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Crypto exchange Binance published a lengthy response to an article published by Reuters that claims that the exchange has been a “hub for hackers, fraudsters and drug traffickers,” saying that there’s at least “$2.35 billion in illicit funds” laundered within the exchange. In a blog post, Binance addressed the issue and
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“Fragmentation means that crypto cannot fulfill the social role of money,” concluded the report authors. The report contended that as transactions per block near their limit, the cost of transactions rises, causing users to seek out alternative blockchains. This “fragmentation” means blockchains cannot harness the beneficial network effects we associate
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Ethereum funds continued their negative streak, marking nine consecutive weeks of outflows. Investors pulled out $32 million from funds that manage the second-largest cryptocurrency, ether (ETH), adding up to $357 million in outflows year to date. The outflows picked up in December 2021, and they represent a relatively small share
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China’s pandemic-hit economy needs all the help it can get after a surge in COVID-19 infections triggered mass lockdowns across the country. In an attempt to revive consumption, the southern city of Shenzhen used Beijing’s central bank digital currency, or CBDC, to airdrop free money to local residents. A similar
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Terra remained the focus of the majority of headlines throughout May for its spiral collapse leading to a loss of over $40 billion in investors’ money. Despite some early resistance from the community and heavy backlash from the likes of Binance CEO Changpeng “CZ” Zhao, Terra co-founder Do Kwon managed
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Manning’s evasion is a close cousin of the all-time great in this category, the argument for “blockchain, not crypto.” This is a meaningless concept because tokens with economic value are fundamental to the design of distributed public blockchains, at least for the moment. But rhetorically, “blockchain, not crypto” is meant
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A handful of small countries – the Bahamas, Nigeria – have launched fiat digital currencies, but more than 30 nations are developing or pilot testing them, including China. Last week, the city of Shenzhen in southern China announced $4.5 million in digital yuan as stimulus payments to residents to counter
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Billions and billions. That’s what venture capitalists are spending to get ahead of the curve in crypto. Their latest fixation is Ethereum layer-2 scaling solutions and Web3, an umbrella term that describes the next stage of the internet’s evolution. So, while the cryptocurrency market is in a state of extreme
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Some traditional internet business models, like advertising, are likely to persist in the metaverse. However, with blockchain-adjacent technologies such as decentralized identity and zero-knowledge proofs (ZKP), one’s privacy can actually be preserved in the metaverse, if we construct the foundations just right. Nonetheless, leveraging these kinds of privacy and identity
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