As a user myself, Hotbit is a fairly good exchange... when it's up.

But I would by lying if I said this wasn't getting annoying. For the second time now it appears users will be locked out for a potential extended period of time, possibly lasting weeks, or months.

Last time (see our coverage here) hackers gained access to their servers, but not access to withdraw any user funds.  It seems like this angered them, so they decided to destroy everything they did have access to - which was basically the entire exchange system.  They were down for weeks.

This time time it wasn't a security breach, but a much wilder explanation:

"The reason is that a former Hotbit management employee who left Hotbit in April this year was involved in a project last year(which was against Hotbit's internal principles and of which Hotbit was unknown) that law enforcement authorities now think is suspected of violating criminal laws. So, a number of Hotbit senior managers have been subpoenaed by law enforcement since the end of July and are assisting in the investigation. Furthermore, law enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running normally.

Hotbit and the rest employees of Hotbit's management are not involved in the project and have no knowledge of the illegal information involved in the project. However, we are still actively cooperating with the law enforcement authorities in their investigations and are continuously communicating with them through our lawyers and applying for the release of the frozen assets. The assets of all users are safe on Hotbit."

As far as when users can access their funds, Hotbit clearly does not know, only saying "Hotbit will resume normal service as soon as the assets are unfrozen" whenever that may be. 

Funds are safe...

Last time I was ready to hear it was all another exit scam and that my funds were gone for good, then the site came back and everything was still in my wallet. So, with fingers crossed, I'm giving them the benefit of the doubt this time. 

According to Hotbit "All user’s assets and data on Hotbit are secure and correct" and they shared this link for more details on how user funds will be handled.  

There is mention of a 'compensation plan' for users, but no details on what that would be based on. 

Those with staked assets and investment product deposits will supposedly continue to earn like normal during this downtime. 

Users with concerns are invited to contact them here.

------- 
Author: Adam Lee
Asia News Desk / Breaking Crypto News

 Coinbase posted a $1.1 billion second-quarter loss and lower-than-expected revenue as the largest US cryptocurrency exchange was battered by tumbling digital-asset prices. Shares slid on the news after the close. In this video Coinbase President and COO Emilie Choi speaks to Bloomberg.

Video courtesy of Bloomberg

By dividing a user's deposit into a random number of parts and distributing those pieces to other users, a cryptocurrency "mixer" essentially muddles up the transactions of individuals who make deposits to them. In exchange, you receive the same amount back (less fees) from other anonymous users.

Tracking stolen cryptocurrency becomes difficult since it may rapidly change hands from one person to dozens when 'mixed'.

Tornado.Cash joins Blender.io on the list of mixer websites that are now forbidden for US citizens to access after being sanctioned by the US Treasury today.

The US Treasury estimates that since Tornado's inception in 2019, more than $7 billion in virtual currency has been laundered on the platform.

However, it's the $455 million from the "Lazarus Gang," a hacker group supported by the North Korean government, is what officials find most upsetting.

The sanctions also covered 44 wallets, making it prohibited to receive or send money to any those addresses.

Tornado Cash made an effort to abide by the rules, but ultimately failed.

In attempts to comply with the US government but still function for it's users, Tornado Cash implemented improvements like a screening tool to stop money from travelling between it and bitcoin wallets that officials say are tied to illegal activity.

Despite that, the Lazarus Group and other hackers were still able to transmit money to Tornado Cash for money laundering, according to a law enforcement investigation of open cryptocurrency transactions, the official added.

“Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement. “Treasury will continue to aggressively pursue actions against mixers that launder virtual currency for criminals and those who assist them.”

Treasury officials added that they hope this motivates the private sector and partner nations to help in regulating illegal use of crypto.

-------
Author: Mark Pippen
London News Desk 
Breaking Crypto News

While sales of NFTs have slowed, they're far from dead.  The amount of NFT based transactions still happening in the current down market is proving to investors and businesses that NFTs are here to stay.  Platforms like Twitter and Instagram implementing them provides more evidence for this claim. 

What is almost completely gone is part of the NFT world, the stupid part where we saw this thing sell for $7 million. Most suspected this was a temporary phase that could only happen with something that was both new and exploding in popularity - they were right.

But many are still saying the NFT world still has huge room for growth, and there may be some truth here.

The argument that NFT's have just begun revolve around virtual reality (aka the Metaverse) as any object in a virtual world can become your tradeable and sellable property if turned in to an NFT. 

Brands like Nike believe the people wearing their shoes in the real world may want to be seen wearing them in the virtual world as well - same goes for those who line up outside of shoe stores in the middle of the night to be among the first there when it opens, and pay 2 to 3 times more for a 'limited edition' sneaker.

Sneakers that they don't need to buy the materials to make, pay for the labor to assemble, or ship from one location to another to sell - this is the dream that has major brands drooling. 

This is the thinking behind valuing NFTs.com at the selling price of $15 million...

An 'undisclosed buyer' finalized the purchase through Domainer, a domain marketplace operated by GoDaddy, with Escrow.com facilitating the transfer of funds. 

“It was a pleasure working with all parties involved at NFTS.com, an incredible opportunity for the buyer to acquire one of the best possible .coms, if not the best, in the entire web space3,” said Matt Holden of Domainer

For some perspective, Crypto.com sold for $3 million less.

Buyer Most Likely a Company...

With a price-tag this large odds are a company is behind the purchase.

With brands like the NBA, NFL, Visa, Coca-Cola, Dolce & Gabanna, Tommy Hilfiger, EA Games, Ubisoft, Gamestop, Nike, Adidas and so many looking to make their mark in the NFT space, there's a lot of cash flowing behind the scenes. 

Chainalysis estimated institutional investors accounted for 33% of all NFT related transactions in their report on Web3 earlier this year.

Waiting For The Mystery Buyer to Show themselves...

Now the NFT industry is waiting to learn who the buyer was, until then, all they can do is speculate.

Will NFT marketplaces have some new competition?  Whoever the buyer is, they have the funds needed to be a potential threat.

Could a single clothing or gaming company have snatched it up to use as a place to feature their NFTs exclusively?

Or, this could come to the most anticlimactic, but very possible ending of them all - someone from the domain industry who believes they can sit on for awhile and make a few million selling it again - perhaps just waiting for the market to recover from this most recent downturn. In other words... just HODLing it.

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

Billionare investor Carl Icahn is "not an investor yet" when it comes to crypto - but it has his attention.  

He is the founder and controlling shareholder of Icahn Enterprises, with $27.7 billion in assets.  He is also credited with creating the "Activist Investor'  investment strategy, which is now used by hedge funds around the world.  The strategy is basically that when a hedge fund owns 10% or more of a company, they can use the threat of selling their stock to pressure a company to change policy they disagree with.

Not Looking To 'Dabble' In Crypto...

He's not talking about getting his feet wet, he's someone who dives in.

 Icahn says he'd enter the market in "A big way for us, you know, a billion dollars, billion and a half dollars, something like that." refusing to be any more specific on the amount, he added "I'm not going to say exactly."

He Gets It..

Ichan says he disagrees with what he hears crypto's critics saying, saying he sees the value of some crypto assets clearer than the dollar, stating "The only value of the dollar really is because you can use it to pay taxes."

What Could He Buy?

He's done his homework, clearly, which makes me think his plan to invest isn't all talk. 

Bitcoin, in his opinion, is only practical as a store of value, whereas Ether can be used as a store of value and as a payment item - so he prefers Ethereum.

He elaborated, saying, "Ethereum is the underlying blockchain. So, Ethereum has two things you can use as a payment system or you can use the store of value." So, you need Ethereum, the blockchain, to assure you that you have something. You never had that before where you can buy a cryptocurrency and you can say, 'I’m safe' because you have the blockchain makes it very safe for you. I’m oversimplifying. " While not quite as clear as his other statements, I think I get where he was trying to go. He's saying that whether it be a token that uses the Ethereum blockchain, or an NFT, the ledger is a trustworthy tool to give an accurate account of your assets on that blockchain.

A Flood of Institutional Money Incoming?

Icahn is among other heavyweights such as Ray Dalio, Stanley Druckenmiller, and Paul Tudor Jones, all of whom have expressed recent interest in expanding their investments into the crypto market.

-------------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

Sherrod Brown, chairman of the U.S. Senate Banking Committee, has asked Apple and Google CEOs Tim Cook and Sundar Pichai to explain why bitcoin (BTC) scams are so prevalent on their platforms.

Brown is requesting information regarding the processes that Google and Apple employ to approve the programs that they provide in their app stores, as many have turned out to be bogus apps meant to steal cryptocurrency from users. Brown further notes that once a scam has been identified, users who downloaded it do not receive notifications of illicit activities.

There have also been several instances of Google search results including 'sponsored results' that were actually decoy phishing sites; this is something we first heard about years ago and continue to hear about every few months.

Brown cites a Federal Bureau of Investigation (FBI) report that warns about the growth of fake mobile applications. Scammers have used this method to steal $42 million worth of cryptocurrencies over the past few months. The letter, posted on the official US Senate website reads:

“According to the FBI, in one case, cybercriminals defrauded at least two dozen investors by creating a mobile app that used the name and logo of a real trading platform. Investors downloaded the app and deposited cryptocurrencies into wallets. Ultimately, the app was fake and the victims of the scam were unable to withdraw funds from their accounts.”

In Apple's case, where their App Store is literally the only way to install any app to the iPad or iPhone, they defend this monopoly saying it's actually beneficial to the consumer, because they can screen and deny any potentially malicious apps.

Experts recommend always downloading crypto-related software from official websites. Take the time to read user ratings and comments when on Google Play or the App Store, especially for products with a low download volume.

The executives have until August 10 to respond, but it is unclear what consequences corporations may face if they do not comply with Senate inquiries.

------- 
Author: Justin Derbek
New York News Desk
Breaking Crypto News

Get $40 Bitcoin for $20 NOW: Click here!

In an unexpected move from a country that makes most of it's money from oil exports, Iran, which has a love-hate relationship with Bitcoin mining, once again allows mining farms to function normally - provided that it is supplied from renewable sources.

Since December of last year, Bitcoin mining has been prohibited in the country. Due to its seasons of extreme heat or cold, they needed to increase the amount of available power on energy grid, forcing crypto miners to shut down was among their first moves to do so.

Midway through the previous year, mining farms were granted permits on the condition that they utilize on-site generators to at least lower the energy taken from public power system. But a few weeks later, access to public electricity was again prohibited.

Now, the Iranian government has lifted the ban, with the stipulation that electricity must be provided only from renewable sources.

 Typically, miners love the chance to switch to renewables, as electricity generated from renewable sources is less expensive than electricity generated from traditional fuels. As a result, Bitcoin mining farms can reduce their production costs and boost their profitability by utilizing renewable energy.

This is not limited to renewable energy that miners produce themselves through technologies like solar; they can can also buy from power companies as long as they're purchasing energy generated renewably.

We expect an increase in hashpower coming from the country whose government is still on a list of countries with which most western governments don't do business with, because of ties to terrorist groups.

------- 

Author: Adam Lee 
Asia News Desk / Breaking Crypto News

Both the stock and cryptocurrency markets are reacting to today's news that US Federal Reserve will increase interest rates by 0.75%.  The measure is aimed at controlling inflation, which remains at its highest levels since the early 1980s, and is seen as evidence that the maintains flexibility and hasn't felt the need to implement more drastic measures, at least yet.

Fed Chairman Jerome Powell pointed out that there are recent indicators that both consumption and production have decreased, but added that the unemployment rate has remained low and that job growth in the first half indicates that we are not in a recession. 

Bitcoin and Stocks on The Rise, But Bitcoin is Outpacing Both Major Indexes...

Following the news Nasdaq gained about 4%, the S&P 500 gained around 2.5%, and Bitcoin surpassed both easily with gains of over 8% at the time of publishing.

CoinBase among stocks to outperform market average...

The company needed a good day following a 21% loss yesterday, today they gained half of that back. 

It's been hell-week for Coinbase - first came news that SEC is closely monitoring Coinbase's operations to determine if the exchange has allowed its users to trade tokens that could be considered unregistered securities. Coinbase denied that it lists securities for trading and stated on its blog that it reviews "every digital asset before it is made available on our exchange, a process that the SEC itself has reviewed."

Then ARK Investments, managed by Cathie Wood, dumped $658 million worth of Coinbase shares, removing it entirely from their portfolio.

They end the day at $58.49 - still, the overall picture isn't great when taking in to account that they launched April 2021 at $400. 

But remember - a return of the crypto bull market and setting a new Bitcoin all time high could send Coinbase back to the $300-$400 range shockingly fast, as their holdings triple in value and increased trading activity would once again have them making millions in exchange fees.

-------
Author: Mark Pippen
London News Desk 
Breaking Crypto News

In a move that is set to bring sustainable digitized art and creativity into the blockchain-based virtual world, MetaBlaze is preparing to launch its high-quality, character based MetaGoblin NFT Collection on OpenSea. The collection features traditional fantasy-themed Goblins-propelled into the Metaverse.

MetaBlaze®, a new Blockchain Gaming Company, is gearing up for the official launch of its intricately detailed, utility-packed MetaGoblin NFT collection set to list on the OpenSea NFT Marketplace in the coming weeks. The NFT project is inspired by in-game mystical creatures from a Player-versus-Player, Play-to-Earn game currently in development by the blockchain gaming firm, MetaBlaze.

Following the OpenSea listing, MetaGoblin NFTs will also be listed on uber-popular rarity ranking websites such as Rarity Tools, a trusted platform that provides users convenient means to check the rarity rankings of NFTs. MetaBlaze is excited to offer such a unique and innovative project to the NFT space and looks forward to seeing MetaGoblins take flight in the coming weeks.

MetaGoblins are one-of-a-kind digital beings that exist on the Ethereum blockchain. Each MetaGoblin NFT has distinct characteristics, making it a truly unique collectible. The collection brings a total supply of 10,000 NFTs, with 398 hand-created, 3D traits.

MetaGoblin NFTs are the first playable characters in the MetaBlaze Metaverse – an immersive, utility-driven, rewards-generating, strategy-based gaming platform. These MetaGoblins (and other MetaBlaze Series NFTs) can be used to participate in unique Play-to-Earn games, contests, competitions, and more. Each MetaGoblin is unique – not just in appearance and story, but in its underlying meta-data attributes. If you're looking for a captivating tale that unveils the origin of the MetaGoblins, check out the intro video shared on the official MetaBlaze YouTube channel.

NFTs Need More Sustainability & MetaBlaze Is Bringing It.

MetaBlaze is on a mission to create more value in the NFT world by building a robust ecosystem around the MetaGoblin NFTs. With a focus on sustainability and scalability, MetaGoblin NFTs integrate within MetaBlaze's Web 3 ecosystem, including gaming, staking, and rewards. MetaBlaze brings a unique gaming model with sound in-game economics built around solid fundamentals.

MetaBlaze is paving the way for sustainable growth in the NFT space by creating a diverse ecosystem built around sound fundamentals. In addition to MetaGoblin NFTs, MetaBlaze (MBLZ) tokens will be minted and used as the native currency within the multi-layered ecosystem. MBLZ will also power the staking and rewards mechanisms, providing users an additional layer of utility.

MetaGoblin NFT Mint on OpenSea NFT Marketplace

The MetaGoblins are coming to the world's largest NFT Marketplace, OpenSea. An official date is expected to be announced within the next two weeks. In preparation for their big debut, MetaBlaze is giving early access to the NFTs before the official OpenSea listing, allowing users to acquire a MetaGoblin NFT before anyone else. All fees related to NFT minting will be paid for by MetaBlaze, and the NFTs will be airdropped to rightful owners on the official release day. To learn more or buy a MetaGoblin NFT during the ongoing presale, visit https://MetaGoblin.io.

MetaBlaze is a Web 3 company using $MBLZ to power its multi-layered Metaverse. Built on the Binance Smart Chain, MetaBlaze merges popular elements of GameFi and DeFi to create a synergistic, and sustainable ecosystem.

CONTACT:
Michelle German
info@metablazetoken.com

--------------
Information Provided via Press Release
The Global Crypto Press Association | Crypto Press Release Distribution

According to federal prosecutors in Manhattan,  three men engaged in trades over a period of ten months using advance information about fourteen listings on Coinbase, and earned approximately $1.5 million in illicit gains.

Three counts of wire fraud and one count of wire fraud conspiracy were filed against the men.

According to documents filed on Thursday, federal authorities have filed criminal and civil accusations against a former Coinbase employee and two other men in an insider trading case involving sensitive knowledge regarding bitcoin assets that were due to be listed on Coinbase's exchange.

Former Coinbase Employee at the Center...

Ishan Wahi, who was a member of the Coinbase team that placed assets on the exchange at the time, allegedly disclosed private information about when certain bitcoin assets will be published to his brother Nikhil Wahi and his brother's friend Sammer Ramani.

The brother and friend would purchase shortly before the listing went public, and then sell shortly after.

Ishan and Nikhil Wahi have been arrested - while Sammer Ramani, who resides in Houston, Texas, but is believed to have escaped to India, is wanted by investigators.

It began with a tweet from an individual who noticed strange behavior...

Ishan, who works at a cryptocurrency exchange, may have forgotten that the blockchain is public, as their action was quickly spotted and posted by a Twitter user...

""Found an ETH address that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published, rofl"

To their credit, Coinbase treated this matter seriously.

Coinbase Conducts an Investigation...

The source of the leak was found when Coinbase launched an internal probe in April in response to the tweet.

Coinbase CEO Brian Armstrong states, “We have zero tolerance for this kind of misconduct and will not hesitate to take action against any employee when we find wrongdoing” 

A lawyer for the former Coinbase employee asserts that his client is innocent of any misconduct and plans to fiercely defend himself against these claims.

Although this is unconfirmed, it appears that the suspects used Coinbase to fraudulently purchase the coins they were purchasing based on insider information from Coinbase.

My belief is that it was as simple as connecting the surname of the individual who purchased these coins at a suspicious period with the surname of his sibling who worked there.

While he has removed all social media profiles, we were able to obtain this image of former Coinbase employee Ishan Wahi.  We also discovered he co-founded something called 'The Teacher App'.

SEC Sparks Debate with their choice of criminal charges...

This case is trigging debate as the SEC has charged the defendants with a crime connected to fraud in the trading of securities, but whether all the tokens involved are securities is an issue far from settled.

Classifying crypto as securities is basically stating that they are identical to stocks. But what's being debated is that many coins, such as those associated with DAOs, might not be securities. While in the case of coins from a private corporation with a CEO and staff - many may qualify.

However, many argue (and The Global Crypto Press Association officially supports this position) that many coins function more like commodities, like trading gold and silver.

Coins and stocks can have one massive difference - many coins exist without a company behind them. Whether oversight comes from a DAO or other type of foundation that lacks official ownership, or even coins created by a private company but once launched, are truly decentralized - these may begin as securities if they hold a presale, then transform into something else once the company loses control (often called renouncing) to decentralization.

Even with these unresolved issues, the SEC's decision to charge them with a felony based on the assumption that all tokens involved are securities means that if they succeed, they will establish a legal precedent for designating cryptocurrencies as securities.

It is the responsibility of elected officials to discuss and determine such matters; however, the SEC appears to be attempting to reach its own conclusions.

It bothered Coinbase CEO Brian Armstrong so much that he addressed it in a blog post: "No assets listed on our platform are securities, and the SEC charges are an unfortunate distraction from today’s appropriate law enforcement action."

Even more surprising, and rare, is to have a commissioner from another regulating agency publicly agree with Armstrong's opinion that these are the wrong charges - CFTC Commissioner Caroline .D Pham posted a full page letter on Twitter accusing the SEC of "regulation by enforcement" - in other words, attempting to settle debated laws by charging people with crimes and seeing if they stick. 

This and another case involving NFT's are the first ever crypto insider trading cases.

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

This information was confirmed via a source close to or within the company, who will remain unnamed.

Most people were unaware the recently bankrupt crypto lender Celsius was also mining Bitcoin at a fairly large scale- running more than 22,000 ASIC mining devices.  

We say 'more than 22,000' because towards the end of 2021 Celsius said the were expanding their mining operation, and at that point they said they already had 22,000 rigs.

We never heard how many more were added, assuming they followed through with their plans to expand at the time.

Then Market PANIC Triggered a Sell-Off of their Miners - at a HUGE Discount...

Through online auction sites Celsius sold at the mining rigs HALF PRICE of their current value, which highlights just how desperate the company had become. 

It appears they used primarily Antminer S19 Pro models, which you can buy from the manufacture Bitmain at today at $5,940 - but they sold each unit between $2,400 and $3,000.

Sticking with the low estimate of 22,000 mining rigs, it appears Celsius sold their mining rigs at a total discount of over $63 Million.

Taking a $63 Million Loss, to Avoid a $4 BILLION One...

While it sounds insane now, at the time the threat of liquidation was becoming more likely every day - their assets were over leveraged, and as Bitcoin's price dropped they were coming closer to losing everything. 

Raising these funds fast and paying down some of their debt helped them avoid losing all $4.7 billion!

Next time I think I'm having a stressful day at work, I'll think of the decisions the Celsius guys have had to make over these last few weeks. 

-------
Author: Mark Pippen
London News Desk 
Breaking Crypto News

TRON founder Justin Sun says since the crypto market's recent downturn, he's received around 100 messages from struggling projects seeking the funding they need to continue.  Binance founder CZ has made a similar statement, so it appears there's a number of struggling projects reaching out to anyone they think could help, in a last ditch effort to stay operational.

Justin Sun says he is willing to review the applications, and adds, "We are ready to spend $5 billion on helping the industry builders to continue building."

The $5 billion is a mix from 'personal funds' and the TRON Foundation... 

"I think the de-leverage process has passed the worst time right now," Justin Sun opined, later emphasizing that he's mostly interested in crypto companies with a "large user base."

Furthermore, we've heard that TRON is in talks with an investment bank aimed at saving select companies.

TRON is one of the few coins that managed to hold up fairly well during the recent downturn - it's price today of $0.065 is actually higher than it was a year ago at $0.060, but still lower than the highest point in 2022 of $0.087.

Currently, it's been battling it out with memecoin SHIB (Shiba Inu) for the #13 rank on the top 100 coins list, where TRX is currently winning. 

Not the only person from crypto, helping to save crypto...

Justin now joins Sam Bankman-Fried, founder of popular exchange 'FTX' who is also helping select deserving projects survive this crypto winter.

Unlike the 'official' finance industry, crypto is saving itself - without taking advantage of taxpayers.

------- 
Author: Justin Derbek
New York News Desk
Breaking Crypto News

Get $40 Bitcoin for $20 NOW: Click here!

While the return of the bull market may not be 'close' - there's some signs that it is indeed coming. 

We're not alone, many analysts see a positive future ahead, such as senior analyst of Bloomberg's Commodities Division, Mike McGlone, who says "bitcoin could initiate one of the largest bull markets in history."  

Other Positive Indicators:

Bitcoin being transferred from exchanges to privately owned wallets is considered a bullish sign, it indicates the owner of that Bitcoin is not looking to sell anytime soon. These investors are considered to be HODLing, and waiting for the bull market to return. 

via CryptoQuant: Amount of Bitcoin available on exchanges.

In fact, the supply of BTC being traded on exchanges hasn't been this low in 3 years.

Traders too fearful to notice - the crypto market already stabilized!

Traders are still on-edge from recent market chaos, the 'Fear & Greed Index' currently rates the Bitcoin market as one with 'Extreme fear' meaning indicators taken into account such as volume, momentum, and social media sentiment show traders hesitant to buy. 

Bitcoin has been trading between $19k and $22k for nearly an entire month!

'Hesitant to buy' and 'selling off' are two very different things - and it's gone somewhat unnoticed that the selloff ended weeks ago.

For Bitcoin especially - this is an extremely stable price range to be holding for weeks now.

Lingering fears...

Until last week, the big question mark hanging over the crypto market was lending platform Celsius and concerns it would be next to collapse.  They leveraged their funds through multiple DeFi platforms, concerns that they could be liquidated still owing millions were valid as it would have caused a ripple effect and likely another round of coin prices crashing down.   

However - they've spent the last week paying off large portions of those debts and now is no longer at high risk of liquidation 

So for now, it appears we won't be seeing any additional over-leveraged crypto platforms collapse. 

Unfortunately, the remaining cloud of fear hanging over the crypto market is a massive one that reaches far beyond crypto.  These fears are shared with the world and come from an economy struggling to grow, out of control inflation, rising gas costs, and global conflict. 

------- 
Author: Adam Lee 
Asia News Desk / Breaking Crypto News

In recent weeks, headlines have speculated on the 'collapse' of the loan company Celsius, calling it 'on the edge of a cliff'' and a 'ticking time bomb'.

This sparked fear even in those with no funds held by Celsius - with $8 billion lent out and another $12 billion in assets, if they failed, the effects would be felt throughout the entire market. 

However - it now appears Celsius has avoided catastrophe, and will be among crypto winter's survivors...

Celsius had invested customer funds in many decentralized finance (DeFi) protocols, including Compound, Aave, and MakerDAO.

At the pinnacle of the company's turmoil, Bitcoin would need to drop to about $9,000 for the company's collateral to be fully depleted, triggering the liquidation of their assets.

After spending the last three days settling over $140 million in outstanding loans with MakerDAO, the risk level has been reduced by nearly half - Bitcoin's price would need to drop to $4,996 in order for Celsius to face liquidation.

No technical analysis method predicts a price that low, thus Celsius appears to officially be in the clear. 

Celsius continues to take steps in the right direction...

Customers of Celsius are sharing a sense of comfort upon hearing this latest news. Since June 13, they have been unable to withdraw their cash or move funds to other accounts due to the company's liquidity crisis.

Seen by inspecting one of Celsius' Ethereum addresses on a block explorer, they are also transferring funds to other DeFi platforms where they have commitments, such as Compound and Aave.

At least currently, it appears Celsius is truly striving to restore services to it's customers and return to regular operations as soon as possible. 

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

SAN JUAN, PUERTO RICO, June 28 2022 (Global Crypto Press) Last month the depegging of the stablecoin UST from the dollar sent shockwaves through the crypto community, as it triggered its partner token, LUNA, to algorithmically print trillions of tokens to maintain balance. This flood of supply left many holders faced with a harsh reality as billions of dollars in value were wiped out in days.

Holders of LUNA pleaded with Do Kwon, CEO of Terraform Labs, to burn some of the surplus LUNA, hoping that this would begin to regain UST’s peg and recover LUNA’s value. Kwon instead announced plans for a hard fork, designating LUNC as the original token with the original supply and stablecoin pairing, and creating a new token, LUNA, with a supply of 1 billion and no stablecoin pairing. Though this hard fork was supported with a majority vote among validators with governance—and subsequently launched on May 28th—the vote among popular polls with non-validators was said to be overwhelmingly against the proposal, with most token holders redoubling their call to instead burn the excess supply.

As Kwon continues to move forward with Terra 2.0, the now community-driven LUNC intend to right the course of the token’s activity and use case, with or without the support of its original creator. The community have already connected with StarShip CEO Matt Albright to forge a new path forward.

StarShip is a quickly growing ecosystem built around a solid foundation of collaborative, loyal businesses and passionate community members. Their whitepaper opens with the statement that “community is at the heart of [its] currency”, and the vibrant culture of partners and projects surrounding the StarShip NFT Game and StarShip’s strong liquidity pool pairings are already a testament to their dedication to this mission.

Recently StarShip unveiled a trailer featuring actual in-game footage of what will be the largest metaverse in existence to date. Built on the powerful new Unreal 5 engine and boasting 32,000 square kilometers of buildable space, the size of this MetaUniverse will allow room for unparalleled long-term growth and opportunity. As a result of LUNC’s new collaboration with StarShip, LUNC will be implemented into the StarShip ecosystem as one form of payment within StarShip Universe, burning 1.2% of all LUNC received for these payments.  

In related news, the 1.2% burn tax mechanism put forward in LUNC’s Prop 3568 was successfully passed on Sunday. This will begin to reduce the supply of existing tokens as they are circulated, which comes as great news to its loyal holders. Finding a strong use for LUNC comes at an opportune moment. As StarShip welcomes the Luna community, this collaboration strengthens the foundations of both ecosystems.

Luna community members eager to learn more about StarShip can visit www.deploystarship.com
Or follow @DeployStarShip. on Twitter, Instagram and Facebook.

Contacts: 
Matt Albright, CEO matt@deploystarship.com
Pedro Oliveira, Terra Rebels serapholiveira@gmail.com

 

One year after the adoption of Bitcoin as an official currency, the town of Chalatenango in the north of El Salvador will host the first private, solar powered bitcoin mining farm in the Central American nation.

The funding comes via a Swiss consortium working with Salvadorian Josué López, who is originally from the town, and has chosen to invest in his home nation.

Highlighted in red, Chalatenango is the nation's most north region.

A 6 megawatt photovoltaic solar power farm will mine Bitcoin entirely on renewable natural resources...

The first piece of the foundation of the photovoltaic plant that will provide energy to the bitcoin mining farm was placed yesterday at the "Anchor I" project, which is located in the Chalatenango province's El Gavilán canton.

Ambassador Mayorga tours the future site of solar Bitcoin mining farm.

Milena Mayorga, the El Salvadorian ambassador to the United States, attended the occasion and revealed on Twitter that the renewable energy park's initial investment is $4 million, despite the fact that it is anticipated that the first stage will cost USD 15 million.

"Perhaps this is the largest private investment ever reported in Nueva Concepción, Chalatenango" remarked Ambassador Mayorga, adding that 200 million USD will be invested in the region.