News

In a medium update earlier today, DeFi protocol Defrost Finance shared its strategy to reimburse users who suffered in the recent exploit. The team behind the platform noted in a Twitter thread that they had recovered the stolen assets and were set to commence refunds.  The Refund Process The blog post, titled “Details Concerning the Refunding Process” outlined the steps the platform will follow over the next few days. To begin with, the Defrost team will swap all ETH for…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $810 billion. Bitcoin maintains a similar value to last week’s $16,800. Ethereum gained almost 3% over the past seven days. XRP lost nearly 1% of its value this week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector dropped the total value of protocols (TVL) to around $38…

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…

Seychelles-based crypto exchange OKX published its second proof-of-reserves (PoR) on Thursday, showing that user assets for the top-3 cryptocurrencies are fully-backed. The exchange promised to publish subsequent PoR reports on roughly the 22nd day of each month from today onwards.  Committing to PoR In a press release from OKX, the company provided a new tool allowing users to self-verify its reserves using open-source tools.  The tool lets anyone examine the results of OKX’s proof of reserves audits at different points…

Residents of Brazil can now lawfully conduct transactions within the country using cryptocurrency. This major change came into effect after Brazil’s leadership signed a crypto policy authorizing various digital assets as a legal payment method. Bolsonaro Gives His Signature On Thursday, the president of Brazil, Jair Bolsonaro gave the thumbs up for bill 14.478 to enter into law. Of course, Bolsonaro’s approval was only after the policy had successfully gone through the Chamber of Deputies and the Senate. The president…

The provincial government of British Columbia, Canada, has enacted an 18-month freeze on setting up any new Bitcoin mining operations.  The pause will give the government time to assess whether the mining industry impacts its economic and environmental goals.  According to CBC News, the government has now suspended 21 applications for new mining operations in the province. Collectively, they would have consumed 1.403 megawatts of energy, equal to that of 503,000 homes or 2.1 million electric vehicles. “Cryptocurrency mining consumes…

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…

Giant consulting firm Accenture’s 2022 Payments report has revealed that more users are turning to virtual assets as a payment method. This is despite the unstable condition of the crypto market over the past year. The future is digital, even for face-to-face payments.” Next-Gen Payment Options on the Rise The company took a survey of 16,000 customers in 13 countries across Asia, Europe, Latin America, and North America. According to the survey, banks and traditional finance systems, including credit cards…

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…