Altcoins

Victims of the infamous BitConnect Ponzi scheme in 2017 are due to receive net restitution worth $17 million, according to a statement from the Department of Justice (DOJ) on Thursday. According to the DOJ’s statement, a federal district judge in San Diego ordered that the funds be distributed to 800 victims of the scam across 40 countries. The department described BitConnect as “a textbook Ponzi scheme” that paid earlier investors with money from newer investors.  BitConnect’s top promoter Glenn Arcaro…

Brett Harrison – former CEO of FTX US – spoke with his followers over the weekend about the tendency of crypto companies to resort to token issuance for raising funds.  He was also questioned regarding his insider knowledge about FTX US and its collapse. Why Not Go Public? In a tweet on Sunday, Harrison questioned why more crypto companies don’t simply go public early in their lifecycle the way Amazon did.  “Relatedly, how do companies reconcile the desire to stay…

Dypius – formerly DeFi Yield Protocol – will soon launch live user testing for its interactive Metaverse game.  Participating players will be eligible for guaranteed rewards and additional prizes, worth $50,000 in total.  As Dypius announced on Friday, anyone is eligible to apply for the game’s whitelist. However, only 500 users across the Ethereum, Avalanche, and BNB Chain networks will get to participate in testing. Specifically, Dypius will select 100 new players to test the game and provide feedback every…

In its latest report, crypto exchange Coinbase predicts the crypto bear market will extend for many more months. The company’s research team believes this year’s deleveraging cycle has harmed the investors' interest in altcoins. A Flight to Bitcoin and Ethereum Per the company’s report released on Wednesday, the multiple insolvencies plaguing the crypto industry have crushed investor confidence in the space. This is likely to extend the crypto winter well into 2023. “Constraints on liquidity may also disrupt normal market…

Ethereum co-founder Vitalik Buterin spoke out on Monday against centralized projects associating themselves with the “crypto” ecosystem. The founder called out IOTA and XRP in particular, which he called “completely centralized.” In an interview with the Bankless podcast, Vitalik said he was beginning to deliberately use the word “Ethereum” as opposed to “crypto” when discussing decentralized applications. “It’s not maximalist,” he noted. “It’s more saying ‘we are not going to ally with you are a cryptocurrency by default.’” Vitalik explained…

The Defi Yield Protocol (DYP) platform has rebranded to “Dypius” to reflect its expanded product suite beyond decentralized finance.  The team is now working on developing the Dypius metaverse, which will enable special features for owners of the company’s native NFT collection.  As revealed in a press release shared with CryptoAdventure, the metaverse will feature play-to-earn game letting players use their Cats and Watches Society (CAWS) NFTs as companions. Those NFTs can allow users to check their crypto portfolios in-game. …

Blockchain as an innovation is inappropriately being conflated with the “giant con” that is crypto, according to CNBC’s Jim Cramer on Thursday. The Mad Money Host suggested that multiple top cryptocurrencies are being artificially propped up in value. Among them are Solana, XRP, and Dogecoin.  Cramer’s Latest Take Speaking with CNBC’s Rebecca Quick, Cramer asserted that blockchain technology is worth separating from the drama surrounding FTX’s collapse. He added that Kevin O’Leary – a paid spokesperson of $15 million for…

According to an update on the crypto platform’s help page, Coinbase wallet will no longer support payment network Ripple’s XRP token. The digital asset is not the only cryptocurrency Coinbase has delisted as Bitcoin Cash, Ethereum Classic, and Stellar will also be unavailable. Coinbase Halts Wallet Support for XRP, BCH, ETC, and XLM The delisting will take effect from January next year and Coinbase’s wallet application will drop support for the aforementioned tokens. Coinbase Wallet like MetaMask and similar providers…

In a Monday update, leading exchange Binance revealed that it had burned $1.8M worth of  Terra Classic token trading fees.  The move came as a response to a community proposal from September and aimed at shedding some of the token supply.  Binance Completes the First Burn CEO Changpeng Zhao informed users that the company had completed the first LUNC burn via a post on Twitter. The exchange had sent about 5.5 million LUNC tokens worth 1,863,213.47 Tether (USDT) to the…