Autor Cointelegraph By Judith BannermanQuist

Cardano to launch new algorithmic stablecoin in 2023

Cardano to launch new algorithmic stablecoin in 2023

Uverejnil používateľ | nov 21, 2022 |

Proof-of-stake blockchain platform, Cardano, has partnered with COTI, a DAG-based Layer 1 protocol, to launch what it refers to as an over-collateralized algorithmic stablecoin. The project said in an announcement provided to Cointelegraph that the stablecoin will be backed by excess collateral in the form of cryptocurrency stored in a reserve. It’s official! $Djed will launch on the Cardano Mainnet in January 2023! $Coti $Ada #Djed pic.twitter.com/cu8ryW6Lo7— Djed Stablecoin (@DjedStablecoin) November 21, 2022According to the release, Djed is set to go live on the mainnet in Jan. 2023, pending a successful audit and a series of rigorous stress testing. According to the developers, Djed will be pegged to the US Dollar, backed by Cardano ($ADA), and will use $SHEN as its reserve coin. The algorithmic stablecoin will be integrated with selected partners and Decentralized Exchanges (DEXs), who will reward users for providing liquidity using Djed. In a bid to grow at a sustainably healthy pace, the developers plan to adopt a gradual and slow approach to providing $ADA liquidity to the Djed smart contract. Shahaf Bar-Geffen, the CEO of COTI shared at the official announcement at the Cardano Summit:“Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network. Not only do we need a stablecoin, but we need one that is decentralized, and has on chain proof of reserves.” Related: Cardano price chart paints ‘Burj Khalifa’ with 7-month losing streak — More losses ahead?Despite Cardano’s lackluster price action, the blockchain continues to build and innovate within the ecosystem. On Sept. 22, Cardano’s long-awaited Vasil upgrade finally went live. The hard fork was designed to help improve the ecosystem’s scalability and general transaction throughput capacity, as well as advance Cardano’s decentralized applications (DApps) development capacity. At the time of publication, Cardano was trading at $0.30.

Čítaj viac
Crypto community reacts to mainstream media coverage of FTX’s implosion: criticism, misogyny and more

Crypto community reacts to mainstream media coverage of FTX’s implosion: criticism, misogyny and more

Uverejnil používateľ | nov 19, 2022 |

The crypto community on Twitter is heavily criticizing the mainstream media for its poor and biased coverage of the collapse of cryptocurrency exchange FTX. In a piece published on Nov. 18 by Forbes Magazine, the CEO of FTX’s affiliate company Alameda Research, Caroline Ellison, has been dubbed “Queen Caroline.”The magazine attempts to portray Caroline Ellison in a neutral light by simply calling her “a math whiz who loves Harry Potter and taking big risks.” The magazine paints her as “a new darling of the alt-right,” which many are simply calling false since former FTX CEO Sam Bankman-Fried and the FTX establishment have allegedly been known as the second-largest donor to the Democrats after billionaire George Soros. Alameda Research CEO Caroline Ellison is a math whiz who loves Harry Potter and taking big risks. She is also one of the supporting players in Sam Bankman-Fried’s FTX catastrophe — and a new darling of the alt-right. Read more: https://t.co/15QghRLzNz pic.twitter.com/FV2hGxnOGc— Forbes (@Forbes) November 18, 2022Members of the crypto community took to Twitter to express their disdain at Forbes and other mainstream media outlets for their coverage of FTX’s collapse. Bitcoin educator Dan Held shared in a tweet: “What happened with FTX wasn’t a “mistake” or “risky trade gone bad” it was outright fraud on an unprecedented scale. Insane that mainstream media isn’t slamming Caroline and SBF.”What happened with FTX wasn’t a “mistake” or “risky trade gone bad” it was outright fraud on an unprecedented scale. Insane that mainstream media isn’t slamming Caroline and SBF.— Dan Held (@danheld) November 18, 2022

Market analyst, who goes by the Twitter handle koreanjewcrypto, shared: “MSM [Mainstream Media] trying to make Sam and Caroline some weird type of martyr is unfathomable to me. It’s just completely unacceptable there needs to be accountability”.They scammed for billionsMany lives ruined, regular people, one of my closest friends mom lost everything on FTXMSM trying to make Sam and Caroline some weird type of martyr is unfathomable to meIt’s just completely unacceptable there needs to be accountability pic.twitter.com/USZA4UZDnv— King of All Korean Jews (@koreanjewcrypto) November 18, 2022

The director of the Princeton Blockchain Club, Carl Zielinski, shared “NYTimes and Forbes competing to have the WORST piece on the FTX saga imaginable” in response to Forbes’ article on Ellison and The New York Times’ “puff piece” on Sam Bankman-Fried. NYTimes and Forbes competing to have the WORST piece on the FTX saga imaginable— Carl Zielinski (carlz.eth) (@CarlZielinski) November 18, 2022

Ryann Wyatt, the CEO of Polygon Studios, shared in response to Forbes Magazine: “Alameda Research CEO, who committed mass fraud and ruined the lives of many people in cahoots with SBF” is the more apt headline.” “Alameda Research CEO, who committed mass fraud and ruined the lives of many people in cahoots with SBF” is the more apt headline.— Ryan Wyatt (@Fwiz) November 18, 2022

Alex, a physics engineer with Twitter handle ajtourville, shared in a response to Forbes’ article: “Left-wing media are actively downplaying the #FTX multi-billion dollar FRAUD as well as spearheading a not-so-subtle PR crisis management campaign for Sam Bankman-Fried & his girlfriend Caroline Ellison.”Left-wing media are actively downplaying the #FTX multi-billion dollar FRAUD as well as spearheading a not-so-subtle PR crisis management campaign for Sam Bankman-Fried & his girlfriend Caroline Ellison. pic.twitter.com/IAdYGohTL0— ALEX (@ajtourville) November 18, 2022

Others simply criticized Forbes for trying to portray Ellison as “a new darling of the alt-right.” 3D fashion designer @NKdfash shared “How can she possibly be a darling of the alt right when her scheme literally funded the Democrats? I’m so confused”.How can she possibly be a darling of the alt right when her scheme literally funded the Democrats? I’m so confused— ENKIdigitalfashion.eth (@NKdfash) November 18, 2022

Misogyny in the crypto communityWhen it comes to criticism, some have argued that Ellison may be on the receiving end of harsher criticisms and attacks, even more than SBF, the former CEO of FTX. Online, Ellison is facing a barrage of misogynist comments and vile attacks from the male-dominated crypto community. Her looks and sexuality have been the subject of ridicule and harsh judgment. Stanford student with Twitter handle TheMichelleBao commented on the misogyny she was witnessing within the crypto community, stating: “so many of these tweets about caroline ellison reek of misogyny. is it too much to ask for a world where women aren’t disparaged as “ugly” for committing massive financial fraud and supporting race science and being in a polycule ??”so many of these tweets about caroline ellison reek of misogyny. is it too much to ask for a world where women aren’t disparaged as “ugly” for committing massive financial fraud and supporting race science and being in a polycule ??— michelle (@TheMichelleBao) November 14, 2022

User Fandango, who goes by the handle the_co11ector, shared: “Can we stop with the misogynistic takes on Caroline Ellison, Alameda CEO. If you want to rip into her, just highlight her clear lack of ethics and the way she’s fucking over the entire space.” Can we stop with the misogynistic takes on Caroline Ellison, Alameda CEO. If you want to rip into her, just highlight her clear lack of ethics and the way she’s fucking over the entire space.— Fandango (@the_co11ector) November 12, 2022

To which account holder Crypto Bin Laden responded: “Nobody is attacking her because she’s a woman. People are attacking her because she’s ugly, but not because she’s a woman”.Nobody is attacking her because she’s a woman. People are attacking her because she’s ugly, but not because she’s a woman.— Crypto Bin Laden (@CryptoBinLaden) November 18, 2022

Ellison’s looks have been subject to intense ridicule. She’s been called “fugly,”’ “hideous” and even a “goblin,” and exaggerated caricatured images of her continue to circulate online as memes. Related: Sam Bankman-Fried rumor mill running amok: Trading course, FBI extradition, FTX hackOn Nov. 17, Cointelegraph reported that FTX and Alameda likely colluded from the very beginning, which ultimately contributed to their collapse. Both entities were created by crypto businessman Sam Bankman-Fried, who is now being considered for extradition by U.S. authorities for his role in the collapse of the exchange.

Čítaj viac
Jump Crypto denies rumors that it intends to wind down due to FTX losses

Jump Crypto denies rumors that it intends to wind down due to FTX losses

Uverejnil používateľ | nov 17, 2022 |

Jump Crypto, a division of the Jump Trading Group, has denied  rumors circulating online that it intends to wind down operations due to its exposure to FTX losses. According to a tweet shared by the company on Nov. 17, “Jump Crypto is not shutting down. We believe we’re one of the most well-capitalized and liquid firms in crypto.” adding that i still in the business of “investing and trading.” Given the rumors flying around, we want to debunk a few things.Jump Crypto is not shutting down. We believe we’re one of the most well-capitalized and liquid firms in crypto.We are still actively investing and trading, so if you’re looking for funding, please get in touch.— jump_crypto (@jump_) November 17, 2022In a tweet on Nov. 12, the crypto company expressed shock at the unfolding events with FTX and assured its clients that its “exposure to FTX was managed in accordance with our risk framework and we remain well capitalized.” 1/ We, like all of you, were shocked by the events that unfolded over the past week. Jump’s exposure to FTX was managed in accordance with our risk framework and we remain well capitalized.— jump_crypto (@jump_) November 12, 2022

Despite Jump Crypto’s denial, FTX’s collapse and the fallout from it have left the crypto community skeptical. Market analyst Knower shared in a tweet: “Jump crypto will literally tweet that they’re fine and aren’t shutting down but 157 reply guys and threadooooors will still claim they’re lying (because SBF said the same thing).” Jump crypto will literally tweet that they’re fine and aren’t shutting down but 157 reply guys and threadooooors will still claim they’re lying (because SBF said the same thing)Beginning to think people on twitter just want to watch the world burn and don’t care about crypto— knower (@knowerofmarkets) November 17, 2022

Related: FTX fallout continues: BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and depositsTrust within the crypto community appears to have been compromised by the recent collapse of FTX and the subsequent events that have followed it. Before FTX filed for bankruptcy, former CEO Sam “SBF” Bankman-Fried denied that FTX US had been financially impacted by the “shitshow” that was taking place with FTX. Previously, Bankman-Fried was insistent that FTX US was “100% liquid” and that “every user could fully withdraw (modulo gas fees etc).” However, this was confirmed to be false once FTX Group filed for Chapter 11 bankruptcy and FTX US was included.Following the collapse of FTX, BlockFi found itself in a similar situation, initially denyin allegations of being in trouble due to being caught up in FTX’s collapse.BlockFi went from denying rumors that the majority of its assets were held on FTX before the exchange’s collapse to reportedly being on the verge of bankruptcy, only days after its founder and chief operating officer, Flori Marquez, assured users that all BlockFi products were “fully operational.”

Čítaj viac
Tom Brady and other celebrities named in class-action lawsuit against FTX

Tom Brady and other celebrities named in class-action lawsuit against FTX

Uverejnil používateľ | nov 16, 2022 |

Former FTX CEO Sam “SBF” Bankman-Fried and a number of celebrities who endorsed FTX have been named in a class-action lawsuit filed on Nov. 15 in Miami. Implicated in the class-action lawsuit are celebrities, athletes and teams, including Tom Brady, Gisele Bundchen, Steph Curry, the Golden State Warriors, Shaquille O’Neal, Udonis Haslem, Larry David and all other parties who either “controlled, promoted, assisted in, and actively participated in” FTX Trading LTD and West Realm Shires Services Inc.According to the filed court documents, Edwin Garrison, the plaintiff, purchased and funded his account with a sufficient amount of crypto assets to earn interest on his holdings but “sustained damages” in the wake of FTX’s collapse. The lawsuit alleged that FTX attempted to destroy incriminating emails, texts and evidence of its criminal activities. However, the recovered evidence suggests that “FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments.”The lawsuit alleges that “American consumers collectively sustained over $11 billion dollars in damages.”Related: US reportedly considering Bankman-Fried extradition for questioningSince the collapse of FTX, many have called for the former CEO to face legal ramifications. As Cointelegraph reported, authorities in the United States have reportedly begun working with law enforcement in the Bahamas to potentially extradite SBF to the U.S. for questioning. FTX is already under investigation in the Bahamas where its FTX Digital Markets arm, as well as many company executives — including SBF — are located. Financial authorities in Turkey have also launched an investigation into the exchange.

Čítaj viac
FTX fallout continues: BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and deposits

FTX fallout continues: BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and deposits

Uverejnil používateľ | nov 15, 2022 |

In an official update sent to clients on Nov 14, BlockFi admitted to having “significant exposure” to FTX and its affiliated companies, but insisted it had “the necessary liquidity to explore all options”. The news came as somewhat of a surprise since on Nov. 8, BlockFi’s founder and chief operating officer, Flori Marquez, assured users in a Twitter thread that all BlockFi products were “fully operational” because it had a $400 million line of credit from FTX US, which is a separate entity from FTX, the global entity affected by the liquidity crunch.Related: FTX owned crypto exchange Liquid halts all withdrawals In the upcoming weeks, it may come as no surprise to learn that many more companies have been affected by FTX’s collapse. On Nov 15, Crypto lending platform SALT also disclosed that it would pause withdrawals and deposits to its platform “effective immediately” because “the collapse of FTX has impacted our business”, according to an email sent to its clients. In an email captured in a tweet circulating online, the company shared, “Until we are able to determine the extent of this impact with specific details that we feel confident are factually accurate, we have paused deposits and withdrawals on the Salt platform immediately.”Shawn Owen, the CEO of SALT denied allegations that this is a signal his company was “going bust” however, stating “We did not publish this as a notice of going bust. We are pausing to deal with the fall out of FTX and to confirm that non[e] of our counter parties have any additional risks so that we can proceed with maximum caution with all efforts directed at not going bust. More info soon.” We did not publish this as a notice of going bust. We are pausing to deal with the fall out of FTX and to confirm that non of our counter parties have any additional risks so that we can proceed with maximum caution with all efforts directed at not going bust. More info soon.— Shawn Owen (@Shawn_OwenJ) November 15, 2022On Nov. 15, Cointelegraph reported that the Japanese cryptocurrency exchange Liquid halted withdrawals amid the ongoing crisis amid centralized crypto exchanges. The FTX-owned crypto exchange Liquid took to Twitter to officially announce a suspension of fiat and crypto withdrawals on its Liquid Global platform.Only a day after denying that the majority of its assets were held on FTX before the exchange’s collapse, BlockFi is allegedly preparing to file for bankruptcy, according to a source familiar with the matter, as reported by the WSJ.Fiat and crypto withdrawals have been suspended on Liquid Global in compliance with the requirements of voluntary Chapter 11 proceedings in the United States.Until further notice we would suggest to not deposit either FIAT or CryptoWe will provide updates when available.— Liquid Global Official (@Liquid_Global) November 15, 2022

Cointelegraph reached out to BlockFi and Salt for comment, but did not receive a response in time for publication.

Čítaj viac

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy