Alicia Lewis

The more a man turns to the light, the greater the shadow behind him.

[Alicia Lewis @AliciaLewis33]

Former OpenSea Product Leader Sentenced To 3 Months In Prison For Insider Trading

According to Inner City Press, Nate Chastain, the ex-product leader of OpenSea, has been handed a three-month prison sentence for his involvement in insider trading. After being found guilty of wire fraud and money laundering in a New York federal court back in May, Chastain’s sentence was delivered by a U.S. judge. The case revolved around Chastain’s utilization of internal information to purchase approximately 45 NFTs in advance, later selling them at significantly inflated prices, resulting in profits exceeding $50,000.

The FBI and the U.S. Department of Justice (DOJ) contended that Chastain violated securities trading laws by capitalizing on nonpublic information, thereby prioritizing personal gains over professional and public responsibilities. The illicit gains must now be returned. The sentencing proved to be a challenge for U.S. District Judge Jesse Furman. Despite acknowledging doubts regarding the significance of the approximately $50,000 trades, he recognized the importance of upholding integrity in the evolving cryptocurrency landscape. Chastain’s strategies involved acquiring NFTs set to be featured on OpenSea’s homepage, where such exposure often led to price hikes. To cover his tracks, he employed anonymous wallets and platform accounts.

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

Uniswap Considering Multi-Chain V2-V3 Integration Proposal Gains Momentum

The Uniswap community has taken a significant step towards enhancing its protocol’s accessibility and security. A proposal has been set forth, aiming to extend the deployment of Uniswap V2 across various blockchain networks while maintaining the V3 specification instances. Several V2 forks have surfaced on these alternate chains, albeit with varying modifications. The concern arises due to potential safety issues for users arising from these modifications.

To tackle this challenge, the proposal suggests integrating Uniswap V2 pools into general routers, a move anticipated to enhance application execution quality and facilitate seamless transactions for users of the router. Under the proposed guidelines, chains that have successfully undergone the community review process for V3 deployments would be automatically eligible for V2 deployments. Notably, both V2 and V3 deployments would share ownership under the same contract within their respective chains. If the temperature check vote secures approval, an on-chain vote will be scheduled for September 1. Successful passage of the subsequent on-chain vote would lead to the proposal’s implementation, anticipated by September 12

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

dYdX Community Approves dYdX V4 And DYDX Token Migration

In a significant development, the dYdX community has given its stamp of approval to the dYdX V4 adoption and DYDX migration proposal put forth by Wintermute. This pivotal decision signals a major shift in the dYdX ecosystem, promising exciting changes for its users. The key components of this proposal include the adoption of dYdX V4 open-source software as the next version of the dYdX protocol and the selection of DYDX as the Layer 1 (L1) token for the dYdX Chain.

Under this proposal, the dYdX community commits to adopting the Ethereum smart contract, commissioned by the dYdX Foundation, which would facilitate a permissionless and autonomous one-way bridge for migrating DYDX tokens from Ethereum to the dYdX Chain. Furthermore, it’s worth noting that the proposal also emphasizes that wethDYDX, the resulting token from this migration, will maintain the same governance and utility functions as Ethereum-based DYDX (ethDYDX) on dYdX V3, ensuring continuity for users. The approval of these significant changes does not necessitate any smart contract modifications and can be ratified through a Snapshot vote

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

Former Algorand CEO Steve Kokinos To Lead Acquisition Of Celsius Business

Steve Kokinos, former CEO of Algorand, is claimed to have served as CEO of the company that would take over the Celsius business. In a recent development, court documents filed on Friday have unveiled that former Algorand CEO Steve Kokinos will assume the role of CEO for the company set to take over Celsius’ operations. Celsius had previously filed for bankruptcy, and creditors are currently in the process of voting on whether to approve the sale of Celsius to Fahrenheit Holdings.

The critical decision regarding the sale plan must be reached by creditors before September 22, and Steve Kokinos holds a significant stake in Fahrenheit Holdings, making him a key player in the potential acquisition. The new company’s board of directors is set to feature executives with diverse backgrounds, including individuals from WeWork, Lehman Brothers, and notable figures from the Bitcoin mining sector. Furthermore, two members from Celsius’ committee of creditors will also join the board, ensuring a comprehensive representation of interests. The involvement of Steve Kokinos, an experienced leader in the blockchain and cryptocurrency space, signals potential positive developments for Celsius’ future.

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

World App Surpasses 500K Transactions in 24 Hours!

The developers behind the Worldcoin project have recently unveiled a major update that promises to transform the World App wallet, making it more scalable and cost-effective than ever before. The update incorporates a series of cutting-edge technologies, with a primary focus on enhancing efficiency and reducing transaction expenses. Among the notable features included in this update are mixing and compression techniques designed to eliminate the majority of L1 Gas fees.

Moreover, the update also addresses the issue of network congestion and slow transaction processing by reducing the optimism load by two-thirds. This optimization not only accelerates transaction confirmations but also enhances the overall reliability of the World App wallet. Since the release of this game-changing update, World App has experienced an unprecedented surge in activity. The single-day transaction volume on the platform has soared to staggering heights, exceeding 500,000 transactions in a 24-hour period. This remarkable achievement underscores the profound impact of the recent update and the growing popularity of Worldcoin and its associated technologies.

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

MAV zkSync Integration Is Now Available On Binance

Binance, a leading cryptocurrency exchange, has successfully integrated the Maverick Protocol (MAV) onto the zkSync Era network, opening doors for deposits and withdrawals. However, it’s important to note that deposits on the zkSync Era network will take approximately 24 hours to be credited to users’ Binance accounts. This delay is attributed to zkSync Era’s Finality mechanics, which ensure the utmost security and reliability of transactions.

Maverick Protocol stands as a groundbreaking DeFi platform, aimed at bolstering liquidity and optimizing capital usage within the DeFi sector. Its innovative Dynamic Distribution AMM empowers liquidity providers by enabling them to stake a price range and dictate how that liquidity should respond to market price fluctuations. In the realm of blockchain technology, zkSync Era is a ZK rollup solution, characterized by its trustless protocol. It leverages cryptographic validity proofs to facilitate scalable and cost-effective transactions on the Ethereum network. Notably, zkSync Era performs computation off-chain while storing most data off-chain as well. This approach maintains Ethereum’s high security standards while significantly reducing transaction fees

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

Ether Futures ETFs See Low Volume in First-Day Trading

It was a slow start for the first day of trading for futures-based ether exchange-traded funds (ETFs). A total of nine of the ETFs offering exposure to ether futures came to market on Monday. Five will hold only ether futures, while four will hold a mix of bitcoin and ether futures. One of those funds, Valkyrie’s Bitcoin Strategy ETF (BTF) – soon to be renamed – has been in existence for about two years as a bitcoin-only fund, but is changing its strategy to include ether.

The rest of the vehicles are new to market. “Pretty meh volume for the Ether Futures ETFs as a group,” said Bloomberg ETF analyst Eric Balchunas. Among the more popular of the new ETFs today, VanEck’s Ethereum Strategy ETF (EFUT) traded just shy of 25,000 shares at a price roughly averaging $17 per share for total dollar volume of just $425,000. As comparison, the ProShares Bitcoin Strategy ETF (BITO) – which launched in October 2021 amid a raging crypto bull market – traded more than $1 billion in in dollar volume on its first day. The crypto industry continues to await a decision from the U.S. Securities and Exchange Commission (SEC) over numerous recent and older applications for both spot bitcoin and spot ether ETFs.

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

FriendTech developers rake in nearly $20 million since August launch

The development team behind social protocol FriendTech has generated nearly $20 million in revenue in just a few months since going live. Launched in August, FriendTech is a platform that allows users to link their Twitter accounts and facilitates the purchase or sale of influencer profile tokens (named “keys”) with ETH on the Coinbase-backed Layer 2 network, Base. These keys grant users privileged communication access to the influencers.

The project holds the lead as the largest revenue-generating app on Base and the second-largest in all of crypto, according to DeFiLlama data. At the current rate, it's on track to generate an annualized revenue of $180 million. The platform has so far generated nearly $40 million in overall fees from users. These fees are generated by taxing approximately 10% of the trading volume of social tokens. Half of this total fee is allocated to the project's team as revenue, and the other half is distributed to users whose keys are traded. However, the number of unique users has dropped significantly since late September, according to data from The Block.

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

EU regulator warns of DeFi risks, pushes back against 'code as law'

The European Securities and Markets Authority published a report outlining multiple risks to investors and financial stability stemming from decentralized finance. "Although investors' exposure to DeFi remains small overall, there are serious risks to investor protection, due to the highly speculative nature of many DeFi arrangements, important operational and security vulnerabilities, and the lack of a clearly identified responsible party," the report said.

The independent EU authority warned that DeFi operates in the absence of trusted intermediaries, which "could otherwise mitigate risks pertaining to financial stability and investor protection." The report, published Wednesday, highlighted the regulator's primary concerns regarding DeFi innovations. It separated smart contracts into five categories to help regulators understand the "enormous technological complexity of these systems." "Smart contracts remain an unregulated phenomenon where the accepted principle is exemplified by the notion that 'code is law,'" the regulator asserted. It said adherence to this principle creates a tendency to accept smart contract outcomes, "regardless of any moral or legal consideration."

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

FBI Charges 6 for Allegedly Running $30M Money Transmitting Business Using Crypto

The FBI has charged six people for allegedly operating an illegal $30 million money-transmitting business using cryptocurrencies, according to court documents filed Wednesday in the Southern District of New York. The six – Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel and Raju Patel – operated without an appropriate money transmitting license in New York, according to the filing. The details, disclosed in the unsealed affidavit of an FBI agent seeking the individuals' arrest.

The U.S. Magistrate judge has granted the conditional release of at least one of the people named, Naineshkumar Patel, according to a court document. The filing cites an unidentified co-conspirator as saying that at least some clients "made money by selling drugs" and that the wealthiest clients "were hackers." The co-conspirator told an undercover officer that he had made approximately $30 million over three years through the exchange of cash for virtual currency. The arrested individual would later become a confidential source and for the next eight months cooperate with law enforcement in approximately 80 controlled pick-ups of cash totaling approximately $15 million.

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

UK confirms plans to regulate crypto industry with formal legislation

The U.K. government on Monday confirmed plans to regulate the cryptocurrency industry, announcing in a consultation paper that it will look to bring in formal legislation for crypto activities by 2024. The government published its response to a consultation paper issued earlier this year, which outlined recommendations on regulating the crypto industry. In the Monday paper, the government said it intends to bring a number of cryptoasset activities under the same regulations that govern banks and other financial services firms.

The government’s proposals include stricter rules for exchanges, custodians that store crypto on behalf of clients, and crypto lending companies. The U.K. also proposes stricter regimes for market abuse and cryptoasset issuance and disclosures. The government aims to introduce laws for the crypto industry before Parliament by 2024, according to the paper. The EU set out a clear framework for digital assets with its MiCA (Markets in Crypto-Assets) regulation, including a licensing process for crypto firms. The U.K. is further ahead in the process than other tech leading nations. Numerous bills are going through Congress, but the U.S. is far behind others when it comes to bringing about formal federal laws for the crypto industry.

#Crypto #CryptoNews #cryptocurrency

[Alicia Lewis @AliciaLewis33]

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[Alicia Lewis @AliciaLewis33]

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[Alicia Lewis @AliciaLewis33]

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[Alicia Lewis @AliciaLewis33]

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