Maple Finance is a decentralized credit market powered by blockchain technology. Instead of requiring overcollaterlization of loans, it instead allows managers, called “Pool Delegates” to issue loans from its lending pools based on a set of risk-management criteria, according to the protocol’s documents. Introducing Maple 2.0. Maple 2.0 is a fundamental overhaul of the smart contract architecture. The new contracts…
Binance founder Changpeng Zhao (CZ) has reportedly told staff to expect some difficult months as the leading cryptocurrency exchange is seeing customer withdrawals. The warning comes while the crypto industry is facing challenges after high-profile bankruptcies and amid tightening regulations. $3 Billion Pulled Out From Binance at Peak, Nansen Data Shows Binance, the world’s largest crypto exchange by trading volume,…
The Organisation for Economic Cooperation and Development (OECD) analyzed the crypto winter in a new policy paper titled “Lessons from the crypto winter: DeFi versus CeFi” released Dec. 14. The authors examined the impact of the crypto winter on retail investors and the role of “financial engineering” in the industry’s current problems and found a lot not to like. The…
Canadian entrepreneur and “Shark Tank” star Kevin O’Leary today slammed crypto exchange Binance—and claimed it caused the collapse of FTX on purpose. Speaking at the Senate Committee on Banking, Housing and Urban Affairs hearing, the celebrity businessman also said Binance is a “massive, unregulated monopoly now.” FTX, once one of the biggest digital asset exchanges on the planet, last month…
After being denied bail in a Bahamas Magistrate Court, former FTX CEO Sam Bankman-Fried could spend up to two months in the country’s Fox Hill Prison, a facility with reported cases of physical abuse against prisoners and “harsh” conditions. Authorities in the Bahamas reportedly remanded Bankman-Fried to the medical wing of Fox Hill following a Dec. 13 hearing. SBF’s counsel…
The U.S. Department of Justice on Wednesday announced that the agency had filed charges against nine individuals for operating two crypto Ponzi schemes, IcomTech and Forcount, also known as Weltsys. “With these two indictments, this office is sending a message to all cryptocurrency scammers: We are coming for you,” U.S. Attorney Damian Williams said in a statement. “Stealing is stealing,…
On Dec. 14, Bitcoin (BTC) broke above $18,000 for the first time in 34 days, marking a 16.5% gain from the $15,500 low on Nov. 21. The move followed a 3% gain in the S&P 500 futures in 3 days, which reclaimed the critical 4,000 points support. Bitcoin/USD index (orange, left) vs. S&P 500 futures (right). Source: TradingView While BTC…
The White House has refused to clarify whether it will return any political donations made to President Joe Biden by disgraced FTX founder and former CEO Sam Bankman-Fried. It also won’t comment on whether other elected officials should return similar donations, White House Press Secretary Karine Jean-Pierre said Tuesday. In response to questions regarding the status of the millions of…
The collapse of FTX was triggered by Binance, claimed investor Kevin O’Leary on Dec. 14 speaking at the United States Senate committee hearing about the crypto exchange meltdown. O’Leary, who was a paid spokesperson for FTX, provided details about conversations with Sam Bankman-Fried in the days before FTX filed for bankruptcy. During his testimony, O’Leary said he had questioned SBF…
On Dec. 14, Bitcoin (BTC) price hit a 1-month high and saw a brief resurgence in bullish momentum, but the Federal Reserve’s Federal Open Market Committee (FOMC) hawkish report and comments from Fed chair Jerome Powell sent BTC to an intraday low at $17,659. Stocks and Bitcoin started the day slightly up but quickly retracted on the FOMC report. To…
