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Shiba Inu faces lawsuit by Ask The Doctor

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Shiba Inu seems to be facing a lawsuit filed by the Canadian company- ‘Ask The Doctor’. The company not only wants to file a lawsuit against the Dogecoin killer but also its creators.

The Canadian online medical service provider had earlier added $1.5 million (roughly Rs. 11.26 crore) worth of Shiba Inu (SHIB) to its balance sheet. The depredation saw the healthcare startup acquire approximately 31 billion SHIB tokens through crypto exchange Kraken, as the healthcare company prepared to start accepting the token as a payment option from its partners. This disclosure came up within hours of the startup tweeting that it had been receiving demands from Crypto users, specifically by the “SHIBARMY” to start accepting payments in the token.

https://twitter.com/askthedr/status/1466073125628653571?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1466073125628653571%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fgadgets.ndtv.com%2Fcryptocurrency%2Fnews%2Fcanada-healthcare-company-ask-the-doctor-adds-shiba-inu-token-payments-2635655

Soon after this, the company started to transfer all it’s coins to SHIB. While all was well, a certain tweet turned the two into foes.

This is when the true colours of the Canadian company showed. ‘Ask The Doctor’ was trying to captivate the Holders into buying another coin. this sort of a manipulation was not a foreseen one, this move was only in the interest of ‘Ask The Doctor’. Here on, the Canadian health provider started to call Shiba Inu a scam.

Shiba Inu founders threatened to be unmasked and sued

‘Ask The Docotr’ got into a twitter war with Shiba Inu followers, SHIBARMY and Shytoshi Kusama. They many a time shared articles regarding why Shiba Inu is a scam. Shytoshi Kusama has been threatened to be sued by the Canadian Company.

‘Ask the Doctor’ took to twitter to announce that they will be their legal team will be filing a law suit again $Shib and Shytoshi, seen as a responsible person with respect to Shiba Inu, for libel. They have also stated that they will be unmasking the true identity of the SHIB founders.

In their recent tweet, ‘Ask The Doctor’ has said that their legal team will be proceeding with filing of the lawsuit in the UK, tomorrow. At the time of writing, Shiba Inu was priced at $0.00003237 and was bullish at 9.07% in the last 24 hours.

Dubai World Trade Centre progresses into Crypto

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Dubai that was once known for the 3Ts- Tourism, Trade, and Transport is now adding the 4th T- Technology.

Dubai World Trade Centre (DWTC) marks its expansion in the world of Crypto as an exchange platform and a regulator to virtual assets and cryptocurrencies including digital assets, products, operators, and exchanges. This move broadens the idea of the progression of UAE as the leading global center for business, trade, and technology.

Dubai World Trade Centre (DWTC) will become a comprehensive zone

As a part of the Government’s efforts to create new economic sectors, DTWC will be designing a comprehensive ecosystem for this progressive sector.

The emirate owned media house, on Monday, 20 December 2021, in a press release announced that DWTC will be collaborating with private sectors and relevant entities within the city to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.

The government of Dubai media office has also announced their development about adopting new trends such as NFTs.

“The announcement that comes within the efforts to further develop Dubai virtual assets and markets, includes creating a framework for innovative financial products, adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.”

According to the source, this progression advances Dubai’s stance as the leading global center for business, trade, and technology. DWTC will over a top-notch administrative structure of Virtual Asset legislative and enforcement policies that will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in the city. 

Dubai and UAE on the whole are known for their welcoming attitude towards digital assets and blockchain technology this sort of rampant developmental advancement, Dubai is at the forefront of the UAE’s attempts to diversify the economy and reinvent itself as a global hub for tech and innovation.

Financial Group sees cryptocurrency as a risk factor to economic stability; Here’s why

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The rapid growth in cryptocurrencies such as stablecoins and decentralized finance [deFi] is an “important potential emerging vulnerability” according to a Friday report released by a US leading regulatory group called The Financial Stability Oversight Council or FSGOC. In their annual report, the Financial working group brought into focus some key issues pertaining to the stablecoins and the digital asset market as a whole.

One of them is stablecoin’s ability to maintain a peg to the dollar or other currency and its capability to withstand market pressures or other operational failures. Another issue that was highlighted beyond stablecoins is the development and the risk factor arising from decentralized finance [DeFi] and other crypto-related activities, such as lending and exchange.

On the trading aspect, FSOC expressed doubts over the concept that the extremely volatile asset category can be an effective instrument for investment despite some “Watershed moments” on Wall Street, this year. In fact, it stated that these crypto-assets are purely driven by speculations and are often vulnerable to serious security breaches. The report cited incidents such as rug pulls and hacks that saw more than $7.7 billion resources being drained out in a span of 12 months, referring to research led by blockchain data platform Chainalysis.

The FSOC’s latest review comes after the US President’s Working Group on Financial Markets [PWG] released a similar report last month outlining the risks of stablecoins. Members of the committee have recommended that only banks be allowed to issue stablecoins and further called Congress to bring forward a new regulatory framework to manage the asset class. 

Crypto assets stands to receive the green signal if..

But all hope is not lost. Despite taking a critical stance, the report did emphasize its positive aspects of the digital assets market. It mentioned that stablecoins and other digital assets could facilitate a faster and better payments process than current channels support if they are ‘well-designed and appropriately regulated’. Reading along similar lines, the report noted,

“Digital assets are a prominent example of financial innovation that present potential benefits and risks. Regulatory attention and coordination are critically important in light of the quickly evolving market for these assets.”

Bitstamp pushes Shiba Inu [SHIB] listing to 2022

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Bitstamp had earlier mentioned that it will be listing Shiba Inu [SHIB] on its exchange portal. Along with the ‘dogecoin killer’, Bitstamp is also listing DYDX, GALA, and Perpetual Protocol (PERP) cryptocurrencies.

As the wait continued for Bitstamp to list Shiba Inu, the investors of the famous meme coin grew curious. The exchange has been experiencing a lot of technical difficulties while integrating SHIB on their portal, but they seem to be redressing the issue.

Better late than never; A happy Christmas for Shiba Inu community

Bitstamp has reassured its traders that the meme coin will be listed on their portal, but it might take a while. The exchange portal has taken to Twitter to announce that the asset will be enlisted in the coming year, 2022.

Shiba Inu being listed on Bitstamp has a hefty impact as SHIB accomplished this feature in less than two years of its initiation. Bitstamp isn’t just another trading platform in the market, it is the most trusted and user-friendly application that European investors rely on. Bitstamp is the largest exchange in Europe and claims to have 4.4 billion users all over the world.

The fans of this meme coin, who call themselves the ‘SHIBARMY’ have expressed their gratitude with a tweet

“Thank you for the update, #SHIBARMY truly appreciate you support”

Shiba Inu coin was created in the year 2020, anonymously. The altcoin rapidly gained speed and value as a swarm of investors were drawn by the appealing charm of the coin. The new listing has created a rampage of excitement amongst the Shiba Inu community and has created hope for many more first-time investors.

Many other exchanges are looking to list this meme coin as it gains more value by the minute. At the time of writing, Shiba Inu was priced at $0.0000338 and had taken a plunge by 0.42% in the last 24 hours.

Badger DAO Protocol hacked, team seizes all the accounts

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The Badger DAO yield vault protocol, a mainstay of decentralized finance (DeFi), has been another victim to a hack, resulting in the loss of $10 million in the form of cryptocurrencies.

On Wednesday at 9 p.m. EST, users first noted potential issues and theft in the Discord of protocol.

The attack, according to community speculation, was caused by an exploit in the Badger.com user interface rather than in the core protocol contracts. Many impacted users claim that their wallet providers prompted illegitimate requests for additional permissions while receiving yield farming rewards and engaging with Badger vaults.

“It looks like a bunch of users had approvals set for the exploit address allowing [the address] to operate on their vault funds, and that was exploited.”

Badger’s core contributor Tritium on Discord states.

He added that as soon as the team noticed it, it froze all the vaults to prevent any movement. He kept on to say that the team is trying to figure out where the approvals came from, the number of people who have them, and what the next moves are. 

The team confirmed the hack on Twitter, saying that all smart contracts have been paused to seize further withdrawals. It added that the investigation is going on, and the team will release further information as soon as possible.

Badger loses over $10 million

Reports by various sites say that the Badger hack has taken around 185 WBTC, 64,000 veCVX, 136,000 cvxCRV, and many types of synthetic bitcoin from attacked wallets worth more than $10 million.

At the time of publication, Badger DAO’s token BADGER is already down by 19% and is trading around $22.16.

While most of the funds were lost on Wednesday night, the above-mentioned fake permission request may have been made days prior to the hack.

Despite the smart contracts being paused, the community members are advising the depositors to use tools like Debank and Unrekt to revoke permissions for the fake contract.

Hacks in the crypto industry have never been a new thing. Recently, Synapse Protocol lost over $8 million of funds during exploitation by malicious elements.

Estonia’s biggest bank LHV opens its door for Crypto-Trading

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Estonia’s largest bank LHV has announced to finally allow users in trading crypto-assets through its application, starting from next week. The latest decision would enable customers to trade major cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], and Chainlink [LINK] directly on the app using the digital exchange platform, Bitstamp.

Delving further, the app will feature users’ chosen crypto assets and allow them to manage in addition to other investments. Besides that, it will also provide pre-filled tax forms to the users in order to help declare their crypto transactions quickly and efficiently. As per the bank, the customer’s digital assets will be held securely on the BitGo platform, which is a part of the Galaxy Digital Group.

Further, the bank added that in the near future, they are planning to add new instruments, order types, and other tools for more efficient trading. Martin Mets, head of retail sales, channels, and investment Services at LHV stated that in the long term, they would closely monitor the evolving blockchain technology and would grab the opportunity to take the next step in developing the latest blockchain tools.

Citing the LHV latest announcement, Marcus Sotiriou, sales trader at digital asset brokerage firm GlobalBlock noted,

The LHV news is significant because it shows that the cryptocurrency industry is a global movement and gives weight to the argument that at some point every bank in the world will need to integrate crypto. 

At the moment, customers can start trading in eight selected major assets at market prices. These are Bitcoin, Ethereum, Litecoin [LTC], Uniswap [UNI], Chainlink, Stellar Lumen [XLM], Polygon [MATIC], and Aave [AAVE]

Crypto trading adoption elsewhere

Earlier in November this year, Commonwealth Bank of Australia a.k.a CommBank had announced to provide its clients the option of trading in digital currencies on its banking app.

The latest news assumed significance against the backdrop of El Salvador’s recent declaration of building a ‘Bitcoin City’ backed by a billion Bitcoin Bonds. While many supporters lauded the move, others were critical of the development. A major financial entity, the International Monetary Fund [IMF] on Monday released a statement stating that ‘considering risks related to bitcoin, El Salvador should not use the cryptocurrency as legal tender.’

Discover crypto and more with PrimeXBT

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The crypto-verse had finally amassed the recognition it deserves. The world’s leap into the digital sphere certainly bolstered the presence of the crypto industry. The growth in the popularity and value of cryptocurrencies got an array of individuals and firms invested in it. The industry currently hoards thousands of platforms that render trading-related services. PrimeXBT took things up a notch and decided to establish a platform that offers a variety of financial services under one roof.

Established back in 2018, PrimeXBT has flourished as a prominent trading platform. The firm has secured its presence by serving clients in over 150 countries.

Trading is certainly not limited to a single industry. While several platforms mostly focus on delivering trading services for either cryptocurrency or forex, PrimeXBT helps an individual access a wide range of products across various industries.

Even though the main focus of the platform lies in Bitcoin-based margin trading, PrimeXBT offers more than 50 assets. This list includes cryptocurrencies like Ethereum [ETH], Litecoin [LTC] XRP, along with commodities like metals, oil as well as gas, followed by forex. Indices such as S&P500, DAX, and NASDAQ can also be accessed through a single account or multiple trading accounts.

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Safety is a must for investors. The first thing that investors look for in a platform is the privacy and safety of their respective assets. Keeping this in mind, PrimeXBT has stringent controls in data protection. The exchange does not have KYC processes which further eliminates the risk of exposing personal data. However, the exchange has partnered with Bitfury, a platform that deals with AML checks on Bitcoin transactions.

The exchange’s 24/7 support team and live chat also spruces up the reliability factor.

The exchange has partnered with leading firms like Devexperts, a trading software developer. Covesting, a DLT licensed service provider, and PrimeXBT had also entered a partnership.

Crypto in PrimeXBT

The multiple personal wallets feature certainly stands out here as users can deposit assets like ETH, USDC, USDT. This can either be used in trading or just for safekeeping.

The Covesting strategies option allows users to formulate their own strategies while exploring their portfolios. The platform also allows users to keep tabs on their trading activity with detailed reports.

Additionally, users wouldn’t have to be worried about having their funds compromised as the “address whitelisting” feature provides added security. With this activated, withdrawals would be carried out only to addresses that were previously whitelisted.

Diving into leveraging, unlike other platforms, users don’t have to set the leverage level as they can control it by adjusting the position size.

Move over P2P, PrimeXBT offers STP which is the acronym for Straight-Through-Processing. This option transfers orders to liquidity providers instead of following the same market-making algorithm. This in turn has lowered trading fees when compared to other platforms.

While the exchange offers Market, Stop, and Limit orders, another feature called the OCO or One Cancels the Other has been a true selling point of the platform With this, users can place two orders. As soon as one is executed the other one automatically gets canceled.

PrimeXBT stands out for various reasons. Individuals who are jaded with traditional crypto-crypto trading and are looking to expand their compasses can dive into PrimeXBT.

Crypto will be outlawed if it goes mainstream: Apple’s co-founder

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The crypto industry is over a decade old now. Bitcoin [BTC] along with an array of assets managed to garner the attention of the entire globe. The crypto industry went from being closely related to the dark web to becoming a $2 trillion market. This journey was certainly impeccable and was lauded by many. While the involvement of governments was minimizing the essence of the industry, the co-founder of Apple, Steve Wozniak suggested that regulators would drive the market out if it went mainstream.

The crypto market gained fame following its unique aspects. The fact that the industry had nothing to do with centralized markets was a huge selling point. However, now, the industry was seen being extensively scrutinized by regulators across the globe. The Ripple vs. SEC case, the delay, and cancellation of Bitcoin ETFs in the US, China’s latest crypto takedown have been proof enough on how regulators were taking over the industry.

While the industry was just being recognized and making progress, Steve Wozniak suggested that this could soon end.

Crypto to be banned if it becomes too big?

Appearing in a recent interview, the co-founder of Apple expressed his views about the digital asset industry. While he spoke about an array of things, he clearly pointed out that the government wouldn’t allow cryptocurrencies to grow beyond the reach of centralized systems.

Noting that this could lead to the ban of these assets he stated,

“Trouble is that the government will never allow it to be out of their control. If it got to the point that everything was being done with crypto and it didn’t pass through governments for observation and taxation and all that…governments would just disallow it. They wouldn’t give up their power.”

Elon Musk and several others had previously suggested that China could have initiated its massive crypto takedown due to the industry’s level of decentralization.

Turns out, Wozniak wasn’t the only one who felt this way. Back in March, Ray Dalio, the founder of Bridgewater Associates noted that governments could ban Bitcoin as things could get out of hand.

Messi’s two-year deal with PSG includes payment in crypto

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Prominent footballer, Lionel Messi has been making immense news lately. His departure from Barcelona and his entry into the French soccer club Paris Saint-Germain had left an array of football fans in shock. While his entry into PSG was finalized through a two-year deal, partial payment in crypto was also reportedly part of this agreement.

Several industries have ventured into and explored the crypto-verse over the years. The interest in crypto particularly in the sports sector has always remained high. While sportspersons from across the globe have been embracing the industry, Messi’s newly joined PSG seemed to be jumping onto the crypto bandwagon.

An array of sportspersons have been announcing their interest in digital assets by accepting payment in crypto. This number certainly increased this year. While several others were seen receiving payments in Bitcoin [BTC] or other popular assets, Messi would be receiving a part of his payment in the $PSG Fan Token.

Messi to be paid in $PSG Fan Token

Back in February 2020, the Paris Saint-German team rolled out the PSG token following a partnership with Socios. The team reportedly revealed that Messi had garnered a large number of PSG fan tokens after signing the contract with the club.

Marc Armstrong, PSG’s chief partnerships officer spoke about the same and said,

“We have been able to engage with a new global audience, creating a significant digital revenue stream.”

The PSG token witnessed a massive surge following this announcement. Just two days ago, the altcoin went on to hit an all-time high of $61.23. However, during the time of writing, the coin was trading for a low of $40.31 with a 5.43% drop in the last 24-hours. This fan token has found shelter at prominent crypto exchanges like Upbit Korea as well as Binance.

A famous footballer like Messi embracing crypto could pose a much-needed boost for the crypto industry.

Move over crypto, Danish central bank governor believes tech giants are a threat to banks

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Danish central bank’s governor, Lars Rohde joins the list of officials who have dissed crypto for lacking stability.

The crypto-verse grew from nothing to a $2 trillion industry. Bitcoin [BTC] recorded a notable evolution which urged several to suggest that BTC was the internet’s currency. The popularity of the currency grew just like its price which further led to speculations of BTC overthrowing the dollar or even shaking up the autonomy of centralized institutions like banks. However, the Danish central bank, Danmarks Nationalbank’s governor suggested otherwise.

Appearing in a recent interview with Bloomberg, Rohde noted that cryptocurrencies were nothing but speculative assets.

Danish central bank governor comments on crypto

2021 started off great for the crypto industry as almost every currency bagged significant gains. This further led to the rise in the trading volume of cryptocurrencies. Several countries were quick enough to address it by rolling out revised regulations, the Danish central bank does not seem to find this necessary. Rohde in the interview elaborated on his stance about the crypto-verse and said,

“I could be tempted to ignore it. I think the term currency is badly used here. Most currencies store value or are means of transactions. There is no stability, no guarantee about the value of cryptocurrencies.”

This, however, did not stop banks in Denmark from carrying out crypto-related activities. A prominent Danish bank, Saxo even went on to reveal the launch of a crypto FX product.

While crypto did not have any major impact on the central banks, Rohde pointed out what really posed a threat to these banks. He stated,

“If tech giants get a hold on the means of transaction, then that could be a real threat to the autonomy and independence of central banks.”

Rohde’s concern seemed legit as tech giants were currently sitting under the spotlight. With digitalization booming in full par, tech giants have been progressing impeccably.