China News Today Official TheBitTimes.com

Cryptocurrency exchange Kraken will share selected user information with the IRS starting from the next month. According to The Block, the decision comes after it was ordered by a court order received in June. “Kraken expects to share this information covered by the court’s order in early November 2023.”  The Block The IRS and Kraken battle began in May 2021 when a US federal court allowed the tax agency to serve a John Doe summons on the cryptocurrency exchange and its subsidiaries in an attempt to catch tax evaders. The IRS said at the time that Kraken did not comply with the subpoena. In February 2023, the IRS filed a petition seeking certain customer data from the Kraken exchange. The requirements apply to users with more than $20,000 in trading volume in 12 months between 2016 and 2020. In April, Kraken filed a lawsuit against the IRS, which required the platform to provide user data. The company denies the regulator’s right to receive info...

At the Futures Industry Association Expo 2023 conference, Rostin Behnam, the head of the US Commodity Futures Trading Commission (CFTC), emphasized the need for a robust regulatory framework in the crypto industry. Behnam noted that the CFTC’s Enforcement Division has issued 131 monetary awards since 2015, with 45 related to digital asset fraud, constituting approximately 34% of the total. “If you require an analogy, think about whether you would be comfortable on the road if only some individuals were required to have a drivers’ license, or whether, given the choice, you would entrust your healthcare to an untrained, or unlicensed physician.” Rostin Behnam, CFTC Chair In his assessment, roughly 70% of crypto currencies be designated as commodities . Accordingly, he called upon Congress to establish definitive regulations for digital assets and broaden the CFTC’s jurisdiction in this regard. You might also like: US congressman pushes bill to shield privacy ...

Mixin Network suffered a breach in its third-party cloud server database resulting in the theft of nearly $200 million worth of digital assets. Mixin Network, a decentralized cross-chain protocol, in a message to the hacker behind the $200 million exploit on Sept. 23, has offer ed a $20-million bug bounty for the return of the remaining funds. Mixin Network encrypted the message with the exploiter transaction, requesting the exploiter to return the funds as the majority of the stolen funds were user assets. “Most of our platform assets were users, and we hope you can refund them. You can keep $20M of the assets as a BUG Bounty Reward for the BUG.” Mixin Network confirmed the exploit on Sept. 25, claiming the exploiters managed to breach a third-party cloud service provider, which resulted in the theft of nearly $200 million of assets from the platform. [Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provide...

Tether in its email said they found Cake DeFi to be controlled by “another corporation that resides in Singapore,” and thus they won’t be allowed to redeem USDT. Tether, the largest stablecoin issuer behind USDT, has reportedly changed its terms of services (ToS) in Singapore. An email shared by the decentralized finance protocol Cake CEO on Sept. 25 shows the changes to Tether's ToS prohibiting certain customer base from redeeming USDT. The CEO of Cake Group Dr. Julian Hosp took to social media platform X (formerly Twitter) to share the email received from Tether informing that they cannot redeem USDT for USD due to the changes in the ToS of the stablecoin issuer just one day ago. Ok, so, I won't be able to tell you if redeeming $USDT into $USD is actually possible, due to being in #Singapore, which was a recent change to the @Tether_to ToS from one day to another. Interesting. pic.twitter.com/1YzNqkbjMO — Dr. Julian Hosp (@julianhosp) September 25, 2023 Hosp in his X ...

The Ethereum scaling protocol allocated $26.7 million in free coins to wallets that delegated their OP tokens to community votes and on-chain governance. Layer-2 network Optimism airdropped 19.4 million of its native token OP to 31,879 unique addresses with on-chain participation between January and July 2023. Today Optimism is announcing OP Airdrop #3. 19M OP allocated to over 31k unique addresses to reward positive-sum governance participation in the Collective. Read on for details on eligibility criteria and allocations. — Optimism (_) (@optimismFND) September 18, 2023 These wallets either delegated OP above the minimum threshold or delegated voting power to an address that voted on-chain at least once, according to Optimism’s eligibility criteria. The free tokens serve as a reward for “positive sum governance participation”, Optimism wrote. Also, the airdrop is claimless and requires no action from users.  Optimism urged vigilance from network participants to av...

Russia’s Finance Ministry is mulling ways to bring more liquidity to the market by giving a green light to DeFi organizations. With sanctions against Russia starting to bite, Moscow is seeking new ways to keep its markets afloat by legalizing decentralized finance. Speaking at Crypto Summit 2023, Finance Ministry official Ivan Chebeskov revealed that the move aims to bring more liquidity to digital financial assets (DFAs), a tokenized form of traditional derivatives or real-world assets. The ministry is actively supporting the development of DFAs but understands that in their current form, these assets “will not work,” Chebeskov was quoted as saying by Interfax news agency on Sept. 12. “We actively advocate developing of DFAs, but we understand that DFAs alone will not work, we need a bundle of DFAs and the decentralized world of finance to use the liquidity that already exists in decentralized finance, [to use] the liquidity that people have in cryptoc...

Users were prevented from withdrawing their CYBER Earn assets on the exchange due to a cross-chain bridging issue. Crypto exchange Binance is refunding users 1 million Tether ($1 million) over its handling of the CyberConnect (CYBER) token incident . As narrated by the exchange on Sept. 7, a price discrepancy on listed CYBER tokens occurred the week prior due to a liquidity crunch constricting CYBER cross-chain bridges on Korean cryptocurrency exchange Upbit. This led to arbitrageurs borrowing CYBER from Binance to profit from the differential. In turn, Binance users who staked CYBER in its Flexible Earn Program were barred from redemptions as the staked assets had been borrowed, reaching the loan limit. The exchange stated: "Other than Proof-of-Stake (PoS) based products, a large part of crypto flexible financial products generate income by lending out subscribed assets to other users via Margin or collateralized loans. Under extreme conditions, borrowers may not be able to r...

TRM Labs estimates that North Korean hackers have stolen $200 million of cryptocurrency in 2023 alone. North Korean hackers continue to threaten the broader cryptocurrency ecosystem, having stolen an estimated $2 billion of crypto over the past five years. Blockchain intelligence firm TRM Labs released its latest deep dive into the murky world of cryptocurrency-related hacking, focusing on the exploits of North Korean cybercriminals. According to TRM Labs’ data, North Korea has stolen around $200 million of crypto in 2023, accounting for 20% of all stolen funds this year. North Korean cyberattacks are estimated to be 10 times larger than attacks by other malicious actors. Hackers from the country have also honed in on the decentralized finance (DeFi) ecosystem, preying on cross-chain bridges that continue to handle a significant volume of cryptocurrency transfers. Related: North Korea stole more crypto in 2022 than any other year: UN report Cross-chain hacks, such as the Axie Infini...

The decentralized stablecoin is facing its first stress test since it was released in May, putting its PegKeeper algorithm to work. Curve Finance's native stablecoin crvUSD briefly depeg ged on Aug. 3, react ing to an uncertain environment surrounding the protocol after its recent exploit. In the course of the day, the stablecoin fell by as much as 0.35% before regaining its peg to the United States dollar. Curve's crvUSD uses a mechanism for maintaining its peg called PegKeeper algorithm, which manages the interest rate and liquidation ratio based on the stablecoin supply and demand to maintain its value. In other words, it ensures that the crvUSD value is properly backed by collateral while balancing supply and demand. On Twitter, Curve Finance compared the stablecoin's devaluation to the Silicon Valley Bank collapse in March, which resulted in the brief depegging of USD Coin (USDC). "Events of recent days felt similar to SVB/USDC situation in some sense. However, c...

Blockchain is making waves in the electronic music industry, bringing customer loyalty, engagement and industry collaboration. Blockchain technology is often associated with the finance industry, namely, the usual suspects like traditional finance (TradFi) or decentralized finance (DeFi). However, the technology is industry-agonistic and can transform any sector that relies on data and interactions. One of the industries that could benefit from blockchain adoption is entertainment — specifically the electronic music market. Challenges facing the electronic music industry  The dance music marked valued at around $10,2 billion in 2022, and boasting a dedicated fan base of hundreds of thousands of people, has long been lacking in terms of providing reciprocal benefits to its passionate supporters. Until now, there has been an absence of a cohesive global community that effectively communicates and derives advantages from the considerable contributions made by these fans to the scene. Due...

Celsius Network, which filed for bankruptcy in 2022, is selling its crypto holdings as the broader market recovers, partly due to Ripple’s win against the US Securities and Exchange Commission (SEC). Data provided by Lookonchain shows that Celsius has already sold roughly $23.5 million worth of cryptocurrencies — including $8.5 million of chainlink (LINK), $7.84 million of synthetix (SNX), $3 million of BNB, $2.26 million from 1inch (1INCH), and $1.9 million worth of ox protocol (ZRX).  Notice that #Celsius started selling altcoins. 1.27M $LINK ($8.5M), 2.83M $SNX ($7.84M), 12,597 $BNB ($3M), 4.45M 1INCH ($2.26M), 8.53M $ZRX ($1.9M), and 439K $FTX ($713K) were transferred to #FalconX. And 186,149 $BONE ($235K) was deposited into #OKEx.https://t.co/Auf2S9Z2Z5 pic.twitter.com/Dbznr0w3Le — Lookonchain (@lookonchain) July 17, 2023 Moreover, screenshots shared by the data provider also suggest that Celsius has deposited almost 439,000 FTT, worth $713,000, to FalconX. I...

Nolus’ DeFi lending protocol aims to onboard more people by solving collateralization inefficiencies. Crypto lending has become an essential part of decentralized finance (DeFi), allowing people to lend and borrow digital assets via specifically designed protocols. With crypto lending, users can lock their crypto assets as collateral and then borrow a fiat or stablecoin loan. Instead of traditional intermediaries, like banks and credit unions, DeFi lending protocols operate directly on a blockchain. Smart contracts facilitate each loan or borrowing, and on-chain supply and demand decide the interest rates. Reports expect a $231 billion DeFi market by 2030, with lending protocol s being a key element driving the growth. According to a CoinGecko research report, lending has more than an 11% market share in the DeFi ecosystem, and it stands as one of the five biggest DeFi sectors. Users flock to DeFi lending protocol s to avoid directly selling their crypto holdings, which they expect...

The deal was posted to both the Ethereum network and the protocol’s official Twitter channel. The team behind exploited decentralized finance (DeFi) app Jimbos Protocol has offered a deal to the app’s exploiter: Keep 10% of the funds and return the other 90%, or face prosecution. Otherwise, the team “won’t stop” until the attacker is “behind bars.” The proposed deal was disclosed in a May 28 tweet by the Jimbos team and posted to the Ethereum network. To the attacker: keep a fast $800k payday, and live to tell the tale. We won't pursue you if you send back the 90%. But if you don't, we won't stop until you're behind bars. You can open communications with us at Helloitsjimmy@proton.me — Jimbos Protocol (v2, soon) (@jimbosprotocol) May 29, 2023 On May 28 at 7:25 am UTC, the team posted a message to the Ethereum network stating that the attacker would not be prosecuted if 90% of the funds are returned. First Jimbos Protocol message to attacker. Source: Ethereum blockcha...

The Web3 wallet allows institutions to control which employees are allowed to use the tokens held within it. Securities token platform INX has launched a wallet with compliance features for institutions, according to a May 3 announcement. The new wallet was created in partnership with wallet infrastructure provider BitGo and uses multi-party computation (MPC) technology. Exciting announcement! INX now collaborates with @BitGo to enable institutional #investors to fully and confidently participate in the #security #tokens market and the greater digital economy: ️https://t.co/AbpdS86lYk — INX (@INX_Group) May 3, 2023 INX securities tokens exist on the Ethereum network and follow the ERC-1404 token standard. The standard was created in 2018 to allow for compliance-friendly Ethereum tokens. These tokens can only be transferred between users that have passed identity verification with a participating institution. The new wallet allows institutions to comply with cybersecurity and cu...

A Chainlink exec said the oracles will improve GMX’s security by providing a more “strong degree of tamper-resistance when settling user trades.” Chainlink’s (LINK) low-latency oracles will integrate with the decentralized exchange (DEX) GMX following a successful governance proposal that sought to provide more “granular” real-time market data to GMX v2. Voting ended on April 25 at 12:00 am UTC, with over 96% of participating GMX tokenholders voting in favor of the proposal. The new Chainlink oracles — which were built with the input of GMX core contributors — were brought in to improve upon the functionality of perpetual DEXs and price-sensitive trading on GMX, the author of the proposal explained. The @GMX_IO community has officially approved a proposal to integrate Chainlink's new low-latency oracles as the launch partner in an on-chain vote with 96.28% approval. This integration will enhance both the security and UX of GMX's derivatives protocol.https://t.co/sh1tLDLtps ...

The stablecoin will be launched on the Noble network, making it available to all 50-plus Cosmos IBC blockchains. USD Coin (USDC) will soon be available in the Cosmos ecosystem via the Noble network (STAKE), according to a blog post from the Noble development team. The post was shared on Twitter by USDC issuer Circle. We're excited to bring USDC to @Cosmos! USDC is expected to launch on @noble_xyz soon, stay tuned for details. #IBC https://t.co/eqU8wno43F — Circle (@circle) March 28, 2023 Neither Circle nor Noble gave out a specific date for USDC’s launch on the network, but both said that readers should “stay tuned” for that information. In its announcement, the Noble team said that USDC will be the first “native, fiat-backed stablecoin that is highly liquid and fully collateralized” on a Cosmos IBC connected network. In its view, the introduction of the fiat-backed stablecoin will solve many of the challenges that Cosmos users currently have when trying to bridge assets from on...

Derivatives liquidity protocol Synthetix seals new partnership with DWF Labs, landing a $20 million investment from the quantitative trading firm. Tokenized asset issuance platform Synthetix has secured a $20 million investment through a new partnership with Web3 investment and quantitative trading firm DWF Labs. The market making and algorithmic trading company acquired $15 million worth of Synthetix’ native token SNX paid for with USD Coin (USDC) in March 2023. DWF Labs will be tasked with increasing SNX token Liquidity and market making across centralized and decentralized exchanges. Synthetix’ perpetual futures will be integrated into DWF Labs’ trading business as part of the deal. DWF Labs has also committed to purchase another $5 million worth of SNX tokens once the integration of Synthetix’ services has been completed. Synthetix allows users to tokenize a variety of real-world assets into derivatives called Synths, which provide exposure to a range of different assets. Hold...

Masa Finance announced its deployment on the Celo blockchain with its new “Prosperity Passport” identity solution for users. A central focus for many in the Web3 community has been improving identity solutions available to consumers. Last year the emergence of soulbound tokens (SBT) introduced a new way for users to define themselves.  Although the SBT hype quieted over the last months, they have not disappeared off the scene. On Mar. 1, the SBT protocol Masa Finance announced that it will deploy on the carbon-negative Celo Blockchain to create a new identity solution .  More than 10 million wallets active in the Celo ecosystem will be able to generate a Masa “Prosperity Passport.” This new Web3 identity solution allows users to mint a variety of SBTs related to their digital life, such as an authenticated user verification SBT, a credit score SBT, a community reputation SBT and a .celo domain name SBT. Calanthia Mei, the co-founder of Masa Finance said nonfungible tokens (NFTs) we...

Discover 11 essential tech jobs that don’t require coding skills, including UX designer, technical editor, digital marketer and data analyst. Tech jobs that do not require coding are important for several reasons. Firstly, they provide opportunities for individuals who may not have the technical background or interest in coding to work in the tech industry. This can help diversify the industry and bring in fresh perspectives and skill sets. Additionally, these roles are crucial for the successful development and launch of tech products and services. Technical support specialists, project managers, technical editors and quality assurance testers are all essential for ensuring that products are user-friendly, high-quality and meet user needs. Finally, these roles often require strong communication, problem-solving and organizational skills, which are valuable in many industries. Here are 11 jobs that do not require coding skills. User experience (UX) designer A user experience (UX) desi...