TronWeekly

Crypto World News

You are here: Home / Archives for Aishwarya shashikumar

Aishwarya shashikumar

Ripple CTO’s Heated Face Off With BTC SV Supporter

by

Ripple seems to have been in the news now and then. Sometimes for the right reasons and sometimes for the SEC’s perceived wrong reasons. Yet again, the right and wrong notions of this news are left to the public’s judgment.

Ripple CTO David Schwartz and Bitcoin SV advocate Jerry David Chan recently got into a heated argument on Twitter concerning the accountability of Bitcoin developers.

How The Ripple- BTC SV Debate Began

The debate was sparked by litigation filed by self-described Satoshi Craig Wright against well-known Bitcoiners, which the U.K. Court of Appeals recently found to have strong validity.

Chan said that lawyers should have been contacted before creating the Bitcoin program and that ignorance is not a defense when handling billions of dollars through software. On the other hand, Schwartz argued that the engineers were only defending the code they created through an open and public discussion and that the idea of holding them accountable for participating in a contentious fight was “complete nonsense.”

Schwartz, Ripple CTO, tweeted,

“What you are arguing caused people to be locked out or lose funds is the outcome of a public debate over what code bitcoin nodes should run. This is an attempt to impose liability on people for making particular arguments to the public on an important issue.”

Wright’s lawsuit derives from his assertion that he lost billions of dollars worth of Bitcoin in the Mt. Gox hack and asserts that the developers owe him fiduciary duties under English law. The legal battle has sparked debate regarding the function of judicial decisions and public discourse in the growth of the blockchain community.

Wright’s attempt to utilize the legal system to compel developers to support his cause has been dubbed “vile” and “grotesque” by the Ripple CTO. The case is anticipated to be a significant development in the blockchain ecosystem and might have significant effects on future developer duties.

At the time of writing, XRP was priced at $0.401006 with a hike of 1.0% over the last 24 hours.

Shiba Inu Burn Rate Soars Beyond 10,000%: Here’s What It Could Mean

by

The most popular dog-themed commodity on the bitcoin market made headlines once more. This time, Shiba Inu [SHIB] was in the news for its large increase in burn rate rather than for the presence of shibarium. Over the past several months, the meme token has experienced triple-digit and even four-digit price surges. The asset’s burn rate, however, reached over 10,000% today.

SHIB’s burn rate at the time of writing was 10,129%. The most recent action by Crypto.com has been connected to this sudden rise. In the last 24 hours, the greatest burn of 19,400,000 was recorded by wallet address 0x463…758. According to Etherscan data, the wallet address belongs to Crypto.com, which executed the transaction on February 7, 2023.

Overall, 20,929,491 SHIB tokens were burned throughout the day according to Shibburn. The quantity of Shiba Inu tokens in circulation decreased as a result of the burn, which was fueled by a total of 4 transactions.

Screenshot 238
Source

The price of SHIB is anticipated to rise as burns increase. At the time of publication, the meme token had risen 1.35% on the day and was trading at $0.00001413.

The advent of Shibarium is likely to increase the frequency of burns of this scale in the ecosystem. As long as this continues, Shiba Inu’s price might eventually drop a zero and reach the $0.0001 mark.

Shiba Inu On A High Streak

The Shiba Inu network seemed to be having a terrific day. As of earlier today, there were 1.3 million holders of the meme currency, marking a new milestone. The network’s overall number of unique addresses has been hovering around 1.2 million zones for a while.

Screenshot 239
Source

However, the network now has 1,300,815 addresses in total. There are an additional 14,645 active SHIB addresses in total. The impending launch of Shibarium was widely believed to be the cause of this surge.

Ethereum Gas Spenders Scam Alert: Report

by

The top two gas consumers on the Ethereum network, according to the most recent data from blockchain security company PeckShield, are zero-transfer con artists. To access the victims’ wallets, scammers utilize bogus wallet addresses to coerce users into sending money to these addresses.

It is well known that Ethereum Virtual Machine (EVM) chains are the primary target of zero-transfer scammers. Fraudsters construct fictitious wallet addresses that mirror the genuine addresses of their potential victims. Using a smart contract and the “TransferFrom” feature, they transfer 0 tokens from any wallet. They can deceive unwitting victims in this way by fabricating a phony wallet history with zero transfers.

Users who don’t do their homework can utilize the scammer’s address, putting their money at risk because their wallets are probably compromised. According to PeckShield, scammers who make these zero-token transactions are the biggest spenders on Ethereum.

Users must exercise extreme caution when making blockchain transfers, particularly on the Ethereum network. Before transmitting any money, users should always verify the legitimacy of the wallet addresses they are utilizing. Users can secure their money and stay safe from zero-transfer scams by taking these precautions.

Ethereum, Platform For Stablecoin Testing

In other news, Visa is reportedly testing the use of the stablecoin USDC to accept payments and make payouts on Ethereum. The transactions were “big value settlement payments,” according to Cuy Sheffield, Vice President and Head of Crypto at Visa.

He supposedly stated,

“That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.”

A group of researchers and engineers from Visa have also been analyzing the theoretical underpinnings of several blockchains. Security, scalability, interoperability, privacy, and use cases for various protocols are among the topics of focus.

The business began looking at possibilities for enabling auto payments through Ethereum wallets a few months ago. The industry leader in credit cards published a proposal explaining how customers may set up automated payments in the second part of December 2022. Users were able to take banks and other centralized organizations out of the equation.

North Korea Breaks All Records For Crypto Thefts Of 2022

by

The 2022 bear was already incredibly brutal. However, scams and hacks made matters worse for the bitcoin market. North Korea was busy stealing money from other people’s wallets while the majority of the world was occupied with tracking down CEOs of insolvent companies who were on the run.

The entire world assumed that North Korea had been organizing numerous hacks over the last few years. There have been several prominent hacks associated with the nation. North Korea will steal the most bitcoins in 2022, according to a recent United Nations assessment that Reuters has obtained.

The report further stated,

“[North Korea] used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance, and to steal information of potential value, including to its weapons programmes.”

Hackers with ties to North Korea were found to have targeted the networks of major aerospace and defence companies last year. The nation was successful in stealing digital currency assets worth between $630 million and $1 billion.

The 15-member North Korea sanctions committee also received the report from the sanctions monitors.

Unleashing North Korea’s Tricks Over Crypto Theft

Hackers have been found predominantly targeting bridges during the past year. The worst-hit networks included Harmony’s Horizon Bridge and Ronin Bridge. Bridges seem to have become an easy target for these hackers. There were also other parallels between these hacks. This includes emphasizing Asian-based companies. The difficulty of communication may have caused this pattern.

The fact that these N.Korean hackers work 16-hour shifts starting at six in the morning was also exposed. The hackers are reportedly sent to countries like Russia and China for specialised training in cyberwarfare. Furthermore, even with the cooperation of the FBI and other national security organisations, it would be exceedingly challenging to prosecute these hackers. It is definitely impossible to obtain stolen money in your possession.

Even more recently, a Chainalysis investigation claimed that $3.5 billion had been stolen in bitcoin thefts. Given the enormous costs involved in carrying out these hacks, North Korea is to blame for $1.7 billion of the total.

Here’s The Condition of Super Bowl Cryptocurrency Advertisements

by

Following the collapse of FTX, a few arrangements for cryptocurrency-related Super Bowl advertising fell through, but at least one project is giving away NFTs.
According to reports, viewers of Super Bowl LVII on February 12 between the Philadelphia Eagles and the Kansas City Chiefs won’t see as many advertisements for cryptocurrency businesses as they did in 2022.

Four possible negotiations with crypto firms for advertising in the 2023 Super Bowl worth between $6 to $7 million fell through after the FTX bankruptcy filing in November, according to a story from the Associated Press on February 6. According to Mark Evans, executive vice president of ad sales for Fox Sports, there would be “zero representation” from significant cryptocurrency companies on February 12, when an estimated 100 million people might be watching the football game.

The Infamous Cryptocurrency Exchange FTX

Companies like as FTX, eToro, Crypto.com, and Coinbase debuted commercials during Super Bowl LVI in 2022. Approximately nine months before the company filed for Chapter 11 bankruptcy and former CEO Sam Bankman-Fried was charged with fraud, the FTX advertisement featured comedian Larry David saying,

“Don’t miss out on crypto.”

17004f58bbab2a020947c9a402dec916
Sam Bankman-Fried, Former CEO, FTX

In a subsequent class action lawsuit, it was claimed that David had promoted the cryptocurrency exchange to investors without carrying out any due diligence. Other famous people who have backed cryptocurrencies have come under fire, like Naomi Osaka of the tennis team and Matt Damon of Crypto.com.

Despite the AP report, gaming company Limit Break declared on February 6 that it will show an interactive commercial during Super Bowl LVII in which it intended to distribute dragon-themed nonfungible tokens (NFTs). Instead of a celebrity, the advertisement appears to just have a QR code that viewers can scan.

Following the 2022 market meltdown and the bankruptcy of companies like FTX, Voyager Digital, BlockFi, and Celsius Network, numerous international authorities have targeted cryptocurrency advertisements. According to reports, the US Federal Trade Commission has launched an inquiry into a number of cryptocurrency companies for “potential misbehavior affecting digital assets.” The Central Bank of Ireland’s governor declared in January that he would support legislation that forbade the promotion of cryptocurrency ventures to children and teenagers.

Shiba Inu’s BONE Rises By 22% Along With New Listing

by

Due to the anticipated release of Layer 2 Shibarium, Bone ShibaSwap (BONE) is recording its second big exchange listing in less than two days.

This time, the listing of BONE was announced by XT.com, a Hong Kong-based exchange with a Seychelles registration. Along with four other alternative currencies, Bone ShibaSwap was listed. While trading and deposits were made possible on February 3, BONE withdrawals won’t be possible until February 4 at 7 a.m. UTC.

With support for over 500 cryptocurrencies and 800 trading pairings, XT.com bills itself as the first socially integrated cryptocurrency exchange in the world. BONE made its debut on a significant futures exchange this week. BONE’s listing was announced on February 2 by Bitget, a significant cryptocurrency derivatives market situated in Singapore.

The crypto derivatives trading platform announced a promotion that will run from February 2 through February 12 and give users who deposit BONE a 5% cashback bonus up to $2,000 in BONE as a reward. Additionally, it promised awards for referrals and for individuals who reach a $100 trading volume of BONE/USDT.

The Shiba Inu community has started a change.org petition asking Binance, a leading cryptocurrency market, to include BONE.

Shiba Inu fares Better Than BTC

According to David Gokhshtein, once SHIB starts to move, the other top meme coins will soon follow suit. Floki Inu (FLOKI) and Baby Doge Coin are two additional popular meme coins that are comparable in popularity to SHIB (BabyDoge). Thus, he has declared his support for the second-largest canine cryptocurrency in a string of recent tweets.

David Gokhshtein, the creator of Gokhshtein and a former congressional candidate who later grew interested in cryptocurrencies, recently tweeted his support for Shiba Inu. He stated that the expansion of SHIB, which began earlier today, is responsible for the price increases of all other significant canine coins.

Additionally, he reminded his army of supporters that Shiba Inu has had greater growth than Bitcoin since the beginning of the month. The cost of a Shiba Inu has jumped by almost 35% in February. The rise of Bitcoin was 5.43%. Stop making fun of SHIB, he added.

Here’s how Ripple CTO Congratulated Elon Musk Over His Victory

by

The chief technology officer of the massive Ripple Labs, who has recently been highly active on Twitter, not just on cryptocurrency subjects, issued a tweet that appears to be a congratulations to Elon Musk. The jury in the case brought by the SEC against Musk in 2018 as a result of his “420” Tesla tweet found the tech tycoon not guilty. However, the Ripple CTO’s tweet focuses on XRP rather than Tesla. Schwartz cautions that this tweet is a prank just in case.

Elon Musk received a significant victory after a jury dismissed investor charges that he broke the law when he tweeted in 2018 about possibly taking Tesla Inc. private.

After about two hours of discussion, the nine-person jury reached a decision on Friday afternoon, concluding that the investors who had filed the class-action lawsuit had failed to establish their claims against Mr. Musk or the electric vehicle firm he leads.

Mr. Musk, who had earlier attended court to hear the parties’ closing arguments, was not there when the decision was announced. Later, he tweeted his gratitude for the jury’s unanimous verdict and said,

“Thank goodness, the wisdom of the people has prevailed!”

The issue is related to the Tesla CEO’s tweets from more than four years ago that suggested selling the business.

Before this case got to trial, U.S. District Judge Edward Chen had previously determined that certain of Mr. Musk’s claims about possibly taking the business private were untrue and that the CEO had acted recklessly in making them.

Among other things, jurors were required to evaluate whether Mr. Musk’s tweets were relevant to investors and whether the misrepresentations resulted in damages for investors.

The jury’s foreperson, Robin Cadogan, declared that he wasn’t persuaded by the claims that the tweets were relevant. After the verdict was read, it was reported that Cadogan told the attorneys,

“The overall message, it just didn’t land. There was nothing there to give me an ‘aha’ moment.”

Significant Victory To Ripple’s Ally Over SEC

Ripple’s David Schwartz tweeted his own satirical congratulations to Musk “At $420, I’m buying XRP private. funding arranged.”

It’s important to note that the American securities regulator has started to focus on both Elon Musk and Ripple. In December 2020, the government filed a lawsuit against the San Francisco-based fintech company, charging that it and its co-founder and CEO made billions of dollars selling unregistered securities like XRP to institutional investors.

Now that Elon Musk has been found not guilty in the SEC case, the cryptocurrency community anticipates that Ripple will triumph in court against the securities regulator this year as well.

Binance And WazirX: The Clash Of Crypto Exchanges

by

According to a blog post on Friday, Binance has requested Zanmai Labs, the company running the Indian cryptocurrency exchange WazirX, to negotiate terms for withdrawing any remaining funds stored in Binance wallets.
The answer purports to allay concerns about what would happen to customer funds if Binance and WazirX decided to cancel their partnership.

Binance stated,

“As an exception, we have invited Zanmai to work out arrangements with us to withdraw any remaining assets in the relevant accounts after 3 February. However, the responsibility ultimately lies with the Zanmai team to make the withdrawals expeditiously.”

However, it has been reported that WazirX has not responded yet.

Did Binance Lie About Ownership Disputes At WazirX?

The ownership of WazirX was undisputed in November 2019 after Binance, the largest cryptocurrency exchange in the world by trading volume, announced that it had acquired the Indian exchange in a blog post. Executives from WazirX openly discussed the acquisition. The narrative began to shift, though, when WazirX got into trouble with the Indian authorities last summer. Indian authorities searched WazirX’s Mumbai office in the first few days of August on the theory that the exchange had assisted 16 fintech companies in money laundering.

Binance moved right away to officially disassociate itself from WazirX. The original announcement of the acquisition on the former’s blog was changed to reflect that the deal was “limited to an agreement to purchase specific assets and intellectual property.” Changpeng Zhao (CZ), CEO of Binance, stated in a tweet on August 5 that the company “does not own any equity in Zanmai Labs, the entity operating WazirX.” A representative for CZ’s firm told the local media that the claims that the CZ-led-firm owned WazirX were “lies.”

The ownership of the Indian exchange was the subject of months of public back and forth between WazirX and Binance, during which the latter maintained that the transaction never actually happened. Officials from WazirX said that it did and that they had proof, however, they never released it.

In the early morning hours of January 26, an Indian national holiday, Binance delivered WazirX a letter stating that the Indian exchange must comply with two conditions by the end of the month or face having its service agreement with WazirX terminated by CZ’s exchange by February 3.

First, CZ’s exchange instructed WazirX to repudiate previous claims that CZ’s exchange controlled WazirX by publishing a pre-written “clarificatory statement” that was provided by CZ’s firm. WazirX was also compelled to remove all references to CZ’s firm from its terms of service.

Australian Cryptocurrency Watchdogs’ New Plans To Secure Its Consumers

by

Australia sought to expand the regulations and change the regulatory environment surrounding cryptocurrency. In order to determine which digital assets will be subject to legal regulation, the administration declared that it would publish a consultation paper in the early months of 2023.

According to regulators, the paper’s findings will serve as the foundation for a new “strategic strategy” for the payments system. The government was apparently improving the rules governing bitcoin providers among other things.

In order to regulate the cryptocurrency ecosystem in the country, Australia is reportedly considering giving the securities regulator more resources, including staff.

Australian Cryptocurrency Regulatory Aspects

The Australian Securities & Investments Commission [ASIC] is growing its digital asset team and enforcement measures, according to a statement released by Treasurer Jim Chalmers on Friday. The Australian Competition & Consumer Commission [ACCC] is also intensifying its initiatives to limit bitcoin ransomware schemes.

The declaration made a point of how “more crooks” are looking to get paid using this unique asset type. In 2022, losses associated with cryptocurrency payments reached a total of $221 million.

The government is also trying to change how crypto assets are licensed and kept. The portion of bitcoin assets that are now exempt from the regulatory framework for financial services will continue to get the majority of attention. In his statement, Chalmers said,

“We will establish a set of obligations and operational standards for crypto asset service providers to ensure they adequately safe‑keep assets for customers.“

The agency also made it clear that consultations on the framework’s design for custody and licensing will start “mid-2023.” Additionally, the Australian Treasury has published a consultation paper on token mapping. Which components of the cryptocurrency ecosystem will be regulated will be decided by the same.

The three reasons the government is acting on cryptocurrency are “protecting consumers, protecting our financial system, and cracking down on criminals.”

Finally, the nation is using a “multi-stage method” that consists of three components. To be more precise, they entail enhancing consumer protection, enhancing enforcement, and developing a framework for its token mapping reform.

The treasurer claimed that while the previous administration experimented with cryptocurrency policy, it never took the time to future-proof its regulatory structures. He however added,

“We are acting swiftly and methodically to ensure that consumers are adequately protected and true innovation can flourish.“

SBF’s Bail Plea Conditions Under Negotiation

by

The FTX empire and its creator Sam Bankman-Fried (SBF) fell, and the entire world, along with it, observed it. The former CEO is currently subject to home arrest, which comes with regulations that must be followed. SBF’s lawyers argued against the same and presented the Judge with a new request.

According to a recent court filing, the former FTX CEO hopes to “resolve the lingering concerns” related to his release restrictions. In addition, SBF’s attorney, Mark Cohen, wrote,

“The parties would like to continue these discussions, which we are optimistic will lead to an agreement between the parties in the next few days and eliminate the need for further litigation.”

Judge Lewis Kaplan of the U.S. District Court changed the requirements for SBF’s bail earlier this week. The Judge prohibited the troubled CEO from contacting any FTX or Alameda current or former employees. He was barred from doing so when using Signal and other communications programs. This was carried out in response to the prosecution’s assertion that the former CEO had contact with these staff members, including Ryne Miller, the general counsel for FTX US.

SBF also tried to “provide help” to John Ray, the new CEO of FTX.

SBF To Stay “In Touch With Them”

The most recent court document asks the judge to permit SBF to contact them. pointing out that they were “a crucial source of personal support.” Cohen argued that SBF should speak with George Lerner, an internal therapist at the company.

He earlier got in touch with Miller and told him,

“I would really love to reconnect and see if there’s a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other.”

The Judge might not concur, but it is unlikely that the community would. The deadline for reply papers has now been moved to February 6 as of publication. The oral defense of the bail was postponed until February 9, 2023.