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Crypto Savvy Coder flipped $71 for $1.5M, Dogecoin Surpasses Polygon in TVL

By
Paul Ugbede Godwin
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0

A savvy crypto coder has transformed $71 into $1.59 million in an instant through a new Ethereum-Arbitrum lending platform. According to the on-chain analysis firm Looksonchain, an ethical white hat hacker discovered and leveraged a major vulnerability in the borrowing and lending protocol Tender.fi (TND).

Due to the misconfigured oracle of Tender.fi, a white hat “0x896d” borrowed ~$1.59 million in assets by depositing only 1 GMX ($71). If you have deposited assets on Tender.fi, please pay attention

Tender.fi is a platform built on the Ethereum scaling solution Arbitrum, its designed to let investors collateralize the crypto assets GMX and GLP.

The hacker – who by definition is not malicious and will alert Tender.fi to their vulnerability and return the funds – appears to have caused a precipitous drop in the price of the protocol’s native crypto asset, TND. TND has dropped 16% in the last 24-hours, trading at $2.45 at time of publishing.

Dogecoin Surpasses Polygon Matic in TVL

According to market data, Dogecoin currently has a market capitalization of $9.45 billion, while MATIC has a market capitalization of $9.3 billion, making these the eighth and ninth largest digital assets by the metric, Behind Cardano ($ADA) and ahead of Solana ($SOL).

Dogecoin surpassed MATIC after the latter saw a flurry of whale transactions moving over 30 million tokens to leading cryptocurrency exchange Binance, with the community believing the funds were then sold off on exchanges as a result.

9,000,000 MATIC (9,532,573 USD) transferred from unknown wallet to Binance Exchange

— Whale Alert (@whale_alert) March 9, 2023.

Dogecoin has, meanwhile, seen a significant whale wallet accumulate millions of tokens, to the point they are now the 20th largest wallet on the cryptocurrency’s blockchain, with over 700 million DOGE.

The whale’s accumulation was first spotted by blockchain monitoring resource Lookonchain, which pointed out on the microblogging platform Twitter that the whale first added 200 million $DOGE, worth around $39 million to their wallet, before adding 250 million, worth $63 million after a price surge, the following day.

Moreover Coins.ph, a popular cryptocurrency exchange in the Philippines, recently announced that it would be adding support for Dogecoin. The cryptocurrency has in recent years gained popularity due to support from billionaires such as Elon Musk. Dogecoin was created in 2013 as a “fun and friendly internet currency” and features a Shiba Inu as its mascot.

As CryptoGlobe reported, Polygon added 46 million new addresses to its network over just six months while the price of its native token, used to pay for transaction fees and secure the network via staking, kept on outperforming the wider crypto market over the cycle.

Polygon is set to launch the beta version of its zkEVM mainnet, a scaling solution that utilizes zero-knowledge proofs to facilitate smart contracts compatible with Ethereum, on March 27.

The team behind Polygon says that zkEVM can support up to 100 times more transactions per second than Ethereum, all while maintaining decentralization and security. Additionally, Polygon has unveiled a $100 million grant initiative aimed at incentivizing developers to construct applications on the zkEVM platform.

New York Attorney General Files Lawsuit Against Kucoin Exchange

By
Paul Ugbede Godwin
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0
NEW YORK, NEW YORK - SEPTEMBER 21: NY Attorney General Letitia James speaks during a press conference at the office of the Attorney General on September 21, 2022 in New York, New York. NY AG James announced today that her office is suing former President Donald J. Trump and his children Donald Trump Jr., Ivanka Trump, and Eric Trump accusing the family of fraudulent statements of financial conditions to obtain millions in economic benefits. The lawsuit seeks to remove Trump and his children from their roles at their organizations and bans them from future leadership roles in the state of NY and repay $250 million that was illegally obtained. (Photo by Michael M. Santiago/Getty Images)

New York Attorney General Letitia James has filed a lawsuit against cryptocurrency exchange KuCoin, according to a March 9 announcement. James announced charges in a press release today, stating:

Today’s action is the latest in our efforts to rein in shadowy cryptocurrency companies. KuCoin Exchange operated in New York without registration and that is why we are taking strong action to hold them accountable and protect investors.

The State of New York seeks a permanent injunction against KuCoin from operating as an exchange or unregistered broker-dealer and seeks this order.

Don’t really see if these orders are made how Bitcoin is excluded from their effect even if it is considered the only crypto that is a commodity. New York residents will be shut out from trading any crypto on KuCoin including Bitcoin. Maybe Bitcoin maxis shouldn’t focus all their attention on gaining an advantage for Bitcoin by calling all other cryptos securities and think about other risks to Bitcoin from all of crypto being attacked.

However, the Office of the Attorney General (OAG) now aims to stop KuCoin from operating in New York. It also aims to have the company restrict access to its website until it can comply. The company has been instructed to implement a geo-blocking feature in order to do so.

The OAG in a 28 pages PDF articles said that it was able to trade various cryptocurrencies on the exchange even though the company is not registered to provide those services in New York. The office additionally says that KuCoin claims to be an exchange but is not registered with the U.S. Securities and Exchange Commission (SEC), nor has it gained the relevant designation from the Commodities and Futures Trading Commission (CFTC).

The office further alleges that KuCoin trades several coins that are considered securities or commodities such as Ethereum (ETH), Terra (LUNA), and TerraUSD (UST). It also alleges that it offers unregistered securities through its lending product, KuCoin Earn.

The Attorney General’s office has taken action against several other cryptocurrency companies in the past. It made similar allegations against CoinEX in late February.

The office filed fraud charges against former Celsius CEO Alex Mashinsky in January 2023 and reached a $45 million settlement with Nexo that same month. The office additionally issued a general warning to crypto investors and sought information from individuals affected by the various crypto market crash points in 2022.

The OAG often takes action against companies that have not obtained a BitLicense from the New York Department of Financial Services. Currently, just 33 firms have a license or charter, giving the office plenty of opportunities to impose its rule.

What’s amazing is that the NYAG has laid out the exact arguments that the Bitcoin  community warned about the entire time before the merge. Alas, Ethereans chose NGU tech over a truly trustless consensus mechanism, Andrew Throuvalas noted.

Her argument for why ETH is a security:

  • ICO from ETH Foundation to fund network development
  • Shift from POW to POS
  • Promoted as an investment on ETH foundation website.

The shift to proof-of-stake significantly impacted the core functionality and incentives for owning ETH, because ETH holders now can profit merely by participating in staking,” read the filing.

The Securities and Exchange Commission (SEC) has made various broad statements and insinuations in the past to suggest that Ether is a security, but Thursday’s lawsuit marks the first major set of charges to formally make the case.

SEC chairman Gary Gensler argued last month that “everything other than Bitcoin,” likely falls under his agency’s jurisdiction. In September, he claimed that Ethereum’s Merge may have made its native cryptocurrency more security-like.

Many in the crypto community aren’t on board with the NYAG’s allegations. Neeraj K. Agrawal from crypto policy think tank CoinCentre responded to the news with a priorly published set of arguments on the matter – claiming that “the value of ether and the functionality of the Ethereum network is not reliant on the [Ethereum] Foundation.”

Last month, Coinbase CEO Brian Armstrong shared an argument claiming that staking does not involve securities transactions. The SEC filed a Wells notice against Paxos in February for issuing its BUSD stablecoin, which it alleges may also be an unregistered security.

ChatGPT has blown my mind

By
Stanley Alieke
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0

I have heard and read so much about Artificial Intelligence (AI) and what it can do to convenience mankind but I had no idea that  it could be this savvy and sophisticated until I started using ChatGPT and it got my mind blown away. ChatGPT has really changed the game.

I am an addict of Google; I am always googling to corroborate my biases and to learn new things but if google does not sit up and step up its game (which I read that they are now toiling day and night to bring out strong competition to ChatGPT) they will lose tonnes of its users to ChatGPT including me.

Google will tell you how to make a dish, but ChatGPT makes the food for you and goes as far as spoon-feeding you the food. Mankind being inadvertently lazy and always looking for ways to save time will definitely choose a ChatGPT that will make the dish and spoon-feed them the dish over google; even the google CEO will definitely choose that.

ChatGPT can draft that letter for you, not just write it for you but put it in the format it should be and all you need to do is to either copy it or print it out, add your name and send it; ChatGPT can draft up your Curriculum Vitae for you, ChatGPT can draft up a proposal or a pitch for you and all you will have to do is to copy it and add your name and send, ChatGPT can even draft a legal agreement or contract for you; so far as you “garbaged in” the AI the names of the parties in the contract, the date and other relevant details, the AI will “garbage out” a contract agreement for you and save you the cost of getting to hire the services of a lawyer; and the list goes on.

This morning I asked ChatGPT to draft up a pitch for me that I needed to send to someone. I only fed the Ai how I needed the pitch to look, and in less than 10 seconds I had a professionally crafted proposal that I just copied, added my name and sent to my intended recipient.

Due to the complexity of the proposal that  ChatGPT helped me to draft this morning, if i were to engage professional proposal drafters, I would have been charged nothing less than $50 for it and they would have taken more time to do it and even delayed me because I was running behind schedule hence why I decided to use a bot; I was able to save my money and save more time as it took only about 10 seconds for me to have my work done.

If you are yet to embrace this technology and use it to make your life much easier and save costs then you are sitting on a bicycle, you have been left behind.

Be it as it may, there is no doubt that there are disadvantages associated with these AIs that are taking over the world like a tsunami, but that is just what it is, every good thing always has a downside associated with it but we won’t discard it because of its downsides; the immediate disadvantage of this AI that hit me instantly while I was engaging ChatGPT this morning is that people will be out of jobs pretty soon. Once everybody starts using AI to do what humans do then the humans that do it will have no job left to do; just like i said earlier that ChatGPT can prepare a CV and Copy-write for you, the immediate example is that professional copywriters and Cv drafters will lose their jobs to AI. Even as a lawyer, my job is now at risk; I recently read in some magazines that a lawyer robot has been developed to go to courts and file motions and argue cases. Basically, to do whatever lawyers have been trained to do, can you imagine that? but honestly, I personally would rather engage an AI than engage with humans because it’s more convenient and cheaper to engage them.

Well, I look in awe to behold how much AI would have taken over the world before the end of 2023.

President Joe Biden Proposes 30% Excise Tax on Crypto Mining Electricity

By
Paul Ugbede Godwin
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0

The administration of U.S. President Joe Biden has proposed an excise tax on cryptocurrency miners equal to 30 percent of the cost of the electricity they use, and plans to eliminate tax deductible losses related to wash-trading of crypto tokens, according to a U.S. Department of the Treasury’s document published Thursday. It’s “hindering the transition to a low-emission energy future,” the White House says.

The Treasury Department said any company using computing resources owned or borrowed — to mine digital assets will be subject to the 30% tax, which is expected to be introduced over three years in 10% annual stages starting from Dec. 31, 2023.

The increase in energy consumption attributable to the growth of digital asset mining has negative environmental effects and can have environmental justice implications as well as increase energy prices for those that share an electricity grid, the Treasury Department said.

According to the White House, the estimated global electricity usage for crypto assets is between 120 and 240 billion kilowatt-hours per year, a range that exceeds the annual electricity usage of Australia.

President Biden’s 2024 Fiscal Year budget also included a proposal to apply “wash sale rules” to digital assets to close tax loopholes. Wash trading for tax purposes refers to investors selling a financial instrument for a loss to claim the deductible and then immediately buying it back.

Crypto traders can claim tax-deductible losses on losses and then immediately repurchase tokens as digital assets are not classified as securities, while stocks and bond traders are prohibited from repurchasing the same securities for 30 days.

Similarly on the new tax havens, Speaker McCarthy said; President Biden just delivered his budget to Congress, and it is completely unserious. He proposes trillions in new taxes that you and your family will pay directly or through higher costs. Mr. President: Washington has a spending problem, NOT a revenue problem. However, both the House and Senate voted against Biden’s ESG rule.

The U.S. expects to apply the same restrictions on crypto from Dec. 31, 2023, where the country might raise US$24 billion from fixing the loophole, according to the White House.

Now according to the new proposed tax plan: Joe Biden Calls to double down the capital gains tax from 20% to 40%. The increase in capital tax gains means that a person has to pay more tax on his/her crypto profits this will lead to less motivation to invest further and hence will reduce volumes plus crypto prices.

Also, the new tax rule also removes the ability to tax-loss harvest. Tax-loss harvesting is a practice of selling a security that has incurred a loss to help investors reduce or offset taxes on any capital gains income subject to taxation. This practice is accomplished by harvesting the loss. The sold security can be bought back or replaced by a similar one.

More so, major price movements in the crypto markets are done by whales. Now the new tax plan also requires that the richest 0.01% of Americans pay at least a 25% tax rate “This means taxing more to the rich” Again, due to more tax the rich (whales) can lose motivation to buy & ultimately leading to low volume & low crypto prices.

Lastly, the Corporate tax rate is set to increase from 21% to 28%, which could impact the company’s bottom line. Biden also adds a new tax on small business owners. Biden also proposes a 30% tax on electricity used for Bitcoin and crypto mining.

Huobi Native Token HT Collapsed by 90% in a Flash Crash

By
Paul Ugbede Godwin
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0

Huobi, the 17th largest crypto exchange, has seen its native token collapse by 90% in a flash crash during Thursday trading.

At 3:45 pm, $HT was trading at $4.70. By 4:10 pm, it was down to $1.83. By 6:00 pm, it was back up $3.90,  30% lower than it had started the day.

Huobi Token (HT) is the native cryptocurrency of the Huobi Global exchange, based on the Ethereum blockchain and launched in January 2018. It is used to reduce commissions for trading, purchase VIP-status plans, vote on exchange decisions and receive crypto rewards.

The decline led to over $200,000,000 of market cap gone from $HT within an hour, only to recover by over 1000% minutes after. The flash crash of the token today led to some interesting theories online.

According to a tweet by a Kaiko researcher, sales worth $2 million were reported in the five minutes leading up to the crash, which is significantly higher than the usual $600,000 buys on the HT-USDT pair. Despite a 24% decline over the past 24 hours, the token has rebounded and is currently trading at $3.70 on Huobi.

Some speculated that the downturn has more to do with broader negative market sentiment. IdleHeroesTT said: “exchanges are a blessing and a curse. Genuinely feel like cryptos upwards price movement can only truly continue (asides from macro events) when we have a reliable, regulated on-ramp for fiat. Sad to see it has come to this point.”

This price volatility is particularly noteworthy since HT is one of the larger cryptocurrencies, with a market capitalization of approximately $630 million after the rebound. Justin Sun, founder of the Tron blockchain and a significant holder of the token, is also a key figure in the exchange’s strategy, making it a closely watched asset by crypto traders.

Recently, Justin Sun expressed confidence that Huobi, one of Asia’s leading blockchain platforms, will be granted a Virtual Asset Service Provider (VASP) license by Hong Kong’s Securities and Futures Commission (SFC). Upon that news two weeks ago, the HT token surged 24% in price.

The new licensing regime was enacted on March 1 to ensure compliance with Anti-Money Laundering and Counter-Terrorism Funding, as outlined by the Financial Action Task Force.

Huobi was the first crypto exchange to apply for the license and has held talks with the SFC to advise on developing an appropriate digital asset framework. Though Sun had previously denied involvement with Huobi, he has since confirmed that he has taken on an advisory role with the exchange.

Report by Nansen, a blockchain data infrastructure, indicates that Justin Sun had moved $60 million Ethereum stablecoin from Huobi into the Aave chain.

The withdrawal happened 11 hours before he tweeted in consolidation which HT flash crashed. Sun however apologized for the impact of the leveraged liquidation on the market caused by a few users, and in order to further improve the multi-currency liquidity of the HuobiGlobal platform, we will set up a liquidity fund with an investment of 100 million US dollars.

We will continue to improve the liquidity depth of main cryptocurrencies and HT token, strengthen leverage risk warnings and liquidity capabilities. Regarding this incident, we will keep the community updated on the follow-up progress.

Apparently, Justin Sun made a $100 million transfer to Huobi, details can be viewed on Etherscan.

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