Top crypto tweets of the day – May 22nd

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  TL;DR Breakdown Genesis, a digital asset financial firm, has ceased trading services across its business units, including GGC International, citing voluntary business reasons. The company had previously filed for Chapter 11 bankruptcy and faced regulatory scrutiny from the SEC, adding to its financial woes. Description Digital asset firm Genesis has announced the cessation of all its trading services. The firm communicated this decision through an email to its clients, stating that the move was voluntary and driven by business considerations. It is important to know that the termination affects all business entities under Genesis, including GGC International, which facilitated the … Read more Digital asset firm Genesis has announced the cessation of all its trading services. The firm communicated this decision through an email to its clients, stating that the move was voluntary and driven by business considerations. It is important to know that the termination affects all business entities under Genesis, including GGC International, which facilitated the firm’s spot trading activities. Clients with open derivatives positions have been assured that these will be honored until their expiry. The backdrop:…

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• China’s offline SIM card wallet allows payments with digital yuan even on ancient phones

  TL;DR Breakdown The People’s Bank of China (PBoC) has introduced an innovative offline SIM card-based solution for its digital yuan, allowing users to make payments even when their phones are powered down. To take advantage of this new feature, citizens need to obtain a “super SIM card” from their carriers.  Presently, this innovation is limited to Android phone users with NFC functionality since no information has been provided regarding iOS users or owners of 2G phones. Description The People’s Bank of China (PBoC) has introduced an innovative offline SIM card-based solution for its digital yuan, allowing users to make payments even when their phones are powered down. This new development aims to cater to users with 2G phones who previously couldn’t access digital currency. Earlier this year, a similar solution was launched … Read more The People’s Bank of China (PBoC) has introduced an innovative offline SIM card-based solution for its digital yuan, allowing users to make payments even when their phones are powered down. This new development aims to cater to users with 2G phones who previously couldn’t access…

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• Santiment predicts fresh Ethereum rally in August

  TL;DR Breakdown Experts at Santiment has predicted that second digital asset Ethereum could experience a rally that will push it above $2,000 next month. Positive indicators fuels confidence in Ethereum’s growth. Description In the ever-evolving world of cryptocurrencies, Ethereum (ETH) continues to hold its position as the second-largest digital asset by market capitalization. Although currently trading below $1,900 per unit, industry experts from Santiment foresee a bullish upturn on the horizon, with ETH potentially clawing its way back to the coveted $2,000 territory in the coming month. … Read more In the ever-evolving world of cryptocurrencies, Ethereum (ETH) continues to hold its position as the second-largest digital asset by market capitalization. Although currently trading below $1,900 per unit, industry experts from Santiment foresee a bullish upturn on the horizon, with ETH potentially clawing its way back to the coveted $2,000 territory in the coming month. Santiment believes Ethereum could break resistance soon Despite recent lackluster market performance, Santiment suggests that Ethereum is reveling in its “under the radar” status, often benefiting from patient investors who see long-term potential in the…

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• Chibi Finance disappears with $1 million on Arbitrum in suspected “rug pull”

  TL;DR Breakdown Chibi Finance, an Arbitrum-based DeFi project, allegedly disappears with $1 million in customer funds. The project’s cold storage was compromised, resulting in the theft of 555 ether (ETH). The Chibi Finance team used Tornado Cash to conceal their transactions and make tracking difficult. Description The decentralized finance (DeFi) space has suffered yet another setback as Chibi Finance, an innovative project running on Arbitrum, has been accused of absconding with approximately $1 million in customer funds. This disconcerting incident is a stark reminder that extensive research and caution are vital in the DeFi domain. Leading blockchain security firm PeckShield conducted … Read more The decentralized finance (DeFi) space has suffered yet another setback as Chibi Finance, an innovative project running on Arbitrum, has been accused of absconding with approximately $1 million in customer funds. This disconcerting incident is a stark reminder that extensive research and caution are vital in the DeFi domain. Leading blockchain security firm PeckShield conducted an extensive on-chain investigation, revealing that Chibi Finance’s cold storage had been compromised, resulting in the theft of 555 ether (ETH)…

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• Joe Biden has a Saudi problem – and it is really very bad

  Description As President Joe Biden aims his attention on bolstering the U.S. economy and battling inflation in his pursuit of re-election, he finds himself facing an emerging, problematic situation: a Saudi-imposed oil price surge. With Saudi Arabia and Russia joining forces to push oil prices closer to the alarming $100 mark, Biden’s economic strategies are in … Read more As President Joe Biden aims his attention on bolstering the U.S. economy and battling inflation in his pursuit of re-election, he finds himself facing an emerging, problematic situation: a Saudi-imposed oil price surge. With Saudi Arabia and Russia joining forces to push oil prices closer to the alarming $100 mark, Biden’s economic strategies are in jeopardy. Navigating Troubling Oil Waters This recent development sees Brent crude, an oil benchmark, surpassing the $90 a barrel mark for the first time in 2023. This surge is mainly attributed to Riyadh and Moscow’s strategic choice to maintain their supply cuts until the end of the year. It’s an audacious move, especially considering the 25% rise in oil prices since June, driven by unparalleled global…

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