American CryptoFed registration at risk as SEC alleges filing anomalies

American CryptoFed DAO, the first decentralized autonomous organization (DAO) to get legal recognition in the United States, is at risk of losing its registration after the U.S. Securities and Exchange Commission (SEC) dug up anomalies in the Form S-1 registration statement dated Sept. 17, 2021. The Wyoming Secretary of State’s office recognized American CryptoFed as a legal entity in July 2021, at a time when the organization’s CEO, Marian Orr, believed that “Wyoming is arguably the top blockchain jurisdiction in the world.” However, on Nov. 18, 2022, the SEC instituted…

South Korea seizes $104M from Terra co-founder suspecting unfair profits

While crypto exchange FTX stole the limelight from other fallen ecosystems, South Korean authorities continue their efforts to bring closure to the victims of the year’s first crypto crash — Terraform Labs. Nearly six months after the Terra (LUNA) blockchain was officially halted, South Korean authorities froze approximately $104.4 million (140 billion won) from co-founder Shin Hyun-seong based on suspicion of unfair profits. The decision to freeze Shin’s asset worth over $104 million was approved by the Seoul Southern District Court, which was based on a request from the prosecutors.…

Wintermute repays $92M TrueFi loan on time despite suffering $160M hack

When Wintermute, a cryptocurrency market maker, lost $160 million due to a hack, concerns related to the repayment of debt worth $189.4 million surfaced. However, in an exciting turn of events, Wintermute paid back its largest debt due Oct. 15, involving a $92 million Tether (USDT) loan issued by TrueFi. After repayment of TrueFi’s $92 million loan, Wintermute still owes $75 million to Maple Finance in USD Coin (USDC) and wrapped ether (WETH) and $22.4 million to Clearpool, a total of $97.4 million in debt. Loan details show that Wintermute…

Net Bitcoin ATMs growth drops globally for the first time ever

The domino effect of a prolonged bear market seeped into the Bitcoin (BTC) ATM ecosystem as September 2022 recorded negative growth in global net installations for the first time in history — primarily driven by a slowdown in the United States. The total number of Bitcoin ATMs installed over time fell to 37,980 in Sept. from an all-time high of 38,776 ATMs in August — resulting in a drop of -2.05%, as evidenced by data from CoinATMRadar. The number of Bitcoin machines installed over time. Source: CoinATMRadar Data on net…

LUNC investors react to CZ’s 1.2% trading tax recommendation on Binance

The infamous collapse of the Terra ecosystem, which erased market prices of TerraUSD (UST) and LUNA tokens, continues to trouble anxious investors as co-founder Do Kwon, crypto exchanges and the community together tries to identify the best route for a sustainable price recovery. Most recently, Changpeng ‘CZ’ Zhao, the CEO of crypto exchange Binance, recommended a flat 1.2% trading tax on LUNC trades that could be burned to reduce the token’s total supply and improve its price performance. Addressing the community, CZ stated: “We will implement an opt-in button (on…

Fireblocks records $100M+ revenue in subscriptions amid bear market

Fireblocks, a New York-based blockchain security service provider, made over $100 million in Annual Recurring Revenue (ARR) this year, confirming the rising interest in the crypto ecosystem that contradicts negative investor sentiments. ARR relates to the recurring revenue earned by a company based on subscriptions. As a software-as-a-service provider, Fireblocks witnessed overwhelming interest in decentralized finance, blockchain and Web3 technologies. The reason behind increased revenue amid an ongoing bear market can be attributed to an overall change in mindset, as companies and investors seem more inclined toward exploring crypto use…

SEC to address growing crypto issuer filings with specialized offices

In light of the influx of filings from cryptocurrency issuers in the United States, the Securities and Exchange Commission (SEC) decided to set up two new offices this fall to provide specialized support to the seven offices currently responsible for reviewing issuer filings.  Under the Division of Corporation Finance’s Disclosure Review Program (DRP), the SEC announced plans to add two offices — an Office of Crypto Assets and an Office of Industrial Applications and Services — purely focused on dealing with crypto assets and industrial applications and services, respectively. Sharing…

Can Web3 be hacked? Is the decentralized internet safer?

Web3 came into existence posed as a blockchain-powered disruption to the current state of the internet. Yet, as a nascent technology, a fog of assumptions plagues discussions about the real capabilities of Web3 and its role in our day-to-day lives. Considering the promise of a decentralized internet using public blockchains, a complete transition to Web3 would require scrutiny across several factors. Out of the lot, security stands as one of the most crucial features as, in a Web3-powered world, tools and applications hosted over the blockchains go mainstream. Smart contract…

ADDX bags $58M to reduce min. private investment by 10x via smart contracts

ADDX, a blockchain and smart contract-based digital securities platform from Singapore raised $58 million from mainstream financial institutions to fund its goal of reducing minimum private investment sizes via tokenization and fractionalization. The Monetary Authority of Singapore regulates ADDX as a digital securities exchange that aims to democratize private markets. The Pre-Series B funding round saw participation from the Stock Exchange of Thailand (SET), UOB, Nasdaq-listed Hamilton Lane and Thailand’s Krungsri Bank, which has brought total funds raised by ADDX to around $120 million. As explained in the announcement, ADDX…