Cred Protocol, a decentralized credit scoring startup has unveiled the results of its first automated credit scoring system for users of decentralized finance (DeFi). Cred Protocol CEO Julian Gay, outlined the results in a Twitter thread which showed how Cred successfully utilized past transaction behaviour on the Aave protocol to assess the creditworthiness of future borrowers based on on-chain behavior…
The Government of the city of Shanghai has proposed a group of guidelines to help it shift into a metaverse power. The plan of action defines each one of the technologies that the municipality needs to focus on to achieve the goals of building a $52 billion metaverse economy, while at the same time helping to establish 10 innovative companies…
Despite a backlash from a vocal part of the gaming community, a new survey has revealed one-third of gamers have expressed interest in using crypto in the Metaverse. And more gamers than not believe the Metaverse will have a positive impact on gaming. The survey was published on July 13 by institutional software developer Globant. It was conducted by YouGov…
The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak. On July 13, strategists from JPMorgan led by Nikolaos Panigirtzoglou told investors that Bitcoin production costs have fallen to around $13,000 from $24,000 at the beginning of June. This is the lowest it…
This is an opinion editorial by Niklas Kleinworth, a research assistant at the Idaho Freedom Foundation, which is a public policy think tank. As Congress seeks to refine the federal government’s stance on cryptocurrency, one must be wary of policies that permit favoritism of the interests of bureaucrats over Bitcoiners. Though Bitcoin itself cannot be regulated, federal control could stunt…
The interior ministry of Russia has decided to go after those providing money-laundering services to crypto fraudsters, suggesting they should go to prison. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers.’ Law Enforcement in Russia Targets Droppers Involved in Fraudulent Crypto Schemes The Ministry of Internal Affairs of the Russian Federation…
Celsius’ bankruptcy filing has revealed some unpleasant surprises about the state of the crypto lending platform, including a $1.2 billion deficit formed largely as a result of user deposits. A chapter 11 bankruptcy document signed off by Celsius CEO Alex Mashinsky on July 14 has revealed that the company holds around $4.3 billion in assets against $5.5 billion in liabilities,…
While the crypto and stock markets both remain bearish, Bitcoin’s correlation with stocks is close to its lowest point this year. The 40-day correlation between the largest cryptocurrency and the Nasdaq 100 index is now below 0.50, according to Bloomberg data. Bitcoin is trading for $20,712 at the time of writing, a 2.5% increase in the past 24 hours according…
While privacy advocates tout cryptocurrency mixers as an important way to protect individual users’ identities, a new report from blockchain intelligence firm Chainalysis says that the largest portion of crypto sent to mixers this year has been from cybercriminals and nation states. “Illicit addresses account for 23% of funds sent to mixers so far in 2022, up from 12% in…
MicroStrategy (MSTR) currently sits on a huge loss on their bitcoin purchases. Based on a current bitcoin price of $20,300, their 129,699 aggregate bitcoin holdings are worth $2.6 billion, down from a total purchase cost of roughly $4 billion (average cost $30,700). Hence they are sitting on unrealized losses of ~$1.4 billion on their purchases. The last couple of years…
