Chain News by Thebittimes.Com

Terra Luna Classic Proposal To Burn 800 Million USTC Proposal 11658 “Return of Community funds not used” by ex-Terra Rebels developer group member Vegas is up for voting. The proposal brought attention to idle 800 million USTC tokens related to Ozone Protocol and aims to return these tokens to the Terra Luna Classic community pool as the project is not actively following the proposed development plan. advertisement The Ozone protocol  was initially proposed by Terra co-founder Do Kwon and bootstrapped using funds from the community pool. The Ozone V1 and Ozone V2 saw high demand for their underwriting capacity. However, the Risk Harbor team has not utilized 1 billion UST (now USTC) fully as intended. Thus, the funds should return to the community pool. However, a counter-proposal by DNC, M Van S, Lunanauts, and SolidVote Validator aims to burn 800 million LUNC, even if Proposal 11658 passes. The new Proposal 11660 claims that a large ...

While Ethereum-based protocols have been hit with the majority of the exploit activity, BNB Smart Chain has also seen similar "copycat" exploits, according to BlockSec. The BNB Smart Chain (BSC) has reportedly suffered copycat attacks due to a vulnerability in the Vyper programming language, following a similar vein to the exploit on the decentralized finance (DeFi) protocol Curve Finance. Amid the exploit s carried out on Ethereum, Blockchain security firm BlockSec tweeted on July 30 that around $73,000 worth of cryptocurrencies on BSC across three exploit s had also been stolen. It comes as similar exploit s targeting liquidity pools on Curve Finance have racked up losses exceeding $41 million according to current BlockSec estimates. The sheet updated. Losses have already ~$41m!https://t.co/lCaS4uEPzm https://t.co/stQYNJFS7y pic.twitter.com/P7jG8NHnV4 — BlockSec (@BlockSecTeam) July 30, 2023 The vulnerability was caused by a malfunctioning reentrancy lock on Vyper...

The Heartland Tri-State Bank is bankrupt but the Federal Deposit Insurance Corporation (FDIC) has already stepped in to protect customer interests, reports on July 29 show.  This bankruptcy marks another bank failure in weeks following the collapse of First Republic in early May. You might also like: FDIC chair takes responsibility for Signature Bank’s collapse, also cites crypto According to reports, the FDIC has taken on the responsibility of protecting customer deposits by assuming all liabilities of Heartland Tri-State Bank.  A purchase and assumption agreement was also made between the FDIC and Dream First Bank of Syracuse, Kansas, to ensure a seamless transition. As a result, all four Heartland Tri-State Bank branches will reopen on Monday under the Dream First Bank name. The turbulence in the banking sector, including the closures of renowned institutions like First Republic, Silicon Valley Bank, and Signature Bank early this year, has spurred lawmakers into a...

The MakerDAO community has concluded a poll to introduce the Enhanced Dai Savings Rate (EDSR). The EDSD would temporarily boost the interest rate for DAI stablecoin holders to as much as 8%. The DeFi lending protocol is aiming to increase the adoption and circulation of DAI with EDSR. The MakerDAO community recently passed a governance vote that sought to introduce the Enhanced Dai Savings Rate (EDSR). The EDSR is a mechanism to temporarily boost the rewards for DAI stablecoin holders to up to 8%. The governance vote came amid declining market share and circulation of DAI. On July 19, MakerDAO founder Rune Christensen published a proposal on the protocol’s governance forum, highlighting the need to increase rewards for DAI holders. According to the proposal, increasing the stablecoin’s yield would help the DeFi lender generate sustainable growth in new demand and capital inflows. The governance vote concluded with more than 99.9% of the votes cast in favo...

Optimism lost the top spot to Arbitrum in January, after the end of its season one “quest," but has regained it after Worldcoin launched on July 25. The Optimism network has surpassed Arbitrum in transaction volume for the first time in six months, according to July 27 data from blockchain analytics platform Artemis. Both networks are layer 2s of Ethereum that use optimistic rollup technology, which compresses and batches transactions before submitting them to Ethereum, potentially lowering transaction fees. Optimism fell behind Arbitrum based on volume in January, as season one of its “quest” feature ended. However, it recovered the top spot on July 25 as Worldcoin launched. Data from Artemis shows that the networks had similar levels of transaction volume from August to December 2022. In December, Optimism pulled ahead of Arbitrum but fell behind again in January. This coincides with season one of Optimism’s “quest” feature, which rewarded users for performing various on-chai...

Also Read: Jack Dorsey, Michael Saylor Ask Bitcoin Lightning Support On Coinbase advertisement Elon Musk Threatens Brands On X? m X icLRwqWzZOH1k ads business seems to be in trouble as the social media giant reportedly issued a warning to strip the verification mark of the brand if they don’t pay up for them. m X icLRwqWzZOH1k will move ahead to remove ahead to gold verification checks of profiles if they failed to spend at least $1,000 on ads in the last 30 days from 7th August 2023. Moreover, the brands with gold verified status will need to spend $6,000 in the last 180 days on ads to order to keep their checkmark. As of now, X reportedly charges businesses around $1000 monthly for the verified gold mark. However, the social media giant earlier decided to waive this fee for its top 500 ad clients including 10,000 most followed brand and organisation profiles. Business Insider reported that companies like The New York Times had refused to pay th...

Federal funds rate could see an uptick, the highest in 17 years. Economic indicators set to drop this week could raise investors’ concerns. The cryptocurrency market is likely to be unaffected by sentiments in the traditional market. With several economic indicators set to drop this week, investors’ and consumers’ spending could be positively or negatively impacted. The indicators which monitor economic performance in the traditional market often influence investors’ and consumers’ spending. In the lead is the Federal Open Market  Committee (FOMC) which is set to have its meeting today, amidst fears of an increased federal funds rate. All speculations point to tighter monetary policy, a decision that could negatively affect investors in the traditional market. According to the CME Rate Watch Tool, there is a 98% chance that there would be an increase in the federal funds rate, taking the rate to a 525-500 basis. Should th...

Zero Trading Fee On FDUSD To commemorate the launch, Binance offers a zero-maker fee promotion for FDUSD trading pairs. During the offer period, all customers will be eligible to receive zero maker charges on all FDUSD spot trading pairs and any new FDUSD spot and margin trading pairs.  advertisement A 1:1 guarantee for the FDUSD is provided by high-quality cash and cash equivalent reserves. It is maintained in segregated accounts in licensed financial institutions and managed and audited by independent third parties. The FDUSD’s purpose is to be exchangeable 1:1 for US dollars of equivalent value. In an era of growing uncertainty and volatility, the US dollar-pegged stablecoin provides diversification and greater stability against the effects of central bank policy.  Additionally, according to Binance ’s announcement, FDUSD is backed by high-quality reserves (cash and cash equivalents), meaning users can trade their FDUSD tokens for US dol...

Nevada woman is im prison ed for masterminding a scheme to kill her former husband. She was attempt ing to pay a hitman with crypto. Kristy Lynn Felkins, aged 38, will spend five years behind bars. This judgment came after she confessed to paying $5,000 using Bitcoin (BTC) to Besa Mafia. This fraudulent dark web service, which has since ceased to exist, pretended to offer murder-for-hire. She had used this service in an attempt to put out a contract on her ex-husband’s life. Official court reports revealed that Felkins’ homicidal intentions towards her ex-husband were revealed in September 2019. An operative from the Northern California Illicit Digital Economy (NCIDE) task force purportedly obtained copies of the communication between the murder-for-hire website’s administrator and an individual utilizing the alias “KBGMKN,” as tipped off by an informant. Detectives confirmed that the alias “KBGMKN” was used to set up an account on the ...

Elon Musk revealed why he changed the iconic name ‘ Twitter ’ and the bird logo in his latest tweet on Tuesday. Musk confirmed that in order to push the boundaries for payment integration, the old identification needs to be dismissed. The billionaire plans to make X a comprehensive communication platform that also can conduct robust financial transactions. Also Read: BRICS: Warren Buffet Predicts the Future of the U.S. Dollar JUST IN: Elon Musk says X will soon add the ability to "conduct your entire financial world" on the platform. — Watcher.Guru (@WatcherGuru) July 25, 2023 The Tesla CEO’s vision is to make ‘X’ a feasible financial platform with the ability to conduct users’ entire financial world. He revealed that the name ‘Twitter’ and the bird logo do not hold well with the idea of a financial platform, therefore it was rebranded into X. “In the months to come, we will add comprehensive communications and...

Benjamin Cowen predicted that ADA may continue to lose strength in the coming weeks. The analyst predicted that ADA/BTC could drop to 0.000004 if the negative trend continues. Cowen revealed that a sustained break above the 20-week EMA line will confirm a bullish trend reversal for ADA. The trader and analyst Benjamin Cowen predicted in his latest Analysis for Cardano (ADA) that the altcoin may continue to drop in the coming weeks. He revealed that his bearish outlook for the Ethereum-killer stems mainly from the fact that the total liquidity for the cryptocurrency market continues to decline. Should ADA’s current downtrend continue, Cowen forecasts that ADA/BTC could fall to as low as 400 satoshis (0.000004 BTC). On the other hand, he speculated that ADA’s BTC pairing may continue to consolidate between 800 to 1,200 satoshis in the coming weeks if there is not an overwhelming amount of sell pressure during this period. Daily chart for ADA/BTC (Source: T...

KuCoin sheds light on crypto usage between generations in France and Germany. Gen Z in both countries leads crypto trading, with 40% in Germany and 38% in France. The adoption of crypto credit cards is rising among all age groups in both nations. In a recent tweet, renowned crypto exchange KuCoin unveiled insights into the diverse landscape of crypto usage between generations in France and Germany. The accompanying image presented a comprehensive graph showcasing the diverse purposes for which cryptocurrency is utilized by Gen Z, Gen Y, and Gen X in both countries. Ever wondered how crypto usage varies between generations in France and Germany? We've uncovered the top #crypto use cases, contrasting young and old. Dive into their fascinating differences and similarities! #KuCoinFrenchWeek pic.twitter.com/JYR52jOJZ4 — KuCoin (@kucoincom) July 23, 2023 In France, 38% of the tech-savvy Gen Z engaged in crypto trading, while 36% were interested...

Binance France has unveiled its first-ever audited financial statements, following its ability to secure registered status in the country. A recap of the report In adherence to local regulatory and legal mandates, Binance France commits to publishing these audited financial statements annually. The financial statements covering 14 months, beginning with the company’s inception on Nov. 8, 2021, and ending with the financial year ending on Dec. 31, 2022.  The report goes on to share that Binance France holds approximately €1 billion in crypto assets on behalf of its users, specifically catering to French resident Binance users. Additionally, the company has 7 million USDT in its account.  #Binance France released its first audited financial statements today. Binance France a publié aujourd’hui ses premiers états financiers audit és.https://t.co/NkQ8z2lByQ — CZ Binance (@cz_binance) July 21, 2023 The financial records for 2022 indicate a €4 million loss, which can...

Join Our Telegram channel to stay up to date on breaking news coverage One of the most popular web browsers Opera has recently announced that a new application by the name of Opera Touch will be launched for iOS soon. According to the announcement, the Opera Touch is a Web 3 browser featuring an integrated crypto wallet as well as support for Ethereum wallet. The new application will also be able to interact with Decentralized applications (DApps). The press release was published on March 5, 2018, on the browser’s official website blog. The Web 3-based browser with an integrated cryptocurrency wallet was launched by Opera for Android smartphones back in December of 2018. Opera has said that the decision to launch the application for iOS was made after the successful integration of a crypto wallet and DApps explorer for their Android app. The company has not yet released an official launch date for Opera Touch for iOS. However, the company has mentioned in the official announcem...

China’s Shanghai has released guidelines for integrating and promoting innovative technologies like blockchain , the metaverse, and digital yuan. The Chinese government has outlawed bitcoin (BTC) and other digital assets. Still, it recognizes the potential of blockchain technology. Currently, the country is exploring the benefits of innovative technologies. The government of Shanghai, China’s biggest city and global financial epicenter, has released fresh guidelines to accelerate blockchain , the metaverse, and digital yuan adoption across industries in the municipality. As stated in the document, market participants in the automotive, commodity trading, and e-commerce ecosystems will be required to integrate and explore blockchain and metaverse use cases in their operations. You might also like: Digital yuan promotions helped Chinese crypto stocks rise Curbing harmful gas emissions  Players in Shanghai’s manufacturing sector will be required to develop blockchain-...