Poland discovers cryptocurrency mining pool in Supreme Court

Polish officials discovered a series of cryptocurrency mining machines hidden inside the Supreme Administrative Court building in Warsaw.

Polish investigators found a large number of excavators operating in August and September, but the information was only confirmed by authorities last week. “We reported to the police about the equipment installed in the building’s technical infrastructure. They took appropriate measures, including dismantling and confiscating the equipment,” judge Sylwester Marciniak, Head of the Legal Information Department of the Polish Supreme Administrative Court, said.

Polish media said the machine is hidden in ventilation pipes and under the floors of floors, consuming more than 1,000 USD per month in electricity. Installers equipped the modem and established an Internet connection, rather than using the building’s public network, to limit the risk of detection.

The identity of the suspect behind it has not been announced. However, TVN24 television channel said those were two employees of the business in charge of managing the information technology infrastructure at the building. Both were fired, while the Polish Supreme Administrative Court terminated the contract with the operating company.

Polish officials continue to investigate, including determining the total time the mine has been in operation. The suspects may be charged with electricity theft.

Bitcoin miners often use specialized machines because mining cryptocurrency requires high computing power. This process generates a lot of heat, requiring a large amount of electricity to operate. This is the reason why places with cheap electricity prices and cool weather are often given priority to build mining facilities, as well as the appearance of underground mines using stolen electricity.

Source:
https://tradecoind2.com/poland-discovers-cryptocurrency-mining-pool-in-supreme-court/

Altcoins are getting stronger despite the dominance of Bitcoin

Total cryptocurrency market capitalization decreased by 2.3% on the day. However, it made more than $300 billion in the past month and held on to those gains.

Altcoin market dynamics

On November 17, analyst CryptoCon observed that altcoins are getting stronger despite the big moves made by Bitcoin. They stated:

“This is clearly demonstrated by both the altcoin’s upward trend in strength and its break above the 50-week SMA (simple moving average) barrier.”

In previous market cycles, such as 2016 and 2017, strong bullish price action occurred after this technical indicator was crossed.

However, the crossover has come a bit early in this cycle, as is usually expected next year.

The analyst added that “stronger Bitcoin and altcoin price action like 2016 – 2017 and less nonsense than 2020” is expected.

However, analyst Jelle pointed out things are still very early for altcoins as the total altcoin market capitalization has yet to break out of the accumulation range.

Analyst Mustache highlighted the “Supertrend Indicator” in a November 17 post about altcoins. The indicator has switched to a buy signal for altcoins, which it did before previous bull markets.

Crypto influencer and Cardano advocate Dan Gambardello offered another bullish angle on the altcoin:

“Did you know Blackrock knows altcoins are decreasing Bitcoin dominance and they have openly admitted it in their filings?”

Bitcoin is the market leader that makes the first move when the cycle turns. It was then followed by Ethereum and other high-cap altcoins before the rest of the altcoin market typically lagged behind.

Cryptocurrency market
Overall, it’s still early days for altcoins, but things are starting to wake up.

However, total capitalization fell to $1.43 trillion in the past 24 hours as the cooling-off period began.

However, not all altcoins are in the red, DOGE bucks the trend with a 4.63% increase. AVAX exploded today, pumping 18% to a high of $24, while Kaspa (KAS) gained 20% on the day.

The biggest altcoin losers were SOL (10%), LINK (8.23%), and MATIC down 9.62% on the day.

Source:
https://tradecoind2.com/altcoins-are-getting-stronger-despite-the-dominance-of-bitcoin/

Paxos launches new stablecoin in Singapore

Cryptocurrency firm Paxos has established a new entity in Singapore to launch a new USD-backed stablecoin in the country.

Paxos Digital Singapore Pte. Ltd. has received in-principle approval from the Monetary Authority of Singapore, the company said late on Wednesday. The new entity will issue a USD-backed stablecoin, complying with Singapore’s recently finalized stablecoin regulatory framework before the legislative amendments take effect.

In August, MAS finalized its stablecoin regulatory framework, which applies to stablecoins pegged to the Singapore dollar or any G10 currency, including the US dollar. Cryptocurrency companies that want to recognize their stablecoins as “MAS regulated stablecoins” must comply with this framework.

“Paxos is the only company to receive this approval from MAS,” a company spokesperson said. “We will issue a new stablecoin with a completely new brand. That’s because it was launched in Singapore.”

Paxos does not yet have a name or specific details about the new stablecoin, other than that it is backed by USD and issued by the company’s new entity in Singapore, the spokesperson said.

Expand to Singapore
Paxos already offers a USD-backed stablecoin called USDP from the United States. The Singapore entity was established to ensure compliance with local regulations and facilitate partnerships with corporate clients to issue USD-backed stablecoins in Singapore – similar to PayPal’s partnership. Paxos in the United States.

In August, PayPal launched a USD-backed stablecoin called PYUSD, issued by Paxos. Binance also served as Paxos’ partner for the crypto exchange’s stablecoin BUSD. However, Paxos is no longer minting BUSD after the New York Department of Financial Services ordered it to stop issuing stablecoins.

Paxos Digital Singapore Pte. Ltd. is Paxos’ second Singapore regulated entity. The first entity received a license from MAS last year to provide digital payment token services under the country’s Payment Services Act 2019. At the time, Paxos claimed to be the first US-based cryptocurrency company to obtain such a license. That license gave Paxos access to Singapore-based clients for its cryptocurrency brokerage platform, allowing them to buy, sell, hold, send and receive cryptocurrency, a company spokesperson said. death.

Paxos is backed by prominent investors, including Bank of America, Peter Thiel’s Founders Fund, and Coinbase Ventures. To date, the company has raised more than $540 million in total funding and was valued at $2.4 billion in its latest Series D round in 2021.

Source:
https://tradecoind2.com/paxos-launches-new-stablecoin-in-singapore/

Jupiter offers an airdrop to early adopters next week

Jupiter, the largest decentralized exchange (DEX) aggregator on Solana by swap volume, has announced the Retroactive Airdrop program – an event that distributes governance tokens to users who have used and supported Project support in the early days from trading or liquidity provision.

The airdrop is part of a community-focused initiative to distribute 4 billion tokens (40% of supply) of Jupiter to users in four phases, Meow’s founder announced on X.

Starting next week, the first phase will release 1 billion Jupiter tokens to users who have swapped a minimum volume of 1,000 USD, with 955,000 wallets eligible after the snapshot on November 2. The airdrop has different levels of rewards based on the user’s swap volume. The team clarified that future airdrops will reward new users.

The Jupiter token allocation website will go live next week, allowing anyone to verify their allocation amount and other pertinent details.

Jupiter consolidates liquidity from multiple DEXs on Solana, ensuring users find the most favorable price for their token swaps. The platform was developed by a team of well-known developers in the industry in October 2021.

Currently, the Jupiter DEX aggregator is one of the prominent projects on Solana, with a trading volume of nearly $1 billion in October.

Source:
https://tradecoind2.com/jupiter-offers-an-airdrop-to-early-adopters-next-week/

Microsoft, Tencent and 16 Web2 giants cooperate with Consensys in the mission to decentralize the Infura network

Microsoft, Tencent and 16 other Web2 giants have partnered with Consensys on the mission to decentralize the Infura network – the primary access point to Ethereum for much of the decentralized finance (DeFi) sector.

The partnerships aim to increase decentralization on the Infura network — key to preventing outages of Web3 services leveraging the network, including the MetaMask wallet service.

Consensys senior product manager Andrew Breslin said the importance of partnerships is not about “who they are” but about big-name companies aligning with Infura in “wanting decentralize every layer of the blockchain infrastructure.”

Scheduled for launch in Q4, the Decentralized Infura Network (DIN) is a solution to Infrua’s centralization problem, with the network currently controlled by Consensys, meaning there remains a single point of failure.

“The cost and complexity involved in operating a service like Infura limits who we can partner with to serve this traffic. There is now a thriving ecosystem of Web3 infrastructure providers that can provide free services to Infura.”

Breslin said one of the first major features offered in DIN is “failover support” for the Ethereum and Polygon networks. Failover support means traffic can be rerouted to one or more DIN partners during an outage, ensuring higher operating speeds over the long term.

According to Breslin, when launched, DIN will enable more trustworthy and censorship-resistant access to Ethereum as decentralized applications (DApps) will not need to rely on a single service provider in one place. .

Developed by blockchain software giant Consensys, Infura offers a development kit that provides API access to the Ethereum and IPFS networks. Currently, Infura is the access point for most DApps to access real-time online data from the Ethereum blockchain.

In November 2020, centralization issues were exposed when the MetaMask wallet went down due to Infura experiencing a temporary outage. Several centralized exchanges and DeFi projects were also affected by the downtime.

Decentralizing blockchain data providers on the Infura network is important to resist censorship over the long term because currently, centralized data providers can be shut down with a single attack. well-planned public or adequate legal action.

Breslin said the current lineup is not a closed set, and Infura wants to let other “highly reliable” internet infrastructure providers know that Infura is open to them joining DIN as well.

“DIN’s success depends on us partnering with more and more operators over time.”

The group of new companies is partnering with Infura during DIN’s “association phase” – a temporary testing period during which the network remains centralized.

“Infura and these 18 partners are now participating in the DIN association phase, which means we work as equal partners.”

Going forward, Breslin said DIN would ideally be governed as a decentralized autonomous organization or some other type of governance structure that would ensure each partner has a democratically weighted say over the network net.

Source:
https://tradecoind2.com/microsoft-tencent-and-16-web2-giants-cooperate-with-consensys-in-the-mission-to-decentralize-the-infura-network/

Binance Japan plans to list 13 more tokens, getting closer to the goal of 100

Binance Japan is expected to list 13 more tokens, bringing the total to 47 – the highest number in the country, according to the exchange’s statement.

The 13 new tokens are Hedera Hashgraph (HBAR), Near Protocol (NEAR), Optimism (OP), Immutable X (IMX), Arbitrum (ARB), The Graph (GRT), Render Token (RNDR), Decentraland (MANA), EOS (EOS), GALA (GALA), ApeCoin (APE), Klaytn (KLAY) and Lisk (LSK), Binance Japan said on Wednesday. The listing of these tokens is scheduled for November 27.

Binance Japan said all 13 tokens have been listed on other registered exchanges in Japan and are classified as tokens eligible for a simplified review process by the self-regulatory body in Japan. , Japan Virtual Asset and Cryptocurrency Exchange Association.

Takeshi Chino, general manager of Binance Japan, said:

“This is another big step towards our ambition of offering  100 tokens in Japan. We will continue to strive to enrich our service offerings in Japan by leveraging our global expertise and leading blockchain ecosystem.”

Binance Japan was launched in August  after Binance  acquired local licensed cryptocurrency exchange Sakura Exchange BitCoin in November 2022, subsequently changing its name. The move marks Binance’s re-entry into Japan after the country’s financial regulator once again  warned  the exchange would operate without permission in 2021.

Source:
https://tradecoind2.com/binance-japan-plans-to-list-13-more-tokens-getting-closer-to-the-goal-of-100/

THORChain becomes third largest DEX as RUNE increases 50% in one week

THORChain trading volume grew significantly last week, recording the third largest among decentralized exchanges as users are attracted by large returns.

Specifically, THORChain transaction volume reached 1.32 billion USD, ranking third only after Uniswap and PancakeSwap with 10.85 billion USD and 2.77 billion USD respectively, according to DefiLlama. THORChain also boasts the second largest trading volume with $334.3 million in the past 24 hours, nearly $50 million more than PancakeSwap.

Meanwhile, the price of the protocol’s native token, RUNE, has also increased 51% in the past week and more than 200% in the past 30 days, according to CoinGecko. At the time of writing, RUNE is trading at 5.23 USD.

THORChain’s rise to Curve Finance happened earlier than THORChain core developer Chad Barraford predicted. He initially estimated the ouster would occur before the end of 2023.

“Okay, this happened faster than I thought. It only took 2 days instead of 2 months,” Barraford emphasized in a post on X (formerly Twitter) on November 13.

https://twitter.com/CBarraford/status/1723880833658855862
 

THORChain is considered a multi-chain version of Uniswap because users can swap Bitcoin for Ether. THORSwap is the name of the decentralized exchange powered by the THORChain protocol. The platform offers an average annual percentage rate (APR) of nearly 44%, but some liquidity pools offer much higher APRs, such as Bitcoin and RUNE pairs which have an APR of over 353%.

Bitcoin advocate Erik Voorhees noted that THORChain processed nearly 2%, or $224 million, of total Bitcoin spot trading volume in the 24 hours between November 11 and 12.

“Principled Bitcoiners should familiarize themselves with THORChain. This is the only market that trades Bitcoin at scale without intermediaries… that’s the whole point of Bitcoin.”

https://twitter.com/ErikVoorhees/status/1723729673744466218
 

The THORChain project was run by a team of developers at Binance Dexathon in 2018. Most of the project developers’ identities remain confidential.

Source:
https://tradecoind2.com/thorchain-becomes-third-largest-dex-as-rune-increases-50-in-one-week/

This is why Avalanche (AVAX) price is up more than 30% on the day

In a recent tweet, Emin Gün Sirer, CEO of AVA Labs, the company that powers Avalanche Blockchain, revealed a future where users can seamlessly exchange tokens across different blockchains with just one click. The tweet outlines a vision in which a dedicated aggregator app would facilitate the rapid exchange of X tokens on Ethereum for Y tokens by routing portions of X through Solana and Optimism, ultimately provide users with optimal prices. Sirer emphasized that this capability is a direct result of a strategic decision from AVA Labs to incorporate parallel global state replication into Avalanche’s core design.

“This is not a negative comment about other ecosystems. It is simply a consequence of not having parallel global state replication as a primary design choice. When you design crosschain communication from the ground up, it’s a different story,” Sirer said.

https://twitter.com/el33th4xor/status/1723408833245052949

A key enabler of this vision is Avalanche’s AWM (Avalanche Wire Message), a primitive messaging service deployed at the network layer. AWM allows any subnet in the Avalanche ecosystem to send and verify messages from other subnets or application-specific blockchains, providing a foundation for seamless crosschain communication.

Avalanche’s consensus mechanism, which allows transactions to complete in less than a second, further enhances the efficiency of crosschain swaps. The platform’s P-Chain, the registry of staking validators, uses the Boneh-Lynn-Shacham (BLS) signature scheme to verify messages. This encryption technique aggregates multiple authentication signatures into a single, efficient signature, significantly reducing the time needed to authenticate a message compared to other platforms.
Sirer emphasized that AWM has the potential to provide messaging guarantees in the future. Because AWM operates between subnets in the Avalanche ecosystem, it imposes no additional trust assumptions beyond the security of the subnet and P-Chain.

However, it should be noted that while AWM excels in messaging capabilities, it currently lacks a bridge to facilitate asset transfers. Therefore, AWM is not currently a viable option for handling asset transfers between different blockchains.

This announcement has had a significant impact on the market performance of the AVAX token. At the time of writing, AVAX is up more than 30% in the past 24 hours, trading at $18.69 — an impressive 50% increase in just seven days. The market reaction highlights the potential importance of AVA Labs’ vision for the future of crosschain swaps and its positive impact on the Avalanche ecosystem.

Source:
https://tradecoind2.com/this-is-why-avalanche-avax-price-is-up-more-than-30-on-the-day/