Crypto News and Updates

Bitcoin recently witnessed a substantial upsurge in its price, breaking past the $28,000 barrier for the first time since its significant leap on August 29. This surge was triggered by a phenomenon known as a ‘short squeeze’, causing a significant number of Bitcoin short positions to be liquidated. This event led to a rapid price increase, prompting traders to buy to prevent further losses, which in turn intensified the price jump.

Furthermore, the Bitcoin market demonstrated its resili

The collapse of the FTX crypto exchange, led by Sam Bankman-Fried, is attributed to the ideology of effective altruism, according to Aditya Baradwaj, a former engineer at Alameda Research. Baradwaj explains that the ideology, which encourages making as much money as possible to donate later, led to increasingly risky decisions.

Bankman-Fried, under this guise, made substantial donations for causes like preventing pandemics and curing malaria in developing countries. He also donated to b

Epic Games, the developer of Fortnite, has confirmed the downsizing of its workforce by approximately 16%, affecting nearly 830 employees worldwide. The announcement was made by CEO Tim Sweeney in response to the company’s financial instability, which has been exacerbated by the global transition to net zero hiring and the reduction of operating costs.

Sweeney admitted that the company’s expenditure far exceeded its earnings, making the layoffs necessary to achieve financial stability.

In the unfolding legal battle between the US Securities and Exchange Commission (SEC) and Binance, a major cryptocurrency exchange, Circle, a stablecoin issuer, has stepped in. Circle contests that stablecoins, such as BUSD and its own USDC, should not be classified as securities under current financial regulations. This intervention comes in the wake of Binance facing multiple legal charges earlier this year, based on the platform’s role in facilitating transactions involving several cryptoc

Google Cloud has recently become a validator on the Polygon network, a prominent Layer 2 EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. network. This collaboration, announced by Polygon Labs, adds Google Cloud to the existing set of over 100 validators tasked with verifying transactions on the network. Leveraging the infrastructure underpinning platforms such as YouTube and Gmail, Google Cloud will contribute to the overall security and integrity of the Polygon Proof-of-Stake (PoS) network.

This partnership extends beyond j

The US Commodity Futures Trading Commission (CFTC) has initiated a civil enforcement action against Mosaic Exchange Limited and its CEO, Sean Michael, for alleged fraudulent activities in the crypto industry. The defendants are accused of misappropriating funds and deceiving 17 individuals, who invested large amounts in Bitcoin and other cryptocurrencies.

From February 2019 to June 2021, the defendants falsely promoted Mosaic Exchange as a profitable cryptocurrency trading platform, boa

Sam Bankman-Fried, the former CEO of the now-defunct FTX exchange, is set to attend his trial from jail after his lawyers’ request for temporary release was denied by US District Judge Lewis Kaplan, who cited the potential flight risk due to the severity of the charges and potential prison sentence. Bankman-Fried faces a statutory maximum of 110 years of jail time for seven counts of fraud-related offenses, with his trial commencing on October 3. Despite the challenges of preparing for trial

Danny Ryan, a key figure in the EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. community, recently voiced concerns about the growing influence of protocols like Lido, which now controls almost a third of all staked ETHEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH.. Ryan warned that this dominance poses a potential risk to Ethereum’s decentralizationWith normal currency, banks and governments control everything – they’re the central authority. But cryptocurrencies work differently! Instead of one central group calling all the... principle and could disrupt consensus mechanisms.

Ryan’s concerns are rooted in the unchecked growth of Lido and similar platforms, which he sees as a systemic threat to EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH.. He criticized the community’s apathy towar

Japan’s Crypto Asset Business Association (JCBA) is leading a revolution in the Initial Coin Offering (ICO) market with its latest initiative. Driven by a solid partnership with Web3 firms, the JCBA has proposed a redefined framework for Initial Exchange Offerings (IEOs) and ICOs. In an effort to bring transparency and stability to the ICO landscape, the proposal focuses on improving the price calculation process, enhancing liquidity, stabilizing operations, and implementing on-sale restricti

Microstrategy, under the leadership of Michael Saylor, recently purchased an additional 5,445 BTC, totaling $147.3 million. This move is speculated to be a key influencing factor behind the positive Coinbase Premium observed in recent times. The timeline of Microstrategy’s Bitcoin purchases seems to align with the cryptocurrency’s price over the past years, often occurring near the top.

This latest acquisition took place between August and September, with an average token price of $27,0

Bitcoin supporter Max Keiser sparked a controversy after claiming that XRP is centralized, based on a patent filed over three decades ago by Ripple co-creator David Schwartz. The patent, however, does not mention Ripple and was filed when Schwartz was a young adult, leading to intense reactions from the XRP community.

Keiser’s accusations were met with strong pushback from the XRP community, who defended the cryptocurrency and called out the assumptions made by Keiser. Some members poin

The Hong Kong-based Mixin Network, a decentralizedWith normal currency, banks and governments control everything – they’re the central authority. But cryptocurrencies work differently! Instead of one central group calling all the... cross-chain transfer protocol, has come under scrutiny following a $200 million hack on September 25. The Mixin Network allowed users to send digital assets to others using just a phone number. The assets were normally kept in ‘cold storage’, but the cloud server hack led to the compromise of Mixin’s hot wallets.

After the hack, Mixin’s founder, Xiaodong Feng, promptly revealed a compensation plan. However, this plan only covers up to 5