CRYPTO
Nigerian Crypto Startup Lazerpay to Shut Down Operations
Lazerpay, a Nigerian crypto and Web3 company, announced its shutdown due to a lack of funding. Founder Emmanuel Njoku emphasized the impact Lazerpay had in the crypto ecosystem and recommended users withdraw their funds by April 30. The company is also inviting offers to purchase its intellectual property.
OKX Survey: 83% of Community Expects More ETH Staking Around Shanghai-Capella Upgrade, 63% See New Record High by End of 2023
OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, today released the findings of a survey on the perceived market impact of the two-part Shanghai-Capella (a.k.a. Shapella) upgrade, which is slated for April 12 and will enable withdrawals of staked ether (ETH).
Bitcoin Surpasses $30,000 Mark, Reaches New High in 2023
Bitcoin has exceeded the $30,000 mark, reaching a new high for 2023, with gains of almost 46% in the last month. Experts anticipate its price to rise as the United States Consumer Price Index (CPI) report on April 12 approaches. The Crypto Fear and Greed Index indicates the market's optimism, scoring 68 out of 100.
Cerus Markets Launches Revolutionary Platform for Crypto Derivatives Trading
On 4th April 2023, Cerus Markets announced the launch of its new platform for easy, safe, and innovative crypto derivatives trading. Founded by industry veterans, Cerus Markets plans to revolutionize the way people trade cryptocurrencies.
Nigerian Crypto Investors Face Account Freezing
Nigerian crypto investors using P2P services are concerned about the Central Bank of Nigeria (CBN) flagging their bank accounts due to their connection to the Flutterwave hack. The situation has discouraged P2P users from using OTC markets, causing businesses to crumble and possible legal repercussions.
Chinese Banks Support Hong Kong Crypto Firms
Chinese state-owned banks in Hong Kong are offering banking services to crypto firms ahead of a new licensing regime for crypto exchanges in June. Despite an ongoing crypto ban in China, representatives from Chinese banks have reportedly approached crypto firms in Hong Kong to offer banking services.
Microsoft developing Web3 wallet for Edge browser
Microsoft is reportedly creating a Web3 wallet for its Edge browser that supports both cryptocurrencies and NFTs. The wallet is said to be noncustodial, with no access to passwords or recovery keys, and will feature integration with crypto exchange Coinbase and Web3 infrastructure firm MoonPay.
Thailand SEC Considers Ban on Crypto Staking and Lending
Thailand's SEC is seeking public comments on a draft regulation that would ban virtual asset service providers from offering or engaging in any crypto staking or lending activities.
US Crypto Holders Trust Banks and Exchanges for Custody
A recent survey by Paxos revealed that a majority of US crypto holders still trust banks, exchanges, and mobile payment apps for custody of their assets. Despite high-profile collapses and poor risk management practices, crypto owners continue to trust intermediaries for holding crypto assets. The survey also found an increasing desire among consumers to purchase Bitcoin and other digital assets from traditional banks, presenting a significant untapped opportunity for banks to expand their offerings.
India Implements AML Standards on Crypto
The Indian government has imposed anti-money laundering (AML) standards on crypto, subjecting a range of crypto transactions to the Prevention of Money-Laundering Act (PLMA) 2002. The PLMA obliges financial institutions to maintain a record of all transactions for the last ten years, provide these records to officials if demanded, and verify the identity of all clients. The notification will complicate the life of crypto companies in India, as regulators worldwide are tightening AML standards for crypto.
DeFi Suffers $21M in Losses from Exploits
Decentralized finance (DeFi) platforms lost at least $21 million in February due to a series of exploits including flash loan reentrancy attacks, price oracle attacks, and other hacks across seven protocols. Noteworthy incidents included the reentrancy attacks on Platypus Finance and dForce network, the price oracle attack on BonqDAO, and the smart contract exploit on Hope Finance. These incidents follow a report by Chainalysis revealing that DeFi platforms lost $3.1 billion to hacks in 2022.
UAE's Ras Al Khaimah to Launch Free Zone for Virtual Asset Companies
Ras Al Khaimah in the UAE is launching RAK Digital Assets Oasis, a free zone for digital and virtual asset companies. The purpose-built zone will support emerging technologies in the virtual assets sector, including blockchain, NFTs, and DApps. The free zone is set to open for applications in Q2 2023.
FTX Japan Users Withdraw Funds Amidst Legal Battle
FTX Japan users have begun withdrawing all their funds after the slowdown in fund withdrawals due to Binance liquidating its FTX Token (FTT) holdings. While FTX Japan resumed withdrawals on Feb. 21, the legal battle with Sam Bankman-Fried (SBF) continues.
Crypto Industry Increases Lobbying Efforts During Crypto Winter
A new study by the Money Mongers reveals that the crypto industry spent $25.57 million on lobbying in the United States in 2022, a 922% increase from 2017. Coinbase, the U.S.-based crypto exchange, led the spending with $3.3 million, followed by the Blockchain Association with $1.9 million and Robinhood with $1.84 million. Despite the increase in lobbying efforts, the overall expenditure of crypto companies on lobbying in America is modest compared to other industries.
Suspected Hackers Move Stolen Funds to Sanctioned Crypto Mixer
The suspected hackers behind the $6 million exploit of Lendhub have moved more than half of their ill-gotten gains to the sanctioned crypto mixer Tornado Cash. The on-chain intelligence firm Beosin reported that a total of 3,515.4 ETH, currently worth over $5.7 million, has been sent to Tornado Cash by the exploiter since Jan. 13. Tornado Cash attempts to anonymize Ethereum transactions, and was sanctioned by the US Office of Foreign Assets Control (OFAC) for its alleged role in the laundering of crime proceeds.