Cryptocurrency Analysis and News Portal
For decades, banks and insurance firms employed the same mostly static but highly profitable and centralized business models. Also for decades, Big Tech firms such as Facebook, Microsoft, Amazon, Apple and Google have monopolized user data for their profit. However, blockchain projects could significantly challenge Big Tech’s grip on user
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The FTX crisis has escalated into a legal battle between bankrupt crypto exchanges and firms whose assets are stuck on its platform. Before FTX froze assets withdrawal, many crypto firms couldn’t recover their funds from the exchange. As a result, many firms have announced a potential financial crisis if their
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By comparison, Earn account holders of bankrupt crypto lender Celsius Network may receive around 20 cents on a dollar after selling their claims, while creditors of Voyager Digital, the crypto brokerage platform that was auctioned off to FTX, may recover 40 cents on a dollar for their claims. Original Source
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Plaid is a fintech company that facilitates communication between financial services apps and users’ banks and credit card providers. In FTX.US’ case, its products enable users to allow FTX.US customers to connect their bank accounts to the FTX app. This would then allow FTX.US to request payments that will be
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Although FTX’s terms of service prevented it from using customer’s crypto, lawyers told CoinDesk that its swift downfall indicates the funds were misused. Original Source
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While decentralized finance (DeFi) is expected to be an upgrade to traditional finance mechanisms, some believe that denying users access to decentralized exchanges based on their wallets is a backward move. In a tweet, entrepreneur Brad Mills criticized DeFi for denying users access to decentralized exchanges (DEXs) due to various factors
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Cryptocurrency exchange FTX took to Twitter to address user complaints surrounding sluggish withdrawals. FTX assured users that everything is running smoothly with the matching engine, although node throughput is limited for Bitcoin (BTC) withdrawals.In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations might be
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According to Yi Gang, governor of China’s central bank, the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “financial security.” To achieve this, the central bank’s role will be limited to managing the digital currency’s “operating system”
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Fat fingers? A Bitcoin (BTC) user spent over $200 to make a transaction, paying astronomically above the average fee. In a transaction that entered Bitcoin block 760,077, a user paid 1,136,000 satoshis, (0.0136 BTC or $220.52) to move 3.8 BTC ($63,000). This extraordinarily high fee is a whopping 1,000 times the
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“It’s important to note that data on the blockchain is unchangeable, and therefore it doesn’t lie,” the post said. “However, this data doesn’t always mean the same for each dapp. Furthermore, blockchain data doesn’t always paint the entire picture.” Original Source
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