The biggest news in the Cryptoverse on March 7th was that Algorand faced criticism for its poor response to a third-party wallet breach. Meanwhile, Grayscale defended its conversion to a rejected Bitcoin ETF in court. Federal Reserve Chairman Jerome Powell commented on the unauthorized ledger. Additionally, USDT research.
CryptoSlate Top Stories
Algorand accused of inaction in ongoing wallet drain hack
ZachXBT accused Algorand of “not acknowledging” the ongoing wallet drain hack.
Self-proclaimed “on-chain detective” Said Algroland users lost millions of dollars in this attack. However, the project is limping to help those affected. “Clowns actually acknowledge and support ongoing attacks that steal millions of dollars from community members.“
February 27, wallet providers myargo Posted an important recommendation that all users should withdraw their funds From Mnemonic Wallet Saved to MyAlgo.
The post acknowledged a “recent hack” and said the root cause of the attack is still unknown.
Judge questions SEC logic in Grayscale’s first Bitcoin spot ETF appeal hearing
A federal appeals court judge questioned the SEC’s arguments at the first hearing. appeal On March 7, we asked regulatory attorneys what more Grayscale Investments needed to offer to meet the requirements for a spot Bitcoin ETF.
Chief Justices Sri Srinivasan, Neomi Rao, and Harry Edwards of the District of Columbia Circuit Court of Appeals in Washington, DC presided over the hearing.
Grayscale’s lead attorney, Don Verilli, told a judge that the SEC’s rejection of the company’s Bitcoin ETF application was “arbitrary” because regulators approved futures-based ETPs. Bitcoin.
Fed Chair Powell Addresses Concerns About Unlicensed Distributed Ledgers at Senate Hearings
Federal Reserve Chairman Jerome Powell addresses the Senate Banking, Housing and Urban Affairs Committee on March 7.
At the hearing, Senator Cynthia Ramis (R-Wyoming) asked about permissionless distributed ledgers and whether they exist within the financial system.
Mr Powell said: I think what he heard in one of the federal banking agency reports is that they tend to see them as contradictory to safety and soundness. “
As for stablecoins, Powell said they could merge with traditional banks if they had “the right regulations.”
China’s WeChat Starts Accepting CBDC Payments
According to Forkast News, China’s most popular social networking application WeChat has expanded its payment options by adding the country’s Central Bank Digital Currency (CBDC).
WeChat Pay, the payment arm of WeChat, currently has over 1 billion monthly active users. report According to Forkast News. The platform only allows digital renminbi payments for certain transactions, such as McDonald’s orders and bill payments. WeChat is also expected to enable direct digital renminbi transactions between users in the near future.
This decision makes WeChat Pay the second platform to support the digital circle. The first platform was Alibaba Group’s Alipay application, WeChat Pay is now owned by Tencent Holdings, Alibaba Group’s main competitor.
Vitalik Buterin’s Token Dump Sends Unsolicited Altcoin Markdowns Containing CULT
Ethereum (ETH) co-founder Vitalik Buterin dumped unsolicited altcoins (sh*tcoins) in the early hours of March 7, causing the value of these assets to plummet.
on-chain analyst look on chain report buterin sold 50 billion MOPS, 500 trillion SHIK and 10 billion CULT tokens at 439.25 ETH.
Blockchain Security Company PeckShield backed up this report and Added ETH co-founder sold 3.4 million BITE tokens for 4.9 ETH. The company said Buterin said: payment Send 214 ETH to the EthDev address.
Despite his sales, Etherscan data showed Buterin still holds 666 SHIK and 10 billion CULT tokens.
Binance’s PoR system shows over $63 billion in reserves backing 24 assets
Binance, one of the world’s largest cryptocurrency exchanges, has updated its Proof of Reserve (PoR) system to include 11 new tokens. These include Mask Network (MASK), Dogecoin (DOGE), Curve DAO Token (CRV), 1 Inch (1iNCH) and others.
According to March 7 updateBinance’s PoR system now reflects reserves held for new tokens added in addition to the 13 previously added. Binance’s total reserves of 24 assets exceeded $63 billion as of March 1st.
USD Coin (USDC) had the highest reserve ratio at 54,90.54%. Binance holds his USDC worth $3.55 billion and the user’s net worth balance is worth $64.7 million.
Binance USD (BUSD) has the second highest reserve ratio at 128.81% and BNB (BNB) is the second closest at 123.85%.
research highlights
Survey: Tether Shines As Leading Stablecoin In Evolving Markets
After the FTX catastrophe in November, the stablecoin market changed dramatically, losing $12 billion in value.
Most recently, troubles with BUSD exacerbated the problem as the New York Financial Services Department (NYFDS) ordered Paxos to stop issuing tokens.
Glassnode data analyzed by crypto slate Tether has emerged as the clear winner of the market consolidation, despite ongoing and long-standing doubts about the token’s ability to meet its responsibilities.
crypto market
Over the past 24 hours, Bitcoin (BTC) has fallen 1.31% to trade at $22,109.80 while Ethereum (ETH) has fallen. 1.03% $1,549.80.
Biggest Gainers (24 hours)
- Mask Network (MASK): +10.27%
- Everscale (EVER): +9.07%
- TrueFi (TRU): +8.7%
Biggest Loser (24h)
- OKB: -8.76%
- RSK Infrastructure Framework RSK Infrastructure Framework (RIF): -7.61%
- Threshold (T): -7%
