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Vignesh Karunanidhi

Binance and Bahrain’s EazyPay Join Hands To Expand Crypto Payments

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Binance is expanding into the Middle East. EazyPay, located in Bahrain, has teamed up with Binance Pay to introduce the first regulated and authorized cryptocurrency payment service in the Kingdom.

Nayef Tawfiq Al Alawi, the founder, MD, and CEO of Eazy Financial Services revealed in a LinkedIn post that customers may now use the Binance App to pay in stores using any chosen cryptocurrency.

A Bahraini financial institution called “EazyPay” specializes in online payment gateways and point-of-sale (POS) systems. The Central Bank of Bahrain issues licenses and regulates the purchase of services.

Customers can use Binance Pay in over 5,000 terminals

In the Kingdom of Bahrain, the firm will be able to accept cryptocurrency payments using “Binance Pay” as opposed to “EazyPay” on more than 5000 point-of-sale (POS) terminals.

In keeping with its ongoing efforts to deepen its interactions with both merchants and customers as part of its engaged innovative strategy, EazyPay has formed a strategic partnership with CZ’s exchange to introduce cryptocurrency payments using the Binance app.

This expansion of its acceptance product portfolio with the most cutting-edge and innovative payment method in the Kingdom of Bahrain complements EazyPay’s ongoing efforts to strengthen those relationships.

Customers can pay at merchants’ stores in “Real-Time” with crypto by merely scanning the generated QR from Eazy’s POS using the App and paying with their preferred cryptocurrency.

Merchants like Lulu Hypermarket, Sharaf DG, and Al Zain Jewelry as well as local favorites like Jasmi’s will be able to accept 70+ cryptocurrencies from “Binance Pay” customers thanks to “EazyPay.”

The collaboration between the exchange and EazyPay, which is once again a tribute to Bahrain’s advanced regulatory environment and banking structure, is founded on a shared aim to simplify product offerings for merchants and customers using best-in-class technology.

“Our strategic partnership between “EazyPay” and “Binance” is a historic regional & local milestone for both companies in the payment field. And Thanking the Central Bank of Bahrain for their support towards launching this product, which empowered Eazy to provide its valued merchants & customers with competitive and innovative payment services, which cements Eazy’s position as the leading POS & Online payment gateway provider in the Kingdom of Bahrain.”

Nayef Tawfiq Al Alawi, CEO of Eazy Financial Services

Here’s why Kraken CEO Jesse Powell is stepping down as CEO

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Jesse Powell, the CEO of Kraken, resigns from his post. After more than 11 years in the role, Powell announced that he was stepping down as CEO. He declared that he wanted to devote more time to the company’s other services and serve as an advocate for the sector.

Chief operating officer Dave Ripley, who has been a part of the cryptocurrency exchange since 2016, will follow Jesse Powell as CEO. A change in leadership will take place over the next few months when a replacement for Ripley as COO is recruited.

Kraken’s Powell intends to take a break

In light of Powell’s ascent to the new leadership role, Ripley said that his objectives were “in lockstep” with Powell’s. Powell allegedly stated that the expansion of Kraken was the reason for his decision to back off, saying, “It’s simply gotten to be more exhausting on me, less fun.” He continued by saying that he still intended “to be highly active with the firm.”

“As the company has gotten bigger, it’s just gotten to be more draining on me, less fun. I still plan to stay very engaged with the company as the largest shareholder and member of the board.”

Jesse Powell spoke in a video interview

Since 2011, Powell has served as Kraken’s CEO. Powell guided the American platform through the early days of the cryptocurrency industry. Kraken was fined a $1.25 million penalty by the U.S. Commodity Futures Trading Commission in 2021 for failing to register as a futures commission merchant.  Powell said in April that Kraken will close its world headquarters in the heart of San Francisco.

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Here's why Kraken CEO Jesse Powell is stepping down as CEO 2

Powell said that he informed the board of his decision more than a year prior, and the business finally chose Ripley after considering its options. Additionally, Ripley said he was keen to move forward with the Kraken mission.

Over time, Kraken grew to become one of the largest US bitcoin exchanges. In a discussion with Bloomberg last month, Powell stated that he would never wager against bitcoin. Additionally, Jesse provided his forecasts for the cryptocurrency sector through the year 2021. With Powell stepping down, Ripley will take over the position and continue its operations.

Reports Suggest That FTX Is Raising $1 Billion to Ramp up Acquisitions

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FTX is trying to ramp up its expansion and acquisition spree. According to reports, Sam-Bankman Fried’s cryptocurrency exchange FTX is in discussions with potential investors to acquire $1 billion in fresh cash as it seeks to use the additional funds for financial acquisitions during the down market.

The discussions are still ongoing, and the specifics might yet alter, according to a report from CNBC on September 21 that cites persons familiar with the situation. The fundraising amount would maintain the FTX’s existing worth of almost $32 billion if it turned out to be genuine.

In addition to the $400 million raised in January, the prospective $1 billion investment round might indicate significant investor confidence in the company despite the industry’s protracted crypto winter.

FTX to expand its acquisition game

Some of the fresh funds will reportedly be used for additional dealing in the cryptocurrency field, according to unnamed sources. This is not surprising considering how active FTX and SBF’s quantitative research company Alamada Research have been throughout the bear market.

Since July, when Bankman’s exchange laid out a joint bid with Alameda to acquire troubled crypto lender Voyager Digital following its bankruptcy filing, there have been rumblings about a prospective takeover of Voyager Digital by Bankman’s exchange.

The plan was criticized by Voyager, which called it “a low-ball bid disguised up as a white knight rescue” and a move “intended to generate notoriety for itself rather than value for Voyager’s consumers” in bankruptcy court documents in New York.

The Wall Street Journal (WSJ) reported on September 20 that FTX and Binance are now the top bidders for Voyager’s assets, with FTX’s offer coming in just under $50 million and Binance’s estimated to be about the same amount. Both bids have not yet been approved, according to the WSJ, and the auction is still open until September 29.

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Reports Suggest That FTX Is Raising $1 Billion to Ramp up Acquisitions 4

An investment arm of the company called FTX Ventures announced earlier this month that it will pay an unknown sum to purchase a 30% share in Anthony Scaramucci’s asset management company SkyBridge Capital.

As part of larger aspirations to grow into Canada, the exchange also signed a deal to buy Canadian cryptocurrency platform Bitvo in June. An agreement for a $400 million revolving credit line and an option to purchase BlockFi for about $240 million was also struck by FTX US and the ailing lending company a month earlier.

GMX DEX loses $565K in a recent exploit

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GMX, a decentralized exchange, fell victim to a recent exploit. According to reports, a price manipulation attack on the decentralized exchange (DEX) GMX allowed an exploiter to steal $565,000 from the Avalanche (AVAX)/USD market.

The attack, which affected GLP token holders who contributed liquidity to GMX in the form of AVAX (the Avalanche token), is believed to have been carried out by an anonymous exploiter who profited from GMX’s “minimum spread” and “zero price effect” characteristics.

GMX confirmed the exploit on Sunday

In a Sunday post on Twitter, the DEX acknowledged the price manipulation exploit but said that despite setting a $2 million cap on long holdings and a $1 million cap on short positions, the AVAX/USD market will continue to be active.

Joshua Lim, the head of derivatives at Genesis Trading, was one of the first to examine the exploit. He claimed that the perpetrator “successfully extracted profits from the DEX’s AVAX/USD market by starting large positions at 0 slippages” before transporting the AVAX/USD to centralized exchanges at a marginally higher price.

The first cycle of this exploit method, according to Lim, began at 1:15 AM UTC on Sunday and was repeated five times. Approximately $4 to $5 million worth of AVAX were moved during each cycle, and the exploiter profited by about $565,000 after paying spreads to market participants on other exchanges.

While GMX quickly limited short and long open interest for AVAX/USD to safeguard the DEX from further manipulation, Lim stated that GMX may have to do away with its “zero price effect” feature despite having signed up a lot of users thus far.

A trader with the correct approach might wipe out GLP token holders, according to Taureau, the founder of layer-2 DEX ZigZag, who expressed worry about the long-term viability of GMX’s exchange platform in a video chat on September 2.

In other events, a hacker was able to steal 200 WETH from the Ethereum PoW chain thanks to a replay attack on Omni bridge. Security company BlockSec discovered a replay attack on the Ethereum PoW chain on September 18.

Through the Omni bridge, the attacker sent 200 WETH from the Ethereum PoS chain. According to reports, the transaction was duplicated on the Ethereum PoW chain.

Is Terra’s Do Kwon Evading Investigation? Prosecutors Say So

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Terra’s downfall is still haunting Do Kwon. The South Korean authorities are stating that Do Kwon is trying to evade a possible investigation.

As UST lost its $1 peg on May 10, Terra’s currency and its algorithmic stablecoin Terra USD experienced a sharp decline. The mechanism was designed to maintain its peg to the US dollar automatically. The UST lost value as a result of its failure, and a record number of LUNA tokens were generated.

The decline was severe, with LUNA’s value falling by 95% in a couple of days. The fall witnessed millions losing their life savings as billions was wiped out of the crypto market.

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Is Terra’s Do Kwon Evading Investigation? Prosecutors Say So 6

Is Terra’s Do Kwon on the run?

Kwon had relocated from South Korea to Singapore, the basis of his now-defunct Terraform Labs enterprise, although the city-state claims he has left.

Even though Seoul prosecutors are seeking Kwon’s arrest over claims including breaking capital-markets law, his location is unknown, and he insists that he is not on the run.

Since he left for Singapore, there has been “circumstantial proof of escape,” according to the prosecutors’ office, which is why an arrest order was first issued. Regarding whether the office is aware of Kwon’s location or intends to inform Interpol, it declined to comment.

Despite not publicly disclosing his location, Kwon tweeted days back that he doesn’t “have anything to hide” and is cooperating fully with authorities.

However, according to prosecutors quoted by the Yonhap News Agency, Kwon is not participating in investigations and has informed investigators via an attorney that he has no plans to appear up for interrogation. In addition to this, South Korean authorities urged Interpol to issue a “red notice” against Kwon.

Kwon, along with five others, is facing arrest in South Korea in connection with the Terra affair. Officials might revoke his passport, requiring him to return to Seoul within 14 days after receiving the notification of suspension.

After a string of failures, notably Terra, the Three Arrows Capital hedge fund, and cryptocurrency lender Celsius, crypto firms also realize the necessity for much tighter risk management.

The regulators are also strengthening the measures to ensure that an incident similar to that of Terra will never happen again.

Shiba Inu: Shytoshi Kusama Drops Crucial Update Regarding SHIB Burns

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The Shiba Inu [SHIB] network has fared very well in recent months. Meme cryptocurrencies are gaining traction in spite of other cryptocurrencies’ rising popularity.

The Shiba Inu Burn is one such initiative that tries to decrease the number of SHIB in use. This foresees a price increase brought on by a decline in supply and a rise in demand.

Shiba Inu’s principal developer, Shytoshi Kusama, releases a crucial update about the burn as the community and devs work to increase the burn game.

Shiba Inu game might have a burn mechanism

Earlier, Shytoshi Kusama tweeted a statement about the SHIB burn. Kusama had already been charged with failing to take sufficient measures to burn enough SHIB. He informed the Shibarmy in a tweet that there might be burns sustained during the game.

When the blockchain version of the Shiba Eternity game is launched, he promised to explain why it is “powerful, challenging, fantastic for Shib, Shiboshi holders, and Shibarium.”

Kusama made certain allusions to the significance of the Shiba Eternity game and specific SHIB burns-related elements. The Shib Army is preparing for this upgrade since it could encourage more SHIB to be transmitted to a dead wallet.

One of the most urgent issues facing the Shiba Inu community is SHIB burning. Though the process is moving more slowly than investors would like, more than 40% of the total supply of SHIB has been sent to dead wallets. Nearly 11 billion SHIB, or $128,000, have been burnt in the last three months, per the Crypt Eye portal.

The burning impact has now been somewhat reduced. Only 56,605,101 SHIB were burned during the course of the past 24 hours. This is only a 53.22% increase in burn rate from the day before. At the time of writing, 56,605,101 SHIB is worth $600.

Major currencies are falling in value, which is hurting the cryptocurrency sector. Within the past 24 hours, SHIB has decreased by 10.75%. The price at the time of writing is $0.00001061. Bitcoin and Ethereum have also plummeted by 8% and 11% in the last 24 hours. The whole market has slumped into the red with single and double-digit losses over the last 24 hours.

Dogecoin Earns 2nd Largest Proof-of-Work Crypto Title as Merge Completes

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Dogecoin (DOGE), which is modeled on the popular “doge” Internet joke, is symbolized by a Shiba Inu. The open-source cryptocurrency was developed by Billy Markus in December 2013 and split off from Litecoin.

DOGE initially circulated as a humorous internet joke. Long before the coin gained popularity, the program’s original developer stopped working on it and sold his coins.

On Reddit and Twitter, it was initially used to tip artists. The real DOGE success only emerged once Elon Musk started talking about it. The coin uses proof-of-work as of right now. Many people have criticized PoW for its energy-centric nature.

Now that Ethereum transitioned to PoS, Dogecoin earns a new title.

Dogecoin is the second largest PoW crypto

Following the update to the Ethereum network’s proof-of-stake protocol on September 15, Dogecoin (DOGE) is currently the second-largest proof-of-work (PoW) cryptocurrency in terms of market value.

DOGE, a popular memecoin, is still comfortably ahead of the third-place PoW cryptocurrency Ethereum Classic (ETC), which has a market cap of $4.69 billion, as well as Litecoin (LTC), which has a market cap of $4.01 billion, and Monero (XMR), which has a market cap of $2.65 billion. Of course, Bitcoin (BTC) continues to be far ahead of Dogecoin, which has a market cap of $7.

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Dogecoin Earns 2nd Largest Proof-of-Work Crypto Title as Merge Completes 8

However, DOGE could also soon find itself in a race with ETHPoW, which is presently trading at $13.64 and is the Ethereum PoW hard fork chain that will resume mining.

The move by Ethereum to a PoS consensus mechanism may have mounting tension on PoW-powered crypto networks to make a similar move.

The Dogecoin Foundation has been discussing moving DOGE to a proof-of-stake algorithm since Vitalik Buterin, the co-founder of Ethereum and adviser to the Dogecoin Foundation, initially suggested it in September 2021. The proposed transition will earn DOGE quite some popularity in the crypto space.

Ethereum Plummets as the Merge Comes to a Completion

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The Ethereum Network ultimately made the move to proof-of-stake on Thursday, September 15, 2022, eliminating the proof-of-work mining model. With the blockchain now using 99.95% less energy than it did before, the development ushers in a more environmentally friendly era in the crypto sphere.

Long into the development, the improvement was eagerly anticipated. The network was frequently held accountable for the effects it had on the environment. That will probably stop as a result of the merge.

The change has made it difficult for miners since validators have taken their positions. Many people ultimately looked for other mineable currencies, such as ETC.

But ETH didn’t fare well in terms of price post-merge.

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Ethereum Plummets as the Merge Comes to a Completion 10

Ethereum dips post-merge

It created a large hourly one after printing two little red candles. At the time of writing, Ethereum has dropped from $1,636 to $1,473 overall, or more than 6.95%.

Earlier today, Capriole Investments fund creator Charles Edwards tweeted that the Merge is being referred to as a sell-the-news event by many. Given that he considers the Merge to be an “Ethereum halving” event, he hoped it wouldn’t take place. With the switch to the proof-of-stake protocol, the supply of ETH will grow considerably more slowly.

The CIO of Moskovski Capital, however, thinks that the current price decline is the result of traders selling the news of the ETH Merge. However, a lot of industry professionals think that “ETH is severely underpriced.

At the time of writing, Ethereum is trading at $1473, a 6.89% drop in the last 24 hours. The slumping of the market began after a slight recovery that the market was displaying. As the CPI numbers were out, it triggered the market to expect a higher interest rate hike.

ETH is also 13.6% down in the last 7 days. But it will probably have a positive price outcome in the long term.

How To Burn the Entire Shiba Inu Supply? Shytoshi Kusama Sheds His Insights

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Shiba Inu burning was one of the notable initiatives by the SHIB developers. The initiative popped up in a mission to reduce the circulating supply of SHIB. This in turn is envisioned to create increased demand and a spike in the price of SHIB.

Various SHIB users have taken part in the SHIB burn initiative and the numbers are sometimes promising and sometimes not.

Lead Shiba Inu developer Shytoshi Kusama, who goes by the alias Shytoshi, responded to SHIB supporters’ accusations that he did nothing to burn the remaining stock of SHIB with passion.

Shiba Inu users accused Shytoshi of fewer burns

Kusama was accused of doing nothing except making pledges to destroy the remaining SHIB supply by JEF SHIBA INU SOLDIER and Johnarrow Hawkfeather. Shytoshi answered that he as well as the whole SHIB community doesn’t own the entire quantity of Shiba Inus that were now in circulation.

According to the developer, the community must purchase it in order to destroy the remaining supply. Then he asked them to go away, “stop shouting” at him, and give him space to do his work. Kusama later stated that Shibarium is the key to burning the last of the SHIB that is still in circulation.

Several projects are already acquiring SHIB for burning money made from in-game adverts. Travis Johnson buys SHIB and burns it once a week using the revenue from his Amazon advertising network and other income streams from gaming.

If the SHIB developers ramp up the burn game, it can definitely cause a spike in the value of SHIB when there is less supply. According to data from Shibburn, only 32,676,289 SHIB was burned in the last 24 hours. This is just a 66% hike in the burn rate in the last 24 hours. A total of 410,380,427,633,498 SHIB has been burned from the beginning.

Largest Ethereum Mining Firm To Cease Operations As Merge Goes Live

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Ethereum’s transition to merge has been completed. Since the blockchain has finished its historic technological update, Ethermine, the largest Ethereum mining service provider by computer power, has shut down its servers for miners.

The announcement was made previously with the widely anticipated “Merge” software update for Ethereum, which will switch the most popular blockchain from a proof-of-work to a proof-of-stake consensus mechanism.

This implies that currently, ETH miners will no longer be able to mine Ether on the ETH network because investors who hold Ether will take the position of the powerful graphic cards that were previously needed to verify transaction data. These validators will go forward securely validating network data and securing the Ethereum blockchain.

“As a consequence of this transition, the Ethermine ETH mining pool will switch to withdraw-only mode once the Proof-of-Work mining phase has ended. At that point, “all Ethermine stratum servers will be shut down, and you will no longer be able to connect your miner to the Ethermine ETH pool.”

Ethermine tweeted on Wednsday

The much-awaited Ethereum merge is live

Since the Merge, the network has shifted over to proof-of-stake (PoS). On September 15 at 06:42:42 UTC at block 15537393, the Beacon Chain’s consensus layer and the ETH Mainnet’s execution layer were combined, bringing about the long-awaited Merge. The network will no longer depend on a proof-of-work consensus algorithm as a result.

The Ethereum Foundation claims that The Merge will boost the energy efficiency of the Ethereum network by around 99.95% and open the door for future scaling alternatives like sharding.

The Merge will fundamentally alter how businesses see ETH, even if it may not have an impact on the majority of current commercial use cases.

In addition to actual energy savings, the transition to proof-of-stake increases ETH’s security and lays the way for potential future advancements.