wallet. It has been reported that hacker wasn’t the only one to exploit the bug. 

    It is still to be seen what Acala will do to correct the price.