Dappsgram Crypto News, Amukoko (2025)

03/09/2022

DAPPSGRAM NEWS
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Celsius Network to Return Only 22% of Customer Funds

Embattled cryptocurrency lender Celsius Network has told a New York bankruptcy court in a filing that it will pay back about 22% of funds held in custody to 58,300 customers whose assets are assets valued at $48M. The revelation was made during a Sept. 1 hearing of a motion seeking authorization for the Celsius Network.

The bankruptcy filing revealed that Celsius owes its users around $4.3 billion, leaving many wondering whether it will raise more liquidity to pay the remaining funds as it seeks to restructure and go through bankruptcy proceedings. According to the bankruptcy filing, the firm was valued at $3 billion after raising $690 million in multiple funding round series in 2022.

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03/09/2022

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ETH Whales Move Ethereum to Exchanges Awaiting The Merge

ETH whales are on the move. Major investors in the Ethereum (ETH) network are sending their holdings in the asset to exchange addresses, according to data gathered by Santiment. The Merge, an event where the ETH mainnet will merge with the Beacon Chain and adopt the Proof-of-Stake (PoS).

The merger, awaited for years by network enthusiasts, has positively impacted the price of the second largest cryptocurrency in the world. Since the Ethereum 2.0 date was announced on July 15th, the network’s native token has surged 70% according to TradingView, despite undergoing a price correction in recent weeks. Data from analytics firm Santiment shows that major Ethereum cold wallets have reduced their ETH holdings by 11% in recent months.

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03/09/2022

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The Continued Unraveling of Mark Zuckerberg’s Malicious Metaverse

The good news is that we’re getting a lot of free entertainment out of Mark Zuckerberg’s attempts to be “the face” of this dead-end transition, and the past few weeks have seen some real highlights, culminating with a transcendently embarrassing appearance on Joe Rogan’s podcast last week. The past few weeks have been particularly brutal for Zuckerberg’s grand ambition to create a Second Life mod in which everyone is a double amputee. The current (far from first) wave of embarrassing flubs kicked off on August 17 when Zuckerberg posted a “selfie” from Meta’s Horizon World’s rollout in France.

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03/09/2022

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ConsenSys to Launch 'Sustainable' NFTs Celebrating the Ethereum Merge

The merge is cause for celebration,” ConsenSys announced on Thursday. And to kick off the festivities, the blockchain firm will release “one of the first sustainable NFT drops on the Ethereum mainnet” called Regenesis. ConsenSys partnered with artist Chris Skinner and animation firm Keithcity Group to design the collection. ConsenSys is one of 22 strategic investors in Decrypt. The collection’s primary theme, sustainability, will showcase Ethereum’s “ambitious re-architecture” of the Web3 world as well as its purported “2000x” improved efficiency.

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02/09/2022

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FASB crypto accounting rules to exclude NFTs, some stablecoins – WSJ

The Financial Accounting Standards Board (FASB) will not include NFTs and some stablecoins in its crypto accounting review, The Wall Street Journal reported on Aug. 31, citing sources. According to the report, the FASB rule will cover digital assets that are intangible, fungible, and don’t carry any contractual rights to cash flow. NFTs will be excluded from the rule because they are nonfungible and sometimes carry rights to underlying goods and services, while some stablecoins are tangible assets. Companies and investors holding digital assets have repeatedly clamored for more clarity on accounting for crypto assets in their portfolios.

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02/09/2022

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NFT trading volume on OpenSea drops to 1-year low as crypto winter strikes

As concerns about the possibility of a market bubble mount, OpenSea, the world’s largest non-fungible tokens (NFTs) marketplace, has seen a significant decrease in the daily quantities of its trades. Notably, trading volume on the NFT marketplace fell as low as $10.05 million as of August 26, the lowest since July 2021, marking a one-year low as the effects of the crypto winter take hold. According to the most recent data from DappRadar shows that volume had marginally improved to $13.49 million as of August 30. Interestingly, this volume is a big difference from that seen in May 2022, when NFT trading volume on OpenSea surged as high as $405 million.

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02/09/2022

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Decentralized Exchange THORSwap to Support Cross-Chain Swaps for Over 4,300 Ethereum-Based Tokens

The developers behind THORChain-based decentralized exchange (DEX) THORSwap this week said the protocol had added more than 4,300 Ethereum-based tokens to its cross-chain liquidity aggregator – a move that allows users to swap them into other supported blockchains, such as Bitcoin, Cosmos, Dogecoin and THORChain. Liquidity aggregators rely on smart contracts to gather token prices across a number of decentralized exchanges (DEX) on other blockchain networks. This allows users to get better tokens prices on their trades with low slippage. Slippage is the difference between the expected price of a trade and the price that's actually achieved, while gas is the blockchain transaction fee.

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02/09/2022

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dYdX ends contentious promo claiming ‘overwhelming demand’

Decentralized crypto derivatives exchange dYdX says it has ended its short-lived and contentious $25 first deposit bonus promo amid a wave of backlash over its facial recognition requirements for new users. The exchange, however, simply cited “overwhelming demand” as the reason for its short-lived promotional campaign, which ended on Thursday “effective immediately.”

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02/09/2022

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Tech giant Meitu loses over $43M of its crypto investment in bear market

Hong Kong tech giant Meitu made headlines in April last year after it reported nearly $100 million in crypto holdings. However, with the advent of the bear market, the tech firm has lost nearly half of the valuation of its crypto holdings. According to a local media report, Meitu reported an impairment loss of over 300 million yuan, approximately $43.4 million, on their crypto holdings.

The financial filing revealed that the impairment loss has more than doubled from the last quarter, something the firm had anticipated earlier. The tech giant has said that its crypto holdings could impact the net loss of the company by the end of the first half of the year. Meitu is not the only company to incur significant losses on its crypto investments. Microstrategy, the flag bearer of public companies investing in Bitcoin, reported an impairment loss of over $900 million on their BTC holdings by the second quarter of 2022.

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01/09/2022

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Bitcoin mining difficulty rises by over 9%, highest since January

Bitcoin (BTC) mining difficulty has spiked by 9.26% to 30.98 trillion at block height 751968, the highest since January 2022, according to Glassnode data. Bitcoin mining difficulty is a metric used to measure how challenging it is for miners to mine a block of the flagship digital asset. The metric is updated every 2,016 blocks (roughly every two weeks).

The metric suggests more miners are joining the network despite the relatively poor performance of the asset in August. Meanwhile, the mining difficulty depends on the hash rate level, which is the amount of computing power on the Bitcoin network. Unsurprisingly, Bitcoin’s average hash rate in the last seven days has increased, reaching 224.7 EH/s (exahashes per second) on August 30 compared to 197.7 EH/s recorded two weeks ago.

SOURCE
Dappsgram Crypto News

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01/09/2022

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Blockchain gaming company Xterio bags $40M led by FunPlus, FTX Ventures

Blockchain gaming company Xterio has raised $40 million to develop Web 3.0 game franchises, the startup announced on August 30. The funding was led by FTX Ventures, the venture capital arm of crypto exchange FTX, FunPlus, Makers Fund, and XPLA, the press release said.

Switzerland-headquartered FunPlus is a video game developer and publisher publishing games such as King of Avalon, State of Survival, and Guns of Glory. FunPlus provides Xterio with its technology stack. Xterio, on the other hand, is the exclusive partner of FunPlus to mint and deploy non-fungible tokens (NFTs) for all present and future FunPlus game titles. The funding round also saw participation from Animoca Brands, HashKey, Foresight Ventures, Infinity Ventures Crypto, and Matrix Partners.

SOURCE
Dappsgram Crypto News

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01/09/2022

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Helium developers propose migration to Solana

Blockchain-powered wireless network Helium (HNT) is considering migrating to Solana (SOL) blockchain in a new proposal published on August 30. The HIP 70 proposal explains that the migration to Solana would improve the network’s operational efficiency by giving Helium access to Solana developer tools, applications, and features.

The proposal claimed the migration is necessary because the growing use of the Helium network has made it difficult to manage data flow and accounting, leading to inefficiency issues. Moving PoC and Data transfer to Oracles will help solve these problems and make the network more stable, allowing higher scalability. The developers added that the migration to Solana is appropriate as it provides a scalable architecture Helium currently needs.

SOURCE
Dappsgram Crypto News

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01/09/2022

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Twitter brings back suspended NFTs accounts as Solana threatens to pause ad spend

Twitter suspended access to nine accounts associated with promoting nonfungible tokens, or NFTs, on the Solana (SOL) ecosystem. The move comes just ahead of the highly anticipated launch of the y00ts NFT collection, a follow-up to DeGods, the most popular NFT collection on Solana, this Friday. The said accounts have been reinstated and are accessible as of 12:00 pm EST. No official explanation was given as to why the accounts were suspended in the first place, or why they were reinstated shortly afterward.

SOURCE
Dappsgram Crypto News

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01/09/2022

DAPPSGRAM NEWS
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The Time CryptoCom Accidentally Sent $10.5 Million to a Woman Instead of $100

To become rich is everyone’s dream but to be rich by chance is not everyone’s fate. However, this isn’t a lottery-winning story that sounds crazier than fiction or an inventor who made a fortune from an accidental invention. This is a story about how CryptoCom accidentally transferred a whopping $10.5 million to a woman in Melbourne Australia when she was seeking a $100 refund.

The amount was transferred to one Thevamanogari Manivel back in May 2021, when the prominent crypto exchange was attempting to process a refund of just $100. However, someone erroneously entered an account number in the payment section instead. As per the court document, the large sum was accidentally transferred in May 2021 and was discovered seven months later. Manivel transferred the $10.1 million into a joint account. In February this year.

SOURCE
Dappsgram Crypto News

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