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Ripple backs out, won't acquire Fortress Trust
On Sep. 28, in a post on X, Brad Garlinghouse, the CEO, revealed that Ripple has chosen not to acquire Fortress Trust. Instead, they will continue to be an investor in the blockchain-based payment network. A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in @Fortress_io. — Brad Garlinghouse (@bgarlinghouse) September 28, 2023 The blockchain firm behind On-Demand Liquidity (ODL), a solution using XRP, decided not to proceed with the acquisition following a hack that saw Fortress Trust lose between $12 to $15 million in Bitcoin (BTC), USDT, and USDC, on Sep. 12. Today, we are announcing intent to acquire Fortress Trust, part of the @Fortress_io suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance. https://t.co/LIl3cPEur2 — Ri...
Ex-Multichain developers unveil ValueRouter, an asset swapping platform
Former developers of Multichain, recently mired in controversy, have announced a new project named ValueRouter, aiming to simplify multi-chain asset swaps. A few months ago, the crypto world was rocked by the unauthorized withdrawals of over $130 million from Multichain, a bridging network previously known as Anyswap. The intrigue deepened with the revelation that its CEO, Zhaojun, and his sister, were allegedly at the center of the event, causing the suspension of the platform’s operations in July. The fallout affected many, particularly the Fantom ecosystem, leading to the shutdown of the Fantom-based SpiritSwap DEX. Despite the stormy backdrop, some developers from Multichain have made a re-entry with a new project called ValueRouter. Similar in function to Multichain, ValueRouter enables users to “swap any asset for your desired asset across multiple chains in just one transaction.” It seeks to simplify multi-chain asset swaps, incorporating Circle CCTP and DEXes to facili...
Unreported Cardano News: ADA Whale Shares “Bullish” Trading Project
A significant investor in this ADA ecosystem believes some Cardano news has gone unnoticed; this development could increase optimism in the network. Via social media platform X, the pseudonym ADA investor made the case for the “bullish development” happening on this blockchain. Positive Cardano News Go Under The Radar? The pseudonym investor shared some of this unnoticed Cardano news, including launching several projects that could onboard more users on the network. These projects include OptionFlow, a trading platform offering access to decentralized derivatives, such as bonds, options, and others. The platform recently launched its testnet and hinted at a “Phase 2” launch in the coming months. The ADA whale claims that Cardano will “shine” in offering derivative products. The Open Interest (OI) for Bitcoin futures contracts alone on Deribit stands at $300 million, which could provide an opportunity for a decentralized platform to capture some market share. Open Interest for BT...
Bitcoin Long-Term Metrics Point to a Different Scenario Than 2019 Fakeout: Top Analyst
Bitcoin traders and enthusiasts have been eagerly anticipating the next significant move in the cryptocurrency market, with memories of the 2019 fakeout rally still fresh in their minds. However, one prominent BTC trader, known as Dave the Wave on the social media platform X, is offering a reassuring perspective. According to Dave , the conditions that led to the 2019 fakeout rally are unlikely to repeat themselves in the current market cycle. The 2019 fakeout rally left many Bitcoin investors disappointed. It was characterized by a sudden breakout that sent BTC prices soaring, only to see them crash back down just as rapidly. This roller-coaster ride was attributed to Bitcoin spending only a short time in the “buy zone” before experiencing the wild price swings. Those that have followed me for some time may remember my calling of the 2019 #btc spike as a ‘mini bubble’. This was based on the LGC model, where price moved too quickly/ parabolically out of the buy zone. This time...
Crypto Scam Alert: CFTC Launches Lawsuit Against Mosaic Exchange
In a significant move targeting the crypto industry, the US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Mosaic Exchange Limited, a Pennsylvania limited liability company, and its owner and Chief Executive Officer, Sean Michael. The complaint alleges that the defendants operated a fraudulent digital asset commodity scheme, deceiving investors and misappropriating customer funds. Alleged Fraudulent Crypto Scheme According to the complaint, the defendants fraudulently solicited and induced 17 individuals from the United States and other countries to invest hundreds of thousands of dollars’ worth of Bitcoin (BTC) and other funds. These funds were supposed to be traded on behalf of the customers in Bitcoin and other crypto assets. However, the defendants allegedly misappropriated the customer’s funds for their benefit. The case background reveals that from approximately February 2019 to June 2021, the defendants made false representations ...
SBI Holdings and TradeFinex partner to drive blockchain adoption in Japan
SBI Holdings and TradeFinex have established a joint venture in Japan to promote their enterprise blockchain platform on the XDC Network. SBI Holdings, a Tokyo-based company that provides financial services, is the group’s primary holding firm for various businesses and branches. TradeFinex operates a decentralized finance platform on the XDC Network. It connects trade finance originators with banks and lending institutions, offering blockchain-based products like letters of credit, invoicing, and supply chain finance. In the past, TradeFinex has partnered with institutions such as the International Chamber of Commerce and the World Trade Organization (WTO) to expand blockchain technology’s use and benefits. Japan has been working on developing the crypto industry for several years, having legalized Bitcoin (BTC) as a payment method in 2017, making it one of the first jurisdictions to do so. Follow Us on Google News title_words_as_hashtags
GMX Paid A Hefty Prize Because Of This Flaw
GMX, a decentralized exchange, awarded Collider Research a $1 million bug bounty in 2022. This payout was in recognition of their discovery of a critical bug in GMX’s smart contracts that directly affected how the protocol tracks outstanding debt. The Bug Affecting GMX And GLP GMX has not provided more information on how the bug was patched and when. However, the DEX operator said the bug negatively impacted GMX v1 liquidity providers (LPs) as the code led to inaccuracies in quotes related to “the fair value of tokens.” Specifically, the bug affected the Global Liquidity Pool (GLP), causing it to deviate from its fair value. Since GMX supports up to 50X leverage, a system tracks debt borrowed by traders and how it is repaid. It is smart contract-driven, and the trader enters into debt for every leveraged position. If prices move against them, they are liquidated, and the margin securing the leveraged position is transferred to the protocol. Any disruption to this mechanism can se...
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Huge Surges: Polygon (MATIC) Soars After Dragon Fruit Upgrade, Everlodge (ELDG) Continues to Deliver Impressive Returns and Uniswap (UNI) Hits 200M Transactions Milestone!
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We must rethink purchasing power parity (PPP) in the cryptocurrency era
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Here Are The Major Takeaways From The Ripple Victory Party
Although the legal battle between Ripple and the SEC isn’t officially over, the payments technology company has gone ahead to host a party to celebrate its partial win in court. After the court win, Ripple’s founder and CEO Brad Garlinghouse announced on social media a September 29 date for what was called a “Victory Party.” Now that the event has been held, it hasn’t gone without a mark for the XRP community. 🎉 Save the Date 🎉 We’re hosting a community celebration on September 29 in New York City! Stay tuned for more details to come later this week. pic.twitter.com/PlaqPoQcte — Ripple (@Ripple) August 28, 2023 A Sense Of Relief And Validation After years of battling it out against the SEC in court, Ripple finally got some reprieve. While Ripple’s legal troubles aren’t over, the company threw a party. As expected, the party was a lavish one, with many people even queuing to get into the event. Lenny Kravitz, a legendary figure in the world of rock music, gave a performance ...