Author: NBTC
The United States Securities and Exchange Commission (SEC) is suing Terraform Labs and its founder, Do Kwon, over the May 2022 collapse of Terra. The SEC alleges that spending a substantial sum on lawyers was an effort to evade repaying creditors. Additionally, the SEC opposed Terraform Labs’ $166 million retainer payment to law firm giant Dentons. Terraform Labs Accused of Overspending on Legal Fees In a recent court filing, the US SEC accused Terraform Labs of misusing a significant sum of $166 million, which could have been utilized to repay investors and creditors. “Had the Debtor not filed for chapter…
MakerDAO, Ethereum’s first defi lending protocol, has captured a 52% share in the ETH lending market. The milestone was highlighted in Steakhouse Financial’s MakerDAO Protocol Economics Report for January 2024, which revealed a 22% rise in ETH lending via crypto-vaults on Spark. Much of MakerDAO’s market dominance throughout the past year can be attributed to Spark, which has provided high liquidity and competitive borrowing rates for DAI – the largest decentralized stablecoin. Spark is now the third-largest defi lending protocol regarding total value locked (TVL). SparkLend keeps the momentum going, here’s the performance for the past week:Mainnet 🔷• Supplied assets…
Baanx, a cryptocurrency payments specialist authorized by the U.K.’s Financial Conduct Authority (FCA), has raised a $20 million Series A funding round, the company said on Tuesday. The investment round, which included Ledger, Tezos, Chiron and British Business Bank, brings the crypto payment enabler’s total funding to over $30 million. London-based Baanx, which runs the Ledger card product, recently signed a three-year partnership with Mastercard for the U.K. and Europe. Large legacy payments companies such as Mastercard and Visa have been quietly exploring things like payments on Ethereum, stablecoins and the Web3 world of non-custodial wallets – areas where Baanx…
Recently, D’CENT Wallet announced an innovative partnership with top European fintech company STASIS. The goal is to give users more financial control and reliable digital asset management tools. This strategic partnership is a major step toward connecting traditional finance to the fast-changing Web3. D’CENT Wallet teams up with @stasisnet, a leading European fintech to bring $EURS, the rock-solid euro stablecoin backed by Central Bank, to the #XDCNetwork!Enjoy unmatched security & stability for your #DeFi adventures while we supercharge the XDC ecosystem together!💪… — D’CENT Wallet🇰🇷🫡 (@DCENTWALLETS) March 4, 2024 D’CENT Wallet Enhances Offerings with STASIS’s EURS Stablecoin This partnership’s biggest…
OKX Ventures, the Web3 technology firm investment arm of leading cryptocurrency exchange OKX, announced a significant investment in BounceBit, a leading platform focused on the development of Bitcoin (BTC) currency exchange infrastructure and solutions. OKX Ventures Made a Strategic Investment in Bitcoin Restaking Platform BounceBit Since launching, BounceBit achieved Total Locked Value (TVL) of $510 million in its first month of operation. BounceBit operates as a proof-of-stake (PoS) Layer 1 chain using a distinctive dual-token system that combines native BTC security with full Ethereum Virtual Machine (EVM) compatibility. The platform’s BTC Restaking service provides common security for infrastructure and decentralized…
Island-hopping sandbox title Nifty Island has only been live for a few weeks, but the Web3 gaming world is already talking up a storm about its combination of building tools and user-created games. Decrypt’s own initial hands-on review said that Nifty Island’s beta release was, “living up to my expectations and exceeding them in some ways,” highlighting its “flexibility, simplicity, and affordability” and visual and aural appeal. Other reviews agreed, with Bankless calling Nifty Island, “the kind of metaverse experience the NFT space has been calling for since 2021,” and adding that, “The game modes are all fun, in-game quests…
Coinbase’s Chief Legal Officer, Paul Grewal, has taken a bold stance in the ongoing legal battle between Coinbase and the Securities and Exchange Commission (SEC). He drew parallels to a recent Supreme Court case involving bump stock guns to counter the SEC amid its several ongoing lawsuits against crypto industry participants. Paul Grewal Firmly Counters SEC In a statement on X platform, Grewal referenced an exchange between Justice Gorsuch and a government official regarding the bump stock gun case. Moreover, he highlighted the abrupt shift in government interpretation of a statute enacted in the 1930s. The Coinbase CLO emphasized, “A…
The Runestone, the largest ordinal inscription by block size, is up for auction, NFT historian Leonidas said on Wednesday. According to Leonidas, the current highest bid for the Runestone inscription 63,140,674 is 0.26 BTC, around $17,261.61 on the Ord City marketplace. Leonidas said all of the proceeds from this auction will cover the Bitcoin network fees associated with the Runestone airdrop and go to Bitcoin miners. “There is no team allocation, pre-sale, etc., and the open-source eligibility algorithm was designed to not favor whales,” Leonidas said. “Runestone is a non-utility project, and The Runestone and its delegate inscriptions that point…
Ethereum price is consolidating gains above $3,400. ETH is showing positive signs and might soon aim for a move above the $3,500 resistance zone. Ethereum is holding gains and consolidating below the $3,500 resistance zone. The price is trading above $3,400 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken). The pair seems to be setting up for a move toward the $3,650 and $3,800 levels. Ethereum Price Remains Supported Ethereum price formed a base above the $3,350 level and started…
The city of Hong Kong has detailed the advancement of new Web3 and digital yuan initiatives as part of its 2024-2025 budget. In a speech, Hong Kong Financial Secretary Paul Chan stated that the city would expedite a Web3 sandbox for stablecoins and expand the digital yuan pilot as part of its digital finance policies. Hong Kong to Launch Web3 Stablecoin Sandbox and Digital Yuan Pilot Expansion Hong Kong announced a series of new actions and policies it will adopt in 2024. In a speech offered by Financial Secretary Paul Chan, it was explained that the extension of these policies…