KuCoin Ventures, the venture arm of the Seychelles-registered cryptocurrency exchange KuCoin, has announced a substantial grant of $20,000 to The Open Network (TON) blockchain platform. The purpose of this funding is to bolster the growth and expansion of the TON ecosystem, supporting various projects within the platform. Supporting TON Ecosystem Projects The grant will be allocated to various initiatives, including the development of five payments and game finance (GameFi) platforms, research and development endeavors, community-building activities, marketing initiatives, and the incubation program known as the TON Bootcamp. This strategic move aims to enhance the overall TON ecosystem and foster real-world…
Author: Rea K.
The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has been a saga lasting almost three years. Ripple, accused of selling XRP as an unregistered security, has secured partial victories along the way, setting the stage for a grand trial expected in the spring of 2024. Recent Speculation on Settlement Recent developments have fueled speculation about a potential early settlement between Ripple and the SEC. A confidential SEC meeting, which included discussions on the institution and settlement of injunctive actions, administrative proceedings, and resolution of litigation claims, has stirred anticipation among XRP enthusiasts. X users,…
Former mobster turned federal informant, Gene Borrello, sheds light on the peculiar circumstances surrounding the imprisonment of Sam Bankman-Fried (SBF), the former FTX CEO, revealing an unexpected association with ex-gang members and high-profile detainees. Extortion Attempts and SBF’s Protective Custody Despite efforts by Metropolitan Detention Center (MDC) officials to protect SBF from extortion, Borrello discloses that at least one attempt occurred, prompting a physical altercation that prevented further threats. The interview highlights the challenges faced by SBF in a section separate from current gang members. https://twitter.com/TiffanyFong_/status/1730321326714618180 Contrary to expectations, SBF reportedly spent his time in jail imparting financial wisdom to…
The Chicago Mercantile Exchange (CME) has witnessed a significant surge in crypto derivatives trading, particularly in Bitcoin futures, fueled by the escalating anticipation surrounding the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Traders are actively positioning themselves to capitalize on the market’s response to the impending regulatory decision. Record Open Interest Reflects Market Dynamics Last week, the open interest (OI) on the CME reached an all-time high, signifying the total number of contracts awaiting settlement. Deribit reported that Bitcoin futures OI rose from $481 million on Nov. 29 to $616 million on…
The Ethereum Foundation recently announced a pivotal decision regarding the Goerli Testnet, revealing plans to cease its operations. The termination is scheduled either three months after the Goerli Dencun fork or one month post the mainnet Dencun fork, depending on the later occurrence. Implications for Network Stability The termination of the Goerli Testnet is expected to have significant implications for the stability of the Ethereum network. This is particularly noteworthy as client and testing teams hold the majority stake in Goerli, making its discontinuation a critical development for the broader Ethereum community. According to a blog post from Ethereum, the…
Investment firm Tiger Global has made significant adjustments to the valuations of its holdings, impacting major players in the crypto and tech space. The latest move includes a substantial reduction in the valuations of Bored Ape Yacht Club (BAYC) and the NFT marketplace OpenSea. Tiger Global marked down its investment in Bored Ape Yacht Club by a staggering 69%, reflecting the challenges faced by the NFT collection. The price floor for BAYC is currently down 77% from its all-time high in May 2022. Simultaneously, Tiger Global devalued its stake in OpenSea by a striking 94%, aligning with the tough market…
Amazon has officially stepped into the fiercely competitive arena of artificial intelligence with the unveiling of its very own virtual assistant, named Q. This strategic move places Amazon in direct competition with tech giants like OpenAI, Anthropic, Google, and Microsoft, in the race to dominate the AI landscape heats up. A New Frontier in Generative AI for Work In its announcement on November 28, Amazon introduced Q as a revolutionary generative artificial intelligence-powered assistant tailored specifically for work-related tasks. Amazon Web Services (AWS) CEO Adam Selipsky emphasized that Q aims to outshine Microsoft’s Copilot assistant, positioning itself as a formidable…
Monetary Authority of Singapore (MAS) Managing Director Ravi Menon has made a bold prediction regarding the future of private digital coins, asserting that they are destined to fade away from the monetary landscape. Speaking at a panel discussion hosted by the Hong Kong Monetary Authority and the Bank for International Settlements on November 28, Menon criticized private cryptocurrencies for their failure to meet essential financial service tests. Failure to Uphold Consistent Value Menon emphasized that private digital currencies, including native digital tokens, have fallen short of the fundamental test of money due to their inability to maintain a consistent value.…
Changpeng “CZ” Zhao, the founder of Binance, has stepped down as Chairman of the Board for Binance.US, the United States arm of the renowned cryptocurrency exchange. This decision comes on the heels of his earlier resignation as the global CEO of Binance, reflecting a strategic move amid the ongoing legal challenges faced by both Binance and Zhao. Acknowledging CZ’s Contributions Binance.US released a statement expressing gratitude for CZ’s invaluable contributions to the growth of the platform. The exchange credited his guidance and counsel for establishing Binance.US as a preferred destination for U.S. customers seeking an enhanced crypto trading experience. However,…
Genesis, a bankrupt crypto lender, and its parent company, Digital Currency Group (DCG), have entered into a repayment agreement that could potentially bring an end to a protracted legal dispute. The agreement, outlined in a filing to the United States Bankruptcy Court for the Southern District of New York on Nov. 28, stipulates that DCG will settle its outstanding $324.5 million in loans to Genesis by April 2024. Lawsuit and Repayment Stakes Genesis had filed a lawsuit against DCG in September, seeking to recover approximately $620 million in overdue loans. The proposed deal not only addresses the outstanding loans but…