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A representative of Russia’s Central Bank recently denounced private stablecoins in favor of a possible digital ruble. He claimed that the former is unsafe because its owners do not control the assets backing their value. CBDC VS Stablecoins As reported by local media on Monday, the unnamed representative argued that stablecoins are not in fact “stable” in value. Stablecoins are cryptocurrencies that attempt to circumvent industry volatility by pegging their value to relatively stable, real-world assets. They typically rely on…

The Central Bank of Sri Lanka says crypto poses too much legal and financial security risk.   In a public release this Tuesday, the Central Bank of Sri Lanka (CBSL) has once more retained its anti-crypto stand. It publicly warned Sri Lankans that the government does not consider digital currencies a viable investment option. The release stated that the central bank has no regulations to protect crypto investors in place. Furthermore, the government had not authorized any exchanges to operate…

A bad actor has managed to pull off a phishing attack on a major liquidity provider for the Uniswap v3 protocol. The campaign saw the hacker(s) loot a minimum of $4.7 million worth of Ether from the platform. According to internal reports, the total amount of stolen tokens could be even more. Alarms Go Off on Twitter Binance CEO Changpeng Zhao had earlier posted regarding the attack after the exchange company’s threat intel spotted suspicious movement. CZ shared a tweet…

Zac Prince – CEO of crypto lending platform BlockFi – wants people to stop comparing his company to other embattled crypto firms. He claims there is a qualitative distinction between the magnitude of BlockFi’s troubles compared to Celsius or Voyager’s. In a tweet on Monday, Prince called on journalists and commentators to quit “putting BlockFi in the same bucket” as Celsius or Voyager. "Two months ago we looked the ‘same’,” he said. “They shut down and have impending losses for…

CoinFLEX co-founders, Sudhu Arumugam and Mark Lamb have issued a release revealing plans to move forward with arbitration. After two weeks of near silence, the troubled crypto trading company now seeks to recover $84 million worth of debt from a client.  CoinFLEX Founders Proceed With Legal Action Last month, CoinFLEX put withdrawals on hold after one user’s account entered negative equity. The company became the umpteenth in a series of crypto outfits that had done the same thing. In a…

A recent MLIV Pulse survey has shed light on the sentiments of Wall Street traders regarding the future of the world’s biggest crypto Bitcoin. Considering Bitcoin’s recent struggles, several Wall Street investors expect the leading crypto to rather sink to $10k support than rising soon. Few Expect a Recovery MLIV’s new study warns Bitcoin bulls and expects the bearish period to probably last longer than earlier predicted. Over the past few months, crypto prices have continued to fall, the bearish…

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 $926 billion. Bitcoin has increased by nearly 10% this week. Ethereum gained almost 11% over the past seven days. XRP is up by nearly 4% this past week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector added over $0.5 billion to the total value protocols (TVL), now…

Despite CEO Changpeng Zhao stating potential risks, customers of the world's leading exchange Binance have expressed firm support for the platform’s zero-fee trading. Zero-Fee Trading to Pose Certain Challenges Earlier this week Binance implemented a zero-fee trading feature across 13 spot BTC trading pairs. With this move, the company gained yet another edge over its competitors and unsurprisingly earned favor with its users. Eligible swap combinations include BTC/BUSD, BTC/EUR, BTC/USDC, and BTC/USDT among others. Investors in various sectors and particularly…

Compass Mining is the next crypto company to succumb to falling crypto prices and macroeconomic uncertainty. The firm’s co-CEOs sent a letter to investors on Thursday confirming that it had laid off 15% of staff. In addition to staff cuts, Compass will also implement compensation and spending reductions across the rest of the business. “While painful, these changes will enable Compass to stay agile and well-positioned in this evolving market, which has challenged many of our industry peers,” stated the…