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Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

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

Pro-centralization Russian president grants citizenship to Edward Snowden: Report

Edward Snowden has reportedly received Russian citizenship via a decision from the country’s president, Vladimir Putin. Snowden has been a permanent resident in Russia since 2013 after he exposed secrets relating to the United States National Security Agency. However, Snowden favors less government involvement than Putin’s approach to leadership. Snowden has offered comment on crypto multiple times and helped build crypto asset Zcash.

Breaking: Interpol ‘Red Notice’ issued for Do Kwon — South Korea prosecutors

Global criminal police organization Interpol has put out an alert known as a Red Notice in order to help locate and arrest Terraform Labs co-founder Do Kwon, wherever he may be. Terra’s ecosystem fell apart earlier in 2022. Charges were brought against Kwon in South Korea for his involvement in the Terra project. Kwon has tweeted that he is not hiding. He was thought to be in Singapore, although Reuters reporting has indicated a possible change in location. Authorities in South Korea have also taken steps to freeze funds reportedly associated with Kwon.

FTX US wins auction for Voyager Digital’s assets

The auction to acquire Voyager Digital assets ended this week when crypto exchange FTX US emerged as the winner, edging out competing bids from CrossTower and Binance. The U.S. exchange paid around $1.4 billion for Voyayer’s assets, which is roughly the same as the lender’s remaining assets. The deal is pending approval from a U.S. bankruptcy court. Wave Financial also participated in the bidding and has since debated the outcome.

Judge orders SEC to turn Hinman documents over to Ripple Labs after months of dispute

U.S. District Court Judge Analisa Torres ruled that the U.S. Securities and Exchange Commission (SEC) must provide information about comments from a former government official that could impact Ripple’s fight against the securities regulator. In a 2018 speech, former SEC Corporation Finance Division Director William Hinman noted that Bitcoin and Ether did not classify as securities. The ruling from Torres means the SEC must not hold back documents related to that speech. The battle between Ripple and the SEC began in 2020, with the commission calling XRP a security.

Pantera plans to raise $1.25B for second blockchain fund: Report

After launching its first blockchain fund in 2021, crypto-centric hedge fund Pantera Capital is reportedly looking to raise a whopping $1.25 billion for a second fund targeting digital asset projects. “We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” Pantera CEO Dan Morehead told Bloomberg.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $19,777, Ether (ETH) at $1,356 and XRP at $0.47. The total market cap is at $954.03 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 37.76%, Terra Classic (LUNC) at 21.41% and Helium (HNT) at 20.93%.  

The top three altcoin losers of the week are Chiliz (CHZ) at -9.29%, Lido DAO (LDO) at -6.82% and Cronos (CRO) at -6.31%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“The most important thing is that [the Ethereum Merge] was executed flawlessly. Everything that was supposed to happen did happen. And none of the things that people were worried about did happen.”

Eli Ben-Sasson, co-founder of Starkware

“I think the world is just waking up to reality and Ethereum just went way off into fantasyland at the exact wrong time.”

Cory Klippsten, CEO of Swan Bitcoin

“In DeFi, you can’t get away with letting one borrower be half of a lending pool because people see that and they question the risk management there.”

Sid Powell, CEO and co-founder of Maple Finance

“In our genres that we’re hitting, there might be roughly 500 million people that we can bring in that literally won’t know that they’re playing a crypto game.”

Kieran Warwick, co-founder of Illuvium

“People need to be able to interact with apps and services and content and transactions without knowing that they’re using crypto.”

Jeremy Allaire, CEO of Circle

“SMS 2FA is better than nothing, but it is the most vulnerable form of 2FA currently in use.”

Jesse Leclere, security expert for CertiK

“I’m writing code in my living room. […] I’m making zero effort to hide.” 

Do Kwon, co-founder of Terra

Prediction of the Week 

Bitcoin price due ‘big dump’ after passing $20K, warns trader

Bitcoin largely remained below $20,000 this week, though the asset successfully broke above that level several times, according to Cointelegraph’s BTC price index. After zipping past $20,000 on Sept. 30, Bitcoin fell right back down below the level, seeming to line up with the timing of a recent speech by Russian President Vladimir Putin. Pseudonymous Twitter user “Il Capo of Crypto” predicted the price action in a Sept. 30 tweet: “Pump to 20000-20500 before Putin’s speech. Then big dump.”

FUD of the Week 

California files order against Nexo interest account, says it’s 8th state to take action

Crypto lending platform Nexo has been ordered by California’s Department of Financial Protection and Innovation (DFPI) to halt the operation of its Earn Interest Product. The agency asserted that the product does not fall in line with regulatory approval requirements. Nexo essentially froze the product for U.S. customers earlier in 2022, although not fully, according to the DFPI. Nexo reportedly faces similar action from New York, Vermont and five other state regulators. Nexo explained to Cointelegraph that it has been working with regulatory authorities in the U.S.

MEV bot earns $1M but loses everything to a hacker an hour later

A Maximal Extractable Value (MEV) bot capitalized on an arbitrage opportunity on decentralized exchange Uniswap V2, tallying about $1 million worth of Ether in profits in a single day. The fanfare was short-lived, however, as the bot’s apparently questionable code left it vulnerable to exploitation, with a hacker apprehending the funds on the same day.

SEC alleges fintech and ‘market maker’ firms manipulated crypto market in token scheme

Hydrogen Technology Corporation and market maker Moonwalkers Trading Limited face action from the SEC for alleged market manipulation. In 2018, Hydro tokens were dispersed via multiple avenues, including an airdrop. Hydrogen and Moonwalkers then allegedly collaborated to make it seem like the asset was significantly active on the market and subsequently dumped Hydro tokens for profit.

Best Cointelegraph Features

5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned

“Index investing can be boring, but it saves you from the worst possible outcomes.”

Throw your Bored Apes in the trash

From carrying medical data to streamlining royalty payments, nonfungible tokens serve a variety of important technological purposes. Bored Apes are a demeaning distraction.

Tax on income you never earned? It’s possible after Ethereum’s Merge

IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides.

The best of blockchain, every Tuesday

Subscribe for thoughtful explorations and leisurely reads from Magazine.

By subscribing you agree to our Terms of Service and Privacy Policy

Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

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

Pro-centralization Russian president grants citizenship to Edward Snowden: Report

Edward Snowden has reportedly received Russian citizenship via a decision from the country’s president, Vladimir Putin. Snowden has been a permanent resident in Russia since 2013 after he exposed secrets relating to the United States National Security Agency. However, Snowden favors less government involvement than Putin’s approach to leadership. Snowden has offered comment on crypto multiple times and helped build crypto asset Zcash.

Breaking: Interpol ‘Red Notice’ issued for Do Kwon — South Korea prosecutors

Global criminal police organization Interpol has put out an alert known as a Red Notice in order to help locate and arrest Terraform Labs co-founder Do Kwon, wherever he may be. Terra’s ecosystem fell apart earlier in 2022. Charges were brought against Kwon in South Korea for his involvement in the Terra project. Kwon has tweeted that he is not hiding. He was thought to be in Singapore, although Reuters reporting has indicated a possible change in location. Authorities in South Korea have also taken steps to freeze funds reportedly associated with Kwon.

FTX US wins auction for Voyager Digital’s assets

The auction to acquire Voyager Digital assets ended this week when crypto exchange FTX US emerged as the winner, edging out competing bids from CrossTower and Binance. The U.S. exchange paid around $1.4 billion for Voyayer’s assets, which is roughly the same as the lender’s remaining assets. The deal is pending approval from a U.S. bankruptcy court. Wave Financial also participated in the bidding and has since debated the outcome.

Judge orders SEC to turn Hinman documents over to Ripple Labs after months of dispute

U.S. District Court Judge Analisa Torres ruled that the U.S. Securities and Exchange Commission (SEC) must provide information about comments from a former government official that could impact Ripple’s fight against the securities regulator. In a 2018 speech, former SEC Corporation Finance Division Director William Hinman noted that Bitcoin and Ether did not classify as securities. The ruling from Torres means the SEC must not hold back documents related to that speech. The battle between Ripple and the SEC began in 2020, with the commission calling XRP a security.

Pantera plans to raise $1.25B for second blockchain fund: Report

After launching its first blockchain fund in 2021, crypto-centric hedge fund Pantera Capital is reportedly looking to raise a whopping $1.25 billion for a second fund targeting digital asset projects. “We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” Pantera CEO Dan Morehead told Bloomberg.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $19,777, Ether (ETH) at $1,356 and XRP at $0.47. The total market cap is at $954.03 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 37.76%, Terra Classic (LUNC) at 21.41% and Helium (HNT) at 20.93%.  

The top three altcoin losers of the week are Chiliz (CHZ) at -9.29%, Lido DAO (LDO) at -6.82% and Cronos (CRO) at -6.31%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“The most important thing is that [the Ethereum Merge] was executed flawlessly. Everything that was supposed to happen did happen. And none of the things that people were worried about did happen.”

Eli Ben-Sasson, co-founder of Starkware

“I think the world is just waking up to reality and Ethereum just went way off into fantasyland at the exact wrong time.”

Cory Klippsten, CEO of Swan Bitcoin

“In DeFi, you can’t get away with letting one borrower be half of a lending pool because people see that and they question the risk management there.”

Sid Powell, CEO and co-founder of Maple Finance

“In our genres that we’re hitting, there might be roughly 500 million people that we can bring in that literally won’t know that they’re playing a crypto game.”

Kieran Warwick, co-founder of Illuvium

“People need to be able to interact with apps and services and content and transactions without knowing that they’re using crypto.”

Jeremy Allaire, CEO of Circle

“SMS 2FA is better than nothing, but it is the most vulnerable form of 2FA currently in use.”

Jesse Leclere, security expert for CertiK

“I’m writing code in my living room. […] I’m making zero effort to hide.” 

Do Kwon, co-founder of Terra

Prediction of the Week 

Bitcoin price due ‘big dump’ after passing $20K, warns trader

Bitcoin largely remained below $20,000 this week, though the asset successfully broke above that level several times, according to Cointelegraph’s BTC price index. After zipping past $20,000 on Sept. 30, Bitcoin fell right back down below the level, seeming to line up with the timing of a recent speech by Russian President Vladimir Putin. Pseudonymous Twitter user “Il Capo of Crypto” predicted the price action in a Sept. 30 tweet: “Pump to 20000-20500 before Putin’s speech. Then big dump.”

FUD of the Week 

California files order against Nexo interest account, says it’s 8th state to take action

Crypto lending platform Nexo has been ordered by California’s Department of Financial Protection and Innovation (DFPI) to halt the operation of its Earn Interest Product. The agency asserted that the product does not fall in line with regulatory approval requirements. Nexo essentially froze the product for U.S. customers earlier in 2022, although not fully, according to the DFPI. Nexo reportedly faces similar action from New York, Vermont and five other state regulators. Nexo explained to Cointelegraph that it has been working with regulatory authorities in the U.S.

MEV bot earns $1M but loses everything to a hacker an hour later

A Maximal Extractable Value (MEV) bot capitalized on an arbitrage opportunity on decentralized exchange Uniswap V2, tallying about $1 million worth of Ether in profits in a single day. The fanfare was short-lived, however, as the bot’s apparently questionable code left it vulnerable to exploitation, with a hacker apprehending the funds on the same day.

SEC alleges fintech and ‘market maker’ firms manipulated crypto market in token scheme

Hydrogen Technology Corporation and market maker Moonwalkers Trading Limited face action from the SEC for alleged market manipulation. In 2018, Hydro tokens were dispersed via multiple avenues, including an airdrop. Hydrogen and Moonwalkers then allegedly collaborated to make it seem like the asset was significantly active on the market and subsequently dumped Hydro tokens for profit.

Best Cointelegraph Features

5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned

“Index investing can be boring, but it saves you from the worst possible outcomes.”

Throw your Bored Apes in the trash

From carrying medical data to streamlining royalty payments, nonfungible tokens serve a variety of important technological purposes. Bored Apes are a demeaning distraction.

Tax on income you never earned? It’s possible after Ethereum’s Merge

IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides.

The best of blockchain, every Tuesday

Subscribe for thoughtful explorations and leisurely reads from Magazine.

By subscribing you agree to our Terms of Service and Privacy Policy

Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

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

Pro-centralization Russian president grants citizenship to Edward Snowden: Report

Edward Snowden has reportedly received Russian citizenship via a decision from the country’s president, Vladimir Putin. Snowden has been a permanent resident in Russia since 2013 after he exposed secrets relating to the United States National Security Agency. However, Snowden favors less government involvement than Putin’s approach to leadership. Snowden has offered comment on crypto multiple times and helped build crypto asset Zcash.

Breaking: Interpol ‘Red Notice’ issued for Do Kwon — South Korea prosecutors

Global criminal police organization Interpol has put out an alert known as a Red Notice in order to help locate and arrest Terraform Labs co-founder Do Kwon, wherever he may be. Terra’s ecosystem fell apart earlier in 2022. Charges were brought against Kwon in South Korea for his involvement in the Terra project. Kwon has tweeted that he is not hiding. He was thought to be in Singapore, although Reuters reporting has indicated a possible change in location. Authorities in South Korea have also taken steps to freeze funds reportedly associated with Kwon.

FTX US wins auction for Voyager Digital’s assets

The auction to acquire Voyager Digital assets ended this week when crypto exchange FTX US emerged as the winner, edging out competing bids from CrossTower and Binance. The U.S. exchange paid around $1.4 billion for Voyayer’s assets, which is roughly the same as the lender’s remaining assets. The deal is pending approval from a U.S. bankruptcy court. Wave Financial also participated in the bidding and has since debated the outcome.

Judge orders SEC to turn Hinman documents over to Ripple Labs after months of dispute

U.S. District Court Judge Analisa Torres ruled that the U.S. Securities and Exchange Commission (SEC) must provide information about comments from a former government official that could impact Ripple’s fight against the securities regulator. In a 2018 speech, former SEC Corporation Finance Division Director William Hinman noted that Bitcoin and Ether did not classify as securities. The ruling from Torres means the SEC must not hold back documents related to that speech. The battle between Ripple and the SEC began in 2020, with the commission calling XRP a security.

Pantera plans to raise $1.25B for second blockchain fund: Report

After launching its first blockchain fund in 2021, crypto-centric hedge fund Pantera Capital is reportedly looking to raise a whopping $1.25 billion for a second fund targeting digital asset projects. “We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” Pantera CEO Dan Morehead told Bloomberg.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $19,777, Ether (ETH) at $1,356 and XRP at $0.47. The total market cap is at $954.03 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 37.76%, Terra Classic (LUNC) at 21.41% and Helium (HNT) at 20.93%.  

The top three altcoin losers of the week are Chiliz (CHZ) at -9.29%, Lido DAO (LDO) at -6.82% and Cronos (CRO) at -6.31%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“The most important thing is that [the Ethereum Merge] was executed flawlessly. Everything that was supposed to happen did happen. And none of the things that people were worried about did happen.”

Eli Ben-Sasson, co-founder of Starkware

“I think the world is just waking up to reality and Ethereum just went way off into fantasyland at the exact wrong time.”

Cory Klippsten, CEO of Swan Bitcoin

“In DeFi, you can’t get away with letting one borrower be half of a lending pool because people see that and they question the risk management there.”

Sid Powell, CEO and co-founder of Maple Finance

“In our genres that we’re hitting, there might be roughly 500 million people that we can bring in that literally won’t know that they’re playing a crypto game.”

Kieran Warwick, co-founder of Illuvium

“People need to be able to interact with apps and services and content and transactions without knowing that they’re using crypto.”

Jeremy Allaire, CEO of Circle

“SMS 2FA is better than nothing, but it is the most vulnerable form of 2FA currently in use.”

Jesse Leclere, security expert for CertiK

“I’m writing code in my living room. […] I’m making zero effort to hide.” 

Do Kwon, co-founder of Terra

Prediction of the Week 

Bitcoin price due ‘big dump’ after passing $20K, warns trader

Bitcoin largely remained below $20,000 this week, though the asset successfully broke above that level several times, according to Cointelegraph’s BTC price index. After zipping past $20,000 on Sept. 30, Bitcoin fell right back down below the level, seeming to line up with the timing of a recent speech by Russian President Vladimir Putin. Pseudonymous Twitter user “Il Capo of Crypto” predicted the price action in a Sept. 30 tweet: “Pump to 20000-20500 before Putin’s speech. Then big dump.”

FUD of the Week 

California files order against Nexo interest account, says it’s 8th state to take action

Crypto lending platform Nexo has been ordered by California’s Department of Financial Protection and Innovation (DFPI) to halt the operation of its Earn Interest Product. The agency asserted that the product does not fall in line with regulatory approval requirements. Nexo essentially froze the product for U.S. customers earlier in 2022, although not fully, according to the DFPI. Nexo reportedly faces similar action from New York, Vermont and five other state regulators. Nexo explained to Cointelegraph that it has been working with regulatory authorities in the U.S.

MEV bot earns $1M but loses everything to a hacker an hour later

A Maximal Extractable Value (MEV) bot capitalized on an arbitrage opportunity on decentralized exchange Uniswap V2, tallying about $1 million worth of Ether in profits in a single day. The fanfare was short-lived, however, as the bot’s apparently questionable code left it vulnerable to exploitation, with a hacker apprehending the funds on the same day.

SEC alleges fintech and ‘market maker’ firms manipulated crypto market in token scheme

Hydrogen Technology Corporation and market maker Moonwalkers Trading Limited face action from the SEC for alleged market manipulation. In 2018, Hydro tokens were dispersed via multiple avenues, including an airdrop. Hydrogen and Moonwalkers then allegedly collaborated to make it seem like the asset was significantly active on the market and subsequently dumped Hydro tokens for profit.

Best Cointelegraph Features

5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned

“Index investing can be boring, but it saves you from the worst possible outcomes.”

Throw your Bored Apes in the trash

From carrying medical data to streamlining royalty payments, nonfungible tokens serve a variety of important technological purposes. Bored Apes are a demeaning distraction.

Tax on income you never earned? It’s possible after Ethereum’s Merge

IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides.

The best of blockchain, every Tuesday

Subscribe for thoughtful explorations and leisurely reads from Magazine.

By subscribing you agree to our Terms of Service and Privacy Policy

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SEC Charges 2 Firms and 4 Individuals in Crypto Pump-and-Dump Scheme – Regulation Bitcoin News

SEC Charges 2 Firms and 4 Individuals in Crypto Pump-and-Dump Scheme – Regulation Bitcoin News

The U.S. Securities and Exchange Commission (SEC) has taken action against two firms and four individuals allegedly perpetrating a crypto pump-and-dump scheme. “Although this case involves crypto assets, it bears the hallmarks of a classic pump and dump scheme,” said the SEC.

SEC Charges 2 Firms in Crypto Pump-and-Dump Case

The U.S. Securities and Exchange Commission (SEC) said Friday that it has filed charges against two firms and four individuals allegedly perpetrating a cryptocurrency pump-and-dump scheme.

The two companies are Bermuda-based Arbitrade Ltd. and Canadian firm Cryptobontix Inc. The other defendants are their principals — Troy R. J. Hogg, James L. Goldberg, and Stephen L. Braverman — and Max W. Barber, founder and sole owner of SION Trading. SION is named a relief defendant in the case.

The defendants allegedly perpetrated a “pump-and-dump scheme involving a crypto asset called ‘dignity’ or ‘DIG,’” the SEC detailed, adding:

Although this case involves crypto assets, it bears the hallmarks of a classic pump and dump scheme.

The securities watchdog explained that between May 2018 and January 2019, the two companies, through the four defendants, “issued announcements falsely claiming that Arbitrade had acquired and received title to $10 billion in gold bullion.”

They further claimed that “the company intended to back each DIG token issued and sold to investors with $1.00 worth of this gold, and that independent accounting firms had performed an ‘audit’ of the gold and verified its existence.”

The SEC said:

In reality … the gold acquisition transaction was merely a sham to boost demand for DIG.

This allowed the defendants to sell at least $36.8 million of the crypto token, including to U.S. investors, “at prices fraudulently inflated by the public misstatements about the supposed gold acquisition,” the SEC detailed.

The regulator added:

The SEC’s complaint charges the defendants with violating the antifraud and securities registration provisions of the federal securities laws.

The SEC “seeks permanent injunctive relief, disgorgement plus prejudgment interest, and civil penalties against all of the defendants, and officer-and-director bars against the individual defendants.”

Tags in this story

What do you think about the SEC taking action against this crypto pump-and-dump scheme? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Web3 and Crypto Checking Account Startup Juno Raises $18M, Airdrops Reward Token JCOIN – Finance Bitcoin News

Web3 and Crypto Checking Account Startup Juno Raises $18M, Airdrops Reward Token JCOIN – Finance Bitcoin News

Juno, the Singapore-based Web3 crypto firm that offers customers checking accounts tied to crypto assets, has raised $18 million in a Series A financing round led by Parafi Capital. The fresh capital follows the startup’s seed round in 2019 when Juno raised $3 million from investors.

Juno Raises $18 Million in a Funding Round Led by Parafi Capital, Crypto Startup Reveals Loyalty Token

The Web3 crypto startup Juno is a digital currency company that provides clients with the ability to create a checking account by leveraging crypto assets. On October 1, it was revealed that the company has raised $18 million in a Series A funding round led by Parafi Capital.

According to the announcement, Juno’s Series A investors also included 6th Man Ventures, Hashed, Sequoia India’s Surge, Greycroft, Jump Crypto, and Uncorrelated Fund. Varun Deshpande, the co-founder and chief executive officer of Juno, told Tech Crunch reporter Manish Singh the firm has “has reached $1 billion in annualized transaction volume processing.”

The company has also launched a new token called JCOIN and Juno airdropped the new ERC20 token to “70k+ Juno users.” The latest funding round’s capital will be used to expand the company’s team and the firm’s loyalty program. JCOIN will be used for “exciting offers, collectibles, and in-app boosts redeemable through JCOIN, only on the Juno Store.”

So far the startup, which was originally started by founders who created the Ethereum lending protocol Nuo, has raised $21 million to date, after the $18 million Series A fundraising and the company’s seed round in 2019. At the time in 2019, the investors that backed Juno included Dragonfly Capital, Polychain Capital, Sequoia Capital, Balaji Srinivasan, and Ryan Selkis.

Tags in this story
$18 million Series A, 6th Man Ventures, Balaji Srinivasan, Capital raise, Checking Account, Crypto Checking Account, Dragonfly Capital, Greycroft, Hashed, JCOIN, Jump Crypto, Juno, Parafi Capital, PolyChain Capital, Ryan Selkis, seed round, Sequoia Capital, Sequoia India’s Surge, Series A, Singapore, Uncorrelated Fund, Varun Deshpande, Web3, Web3 Juno

What do you think about Juno raising $18 million from investors in a Series A financing round? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Web3 is the solution to Uber’s problem with hackers

Web3 is the solution to Uber’s problem with hackers

Uber is a staple of the gig economy, for better or worse, and a disruptor that once sent shockwaves throughout the mobility space. Now, however, Uber is being taken for a ride. The company is handling a reportedly far-reaching cybersecurity breach. According to the ride-hailing giant, the attacker has not been able to access sensitive user data, or at least, there is no evidence to suggest otherwise. Whether or not sensitive user data was exposed, this case points to a persistent issue with today’s apps. Can we continue to sacrifice our data — and thereby our privacy and security — for convenience?

Web2, the land of hackable honeypots

Uber’s track record for data breaches is not exactly spotless. Just in July, the ride-hailing giant acknowledged hushing up a massive breach in 2016 that leaked the personal data of 57 million customers. In this sense, the timing of the new incident could not have been worse, and given how long it takes to establish the damage done in such breaches, the full scale of the event has yet to reveal itself.

Uber’s data breach is not anything out of the ordinary — Web2 apps are ubiquitous, ever reaching further into our lives, and many of them, from Facebook to DoorDash, have suffered breaches as well. The more Web2 apps proliferate across the consumer space and beyond, the more often we will get such incidents in the long run.

Related: Crypto will become an inflation hedge — just not yet

The issue comes down to the very architecture of apps built on Web2. Through their centralized tech stacks, they naturally create honeypots containing users’ sensitive data from payment details to consumer behavior. As users funnel more and more data through various consumer apps, hackers have more and more honeypots to pursue.

The only true solution to the problem is also the most radical one — consumer apps should embrace Web3, restructure their data and payment architectures to grant users more security and privacy, and welcome this new era of the internet.

What would a Web3 Uber look like?

Web3 does not necessarily mean a change in the app interfaces we interact with. In fact, one could argue that continuity and similarity are key to adoption. A Web3 Uber would look and feel pretty much the same on the surface. It would have the same overall purpose and function as existing Web2 ride-hailing apps. Below the deck, however, it would be a very different beast. All the benefits of Web3 such as decentralized governance, data sovereignty and inclusive monetization models — systems that distribute earnings democratically — are engineered below the surface.

Web3 is all about verifiable ownership. It is the first time that people can verifiably own assets, be it digital or physical, through the Web. This pertains to ownership of value in the form of cryptocurrencies, but in the case of Web3 ride-hailing, it also pertains to retaining ownership of your data and ownership of the apps, underlying networks and the vehicles themselves.

Web3, Web 2.0, Uber, Hacks, Hackers, Cybercrime, Cybersecurity, Data

In practical terms, a Web3 Uber will allow users to control how much data they give, to who and when. Web3 Uber would ditch centralized databases in favor of peer-to-peer networks. Self-Sovereign Identities — decentralized digital IDs that you own and control — would allow people and machines alike to have decentralized digital passports which are not dependent on any one central authority for their proper function.

Drivers and passengers would be able to verify themselves on the Web3 ride-hailing app with their SSI in a fully peer-to-peer manner. They would also be able to choose what data they’d like to share or sell and to whom, exercising full ownership over their personal information and digital footprint.

Decentralized governance will make for another monumental shift. It will mean that all stakeholders, be it drivers, passengers, app developers and investors alike, will have the ability to co-own, co-govern and co-earn on all levels – from the infrastructure powering the decentralized application (DApp) to the intricacies of the DApp itself. It would be a ride-hailing app by users, for users.

Imagine for a moment that the fees charged by Uber were voted on by drivers and passengers, not dictated by a boardroom in Silicon Valley. Ask the next Uber driver what they think of that. Users, for their part, will be able to vote things like disaster-time price surges into the bin. For drivers all over the world, Web3 ride-hailing will mean being paid fairly without a third-party corporate intermediary taking a cut.

Related: Latin America is ready for crypto — Just integrate it with their payment systems

Web3 also enables a new kind of sharing economy, one where anyone, anywhere is able to own the vehicles being used by ride-hailing apps or any other kind of vehicle-focused app via machine nonfungible tokens (NFTs) — tokens that represent ownership over pools of real-world vehicles. It will be possible for the communities in which these vehicles operate to have ownership rights over those same vehicles, granting the ability to vote on how they’re used and giving them an income stream. The more these increasingly intelligent machines provide goods and services to the community, the more the community earns. Web3 is turning the status quo on its head.

A shift to Web3 in consumer apps will address the root cause of the persistent breaches, removing the very need for centralized data honeypots without necessarily making things more complicated for users. Despite that being an enormous paradigm shift in and of itself, data sovereignty is just one of the advantages a Web3 Uber would have over Web2 Uber.

In the future, blockchain will become something as unseen as the inner workings of Google Pay — just fully accessible to those who wish to view it. It will be something users unknowingly interact with when ordering a pizza or hailing a ride — yet absolutely fundamental to a fairer, more democratic society in the digital age.

Max Thake is the co-founder of peaq, a blockchain network powering the Economy of Things on Polkadot.

This article is for general informational purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

California fraud cases highlight the need for a regulatory crackdown on crypto

California fraud cases highlight the need for a regulatory crackdown on crypto

The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for violating California securities laws. Some of the highlights included allegations that they offered unqualified securities as well as material misrepresentations and omissions to investors.

These violations should remind us that while crypto is a unique and exciting industry for the public at large, it is still an area that is rife with the potential for bad players and fraud. To date, government crypto regulation has been minimal at best, with a distinct lack of action. Whether you are a full-time professional investor or just a casual fan who wants to be involved, you need to be absolutely sure of what you are getting into before getting involved in any crypto opportunity.

California has toyed with setting up a crypto-specific business registration process for those looking to do business in the state. The proposed framework was vetoed by Governor Gavin Newsom as the resources required to establish and enforce such a framework would be prohibitive for the state. While this type of compliance infrastructure has not been employed yet, it points to concerns that regulatory authorities have related to the crypto industry.

There appears to be a pattern that new industries, especially those that garner as much international attention as crypto, are especially susceptible to fraud. One must go only as far back as cannabis legalization to find the last time California had to deal with fraudulent schemes at this scale.

Related: The feds are coming for the metaverse — from Axie Infinity to Bored Apes

It appears inevitable that California, known to be a first mover in regulation and compliance, will create some form of crypto-specific compliance infrastructure in the name of consumer protection. If history is any indication, once California releases its framework, other states will follow.

Federal and state representatives have been attempting to draft legislation to establish financial standards for crypto with little luck to date. At the federal level, Senators Cory Booker, John Thune, Debbie Stabenow and John Boozman co-sponsored a bill to empower the Commodities Futures Trading Commission (CFTC) to serve as the regulatory body for crypto, while Senators Kirsten Gillibrand and Cynthia Lummis co-sponsored a bill to establish more clear guidance on digital assets and virtual currencies. Lawmakers have even reached out to tech luminaries such as Mark Zuckerberg to weigh in on crypto fraud.

Cryptocurrencies, California, CFTC, Legislation, Law, Scams, Fraud, Bitcoin Scams
Source: Chainalysis

None of these or other similarly crypto-focused bills are expected to pass in 2022, but this level of bipartisan cooperation has been unprecedented in recent times. The collaboration should reflect just the sheer magnitude of the need for a regulatory framework. Said another way, Democrats and Republicans speaking to one another about anything should stop the presses, but the fact that they are co-sponsoring multiple bills should tell us that there is a monumental requirement for guidance.

How should one approach investing in the crypto space if the government is not going to establish controls for crypto? There are a few general points that one should consider if they are presented with a crypto investment opportunity.

Related: GameFi developers could be facing big fines and hard time

When reviewing any opportunity, do your due diligence! Do not take anyone’s word without some level of substantive support. If crypto is not an area of expertise, reach out to professionals who do have qualified experience. Make sure to utilize crypto monitoring and blockchain analysis tools, if possible, as part of the vetting process.

A common strategy of fraudsters is putting undue pressure or artificial timelines on a potential close. Slow down the process and use any and all time necessary to make an investment decision.

If it sounds too good to be true, it probably is. As overplayed as the cliché may be, it does bring up a valid point. There have been instances of schemes offering to pay initial and ongoing dividends for any new investors that are brought in and for additional dividends to be paid from any investors that those new investors bring in. If this sounds like a pyramid or multi-level marketing scheme, that’s because it is. Terms like “No Risk Investment” get thrown around as well. Ultimately, if no one knows where the opportunity is coming from, beware.

While crypto can be a fun and electrifying topic with many legitimate opportunities, there are bad players who will take advantage of the lack of government oversight and the excitement of overenthusiastic or undereducated investors.

Zach Gordon is a certified public accountant (CPA) and vice president of crypto accounting for Propeller Industries, serving as fractional chief financial officer and adviser to a portfolio of crypto and Web3 clients. He has been named a Forty Under 40 CPA, sits on the Digital Assets Committee for the NYSSCPA and has been working with crypto clients in a variety of capacities since 2016.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies – Mining Bitcoin News

Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies – Mining Bitcoin News

New legislation proposed in the parliament of Kazakhstan will allow only authorized miners to mint digital currency, if adopted. The draft has been designed to comprehensively regulate the industry and reduce what its sponsors label as uncontrolled consumption of electricity in the sector.

Lawmakers in Kazakhstan Submit Crypto Mining Law, Seek to Curb ‘Gray’ Mining

Members of the Mazhilis, the lower house of Kazakhstan’s parliament, have put forward a new bill introducing rules for the extraction of cryptocurrencies in the country. Under its provisions, only companies registered at the Astana International Financial Center (AIFC) or non-resident entities that have agreements with licensed data centers, will be permitted to mine digital coins.

Kazakhstan became a magnet for crypto miners following China’s crackdown on the industry and the influx of mining businesses has caused a growing power deficit. AIFC, the Central Asian nation’s financial hub, is in the focus of government efforts to place the country’s growing crypto sector under oversight. Earlier this year, exchanges registered there were allowed to open accounts with local banks.

The current procedure for notifying authorities of mining activities is voluntary, the crypto news outlet Forklog noted in a report on the legislative attempt. The process is regulated by an order issued by the minister of digital development. Only a third of all mining companies operating in Kazakhstan have registered, Member of Parliament Ekaterina Smyshlyaeva revealed.

“The uncontrolled use of electricity by ‘gray’ miners poses a threat to the energy security of Kazakhstan,” the lawmaker insisted. Smyshlyaeva added that the current legislation does not regulate the mechanism for the sale of the mined cryptocurrency or the role of local financial service providers and the circulation of digital assets. “The procedure for their production and the establishment of property rights to them are regulated only at sub-legislative level,” she explained.

According to Kazakhstan’s State Revenue Committee, the contributions of crypto mining entities to the state budget reached $1.5 million in the first quarter of 2022. In July, President Kassym-Jomart Tokayev signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levies now depend on the amount and average price of electricity consumed for the minting of bitcoin and other cryptocurrencies.

Tags in this story
authorization, bill, coin minting, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, draft law, Electricity, Energy, Kazakhstan, Law, Legislation, Miners, mining, registration, Regulation

Do you expect the new law to reduce the number of entities authorized to mine cryptocurrencies in Kazakhstan? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto Assets – Bitcoin News

Basel Study Shows World’s Largest Banks Are Exposed to $9 Billion in Crypto Assets – Bitcoin News

A first-of-its-kind study published by the Basel Committee on Banking Supervision details that the world’s largest financial institutions are exposed to roughly €9.4 billion (US$9 billion) in crypto assets. The research paper authored by the Basel Committee’s secretariat Renzo Corrias further explains that out of all the banks’ total risk exposure, cryptocurrency exposure is estimated to be around 0.01% of total exposures.

Banks Have $9 Billion in Cryptocurrency Exposure Equating to Roughly 0.01% of Total Risk Exposure

A recent study published by the Basel Committee on Banking Supervision (BCBS) explains that the world’s top banks are exposed to around $9 billion worth of cryptocurrencies. The BCBS is a global organization made up of members tied to the world’s central banks and financial institutions from a myriad of jurisdictions.

Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto Assets

The study, called “Banks’ exposures to cryptoassets – a novel dataset,” was written by secretariat Renzo Corrias. The research aims to create a primary global standard on the “prudential treatment of banks’ [crypto asset] exposures.”

“Total [crypto asset] exposures reported by banks amount to approximately €9.4 billion. In relative terms, these exposures make up only 0.14% of total exposures on a weighted average basis across the sample of banks reporting [crypto asset] exposures,” the report written by Corrias details. “When considering the whole sample of banks included in the Basel III monitoring exercise (ie also those that do not report [crypto asset] exposures), the amount shrinks to 0.01% of total exposures.”

Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto Assets

The BCBS shows that 19 banks worldwide submitted data for the research, and approximately ten financial institutions derived from the Americas. Seven banks stemmed from Europe, and two banks came from the rest of the world. Corrias notes that the banks represent a small group of financial institutions out of the collective 182 banks the BCBS considered for its Basel III monitoring exercise.

Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto Assets

The crypto asset exposure the banks reported mostly consisted of bitcoin (BTC) which was around 31% of exposures, and ethereum (ETH) which accounted for 22% of exposures. In addition to exposure to USD-backed stablecoins, banks are also associated with crypto assets like xrp (XRP), cardano (ADA), solana (SOL), litecoin (LTC), and stellar (XLM).

Corrias explains that the banks’ exposure to crypto is comprised of three different categories which include crypto holdings and lending, clearing and market-making services, and custody/wallet/insurance services. Out of the top five activities that add to the banks’ crypto exposure, the top service is “providing custody or wallet services for [crypto assets].”

Tags in this story
$9 Billion, 0.01% of Total Risk Exposure, 182 banks, 19 banks, Americas, banks, banks crypto, basel committee, Basel Committee’s secretariat, Basel III monitoring exercise., BCBS, Bitcoin (BTC), Crypto asset, crypto asset exposures, Cryptocurrency exposure, Ethereum (ETH), Europe, Financial Institutions, secretariat Renzo Corrias, Stablecoins

What do you think about the recent BCBS report concerning banks’ exposures to crypto assets? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Russia to Supply Electricity to Kazakhstan’s Cryptocurrency Miners – Mining Bitcoin News

Russia to Supply Electricity to Kazakhstan’s Cryptocurrency Miners – Mining Bitcoin News

Russia is preparing to provide Kazakhstan with additional energy needed to operate crypto mining farms in the Central Asian nation. New arrangements will allow Kazakhstan’s miners to buy electricity directly from the Russian power generation and distribution giant Inter RAO.

Miners in Kazakhstan to Source Energy From the Russian Federation

Crypto mining enterprises operating in Kazakhstan will be able to rely on electricity produced in neighboring Russia to power their energy-hungry hardware. To allow that, the two partnering nations will amend a bilateral agreement governing the coordinated operation of their energy systems.

The government in Moscow has already ordered the necessary changes and begun preparations to organize the supply of power for Kazakhstan’s crypto mining sector, the crypto news page of the Russian business information portal RBC unveiled.

In accordance with the new arrangements, Inter RAO, which holds monopoly on the export and import of electricity in Russia, will be able to sell in Kazakhstan under contracts concluded on commercial terms directly with the mining firms working there.

With its low, subsidized electricity rates, Kazakhstan attracted numerous mining companies after the Chinese government cracked down on the industry last year. The subsequent surge in consumption was blamed for the power shortages and multiple breakdowns of the country’s aging energy infrastructure. In January, Kazakh authorities temporarily shut down around 200 mining facilities.

The state-owned Russian energy giant first started considering additional supplies to Kazakhstan last fall, when the country was expecting its electricity deficit to reach 600 megawatts amid increasing demand during the cold winter months after consumption neared 83 billion kilowatt-hours (kWh) in the first nine months of 2021.

At the time, Inter RAO criticized Kazakhstan for its capped tariffs which the Russian holding said had led to lack of funds for investments in modernizing and upgrading the country’s generation capacities and distribution network. Also, electricity imports were previously restricted in Kazakhstan, unless the national grid operator KEGOC identified a risk of shortages.

Lawmakers in Nur-Sultan have recently proposed a bill aiming to reduce what they describe as “uncontrolled use of electricity by ‘gray’ miners.” The new legislation seeks to reserve the opportunity to mint digital coins only for mining companies registered with the Astana International Financial Center (AIFC). If the law is adopted, foreign entities would only be allowed to mine under contracts with domestically licensed data centers.

Tags in this story
agreement, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, electricity supply, Energy, export, import, Inter RAO, kazakh, Kazakhstan, KEGOC, Miners, mining, power, power deficit, Russia, russian, shortages, Supply

Do you think Kazakhstan will be able to solve its problems with power deficit and ensure sufficient electricity supplies for its crypto mining industry? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com
Solana Network Suffers Another Outage — Cyber Capital Founder Says Downtime Is ‘Another Consequence of Bad Design’ – Bitcoin News

Solana Network Suffers Another Outage — Cyber Capital Founder Says Downtime Is ‘Another Consequence of Bad Design’ – Bitcoin News

The proof-of-stake (PoS) blockchain network Solana suffered another outage on September 30 and the network restart did not take effect until six hours later on October 1. Solana has suffered a myriad of network outages during the last year, and the blockchain’s latest downtime caused the network’s native currency to slide 4% lower against the U.S. dollar in the last 24 hours.

Solana’s Blockchain Deals With More Downtime — Misconfigured Node Blamed for the Outage

Solana’s network had an outage again after validators failed to process blocks due to a misconfigured node within the system. On September 30, 2022, the Twitter account Solana Status wrote:

The Solana network is experiencing an outage and not processing transactions. Developers across the ecosystem are working on diagnosing the issue and to restart the network. More information will be provided as it becomes available.

Following the Solana Status update, a Solana proponent explained that the blockchain would be restarted. “The Solana mainnet network will be restarted at slot 153139220, the last confirmed slot,” the individual said. “It appears a misconfigured node caused an unrecoverable partition in the network. Validators, please participate in finding consensus on the relevant data.”

Amid the outage, Solana Status shared instructions on how validators could participate in the restart. “Mainnet Beta Validators: Please follow the cluster restart instructions,” Solana Status stressed. Around 3 a.m. (ET) Solana Status detailed that the cluster restart has been deployed. “Validator operators successfully completed a cluster restart of Mainnet Beta at 7 AM UTC,” Solana Status wrote. The team added:

Network operators [and] dapps will continue to restore client services over the next several hours.

Observers Ask: ‘What Good Is a Nakamoto Coefficient of 30 if 1 Misconfigured Node Can Bring Everything to a Halt?’

Solana took a lot of criticism from the crypto community when the outage happened, as the blockchain is nearing its tenth outage since Solana’s inception. The founder of Cyber Capital, Justin Bons, gave the project flak over the most recent outage. “[Solana] has gone down again,” the Cyber Capital founder tweeted. “This is the 8th time [Solana] has gone down in the past year. Blockchains should never have [downtime], yet [Solana] goes down almost every month. This is another consequence of bad design,” Bons added.

Another person asked about the misconfigured node problem. “Def not FUD…honest question…what good is a Nakamoto coefficient of 30 if 1 misconfigured node can bring everything to a halt?” the individual asked. Meanwhile, Solana supporters shrugged off the criticism and told people that the blockchain network will continue to improve as long as the engineers are persistent.

“Solana will be fine,” one person remarked on Twitter. “As long as the [developers] continue to improve the [blockchain]. That is what’s important. Still bullish on [Solana] for the long term.

Tags in this story
Block Issues, Block Production, Block Validators, cryptos, Cyber Capital founder, Justin Bons, Mainnet outage, PoS, Proof-of-Stake, September Outage, SOL, SOL Issues, SOL price, Solana, Solana Apps, Solana blockchain, Solana consensus, Solana Mainnet, Solana Outage, Solana Status, Solana Status Twitter, Solana Uptime, Solana validators

What do you think about Solana’s latest hiccup on September 30? Do you agree Solana will be just fine or do you agree that it’s a “consequence of bad design?” Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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