Coinbase launches Crypto 435 campaign; FTX’s Nishad Singh pleads guilty

admin March 1, 2023

0 5 minutes read

The biggest news in the Cryptoverse on February 28th was that Coinbase announced a campaign called Crypto 435 to advocate for pro-crypto policies in US politics. Visa and Mastercard are reportedly scaling back their cryptocurrency efforts, but Visa executives say the company has no plans to do so. Additionally, FTX executive Nishad Signh pleaded guilty.

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Coinbase Launches Campaign To Strengthen Crypto Advocacy In US Politics

coin base announced Launch of Crypto 435 — a grassroots campaign aimed at improving and supporting the crypto advocacy community to ensure regulators and legislators formulate policies that benefit the industry as a whole.

Crypto 435 aims to build a community of crypto advocates and provide them with the tools and resources they need to influence policy-making in the United States. Additionally, the campaign aims to foster innovation in the cryptocurrency industry, protect jobs, and enhance cryptocurrency awareness and education. for the American public.

Visa, Mastercard Deny Crypto-Related Services

Global payments giants Visa and Mastercard have pushed back on their crypto-related plans over the recent market crash and unclear regulations, Reuters reports.

Since the beginning of 2021, Visa and Mastercard have announced several partnerships with cryptocurrency companies to help users seamlessly purchase cryptocurrencies. Specifically, Visa partners with over 70 cryptocurrency companies, and he serves 80 million merchants worldwide.

However, the recent market crash that has forced many cryptocurrency companies into bankruptcy, including FTX and BlockFi, has forced the payment giants to rethink their crypto partnerships.

Sources close to Verified Visa and Mastercard Reuters On February 28, the payments giant said it would oppose new partnerships with cryptocurrency companies.

Visa’s Head of Crypto Disputes Reports That Companies Are Pausing Crypto Pushes

Qui Sheffield, head of cryptocurrency at Visa, said a Reuters report that the payment giant had paused its cryptocurrency efforts was “inaccurate.”

On Twitter on February 28th threadSheffield said the company continues to partner with cryptocurrency companies to build new products.

Nishad Singh Becomes Latest FTX Executive To Plead Guilty

Former FTX executive Nishad Singh has agreed to plead guilty to six U.S. criminal charges filed against him in a lawsuit against the collapsed exchange, Reuters reported on Feb. 28. .

The charges are 1 count of wire fraud, 3 counts of conspiracy to defraud, 1 count of conspiracy to launder money, and 1 count of conspiracy to defraud the United States through campaign finance violations.

Goldman Sachs is “very supportive” of exploring further use cases for blockchain technology

Goldman Sachs Group believes blockchain technology can help improve various TradFi markets, such as private equity, and is committed to exploring further use cases for this technology.bloomberg news report February 28th.

Matthew McDermott, managing director of Goldman Sachs, told Bloomberg that lenders are “very supportive” of blockchain applications following the recent launch of GS DAP, a blockchain tokenization platform, and there are several more to come. He said he is looking to hire additional experts in the field as needed over the next month.

OKX says the price of the CELT token has been manipulated.Affected users will be compensated

The price of gaming project Celestial’s native token CELT was manipulated on OKX by malicious actors, the exchange said in an investigative report.

According to Coingecko, on February 27, CELT’s price fluctuated sharply, dropping about 54% within two hours. dataThis has led many to wonder if there has been market manipulation by unscrupulous traders seeking profit.

Wintermute researchers link UST depeg-related wallets to Jane Street

Wintermute’s head of research, Igor Igamberdiev, said it was “very likely” that one of the wallets linked to Terra’s UST depeg was linked to trading firm Jane Street.

On Twitter on February 28th threadIgan Berdiev said Clearpool unknowingly disclosed three addresses linked to Jane Street when it announced in May 2022 that it had borrowed 25 million USDC from BlockTower.

According to Igamberdiev, two weeks after the UST collapsed, one of these addresses borrowed $15 million from lenders and paid back the funds for another $10 million.

Bitcoin Hashrate Hits ATH

The Bitcoin network’s computing power reached a record high earlier this week.data from Blockchain.com showed a total hash rate of 320 EH/s between February 20th and February 26th, a 10% increase since the beginning of the month.

The 320 EH/s represents a 44% increase from the December low of 222 EH/s.

Such a notable increase in hash rate can be attributed primarily to the increased uptime of miners in the United States throughout December. The United States has been hit by severe winter storms, straining the nation’s power grid and forcing many miners to scale back operations to maintain grid stability.

Ripple Asks SEC Chairman To Deny Himself From Crypto Enforcement Case

Ripple’s Chief Legal Officer, Stuart Alderotti, has told SEC Chairman Gary Gensler that he would not pursue any enforcement action related to cryptocurrencies for his prior determination of the matter. I also asked him to refrain from voting.

In a February 28 tweet, Arderoti hinted that Gensler’s statement that “all cryptocurrencies are unregistered securities except BTC” is evidence of his attitude towards other cryptocurrencies.

Ripple formula Quote A lawsuit between Antonio and the SEC as a basis for his claims.

Bitcoin core developers use their own code without permission to distance themselves from NFTs

Bitcoin (BTC) core developer Luke Dash Jr. has distanced himself from an NFT that auctioned his code for 0.41 BTC (worth about $10,000).

dash jar Said He added that he was not involved in creating or selling the NFTs and did not agree to use his code or name for that purpose. He said:

Dashjr goes on to say that the creators of the NFT offered him 90% of the proceeds, explaining that this was a clear attempt to “buy” him out to silence him or get his consent.

However, the developer rejected the offer and asked the creator to refund 100% of the funds to the NFT purchaser.

True USD Becomes 5th Largest Stablecoin After Market Cap Jumps 15%

In recent weeks, the market value of True USD (TUSD) has skyrocketed, ranking it as the 5th largest stablecoin by market cap according to Coin Market Cap.

In the last 24 hours, TUSD’s market cap has risen by more than 15% and is now over $1.1 billion.

Glassnode’s Netflow measurement is a useful tool for analyzing the activity of cryptocurrencies like True USD. Netflow is the difference between the number of coins flowing into and out of a particular exchange or mining pool. A Netflow value above 0 indicates that more coins flowed into the exchange/mining pool than flowed out.

Using this measurement, Glassnode observed a recent increase in True USD activity levels. This can be seen in the significant drop in activity levels on the chart prior to February followed by a notable rise during the month.

Arthur Hayes shows timeline for next crypto ‘mega-upcycle’

Former BitMEX CEO Arthur Hayes predicts a risk-on cryptocurrency bull market between now and 2026.

talk new york magazine (NYM) Hayes spoke about his early career at Deutsche Bank in Hong Kong, founding BitMEX, prosecution by the Department of Justice, and more.

His views on the market and its future development were particularly interesting. The former CEO of BitMEX said, “All central banks will correct the price of government bonds within the next 12-18 months.”

He predicts the event will trigger the “next mega upcycle” in risk-on assets, ending by 2026. At that point, there will be an economic collapse on the scale of the Great Depression of the 1930s.

Sweden tries to allay CBDC concerns, saying it’s ‘not interested in seeing how people pay for things’

Mithra Sunberg, head of the Swedish central bank’s digital currency project, commented on the central bank digital currency (CBDC), saying that as DL News reported, the country cares about how people issue payments. I said no.

Sunberg acknowledged that people have concerns about CBDC. Because we believe that CBDC will give the government more control over the movement of money. according to Go to DL News.