• The Securities and Exchange Commission (SEC) has issued a subpoena to Sushi DAO and its “head chef,” Jared Grey, as part of the regulator’s ongoing efforts to scrutinize the decentralized finance (DeFi) industry and cryptocurrencies.
• Following the SEC’s recent subpoena, the protocol’s head chef, Jared Grey, has requested a $3 million USDT legal defense fund from the decentralized autonomous organization.
• A range of revenue streams will support the Sushi DAO legal defense fund to limit the financial burden on the organization while providing sufficient funds to cover legal expenses and protect its financial solvency.
SEC Subpoena Issued To Sushi DAO
The Securities and Exchange Commission (SEC) has issued a subpoena to Sushi DAO and its “head chef,” Jared Grey, as part of the regulator’s ongoing efforts to scrutinize the decentralized finance (DeFi) industry and cryptocurrencies.
Request for $3 Million USDT Legal Defense Fund
Following the SEC’s recent subpoena, the protocol’s head chef, Jared Grey, has requested a $3 million USDT legal defense fund from the decentralized autonomous organization. The fund will be used to cover potential legal and financial consequences resulting from their investigation.
Revenue Streams Supporting Legal Defense Fund
A range of revenue streams will support the Sushi DAO legal defense fund in order to limit their financial burden while providing sufficient funds for their legal expenses. These include 50% of Kanpai fees generated by their decentralized exchange platform; 35% of grants generated by business development activities; 15% of tokens generated from selling tokens on market using Time-Weighted Average Price method; 1 million USDT available if needed for additional legal expenses.
Cooperation With SEC Investigation
Grey has stated that they are cooperating with SEC investigation but will not comment publicly on ongoing investigations or other matters related to this inquiry.
Sufficient Funds To Cover Legal Expenses
The protocol has made sure that there are sufficient funds available in order to cover any potential costs arising out of this investigation as well as protecting their financial solvency during this period.
• Crypto.ro is hosting the much-awaited “The Alliance” conference in Timisoara, Romania on September 21, 2023.
• The Alliance brings together top creative thinkers, industry game changers, driven entrepreneurs and passionate blockchain fans to discuss new trends and opportunities in the crypto market.
• Crypto.ro also provides extensive insights into the crypto sphere, including market movements, legislative changes and a free cryptocurrency course for investors.
Crypto.ro Hosting “The Alliance” Conference
Crypto.ro, Romania’s leading cryptocurrency and blockchain media platform, just announced it is hosting the much-awaited “The Alliance” conference in Timișoara on September 21st 2023 at Galla Events venue.
What Is The Alliance?
“The Alliance” is a must-attend crypto conference for those looking to meet like-minded investors, share tips and discover the hottest trends in the crypto market with an anticipated 500 global attendees.
Crypto.ro stands as a top crypto media hub that provides current and precise details on the evolving landscape of cryptocurrencies such as news updates on market movements and legislative changes as well as offering a free cryptocurrency course for investors to gain knowledge from before investing their money into any given project or coin . It also features reviews of numerous exchanges which helps investors determine which exchange best suits their needs when entrusting their funds too .
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• The UK FCA is taking legal action against unregulated crypto ATMs in London.
• The FCA has issued warnings to unregistered crypto ATM providers in the UK region.
• The FCA believes unregistered crypto ATMs pose a high risk of money laundering.
UK Financial Watchdog Crackdown On Crypto ATMs
The UK Financial Conduct Authority (FCA) has taken legal action against unregulated crypto Automatic Teller Machines (ATM) in the city of London. Crypto ATMs are stand-alone machines that allow users to buy and sell cryptocurrencies, such as Bitcoin and Ethereum, for cash. However, the FCA deems these machines as illegal if they are not registered or regulated under any legal force.
FCA’s Warning To Unregistered Crypto ATM Providers
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA recently released a statement saying “Crypto ATMs operating without FCA registration is illegal” and warned crypto ATM providers to cease all operations immediately or face legal proceedings. The financial watchdog stated that it views unregistered crypto ATMs as “high risk” because they could be advantageous to illicit activities such as money laundering.
Joint Operations With Law Enforcement Partners
In line with its warning, the FCA is currently conducting inspections on sites suspected of hosting illegally operating crypto ATMs using its enforcement powers. In addition, it has also entered into joint operations with law enforcement partners such as the National Economic Crime Centre and Metropolitan Police to tackle operators of illegal crypto ATMS across London.
Regulating Crypto Industry Development
As cryptocurrency adoption continues to surge globally, several regulators including the FCA have increased their efforts in regulating all aspects of the industry’s development process – from cryptocurrency exchanges to wallets and now even crypto ATMs. This move is aimed at ensuring that digital assets are used for legitimate purposes only and do not become means for criminal activities such as money laundering or frauds.
Overall, the UK financial watchdog’s crackdown on unregulated crypto ATMs indicates its commitment to protect investors from potential risks associated with digital asset investment while also encouraging responsible innovation within the industry by avoiding any fraudulent activities through proper regulation
• Coinbase CEO Brian Armstrong addressed the current regulatory approach enforced by the U.S. government, saying that staking services should not be registered as a security under the SEC.
• Armstrong also noted that Coinbase maintains a “good relationship” with regulators, and that the crypto industry needs clear rules to stay within regulatory parameters for good consumer protection.
• Lastly, he spoke about their latest product, Base, an Ethereum Layer 2 network and expressed excitement for DeFi projects being conducted by major firms such as JP Morgan, Visa, Mastercard and Franklin Templeton.
Coinbase’s Regulatory Approach
In an interview with Bloomberg, Coinbase co-founder and Chief Executive Officer (CEO) Brian Armstrong addressed the current regulatory approach enforced by the U.S. government. The CEO of the U.S.-based exchange has reiterated that “staking” services shouldn’t be registered as a security under the jurisdiction of the Securities and Exchange Commission (SEC), saying: Customers never turn their assets to Coinbase for instance. And we really just are providing a service that passes through those coins to help them participate in staking, which is a decentralized protocol.
Good Relationship With Regulators
Furthermore, the Coinbase CEO has stated that despite the ongoing regulatory actions that the SEC has carried out in recent months following the FTX collapse, the company maintains a “good relationship” with regulators, not only in the U.S., but also in Europe, Asia and Canada where they provide their services. In addition, Armstrong has explained that clear rules need to be published so customers can be provided with good consumer protection whilst preserving innovation potential within this industry: “If clear rules are published we are happy to follow it; if rules change we’re happy to follow those” he said.
Base Testnet Launch
Speaking with Bloomberg further on this topic Armstrong addressed their new product launch: “Base” an Ethereum Layer 2 network testnet – expressing his excitement for decentralized finances (DeFi) projects being conducted by major companies such as JP Morgan Chase , Visa Inc., Mastercard Incorporated & Franklin Templeton Investments.. He also said how important it is for US to remain technology hub in order to develop & grow these projects further – with Coinbases help they can do just this!
Crypto Has The Power To Update Financial Systems
The Coinbase CEO touched on how powerful cryptocurrency could be when integrated into financial systems stating: “We want to bring this industry within regulatory parameters so that we have good consumer protection but preserve innovation potential… Crypto has power to update financial systems & make them much more efficient & accessible than ever before.”
In conclusion it is evident from this interview how excited Brian Armstrong is about cryptocurrency integration into existing financial systems & its ability to revolutionize them – while still maintaining strong regulation protocols set out by relevant governing bodies such as The SEC etc… It will certainly be interesting see how these developments unfold over coming years!
• Polygon’s blockchain explorer went down on Wednesday, February 22, sparking rumors that the entire Polyon blockchain had gone offline.
• The outage was caused by an “unusually large” block reorganization which caused some nodes to fail to validate blocks for a short period of time.
• Co-founder Sandeep Nailwal clarified the situation and most providers were back up within one hour.
PolygonScan Outage Causes Uproar
Polygon’s blockchain explorer went down yesterday, Wednesday, February 22, causing a lot of buzz and numerous rumors on Crypto Twitter (CT). The PolygonScan outage gave the impression that no transactions were taking place, prompting allegations from the Avalanche (AVAX) and Solana (SOL) communities in particular that Polygon was unreliable.
December 2022 Tweet Recalled
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Network Continues To Produce Blocks
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Explorer Back Up After Two Hours
Sandeep Nailwal quickly clarified the situation via Twitter writing: “It seems like PolygonScan is having some issues. You can use OKLink explorer in the meanwhile.” The issue took more than two hours for PolygonScan to resolve whereas Rivet was back up within one hour; however dapp developers relying on affected nodes faced difficulty in getting their services back online again.
Greg Lang from Rivet commented saying most providers didn’t handle this problem gracefully even though it wasn’t really a catastrophe but impacted more people than those who talked about it. In conclusion it can be deduced that while such situations can cause temporary disruptions in network performance they should be handled with care so as not cause unnecessary panic or confusion amongst users of various networks based on EVM technology or explorers related thereto
Polygon MATIC is soaring today with a 11.31% price gain in 24 hours. Its market cap and trading volume have also increased by 11.46% and 18.39%, respectively.
Tom Dunleavy, a senior research analyst at Messari, highlighted some of the recent developments on Polygon such as zkEVM (zero-knowledge Ethereum Virtual Machine) which is testing its security, decentralization, and scalability.
Increased developers, addresses, and unlocked tokens have also contributed to the success of Polygon.
Polygon MATIC Soaring Today
Polygon MATIC is soaring today, with a price gain of 11.31% in 24 hours. Its market cap and trading volume have also spiked by 11.46% and 18.39%, respectively, showing increased utility and activity with the token. The gains are not surprising, given that Polygon has been focused on developing its ecosystem.
Tom Dunleavy Highlights Recent Developments
Tom Dunleavy, a senior research analyst at Messari, says the protocol is on the path to success. The researcher outlined some of the achievements of Polygon recently including its zkEVM (zero-knowledge Ethereum Virtual Machine). According to Dunleavy’s tweet, the technology will position the network for more Web3 developments as well as ensure mass adoption for the network and its coin due to its security and scalability features.
Increased Number of Addresses & Developers
Dunleavy also mentioned that Polygon’s number of addresses has increased by 90% quarter over quarter while 90% of MATIC tokens distributed are unlocked. Additionally, the number of developers has grown from 200 in 2018 to more than 1,000 currently – indicating higher growth potential for investors interested in the network’s success.
• CryptoQuant’s Bitcoin Network Activity Index has gone up recently, indicating an increase in overall activity on the Bitcoin network.
• The reason for this surge is the rise of Ordinals NFTs, which are directly inscribed on the blockchain itself and inflate its block size.
• This increased activity is particularly noteworthy since it marks the highest level since May 2021.
CryptoQuant’s Bitcoin Network Activity Spikes
Network Activity Index
CryptoQuant, an on-chain analytics firm, has reported a significant uptick in activity on the BTC network. To measure this activity, CryptoQuant uses its “network activity index,” which evaluates four metrics: total number of active addresses; number of transactions; Unspent Transaction Output (UTXO) count; and block size. The graph below shows how the value of CryptoQuant’s network activity index has changed over the last few years:
Rise of NFTs
The recent surge in Bitcoin network activity can be attributed to increasing popularity of Non-Fungible Tokens (NFTs). These tokens are made possible through a protocol called “Ordinals” which stores images directly onto the chain using Taproot transactions. As these NFTs are written directly onto the blockchain, they also inflate its block size – resulting in a higher value for CryptoQuant’s network activity index.
This boost in BTC network activity has resulted in it reaching its highest level since May 2021. This milestone indicates that despite some bearish sentiment around Bitcoin lately, there continues to be strong demand for crypto assets and services that utilize blockchain technology like NFTs.
Bitcoin’s recent surge in network activity can be attributed to growing popularity of Ordinals NFTs which have been inscribed directly on the chain and have caused an increase in block sizes – thus driving up CryptoQuant’s “network activity index.” This uptick marks an all-time high since May 2021 and is evidence that there remains strong demand for crypto services utilizing blockchain technology like NFTs despite bearish sentiment around BTC lately.
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• Many crypto firms and startups suffered during the crypto winter of 2020.
• Chainalysis is one of the firms making a proactive move to prepare for 2023 by implementing restructuring strategies.
• The company plans to lay off some non-core personnel, especially its sales team, while reshuffling roles of other staff and creating a new organizational structure.
Crypto Winter Impacts Crypto Firms
Last year, many crypto firms and startups went under due to the turmoil in the space. In addition, the devastating impact of the crypto winter affected many businesses as prices of crypto assets fell below expected levels. As a result, many crypto-related firms have started implementing restructuring strategies right from the beginning of 2023.
Chainalysis Prepares For Reorganization
Chainalysis is one of the firms making a proactive move to prepare its grounds for the year. A report from Forbes revealed that the blockchain research company Chainalysis plans to lay off some of its employees. According to the report, Maddie Kennedy, the director of communications at the firm, stated that the company is restructuring. The company plans to lay off some non-core personnel, especially its sales team and then reshuffle roles of other staff while creating a new organizational structure.
Reasons Behind Restructuring
Chainalysis mentioned that this layoff was necessary to cushion againstthe impact of decline in business in private sector users who had dropped their transactions in crypto as they were becoming more cautious about increasing losses in industry from last year. Further, Chainalysis indicated that its restructuring plan also aims at refocusing on new areas including products suitable for financial sectors while targeting public clients like Robinhood (an online brokerage) and BNY Mellon (a custodian bank).
Layoff Part Of Company’s Refocus Strategy
The blockchain analytics firm dismissed 44 out of its 900 staff which represents 4.8%of its workforce as part of their reorganization plan to help refocus their business strategyin 2023. This will include creating new products suitable for financial sectors whiletargeting public clients like Robinhood (an online brokerage) and BNY Mellon(a custodian bank). The firm boasts several private-sector customers such as theseentities have contributed to about 60%of sales for Chainalysis in past years accordingto reports from Forbes revealed..
chainalysis’s restructuring plan is necessary as it looks to create new products suitablefor financial sectors while targeting public clients like Robinhood (an onlinebrokerage) and BNY Mellon (a custodian bank). It has also dismissed4 4 outofits 900 staff which represents 4 8%of workforce as partoftheir reorganization plan refocusbusiness strategyin2023 .
• Tesla CEO Elon Musk recently responded to a series of tweets from Mcdonald’s and a question from a DOGE community member, reaffirming his support for Dogecoin.
• Musk responded to a question from a DOGE community member, asking if his offer to eat a Happy Meal on camera on TV if McDonald’s accepted Dogecoin as a means of payment was still valid, with “100%.”
• While it is still uncertain if McDonald’s will actually accept Dogecoin for payments, the crypto community continues to build trust and encourage one another not to lose hope.
Tesla CEO Elon Musk recently expressed his support for Dogecoin once more. After months of being less forthcoming with his appreciation of Dogecoin, Musk responded to a series of tweets from McDonald’s, as well as a question from a DOGE community member, reigniting the conversation about the cryptocurrency.
It all started when McDonald’s tweeted “what did I miss”, and Binance’s Twitter account responded with “A lot of green candles.” McDonald’s then showed its support for the crypto community by responding with “wagmi” – an acronym for “we are all gonna make it”, which is often used by the crypto community to build trust and encourage one another not to lose hope. Musk responded with “Oh hi lol.”
Seeing this, a DOGE community member pulled out an old tweet from Musk from January 2022, in which the Tesla CEO stated via Twitter that he would eat a Happy Meal on camera on TV if McDonald’s accepted Dogecoin as a means of payment. The Dogecoin community member asked Musk if that offer was still valid, and he responded with “100%.”
The conversation has sparked a lot of speculation around whether McDonald’s will actually accept Dogecoin for payments. After all, when Musk made his Happy Meal offer back in January 2022, the DOGE price surged by double digits. However, McDonald’s has yet to make a move in that direction.
The crypto community remains hopeful, however, and continues to build trust and encourage one another not to lose hope. It remains to be seen if McDonald’s will ultimately accept Dogecoin as a means of payment, but Musk’s recent comments have certainly raised the temperature.
• Genesis Chapter 11 bankruptcy filing in the crypto industry has raised concerns and conspiracy theories among crypto community members.
• Some believe that all of the now-bankrupt crypto firms are potentially connected or that no one will take responsibility for the increasing bankruptcy filing cases.
• Others have labeled the whole idea behind crypto lending as “stupid” or have suggested that the only people winning in all of these bankruptcy filing events are the bankruptcy lawyers in charge of the case.
The recent Genesis Chapter 11 bankruptcy filing protection in the crypto industry has caused a stir among crypto community members. As news of the filing spread, there were concerns and conspiracy theories about the connection between the now-bankrupt crypto firms, as well as questions about who would be held accountable for the increasing bankruptcy filing cases in the crypto industry.
The bankruptcy filing did not result in any significant move in the global crypto market, but it is beginning to create more skepticism and disbelief in the overall crypto industry. Influencers and crypto analysts have started sharing their thoughts and opinions related to the filing, with some labeling the whole idea behind crypto lending as “stupid”. Others have suggested that the only people winning in all of these bankruptcy filing events are the bankruptcy lawyers in charge of the case.
Meanwhile, creditors of the now-bankrupt crypto firms have expressed their frustration and have asked for clarity. They have requested that someone be held accountable for the increasing bankruptcy filing cases in the industry and for the people who created the concept of crypto lending to come forward and explain the risks that come with investing in crypto.
The crypto industry is a rapidly changing and uncertain environment and it is important for investors to be aware of the risks involved in investing in crypto. With the increasing number of bankruptcy filing cases in the industry, it is more important than ever for investors to be cautious when investing and to understand the potential risks they may face.