Category: Cryptocurrency News

submitted by /u/pheonix10yson [link] [comments]

Layer 2s (L2s) are scaling solutions for Ethereum, here to save the day from the horrific gas fees we have come to know Ethereum for during busy times. “Layer 2” describes the collection of solutions that plan on scaling Ethereum, the Layer 1 blockchain, by increasing the network's speed and throughput. However, we are now…
Read more

ApeCoin (APE) is trending to the downside as the U.S. Securities and Exchange Commission (SEC) announces an investigation against its parent company, Yuga Labs. The creators of popular non-fungible token (NFT) collections, including Bored Ape Yacht Club (BAYC), the regulator will look into a potential violation of their securities laws. Related Reading: Here’s Why SUSHI Is Down More Than 10% In The Last 24 Hours  According to a report from Bloomberg, the Commission will investigate the “affinity” of the digital assets minted and promoted by Yuga Labs and the possibility that these NFTs are “more akin to stocks”. This would place the crypto company in an alleged violation of U.S. federal law. The report quotes a source familiar with the matter, this individual also claims that the investigation will extend to ApeCoin, the native token that supports ApeCoin DAO governance model offering its users access to a staking mechanism. Via this token, holders can make decisions related to the project. APE was launched as part of an initiative to provide BAYC investors with more voice and power over the project via the ApeCoin DAO. Via social media, many users are expressing concern about the future of the DAO and its staking mechanism leading to the crash in the price of the token. In a statement to Bloomberg, a representative for Yuga Labs stated: It’s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem. As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way. ApeCoin And Yuga Labs Fall Into SEC Scrutiny A probe can escalate from the Commission against Yuga Labs, such as pursuing a legal case. However, not every probe leads to legal action. Under the leadership of Gary Gensler, the SEC has been targeting crypto-related activity. On several occasions, the current SEC Chair has compared crypto with the “Wild West” and has classified “most of the crypto” as potential securities. Bitcoin is the only exception that Gensler seems willing to admit publicly. Over the past months, SEC enforcement actions against crypto projects have increased. The Commission seems to be targeting major and very well know entities, such as Yuga Labs and their projects BAYC and ApeCoin, socialite Kim Kardashian, and others. Their current biggest case involves payment company Ripple and the alleged offering of an unregulated security, XRP. According to a report from FOX, some SEC staff believe the Commission is pushing this lawsuit for the personal benefit of Gary Gensler and his desire to be nominated for Secretary of Treasury. Related Reading: No Pivot In Sight: Why Bitcoin Could See More Pain As Inflation Strengthens The Commission is allegedly understaffed and pushing many to seek employment elsewhere as they disagree with Gensler’s management style and complaint about long working hours. At the time of writing, there is no statement from Yuga Labs regarding the probe. SCOOP (1/3): @SEC_Enforcement staffers are complaining @GaryGensler violated protocol by hyping @KimKardashian settlement, appearing on @CNBC within minutes of the case being announced, people w direct knowledge tell @FoxBusiness. They are calling it a “publicity stunt” — Charles Gasparino (@CGasparino) October 5, 2022 

submitted by /u/NamelessHooman [link] [comments]

It seems that it is quiet in this sub , generally. For the last months this holds true and it feels to me like we are in a sort of idle place where it slowly becomes quieter and feels like the sub is dying a slow death. Even though that says everything about today's cryptocurrency…
Read more

The bank will store private keys and provide bookkeeping services equivalent to those offered to fund managers in traditional assets.

Over the last day, the price of SUSHI, the native cryptocurrency of the SushiSwap ecosystem, has been on the decline. However, this was not just a normal market decline and was tied to rumors that have been circulating in connection to its new ‘Head Chef’ Jared Grey’s conduct in the past and inappropriate sexual conduct with a… horse. Accused Of Running Scams A little over a week ago, the SushiSwap decentralized finance (DeFi) protocol appointed Jared Grey as its new head chef. All was fine for a while until the rumors started to emerge. In a thread, a Twitter user called out Grey over some of his previous projects. The thread alleged that Grey had orchestrated various scams in the space under his company called “Multiplex PC” and had stolen crypto from investors. The account known as YannickCrypto pointed out that Grey had previously been the CEO of ALQO, which had been used to steal user funds. Apparently, the ALQO team had launched a web wallet which had then been used to steal a large supply of ALQO from investors. Related Reading: Ethereum Marks Highest Growth Day In 2022, Will ETH Price Follow? The accusations did not end there because Yannick alleges that Grey had taken the scam further. Apparently, ALQO had subsequently been moved to the Ethereum blockchain and then renamed to EONS to make it impossible to trace back to ALQO. Another scam Grey is accused of is of a crypto exchange, Bitfineon, that was promoted but never went live. The Twitter user explained that Grey had charged coin founders a 1 BTC listing fee for Bitfineon and stole about 20 BTC from founders this way.  Then there were the less unsavory rumors that Jared Grey had been involved in inappropriate sexual conduct with a horse. In true crypto fashion, this last rumor garnered the most interest and has since caused the price of SUSHI to dump. SUSHI price falls 10% in 24 hours | Source: SUSHIUSD on TradingView.com SUSHI Takes The Heat Since the thread and the rumors began circulating, the price of SUSHI has taken a big hit in the market. The price had declined by more than 10% once the rumors were in full bloom, pushing the price of the digital asset down to $1.2 at this time. Related Reading: LUNC Community Clamors For Coinbase Listing, Can It Reach $1? SushiSwap Head Chef Jared Grey had then taken to Twitter to dismiss the rumors which he referred to as “baseless accusations.” He denied ever stealing funds from investors and instead said that his business partner had been the one who had actually stolen the funds.  “I have always operated with integrity in this space; you can reach out to anyone I’ve worked with directly over the years,” said Grey. “I’ve had business failures, which CT likes to scrutinize, and I’m OK with that because it comes with the territory.” Featured image from Zipmex, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Bittrex agreed to pay more than $29 million in a settlement with FinCEN, but the regulator said it will credit a $24-million payment “to settle its potential liability with OFAC.”

Hey r/ethereum— Sushi released xSwap, their cross-chain AMM powered by Layerzero and Stargate in July. This was a big step towards unifying liquidity across multiple blockchains. Uniswap hasn’t moved as quickly, instead choosing to spend governance time approving proposals to slowly deploy fragmented copies of Uniswap v3 on other chains. So, u/ButtrMyToast and I decided…
Read more

submitted by /u/CreepToeCurrentSea [link] [comments]