This week in crypto: Binance’s $1 Billion Recovery Fund already has contributors
. Jump Crypto and Polygon Ventures have expressed their desire to contribute to Binance’s recovery fund. Genesis could file for bankruptcy if it fails to get funding as FTX’s collapse continues to affect more companies. Cardano’s algorithmic stablecoin will go live in 2023. Binance’s $1 billion recovery fund off to a positive start Binance, the…
Jump Crypto and Polygon Ventures have expressed their desire to contribute to Binance’s recovery fund.
Genesis could file for bankruptcy if it fails to get funding as FTX’s collapse continues to affect more companies.
Cardano’s algorithmic stablecoin will go live in 2023.
Binance’s $1 billion recovery fund off to a positive start
Binance, the world’s leading crypto exchange, announced earlier this week that it targets around $1 billion for its recently announced “industry recovery fund.” the company CEO Changpeng Zhao revealed that the fund’s wallet address would be public so that there would be transparency during the contribution phase.
A few companies have also stated their intentions to contribute to this fund. Jump Crypto, Polygon Ventures and Aptos Labs announced this week that the fund would include contributions from Tron DAO (Animoca Brands), Tron DAO (Animoca Brands), GSR and Kronos. CZ added that these firms have agreed to contribute to the fund with an initial aggregate commitment of around $50 million. Binance said it expects more firms to join the fund as it has received over 150 applications so far.
FTX’s negative impact continues
It has been two weeks since FTX filed bankruptcy. The effects have already begun to show in the crypto market. Earlier this week, FTX-owned Liquid exchange, announced that it had halted trading activities on its platform. The Japanese-based exchange said its decision was due to the ongoing Chapter 11 bankruptcy proceedings of FTX.
Cryptocurrency lending platform Genesis also revealed earlier this week that it is facing a hard time raising funds to continue its operations. The company could file for bankruptcy if it fails to raise funds. Cryptocurrency exchange Binance has reportedly decided against investing in Genesis despite approaches from Digital Currency Group, Genesis’ parent company.
On its part, FTX had requested to hire BitGo to secure its assets as the bankruptcy procedure. The company is trying to protect its assets against theft and hackers. FTX also revealed in a separate filing that it had a $1 cash balance. 24 billion. The money is far below the $3.1 billion FTX owes its top 50 creditors.
Cardano’s algorithmic stablecoin will launch next year
COTI’s CEO, Shahaf Bar-Geffen, announced earlier this week that Djed, Cardano’s over-collateralised algorithmic stablecoin, will go live in January 2023 following a successful full audit.
The Cardano community learned from Terra’s collapse earlier in the year and decided to implement a slow and gradual approach to providing ADA liquidity for Djed smart contracts. Djed will see the stablecoin integrated with top Cardano partners in order to allow for more use cases.
ConsenSys collects the IP addresses of MetaMask users
The company said that it collects data using Infura, a blockchain infrastructure service. ConsenSys controls both MetaMask and Infura. ConsenSys explained to us that users can initiate blockchain transactions using their MetaMask wallets. Infura defaults when it does. Infura broadcasts the transaction to Ethereum. MetaMask then connects to Infura via remote procedure service (RPC).
However, ConsenSys added that it doesn’t collect data from users who access MetaMask with alternative RPC providers like Ankr, Alchemy and others.
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Mint-free OKX Football Cup NFTs for group stage games enter the second round
The second round of group-stage games at the FIFA World Cup 2022 began today. Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends Get a chance to redeem stakes and collect rewards by December 20. FIFA World Cup group stage games enter the second round The second round…
- The second round of group-stage games at the FIFA World Cup 2022 began today.
Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends
Get a chance to redeem stakes and collect rewards by December 20.
FIFA World Cup group stage games enter the second round
The second round of the group stage games for the FIFA World Cup in Qatar is underway. There were some big upsets in the first round, with Saudi Arabia winning against Argentina and Germany losing against Japan.
The second round of games started today and the chances for the host nation to qualify for the knockout round are virtually nonexistent.
You have the chance to get OKX Football NFTs for free as the world cup continues. A week ago, crypto exchange OKX announced the launch of its NFT Football Cup.
The OKX Football Cup is part of the crypto exchange’s ‘The OKX Football Festival,’ and it is giving millions of fans around the world the opportunity to earn from a great prize pool.
With this competition, users can mint free NFTs of their preferred teams and use the NFTs to predict matches and stand a chance to win huge prizes.
NFT minting will end after the group stages
The free minting of the NFTs began on November 21st and will end on December 3rd. All users can participate in minting as long as there are group stages. Users must stake 0.01 for each mint. 01 ETH. You can create up to three teams prior to the group stage. With the first round of games producing some shocking results, you can look at the tables so far and partake in the OKX Football Cup.
Each match offers a fixed prize pool of 20,000 USDT. OKX revealed that it adds 10 USDT for every NFT minted, thus, growing the prize pool.
As an NFT owner, you will earn a share of the $20k in USDT if your team wins a match. However, when the teams draw, each side will share $10,000 in USDT
Participants will also have the option of redeeming their full stakes at the completion of the OKX Football Cup.
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BNB recovers above a critical level. Do we need to wait for another bullish push?
Binance token rose by 17% on Wednesday. The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad. BNB eyes $330 next and is a buy on a retracement As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any…
Binance token rose by 17% on Wednesday.
The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad.
BNB eyes $330 next and is a buy on a retracement
As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any decline below could have given bears complete control. However, it is now not the case as BNB trades at $295, well above the crucial level. It is possible that cryptocurrency may be heading for the next level. What happened then?
The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.
According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.
This latest development comes as Binance continues to reassure users following the collapse of FTX. Binance announced Thursday that it would contribute $1 billion to help protect crypto-related firms. Binance has committed to increasing this amount if necessary and will look to include traditional financial institutions. This fund is the result of a series of measures that are designed to ensure users have sufficient reserves in case of a crypto confidence crisis.
BNB price action as token hits a 2-week high
BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.
A bullish MACD crossover was initiated after the bullish push. The RSI also moved above its midpoint, which suggests that BNB has attracted a lot more buyers since the breakout. The cryptocurrency is consolidating ahead the next move.
Should you buy BNB now?
Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. This consolidation could lead to a correction before the next bullish leg.
Where to buy BNB
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is known for its low trading fees and multiple trading options. These include margin trading, peer-to-peer, spot trading, and margin trading.
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Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack
A major cryptocurrency mining pool was attacked by hackers in early March, according to the pool’s owner. The hackers stole digital assets worth $3 million from the pool and its clients.
Chinese Authorities Open Investigation into Crypto Mining Pool Hack
A subsidiary of Bit Mining, a coin minting company, was the victim in a hacking attack. The company released a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.
According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.
The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. With the support of other agencies Bit Mining highlighted that the Chinese authorities are investigating the incident and collecting evidence.
The company will devote considerable efforts to recover the stolen digital assets.
The mining company stated that certain crypto assets of Btc.com were already secured. It pointed out that it had implemented technology to better intercept and block hackers after discovering the breach.
Btc.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.
Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.
Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors.
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What are your thoughts on the hacking attack against the bitcoin mining pool Btc.com? Please leave your thoughts in the comments below.
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