Things to Know About Axie Infinity

 Axie Infinity is a decentralized game and digital collectibles platform built on the Ethereum Blockchain. It allows players to breed, buy, sell, and train Axie creatures. The game revolves around trading and collecting digital creatures called Axies. Each creature has unique attributes such as size, color, markings, and more. These attributes are called “traits,” They can be passed down to offspring when two parents breed together. The offspring will then have traits from both parents (and possibly other traits inherited from other ancestors). Players can make money by selling their…

Coinbase is facing class action suits over unstable stablecoins GYEN, TerraUSD

A class-action suit was filed against Coinbase on Thursday claiming the trading platform was negligent in its listing of the TerraUSD stablecoin and alleging that it failed to disclose its financial relationship with Terraform Labs. This is the second class-action suit outstanding against Coinbase. A suit was filed last month in connection with the depegging of GYEN in November.  Thursday’s suit alleges Coinbase was negligent for failing to conduct due diligence of Terraform Labs before it listed TerraUSD and misrepresenting TerraUSD’s risk as an algorithmic stablecoin. The suit compares the…

What Analysts Are Saying After Crypto Lender Celsius Paused Withdrawals; BTC Drops Below $23K

Bitcoin was recently trading at about $22,500, down more than 16% over the past day. As for major altcoins, the question wasn’t whether they were in the red but by how much. Ether, the second largest crypto by market cap, was changing hands at roughly $1,200, off over 17% during the same period and its lowest level since January 2021. CRO was off more than 20% at one point amid news that the crypto exchange would pare about 5% of its workforce, roughly 260 jobs. Wrapped bitcoin (WBTC) and TRX…

Hodler’s Digest, May 29-June 4

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week     Anonymous hacker served with restraining order via NFT In what’s perhaps an industry first, an anonymous defendant in an exchange-hacking legal case has received a temporary restraining order via NFT. The defendant is part of legal proceedings surrounding the January 2022 LCX exchange…

Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network – Altcoins Bitcoin News

Circle, the issuer of the stablecoin usd coin (USDC), announced that the project is now supported on the Polygon network. The stablecoin with the second-largest market capitalization can now be withdrawn via a Circle Account and Circle APIs without the need for manual cross-chain bridge technology. Circle Reveals Polygon-Supported USDC Circle has revealed that usd coin (USDC) is now hosted on the Polygon network and the addition means USDC is now available via nine different blockchain networks. Polygon is a large crypto ecosystem with more than 19,000 decentralized applications (dapps)…

Wall Street sends BTC price to $30.8K as latest US dollar uptick fails

Bitcoin (BTC) showed strength at the June 8 Wall Street open as impatient traders waited for a trend to emerge. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin still in “no trade zone”  Data from Cointelegraph Markets Pro and TradingView showed BTC/USD jumping to near $30,850 after the opening bell, helping claw back some of the ground lost in an overnight correction. Choppy trading conditions prevailed within a familiar range on the day, however, leading to both long and short traders seeing increased risk on low timeframes. For popular trader Crypto…

Social Media’s Role in Cryptocurrency Scams

The influence of social media and crypto has given rise to a new form of scamming and fraud known as cryptocurrency scams, which have increased in number and severity over the past few years. According to a recent report, nearly $1 billion was lost through cryptocurrency scams in 2021, with an estimated 9 in 10 victims falling prey to fraudsters on Facebook, Twitter, and Instagram. With cryptocurrencies headed for mainstream adoption and regulations toward the system unclear, those who lose finances as the result of cryptocurrency scams are hoping to…

Solana Halted by Bug Linked to Certain Cold Storage Transactions

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Basel Committee presses on with restrictive requirements for banks’ crypto holdings

The Basel Committee on Banking Supervision met Friday and discussed cryptocurrency, among other topics. The committee stated that it would soon publish its second consultative paper with the intention of finalizing guidelines on the prudential treatment of crypto exposure by banks by year-end.  In a Tuesday press release, the committee issued the following statement, which was likely in reference to the recent collapse of the Terra ecosystem: “Recent developments have further highlighted the importance of having a global minimum prudential framework to mitigate risks from cryptoassets.” The committee began consultations…

Gov’t says crypto miners consume 2% of total electricity in Russia

Crypto miners account for two percent of the total electricity consumption in Russia, according to the latest government estimate. The energy consumption share of the crypto mining industry has exceeded the country’s agricultural sector, showing signs of recovery after Russia fell out of the top three in the global Bitcoin (BTC) mining hash rate share. Russia’s Deputy Minister of trade and industry Vasily Shpak called for bringing the mining industry under the purview of law in the wake of the recent mining estimate. He said: “Do you know how much…