TL;DR Breakdown BlockFi’s CEO, Zac Prince, reportedly disregarded risk management team recommendations regarding lending assets to Alameda Research, despite concerns about the high risks associated with the exposure. Court filing suggests that BlockFi’s collapse was not solely triggered by the downfall of Alameda/FTX but rooted in earlier business practices and decisions. Description Crypto lending firm BlockFi’s CEO, Zac Prince, allegedly ignored recommendations from the company’s risk management team regarding lending assets to Alameda Research, according to a recent court filing. The filing, made on July 14 with the United States Bankruptcy Court for the District of New Jersey by the unsecured creditors’ committee, reveals that BlockFi had … Read more Crypto lending firm BlockFi’s CEO, Zac Prince, allegedly ignored recommendations from the company’s risk management team regarding lending assets to Alameda Research, according to a recent court filing. The filing, made on July 14 with the United States Bankruptcy Court for the District of New Jersey by the unsecured creditors’ committee, reveals that BlockFi had approximately $1.2 billion tied to FTX and Alameda when the firm filed for bankruptcy in…

TL;DR Breakdown Ripple’s XRP ruled not a security: A federal court has determined that XRP, the cryptocurrency issued by Ripple Labs, is not a security when sold to the general public. Victory over the SEC: The court decision marks the first time the SEC has lost a crypto-related case, igniting enthusiasm and excitement within the industry. Description In a groundbreaking federal court ruling, Ripple Labs, the digital payments company, received a significant victory as a judge declared that its cryptocurrency token, XRP, is not a security. This decision brings newfound freedom for Ripple to explore various business opportunities without the constraints imposed by securities regulations. Ripple CEO Brad Garlinghouse expressed his relief, … Read more In a groundbreaking federal court ruling, Ripple Labs, the digital payments company, received a significant victory as a judge declared that its cryptocurrency token, XRP, is not a security. This decision brings newfound freedom for Ripple to explore various business opportunities without the constraints imposed by securities regulations. Ripple CEO Brad Garlinghouse expressed his relief, stating that he can now confidently promote the diverse use…

TL;DR Breakdown Cardano’s CIP-1694, aimed at establishing a Minimum Viable Governance (MVG) framework, is making significant progress with active community involvement and consensus-building. The Cardano core developers plan to present various voting options in the coming months, allowing the community to guide the governance mechanism. Description Cardano, a layer-1 Proof-of-Stake (PoS) blockchain protocol, is making significant strides in its efforts to implement the much-anticipated Cardano Improvement Proposal (CIP-1694). The proposal aims to establish a Minimum Viable Governance (MVG) framework, effectively enhancing the protocol’s decentralized governance system. With active community involvement and widespread consensus, Cardano is moving closer to finalizing CIP-1694. This … Read more Cardano, a layer-1 Proof-of-Stake (PoS) blockchain protocol, is making significant strides in its efforts to implement the much-anticipated Cardano Improvement Proposal (CIP-1694). The proposal aims to establish a Minimum Viable Governance (MVG) framework, effectively enhancing the protocol’s decentralized governance system. With active community involvement and widespread consensus, Cardano is moving closer to finalizing CIP-1694. This article delves into the current progress of CIP-1694, upcoming steps, and Cardano’s commitment to innovative upgrades. Contents hide 1 CIP-1694: Building…

TL;DR Breakdown According to reports over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally.  Prior to these layoffs, Binance’s global headcount was estimated to be around 8,000.  The exchange has faced a series of setbacks where within a span of 30 days, Binance was ordered to halt operations in Belgium, was denied a license in the Netherlands, failed to obtain a crypto custody license in Germany, and lost its euro banking partner.  Description Binance, one of the largest cryptocurrency exchanges, is marking its sixth anniversary amidst recent reports of significant layoffs. The Wall Street Journal has revealed that over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally.  Customer service workers, particularly in India, have been heavily impacted. Prior to these layoffs, … Read more Binance, one of the largest cryptocurrency exchanges, is marking its sixth anniversary amidst recent reports of significant layoffs. The Wall Street Journal has revealed that over 1,000 employees have been laid off in recent weeks, with the cuts being implemented globally.  Customer…

TL;DR Breakdown Currently, Filecoin averages 954.2 pebibytes (1.07 billion gigabytes) worth of storage deals, while its raw storage capacity stands at 12.2 exbibytes (14.1 billion gigabytes).  Despite a decline in revenue in dollar terms, the platform generated 2.5 million of its own Filecoin tokens, equivalent to $11.5 million, during the most recent quarter.  To cater to storage retrieval requirements, the platform is developing Project Saturn, a content delivery network (CDN) for Filecoin and IPFS (InterPlanetary File System).  Description A recent report by Messari reveals that Filecoin, a decentralized storage protocol, has seen an increase in storage deals on its network. Currently, the protocol averages 954.2 pebibytes (1.07 billion gigabytes) worth of storage deals, while its raw storage capacity stands at 12.2 exbibytes (14.1 billion gigabytes). This surge in uptake comes after a period … Read more A recent report by Messari reveals that Filecoin, a decentralized storage protocol, has seen an increase in storage deals on its network. Currently, the protocol averages 954.2 pebibytes (1.07 billion gigabytes) worth of storage deals, while its raw storage capacity stands at 12.2 exbibytes…

TL;DR Breakdown The SEC has acknowledged the applications for Spot Bitcoin ETFs from prominent firms such as BlackRock and Fidelity, marking an important step in the regulatory process. This acknowledgment does not guarantee approval but signifies progress and puts the clock in motion for the SEC to make a decision on these ETFs. Hopes for approval rise as market participants anticipate the SEC’s response, with preventative measures against market manipulation and increased mainstream acceptance of cryptocurrencies potentially influencing the regulator’s decision. Description The US Securities and Exchange Commission (SEC) has acknowledged the Spot Bitcoin ETF applications submitted by asset management giants BlackRock and Fidelity, along with several other firms, according to a report by Bloomberg reporter James Seyffart.  While this acknowledgment does not indicate impending approval or rejection, it marks a significant milestone in the application process, … Read more The US Securities and Exchange Commission (SEC) has acknowledged the Spot Bitcoin ETF applications submitted by asset management giants BlackRock and Fidelity, along with several other firms, according to a report by Bloomberg reporter James Seyffart.  UPDATE: There they are…

TL;DR Breakdown A Chinese hacking operation breached U.S. government email systems during Antony Blinken’s visit to Beijing, potentially gaining insights into U.S. strategic intentions. Despite the cyber intrusion, the Biden administration is using this incident to mend relations with China, maintaining diplomacy and focus on long-term relations. No public response with specific reprisals against China was given by the U.S., indicating a delicate handling of the situation. Description Behind the scenes of international diplomacy, unseen events shape the trajectory of global relationships. One such event is the recent maneuver by the Biden administration to pivot from an alarming cybersecurity breach. Despite a Chinese hacking operation that infiltrated U.S. government email systems, the administration’s focus is on mend relations with China, harnessing adversity for … Read more Behind the scenes of international diplomacy, unseen events shape the trajectory of global relationships. One such event is the recent maneuver by the Biden administration to pivot from an alarming cybersecurity breach. Despite a Chinese hacking operation that infiltrated U.S. government email systems, the administration’s focus is on mend relations with China, harnessing adversity…

TL;DR Breakdown A federal judge rules Ripple Labs’ XRP is not a security for retail investors, disrupting attempts to regulate cryptocurrencies. This ruling may indirectly benefit bitcoin miners by promoting natural gas infrastructure, which they use as an energy source. This ruling, which impacts Washington’s stance on crypto regulation, is a pivotal point in the ongoing crypto narrative. Description In a game-changing decision that could revolutionize regulatory efforts in the world of cryptocurrencies, a federal judge in Washington, Judge Analisa Torres, recently determined that Ripple Labs’ token, XRP, is not to be classified as a security when procured by retail investors. This remarkable resolution by the judge has prompted a seismic shift in the … Read more In a game-changing decision that could revolutionize regulatory efforts in the world of cryptocurrencies, a federal judge in Washington, Judge Analisa Torres, recently determined that Ripple Labs’ token, XRP, is not to be classified as a security when procured by retail investors. This remarkable resolution by the judge has prompted a seismic shift in the narrative surrounding cryptocurrencies and caught the attention of…

TL;DR Breakdown Geist Finance, a lending protocol operating on the Fantom network, has announced its permanent shutdown following significant losses resulting from the Multichain exploit.  The problem arose when the Chainlink oracles began listing the values of the non-bridged, or “real,” versions of each coin values that were more than four times higher than their Multichain derivatives.  The Company explained that this discrepancy made it impossible to reenable lending, as it would result in bad debt for holders of non-Multichain coins. Description Geist Finance, a lending protocol operating on the Fantom network, has announced its permanent shutdown following significant losses resulting from the Multichain exploit. In a social media post on July 14, the Geist development team confirmed that lending and borrowing activities would not be reopened. The protocol’s contracts were initially paused on July 6, followed … Read more Geist Finance, a lending protocol operating on the Fantom network, has announced its permanent shutdown following significant losses resulting from the Multichain exploit. In a social media post on July 14, the Geist development team confirmed that lending and borrowing…

TL;DR Breakdown The 2024 Bitcoin halving event is set to challenge miners due to reduced rewards and higher costs, JP Morgan predicts Rising Bitcoin prices after past halvings may not offset increased production costs this time. Miners grappling with debt and competition need to boost efficiency to remain profitable after 2024. Description As Bitcoin prepares to undergo its next halving event in April 2024, a cycle that occurs roughly every four years and slashes the rewards for mining Bitcoin by 50%, concerns surrounding the profitability for miners are becoming increasingly pronounced. Industry analysts argue that the outcome of the halving event will be a litmus test for … Read more As Bitcoin prepares to undergo its next halving event in April 2024, a cycle that occurs roughly every four years and slashes the rewards for mining Bitcoin by 50%, concerns surrounding the profitability for miners are becoming increasingly pronounced. Industry analysts argue that the outcome of the halving event will be a litmus test for miners’ adaptability in a rapidly evolving environment. According to a report on July 13 by…