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Ethereum co-founder Vitalik Buterin called out the popular Bitcoin price-analyst “Plan B” on Tuesday. He mocked the analyst’s trademark Stock-to-Flow (S2F) price prediction model, suggesting that it was irresponsible to share from the start. S2F ‘Not Looking Good’ In a tweet hours ago, Vitalik posted a picture of Bitcoin’s price plotted against the S2F model. “Stock-to-flow is really not looking good now,” he commented. With Bitcoin’s recent declines, the price has deviated even further from Plan B’s more bullish modeling…

New Jersey-based crypto lending platform BlockFi has signed a term sheet with FTX to secure a $250 million revolving credit facility. Zac Prince, BlockFi’s CEO, tweeted this news earlier today, saying the non-binding agreement will offer BlockFi access to additional capital. BlockFi also announced in a subsequent press release. [embed]https://twitter.com/BlockFiZac/status/1539216594383028224[/embed] According to Prince, the $250 million would go toward strengthening BlockFi’s balance sheet and platform. He added that BlockFi intends for the proceeds of the credit facility to be subordinate…

South Korean prosecutors have prohibited current and former Terraform Labs employees from leaving the country. Bloomberg reported earlier today, citing an official with the prosecutor’s office in Seoul. The travel restrictions seek to ensure the employees are readily available for questioning. The official, however, failed to disclose the number of Terraform employees that have received travel restrictions. Additionally, the source did not share details about the status of the investigation, which started last month. The probe seeks to determine whether…

The Sepolia testnet is live in readiness for a trial merge that will supply Ethereum developers with vital technical insights. Sepolia's upcoming integration with Ethereum's Beacon chain will deploy Proof of Stake in achieving consensus instead of Proof of Work. The purpose of this testnet is to supply a picture of what could happen when Ethereum 2.0's Merge finally goes live. Why Ethereum is Moving from PoW to PoS The energy-intensive Proof of Work (PoW) model Ethereum blockchain uses has…

Ukraine has sold the non-fungible token (NFT) it received as a donation in March. Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, announced via Twitter yesterday. According to him, Ukraine sold CryptoPunk #5364 to an anonymous buyer for 90 Ethereum (ETH), worth just over $100,000. Bornyakov’s tweet read, Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It's over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine.…

UK amends proposal to bind only private crypto wallets with high risk of illegal finance.   The government of the United Kingdom has backtracked on a controversial proposal that requires private data collection.  Previously, the rule indicated that fund senders must ID all receiving crypto-asset wallets before completing transactions. However, an amendment on Monday has restricted the proposal to only transactions that pose a risk of illegal finance.   Background on UK's KYC Proposal July 2021 saw the UK government pass…

Popular instant messaging platform WeChat has warned Chinese users against using the app to process transactions involving digital assets. This warning is in line with the directive issued by the Chinese Government last May. The directive banned financial institutions from providing crypto-related services, and warned investors against speculative crypto trading.  Therefore, WeChat, China’s largest social media platform, declared that it would limit or ban accounts that trade crypto or NFTs. Recently, it updated its rules to state what transaction behaviors…

MicroStrategy CEO Michael Saylor recently described the ten things he believes are holding Bitcoin back from becoming a mainstream asset. Should these so-called “pain points” be met, they will each be “very bullish” for the Bitcoin industry. In an interview with Bloomberg on Friday, Saylor named wash trading as his first gripe. Since Bitcoin has no rules against this yet, traders can harvest tax gains through buying and selling their own Bitcoin. That is a no-no in traditional equities markets.…

Crypto lending platform Babel Finance has managed to strike deals that have helped alleviate its short-term liquidity problems. The company unveiled this news through a notice earlier today. Babel Finance said it achieved this feat by communicating with its counterparties and relevant customers. According to the notice, the company reached preliminary agreements on the repayment periods of some debts with the above parties. Babel Finance added that it is holding talks with shareholders and potential investors to get liquidity support.…