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Solana Phone Initial Distribution Complete, Hints at BONK Burns

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The first customers have received the Saga model, the first batch of Solana phones. It is an entirely Android-compatible smartphone with extra features for interacting with the Solana blockchain, as was to be expected.

Having said that, it’s possible that Saga will go above and beyond what has already been announced in regard to BONK, which the official SOL Mobile account has suggested might be burned.

Will Solana incorporate BONK Inu burns?

The official Twitter account has also made hints about the potential to buy Saga in exchange for a meme token, in addition to the potential to burn the Bonk Inu token using Solana’s phone features.

A new meme coin called Bonk Inu (BONK) is a sort of Solana-based successor to Shiba Inu (SHIB) and Dogecoin (DOGE). Even though the hype surrounding it only recently increased, the token has already increased by 5.351%. 

Numerous Solana-based projects and even official blockchain accounts are actively promoting it at the same time. BONK has a monstrously enormous token supply of 99.185 trillion, just like Shiba Inu. Similar to SHIB, it is suggested to burn the Bonk Inu token to lower the number of zeros.

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Solana Phone Initial Distribution Complete, Hints at BONK Burns 2

Over half of the 815 billion BONKs burned to date were intended for the DeGods team, Solana’s most well-known NFT collection. However, the Bonk Inu team retaliated by setting fire to their BONKs after the DeGods team left their blockchain after failing to reach an agreement with SOL.

On January 4, WU Blockchain reported that the well-known Meme token BONK had overtaken USDC and SOL as the token with the ecosystem’s highest 24-hour trading volume.

BONK is a decentralized cryptocurrency that was developed for and by the SOL community. The community received a 50% airdrop of the cryptocurrency’s total supply.

According to Bonk’s one-pager, the project’s developers were dissatisfied with “Alameda’s” toxic tokenomics and desired to develop a more welcoming and enjoyable meme coin where everyone would have an equal chance to participate.

LastPass Breach Causes Theft of $53K Bitcoin According to Lawsuit

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A class action lawsuit has been filed against the password management service LastPass as a result of a data breach in August 2022.

The class action was filed on January 3 with the U.S. District Court of Massachusetts by a plaintiff only known as “John Doe” on behalf of every party who was in a comparable circumstance.

It asserts that a LastPass data breach resulted in the theft of bitcoin worth about $53,000.

LastPass breach causes BTC theft

In accordance with the LastPass “best practices,” the plaintiff claimed he started amassing bitcoin in July 2022 and updated his master password to include more than 12 characters using a password generator.

To facilitate the storage of private keys in the ostensibly secure LastPass user vault, this was done.

As soon as the plaintiff became aware of the data breach, he immediately deleted his personal information from his customer vault. LastPass was compromised in August 2022, according to a statement from the business in December, and the attacker stole encrypted passwords and other information.

“However, on or around Thanksgiving weekend of 2022, Plaintiff’s Bitcoin was stolen using the private keys he stored with Defendant [LastPass].” “The LastPass Data Breach has, through no fault of his own, exposed him to the theft of his Bitcoin and exposed him to continued risk.”

Lawsuit stated

According to the lawsuit, victims now face a significantly higher risk of future fraud and misuse of their personal information, which could take years to manifest, discover, and detect.

It is charged with carelessness, breach of contract, unjust enrichment, and breach of fiduciary duty; however, the number of damages sought was not stated.

Graham Cluley, a cybersecurity expert, claims that the unencrypted data stolen from password vaults includes company names, user names, billing addresses, phone numbers, email addresses, IP addresses, and website URLs.

In December, the password manager acknowledged that if users had weak Master Passwords, attackers might be able to decrypt vaults using brute force to try and guess the weak password.

Indonesia Plans to Create a National Crypto Exchange, Says Report

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According to reports, Indonesia will establish a cryptocurrency exchange in 2023 as part of its reform of the laws governing cryptocurrencies. Prior to the transfer of regulatory authority from the commodities authority to the securities authority, the platform is scheduled to launch.

A cryptocurrency exchange should be established this year, according to Didid Noordiatmoko, the head of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), who made this statement on January 4. The action is a part of a larger financial reform initiative that was started in December 2022.

According to the reform, the Financial Services Authority will take over cryptocurrency regulation within the next two years from Bappebti, an organization that focuses on commodities (FSA).

Indonesia’s crypto exchange likely to surface in 2023

The Financial Sector Development and Reinforcement bill (P2SK), which will serve as the main legal framework for the financial services industry, was approved by the Indonesian House of Representatives on December 15.

Suminto Sastrosuwito, the director of financing and risk management at the national finance ministry, provided the following justification for the authority transfer from Bappebti to the FSA, which was made official by the bill:

Starting in 2017, Indonesia put a complete ban on cryptocurrency payments, though the country has largely allowed the trading of digital assets. Noordiatmoko revealed in the first few days of January that in 2022, the value of cryptocurrency transactions in the nation decreased by half, from 859.4 trillion Indonesian rupiahs ($55 million) to 296.66 trillion ($19 million).

The conceptual design of a digital rupiah, the equivalent of the nation’s fiat currency, was released for public discussion in December, according to Bank of Indonesia Governor Perry Warjiyo.

Even though the cryptocurrency market saw a decline in activity last year, new investors are still pouring money into it. In the first eleven months of the year, there were 16 million cryptocurrency investors in Indonesia, up from 11.2 million at the end of 2021. During that time, trading value decreased from the 859 trillion rupiah seen the year before to about 300 trillion rupiah ($19.2 billion).

There are presently 383 crypto assets and 10 local coins available for trading in Indonesia, with an additional 151 assets and 10 local coins being assessed by Bappebti.

Shiba Inu Holders are Inching Towards All-time High as 2023 Begins

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Shiba Inu token holders have once more surpassed the 1.275 million address mark, according to Etherscan, following a significant drop in the final week of November. Thus, the number starts to climb again toward the 3.1 million nonzero addresses that it reached most recently.

Shiba Inu’s appeal, or rather its current price, can be seen as reviving just by looking at the shift in the number of Shiba Inu token owners. It will be interesting to learn how many SHIB holders are still profiting from the asset in this context, especially given that its price has dropped by more than 75% over the course of the year. Recall that the price of the Shiba Inu token is $0.0000082 per SHIB at the moment.

How many Shiba Inu holders are in profit?

Only 13% of addresses with a “nonzero” SHIB balance are presently in profit, according to IntoTheBlock. There are 166,030 of them, of which 38,200 received SHIB at the token’s launch and the remaining 80,000 bought it at prices lower than the going rate. These addresses have a combined balance of 50.73 trillion SHIB, or just under 10% of the token’s total supply.

In other news, the Shiba Inu burn game has been on the higher side. The SHIB army is trying to burn as many of these meme coins at the beginning of 2023 as they can, and according to the Shibburn tracking service, they have managed to get rid of yet another large lump of Shiba Inu. Between one hundred and two hundred SHIB have now been taken out of circulation for the third day in a row.

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Shiba Inu Holders are Inching Towards All-time High as 2023 Begins 4

Shibburn recently tweeted that a total of 182,339,090 meme coins had been sent to dead-end wallets over the course of the previous 24 hours, making it impossible to make purchases or receive any kind of withdrawal.

Only $1,487 worth of SHIB is contained in this amount. Nevertheless, this appears to be a significant accomplishment for the SHIB army considering that during the last three to four months of 2022, sums this large were infrequently burned, and they frequently did so over the course of a week as opposed to a single day.

According to information on the Shibburn website, the two largest portions of Shiba Inu burned over the past 24 hours contained 73,996,550 meme coins (burned 16 hours ago) and 56,434,834 SHIB (removed 14 hours ago).

Australia Sets up First Lightning Network Enabled Bitcoin ATM

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The first Bitcoin ATM with built-in Lightning network capabilities is located in Coolangatta, Australia. The public can now use the new ATM, which has been installed at The Strand shopping center in Coolangatta.

A Bitcoin Lightning ATM functions very similarly to a traditional Bitcoin ATM, but it saves a lot of time thanks to layer-2 Lightning’s instant transaction capabilities. Additionally, it enables the acquisition of very small quantities of BTC, typically in Satoshi (sats), the smallest unit of measure for Bitcoin, where one satoshi is equivalent to 0.00000001 BT.

At the moment, blockchain transactions are settled directly by cryptocurrency ATMs. This has its own limitations. For instance, when miner fees on the Bitcoin network increased, operators had to adjust the batching of transactions.

In actuality, this means that even though a user buys bitcoin using an ATM, it isn’t sent to them right away. Before clustering and sending out transactions to multiple users at once in one bulk transaction, the operator has steps in place that queue up for other ATM network users to use the machines. A Lightning network could significantly help with this issue’s resolution.

Because the operator does not have to batch the funds when using Lightning, the transaction is immediate. As quickly as cash is inserted, the user is paid using the Lightning network. Although it is still unclear whether the fees would be significantly decreased, they are most likely to be less than an on-chain payment.

Australia dethroned El Salvador in terms of Bitcoin ATMs

Australia recently put in a Lightning-enabled Bitcoin ATM, passing El Salvador to become the fourth-largest Bitcoin ATM hub in the world. In Australia, there will be 216 ATMs by 2023. 6,071 of the 38,602 crypto ATMs currently in use around the world were installed in 2022.

In terms of the overall number of crypto ATM installations, El Salvador, the first country to legalize Bitcoin, has fallen yet another spot as Australia reports 216 ATMs as 2023 is here.

President Nayib Bukele decided to set up more than 200 cryptocurrency ATMs across El Salvador as part of his effort to make Bitcoin a recognized form of currency. After the US and Canada at the time, this move made El Salvador the third-largest hub for crypto ATMs in September 2021; however, in 2022, Spain and Australia passed El Salvador in terms of ATM density.

Gemini Users Filed Class Action Lawsuit Against Genesis and Digital Currency Group

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In response to Genesis Global Capital and Digital Currency Group freezing withdrawals and Gemini suspending its Earn redemption program, three Gemini Earn users have requested class action arbitration against them.

A class-action lawsuit is frequently viewed as an alternative to class-action arbitration, a process for resolving disputes between parties by a neutral third-party arbitrator. The arbitration process is typically informal and voluntary.

However, the arbitrator’s decision is final and cannot be challenged, so it may go more quickly and cheaply than a class-action lawsuit.

Gemini users claim that Genesis failed to return digital assets

According to the claimants, Genesis failed to return their digital assets as well as those of all other Gemini Earn users as required by the Master Agreements between the company and users.

They argue that Genesis first broke the Master Agreement when it failed to inform its customers of the company’s bankruptcy in the summer of 2022.

Then, according to their allegations, Genesis engaged in a fraudulent transaction with its parent company, DCG, to conceal its insolvency. Specifically, they say Genesis exchanged its right to recoup $2.3 billion owed to it by the now-insolvent hedge fund Three Arrows Capital for a promissory note with a 2033 due date for a note with a $1.1 billion principal.

The group also argues that Genesis’ Master Agreement effectively results in unregistered securities sales, and they are requesting the cancellation of the sale contracts as well as compensation for their losses.

Investors Brendan Picha and Max J. Hastings also filed a class action lawsuit against Gemini in late December, alleging that the exchange sold unregistered securities through its Earn program.

The plans to resume Genesis withdrawals caused a Twitter argument between DCG CEO Barry Silbert and Gemini co-founder Cameron Winklevoss late on Monday. Winklevoss accused Silbert of using “bad faith stall tactics.”

Winklevoss asserts that Genesis and DCG owe Gemini and its clients $900 million, and he gave Silbert until January 8 to publicly commit to resolving this matter.

Lido Now Ranked With the Highest TVL in DeFi

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Protocol for liquid staking Lido Finance appears to have benefited the most from the September Ethereum merge, with its total value locked (TVL) now ranking first along with several other decentralized finance (DeFi) protocols.

In comparison to MakerDAO’s $5.89 billion and AAVE’s $3.7 billion in TVL, Lido’s liquid staking protocol currently commands $5.9 billion in TVL, according to data from DeFiLlama.

Lido reigns in TVL

As of January 2, $5.8 billion worth of ether was staked, according to its website. Around $23.2 million was bet on Solana, $43.9 million on Polygon MATIC, $11 million on Polkadot, and $2.2 million on Kusama at the same time.

Users can access liquid Ether staking with Lido’s model without committing to the customary 32 ETH minimum.

Since Ethereum switched to proof-of-stake, staking solutions like these have been in high demand, according to blockchain data analytics from Nansen in December.

The Merge’s introduction of staked ETH as a yield-bearing instrument that is completely native to cryptocurrencies was highlighted in its report, and it has since outperformed other collateralized yield-bearing services.

Due to the fact that Lido sends received ether to the staking protocol, its fee revenue has been directly proportional to Ethereum Proof-of-stake (PoS) earnings.

In November 2022, Lido claimed that since October 2022, it has been bringing in $1 million per day in fees.

According to a Messari statement in September 2022, the MakerDAO, which oversees the Maker protocol, saw its revenue fall to just over $4 million in Q3, an 86% decrease from the previous quarter. The decline was attributed to a lack of liquidations and weak loan demand.

According to Nansen in September, Lido held 31% of the ETH that was staked among DeFi during that same month, which is a significant amount when compared to major cryptocurrency exchanges Coinbase and Kraken, which each held 15% and 8.5%.

Charles Hoskinson Drops a Tweet on Recent Misinformation About Cardano

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Charles Hoskinson, the creator of Cardano, recently made fun of the “misinformation” that was pervasive in Reddit threads about Cardano’s computing layer (CL) and settlement layer (SL).

According to Charles Hoskinson, sidechains are the actualization of Cardano’s envisioned CL. He urged those who were spreading this false information to “start eating paint chips again.”

Charles Hoskinson went against the Reddit users

Awhodothey, a Reddit user who criticized a recent Cardano report created by blockchain company Messari, was probably the target of Hoskinson’s rage.

Awhodothey recently provided a very thorough debunking of a quote from the report. According to the report, “Cardano split the functions of computation and settlement into separate layers and developed Ouroboros Classic as its first PoS consensus mechanism.”

In response, Awhodothey stated that although Hoskinson had stated they would develop a separate computational layer, this never actually transpired.

Awhodothey also emphasized that none of the Cardano smart contract creators have yet succeeded in creating a decentralized smart contract with their own off-chain consensus mechanisms. “All they have so far is centralized apps or very simple decentralized txs,” the user writes as a conclusion to his comment.

Despite Cardano’s (ADA) poor performance in comparison to its price in 2022, the smart contract platform saw a number of improvements. Vasil was introduced at Cardano in September to increase the cryptocurrency’s scalability.

This is because more non-fungible token (NFTs) projects appeared on the cryptocurrency market after the introduction of smart contracts, decentralized applications, and NFTs. 

Scalability is therefore required for developments to be capable of standing out and for the altcoin to be a strong rival for ETH in order to prevent Cardano from making the same mistakes as blockchains from earlier generations.

Mike Alfred, a value investor, and wealth manager, recently responded to a tweet from a user going by the handle “ADA whale” on Twitter with his opinion on when the dramatic price decline of Cardano’s ADA and other cryptocurrencies in the market is likely to end.

The price movement of cryptocurrencies in the current bear market, according to user ADA Whale, was bizarre. He acknowledged that “inorganic and nefarious activities by certain exchanges” had a significant impact on this, clearly alluding to FTX’s demise at the beginning of November.

California Release Warning of 17 Fraudulent Crypto Websites

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Over the course of two days, the California Department of Financial Protection and Innovation (DFPI) has issued 17 different warnings to cryptocurrency brokers and websites it believes to be fraudulent.

Among the companies on California’s list are, to name a few, Tahoe Digital Exchange, TeleTrade Options, Tony Alin Trading Firm, Hekamenltd/Tosal Markets Limited, Trade 1960, Yong Ying Global Investment Company Limited, Unison FX, VoyanX.com, ZC Exchange.

Additionally, eth-Wintermute.net and UniSwap LLC are two imitation websites impersonating two well-known names in the cryptocurrency industry.

California is looking out for its crypto community

The DFPI’s consumer alert page currently lists 17 alerts from the days of December 27 and 28 warning that these businesses “appear to be engaged in fraud against California consumers.”

The DFPI rarely posts so many alerts at once, indicating that the number of reports of cryptocurrency scams may have increased in the final months of the year. Occasionally, the DFPI will post alerts about company investigations or alerts about specific incidents.

The DFPI last issued such a significant number of crypto scam alerts on June 15, when it raised the red flag over 26 suspect crypto platforms.

The warnings were issued in response to citizen complaints about the brokers and websites; according to the DFPI, the complainants claimed to have lost anywhere from $2,000 to as much as $1.2 million in some instances. However, the DFPI only claims that these websites “appears to be engaged in fraud.”

The majority of these alerts claim that pig-slaughtering scams, in which a person or group creates a false online identity to forge relationships or friendships on social media, messaging services, and dating apps, are a common occurrence.

In a romance or pig slaughter scam, the con artist would typically spend weeks or months cultivating the fictitious family to win the victim’s trust before gradually changing the subject to investments and luring them in with investment “opportunities” that are frequently too good to be true.

The ultimate goal is to convince the victim to invest in cryptocurrency either by sending money to a dubious wallet address or through a copycat website, like UniSwap LLC and eth-Wintermute.net in this case.

Gemini and Winklevoss Twins Sued by Investors

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Investors have filed a lawsuit against Gemini Trust Co. and its founders, Tyler and Cameron Winklevoss, claiming that the cryptocurrency asset exchange sold interest-bearing accounts without properly registering them as securities.

In a proposed class-action complaint submitted on Tuesday in federal court in Manhattan, the investors charged the business and its founders with fraud and violations of the Exchange Act.

Gemini halted its redemptions in November

Investors were drawn to Gemini Trust Earn products because they offered the chance to earn up to 8% interest on their holdings. However, in the middle of November, Tyler and Cameron Winklevoss abruptly stopped accepting redemptions after a significant partner, Genesis Global, got caught up in the crypto contagion brought on by Sam Bankman-FTX Fried’s implosion.

The investors claimed in their complaint that Gemini “refused to honor any more investor redemptions, effectively wiping out all investors who still had holdings in the program.” The investors claimed that if the products had been registered, they would have received disclosures that would have improved their ability to evaluate the risks.

In response to a comment request sent via email after regular business hours, Gemini took some time to respond.

The company stated on Dec. 23 that it is working with “utmost urgency” to address Genesis’ liquidity problems and that “we will continue to work on your behalf around the clock through the holidays.”

Earlier, an identified NFT buyer reportedly filed a putative class action lawsuit against Gemini and its subsidiary Nifty Gateway on December 13 in order to seek compensation after losing millions on the NFT project, according to a Law360 report that day.

The plaintiff has filed a lawsuit against Gemini and Nifty Gateway through his law firm, Herman Jones, alleging that they sold unregistered securities to novice investors under the guise of NFTs.

Additionally, according to the plaintiff, Gemini and its Nifty Gateway failed to disclose the nature and risk of digital collectibles. Following the recent bear market, which caused many digital assets to lose more than 70% of their value, the plaintiff now has million.