The world of Non-Fungible Tokens (NFTs) has been experiencing significant fluctuations, with Bored Ape Yacht Club (BAYC) NFTs seeing a stark decline in value. Once one of the most coveted NFT collections, Bored Ape NFTs have fallen over 90% from their peak. Reports indicate that the floor price has dropped to 11.1 ETH, the lowest since August 2021.

Reason Behind BAYC Floor Price Sharp Decline 

Several factors have contributed to the decline in Bored Ape NFT floor price. Firstly, the overall NFT market has cooled from its earlier frenzy, with less speculative trading and reduced demand for digital collectibles. As the hype around NFTs has diminished, many investors have shifted their focus elsewhere.

Additionally, broader market uncertainties have played a role in the price drop. Economic concerns such as inflation, interest rate hikes, and global market instability have prompted investors to reconsider their portfolios. As a result, NFTs, a relatively new and speculative asset class, have been affected by this shift in sentiment.

Also, the Bored Ape Yacht Club faces competition from newer NFT collections that have emerged, offering unique art and exclusive experiences. These alternatives have captured the attention of collectors and investors, diverting demand away from BAYC NFTs.

BAYC Floor Price Rebounds Slightly

Since 2021, the ETH-based NFT collection has been known to rake in up to $3 billion and is considered the highest Yuga Labs-owned collection in terms of floor price. Last year, the floor price of the BAYC NFT collection dipped by 88% from its all-time high to around 27.4 ETH which was approximately $53,000.

Since then, there has been a slight rebound to about 29.5 ETH. Meanwhile, the last time such an intense price dip happened was in October 2021 and after that, BAYC price has been booming except a few times when it fluctuated.

Beyond Bored Ape, NFT Floor Prices Face Decline

Recently some NFT collections like MoonBirds, Azuki, and Doodles have experienced a similar price dip. Mutant Ape Yacht Club experienced a floor price dip of 32% bringing the price to a little over 4.7 ETH. Many attribute the decline to the plunge in ETH, which powers NFT collections.

Similarly, OpenSea reported that BAYC’s trading volume has decreased by 38% within a short period. Data from CryptoSlam shows that it is still the largest NFT collection by sales volume with a value of 1.2 million ETH, or $2.4 billion.

The post Bored Ape NFT Floor Price Hits Over 2-Years Low at 11.1 ETH appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

As the next wave of the bull cycle approaches, three altcoins have been vetted to possess the potential to transform investors’ portfolios. These top crypto coins include Solana (SOL), Uniswap (UNI), and Borroe Finance ($ROE).

Let’s find out how these top altcoins will transpose investors’ portfolios.

>>BUY $ROE TOKENS NOW<<

Solana Developers Propose Improving Network Speed

Due to a recent slew of flunked transactions on the Solana (SOL) blockchain, the developers have issued a proposal to rectify the problem. The initiative, led by the head of strategy at the Solana Foundation, Austin Federa, called for the passage of the “Timely Vote Credits” governance proposal. This development came to light on April 10.

This proposal aims to introduce a new method to estimate the amount of vote credits Solana (SOL) validators receive from votes. Ultimately, it will level the playing field for all Solana (SOL) validators, increasing the transaction execution time frame. So far, 53% of Solana validators and 98% of the SOL community support the proposal.

Meanwhile, Solana (SOL) is down 0.6% from $174.37 to $173.31 between April 6 and 10. However, experts believe Solana (SOL) is due for a reversal, and this will happen after the proposal is passed successfully and the plan is executed. Notably, they expect Solana (SOL) to reclaim $190.50 soon, a 9.9% increase in its price.

SEC Sends A Wells Notice To Decentralized Exchange Uniswap

Popular Decentralized Exchange Uniswap Labs recently fell under the radar of the United States Securities and Exchange Commission (SEC). According to a report on April 10, the agency has issued a Wells Notice to the DEX. A Wells Notice indicates the SEC’s intention to pursue a legal class action against an organization.

The Uniswap Foundation, the entity behind the UNI token, publicized this information in one of its latest publications. The reason behind the legal battle remains vague, causing a hullabaloo in the UNI community and among market observers. However, Uniswap Labs has issued a statement noting its choice to challenge the agency’s decision.

Due to the situation, Uniswap (UNI) saw a sharp decline in its market value from $10.92 to $10.04. This 8% reduction in UNI’s price has further incited commotion among UNI traders. However, pundits are optimistic about UNI’s eventual recovery, projecting it to reach $12.50, a 24.5% increase in its current value.

Borroe Finance Raises $3.6 Million In Presale Funding

According to a recent report, Borroe Finance ($ROE) has been about to raise $3.68 million in presale funding. The sum reflects how much has been invested in $ROE so far in its presale. With such a significant amount of money invested, the level of support the new ICO coin has received from market participants is shown.

Borroe Finance is an AI funding marketplace built on the Polygon blockchain for Web3 users to generate revenue from trading future earnings. It complies with the dictates of Web3, emphasizing decentralization, transparency, and inclusivity. Borroe Finance also allows businesses to raise capital by minting outstanding invoices as NFTs and selling them at discounted prices.

Borroe Finance ($ROE) has delivered up to 100% ROI to early investors after rising from $0.01 to $0.02. With $ROE aiming for $0.025, Borroe Finance investors anticipate another 25% gain. Afterwards, Borroe Finance ($ROE) is expected to achieve up to 100X after its exchange listing, making it the best crypto to buy now.

Learn more about Borroe Finance ($ROE) here:

Visit Borroe Finance Presale | Join The Telegram Group | Follow Borroe Finance on Twitter

The post Millionaire Maker: Unveiling The Top 3 Coins That Could Transform Your Portfolio appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Aave (AAVE), a promine­nt decentralized le­nding platform, explores impleme­nting an innovative “fee switch” syste­m. This mechanism intends to directly allocate Aave­’s substantial $60 million yearly profits to token holde­rs. Meanwhile, the cryptocurre­ncy landscape experie­nces the rise of InQube­ta (QUBE) and Polkadot (DOT), captivating inve­stors through pioneering advanceme­nts and remarkable growth trajectorie­s. 

InQubeta pre­sents a compelling investme­nt opportunity for those seeking the best crypto investments in 2024. Its distinctive combination of artificial intellige­nce (AI) and cryptocurrency, coupled with a robust gove­rnance model and an innovative non-fungible­ token marketplace, has fue­led significant investor intere­st. Remarkably, the presale­ has progressed swiftly to its final phase, raising ove­r $13.5 million. This emerging crypto project is poise­d for significant growth, underscoring its pote­ntial in the dynamic digital asset landscape.

This article explores the unique attributes of QUBE and DOT amid Aave’s consideration of a new fee structure. 

InQubeta (QUBE): Revolutionizing Crypto Investment with AI Integration and NFT Marketplace 

InQubeta has drawn investors’ attention as it aims to transform how AI startups secure funding and conne­ct with their communities. Leve­raging Ethereum’s blockchain technology, this emerging crypto platform establishes a seamle­ss and secure investme­nt environment. By harnessing Ethe­reum’s robust smart contract capabilities, InQubeta cre­ates a transparent marketplace­ where fractional investme­nts in AI startups are facilitated through QUBE tokens.

Investors seeking the best crypto investments can utilize the­ InQubeta non-fungible token (NFT) marke­tplace. Built on the ERC721 standard, it de­livers advantages like fle­xibility, compatibility, and capabilities to investors and startups. This top crypto coin asse­t empowers AI startups to acquire funding by providing­ reward-based and equity-base­d NFTs. Holders of the QUBE token can e­asily invest in projects they pre­fer, cultivating a mutually beneficial e­nvironment.

With widespread market adoption, the presale of this top crypto coin has surged to its final stage. Offering a low discount at $0.028 and exclusive benefits presents significant advantages. Having achieved a remarkable 300% growth during this period and anticipating a further 340% growth upon launch, InQubeta is poised to dominate the market soon.

Polkadot (DOT): Bridging Blockchains with Innovative Multi-Chain Protocol

Polkadot has gained popularity with its innovative network protocol, facilitating seamless data transfer across blockchains. A true multi-chain application environment enables cross-chain registries and computation, bridging public and open blockchains with private, permissioned ones. This unique technology of DOT empowers the development of applications utilizing data from both public and private blockchains.

Analysts note steady growth in Polkadot‘s market presence, evidenced by a recent 12% surge in reclaiming crucial support levels. This resurgence coincides with increased attention from institutional investors, solidifying DOT‘s position as a formidable player in the cryptocurrency market.

Aave (AAVE): Marc Zeller’s Proposal for Fee Switch Activation

Marc Zeller, the founder of the Aave Chan Initiative, proposes a “temp check” to activate the fee switch, signaling potential changes in Aave’s governance. Crypto experts reveal Aave’s intention to distribute its substantial $60 million annual net profits to token holders. This news has prompted discussions within the AAVE, the platform’s community-driven governance body. 

This move­ aligns with recent deve­lopments in the DeFi se­ctor. For instance, protocols like Frax Finance have­ reintroduced fee­ switches. The­ Aave DAO also considers measure­s like restricting collateralization with Dai (DAI). The­se actions demonstrate the­ ongoing evolution of fee structure­s and governance mechanisms within De­Fi protocols such as AAVE.

Final Thoughts 

Embrace the future of decentralized finance with Aave’s groundbreaking fee structure modification, promising $60 million in yearly net profits for token holders. Explore the unparalleled opportunities presented by InQubeta and Polkadot. The growth potential is undeniable with QUBE’s innovative blend of AI and crypto, its unique staking structure, and its transparent model. Take advantage of these exciting developments in the crypto space. Seize the moment to invest and be part of the future of decentralized finance with InQubeta.

Visit InQubeta Presale 

Join The InQubeta Communities

 

The post Aave Considers New Fee Structure, Polkadot and New AI Crypto Captivate Investors appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Billionaire tech entrepreneur Elon Musk is considering implementing a new fee structure for new users on his microblogging platform X as a means to combat the persistent issue of spam and bots. 

Musk stated that introducing a small fee for new X users to access basic functions like posting, replying, liking, or bookmarking posts could help alleviate the problem of bots inundating the platform.

As reported earlier by TheCoinRise, last year Musk stated that he has no intention to introduce crypto tokens on X as a reply to a tweet by DogeDesigner on Saturday, Aug. 5, discussing dubious X and Twitter-based digital currency.

X to Undergo Changes

Musk highlighted that conventional tools like CAPTCHA are increasingly ineffective against sophisticated AI and “troll farms.” 

He emphasized that the influx of fake accounts not only contributes to spam but also exhausts the available namespace, resulting in legitimate handles being unavailable.

Similar Measures

Similar measures were tried in New Zealand and the Philippines, where new X users were required to pay a nominal fee to access additional features. Musk believes that while this approach may not completely eradicate bots, it would significantly increase the difficulty of manipulating the platform.

However, some skeptics question the efficacy of this strategy. Blockchain sleuth ZachXBT expressed doubts, noting the existence of a thriving black market for verified accounts used in scams. 

Others, like Meta Mint team member “Roxo,” criticized the handling of the issue by X, attributing the proliferation of bots and scam accounts to the platform’s ineffective enforcement of rules.

X and Scams

In response to the criticism, Musk clarified that X accounts with a verified subscriber count of 2,500 or more would no longer be required to pay for “Premium” features. However, concerns have been raised that the ability to purchase verification status could potentially facilitate scams.

In an effort to address the issue, X recently announced a proactive initiative to eliminate accounts violating rules against platform manipulation and spam. Despite these measures, the effectiveness of the proposed fee structure in curbing spam and bot activity remains a topic of debate within the X community.

Twitter Payments System

Musk has been going back and forth when it comes to the integration of digital assets on X. The billionaire stated at the beginning of 2023 that he was looking forward to integrating crypto capabilities in the upcoming years on the social media platform. 

The billionaire has also praised the pro-crypto candidate for the 2024 US presidential elections, Vivek Ramaswamy. Notably, the candidate has withdrawn and is now supporting Donald Trump.

The post X to Introduce a New Fee Structure for New Users appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The United Kingdom is preparing to introduce new stablecoin regulation and guidelines for other crypto asset activities. According to the Economic Secretary Bim Afolami at the Innovative Finance Global Summit, this move aims to bring operations such as running an exchange, managing customer assets, and other related activities under a regulatory framework.

In addition to stablecoins, the legislation will also impact crypto asset activities such as staking, exchange, and custody services. Under the new regulations, these activities will need to comply with specific rules to ensure security and transparency for investors.

Stablecoin Regulation in the UK

Meanwhile, the introduction of this legislation is expected to have a significant impact on the crypto industry in the UK. Companies operating in the crypto space will need to adapt to the new rules and ensure compliance to continue their operations. This may involve revising business practices and implementing new security measures.

In a previous statement, Afolami affirmed that the UK government is pushing very hard to implement the staking and stablecoin regulation in the country while adding: “We are very clear that we want to get these things done as soon as possible.”

UK Treasury Publish Final Proposal for Crypto Regulation

If the predicted July timeline is correct, the UK will be one of the few regions around the globe to have implemented a regulatory framework for digital assets based on fiat currencies and staking activities.

Meanwhile, in response to the UK’s treasury consultation on a concise regulatory regime for crypto assets, the government has published a detailed final proposal for the regulation of digital assets and related offerings in the region. The government’s position is that firms dealing directly with UK retail consumers should be required to be authorized irrespective of where they are located.

Stablecoin Bill Coming to the US Soon

In February, Maxine Waters, the American politician serving as the United States representative for California’s 43rd congressional district since 1991, stated that lawmakers in the country are very close to passing a long-awaited stablecoin bill and are trying to reach a deal with House Financial Services Committee Chair Patrick McHenry. 

As reported earlier, US lawmakers postponed the timeline for evaluating the stablecoin bill, which was designed to address the danger and skepticism surrounding digital assets In 2022.

The post UK Sets to Greenlight New Stablecoin Regulation by July appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Recently, Solana Developers announced the release of a mainnet beta update dubbed Version 1.17.31, to address the network’s recent congestion issues. Solana, one of the fastest blockchain platforms known for its high throughput and low transaction costs, has been dealing with congestion challenges, affecting its performance and usability. 

Solana to Ensure Smoother User Experience

According to the release, the main goals of the Mainnet Beta update include increasing network efficiency, optimizing performance, and providing a smoother user experience for developers and end-users. The update incorporates several changes that target critical areas of concern, such as memory usage, resource management, issues caused by spam transactions, and overall network throughput.

Notably, the beta update is recommended for general use by MainnetBeta Validators. Additionally, the update introduces measures to enhance network stability and resilience against potential attacks or traffic spikes. This enhancement enables faster and more reliable transaction confirmation times, contributing to a better overall user experience.

Solana Encounters Scalability Challenges

Analysts observed that although the blockchain has positioned itself as a global settlement network for cross-border payments and engaged in pilots with Visa and Shopify, it has yet to make significant inroads into mainstream consumer or business-to-business (B2B) payments.

The challenges identified include scalability requirements for Solana which necessitated a substantial increase in transactions per second to meet demand. Meanwhile, the congestion issues that users experienced on the Solana network have led to transaction delays and dropped transactions. 

These were primarily caused by spam transactions from bots prioritizing their activities over regular users. Despite these challenges, Fantom creator Andre Cronje maintains the performance issues were technical challenges rather than flaws in the network’s consensus mechanism. 

Solana Celebrates Four Years in Operation

Unlike many memecoins that rely primarily on hype and speculation, Solana offers a robust and scalable infrastructure to support decentralized applications (dapps) and facilitate high-speed transactions. This technical prowess has positioned the network as a promising contender in the competitive landscape of blockchain platforms. 

Recall that last month, Solana celebrated its four years of being in operation. In the space of four years, Solana has had an impressive journey as it hit several milestones including processing about 254 million blocks that included 276 billion transactions.

The post Solana Developers Release Update to Address its Network Issues appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

TLDR

NuggetRush utilizes the concept of GameFi and strives to establish itself as an autonomous revenue community.

Polkadot empowers the community to play a pivotal role in shaping its trajectory.

Tron witnesses a substantial surge in its transaction volume on the network.

The next decade’s cryptocurrency giants are minting now, with NuggetRush (NUGX) leading the charge in the launchpad round of its presale. Despite some established cryptocurrencies like Polkadot (DOT) and Tron (TRX) seeing significant growth progress, NuggetRush has been the hottest discussion within the crypto community. As a result, supporters of DOT and TRX are drawn to NUGX, recognizing a unique­ convergence of community e­ngagement and promising growth pote­ntial.

The NuggetRush platform aims to deliver an impactful gaming journe­y by skillfully weaving together e­ntertainment, skill, and real-world re­wards. Prepare to embark on an e­xpansive adventure whe­re strategy, incentive­s, and captivating narratives converge to cre­ate an unforgettable e­xperience. More than just a game, this blockchain ICO promises an experience, a groundbreaking combination of GameFi and adventure that transports you into the excitement of a virtual gold rush. 

This article explores how NuggetRush is pulling Polkadot and Tron investors.

>> Buy NuggetRush Now <<

NuggetRush (NUGX): Inviting Investors Into An Immersive Gaming Experience 

NuggetRush, one of the trending gaming tokens, revolutionizes gaming by seamlessly integrating gold mining, cryptocurrency, and real-world artisanal mining into an inventive play-to-earn experience. Utilizing the Ethereum blockchain, the project pulls in DOT and TRX investors, ensuring accessibility to a broad user base and inviting them to immerse themselves in the game’s ecosystem. With the excitement of exploration, strategic decision-making, and the promise of tangible rewards, this new DeFi crypto game features characters with dual appeal as game avatars and meme collectibles. 

In NuggetRush, early adopters and supporters play a crucial role as advocates and provide invaluable feedback for a game with global resonance. Among the core NuggetRush features attracting DOT and TRX investors searching for the best blockchain ICO are its play-to-earn mechanism, meme collectibles, and captivating visuals. Players journey to manage their mining operation, starting with modest resources on a small parcel of land. Players navigate a meticulously crafted virtual landscape and explore areas rich in mineral potential.

The game utilizes the concept of GameFi and strives to establish itself as one of the top gaming tokens and a self-sustaining, revenue-generating ecosystem through collaborations with gold providers. This partnership enables these gold providers to deliver RUSHGEM winnings directly to a miner’s chosen destination. With its NFT staking platform, NFT holders can use asset locking within the system, akin to traditional staking mechanisms, to earn rewards based on the annual percentage yield (APY) and the quantity of staked NFTs.

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Polkadot (DOT): Enabling Secure Communication Across Various Blockchains

Launched in 2020 under the stewardship of Ethereum Co-Founder Gavin Wood, Polkadot emerges as the robust, trustworthy backbone of Web3. With its decentralized governance model, Polkadot empowers the community to play a pivotal role in shaping its trajectory; each DOT token holder possesses a voice in determining the platform’s future direction. Polkadot had a fluctuating wee­k, with its value changing by 10.97% and decreasing by 16.83% ove­r the month. This highlights the dynamic nature of the­ cryptocurrency market. 

Despite­ recent financial volatility, Polkadot remains a focal point due­ to its commitment to enabling secure­ communication and data exchange across various blockchains. The 16.83% monthly de­cline showcases the marke­t’s inherent unpredictability. Howe­ver, it also indicates the pote­ntial for a robust recovery, something e­agerly awaited by DOT investors.

Tron (TRX): Experiencing Surge In Transaction Volume 

Tron, renowned for its speedy transactions and affordable network fees, is poised for a notable price surge amid optimistic signals from the broader cryptocurrency market. The substantial transaction volume on the TRX network further bolsters this positive outlook.

According to data from IntoTheBlock, the monthly USDT transaction volume on Tron DAO has surged to $110 billion, surpassing twice the volume processed on Ethereum. Analysts predict a swift ascent to $0.125 once TRX breaches the $0.121 resistance level, buoyed by overall market confidence and prevailing optimistic sentiment.

Conclusion

NuggetRush is an e­xciting option for investors intereste­d in cryptocurrency. It combines cryptocurrency and gold mining into a game­ where players can e­arn rewards. This new DeFi crypto is gaining popularity quickly and outpacing traditional cryptocurre­ncies like Polkadot and Tron. NuggetRush is becoming increasingly important, and It’s wise­ to consider investing in this rising cryptocurrency, NUGX, be­fore missing out on its potential growth.

Visit NuggetRush Presale Website

 

The post Rising Crypto Titan: NuggetRush Pulls in Polkadot and TRON Investors appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Core and Arweave have seen significant gains, but predictions aren’t highly rosy. Yes, they will likely continue to make gains, but the movements will likely be very small. That’s likely why Core and Arweave investors are piling into DeeStream, which promises massive gains thanks to its highly lucrative presale.

It also doesn’t hurt that DeeStream is a decentralized video streaming platform with a vision of rivaling YouTube. That might seem like a big ask, but with YouTube’s censorship issues, ban-happy approach to channels, and refusal to engage with creators, it’s unlikely to be all that difficult. 

After all, DeeStream offers free speech, a chance to have a say in governance for presale token holders, instant payouts, and much more. It’s no surprise that users and investors are swooping into the presale. 

Core (CORE) Sees Significant Gains 

Core (CORE) has seen significant gains over the past few weeks, rising from around $0.65 to a high of $4.11 on April 2nd. However, the market has corrected somewhat, now trading at $2.66. However, it is still an impressive increase over the past year, when the coin traded largely below $1. 

It should be noted that Core has a market cap of $2.3 billion, a 24-hour trading volume of $173 million, and a circulating supply of over 878 million tokens. As is usual with crypto, analysts are split on predictions.

Some believe it can rise to as much as $3.5 by the end of the year, while others feel it will stay around the $2.6 mark. While indicative of a continued upward trend, or a flat one at worst, it still isn’t expected to reach its high again. However, the upward trend seems to lend some optimism to the market, and momentarily, market sentiment seems to be bullish. 

Arweave AR: Can It Maintain Its Upward Trajectory?

Like Core, Arweave has climbed quite a bit in the past few months, going from $7.86 at the beginning of February to a high of approximately $44 in March, and now correcting slightly to $33.8. Once again, it’s an impressive gain over the past year, as it’s been trading largely under $8. However, it’s still pretty far from its all-time high of $89.24 from November 2021.

Arweave’s market cap is $2.2 billion, its 24-hour trading volume is $29 million, and its circulating supply is over 65 million tokens. 

Analysts seem largely very optimistic, with some going as far as to say that it might climb to as high as $112 in the new month. Others are skeptical that it will not perform quite that well, especially since it breached $40 for the first time in February. Even it’s all-time high wasn’t quite that impressive.

More tempered opinions state that Arweave will likely continue trading around the $33 mark for the rest of the year, with the potential to reach and possibly slightly surpass $35 in 2025.  

DeeStream’s Vision to Rival YouTube Is Much More Than a Pipe Dream

Knowing the size of YouTube, many might scoff at the idea that a decentralized video streaming platform like DeeStream could compete, let alone dethrone them. Well, with the way things are going for YouTube, and considering DeeStream is doing everything right that YouTube is doing wrong, it’s not quite that much of a pipe dream.

YouTube creators are becoming increasingly displeased with the censorship rules, which are getting more ridiculous every day. Coupled with YouTube’s reaction, which is demonetization in the best-case scenario and complete channel bans in the worst, creators aren’t happy. And where creators go, viewers follow.

DeeStream offers the perfect ecosystem for creators who want the freedom to express themselves without worrying that one erroneous word could destroy their livelihood. Coupled with a far better revenue share than YouTube would ever consider offering (50/50 for presale token holders), instant payouts, and low fees, DeeStream is truly set to disrupt the digital video streaming environment. 

That’s precisely why Core and Arweave investors are taking advantage of the highly attractive Stage 2 presale price of only $0.055.

For more information on DeeStream’s presale, please visit the website here.

The post With a Vision to Rival YouTube, Core & Arweave Investors Dive into DeeStream’s Lucrative Presale appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Exciting news as the Hong Kong regulator, the Securities and Futures Commission (SFC), has given the green light to the Spot Bitcoin ETF and Ethereum ETF. 

According to the planned sequence of events, the Hong Kong SFC has approved the trading of spot Bitcoin ETFs and spot Ethereum ETFs in the region. Hong Kong is leading the way by becoming the first jurisdiction in Asia to issue a spot Ethereum ETF; the country now follows the US in approving this product. 

Major Firms Now Bitcoin ETF Issuers

According to a local news publication, this approval is a major milestone for Hong Kong as top firms like China Asset Management, Bosera Capital and HashKey Capital Limited have been endorsed by the Hong Kong regulator to launch Bitcoin and Ethereum ETFs. 

The potential benefit of these Bitcoin and Ethereum ETF approvals is that they will provide investors with a more accessible and regulated way to invest in the underlying cryptocurrencies. It will allow them to gain exposure to these cryptocurrencies without directly owning them. 

Additionally, ETFs can offer liquidity and diversification, making it easier for investors to manage their portfolios. Harvest Global Investment plans to invest in the top digital asset spot ETFs using OSL Digital Securities Co., Ltd.  

It is the very first digital asset platform in Hong Kong that’s licensed and insured by the SFC.

Spot Bitcoin ETF To Tackle Margin Issues

This move will help tackle issues like high margin requirements, price premiums, and rollovers caused by the lack of short positions. It’s also a solution to problems like warehouse losses and will provide a more accurate real-time value of Bitcoin. This shows that the digital asset investment landscape is expanding. 

Han Tongli, the CEO and CIO of Harvest International noted that the approval of Harvest’s investment in two major digital asset spot ETF products reflects their continuous leadership and innovation in the field of blockchain assets and AI investment.

Will Mainland China Investors Gain Access?

Mainland China has put a ban on cryptocurrencies, which means it’s not very likely that they’ll be able to invest in the Bitcoin and Ethereum ETFs listed in Hong Kong. 

The regulations in place prevent funds from mainland China from being deployed in crypto-related investments including Bitcoin ETFs. ETF issuers in Hong Kong have shattered the illusions surrounding Chinese investors’ participation in the Southbound Stock Connect program, revealing that digital currency products are not included due to China’s conservative stance on cryptocurrency risk.

In all, the Hong Kong variant will help complement the US counterpart which has recorded over $200 billion in Assets Under Management (AUM).

The post Hong Kong SFC Approves Spot Bitcoin and Ethereum ETFs appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

TLDR

Milei Moneda ($MEDA) is poised for a Uniswap debut and is priced at $0.0125. It is expected to surge to $0.020, making it a top DeFi investment with massive potential.

Toncoin (TON) was integrated into Telegram for channel advertising, showcasing resilience with a surge from $3.10 to $8.

Bittensor (TAO) surged 109%, reaching a $4.16 billion market cap. This has led to a predicted pump to $700 by May 2024, making it a promising crypto to buy.

Amidst the dynamic world of cryptocurrency, investors are captivated by the soaring potential of Milei Moneda ($MEDA), Toncoin (TON), and Bittensor (TAO). With each poised for significant growth, they represent compelling opportunities in the ever-evolving world of digital assets.

Economize Like Milei: Invest in $MEDA!

Milei Moneda ($MEDA): Spearheading DeFi Innovation and Growth

Set to debut on Uniswap in May 2024, ($MEDA) is poised to disrupt the DeFi space as one of the top crypto coins. This unique cryptocurrency represents a paradigm shift towards economic empowerment and financial sovereignty. Boasting deflationary mechanisms, NFT integration, and governance options, ($MEDA) offers users an immersive experience unlike any other.

Currently priced at $0.0125 in Stage 2 of its presale, ($MEDA) is anticipated to pump in value to $0.020 upon launch, presenting the best crypto investment opportunity for investors. With a total supply of 500 million tokens, ($MEDA) promotes accessibility, further positioning itself as one of the best cryptos to buy in the DeFi ecosystem amidst regulatory uncertainties. 

As a potential top ten cryptocurrency, ($MEDA) not only promises profit potential but also demonstrates adaptability to market shifts, making it a compelling investment choice and a catalyst for economic transformation.

Economize Like Milei: Invest in $MEDA!

Toncoin (TON) Takes Center Stage: Elevating Telegram’s Platform

In a groundbreaking move in March 2024, Telegram embraced Toncoin (TON) for channel advertising, propelling digital currency integration to new heights. 

This strategic decision by (TON) seamlessly merges the platform’s extensive user base with the surging wave of cryptocurrency adoption. With (TON) as the native cryptocurrency of the TON blockchain, users can now promote channels through ads, streamlining payments and expanding monetization avenues for channel owners. 

This pivotal integration not only signifies a major leap towards mainstream crypto adoption but also positions (TON) as a contender among top altcoins worth investing in. Driven by its low transaction fees, rapid transaction speeds, and exceptional scalability, (TON) emerges as a top crypto to invest in to facilitate microtransactions within the Telegram ecosystem. 

Despite initial market fluctuations, (TON) has exhibited remarkable resilience, witnessing a recent surge in price from the $3.10 region to the $8 region between March and April 2024. Telegram’s seamless integration of (TON) solidifies its pivotal role within the crypto ecosystem, unlocking fresh opportunities for advertisers, channel owners, and crypto enthusiasts alike.

Bittensor (TAO) Surges 100% in Record Time

Bittensor (TAO) has made headlines in the digital currency world with an astounding surge of 109%, propelling its market capitalization to a staggering $4.16 billion. This surge comes as the platform implements a significant network upgrade proposal known as Dynamic TAO, aimed at revolutionizing its ecosystem.

(TAO) addresses key issues such as the concentration of influence over emissions and scalability concerns, paving the way for sustainable growth. Additionally, the introduction of subnet tokens and intrinsic liquidity pools has generated bullish demand for (TAO), driving its price to the $636 region. Experts are optimistic about (TAO) price, as they predict a pump to the $700 region by May 2024. 

With its innovative solutions and rapid growth trajectory, (TAO) is attracting attention as a good crypto to buy in the crypto-AI ecosystem, poised for further expansion and adoption.

Conclusion

As Milei Moneda ($MEDA) readies for its Uniswap debut and Toncoin (TON) and Bittensor (TAO) surge to new heights, investors eagerly anticipate lucrative prospects in the crypto market. These innovative projects exemplify the transformative power of blockchain technology, promising substantial returns for those who seize the opportunity. 

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Landesbank Baden-Württemberg, the largest federal bank in Germany, is set to introduce cryptocurrency custody services in the latter half of 2024. Collaborating with Austria’s Bitpanda cryptocurrency exchange, the bank aims to cater to the growing demand for digital asset custody among its institutional clients.

Jürgen Harengel, managing director of corporate banking at Landesbank Baden-Württemberg, highlighted the increasing interest from corporate customers in digital assets, prompting the bank to venture into crypto custody solutions.

German Bank Partners with Bitpanda

The bank plans to leverage Bitpanda’s institutional custody platform, Bitpanda Custody, which offers decentralized finance (DeFi) capabilities and is regulated by the United Kingdom’s Financial Conduct Authority (FCA).

This move by Landesbank Baden-Württemberg reflects a broader trend among German banks toward embracing cryptocurrency services. Deutsche Bank has been exploring digital asset custody services since September 2023, collaborating with Swiss crypto startup Taurus.

DZ Bank Also Ventures into Crypto

Additionally, DZ Bank, Germany’s second-largest bank, announced its intention to pilot a crypto trading platform later in 2024, following the launch of its digital asset custody platform in November 2023.

These initiatives align with the forthcoming Markets in Crypto-Assets (MiCA) regulatory framework, set to come into full effect in December 2024. MiCA represents the first comprehensive legal framework for the crypto industry in the European Union (EU), aiming to regulate crypto exchanges and other crypto asset service providers (CASPs).

Financial institutions and Crypto 

Vyara Savova, senior policy lead at the European Crypto Initiative, emphasized that MiCA’s implementation will subject crypto exchanges to full regulation, marking a significant milestone for the industry. 

“2024 is the year of MiCA, and the whole EU will now have a comprehensive legal framework for crypto-assets, crypto-asset services, and crypto-asset service providers (also known as CASPs). Crypto exchanges are a type of CASP under MiCA and will become fully regulated in December 2024,” said Savova.

MiCA to Bring Clarity

The ongoing consultations, particularly regarding reverse solicitation guidelines, will shape how exchanges outside the EU can offer services to EU citizens without a license and how these services are marketed in Europe.

Overall, the impending regulatory framework under MiCA is expected to bring clarity and legitimacy to the crypto industry in the EU, paving the way for regulated and compliant operations in the digital asset space.

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As the deadline for U.S. citizens to file their taxes looms on April 15, the United States Internal Revenue Service (IRS) is bracing for a significant increase in cases of crypto tax fraud and evasion.

Guy Ficco, the chief of criminal investigation at the IRS, spoke to CNBC at the Chainalysis Links event in New York, highlighting the agency’s readiness to address the uptick in tax-related crypto crimes.

As reported earlier by TheCoinRise, the IRS was accused by prominent blockchain investigator ZachXBT of harassment. The investigator said that the agency overstepped his “personal boundaries” in their pursuit of his assistance in solving blockchain-related crimes.

IRS Witnessing a Rise in Crypto Tax Fraud

The IRS chief emphasized that there would be a notable rise in cases of tax fraud and evasion under Title 26 of the tax code, which pertains to willful tax evasion through misrepresentation or concealment of reporting documents.

While crypto has historically been associated with financial crimes like fraud and money laundering, Ficco noted a recent surge in “pure crypto tax crimes,” such as failure to report income from crypto sales and concealing the true basis of crypto assets.

Collaboration with Chainalysis

To tackle this trend, the IRS has collaborated with blockchain analysis firm Chainalysis and other law enforcement agencies to enhance its capabilities in tracking and cracking down on crypto-related offenses.

Ficco outlined some essential guidelines for taxpayers to ensure compliance with tax regulations, stressing the importance of accurately reporting crypto transactions. He explained that taxpayers should determine the basis of their assets and report gains or losses accordingly when disposing of them.

For instance, if someone acquires a crypto asset for $10,000 and sells it for $20,000, they would need to pay tax on the $10,000 gain.

IRS has Become More Aggressive

Ficco emphasized that the IRS has become more aggressive in investigating and prosecuting individuals who fail to report crypto taxes or intentionally provide false information on their tax returns.

The increased scrutiny of crypto tax compliance was underscored by a recent indictment of a Texas man, Frank Richard Ahlgren III, who was charged with filing false tax returns and evading reporting requirements on over $4 million in gains from Bitcoin transactions.

As the IRS gears up to tackle crypto tax crimes, taxpayers are urged to ensure accurate reporting of their crypto activities to avoid potential penalties or legal consequences.

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On April 12, the Coinbase legal team took a strategic step in its ongoing legal battle with the United States Securities and Exchange Commission (SEC) by filing a brief requesting permission to pursue an interlocutory appeal.

The crux of the issue revolves around a “controlling question” regarding whether an “investment contract” necessitates something contractual. While Coinbase argues in the affirmative, asserting that an investment contract requires post-sale obligations, the SEC holds a differing opinion.

As reported earlier by TheCoinRise, Coinbase took a significant step in its legal battle with the SEC, asking the court to review the agency’s question whether an investment contract necessitates “something contractual.”

Coinbase Files Interlocutory Appeal

An interlocutory appeal allows a party to challenge a trial court’s ruling while other aspects of the case are still in progress, providing an opportunity for expedited resolution.

Coinbase’s Chief Legal Officer, Paul Grewal, emphasized that the SEC’s actions against Coinbase and other crypto firms exceed the legal authority granted by Congress, casting an unwarranted shadow over digital asset innovation in the United States.

SEC vs. Coinbase

The SEC initiated legal action against Coinbase in June 2023, alleging that the exchange’s provision of crypto asset trading constituted operating as an unregistered securities exchange and broker-dealer. 

Coinbase moved to dismiss these allegations, contending that the digital asset transactions in question did not meet the criteria of “investment contracts” under the Howey test due to the absence of post-sale obligations or contractual undertakings by the issuers.

Now, Coinbase is pushing back, questioning whether digital asset transactions lacking post-sale obligations can indeed be classified as “investment contracts” and thus subject to SEC regulation.

SEC’s Stance in the Ripple Case

Grewal pointed out that Coinbase’s stance aligns with arguments previously made by the SEC itself, citing the SEC’s stance in the Ripple case and highlighting the industry-wide significance of the issue at hand.

Amidst this legal tussle, the SEC continues its regulatory crackdown on the cryptocurrency industry, with recent legal action taken against the decentralized exchange Uniswap. This aggressive stance by the SEC has drawn criticism from industry observers like Ryan Sean Adams, who view it as a broader assault on crypto innovation tantamount to a “war on the internet.”

Furthermore, the SEC’s scrutiny extends to major projects like Ethereum, with the Ethereum Foundation facing a subpoena in March to determine whether ETH constitutes a security. SEC Chair Gary Gensler’s remarks suggest that Ethereum’s transition to proof-of-stake consensus could potentially bring it within the ambit of investment contracts, although a definitive conclusion remains pending.

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Like a grandmaster in a chess match, Koala Coin (KLC) strategically positions itself in the crypto market, drawing inspiration from the olaybook of Litecoin (LTC) and Polygon (MATIC). Now in its presale stage one at $0.014, Koala Coin (KLC) melds urgency with opportunity, inviting investors to make their move before the moment passes.

The Meme Magic Meets Financial Freedom

Koala Coin (KLC) uniquely invites users into a whimsical world where finance and memes intertwine, offering unmatched camaraderie in the crypto realm. The mission of Koala Coin (KLC) extends beyond transactions, it is about creating joyous connections. With a robust and user-friendly blockchain, Koala Coin (KLC) promises security and a seamless journey through its eucalyptus-scented universe. This is a chance to own a piece of this magic.

Koala Coin (KLC) is not just a coin but a community, a vibrant fellowship bound by shared dreams and laughter. Holders not only gain  governance rights, they also inherit a treasure trove of exclusive memes and staking rewards. As Koala Coin (KLC) embarks on a path of relentless innovation, its holders are poised to reap collective success. Don’t let this unique opportunity pass by.

Drawing Inspiration from Litecoin’s (LTC) Legacy

Litecoin (LTC), often compared to the silver next to Bitcoin’s gold, stands as a testament to the potential pathways for Koala Coin (KLC). With its current price at $101.14, Litecoin (LTC) witnessed a weekly upsurge of 5.73% and a monthly boost of 12.98%, showcasing its resilient growth. These figures not only highlight the ascendancy of Litecoin (LTC) but also exemplify the trajectory Koala Coin (KLC) aims to emulate by blending innovation with consistency.

As Koala Coin (KLC) charts its course, it looks to the remarkable journey of Litecoin (LTC) for cues. The relevance of Litecoin (LTC) and its value through market flux, underscored by recent price gains, serve as a guiding light for Koala Coin (KLC).

Polygon (MATIC): Bridging Scales of Success

With its advanced framework for Ethereum-compatible blockchain networks, Polygon (MATIC) serves as an example for projects like Koala Coin (KLC). Trading at $0.89, Polygon (MATIC) has seen a weekly decrease of -12.35% and a monthly slump of -21.52%. These figures not only reflect the volatile journey of Polygon (MATIC) but underscore the dynamic nature of the crypto market, offering Koala Coin (KLC) insights on resilience and innovation.

In the evolving landscape of digital currencies, the mission of Polygon (MATIC) to solve scalability issues mirrors the dedication of Koala Coin (KLC) to community-driven growth. Despite price fluctuations, the commitment of Polygon (MATIC) to an open-source platform mirrors the path of Koala Coin (KLC) to fostering a robust foundation for its ecosystem.

Seize the Eucalyptus-Dream: Koala Coin’s (KLC) Unmissable Journey

In a market flooded with options, Koala Coin (KLC) not only learns from the success of Litecoin (LTC) and Polygon (MATIC) but also aims to eclipse them with its innovative blend of fintech and meme culture. Offering a fusion of joy, connection and tangible value, Koala Coin (KLC) sets itself on a path to surpass its inspirations. Don’t miss the opportunity to join the Koala Coin (KLC) family and embrace the future of cryptocurrency with open arms and a heart full of laughter.

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The dominance of Bitcoin (BTC) in the cryptocurrency market has surged to its highest level in three years, exerting renewed pressure on altcoins.

According to data from CoinMarketCap, BTC’s share of the total crypto market cap spiked to 56.3% on April 12, reaching levels not seen since April 2021.

Bitcoin Crash Affects Altcoins

While Bitcoin faced downward price pressure over the weekend, with BTC/USD dropping below $65,300 due to a liquidation cascade, altcoins experienced even greater losses. Many of the top twenty cryptocurrencies, by market cap, plummeted by over 15%.

This significant decline in altcoin prices has led to a shift in market share, with Bitcoin dominating the cryptocurrency market more than it has in recent years.

Bitcoin Dominance Surges

Popular trader and social media influencer Bagsy commented on the impressive rise in BTC dominance, especially considering the continuous influx of new altcoins into the market.

“I don’t typically look at Bitcoin dominance, but the chart is impressive considering the amount of new altcoins birthed into the market every day,” said Bagsy.

Fellow trader Daan Crypto Trades highlighted the disparity in drawdown between BTC and altcoins in recent days, emphasizing the substantial damage inflicted on the altcoin sector.

“The real damage was done in the Altcoin sector which wiped out billions of Open Interest and made for wicks up to 50%,” Daan said.

Despite the recent dominance of BTC, hopes for an “altseason” remain intact among traders. Historically, Bitcoin bull markets have witnessed an initial surge in dominance, followed by a period of consolidation during which altcoins tend to catch up.

Altseason Incoming?

Trader Mikybull Crypto expressed confidence in the potential for an upcoming altseason, suggesting that the current market conditions represent a final shake-off before an explosive upward movement in the altcoin market cap coupled with a downward trend in Bitcoin dominance.

“This is the last shake-off before it rips explosively upward coupled with Bitcoin dominance downward trend.”

Accompanying charts comparing BTC and altcoin dominance were provided, drawing parallels with the end of 2020, when BTC price action had just broken out of its previous trading range below $20,000.

As the cryptocurrency market continues to evolve, traders closely monitor Bitcoin dominance and altcoin performance to anticipate potential market trends and opportunities for profit.

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A group notorious for perpetrating blockchain fraud across platforms like Magnate, Kokomo, and Lendora has resurfaced with new fraudulent activities on Blast. Recent investigations by on-chain detective ZachXBT reveal that the group has transferred approximately $1 million in laundered funds to fuel their latest schemes.

The laundered funds originated from an Ethereum blockchain address associated with previous scams before being moved to another address on the Polygon network. Subsequently, the assets were converted into wrapped ETH (wETH) and transferred across multiple blockchain networks using bridging services like Orbiter and Bungee.

Blockchain Fraud Group Lures Victims

These funds were then utilized on the Blast platform to acquire LEAP tokens, presumably to increase liquidity and lure unsuspecting victims. Concurrently, it is suspected that the same individuals are behind another ongoing project named ZebraLending on the Base platform, which currently boasts a total value locked (TVL) of approximately $311K.

This group has a track record of launching projects that attract significant TVL before absconding with the funds. Their deceptive tactics often involve falsifying Know Your Customer (KYC) documents and collaborating with questionable auditing firms to create a facade of legitimacy.

Heightened Vigilance Within the Blockchain Space

Their fraudulent activities span across various blockchain platforms, including Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche, demonstrating their adaptability and extensive presence in the blockchain community.

Given the recurrent nature of these scams, heightened vigilance within the blockchain community is imperative. Investors are advised to exercise caution, particularly with new initiatives on platforms like Blast involving substantial fund transfers.

Victims of Scams and Hacks

To safeguard investments, individuals should verify project qualifications, scrutinize audit reports, and understand the flow of fund transactions. Additionally, community members are urged to share information and support each other in identifying suspicious activities to prevent further victimization.

In a related incident, Munchables, a nonfungible token (NFT) game built on Blast, fell victim to a $62 million exploit on March 26. While the exploit was acknowledged, Munchables assured users that they were monitoring the exploiter’s movements and attempting to mitigate further damage.

Moreover, Blast experienced a significant outflow of approximately $400 million in Ether (ETH) from its layer-2 network shortly after the mainnet launch on Feb. 29. This incident unlocked nearly $2.3 billion in staked crypto previously locked up on the network. 

Despite surpassing $2.1 billion in TVL just days before the mainnet launch, Blast now faces scrutiny amid the fraudulent activities plaguing the platform.

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Nadeem Arjarwalla, a Binance executive, has become the subject of an extradition effort by the government of Nigeria after reportedly fleeing to Kenya following his escape from custody. Sources within the Nigerian presidency revealed that Arjarwalla went into hiding upon arriving in Kenya.

The government of Nigeria, in collaboration with Interpol and Kenyan police, is actively working to extradite Arjarwalla back to Nigeria to face charges related to allegations of manipulating the country’s fiat currency, the Nigerian naira. 

It is important to note that research by the Web3 software firm Consensys revealed that Nigeria leads all other regions in terms of cryptocurrency consciousness, with 99% of the population familiar with the concept and 91% willing to make an investment.

Extradition of Binance Exec to Nigeria

Arjarwalla had initially arrived in Nigeria in February and was detained alongside another Binance executive after a meeting with Nigerian officials.

The Economic and Financial Crime Commission (EFCC) of Nigeria is leading the investigation and has charged the exchange and its two executives with five counts of money laundering. However, Arjarwalla managed to escape custody on March 22 and boarded a flight out of Abuja, the Nigerian capital.

Departure Using a Kenyan Passport

Reports indicate that Arjarwalla departed from Abuja using a Kenyan passport, raising questions about how he obtained it as his United Kingdom passport, used to enter Nigeria, remains with Nigerian authorities. Authorities are now investigating the circumstances surrounding the acquisition of the Kenyan passport.

Meanwhile, the other Binance executive, Tigran Gambaryan, has pleaded not guilty to the charges. His wife has launched a petition to bring him back to the United States, garnering significant support. Gambaryan’s case has been adjourned until April 19.

Binance to Discontinue Naira Transactions 

In the midst of these developments, Binance announced its decision to discontinue all naira transactions, effectively exiting the Nigerian market. This move came after the governor of the Central Bank of Nigeria expressed concerns about crypto exchanges in Nigeria’s involvement in illicit transactions, citing “suspicious flows” of funds at Binance.

As the Nigerian government intensifies its efforts to secure Arjarwalla’s extradition, the case underscores the complexities and challenges surrounding regulatory oversight and enforcement within the cryptocurrency industry.

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Ethereum developers are optimistic of integrating EIP-3074 in Ethereum’s next upgrade expected later this year. The upgrade, nicknamed Pectra, promises lots of user experience enabling certain wallet functions to be delegated to smart contracts.

EIP-3074 Promises Enhanced User Experience

The call to include Pectra was a unanimous decision by the teams as Tim Beiko, protocol support lead at the Ethereum Foundation, revealed in a post on X.

According to Beiko, “All things considered, teams were in agreement about moving forward in the EIP. 3074 will be included in Pectra.”

All things considered, teams were in agreement about moving forward in the EIP. 3074 will be included in Pectra !

— timbeiko.eth (@TimBeiko) April 11, 2024

Although Ethereum developers are gearing up for the Pectra upgrade which has been in the pipeline for almost four years, there are concerns about certain vulnerabilities associated with EIP-3074.

Pectra Upgrade To Right Security Flaws

The proposal has garnered both praise and concern among experts, with its inclusion in the Pectra upgrade sparking debate over its potential vulnerabilities and implications for wallet security.

Ethereum users are still fresh with the memory of the sleepdropping scam that drained $11.5 million, leaving them vulnerable to financial harm. EIP-3074 introduces valuable functionalities such as batched transactions and enhanced security features. However, developers have raised red flags regarding its susceptibility to exploitation.

A major concern revolves around the possibility of a single malicious transaction draining an entire user wallet through a batched transaction. However, proponents of the proposal maintain that with proper wallet design and implementation, the risk posed by this vulnerability can be mitigated effectively.

Meeting Developer Concerns and Optimizing Adoption

Dan Finlay, co-founder of MetaMask, reassures users that existing consumer wallets are not currently vulnerable to this risk and emphasizes the importance of implementing robust security measures to safeguard user funds. On the Ethereum wallet, MetaMask, users can navigate different networks without technical complexities.

Uniswap founder Hayden Adams agrees with the submission. “[The] upside is forcing wallets to improve UX around this such that more actions are recognized as explicitly safe and arbitrary unknown stuff is made to feel super scary,” he wrote.

Meanwhile, the proposal’s latest modifications sparked mixed reactions within the developers’ community. Some developers criticized changes such as the automatic revocation of authorization upon any subsequent transaction and restrictions on its cross-chain functionality. They argue that such alterations limit the proposal’s utility and compatibility across multiple chains.

Despite these concerns, Ethereum protocol support lead Tim Beiko says there is a collective decision to move forward with the inclusion of EIP-3074 in the upcoming Pectra upgrade. Ongoing discussions and refinements will address potential vulnerabilities and optimize the proposal for broader adoption as developers work to address them. Experts say this is key to Ethereum maintaining its impressive performance in the crypto sphere.

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A group notorious for perpetrating blockchain fraud across various platforms has shifted its focus to the Blast platform. Their new scheme is fueled by approximately $1 million in laundered funds.

According to an alert issued by on-chain detective ZachXBT, the group executed a series of transactions involving the movement of funds from an Ethereum address associated with prior scams to a Polygon network address.

Investigation reveals that subsequently the assets were converted into Wrapped ETH (wETH) and transferred across multiple blockchain networks via bridging services such as Orbiter and Bungee. As soon as the funds were stashed in Blast, they were utilized to purchase LEAP tokens. The strategy is to enhance liquidity and set the stage for further fraudulent activities that target unsuspecting victims.

Group Exploits Vulnerabilities

ZachXBT also suggests that the same individuals may be involved in an ongoing project named ZebraLending on the Base platform, boasting a current total value locked (TVL) of approximately $311K. The group in the past perpetrated blockchain fraud on platforms like Magnate, Kokomo, and Lendora.

The group’s modus operandi involves launching numerous projects that initially attract significant TVL. Ultimately, however, it results in the misappropriation of funds. Their method often involves the fabrication of Know Your Customer (KYC) documents and collaboration with dubious auditing firms to create an illusion of legitimacy.

Precautionary Measures for Investors

Its operations span a range of platforms including Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche. The group demonstrates remarkable operational flexibility and a pervasive presence within the blockchain space.

Experts are urging investors to exercise heightened caution, particularly regarding new initiatives on platforms like Blast involving substantial fund transfers. Some key precautionary measures include verifying project credentials, scrutinizing audit reports, and understanding the pathways of fund transactions to mitigate the risk of investment losses.

Blast’s Security Challenges

The recent exploit affected a nonfungible token (NFT) game called Munchables, built on Blast. The vulnerability of the platform was exposed with $62 million lost in the exploit on March 26. Munchables has however taken steps to track the exploiter’s movements and mitigate further damage. The hacks on crypto entities such as Munchables caused a 23% decline in losses.

Additionally, Blast encountered a significant outflow of approximately $400 million in Ether (ETH) from its layer-2 network shortly after launching its mainnet on Feb. 29. Despite surpassing $2.1 billion in Total Value Locked (TVL) just before the mainnet launch, Blast continues to grapple with security challenges and vulnerabilities in its network.

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The Nigerian authorities say Binance executive Nadeem Arjarwalla who fled custody is in Kenya and there are concrete steps to ensure his extradition back to the country.

Arjarwalla’s Escape and Pursuit

A national newspaper, The Punch cited sources from the presidency stating that after fleeing from Nigeria, Arjarwalla landed in Kenya and went into hiding to evade detection. However, the source claims that his whereabouts in the East African country is known to the authorities.

According to the source, Arjarwalla’s escape from custody in Nigeria has sparked a collaborative effort between Nigerian authorities, Interpol, and Kenyan police to facilitate his extradition back to Nigeria. Arjarwalla and his colleague are facing charges related to alleged manipulation of the country’s fiat currency, the Nigerian naira.

Meeting, Detention and Extradition Proceedings

Arjarwalla’s ordeal began in February when he arrived in Nigeria for a “meeting” with the authorities to clarify Binance’s position amid accusations of fiat currency manipulation by the exchange. He was however detained alongside another Binance executive. Arjarwalla found himself facing charges of money laundering from the country’s Economic and Financial Crime Commission (EFCC).

The Binance executive’s daring escape from custody on March 22, reportedly boarding a flight out of Abuja on a Middle East airline, however raised questions about the efficacy of Nigeria’s security measures.

The circumstances of his escape was more puzzling given that his United Kingdom passport, which he used to enter Nigeria, remained in Nigerian custody. There were reports that Arjarwalla escaped Nigeria using a Kenyan passport. The Nigerian government is now working to have him extradited from Kenya.

Ripple Effects on Binance and Cryptocurrency Regulations

Meanwhile, Arjarwalla’s colleague, Binance executive Tigran Gambaryan, head of financial crime complaint, legal battle in Nigeria was adjourned to April 19. At his arraignment in court, Gambaryan pleaded not guilty to the charges of money laundering and has garnered support from his wife and others, who have launched a petition for his release back to the United States.

Against this backdrop, Binance decided to cease all naira transactions on its platform, effective March 5. The exchange also delisted all naira trading pairs in February. The move came after the Central Bank of Nigeria raised concerns about crypto exchanges in the country allegedly handling illicit transactions, with specific mention of “suspicious flows” of funds at Binance.

Gambaryan will reappear in court on Friday. If Arjarwalla’ extradition is speedily pursued, he might make a surprise appearance alongside him.

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