Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem. Cybercriminals used various methods to siphon funds through
Month: February 2023
There’s been no shortage of news in past weeks when it comes to the United States Securities and Exchange Commission (SEC) taking action against crypto exchanges and companies. From Kraken, to Paxos, to Terraform Labs, it seems enforcement is in the air when it comes to chair Gary Gensler’s organization. In other news, South Sudan
Representatives for Voyager Digital’s unsecured creditors have requested that former FTX CEO Sam Bankman-Fried (SBF) and several top-level executives from FTX and Alameda Research provide documents and appear in court remotely next week for a deposition. A court filing on Feb. 18 in the United States Bankruptcy Court for the Southern District of New York
Mining refers to the process of verifying and adding new transactions to a blockchain network, such as in the case of Bitcoin (BTC) or other cryptocurrencies. The economics of mining refers to the economic incentives and costs associated with the mining process, as well as its impact on the broader economy. The economics of crypto
Economist Mohamed El-Erian, Allianz’s chief economic advisor and chair of Gramercy Funds Management, has warned that the Federal Reserve cannot achieve its 2% inflation target without crushing the U.S. economy. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist suggested. The Fed Could Crush US Economy, Economist Warns Economist Mohamed
Non-custodial crypto platform ShapeShift refuted United States Senator Elizabeth Warren’s claims of “illicit financing,” suggesting that she used the platform as a scapegoat to “push” her latest crypto bill, according to a recent statement. ShapeShift stated in a tweet on Feb. 19 that Warren made “mistakes” in her “analysis” of the platform, at a recent
Top Stories This Week Paxos ‘categorically disagrees’ with the SEC that BUSD is a security The United States Securities and Exchange Commission (SEC) has defined the stablecoin Binance USD (BUSD) as a security in a Wells Notice sent to its issuer, Paxos Trust Company. The SEC alleges the organization failed to register BUSD under federal
Bitcoin (BTC) NFTs will have a positive impact on Bitcoin ecosystem by improving its security and incentivizing developers to build on the network, according to independent developer Udi Wertheimer. The number of newly created Ordinals, also referred to as “inscriptions”, have been spiking in recent weeks, causing a surge in transaction fees and average block
Sales of non-fungible token (NFT) assets over the last seven days rose 43.97% compared to the previous week, according to statistics recorded on Feb. 18, 2023. The volume of NFT sales reached $397.86 million this week, with 345,716 NFT buyers and roughly 1.62 million transactions. NFT Sales Continue to Rise in 2023, Ethereum Dominates NFT
A complaint filed by the United States Securities and Exchange Commission said Terra co-founder Do Kwon and Terraform Labs laundered more than $100 million worth of Bitcoin from the platform following its collapse in May 2022. According to the SEC complaint filed in the U.S. District Court for the Southern District of New York on
Only days after reports of United States regulatory scrutiny of Paxos and Binance USD (BUSD), cryptocurrency exchange Binance has minted nearly $50 million worth of TrueUSD (TUSD). The transaction took place on Feb. 16, according to data from Etherscan, and also comes two days after Binance CEO Chanpeng “CZ” Zhao said in a Feb. 14 Twitter
Bitcoin (BTC) is leaving traders guessing as the bull market’s future depends on the last week of February. In multiple tweets on Feb. 17, popular trader and analyst Rekt Capital flagged crucial resistance battles ongoing on BTC/USD across multiple timeframes. Bitcoin price squares off with bear market downtrend Bitcoin hit new six-month highs this week
On this week’s episode of NFT Steez, co-hosts Alyssa Expósito and Ray Salmond continue their chat with Justin and J.P. Alanis, the co-founders of StoryCo — an open media platform — on the prospect of a community of creators franchising intellectual property (IP) through collaboration and soulbound tokens. Speaking on his experience with musician Tyler
The CEO of Custodia Bank, Caitlin Long, has slammed regulators and lawmakers in Washington D.C. for their “misguided crackdown” on the crypto sector and ignoring her warnings of major “fraud” allegedly conducted by now-bankrupted entities. In a Feb. 17 blog post titled, Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle,
The Brazilian government is preparing to release a decree to fill the blank spaces that the recent approval of the cryptocurrency law has left open. The document, prepared by the Ministry of Finance, will establish the areas of oversight and responsibilities for the Central Bank of Brazil and the national securities regulator (CVM). Brazilian Government
The top Mt. Gox creditor chose to have an early payout in Bitcoin (BTC), deciding against waiting longer for an even larger payment. Mt. Gox Investment Fund, the largest creditor of the defunct crypto exchange, reportedly decided to take its chances with a lesser but earlier payout rather than waiting for all the legal processes
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