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1

In a recent interview with Noah Smith, Ethereum’s Vitalik Buterin claims that he knew that the cryptocurrency bull market would eventually come to an end.


Many people thought that high prices were the “new normal,” but Buterin knew that the bubble would pop.     

Buterin claims that the previous bull market was overextended since it lasted for roughly a year and a half. He noted that crypto bubbles typically last for up to nine months.

At the same time, the Canadian programmer has dismissed the severity of the most recent price correction, chalking it up to cyclical dynamics. Low crypto prices are not indicative of any fundamental flaws within the cryptocurrency market, according to Buterin.
Read more information: click

2
Binance / Binance is Not a Chinese Company, Declares CEO
« on: September 04, 2022, 10:46:23 PM »
Binance CEO Changpeng Zhao (CZ) recently released a statement on Binance blog to demystify the company’s relationship with China.

He asserted that Binance is not a Chinese company, and that conspiracy theories of a Chinese employee secretly running the business are untrue.
Obviously Read:click

3
Whenever some major problem occurs with a crypto exchange, we will be reading about it everywhere the next day. This is not a good face for crypto exchanges, so they are always trying to not let the news get out but usually, they fail to do so. So it is surprising that today we are not reading about the things that went down on August 30, on Coinbase.

First reported by investfox.com, on August 30, Coinbase had a major technical bug that gave traders the opportunity to sell their cryptocurrencies for 100 times the price. This technical error occurred for those who used GEL (Georgian national currency) as their account currency. Traders who had crypto prices and their account balances displayed in GEL saw that their balances were showing astronomical prices.

So what exactly happened? Coinbase is a US-based crypto exchange that primarily uses USD as the currency on their exchange, but they also allow traders to display balances in different currencies for traders’ convenience. For this, they need to implement exchange rates of different currencies with USD, and that is where the problem occurred. On August 30, the average exchange rate of USD and GEL was 1 USD for 2.88 GEL, so if traders had 10 USDC in their accounts and wanted to sell it for GEL, they should have received 28.8 GEL following the exchange rate. But in fact, traders were able to sell 10 USDC for 2880 GEL.

Here we can easily see where the problem occurred. Coinbase had a technical error that caused the exchange rate of USD and GEL to be set as 1 USD for 288 GEL. This was not present for only USDC, but every single cryptocurrency on Coinbase was priced for 100 times more than the market prices.
Read more: [urlhttps://cryptonews.net/11678815/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared]click[/url]


4
Binance / CZ Reveals Binance Shared Required Information to DOJ
« on: September 04, 2022, 10:41:51 PM »
Binance was requested by U.S. authorities to hand over records. This was pertaining to the company’s anti-money laundering measures, as well as messages including of CEO Changpeng Zhao (CZ).

Reuters reported Thursday that a request from the Justice Department was made in December 2020. It was aimed for CZ and 12 other exchanges and partners to divulge correspondence. Discussing how the exchange handles unlawful transactions and recruits U.S. consumers.

Binance was also subpoenaed to provide any and all data pertaining to any and all files that had been marked as “documents [to] be destroyed, altered, or removed from Binance’s files” or “transferred from the United States.” A total of 29 papers related to the company’s management, structure, finances, operations, and compliance processes were sought by the prosecutors in 2017, according to the report..
Report more : Read

5
Founder and chief investment officer of crypto-focused fund Cyber Capital Justin Bons have called Bitcoin (BTC) “technically one of the worst cryptocurrencies,” and a “purely speculative asset without utility” in comparison with other cryptocurrencies due to its lack of technological progress.

Bons added his two cents in an 11-part Twitter thread on Sunday, stating that Bitcoin and BTC’s value proposition has long deteriorated due to a broken long-term security model, comparatively weak economic qualities and lack of capacity, programmability and composability.information

6
Ripple CEO Brad Garlinghouse took to Twitter to deny recent explosive claims made by Crypto Leaks, an online publication focusing on corruption and fraud-related news in the crypto ecosystem.

Crypto Leaks published a report on Friday containing a series of short videos from an unknown source. The report claimed that Ava Labs formed a secret pact with the law firm to use the American legal system “gangster style” to “attack and harm crypto organizations."

The same report also alleged that Ripple CEO Brad Garlinghouse funded a law firm to target competitor firms. The report claimed Roche, who founded Roche Freedman, was earlier working with Boies Schiller Flexner, a firm that was representing Ripple in its lawsuit against the United States Securities and Exchange Commission (SEC).click

7
As rumors about an upcoming Bitcoin (BTC) dump float on Twitter, Mt. Gox creditors took to Twitter to say that these are all false, with one highlighting that the defunct exchange’s repayment system is still not live yet.

In a Twitter thread, Eric Wall introduced himself as a Mt. Gox creditor and confirmed that there would not be a 137,000 BTC dump, countering rumors floating around on social media. According to Wall, the exchange has not yet completed the infrastructure needed to commence the repayment.more information:click

8
American cryptocurrency exchange Coinbase aims to grow revenue from subscriptions in the long term to combat potential profit margin compression.

The firm’s founder and CEO Brian Armstrong delved into the long-term prospects of the American cryptocurrency exchange in a wide-ranging interview with CNBC’s Crypto World on Tuesday. A key talking point was the potential of lower revenues from fees in the future and how the company plans to preempt this possibility.

Armstrong highlighted his belief that profit margin compression was bound to occur in the future as more exchanges and competitors launch similar products and services that could compete for market share:Read More

9
In a cease-and-desist letter to fast-growing crypto exchange FTX, the Federal Deposit Insurance Corporation (FDIC) shed light on a now-deleted tweet from the exchange’s president, Brett Harrison, and issued a stark warning over the company’s messaging.

Harrison’s original tweet said, “Direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.” He added, “Stocks are held in FDIC-insured and SIPC [Security Investor Protection Corporation]-insured brokerage accounts.”

Although Harrison stewarded FTX to its best-ever year in 2021, increasing revenue by 1,000%, the firm now faces the unenviable prospect of running afoul of a powerful government agency.more information

10
Cryptocurrency exchange Coinbase has updated its information related to Ethereum transitioning to proof-of-stake to include forks that could arise.

In a Thursday update to an Aug. 16 blog post, Coinbase said it would evaluate any potential forks in the Ethereum blockchain on a “case by case basis.” The crypto exchange previously said it planned to 'briefly pause' Ether (ETH) and ERC-20 token deposits and withdrawals during the Merge, expected to occur between Sept. 10 and 20.

“Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange,” said Coinbase.
More information:[urlhttps://cointelegraph.com/news/coinbase-says-it-will-evaluate-any-potential-forks-following-the-merge]read[/url]

11
Major crypto exchange Binance has confirmed it restricted account access to $1 million in crypto for a Tezos tool contributor after being called out on social media.

In a Thursday Twitter thread, Binance said it had restricted the account of Tezos staking rewards auditor Baking Bad “as the result of a law enforcement request.” The Tezos contributor alleged that the crypto exchange had blocked access to its corporate account containing Bitcoin (BTC), Ether (ETH), Polgyon (MATIC), Tether (USDT) and other tokens since July 1 “without any explanations” — a claim Binance denied.
Clicking more :more

12
Centralized exchanges play an important role in the cryptocurrency industry. While their decentralized exchange counterparts have been growing in popularity and usage since 2020, the overwhelming majority of crypto trading volume is still concentrated on centralized exchanges.

The supremacy of CEXs can be clearly observed in the size and popularity of trading platforms like Binance and Coinbase, which are now so recognizable and mainstream that Coinbase has recently become the first crypto company to be listed on the Nasdaq stock exchange.source

13
Gemini, the cryptocurrency exchange run by Tyler and Cameron Winklevoss, has launched a service that lets investors earn 2.25% a year on Dogecoin held in accounts on the exchange.

Gemini Earn, the exchange’s interest-bearing accounts program, launched in February. It is open to customers in the U.S. (in all 50 states) and Singapore.source

14
Binance US’s new CEO, Brian Brooks, sat down with Decrypt’s Jeff Roberts at this year’s virtual Ethereal Summit to outline the company’s explosive plans for expansion over the coming year.
Brooks said he plans to double the headcount in the next six months by hiring another 75 to 100  people, then increase it to 5x its current headcount in the next 18 months.
“I think it's pretty clear that Binance is the fastest growing exchange in the United States,” he said.
Brooks himself is part of that growth. On April 20, he took over from Catherine Coley to become the CEO of Binance US.source

15
“With the Mainnet Release Candidate live on Kovan testnet, and the Arbitrum community continuing to flourish and grow, we are excited to make onboarding to Arbitrum seamless for OKEx users. This will ensure that they can interact with DeFi protocols and any other DApps built on top of Arbitrum without having to pay Ethereum gas fees. This will reduce friction for our users while also relieving congestion in the Ethereum ecosystem and accelerating Ethereum’s rollup-focused development plans.”source

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