Autor Cointelegraph By Stephen Katte

AAX reiterates withdrawal halt is unrelated to FTX contagion

AAX reiterates withdrawal halt is unrelated to FTX contagion

Uverejnil používateľ | nov 14, 2022 |

Hong Kong-based crypto exchange AAX has reiterated that its suspension of withdrawals on the platform has nothing to do with the ongoing fallout from FTX’s collapse and rumors to the contrary are false.The crypto community reported seeing a “System upgrade notification” message on Nov. 13, which said that a system upgrade “is taking longer than usual” which will delay withdrawals. Some shared concerns about whether the exchange was the next domino to fall after FTX and BlockFi. However, in a Nov. 13 post, AAX reiterated the temporary halt to services was in order to fix a glitch in a system upgrade. The exchange said it was understandable why users may have panicked over its halting of withdrawals on Nov. 13. “In light of the insolvency of one of our industry’s largest players last week, crypto users are rightfully concerned about the operational and financial stability of centralized digital asset exchanges.”We are hopeful that as a community we can brave through these troubling times, together.— AAX (@AAXExchange) November 13, 2022The crypto exchange, which is understood to have 2 million users worldwide, explained the scheduled system upgrade is the result of “the failure of our third-party partner” which led to some users’ balances being “found abnormally recorded in our system.”As a result, it has limited its services to prevent further risks, including a seven to ten-day suspension of withdrawals “to avoid fraud and exploitation.”Fears of contagion from the fall of FTX have sparked many in the crypto community to advise others to pull their funds from centralized exchanges and into self-custody solutions. AAX Vice President Ben Caselin acknowledged in a Nov. 13 Twitter post the inopportune timing of the upgrade, but said it was aimed at addressing “serious vulnerabilities.”Bad timing for a scheduled maintenance at @AAXExchange, aimed to address serious vulnerabilities, to be prolonged for more than 24 hours. Out of extra precaution this will take longer. Wait for official announcement.— ₿en Caselin HODL (@BenCaselin) November 13, 2022

Caselin also pointed out that the task was “Not easy while market is fearful.” “Given the already fearful circumstances in the industry, opening up will require some caution and will be gradual, as sentiment cools.” Related: Exchange outflows hit historic highs as Bitcoin investors self-custodyIn an earlier Nov.11 Twitter post AAX said they had “No financial exposure to FTX and its affiliates.”“More importantly, all digital assets on AAX remain intact with a substantial amount stored in cold wallets, and user funds are never exposed to counterparty risk from any financing or venture activities,” it added.

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Payments company Curve bids for BlockFi's 87,000 credit card customers

Payments company Curve bids for BlockFi's 87,000 credit card customers

Uverejnil používateľ | nov 14, 2022 |

Payments company Curve is in active discussions to acquire crypto lender BlockFi’s more than 87,000 credit card customers — whose credit cards have been suspended since Nov. 11. A Curve spokesperson told Cointelegraph that “outreach and negotiations” started on Nov. 12 and are still in the process with Banking as a Service (BaaS) company Deserve, which services the BlockFi card program. My BlockFi credit card has officially stopped working. R.I.P 2021-2022— Portland.HODL (@PortlandHODL) November 11, 2022″Terms are being negotiated actively between Curve and Deserve, but a sale or partnership, if agreed to, is pending the conclusion of due diligence,” the spokesperson said.”The primary point of contact for the pending negotiation is Deserve/ Evolve, not BlockFi, but that is an understanding that needs to be confirmed,” they added, noting also that Curve is not interested in BlockFi’s assets. Should the acquisition succeed, the fintech is looking to continue BlockFi’s credit card program, noting that customers will still be able to earn crypto rewards. They also said an added benefit of a successful acquisition is that customers from BlockFi’s credit card program “will not be ported to yet another centrally-held exchange.”Reports over the weekend suggested that Binance US and Coinbase were also pursuing BlockFi’s credit card customers as well. A spokesperson from Coinbase however clarified to Cointelegraph that: “We’re not engaged in any conversations or efforts related to BlockFi’s card program,” while Binance US has not yet responded to requests for comment by the time of publication.Related: BlockFi limits platform activity, including a halt on client withdrawalsThe bid for BlockFi’s credit card customers comes days after BlockFi announced it was suspending withdrawals on Nov. 11, citing the ongoing saga with crypto exchange FTX as the cause. The same day BlockFi credit card users flooded Twitter reporting their cards were no longer working and had received messages from BlockFi confirming the cards had been suspended because of “recent events at BlockFi.” Some users were further antagonized when they received messages from BlockFi informing them they would still be required to keep up with their credit card payments.Crypto market watcher Just Boby told his 14,000 followers in a Nov.11 post, “This is NOT fake, BlockFi reached out via both email and text to remind me to pay my credit card bill,” others have shared a copy of the communication from BlockFi.Latest traumatizing event. Over at BlockFi you can’t take your money out but remember you better pay every cent of your gimmick credit card.You are the bad actor not them! pic.twitter.com/8VzLf8zKvb— BowTiedBull – Read Pinned Tweet or NGMI (@BowTiedBull) November 11, 2022

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OpenSea to enforce creator royalties on all collections after community outcry

OpenSea to enforce creator royalties on all collections after community outcry

Uverejnil používateľ | nov 10, 2022 |

NFT marketplace OpenSea has announced it will continue to enforce royalties across all collections going forward, following outcry from creators earlier this week for considering otherwise. On Nov. 7 OpenSea announced they were launching an on-chain tool allowing creators to enforce royalties for any new collections on the platform, but stopped short of offering the same to existing collections.At the time, the marketplace said it would be considering options ranging from enforcing off-chain fees for “some subsets of collections,” to “allowing optional creator fees,” to “collaborating with other on-chain enforcement options for creators.”The announcement saw significant pushback from the community, urging OpenSea to clarify its stance, noting the messaging was unclear, while others took issue with its “optional creator fee” suggestion. Some NFT creators, such as Bobby Kim, co-founder of The Hundreds on Nov. 9 said they had decided to cancel the release of their upcoming NFT collection on OpenSea, noting they were “waiting to see if OpenSea would take a stand to preserve creator royalties for existing collections.””Unfortunately, that announcement has not arrived in time,” he said. On Nov. 8, Bored Ape Yacht Club (BAYC) founders including Wylie Aronow, Greg Solano and Kerem Atalay chimed in on the debate in a blog post, sharing that the move from OpenSea was “not great” and shows its intent “to move with the rest of the herd and remove creator royalties for legacy collections from their platform.”Related: Magic Eden defends launch of NFT royalty enforcement toolOpenSea appears to have heard the criticisms, and as part of a Nov. 9 post on Twitter, confirmed it will “continue to enforce creator fees on all existing collections” as well.OpenSea said it was “awed by the passion we’ve seen from creators and collectors alike this week. We were looking for your feedback, and we heard it, loud and clear.” According to the marketplace, they “will start open-sourcing our data on creator fees in the upcoming weeks for everyone to use.”12/ In short, we’re at a collective inflection point: if everyone left in this ecosystem who believes that creator fees are important to our future links arms on this, we WILL ensure that fees are durable.— OpenSea (@opensea) November 9, 2022

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SBF tells investors FTX needs $8B in emergency funding: WSJ

SBF tells investors FTX needs $8B in emergency funding: WSJ

Uverejnil používateľ | nov 10, 2022 |

Sam Bankman-Fried has reportedly asked investors for $8 billion in emergency funding to cover a shortfall caused by the flood of withdrawal requests to his crypto exchange in recent days.According to a report in the Wall Street Journal (WSJ) citing “people familiar with the matter,” the CEO reportedly made the request to investors in a Nov. 9 call where he outlined ways to help solve FTX’s financial woes.[embedded content]The source suggests that Bankman-Fried is looking to raise $3 billion to $4 billion in equity and that the exchange could raise some debt to cover the shortfall. Bankman-Fried has also reportedly said he would use his personal wealth to “make customers and investors whole,” according to the WSJ source. It is also understood that during the call, the FTX CEO laid some of the blame for FTX’s predicament on what he says is a campaign against the exchange, which has caused a run of investors looking to cash out in fear of losing their investment. A report from Reuters on Nov. 8 suggests that FTX saw around $6 billion in withdrawals in the 72 hours leading up to Nov. 8.He also reportedly stated in the call FTX would be unable to “settle withdrawals as its collateral was dropping in value and couldn’t be liquidated.” On Nov. 9, the FTX website posted a new banner stating that it is “currently unable to process withdrawals. We strongly advise against depositing.” Meanwhile, a Nov. 9 report from Bloomberg claims that Bankman-Fried told investors that without a cash injection, the company would need to file for bankruptcy, citing a “person with direct knowledge of the matter.”Bloomberg’s source also appears to confirm suggestions that FTX is looking to raise rescue financing in a combination of debt and equity to save itself from liquidation.Related: Binance’s victory over FTX means more users moving away from central exchangesOn Nov. 8, Binance signed a non-binding letter of intent to buy FTX but pulled out of the deal less than 48 hours later, citing issues that were “beyond our control or ability to help.”As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of https://t.co/FQ3MIG381f.— Binance (@binance) November 9, 2022Cointelegraph has reached out to FTX for confirmation about the shortfall and the contents of the investor call but did not receive a response by the time of publication. 

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Investors increasingly confident of Ripple's victory over SEC: CoinShares

Investors increasingly confident of Ripple's victory over SEC: CoinShares

Uverejnil používateľ | nov 8, 2022 |

Recent developments in the Ripple vs Securities and Exchange Commission (SEC) case appear to have bolstered investor confidence in XRP-tied investment products, according to investment data from CoinShares’ head of research James Butterfill. In its latest Digital Asset Fund Flows published on Nov. 7, Butterfill noted that XRP investment products have seen a third consecutive week of institutional inflows, clocking $1.1 million.Butterfill said the figures imply “improving investor confidence as the SEC case against Ripple looks increasingly fragile.”The last few weeks have seen Ripple Labs gaining increasing support from heavy hitters in the crypto industry including Coinbase and the Blockchain Association. In a Nov. 4 post, General Counsel for Ripple Stuart Alderoty announced to his 89,000 followers that “A dozen independent voices – companies, developers, exchanges, public interest and trade assoc’s, retail holders” had offered their help to explain how “dangerously wrong the SEC is.”A dozen independent voices – companies, developers, exchanges, public interest and trade assoc.’s, retail holders – all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on. https://t.co/PRgvwI9m2X— Stuart Alderoty (@s_alderoty) November 3, 2022Other entities in support of Ripple include non-profit organization Investor Choice Advocates Network and crypto mobile app SpendTheBits, the Crypto Council for Innovation as well as the XRP “decentralized community.” In total, there are 12 independent entities pledging legal support for Ripple. However, despite the support and both sides calling for a summary judgment, the case could still take months, according to Ripple CEO Brad Garlinghouse, who spoke at DC Fintech Week on Oct. 11.Garlinghouse speculated that the case could be wrapped up by the first half of 2023, but admits that is only a guess.Related: Judge rules LBRY video platform’s token is a security in case brought by the US SECA recent ruling by the United States District Court in favor of the SEC against blockchain-based file-sharing and payment network LBRY could complicate the Ripple case as well. Jeremy Hogan, Partner at Hogan & Hogan told his 238,000 followers he expects the results of his case to “make its way into the SEC’s final brief in the Ripple case.” LBRY fought the good fight but lost at summary judgment.The Judge hung his hat largely on the fact that there was essentially no use for the tokens at the time of the sales.I would expect this case to make its way into the SEC’s final brief in the Ripple case. https://t.co/IDlq8J4RMS— Jeremy Hogan (@attorneyjeremy1) November 7, 2022

Crypto lawyer John Deaton appears to still be bullish about Ripple’s chances of winning the case. In a Twitter post, Deaton said the recent ruling “doesn’t shake my confidence AT ALL,” teasing a lengthier explanation for his 224,000 followers on Nov. 8. 

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