Autor Cointelegraph By Zhiyuan Sun

DeFi platform Oasis to block wallet addresses deemed at-risk

DeFi platform Oasis to block wallet addresses deemed at-risk

Uverejnil používateľ | aug 11, 2022 |

According to a new community Discord post on Thursday, decentralized finance platform Oasis.app says that sanctioned addresses will no longer be able to access the application. As a result of the change to the terms of service, wallets flagged as high risk are prohibited from using Oasis.app to manage positions or withdraw funds. Instead, such category of users must interact directly with the relevant underlying protocol where funds are stored or find another service.In explaining the decision, Oasis.app team member Gabriel said:”We’ve recently needed to update the Terms of Service of the Oasis.app front-end to comply with the relevant laws and regulations. In line with the latest regulations, Oasis.app has an updated Terms of Service. Any sanctioned addresses will no longer be able to access Oasis.app functionality.”Raising a $6 million Series A in 2020, Oasis has grown to become a popular platform for DeFi borrowing and lending. The protocol has processed $4.6 billion worth of transactions in the past 30 days and manages $3.42 billion in deposits. At the time of publication, it is not immediately clear which tools Oasis is using to identify wallets deemed to be high risk. Similar to Oasis, decentralized exchange Uniswap recently began to block wallets allegedly associated with illicit activities by using TRM Labs’ data. TRM Labs helps entities detect and investigate crypto-related financial crime via on-chain analysis. Thus far, feedback regarding Oasis’ new measure has been mostly negative. One Discord user, Eagles#2541, claims:”I’m actually just interacting with Oasis with an account that has had direct exposure to Tornado Cash. I can’t reproduce the issue that others are getting, so it’s probably just that the team is incompetent and has applied some very wide net with arbitrary holes in it. It appears https://t.co/S7tb5tREIC, following Uniswap, has started sending all your data to TRM Labs. This is what happens when you connect with an address they don’t like. No way to close positions from the UI, no explanation or anything. pic.twitter.com/n2ocN8jQTq— banteg (@bantg) August 11, 2022

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BlackRock announces the launch of a new private spot Bitcoin trust

BlackRock announces the launch of a new private spot Bitcoin trust

Uverejnil používateľ | aug 11, 2022 |

According to a new blog post on Thursday, BlackRock, the world’s largest asset management overseeing over$10 trillion in total assets, launched a new private spot Bitcoin (BTC) trust. The fund is only available to U.S. institutional investors and seeks to track the performance of Bitcoin, less the expenses and liabilities of the trust. In explaining the decision, BlackRock said: “Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities. Bitcoin is the oldest, largest and most liquid digital asset and is currently our clients’ primary subject of interest within the digital asset space.”Private investment trusts that do not solicit investments from retail investors do not need to register with regulatory authorities in the United States. But others, such as the Grayscale Bitcoin Investment Trust, can still become publicly traded (though not SEC-registered) on the over-the-counter markets.Excluding stablecoins, Bitcoin maintains close to 50% of the industry’s market cap. With regards to the blockchain’s energy use, BlackRock says that it’s encouraged by organizations such as RMI and Energy Web, which are developing programs to bring greater transparency to sustainable energy utilization in Bitcoin mining.Last week, BlackRock partnered with cryptocurrency exchange Coinbase to provide its clients with direct assess to crypto, starting with Bitcoin. Users of BlackRock’s institutional investment management platform Aladdin will receive crypto trading, custody, prime brokerage and reporting capabilities upon signing up for Coinbase Prime. On a broader level, BlackRock states it’s been conducting research in four areas of digital assets — permission blockchains, stablecoins, crypto assets and tokenization — and their associated ecosystems. 

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Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

Uverejnil používateľ | aug 10, 2022 |

It’s a story that still haunts the early generation of Canadian crypto users to this day. Four years prior, Gerald Cotten, co-founder of Canada’s then-largest cryptocurrency exchange QuadrigaCX, died under mysterious circumstances in India. But, before his passing, Cotten took virtual keys for digital wallets and moved them into cold storage, leading to the permanent loss of $190 million in user funds.The incident triggered a crisis of confidence in the country’s emerging crypto sector and made regulators deeply skeptical of blockchain technology. However, old wounds eventually heal. Fast forward to today, and Coinsquare has taken over to become one of Canada’s largest crypto exchanges, with $8 billion in cumulative trading volume since 2014.In an interview with Cointelegraph business editor Sam Bourgi, Coinsquare chief operating offic Eric Richmond explained that a regulatory framework now exists to prevent similar incidents in the future:“We’ve taken a much different approach than the U.S. Unlike firms south of the border, all crypto trading platforms here need to be registered with the Investment Industry Regulatory Organization of Canada (IIROC). There is a backlog with processing applications at the moment, while we had ours submitted from back in Nov. 2020 as we wanted to be one of the first regulated players out there.”As the regulation only came into force recently, all crypto exchanges are given a two-year exemption where they must register with the IIROC during this period. Currently, Coinsquare is the only firm in the space that is IIROCregistered. Similarly, the company has a strict set of rules in place when it comes to listing new tokens to ensure its users do not fall victim to scams:“We put it through evaluating the underlying technology, the marketing, the team behind it, analyzing potential legal issues, irregular price movements, etc. We go through his in-depth analysis across different teams, such as compliance, business, legal, and security. It’s about genuinely understanding the token. And if it passes the tests, then the listing threshold is set.”Canadian regulators have taken a harsh stance on exchanges allegedly not abiding by the new rules. In March, Binance ceased operations in the province of Ontario and admitted to the Ontario Securities Commission (OSC) that it was unregistered there. Similarly, the OSC took enforcement action against cryptocurrency exchanges KuCoin and Bybit, claiming a violation of securities laws. 

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Crypto exchange Hotbit says it froze customer funds due to alleged criminal ties of formal employee

Crypto exchange Hotbit says it froze customer funds due to alleged criminal ties of formal employee

Uverejnil používateľ | aug 10, 2022 |

On Thursday, cryptocurrency exchange Hotbit said it “suspended trading, deposit, withdrawal and funding functions,” with no timeframe for resumption. In explaining the decision, Hotbit stated:”A former Hotbit management employee who left in April this year was, unbeknownst to Hotbit, involved in a project in 2021 that law enforcement authorities now think is suspected of violating criminal laws. As a result, a number of Hotbit senior managers have been subpoenaed by law enforcement since the end of July and are assisting in the investigation. Furthermore, law enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running normally.”The firm further claims that the remainder of its employees are not involved in the project and possess no knowledge of the alleged illicit activities. With regards to the frozen assets, Hotbit says:”The assets of all users are safe on Hotbit. Hotbit will resume normal service as soon as the assets are unfrozen. All user’s assets and data on Hotbit are secure and correct. However, we are still actively cooperating with the law enforcement authorities in their investigations and are continuously communicating with them through our lawyers and applying for the release of funds.”Hotbit is currently headquartered in Hong Kong. As a result of the trading freeze, all unfilled orders will be canceled, and all leveraged exchange-traded fund positions will be liquidated. Meanwhile, Hotbit claims that the income of users’ investment products will be distributed normally and that a “compensation plan” for users will be published when the website is resumed. In the past 24 hours, Hotbit processed $25.6 million worth of digital asset transactions.

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Optimism TVL surges nearly 300% M/M ahead of The Merge upgrade

Optimism TVL surges nearly 300% M/M ahead of The Merge upgrade

Uverejnil používateľ | aug 10, 2022 |

According to data from DefiLlama, total value locked (TVL) on Optimism, a layer-2 scaling solution for the Ethereum blockchain, has surged 284% in the past month. The vast majority of TVL consists of users lending and borrowing assets on Aave through Optimism’s layer-2 chain.Investors have been bidding up digital assets related to the Ethereum ecosystem in anticipation of The Merge upgrade, which will see the blockchain transition from a proof-of-work network to that based on proof-of-stake. According to a recent Ethereum developer call, the tentative date for The Merge coming online has been scheduled for Sept. 19. As a layer-2 Ethereum blockchain, Optimism seeks to scale the ecosystem via Rollups, or off-chain computations, to speed up transactions. Transactions are recorded on Optimism and finalized on Ethereum.The project is home to 35 protocols, including derivatives exchange Synthetix, decentralized exchange Uniswap, and automated market maker Velodrome. Due to the high volume of user trade orders on exchanges (including cancellations), the Ethereum blockchain’s current capacity of 30 transactions per second is ill-equipped to handle such demand. However, some experts predict that the network could potentially scale to 100,000 transactions per second after The Merge upgrade, with layer-2 solutions further enhancing such capacity. Optimism blocks are constructed and executed on layer-2 while user transactions are batched up and submitted to the Ethereum layer-1. On layer-2, transactions are immediately accepted or rejected with no mempool, enabling a fast user experience. Correspondingly to the TVL development, the project’s namesake tokens have also rallied by 300% during the same period.Dai on Optimism From 30 million to 140 million in 5 days. pic.twitter.com/AQlNWvX6c9— Maker (@MakerDAO) August 9, 2022

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