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The Crypto Basic
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U.S. banking giant JPMorgan (JPM) is ending its banking relationship with Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss.
#JPMORGAN
#crypto
#crypto2023
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#Cardano founder Charles Hoskinson courts the Dogecoin community again. When Tesla CEO and Dogecoin champion Elon Musk bought X (then Twitter), Cardano founder Charles Hoskinson was quick to court the doggy-themed memecoin community. Perhaps in an attempt to front-run speculation of potential integration of the memecoin with the social media network, he offered to make it suitable for payments on the platform, albeit as a Cardano sidechain. This initial overture devolved after a heated exchange with Dogecoin creator Billy Markus. But Hoskinson appears to be back at it again as Musk’s X payments goal begins to take shape. This time, he has dropped the talk of making the network a Cardano sidechain, at least for now. Try, Try Again Cardano founder Charles Hoskinson is courting the Dogecoin community again. In a series of X posts on Tuesday, March 4, the Cardano founder has offered to “fix up” the Dogecoin network and make DOGE “the standard currency of X.” In his most seductive tone yet, Hoskinson teased the Dogecoin community with the potential of being the blockchain rails for X’s AI model Grok and low-cost payments for tipping posts. “Come on Dogecoin, you know you want a little retrofit. Little bit of sharded useful proof of work to run that expensive Grok. Some state channels for ultra low cost payments for tipping X posts. Some full secure smart contracts running on eutxo,” the Cardano founder wrote, adding a GIF with the caption, “I can fix that.” To sweeten the deal, Hoskinson noted that he would even “throw in some quantum resistance,” adding, “Just tell me how you like it (hashes or lattices).” #CryptoNewss
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The defunct crypto exchange #FTX has unstaked and unloaded millions of Solana into multiple wallets as customer repayment gains momentum. Solana has corrected a staggering 17% in the past 24 hours, the largest among crypto assets in the top 7 ranking by market cap. Although this follows a broader market sideways trend, FTX’s on-chain activity may have contributed to this capitulation. Data from the on-chain analytical firm Spot On Chain shows that the insolvent FTX unloaded a substantial amount of Solana late Monday. Specifically, an address FTX/Alameda leverages for staking activities has unlocked 3.03 million SOL ($432.5 million) and shifted them to multiple wallets. Defunct Exchange Piles on to Solana’s Circulating Supply Spot On Chain confirmed the recent transaction. The wallet unstaked the tokens and moved them to about 37 different addresses for a possible shift to exchanges Coinbase and Binance. Further analysis shows that among the recipient wallets, address “CVjsf5” received the most SOL. FTX transferred 892,800 SOL, worth $127.8 million, to the wallet, which has a history of moving received Solana to the crypto exchange Coinbase. Meanwhile, the recent on-chain activity follows the FTX bankruptcy estate’s disclosure that it would unlock 11.2 million SOL in March. The unlocked Solana was for companies that bought the asset at an auction after the US-based exchange’s November 2022 demise. Notably, the bankruptcy estate would use proceeds from the sales to repay customers affected by its insolvency over two years ago. The exchange began repaying users under $50,000 in mid-February and has paid over $1.2 billion thus far. #cryptonewstoday
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