Latest News - Page 33 of 34

Base Network Surpasses 1 Million Daily Active Addresses for the First Time

The Base Network crossed 1 million daily active addresses, creating a significant milestone in the decentralized finance (DeFi) landscape. This is the first time that Base Network has reached this milestone. The milestone signifies the beginning of the next phase in the rapid evolution of Base Network.

Base Network is an Ethereum Layer 2 scaling solution developed by Coinbase. The Base Network is a cost-effective and scalable alternative to the Ethereum mainnet. This has led to the increasing number of daily activities of the Base Network. It shows that interest of users are growing in the Layer 2 solutions. Diverse users are attracted to it due to the high transactions at low fees. From retail traders to investors, are seeking possibilities to capitalize on benefits from Layer 2 technology.

The rise in the activities also depicts the vast uptrend in DeFi. The users are inclined toward decentralized solutions for trading, lending and more. Thus, with the advanced technological platform and support of Coinbase, Base Network has become prominent for the further development of decentralized Finance.

As the Base Network gains more popularity, there are chances of innovations in the DeFi environment. Therefore, the achievement made in the daily active addresses by reaching 1M points to the bright future of Layer 2 solutions in the blockchain market.

Binance Urges U.S. Help as Exec Marks 6 Months in Detention

Binance CEO Richard Teng wants the U. S. to intervene. As, Binance executive Tigran Gambaryan, a former U. S. federal agent, has been in detention in Nigeria for six months. Gambaryan was detained in February 2024 with another employee, the British-Kenyan Nadeem Anjarwalla, at an airport in Abuja. While Anjarwalla was able to escape Nigeria in March this year, Gambaryan is still incarcerated with his situation becoming worse.

Teng states that Gambaryan has many health problems such as a slipped disc and is bedridden most of the time. Despite the state of his health, Nigerian authorities have refused to provide him the medical attention. Legal warrants for his medical records, as well as humane treatment, have also been violated by the court.

Teng is appealing to the U. S. government quoting humanitarian reasons to consider Gambaryan in the list of unlawfully detained citizens. He continued to argue that the detention is not warranted.As, Binance has resolved legal matters in other jurisdictions without force.

As stated at the office of Gambaryan’s family, his attorneys have been prevented from seeing him since July 25, 2015. Although they were only allowed to visit him on August 15, 2015 briefly. This has made it difficult for the team to prepare for his trial, a situation that is unfavorable according to the Nigerian law.

While Gambaryan remains detained, Binance is urging the U. S. authorities and the international organizations to act and free the man.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

SEC Charges Brothers in $60M Crypto Ponzi Scheme

The U.S. Securities and Exchange Commission(SEC) charged brothers Jonathan and Tanner Adam with running a $60 million Ponzi scheme using sham crypto trading bots. The scam affected nearly 80 investors who invested in the said company.

He and Tanner conducted their business through two firms namely GCZ Global LLC and Triten Financial Group LLC. They vowed to help investors earn big profits by employing use of automated crypto bot to hunt for revenue making opportunities. However, the cooperatives utilized the money on personal expenses and for to pay others who had invested in the scheme, which is characteristic to a Ponzi scheme.

The scheme was between January 2023 and June 2024. The brothers tendered themselves that they would give the investors a 13. 5% monthly return rates of their investment. They said that they were using the money to fund smart contracts as well as arbitrage trades. However the SEC was to discover that there was no such thing as a trading pool. The investors’ capital was embezzled thus used to cater for personal needs.

In its complaint, the SEC said that Jonathan Adam, who previously had securities fraud convictions. He deceived customers through providing fake credentials. The scam raised $61. 5 million. Of this, $53,The staff spent $9m on compensations and stole US$2m. They utilized the cash to buy a condominium in Miami worth $30m, a house in Texas worth $1.8m, and $480 000 on cars and other luxuries.

They left $400,000 in the accounts yet spent the big deal of the funds. From this result, it is clearly seen that they did not use the money as stated. Also, they invested the money but did not protect it.

It shows that the occurrence of crypto scams is becoming higher with the expanding of trading in cryptocurrencies. The SEC’s actions prove that there is a need to introduce higher standards in the crypto industry as a way of safeguarding investors from con artists.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

Shiba Inu to Launch DAO, Empowering Token Holders

Shiba Inu has a new decentralized autonomous organization (DAO) on the horizon that puts it in a different league. This step might bring the token holders in the company more influence in the direction of the project.

They will also be able to govern the DAO hence participate in the decision making of Shiba Inu. This would make it a part of Shibarium ecosystem which would consist of tokens like BONE and LEASH. It is not clear when precisely the concept of the DAO will release.

Shiba Inu coin emerged from the meme coin population but has since expanded to become a project. Now it has its own decentralized exchange, the blockchain, and such service as liquidity mining. It is thus seen as a means of extending more decentralisation of the community in the operations of the new DAO.

The DAO is to comprise of two central councils. Charity Council’s primary goal will be the further promotion of the token and the development of supporting initiatives in the field of charity. Therefore, the Culture & Heritage Council will engage in their efforts to protect the community ad maintain Shiba Inu’s fundamentals.

The DAO is expected to increase the utility and use cases of the token as well as provide means for every holder to shape its future. It could help Shiba Inu to build a better stance in the saturated world of cryptocurrencies.

In total, the DAO is another step in the development of Shiba Inu from the status of a meme coin to a much more worthy and useful project involving its users.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

$69 Million Ethereum Transfer Sparks Market Speculation

With a significant development in cryptocurrency, investors and analysts are looking deeply into the major crypto exchange. The recent transer of Ethereum (ETH) $69 million to a Crypto exchange prompts investors and analysts to look deeper . This move led to great speculation on the possible leads to conducting such a transfer, and the possibilities of thereby affecting the Ethereum market.

The transfer involved about 41,000 ETH, which was equivalent to about $69 million at the time of the exchange. An anonymous address transferred the money to one of the largest cryptocurrency exchange platforms. The large transaction suggests that the market is changing or that something big is about to happen. The transfer will be a highlight as big transactions could become major prompts for shifts in the market.

The motive for the transfer is still unclear. This has developed many hypotheses in the cryptosphere. Some have also suggested that the transfer may well to a sale, meaning a temporary decline in the price of Ethereum. Some even identify t with transactions institutional investors, which might be shifting their money for tactical holdings. This is supposed to undertake certain positions, or otherwise for the following market segments.

Ethereum, the second-largest cryptocurrency by market capitalization has been experiencing stability in the past few weeks. Nevertheless, such large transactions as a measure lead to volatility in the market based on the later activities that are carried out.

However, effects of the $69 million transfer will be in the market very soon. This may be an alert to investors to keep an eye on the potential effects of the decision on Ethereum’s short-term and long-term performance.

Russia to Start Crypto Payment Trials Next Week

Russia targets to introduce trials of crypto for payments next week. Thus, seeks ways of dealing with the barriers that involve sanctions. The trials will begin on September 1, and the regulators will establish whether the crypto exchanges. The tokens’ transactions will serve as effective cross-border payment tools.

During these trials, the exchange of Russian rubles with the cryptocurrencies will facilitate through the National Payment Card System. It comes in the wake of new legislation that allows crypto mining. It sets out circumstances for employing distributed digital assets as instruments of foreign transactions, all supervised by the central bank.

The difficulties connected with the current sanctions and linked punishments influence more and more Russian businesses in international payments. Permanent metal producers in Russia have already included stablecoins in the performance of transactions with China as traditional payment options are limited.

Besides the trials, Russia intends to open at least two Internal Crypto Exchanges on its territory. One exchange may develop based on the infrastructure of SPIMEX, while the other might locate in Moscow.

Developed by the central bank of Russia in 2014, the National Payment Card System supports Mir together with interbank systems. That is why trials were conducted using it, since it already has a developed infrastructure.

If successful, the trials could pave way for more cryptos in the Moscow Exchange and the St. Petersburg Currency Exchange next year. The experiment will allow using various current cryptocurrencies as a mechanism for payment.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

Bitcoin Adoption Soars in Singapore Amid Tech Boom

Singapore has seen a rise in the use of Bitcoin due of the popularity and fame of the Bitcoin. The rate of Bitcoin users in the country has increased, signifying people’s growing interest in cryptocurrencies, specially Bitcoin.

Among the countries where the Bitcoin rate has increased most of all, Singapore is one. Singapore has a high-level technical development and the advanced financial system has attracted Bitcoin adoption. Bitcoin provides high returns of the investment, hence, many have shown interest in investing in Bitcoin.

In Singapore, people are familiar with the digital finances. Likewise, the advancements in technology is growing in the country. If there’s a supportive legislation, bodies working on Crypto, can be fruitful for Bitcoin, making it an asset. This can not just limited to individuals but businesses and other financial firms are incorporating Bitcoin into their organizations. Other crypto platforms also have a potential of generating new users

Looking at the current trend in Singapore, it is evident that Bitcoin is slowly but surely making its way into the domain of financial technologies in the country. This shows the expansion of money such as currency which comes as a result of embracing changes in the world of finance through the innovation of bitcoin.

Vitalik Buterin Defends Ethereum’s DeFi Stance Amid Criticism

During the recent critique of Ethereum, one of its co-founders-Vitalik Buterin-took very active part in the debate. The debate was for “not caring” about decentralized finance. It started when Kain Warwick, the founder of yield farming, aired his bitterness on a talk show. Warwick said that Buterin’s comments were self-centered on the place of DeFi in Ethereum. Also, the Ethereum Foundation not developing the sector.

For this, Buterin made an attempt to put up some clarity with a post that he made on social media. He supported DeFi that comprises of decentralized exchange and stable coins like RAI. However, he also ridiculed some, like the 2021 frenzy of liquidity farming, saying it cannot be long-term sustainable.

Buterin was clear on his part that the DeFi is important but it should be in coherence. It should be conformity with Ethereum’s core values of decentralization and permissionless. He emphasised that DeFi must be ‘use the case’ and ‘stick around’.

This debate also arises because, quite recently, the Ethereum Foundation transacted 35,000 Ether, worth approximately $96 million, thereby triggering several discussions about the treasury management activities of EF.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

Bitcoin Rally Creates New Crypto Billionaires

In the recent times, the price of Bitcoin has gone up significantly higher, generating many billionaires from the cryptocurrency industry. The remarkable performance of Bitcoin has developed interest and exploration in the financial community.

The most important fact is that Bitcoin has been fantastic in its recent past by touching heights that it has not seen for years. This increase has brought several new billionaires. They started early on as investors and important players in the blockchain and cryptocurrency industry. The rise is a result of various factors. This has increased the public’s awareness of Bitcoin. Bitcoin can be used as a protection against inflation and the growth in knowledge in the field of blockchain.

The newer billionaires in Bitcoin are those who recognized the potential in the early days. Large investors have come important stakeholders in the fast-growing cryptocurrency market.

The Bitcoin rally is also evidence that it is being accepted as an actual financial asset. Such buying trends indicate the overall acceptability of digital currency. Credibility is build when such prominent institutions and large corporations are including Bitcoin in their investment balance sheet. This will bring rise in Bitcoin market.

This latest surge Bitcoin’s constant development. Also, there is a poosibility of other cryptocurrencies as an influential force in global finance. So as the rally goes, it will be interesting to know how these new billionaires will be deploying their new might in the future of digital finances.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

Trump Promises Pro-Crypto Policies if Re-Elected in 2024

Former President, of the USA, Donald Trump is willing to support crypto if he gets elected as the president again in 2024. Trump has started to incorporate digital currencies into the American financial systems, positioning America as a global leader in blockchain.

It seems quite shocking that despite constant criticism of bitcoins and other cryptocurrencies, Trump has shifted to a new position. Earlier, he made comments like Bitcoin and other cryptocurrencies as ‘not money’. However, due to the increasing demand for blockchain and digital assets, it seems like he has changed his mind. In the latest address, Trump recognized the importance of cryptocurrencies in global finances and decided to promote the sector’s development.

Trump outlined a vision for a pro-crypto administration to encourage more innovation along with providing clarity. He said that he would make America the best place in the world to invest and innovate in crypto. He also advocated for a modern American financial system that embraces the future.

Trump’s plan also involves creating a national task force to come up with a unified regulation framework for cryptocurrencies. The aim is to protect the consumers and maintain operations stability while keeping on supporting technological advancements. Trump also discussed tax incentives for crypto businesses and investors, to attract more talents and investments to the U.S.

The statement has received a mixed reaction. To some, Trump’s pledge could be a political advantage for the industry, to others, given his past criticism of its lack of clarity regarding the regulation of cryptocurrencies in the U.S.

Many known figures in the crypto have provided their response to Trump’s announcement. CEO of MicroStrategy, an advocate of Bitcoin, Michael Saylor found the promise encouraging as well as unsure. He stated that if he supports cryptocurrencies, it can bring stability to the industry.

Critics also argue that Trump’s sudden willingness towards crypto is for political expediency. Some criticize that his promise comes at a time when other countries like El Salvador are already making progress in initiating crypto assets into their economies.

Trump will probably support crypto encountering challenges during the execution of his plan. The overall legal framework of cryptocurrencies in the USA is still incoherent and fragmented with the overlaps of the federal agencies’ jurisdictions on the cryptocurrency market. Also, Trump’s previous positions such as on CBDCs and the Federal Reserve, may mean that achieving a clear strategy on cryptocurrency policy will be challenging.

Trump is keen to become president again in the forthcoming 2024 election and his assurance to advocate for cryptocurrency has breathed new life into the fight for the future of digital currencies in the United States of America. Only time will tell whether what Trump has said will translate into a reality for the bookings of his hotel.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.