Wednesday 28 September 2022
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Nifty News: BAYC hodler loses 100 ETH in ‘joke’ domain sale gone wrong

A major Bored Ape Yacht Club (BAYC) nonfungible token (NFT) hodler lost 100 Ether (ETH), worth $150,000, as a result of a joke bid on his own registered Ethereum Name Service (ENS) domain. The NFT whale, who owns 57 BAYC NFTs and goes by franklinisbored on Twitter, minted the ENS domain “stop-doing-fake-bids-its-honestly-lame-my-guy.eth” using an alternate wallet on Wednesday. The move was a part of a meme discussed with other NFT collectors in the community, in which he was attempting to trigger the EnsBidsBot account to tweet about a hefty 100 ETH bid on an ENS domain, essentially to mock the purpose of such Twitter accounts. However, after his ENS domain actually got a bid of 1.9 ETH, or $2,900, franklinisbored promptly accepted the bid but forgot to retract the 100 ETH bid he had placed beforehand. Recounting the move on Twitter, he highlighted the ridiculousness of the situation by noting that “this is a mistake that I can’t imagine anyone else putting in the effort to make:”..

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SEC objects to XRP holders aiding Ripple defense

The United States Securities and Exchange Commission (SEC) is attempting to block Ripple (XRP) holders from aiding in Ripple’s defense, and prohibit attorney John E. Deaton from any further participation in proceedings. In its official objection submitted on Tuesday, the regulator opposed the decision to recognize 1,746 XRP holders as “amici curiae” along with attorney John E. Deaton. Amici (plural: amici curiae) means “friend of the court” — an individual or organization not a party to a legal case but is permitted to assist a court by providing information, expertise or insights. In this case, in support of Ripple’s defense. Deaton has 3,252 affidavits signed by the token holders essentially stating that they are victims of the SEC’s lawsuit against Ripple as a result of lost profits. Holders claim in the affidavits that they either did not assume legal responsibility for purchasing XRP, they bought the tokens for utilitarian purposes instead of investment purposes or they did not..

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Experts reveal what Tesla’s $936M sell-off means for Bitcoin

Crypto industry experts are largely unfazed by Tesla’s decision to sell 75% of its Bitcoin (BTC) holdings, saying it’s a fairly typical strategy for companies to improve cash flow during economic slowdowns. On Wednesday, the electric vehicle manufacturer revealed that it had sold 75% of its Bitcoin holdings in Q2, adding $936 million in fiat to its balance sheet. During a conference call, Tesla CEO Elon Musk noted that the sale “should not be taken as a verdict on Bitcoin,” explaining that the move was due to liquidity concerns given the continued COVID-19 lockdowns in China. “The reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position:” “We are certainly open to increasing our Bitcoin holdings in the future.” Asked by investors during the earnings call whether he saw Bitcoin as a long-term asset, Musk said the cryptocurrency was a “sideshow to the side..

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Crypto lender Vauld seeks protection against creditors: Report

Singapore crypto exchange Vauld Group is seeking a moratorium against its creditors — a move that would give the troubled lender more time to restructure its business after collapsing asset prices impacted its operations earlier this month. Vauld filed an application in Singapore on July 8 seeking a moratorium order, The Wall Street Journal reported Wednesday. If granted, the moratorium would provide the distressed lender more time to seek out a proper restructuring plan. The Journal said a Singaporean moratorium order is similar to Chapter 11 bankruptcy in the United States, although the moratorium helps the company avoid complete closure. Vauld issued a statement on July 11 informing the public that it would pursue a moratorium order to give management “the breathing space it requires to prepare for the intended restructuring for the benefit of all stakeholders.” However, as the Journal reported, the moratorium application was filed three days prior. Related: Source claims 3AC..

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Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of its BTC

“Easy come, easy go” was the story on July 20. The day started on a positive note with Bitcoin (BTC) climbing above $24,300, only to end the official trading day in the red after less than stellar Q2 earning news showed Tesla sold 75% of its Bitcoin and Minecraft creator Mojang Studios reversed course by deciding to ban NFTs on its platform. Daily cryptocurrency market performance. Source: Coin360A potential source of the afternoon downturn can be traced to Tesla’s Q2 earnings data, which showed that the electric car company sold off 75% of its Bitcoin holdings in order to add $963 million in cash to its balance sheet. Shortly after the Tesla news broke, Bitcoin price pulled back from its daily high of $24,280 to $22,900, before stabilizing around $23,500. Related: Bitcoin price hits $24K, but analysts say on-chain data points to an ‘inevitable’ pullback Traders bullish estimates may have been prematureToday's unexpected pullback may have also helped to bring a little market per..

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Crypto firms facing insolvency ‘forgot the basics of risk management’ — Coinbase

Department heads at Coinbase have weighed in on the market downturn amid solvency concerns surrounding Three Arrows Capital, Celsius Network and Voyager Digital, saying the crypto exchange had “no financing exposure” to these companies. In a Wednesday blog post, head of Coinbase Institutional Brett Tejpaul, head of prime finance Matt Boyd, and head of credit and market risk Caroline Tarnok said Coinbase had not engaged in the “types of risky lending practices” exhibited by Three Arrows Capital, Celsius and Voyager, claiming the firms utilized “insufficient risk controls.” According to the three co-authors of the post, crypto companies faced the possibility of insolvency caused by “unhedged bets,” large investments in Terra and overleveraging with venture capital firms. “The issues here were foreseeable and actually credit specific, not crypto specific in nature,” said Tejpaul, Boyd, and Tarnok. “Many of these firms were overleveraged with short term liabilities mismatched against longe..

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What’s next for the future of Ethereum? Mihailo Bjelic from Polygon explains

With the transition to a scalable, energy-light proof-of-stake blockchain at play for Ethereum, many have cast doubts on the popular coin’s future, given the magnitude and complexity of the Merge upgrade. But, among prominent stakeholders, one particular project remains heavily bullish on Ethereum’s future, which is none other than layer-two scaling solution Polygon. At the annual Ethereum Community Conference in Paris, Cointelegraph’s events manager, Maria A., spoke to Polygon’s vice president of growth, Mihailo Bjelic, regarding the topic. Here’s what Bjelic had to say regarding the Merge: "This is an upgrade on a live network that has millions of users, billions in capital, and tens of thousands of applications. It is never easy, but the Merge has been in the works for over two years. All the testnets have been successful, the code has been audited, etc., so I think we are more than ready for the upgrade."Bjelic then explained that it’s more than likely that Ethereum will endure the..

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Price analysis 7/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) briefly extended its recovery above $24,000 and the altcoins continued to make smart gains on July 20, but the bullish momentum of the week experienced a brief setback after Tesla's earnings report showed the company had sold 75% of its BTC position. Although the sharp breakout of this week is a positive sign, analysts were quick to point out that a sustained recovery depends on a strong performance from Wall Street. Analyst Venturefounder pointed out that the rally was largely macro-driven and Bitcoin’s correlation with NASDAQ remained at a historical high of 91%. Bitcoin’s sharp rally in the past few days has awakened hibernating bulls who are dishing out lofty targets. Analyst TechDev projected a target of $120,000 in 2023, while Galaxy Digital CEO Mike Novogratz told a Bloomberg conference on July 19 that Bitcoin could soar above $500,000 within the next five years. Daily cryptocurrency market performance. Source: Coin360Nevertheless, analysts remain divided in ..

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Mojang Studios bans Minecraft NFT integrations

On Wednesday, Minecraft's developer Mojang Studios said that it would be excluding the integration of nonfungible tokens, or NFTs, alongside blockchain technology as a whole, in its popular namesake game. In explaining the decision, Mojang wrote: "Like any digital file, NFTs can be copied, moved, or even deleted. Additionally, NFTs and blockchain have also been associated with price speculation. These uses of NFTs and other blockchain technologies create digital ownership based on scarcity and exclusion, which does not align with Minecraft's values of creative inclusion and playing together."As told by Mojang: "To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications, nor may Minecraft in-game content such as worlds, skins, persona items, or other mods, be utilized by blockchain technology to create a scarce digital asset." The company also criticized the "specul..

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Breaking: Tesla sold 75% of Bitcoin holdings in Q2

Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial disclosures released on Wednesday. "As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla said in its quarterly report. "Conversions in Q2 added $936M of cash to our balance sheet." According to the financial statements, Tesla's net Bitcoin holdings were relatively stable for three consecutive quarters. By the end of March, Tesla had $1.261 billion worth of digital assets on its books. Following the liquidation, the firm now has $218 million in digital asset exposure. As Cointelegraph reported, the electric vehicle maker sold a portion of its BTC reserves in March 2021, realizing a net profit of $128 million. At the time, CEO Elon Musk explained that the sale, which amounted to 10% of Tesla's holdings, was to "prove liquidity of Bitcoin as an alternative to holding cash on balance sheet." Related: Dogeco..

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