Tag: Cryptocurrency

How to keep your cryptocurrency safe after the FTX collapse

Arijit Sarkar

The fall of the FTX crypto exchange forced many to reconsider their overall approach to investments — starting from self-custody to verifying the on-chain existence of funds. This shift in approach was driven primarily by the lack of trust crypto investors have in the entrepreneurs after being duped by FTX CEO and co-founder Sam Bankman-Fried (SBF). FTX crashed after SBF and his accomplices were caught secretly reinvesting users’ funds, resulting in the misplacement of at least $1 billion of client funds. Efforts to regain investor trust saw competing crypto exchanges…

Cryptocurrency lender Vauld halts Withdrawals and Considers Restructuring

Peter Olaoluwapo

Along with competitors including Celsius Network and Babel Finance, Vauld, a cryptocurrency lender supported by Coinbase Inc., said it suspended withdrawals and recruited advisers to investigate a potential restructuring to withstand the market crash. According to Chief Executive Officer Darshan Bathija’s blog post on Monday, the Singapore-based company has retained Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal and financial advisers, respectively. The site has halted all trading, deposits, and withdrawals. Less than three weeks after declaring that withdrawals were being processed as usual and continuing to…

Social Media’s Role in Cryptocurrency Scams

julietluciol7

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…

Brazil’s Citizens Will Pay Tax on Cryptocurrency Related Revenue.

Boboye Adeyemi

Citizens of Brazil are now required to pay tax on any cryptocurrency-related activities and revenue, as announced by the Federal Revenue of Brazil (RFB). This new law means that every cryptocurrency-related activity like NFT flipping, remittance, and trading activities are taxable, with some exceptions. However, the enforcement is a bit confusing and surprising to see as, currently,  no cryptocurrency exchange supports the Brazilian Real, which is the national currency of Brazil. In a memo published in the Diario Oficial da Uniao, which is the official journal of the Federal Revenue…

Mastercard Aims to Expand More Into Cryptocurrency Despite Recent Market Meltdown

Adewumi Victor

The cryptocurrency market has taken a downturn in recent weeks. Bitcoin, the bellwether for the crypto market, hit a 52-week low last week, a slump not seen since December 2020, and with it, the rest of the altcoins. Mastercard was not deterred from expanding more into the cryptocurrency space, despite the recent market volatility linked to several factors. Regardless of this current crypto crisis, enterprising executives and investors are optimistic about the cryptocurrency industry’s long-term potential. Mastercard has capitalized on this market condition by making strategic partnerships with crypto platforms…

An Island for Cryptocurrency and DeFi Talent is Set to Open in the Central African Republic 

Boboye Adeyemi

The CV-19 lockdown situation has brought about a global shift in how work is completed. With countries forced to go on lockdown for months, there was, unfortunately, a need to lay off workers in key industries. However, many tech companies decided to introduce the concept of a WFH (Work from Home) policy to retain talent. Some sectors suffered economically during the pandemic. For certain sectors, like the cryptocurrency industry, the global cryptocurrency market size was USD 826.6 million in 2020 and fluctuated greatly.  One of the key effects of CV-19,…

GameStop unveils beta cryptocurrency wallet and upcoming NFT platform

Gareth Jenkinson

American electronics retail firm GameStop has taken a step into the world of cryptocurrencies, unveiling a proprietary blockchain wallet that will feature nonfungible token functionality. The GameStop Wallet will allow gamers to acquire, send and store Ether (ETH), ERC-20 tokens and NFTs through a self-custodial browser extension running on the Ethereum blockchain. A mobile application is also in the works. It’s official! The GameStop Wallet is here. Download: https://t.co/dK2dmRmwRI — GameStopNFT (@GameStopNFT) May 23, 2022 The wallet will run on Ethereum’s Loopring layer-2 scaling protocol designed for decentralized exchanges, which…

The pros and cons of staking cryptocurrency

Cointelegraph By Murtuza Merchant

As a suitable option for long-term crypto token holders, staking pools offer the promise of earning yields in addition to the capital gains earned through token value appreciation. One can invest in a stake pool with a fraction of the number of tokens required to become a validator on a PoS blockchain, while the staking pool rewards users on a daily, weekly or quarterly basis, depending on the cryptocurrency being staked. For example, investors can stake their ETH tokens in a staking pool on Coinbase for daily rewards and with…

Web3 NYC Gallery Debunks 3 Biggest Myths Surrounding Cryptocurrency

Anthony B

Web3 NYC gallery offers a way out of this unnecessary dilemma. In this article, Web3 NYC Gallery debunks 3 common misconceptions about cryptocurrencies. Bengaluru, First Published Apr 29, 2022, 2:56 PM IST If you haven’t heard of cryptocurrencies, you’ve probably been living under a rock. However, if you misunderstand what they are, you aren’t alone. Ever since the idea hit the market, NFTs have remained an enigma among most people. This has led many to doubt its intentions and purpose. Web3 NYC Gallery  offers a way out of this unnecessary…

Indonesia’s cryptocurrency community in 2022: An overview

Guest Author

Crypto is the next big thing in Indonesia. According to the Ministry of Trade, transactions for currencies like Bitcoin (BTC) grew over 14 times from a total of 60 trillion rupiahs ($4.1 billion) in 2020 to a total of 859 trillion rupiahs ($59.83 billion) in 2021. It’s getting to the point where crypto is becoming more popular than traditional stock. Vice Minister of Trade Jerry Sambuaga stated that more than 11 million Indonesians bought or sold crypto in 2021. In comparison, according to the Indonesian Central Securities Depository, the total…