DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 4363

Tether Replies WSJ, As IntoTheBlock Shares Insights On LIDO Staking Derivative

By
Paul Ugbede Godwin
-
0

Tether, the issuer of stablecoin USDT has once again slammed mainstream media company; The Wall Street Journal, for publishing a report that claimed the firm and its affiliates falsified documents and shell companies to open bank accounts about four years ago. WSJ published the report on Friday, quoting emails and documents it received from Stephen Moore, one of the owners of Tether Holdings Ltd.

The WSJ claimed the incident happened after Crypto Capital Corp. went underwater four years ago, which was crypto’s premier shadow bank for years before authorities shut it down in 2018. It had ties with multiple crypto entities, including Tether and its sister company Bitfinex.

The WSJ alleged that Tether and its backers falsified invoices and contracts in late 2018 when they lost access to the global banking system, and the faked documents allowed them to create new bank accounts.

One of those intermediaries, a major tether trader in China, was trying to ‘circumvent the banking system by providing fake sales invoices and contracts for each deposit and withdrawal…’ Ultimately, the companies (Tether and Bitfinex) were able to open at least nine new bank accounts for shell companies in Asia over nine days in October 2018, the report said.

On Friday afternoon, Tether’s chief technology officer Paolo Ardoino debunked the report credited to WSJ on Twitter, saying the article was filled with a “ton of misinformation and inaccuracies.”

Shortly after Ardoino’s comments, Tether published an official response to the report, noting that it was nothing but more FUD from WSJ. The stablecoin issuer added the allegations from the media publication were inaccurate and misleading.

These unfair attacks will not distract us from continuing with those efforts and offering the most liquid and reliable stablecoin experience, which the market has clearly recognized by making us the leaders in the industry, Tether said.

It is worth noting that this is not the first time Tether has responded to WSJ for disinformation and FUD. In December, the stablecoin company responded to a WSJ report that called out Tether for having potentially unreliable reserves for its secured loans.

Tether denied the allegations, saying its loans were overcollateralized by “extremely liquid” assets and planned to reduce the secured loans to zero by the end of this year.

Meanwhile, the WSJ report came at a time when crypto firms are reliving how difficult it is for them to access banking services.

On Thursday, crypto-friendly bank Silvergate Capital Corporation became the subject of intense scrutiny amid operational issues. This caused several crypto firms, including Coinbase and Kraken, to abandon the bank and its service.

LIDO is Leading the Staking Derivative Market Frontier.

On-chain analytics firm IntoTheBlock has shared a peek into the Ethereum (ETH) Liquid Staking Derivatives market. Lido Finance is the current leader in liquid staking. According to IntoTheBlock, 33% of all staked ETH — 5.675 million ETH — is settled on the platform.

Curious about the $ETH Liquid Staking Derivatives market? LidoFinance dominates with almost 33% of all staked ETH, while Coinbase comes in second with a considerable margin. Keep an eye on these key players as the market continues to grow. ETH LSD DeFi investment.

Liquid Staking was developed to allow users to stake ETH with a liquid staking provider and receive a receipt token, also known as a liquid staked derivative, due to the lockup nature of ETH.

In the instance of Lido Finance, users deposit ETH on Lido’s staking website and are given the receipt token stETH, which Lido uses to represent the ETH staked.

Coinbase comes in second after Lido Finance with a considerable margin and has a total staked share of 6.58%, which amounts to 1.145 million ETH staked on the platform. Rocket Pool is the next largest ETH liquid staking protocol after Coinbase and has a total staked share of 2.3%, which amounts to 415,000 ETH staked.

Frax Finance recently launched an ETH liquid staking service to turn ETH into frxETH, an ETH LSD. According to IntoTheBlock, Frax accounts for 0.6% of the total staked ETH share, which is 106,000 ETH.

StakeWise, an open-source protocol for staking on Ethereum 2.0, accounts for 0.43% or 74,000 ETH staked.

In related news, Binance has announced a new promotion for all ETH 2.0 staking users. Eligible users would share a prize pool of $15,000 in BETH token vouchers in the promo, which runs until March 13.

INEC Assures Citizens of BVAS Top-Notch Functionality in The Governorship And State House of Assembly Elections

By
Ojukwu Emmanuel
-
0

The Independent National and Electoral Commission (INEC) has assured Nigerians of the top-notch functionality of the Bimodal Voter Accreditation System, in the coming governorship and state house of assembly elections.

Following the abysmal performance of the machine in the just concluded presidential and national assembly elections which was marred by glitches, INEC has continued to review the system to ensure the smooth running of the machine in the forthcoming elections.

While at a meeting with States Resident Electoral Commissioners (RECs) in Abuja, the chairman of INEC  Mahmood Yakubu expressed confidence that going forward, the system will run optimally, while noting that the machine will once again be deployed for voter accreditation and result management in this weekend’s polls.

In his words,

“As we approach the Governorship and State Assembly elections, we must work harder to overcome the challenges experienced in the last election. Nothing else will be acceptable to Nigerians. Election day logistics must be finalized days before the election and handled by the Electoral Officers (EOs) at the Local Government level.

“This has been our standard practice. Centralizing the process as was done in some States resulted in a delayed deployment of personnel and materials and late commencement of polls. RECs will be held responsible for any tardy arrangement or the failure to deploy electric power generators to collation centers or polling units where such facilities are needed. The Commission has enough facilities in all the States of the Federation. Failure to deploy them is simply inexcusable.

It would be recalled that glitches recorded in the machine in the just concluded 2023 presidential election caused a lot of chaos. There were reports of low battery, lack of internet data, and the failure of the machine to verify and accredit voters. The technology also faced technical challenges in transmitting results in some parts of the country, which raised concerns.

This forced some citizens at different polling units across the nation to offer power banks, and also share data with INEC officials. Some went as far as bringing generators to ensure the smooth operation of the machine. Following the failure of the machine to perform up to full functionality, this stirred up reactions, with some citizens stating that INEC Chairman, Prof. Yakubu Mahmoud, has damaged the credibility of the electoral system.

This is coming after INEC’s assurance of the top-notch functionality of the machines and its ability to seamlessly accredit voters and transmit results electronically on the day of the election. The Bimodal Voters Accreditation System replaced the smart card reader used in 2015 and offers dual capacity for fingerprint and facial authentication. INEC announced its intent to use the technology in April 2022.

With the recent reassurance of INEC Chairman that the machine has been reviewed to function well, hopefully, Nigerians don’t get to see a repeat of what transpired at the presidential election.

Tesla Slashes Prices of Model X and Y in the US to Increase Demand

By
Ojukwu Emmanuel
-
0

Automotive and clean energy company Tesla has slashed the prices of its Model X and Model Y in the U.S, as it seeks to boost demand.

The Model S AWD has been reduced to $89,990 from $94,990. The Model S plaid has been reduced to $109,990 from $114,990. The Model X AWD has been reduced to $99,990 from $109,000 and the Model X Plaid has been reduced to $109,990, from $119,990. The latest discount is Tesla’s fifth since the start of the year. 

The new price updates which are already reflected on the company’s website and social media handles comes days after the CEO Elon Musk disclosed plans to increase production at Tesla’s Shanghai facility in China, in order to meet the soaring demand caused by the previous cuts.

This is the second time this year that Tesla has made reductions in prices of some of its vehicle models. In January the EV automaker reduced the prices of its Model Y, Model X, and Model S vehicles to boost demand.

While speaking at Tesla’s Investor day last week, Musk and other executives at the company discussed the importance of efficient manufacturing and cost-cutting. Musk stated that the desire for people to own a Tesla is extremely high, unfortunately, the only limiting factor is their inability to pay for it.

Tesla has regularly adjusted the price of its vehicles over the last few years, having previously made increases across its entire range several times between 2021 and 2022. The company’s price cuts have been frowned upon by owners who feel cheated.

In January this year, Hundreds of Tesla owners convened at the automaker’s showrooms and distribution centers in China, demanding compensation  after the sudden price cuts, which they said meant they had overpaid for electric cars they bought earlier.

Many said they had believed that prices Tesla charged for its cars late last year would not be cut as abruptly or as deeply as the automaker just announced in a move to spur sales and support production at its Shanghai plant. The scheduled expiration of a government subsidy at the end of 2022 also drove many to finalize their purchases.

Meanwhile, Tesla reportedly slashed prices in China twice in three months amidst a slow demand for its vehicles. The discount comes at a time when the giant EV maker is struggling to maintain its sales in China, which is its biggest international market.

Last year, Tesla produced more cars than it delivered, which means its inventory has increased. This saw Tesla’s stock on Wall Street hit its worst day in two years, dragged down by weaker-than-expected sales data globally. The company’s shares ended in 2022 down 65%, greatly cutting into CEO Elon Musk’s net worth.

It is interesting to note that EV competition is  increasing domestically in China, with Nio, BYD, Xpeng, and other brands fighting for a smaller pie. Analysts disclose that Tesla needs to further cut prices and expand its sales network in China’s lower-tier cities amid aging models.

Tesla’s prices of the Model 3 and Model Y cars in China, are now 24% to 32% lower than those in the United States.

Tekedia Investment & Portfolio Management Program Has Started

By
Tekedia Editors
-
0

Dear Sir/Madam,

Greetings. Tekedia Investment and Portfolio Management program has started. The Week 1 modules are in the Board when you login.

On Saturday, the Live Zoom session will begin. Please note the time; the Zoom links are in the Board also.

I am providing the setup instructions again and please if you have any questions, let me know.

Regards,

Tekedia Institute Team

Registration continues here: Tekedia Investment and Portfolio Management program is designed to provide learners with hands-on experience in performing investment research, investing capital, and managing a portfolio during studies in Tekedia Institute. 

Tesla Recalls Thousands of Model Y Vehicles Over Concerns of Loose Bolts

By
Ojukwu Emmanuel
-
0

Automotive and clean energy company Tesla is recalling 3,470 Model Y vehicles in the US over concerns that bolts securing the second-row seatback frames may not have been securely tightened.

According to the National Highway Traffic Safety Administration (NHTSA), it disclosed that a loose seat frame bolt may reduce seat belt system performance, increasing injury risks during a crash.

Although the automaker told the NHTSA that it has identified five warranty claims since December that may be related to these conditions. Tesla said it was not aware of any injuries or deaths that may be related to the recall issue.

It will therefore go ahead to inspect bolts securing second-row driver-side and passenger-side seat back frames to the lower seat frames and if needed tighten them to specifications. Tesla does not plan to issue any reimbursements because there are no warranty repairs related to these conditions.

Recall that Tesla last month also recalled 362,758 of its vehicles, after it admitted that it’s Full Self-Driving (FSD) beta software causes several crashes. The FSD Beta system is reported to act unsafe around intersections such as traveling straight through an intersection while in a turn-only lane, entering a stop sign-controlled intersection without coming to a complete stop, or proceeding into an intersection during a steady yellow traffic signal without due caution.

The models involved in the recall included the 2016-2023 Model X and Model S, the 2017-2023 Model 3, and the 2020-2023 Model Y with the FSD beta. The update of the software on these models will be done over the air to address the issues.

Tesla lets thousands of drivers try new and unfinished driver assistance features on public roads in the U.S. through FSD Beta. The technology does not make Tesla electric cars autonomous, or safe to drive without a human at the wheel ready to break or steer at any second.

Meanwhile, the CEO of Tesla Elon Musk and its customers have objected to the use of the term “recall” to describe safety defects or issues that can be fixed without a software update delivered over wireless internet. Musk said the word recall for an over-the-air software update is flat wrong.

According to a Forbes report, Tesla’s latest recall of over 360,000 of its vehicles put its total recall in the last year over 4 million, the second-most among U.S. automakers, though the vast majority of its recalls have been software fixes that haven’t required visits to shops.

Ford motors comes first among the top ten car manufacturers that have recalled the most cars since 2022 with 9,141,131 cars, and 72 recalls. Tesla occupies the second position with 4,132,303 cars, and 21 recalls and General Motors occupies the third position with 3,415,313 cars, and 34 recalls.

1...4,3624,3634,364...7,983Page 4,363 of 7,983

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy