NFT News Today Official TheBitTimes.com

The staff note suggested that although the DeFi ecosystem brings a ton of innovations in the financial sector the regulatory challenges and vulnerability limit its potential use in traditional finance. The Central Bank of Canada published a staff note on De central ized Finance on Oct. 17, assessing the innovations that made it popular and the challenges and risks associated with its use. The staff note described DeFi as a multi-layered structure with the Ethereum blockchain serving as the bottom layer (or settlement layer). Developers construct a variety of tools and services on top of the main blockchain including tokenization, lending and borrowing services, and much more. DeFi Architecture. Source: Bank of Canada The staff note shed light on the rise in popularity of the DeFi ecosystem starting in 2020 and how it became an integral part of the crypto economy with billions in volume over the next few years. The popularity of the ecosystem took a dip starting in 2022 with the col...

According to blockchain analytics firm Elliptic, the anonymous FTX exploiter has used THORSwap to convert ETH to BTC, which is traceable on-chain. Decentralized exchange (DEX) THORSwap has resumed operations after briefly going into maintenance mode due to detecting illicit funds on its platform. THORSwap took to X (formerly Twitter) on Oct. 12 to announce that the platform is back online . The platform asked users to resume their regularly scheduled swapping of over 5,500 assets across 10 blockchains, right from their own self-custody wallet. The protocol originally halted swaps on its platform on Oct. 6 as an immediate measure to counter the potential movement of illicit funds. THORSwap acknowledged that its DEX platform encountered illicit use, deciding to pause to find a permanent solution to the misuse. According to the latest announcement, THORSwap hasn’t applied any big changes on its platform other than the “shiny new terms of service.” Updated on Oct. 11, THORSwap’s new ter...

BAD Idea AI has partnered with Tangem, a leader in secure hardware wallets, to launch limited-edition $BAD-branded hardware wallets. The partnership aims to provide a faster, lower-cost, and more accessible remittance option for the 18 million Filipino users of BAD Idea AI and their families and loved ones abroad. BAD Idea AI users can now deposit funds directly into their accounts through Tangem, which supports more than 70 leading cryptocurrencies. This allows them to trade, send, and transact in crypto more efficiently and securely. You might also like: SBI Crypto Investment Ltd Invests $15 Million in Smart Banknote Platform Tangem BAD Idea AI CEO Christopher Johnson said: “We’re hugely excited to have partnered with Tangem, the leader in cryptocurrency payment technology. BAD Idea AI’s mission is to make digital payments cheaper, faster, and more convenient, and by integrating with Tangem, our users will be able to handle more cryptocurrencies, more ...

OK Group COO and OKX President Hong Fang announced that Okcoin will undergo a rebrand ing to OKX in the coming months. This decision aligns Okcoin’s name with OK Group’s other cryptocurrency venture, OKX (formerly OKEx), which was founded in 2013. Sunsetting the Okcoin brand As part of the transition, the COO shared that the Okcoin brand and product has already been sunset in regions including Latin America, MENA, Hong Kong and South Asia. The rebrand of Okcoin to OKX is then said to continue over the next couple of months, beginning with Singapore, the European Union, and lastly, the United States. We've made a decision to rebrand Okcoin globally to OKX over the coming months. Such a bittersweet moment. A thread… — Hong (@hfangca) October 9, 2023 Users in the affected regions will still receive the same product services under the currently used regulatory framework, the main difference being that they will interact with the new brand . You might a...

Blockchain company Fireblocks, which is backed by Sequoia Capital, has acquired Melbourne-based decentralized finance (defi) startup BlockFold for a reported $10 million. This acquisition will allow Fireblocks to expand its services beyond custody services. Neither Fireblocks nor BlockFold has made any public statements regarding the deal. You might also like: Fireblocks Integrate Support for Solana, NFT, and DeFi BlockFold, founded in 2022, provides smart contract development, auditing, advisory, testing, and security services for defi and non-fungible token projects. Its clients include OpenSea, Hedera Hashgraph, OpenZeppelin, among others.  This acquisition comes shortly after Fireblocks launched its non-custodial wallet-as-a-service for businesses across various sectors.  The wallet is designed to work across multiple platforms, including iOS, Android, and web browsers.  In June 2023, Fireblocks partnered with cloud service giants AWS, ...

Blockchain security firms SlowMist and CertiK also believe the crypto wallet drainer Angel Drainer was involved in the estimated $238,000 exploit. The team behind Balancer, an Ethereum-based automated market maker, believes a social engineering attack on its DNS service provider was what led to its website ’s frontend being compromised on Sept. 19, leading to an estimated $238,000 in crypto stolen. “After investigation, it is clear that this was a social engineering attack on EuroDNS, the domain registrar used for .fi TLDs,” the firm explained in a Sept. 20 X post. Approximately 8 hours after the first warning of the attack, Balancer said its decentralized autonomous organization (DAO) was actively addressing the DNS attack and was working to recover the Balancer UI. At 5:45 pm UTC on Sept. 20, Balancer said it was successful in securing the domain and bringing it back under the control of Balancer DAO. It also confirmed its subdomains “app.balancer.fi” and other “balancer.fi” are...

Blockchain Capital secures a record $580 million in new funding to invest in emerging and later-stage crypto initiatives, focusing on decentralized finance, gaming, and blockchain infrastructure. The freshly obtained investment will be channeled towards budding and innovative startups specializing in diverse crypto sectors. This includes the trending decentralized finance (DeFi), crypto gaming , and the foundational infrastructure of these domains. We're thrilled to share the closing of 2 new funds – our 6th early stage fund and 1st opportunity fund. Together, they total $580 million and serve to reinforce our commitment to leading the global transition to decentralized, blockchain-based systems. ↓https://t.co/Vr2uYnGlF7 — Blockchain Capital (@blockchaincap) September 18, 2023 The San Francisco-based VC firm secured its funding through two novel funds. The firm’s portfolio, already boasting $2 billion in managed assets, is set to diversify even further.  D...

Stellar joined the industry group developing Wasm, an alternative computation engine for running smart contracts. The Stellar Development Foundation has joined the Bytecode Alliance, an industry group promoting the development of WebAssembly (Wasm), according to an Aug. 21 announcement. Wasm is a competitor to the Ethereum Virtual Machine (EVM) used by the Ethereum ecosystem. It is also used in non-blockchain, browser-based applications. We are officially members of @bytecodeallies! Our goal? To shape the future and development of WebAssembly for blockchain developers. Time to get to work https://t.co/MBLkWoNlDl — Stellar (@StellarOrg) August 21, 2023 EVM is a virtual machine or computation engine used to execute smart contracts. It is used by most blockchain networks, including Ethereum, BNB Chain (BNB), Avalanche (AVAX), and many others. But a few networks use Wasm instead, including Polkadot (DOT), MultiversX (formerly Elrond) (EGLD), and Internet Computer (ICP). Stellar beg...

RocketX, a multichain centralized and decentralized exchange (DEX) aggregator that allows users to trade multiple assets, is integrating Hedera, per a press release shared with crypto.news on Aug. 10. RocketX integrates Hedera Incorporating the RocketX infrastructure aims to enhance Hedera’s interoperability in decentralized finance (defi). This development will also likely make Hedera interact with other networks and blockchains more seamlessly. RocketX is a platform that facilitates the trading of numerous assets from multiple networks via a single user interface and API.  As of Aug. 10, RocketX aggregates more than 300 centralized and decentralized exchanges, providing access to a liquidity pool worth over $100 billion.  The integration of RocketX with Hedera, therefore, is a significant development that makes crypto more fluid, dismantling the current “blockchain-silo” nature of operations, enhancing interoperability . You might also like: Hedera (HB...

Regulatory Scrutiny and the Need for AML Compliance As the popularity of DeFi continues to rise, regulatory bodies worldwide are turning their attention to the sector. Concerns surrounding potential money laundering activities and illicit financial flows have prompted calls for increased oversight and Anti Money Laundering (AML) compliance within DeFi.  advertisement According to reports, the proposed bill titled Crypto-Asset National Security Enhancement Act of 2023, seeks to enforce bank-like controls on DeFi protocols. The bill seeks to close off avenues that could facilitate money laundering, sanctions evasion, and other illicit activities associated with cryptocurrencies.  By addressing potential vulnerabilities in the crypto space, lawmakers aim to protect against illicit activities that could pose risks to the financial system and national security interests. Enhancing oversight and control over DeFi protocols can contribute to a more secure and...

A creditor of now-bankrupted crypto exchange FTX pledged a $31,307 claim as collateral for a DeFi loan. A creditor of now-bankrupted crypto exchange FTX pledged a claim as collateral for a loan in the decentralized finance (DeFi) protocol Arcade. The transaction was the first on-chain loan backed by an FTX claim , according to the bankruptcy claim s platform Found. The $31,307 claim was tokenized, and its ownership was represented by a nonfungible token (NFT). On June 23, the NFT was used as collateral for a $7,500 loan to be repaid in five days. In the event of a payment default, the lender is entitled to the claim. Congrats wagmiclaims.eth for being the first onchain #RWA loan backed by a #FTX #bankruptcy claim WAGMI is happy to have some spending cash for the @Azuki Vegas party this weekend Special thanks to @Arcade_xyz for building a great platform pic.twitter.com/l8n8jGyKpp — Found (@foundxyz) June 23, 2023 The transaction is an example of real-world assets (RWA) tokenizati...

Shiba Inu (SHIB), RenQ Finance (RENQ), and Dogecoin (DOGE) are three cryptocurrencies that have captured the attention of the crypto community with their unique Features and potential for high returns. As we move closer to 2023, investors are eager to know which of these tokens will reach new all-time highs (ATH) and provide the most significant returns on investment. In this article, we will examine each of these tokens and determine which one is likely to reach a new ATH in 2023. Shiba Inu (SHIB) Shiba Inu (SHIB) may have been a crowd favorite as a meme-inspired cryptocurrency, but its recent struggles in the market have left investors wondering if it will ever reach new all-time highs. Despite a 14,000% increase in price at its peak in 2021, the token has recently faced a significant decline in trading volume and a sharp drop in value.As the entire crypto market takes a hit, Shiba Inu finds itself stuck in a price range, leaving investors uncertain about its future prospects. W...

Unsuspecting cryptocurrency users have lost over $4 million to phishing websites promoted using Google Ads. Data from Google Ads coupled with blockchain analytics reveals that over $4 million has been stolen from users that have fallen for malicious phishing websites promoted on Google. According to Web3 anti-scam service provider ScamSniffer, malicious adverts for phishing websites have been prevalent on Google ads searches in recent weeks. The URLs lead to fraudulent websites that prompt wallet login signature requests that compromise users’ addresses. 1/ A recent surge in phishing scams via Google search ads has led to users losing approximately $4 million. ScamSniffer has investigated multiple cases where users clicked on malicious ads and were directed to fraudulent websites.#PhishingScams #GoogleAds pic.twitter.com/vuKCgSuFnV — Scam Sniffer (@realScamSniffer) April 27, 2023 A number of decentralized finance (DeFi) protocols, websites and brands, including Zapper.fi, Lid...

RenQ Finance (RENQ) is an up-and-coming cryptocurrency that has been gaining attention in the decentralized finance (DeFi) space. Its unique Features , including its hybrid infrastructure, high leverage, and never-ending liquidity, have made it an attractive option for traders and investors alike. In recent months, RenQ Finance has been gaining traction and is poised to enter the top 20 tokens by market capitalization. This means that it will replace other tokens currently occupying those spots, including Tron (TRX) and Chainlink (LINK). Why RenQ Finance is Poised for Growth There are several factors contributing to RenQ Finance’s growth and potential for entering the top 20 tokens. Here are some of the key reasons: Unique Features and Infrastructure RenQ Finance’s hybrid infrastructure is a standout feature that sets it apart from other cryptocurrencies. This infrastructure combines on-chain and off-chain technology, providing traders with institutional-level trading ...

- Advertisement - As the crypto market continues to evolve and mature, investors are constantly looking for the next big thing to invest in. Two of the most talked-about cryptocurrencies in the market today are Cardano (ADA) and RenQ Finance (RENQ). - Advertisement - Both of these cryptocurrencies have gained significant traction in recent months, but which one is worth holding onto for the long term? In this article, we will compare the price predictions for ADA and RENQ for the year 2023. Overview of Cardano (ADA) Cardano is a third-generation blockchain platform that was created in 2017 by Charles Hoskinson, one of the co-founders of Ethereum. The platform was designed to be more scalable and secure than other blockchain platforms like Bitcoin and Ethereum. Cardano uses a proof-of-stake consensus algorithm, which is energy-efficient and less resource-intensive compared to proof-of-work algorithms. Cardano has a strong development team and community, and the platform is constan...

U.S.-based cryptocurrency exchange Kraken received its virtual asset service provider authorization from the Central Bank of Ireland. Payward Europe Solutions, an Irish subsidiary of Kraken registered in Dublin, was awarded virtual asset service provider (VASP) authorization from the Central Bank of Ireland on April 18. We’re pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), affirming our commitment to helping drive crypto adoption in Europe Learn more https://t.co/mowesdqEGj pic.twitter.com/C2ScvDhpa1 — Kraken Exchange (@krakenfx) April 18, 2023 The VASP authorization comes at a critical time for Kraken. The European Union is scheduled to conduct its final vote on the long-awaited Markets in Crypto Assets (MiCA) regulation. The MiCA legislation is expected to pass after preliminary voting showed overwhelming nonpartisan support. If it does, the resulting changes will require any company...

A new Era has dawned with the launch of the first Ethereum Virtual Machine compatible ZK rollup, enabling projects like Uniswap and Sushi to easily port over for scaling. Some of the biggest names in decentralized finance, including Uniswap, Sushi, Maker and Curve, are set to launch March 24 on zero-knowledge proof roll-up zkSync Era. The Ethereum layer 2 scaling network has finally opened to users in alpha after four years in development, enabling faster and cheaper transactions. It is the first Ethereum Virtual Machine compatible zk-Rollup to launch on mainnet (competitor StarkWare uses a bespoke language called Cairo), allowing most Ethereum DApps to simply port over with very few changes. Between 32 to 50 projects are expected to go live on March 24 or over the weekend, including Balancer, Pyth Network, Mute, Redstone, Graph and Argent. Banxa, Yearn Finance, Celer, Chainlink, Aragon, Woo Network and Tracer DAO are also porting to the network. “Friday for us is the big one, it’s...

The industry is likely to see “further attempts from hackers targeting bridges in 2023," while users are urged to be warier of their private keys. The new year is a fresh start for malicious actors in the crypto space and 2023 won’t likely see a slowdown in scams, exploits and hacks, according to CertiK. The Blockchain security company told Cointelegraph its expectations for the year ahead regarding bad actors in the space, saying: “We saw a large number of incidents last year despite the crypto bear market, so we do not anticipate a respite in exploits, flash loans or exit scams.” Regarding other ill-natured incidents the crypto community might face, the company pointed to the “devastating” exploits that took place on cross-chain bridges in 2022. Of the 10 largest exploits during the year, six were bridge exploits that stole around $1.4 billion. Due to these historically high returns, CertiK noted the likelihood of “further attempts from hackers targeting bridges in 2023.” Prot...