Magic Eden Proposes to Build NFT Marketplace for ApeCoin Holders, Submit Proposal to ApeCoin DAO

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Magic Eden has made a bold move and put forward a proposal to build an ApeCoinDAO marketplace for the ApeCoin (APE) community, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) holders. The proposal states that the NFT marketplace would operate via the official ApeCoin website and it would be based on Magic Eden’s technology. Magic Eden pitched that the collectors can bid on NFTs using a combination of both ETH and ApeCoin. Discounts would be offered to users who purchase using APE.

Tiffany Huang, Magic Eden’s content and marketing head, speaking to Decrypt said, “The pitch was inspired by the immense respect we have for the BAYC community and all of Yuga Labs’ IP communities.”

“..our pitch to bring a strong value offer to the ApeCoin DAO community in the form of product building, community support, and general Ape culture integration into our technology stack.”

The proposed marketplace would offer lower seller fees than Magic Eden’s own marketplace as well as OpenSea.

The proposal states that the fees would be 0.75 percent for sellers, with a 1.5 percent base fee that can be cut down with a 0.5 percent discount for trades made in APE, plus another 0.25 percent discount for holders of Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFTs.

Magic Eden has offered to build the marketplace for free. The proposal will be put up for a formal vote as an ApeCoin Improvement Proposal (AIP) for ApeCoin holders.

Huang continued, “As we build on our growth, we want this marketplace to be co-built by the Apes, for the Apes, with minimal effort and no funding required from the community.”

If the proposal passes, Magic Eden claims that it can deploy the marketplace as soon as September.



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Belarus Issues International Arrest Warrant for Owner of Country’s ‘Largest Crypto Exchanger’ – Exchanges Bitcoin News

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Law enforcement officials in Minsk are seeking international assistance to locate and detain the man who ran what is said to be the biggest online exchanger for cryptocurrencies in Belarus. The crypto trader has been accused of tax evasion and an investigation against three of his accomplices has estimated the losses for the state at $3.5 million.

Belarusian Operator of Bitok.me Now Wanted Internationally for Tax Offenses

Authorities in Belarus have recently completed a criminal investigation against three residents of the city of Lida, who helped the owner of an illegal crypto exchange platform to dodge taxation. Vladislav Kuchinsky, who managed Bitok.me (formerly Bitok.by) for two years, has been accused of “tax evasion on an especially large scale” and put on an international wanted list.

During that period, Kuchinsky and his “representatives” used the platform to facilitate the purchase and sale of “digital signs (tokens),” the legal term used to define cryptocurrencies under Belarusian law, with fiat cash and non-cash payments. They also offered exchange between cryptocurrencies, the Investigative Committee of Belarus explained this week.

In total, the Bitok’s operators conducted almost 8,000 transactions involving digital currencies for a total amount exceeding $29 million, a press release detailed. The estimated damage to the state budget, resulting from tax evasion in their activities, amounted to more than 9 million Belarusian rubles (over $3.5 million at current exchange rates).

The officials in Minsk also pointed out that the suspects used anonymization tools, SIM cards registered under fake identities, and accounts on foreign crypto platforms which allowed them to stay under the radar. Eventually, investigators were able to identify all participants in the crypto trading scheme, intercept their correspondence with clients, and trace their money transfers.

During searches, police confiscated computer equipment, documents, and withdrawn cash in the amount of $280,000. Belarusian law enforcement officers were also able to establish the bank accounts used by the accused in Belarus and Georgia that had 2 million rubles (almost $800,000) on their balances, and arrest them.

With assistance from Moscow, Belarus obtained a database with information about 2,000 of Bitok’s clients whose activities are also under investigation. Those who made the largest transactions, exceeding $50,000 in fiat equivalent, have been interrogated, the Investigative Department said.

Crypto Exchanger Continues Operations Amid Ongoing Investigation

Despite the detention of his accomplices and their prosecution, Vladislav Kuchinsky continued to run the online exchanger, advised clients to ignore calls from law enforcement, and attempted to withdraw funds from the frozen accounts. Belarus has now issued an international arrest warrant for the owner of Bitok and charged him with tax evasion in absentia.

The Investigative Committee emphasized that the operation of the crypto trading service was illegal as it was not duly registered as a resident of the Belarus High-Tech Park (HTP). The latter is responsible for implementing a special legal regime established to facilitate the development of the country’s digital economy, including its crypto sector.

Belarus legalized business activities related to crypto assets with a decree signed by President Alexander Lukashenko in 2017, which went into force in the spring of the following year. It introduced tax breaks and other incentives for companies dealing with digital currencies that register with the HTP in Minsk.

Although last spring Lukashenko hinted at a possible tightening of the rules for the industry and ordered the establishment of a crypto wallet register, and despite a ban on the use of bitcoin for payments, Belarus ranked third in Eastern Europe in terms of crypto adoption, largely due to strong peer-to-peer activity, as indicated by the Crypto Adoption Index produced by the blockchain analytics firm Chainalysis.

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arrest warrant, Belarus, belarusian, Bitok, Crypto, crypto exchange, crypto exchanger, Cryptocurrencies, Cryptocurrency, Investigation, investigators, owner, Tax, tax evasion, Taxation, Taxes

Do you expect Belarusian authorities to crack down on other unregistered crypto trading platforms? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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ETH Moves to 2-Month High Above $1,900  – Market Updates Bitcoin News

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Ethereum surged to a two-month high above $1,900 on Thursday, as the token continued to rally following yesterday’s U.S. inflation report. Inflation in the United States was at 8.5% in July, giving traders some optimism on a potential gradual recovery. Bitcoin was also in the green, as prices moved closer to $25,000.

Bitcoin

Bitcoin (BTC) was up for a second straight session on Thursday, as prices continued to react to the latest inflation report.

Following a low of $23,031.88 on Wednesday, BTC/USD surged to an intraday peak of $24,669.13 earlier today.

The move saw the world’s largest cryptocurrency rally to its long-term resistance level of $24,600 for the first time since July 30.

BTC/USD – Daily Chart

As on that occasion, the ceiling has so far held firm, with earlier gains easing as the session has progressed.

BTC is currently trading at $24,485.78 as of writing, and this coincidentally comes as the 14-day relative strength index (RSI) collided with a resistance level of its own.

This level is the 62 mark on the indicator, which has been in place since early April, and should bulls look to take the token above $25,000, then this hurdle must be passed.

Ethereum

Ethereum (ETH) also rallied earlier in today’s session, as prices of the world’s second-largest token climbed by over 10%

On Thursday, ETH/USD raced to a high of $1,908.20, which comes less than 24 hours after the token was at a low of $1,693.05.

The move came as ETH broke out of its long-term resistance level at $1,785, before hitting the peak, which is the highest point the token had traded at since June 6.

ETH/USD – Daily Chart

Looking at the chart, earlier gains in ethereum have also faded, and like BTC, this comes following a collision with a resistance point.

On this occasion, the ceiling is the 68 mark on the RSI, which hasn’t seen a full breakout in over four months.

Despite this, some bulls remain optimistic about ETH’s chances to extend this run, and climb higher in upcoming sessions.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ETH to hit $2,000 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Bitpay Reveals Prepaid Cardholders Can Get up to 15% Cash Back Rewards via Select Retailers – Bitcoin News

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The Atlanta-based crypto payment services company Bitpay has announced that Bitpay’s prepaid cardholders are eligible for cash back rewards if they use their card with participating retailers. The rewards feature stems from Bitpay’s partnership with Cardlytics and cardholders can get up to 15% in cash back rewards on purchases from the service from thousands of retailers.

Bitpay Partners With Cardlytics to Offer Cash Back Rewards to Bitpay Card Users Shopping at Select Merchants

On Wednesday, Bitpay announced that the crypto payment firm has partnered with the publicly-listed company Cardlytics (Nasdaq: CDLX) in order to provide Bitpay cardholders with cash back rewards options from specific retailers. Cardlytics will manage the cash-back rewards platform and Bitpay cardholders can get up to 15% cash back on purchases every time they patronize participating merchants.

Bitpay Reveals Prepaid Cardholders Can Get up to 15% Cash Back Rewards via Select Retailers

Cardlytics is partnered with thousands of unique merchants such as Adidas, Costco, Office Depot, Shake Shack, Sam’s Club, Finish Line, and H&M. Farrell Hudzik, the EVP of financial institutions at Cardlytics, explains that getting rewards for using the Bitpay card at specific merchants is easy. “Working with Bitpay, we offer their crypto cardholders a customized shopping experience where they can earn cash back making the Bitpay card easy to use anytime they shop,” Hudzik said in a statement on Wednesday.

The Cardlytics executive Hudzik added:

We have thousands of brands on our platform and are always looking at where consumers shop to add new merchants to benefit new and existing cardholders.

Bitpay CEO Says Rewards Offer Crypto Enthusiasts Another Incentive to Use the Crypto-Centric Prepaid Card

Bitpay has operated a prepaid card for years now and originally started offering the services through Visa. Now Bitpay cards are tied to the multinational financial services corporation Mastercard’s system. While the Atlanta-based company has offered a crypto-fueled prepaid card, Bitpay did not provide rewards prior to the announcement with Cardlytics. Other companies that provide crypto prepaid card services like Crypto.com give cardholders rewards for spending. Crypto.com not only gives reward payments in cronos (CRO), but the company also partnered with Cardlytics on March 30, 2022.

Bitpay recently added two new crypto assets to the company’s lineup of supported digital currencies which include apecoin (APE) and euro coin (EUROC). That means in addition to being able to load Bitpay’s prepaid card with BTC, BCH, WBTC, XRP, LTC, SHIB, DOGE, ETH, BUSD, DAI, GUSD, USDC, and USDP, Bitpay cardholders can also load their cards with APE and EUROC.

Bitpay also revealed Lightning Network support on April 6, making it so Bitpay App users can leverage bitcoin payments via the Lightning Network. The Lightning Network support was added after Bitpay told the press that the use of bitcoin (BTC) payments had declined in 2021. Bitcoin used for purchases via the Bitpay App went down from 93% in 2020, to 65% during the course of 2021.

Stephen Pair, CEO of Bitpay, detailed on Wednesday that the rewards system gives cardholders incentives to spend with the crypto-centric prepaid Mastercard.

“Cryptocurrencies are becoming increasingly popular and widely used as many like the option to live life on crypto,” Bitpay’s CEO remarked. “Adding a reward program through Cardlytics offers crypto enthusiasts another incentive to get and use the Bitpay Card. It’s easy, just load the Bitpay Card with crypto, spend with dollars, get cash back and see rewards in the Bitpay app.”

Tags in this story
Adidas, APE, Apecoin, Apecoin (APE), Bitcoin, BitPay, Bitpay CEO, Bitpay co-founder, Bitpay new coins, Bitpay Support, blockchain payments, Cardlytics, Cash Back, cash back rewards, Costco, crypto payments, dogecoin, ether, euro coin, euro coin (EUROC), EUROC, Farrell Hudzik, Finish Line, H&M, lightning network, Merchants, Office Depot, P2P Payments, Payments, Paypal, Retailers, Rewards, Sam’s Club, Shake Shack, Stablecoin, Stablecoins, Stephen Pair

What do you think about Bitpay offering cash back rewards for cardholders by partnering with Cardlytics? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Netflix’s The Gray Man Makes a Splash in Decentraland: All You Need to Know

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Netflix has made its entry into the popular Decentraland metaverse in a bid to give a Web3 twist to the promotion of its recent big-budget film, The Gray Man. To expose fans to an immersive experience, Netflix has recreated a landscape inspired by the film that can be navigated by putting knowledge about the story to use. The experience includes an instruction video from Hollywood actor Ryan Gosling, who has played the protagonist in this film that brought the Russo Brothers, the directors of Avengers: Endgame and Avengers: Infinity War, back into action filmmaking.

People visiting Netflix’s ‘Metaverse Mission’ will face a maze in the backdrop of The Gray Man’s dramatic music.

Recreating movie backgrounds in the metaverse is an experiment that Netflix is observing to see how it impacts the viewership of The Gray Man.

“This not only attracts those who had already seen the movie, but also “boosts the users that happen to be in Decentraland playing in the maze and gets them to watch the film,” a Blockworks report quoted Martin Shibuya, the art director at Decentraland Foundation as saying in a statement.

Over 2,000 people have reportedly entered the maze since its launch earlier last week.

Users have to reach the fountain at the centre of the maze to unlock a secret room to finish the mission.

They are required to connect their crypto wallets to Decentraland to record the time it took for them to complete their journey through the maze.

Upon completing the maze, users can choose from available rewards which include free wearables for their avatars as well as signature looks of characters from The Gray Man.

People have shared glimpses of Netflix’s Metaverse Mission on Twitter.

While Netflix has not announced any full-fledged metaverse plans as yet, the streaming giant has hinted at its interest in the sector.

As per NASDAQ, Netflix has been acquiring small scale video developers like the Night School Studio.

The brand, last year, onboarded former Meta Platforms (FB) Oculus executive, Mike Verdu, as its vice president of game development.



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Elon Musk Challenges Twitter’s CEO to Public Debate on Fake Accounts and Spam Bots – Featured Bitcoin News

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Tesla and Spacex CEO Elon Musk has challenged Twitter’s CEO to a public debate over the platform’s fake accounts and spam bots. A recent poll conducted by Musk showed that nearly 65% of respondents do not believe that less than 5% of Twitter daily users are fake or spam.

Musk Challenges Twitter’s CEO to Public Debate

Tesla CEO Elon Musk has challenged Twitter CEO Parag Agrawal to a public debate about fake and spam accounts on Twitter. “Let him prove to the public that Twitter has less than 5% fake or spam daily users,” Musk wrote Saturday.

The percentage of spam and fake accounts on Twitter has been material in the Tesla CEO terminating his $44 billion bid to buy the social media platform.

Twitter has sued Musk to force him to go through with the buyout deal. The Spacex boss subsequently filed a countersuit, accusing Twitter of fraud.

Musk’s Twitter Poll on Fake/Spam Users

Musk put up a 24-hour Twitter poll Saturday asking his 103 million followers if they think that less than 5% of Twitter daily users are fake or spam. A total of 822,766 votes were counted: 64.9% picked “no.”

While Twitter claims that less than 5% of its daily users are fake or spam accounts, Musk disagreed and has been trying to obtain data from the social media giant to conduct his own analysis with no success.

Musk explained: “All indications suggest that several of Twitter’s public disclosures regarding its mDAUs are either false or materially misleading … The proportion of false and spam accounts included in the reported mDAU count is wildly higher than 5%.”

Twitter defines mDAUs (monetizable daily active users) as “users who logged in and accessed Twitter on any given day through Twitter.com or Twitter applications that are able to show ads.” Twitter’s disclosures include those filed with the U.S. Securities and Exchange Commission (SEC).

‘Materially False’ SEC Filings

Musk claims that Twitter provided him with outdated data, offered a fake data set, and then provided a clean data set where they already suspended the malicious accounts.

The Tesla CEO tweeted Saturday:

If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms. However, if it turns out that their SEC filings are materially false, then it should not.

Musk detailed in his countersuit that three days after he signed the agreement to buy Twitter, the social media company “restated and publicly disclosed that the mDAU figures in the 2021 10-K were false and that Twitter had overcounted mDAU by up to 1.9 million in each quarter.”

Do you believe that less than 5% of Twitter daily users are fake or spam? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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White Hat Hackers Return $9 Million to Nomad After $190 Million Exploit Wrecks Cross-Chain Bridge

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Ethical hackers aka white hat hackers that safeguarded the funds on behalf of cross-chain token bridge Nomad during the attack on the crypt have begun returning the funds to a wallet address belonging to the company according to a report by blockchain security firm PeckShield. Thus far, about $9 million (roughly Rs. 71 crore) has been returned, amounting to around 4.75 percent of the total loss. Following an attack on Nomad that saw more than $190 million (roughly Rs. 1,505 crore) in funds stolen, the company published a wallet address on Wednesday for the recovery of the tokens.

Data from Etherscan reveals that tokens returned so far include $3.75 million in USD coins, $2 million (roughly Rs. 15.8 crore) in Tether, $1.4 million (roughly Rs. 11 crore) in Covalent Query tokens, and $1.2 million (roughly Rs. 9.5 crore) in Frax.

The majority of the funds have come from known Ethereum Name Service domain wallet addresses, and these individuals are among the 300 wallets that took part in the hack. However, unlike the hackers, ethical hackers took swift action to ensure the safety of Nomad’s funds during the incident after the protocol requested that they return funds in a Tweet following the attack.

The security firm has estimated that three prime addresses still house about 50 percent of the stolen crypto. And 10 percent of these hackers, with around $6 million (roughly Rs. 47.5 crore) in stolen funds, have ENS domain addresses. That said, the Nomad team has reaffirmed that they are actively collaborating with law enforcement and a top chain analysis company, TRM Labs, to find the funds.

After managing to recoup more than $20 million (roughly Rs. 158 crore) of the haul so far, Nomad said it’s offering hackers a bounty of up to 10 percent to retrieve user funds.

“The bounty is for those who come forward now, and for those who have already returned funds,” Nomad said.

Nomad said it won’t take legal action against any hackers who return 90 percent of the assets they took, as it will consider these individuals to be “white hat” hackers.


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Binance CEO Warns ‘We Could Disable Wazirx Wallets’ — Advises Investors to Transfer Funds to Binance – Exchanges Bitcoin News

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Binance CEO Changpeng Zhao (CZ) has warned that his company could “disable Wazirx wallets on a tech level,” advising anyone with funds on the Indian crypto exchange to transfer them to Binance. The warning followed numerous tweets by CZ and Wazirx’s founder regarding whether Binance acquired Wazirx.

Binance’s Warning: Transfer Your Funds

The conflict between global crypto exchange Binance and Indian crypto exchange Wazirx has deepened. Binance CEO Changpeng Zhao (CZ) tweeted Friday, advising anyone with funds on Wazirx to transfer them to Binance. He warned: “We could disable Wazirx wallets on a tech level.”

The dispute between Binance and Wazirx began when India’s Directorate of Enforcement (ED) froze the bank assets of Wazirx as part of its money laundering investigation.

Following the ED’s announcement, Binance’s CEO quickly denied that his company had acquired Wazirx — almost three years after the two exchanges announced the acquisition.

While Zhao claimed that the acquisition of Wazirx “was never completed,” Wazirx founder Nischal Shetty disagreed and maintained that his exchange was indeed acquired by Binance.

Binance vs. Wazirx: Who Owns What

Attempting to prove that Binance owns Wazirx, Shetty tweeted that Binance owns Wazirx’s domain name, has root access to its Amazon AWS web hosting servers, has all the crypto assets, and receives all the crypto profits.

However, CZ argued: “The Wazirx founding team maintained control of the operations of the platform. We (Binance) were never given data or control of users, KYC, etc.” Responding to Shetty’s tweet about Binance owning Wazirx, Zhao stressed:

We do NOT have control of the trading system. You just gave the AWS login, no source code, no deployment capability. You also retained access to the AWS account, source code, deploy, etc.

In a follow-up tweet, CZ claimed that Wazirx has been uncooperative with Binance, adding that the exchange appears to be uncooperative with the ED as well.

Regarding the ED’s investigation, Shetty tweeted that Zanmai Labs, the entity that owns Wazirx, “has been cooperating with ED for over 7 days and has submitted all the required data.” Wazirx also tweeted:

We have been fully cooperating with the Enforcement Directorate (ED) for several days and have responded to all their queries fully and transparently. We do not agree with the allegations in the ED press release. We are evaluating our further plan of action.

What do you think actually happened between Binance and Wazirx? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Zhao’s Denial, Users’ Distrust: Here’s What We Know About WazirX-Binance Debacle So Far

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The crypto community of India finds itself perplexed in the backdrop of an ongoing heated Twitter feud between WazirX co-founder Nischal Shetty and Binance CEO Changpeng Zhao. WazirX, a known name among Indian crypto exchanges, is undergoing a probe from India’s financial watchdog, the Enforcement Directorate (ED), over alleged predatory lending practices. As per the investigating authorities, a bunch of Chinese firms in the loan lending business, that were banned from operating in India, were using WazirX to wire their funds internationally via cryptocurrencies.

On August 3, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that the ED was probing alleged money laundering of Rs 2,790 crore through WazirX.

After ED accused WazirX of laundering illegal funds using cryptocurrencies, company co-founder Shetty allegedly said that his exchange only has an IP and preferential agreement with Binance because the US-based global exchange had acquired WazirX.

As per Chaudhary, “…investigation done so far has revealed that WazirX, operated by Zanmai Labs Private Limited in India was using the walled infrastructure of Cayman Island based exchange Binance. Further it has been found that all crypto transactions between these two exchanges were not even being recorded on the blockchains and were thus cloaked in mystery.”

The CEO of Binance, who is aiming to bag operational licences around the world, was quick to withdraw its association with WazirX, that is currently caught in a whirlwind of legal troubles in India.

As per Zhao, the transaction of acquiring Wazirx “was never completed”. Binance had however, in a November 2019 blog claimed that it had acquired WazirX.

Zhao has claimed that Binance only provides crypto wallet services for WazirX.

While the WazirX team has promised complete cooperation with ED’s investigation, it still has thousands of its users to give legitimate justifications to.

Members from India’s crypto community have called the unfolding of this debacle ‘shocking’.

For now, Rs. 64.47 crore in the accounts of WazirX have been frozen by the ED.

The plans of the future course of this investigation remains awaited.

Founded in 2017, WazirX works under the umbrella of a four-years-old Indian non-government firm called Zanmai Lab Pvt. Ltd. The crypto exchange claims to have over six million registered users.

Binance, on the other hand, is an internationally established brand in the crypto sector with operational licenses in parts of the UAE, Europe, and the US.

Back in July, Ken Li, the investment director at Binance Labs had told Gadgets 360 in an interview that the company was actively monitoring the Indian market to grab lucrative business opportunities.


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Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021 – Finance Bitcoin News

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While cryptocurrency markets have seen poor performances during the first two quarters of 2022, a recently published fundraising report authored by Messari researchers notes that $30.3 billion was raised by crypto projects and startups during the first half of 2022. The $30.3 billion raised across 1,199 fundraising rounds surpasses all the funding blockchain startups and projects obtained last year.

H1 Crypto Ecosystem Funding Report Shows Capital Continues to Flow Despite Crypto Winter

A significant sum of money has been injected into specific blockchain projects and startups within the crypto industry, according to the “H1 2022 Fundraising Report” published by Messari and Dove Metrics, a subsidiary of Messari Holding Inc. According to the report, centralized finance (cefi) outpaced decentralized finance (defi), as cefi captured more than $10.2 billion in H1.

Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021
Visual metrics from the Messari and Dove Metrics “H1 2022 Fundraising Report.”

Defi managed to gather $1.8 billion, while Web3 and non-fungible token (NFT) projects and related companies raised $8.6 billion in the first six months of the year. $9.7 billion was injected into blockchain and crypto infrastructure sector and while Web3 and NFTs saw the third largest capital raised, the Web3-NFT sector saw the most fundraising rounds with 530 rounds during the first two quarters.

Defi’s biggest month was the month of June, as a number of defi projects and businesses raised $624 million. “Despite DeFi’s maturity, seed rounds continue to dominate,” Messari researchers explain in the report. The most funds raised during a month for infrastructure was February, for cefi the top month was January, and the Web3-NFT sector’s best month was April.

Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021
Visual metrics from the Messari and Dove Metrics “H1 2022 Fundraising Report.”

Ethereum-based defi projects and startups have received the most rounds and the highest dollar amounts, in comparison to alternative smart contract blockchains like Solana, Avalanche, and Polkadot when it comes to fundraising. Ethereum-based defi projects saw 54 deals in Q1 and 61 deals in Q2. In Q1, Ethereum-based defi projects raised $387 million while projects from alternative blockchains raised $309 million during the first quarter of 2022.

In Q2, ETH-based defi raised $890 million while alternative chain-based projects gathered around $193 million. Messari researchers note that in the Web3-NFT sector, early-stage funding rules the roost and gaming eclipsed most of the NFT funding. Once again, Ethereum also dominated in the Web3-NFT industry, in comparison to alternative smart contract platform networks.

Cefi, Infrastructure, Web3 Sectors Mature

As far as centralized finance is concerned, cefi “continues to mature,” Messari’s report says as it highlights that $10 million+ funding rounds “make up 50% of activity.” Messari’s latest H1 fundraising report follows the recently published “4th Annual Global Crypto Hedge Fund Report 2022,” authored by the international professional services firm Pricewaterhousecoopers (PWC).

The insights from PWC’s recent crypto study show that hedge funds injecting capital into cryptocurrency and blockchain projects have increased since last year. PWC researchers estimated that 21% of hedge funds participated in financing rounds tied to crypto, while this year’s participation rate is up to 38%.

Messari’s fundraising report details that many sectors are “maturing” as Series A financing rounds or later made up 40%+ of H1’s crypto infrastructure dedicated rounds. Web3’s Series A rounds or later equated to around 30%+ of the fundraising rounds in H1 2022. Investors mentioned in Messari’s fundraising report include companies like FTX, Mechanism Capital, Pantera Capital, Sequoia Capital, Gumi Cryptos, Dragonfly Capital, Slow Ventures, Seven Seven Six, and around a dozen and a half others.

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$30.3 billion, 2022, Bitcoin, Cefi, Centralized Finance, crypto-startups, decentralized finance, DeFi, Dove Metrics, Dragonfly Capital, Ethereum, First Half of 2022, ftx, fundraising, Gumi Cryptos, H1, infrastructure, Investors, Mechanism Capital, messari, Messari Holding Inc., Messari Report, NFTs, Pantera Capital, Pricewaterhousecoopers (PWC), PwC, PWC hedge funds, Q1, Q2, Sequoia Capital, Series A, Seven Seven Six, Six months, Slow Ventures, Web3, Web3-NFT sector

What do you think about Dove Metrics’ and Messari’s H1 fundraising report? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Charts via report authored by Dove Metrics and Messari Holding Inc.

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