New CBDC Ban Suggested By Florida Governor

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Haider Jamal
March 22,2023

Florida Governor Ron DeSantis has introduced new legislation to protect residents from a national CBDC (Central Bank Digital Currency) in accordance with the new Uniform Commercial Code.

The bill, if passed, would also protect Floridians from a global digital currency issued by a foreign central bank. Florida, according to DeSantis, will not support the deterioration of financial freedom.

Governor DeSantis has also urged other governors to fight surveillance and control from the federal government by enacting similar legislation under their commercial codes.

Tarren Bragdon from The Foundation for Government Accountability stated that he supported the bill and was opposed to a government bureaucracy which was clearly out of control.

Elsewhere, The Federal Reserve of the United States recently announced that its FedNow payments system would go live in July 2023.

FedNow, widely regarded as a forerunner to a programmable CBDC, will aspire to settle payments quickly between merchants, consumers, and banks. It is worth noting that blockchain technology is not used in the settlements.

Fed Vice Chair Lael Brainard stated in May of last year that FedNow serves nearly the same purpose as a CBDC. A CBDC, on the other hand, would be legal tender instead of a real-time payment system.

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July 19,2024

Trillions Of SHIB Tokens Stolen As WazirX Gets Hacked

The Shiba Inu (SHIB) team has responded to the WazirX hack, where a substantial amount of SHIB tokens were stolen, urging holders to stay resilient and highlighting the necessity for enhanced security measures.


Dealing With The Loss

Shiba Inu is a popular cryptocurrency featuring a dog-themed motif, whereas WazirX is a prominent Indian crypto exchange. Trillions of SHIB tokens were reportedly taken, resulting in considerable financial losses. Lucie, the Marketing Head at Shiba Inu, extended sympathies to those affected by the hack, which resulted in millions of dollars being seized.

Cryptocurrency hacking has seen a rise in recent years, causing billions in losses and exposing vulnerabilities within the crypto ecosystem. WazirX is the latest victim of such attacks. Just hours ago, hackers exploited WazirX, according to reports by Lookonchain, a widely-used on-chain tracker on the X platform (formerly Twitter). The hackers absconded with over $230 million in various crypto assets, including Shiba Inu, Ethereum, MATIC, PEPE, USDT, and GALA.


Cause For Concern

The breach has caused alarm among cryptocurrency investors, particularly those holding SHIB tokens on WazirX. Lucie addressed affected SHIB holders, expressing her hopes for their recovery of funds and urging WazirXIndia to resolve the issue promptly. She acknowledged the significant amount stolen but underscored its proportion relative to total SHIB circulation. Lucie encouraged the community to remain united and supportive in the face of adversity, viewing it as an opportunity for growth.

Kaal Dhairya, a developer at Shiba Inu, echoed sympathy for impacted SHIB holders, voicing frustration over the attack and urging community solidarity. This incident underscores the critical need for crypto exchanges to bolster security measures to safeguard investor assets. Strengthening security protocols is imperative to uphold trust in the digital asset sector. As the industry evolves, robust cybersecurity practices remain essential for both exchanges and projects to protect investors.


July 19,2024

John Deaton Receives Donations By Winklevoss Twins For His Political Campaign

Tyler and Cameron Winklevoss, co-founders of the popular cryptocurrency exchange Gemini, have contributed $1 million in Bitcoin (BTC) to support John Deaton and his political campaign against Senator Elizabeth Warren (D-Mass.), known for her adversarial stance towards cryptocurrencies.


Huge Donations

Tyler Winklevoss announced a $500,000 donation to Deaton, endorsing him as a candidate who champions Bitcoin, cryptocurrency, and business interests, contrasting sharply with Senator Warren and her opposition to the industry. In a similar move, Cameron Winklevoss confirmed a matching $500,000 Bitcoin donation to Deaton, emphasizing his alignment with pro-Bitcoin, pro-crypto, and pro-business values.

This donation marks another instance where the Winklevoss twins have used their cryptocurrency wealth to support political causes. Previously, they donated $2 million in Bitcoin to former President Donald Trump and his 2024 election campaign, aiming to counter what they perceive as anti-crypto policies under the Biden administration.


A Key issue

The aforementioned donations come amid ongoing debates over cryptocurrency regulation, with Senator Warren advocating for stringent regulations to curb potential illicit activities associated with digital currencies. In contrast, Deaton has been critical of the SEC and its regulatory approach towards cryptocurrencies and has served as legal counsel in prominent crypto-related cases, such as representing XRP. Crypto has become a key political issue for many in the United States, particularly among the youth.

Overall, the support shown by the Winklevoss twins for Deaton underscores their commitment to defending the interests of the cryptocurrency industry in the face of regulatory challenges. Their Gemini crypto exchange is generally regarded as a reputable platform with a strong emphasis on security and regulatory compliance. It offers a user-friendly interface and supports a variety of cryptocurrencies for trading.


July 18,2024

Bitwise Discloses New Fee Details As Spot ETF Approval Draws Near

Recently, Bitwise, a contender in the race for an Ethereum Spot ETF, made a notable update by revising its S-1 form and setting a fee of 0.20%. This move came shortly after the United States Securities And Exchange Commission (SEC) approved Ethereum Spot ETF applications by ProShares and Grayscale.


No Green Light Yet

The aforementioned ETF applications marked a significant milestone as the overall tally of approved ETFs in this category reached 10. Despite these approvals, the ETFs still await the official green light by the SEC in order to commence trading activities.

Several Bloomberg ETF analysts reported receiving news of these approvals on July 23rd, indicating a big step forward in the ETF approval process. Meanwhile, some key players like BlackRock have not yet disclosed their fee structures. The SEC aims for uniformity in the approval process, suggesting that once all companies reveal their compensation policies, final approvals may be imminent.


High Fees

In addition to Bitwise, both Grayscale and BlackRock have updated their S-1 forms. BlackRock proposed a fee of 0.25%, whereas Grayscale set theirs notably higher at 2.5%. Experts have expressed reservations about fees put forth by Grayscale, noting similarities with the Bitcoin trust where high fees led to investor outflows. This could potentially impact the Grayscale Ethereum Spot ETF, should it be approved for trading.

In any case, ETF approval could be massive because it would provide institutional investors easier access to cryptocurrency markets, increasing liquidity, legitimizing the asset class, and potentially driving significant capital inflows into various cryptocurrencies.


July 18,2024

The Wait Is Over As Uniswap Launches Chrome Wallet Extension

Uniswap Labs has officially launched its wallet browser extension for Google Chrome after a wait exceeding six months, during which more than 793,000 users signed up on the waitlist. This new tool enables Uniswap wallet users to conduct on-chain activities, such as token swaps, across 11 different networks, including Ethereum, Polygon, and Arbitrum.


Bolstering Capabilities

The expansion broadens the numerous capabilities that Uniswap users already possess, which also encompass the leading decentralized exchange handling $2.4 billion in daily trading volume and $5.6 billion in total value locked.

Crypto wallets are crucial as they provide secure storage and management of digital assets like cryptocurrencies. They enable users to send, receive, and store funds independently of centralized institutions, promoting financial autonomy and enabling participation in decentralized finance and blockchain ecosystems.


Competition Heats Up

With nearly a million users now able to utilize this new storage solution, Uniswap Labs is solidifying its position in the competitive crypto storage and trading market. The release also coincides with a wave of new features by other wallet providers. Coinbase recently introduced a platform for managing wallets and on-chain portfolios, while Block, founded by Jack Dorsey, partnered with MoonPay for Bitcoin purchases.

Not one to be deterred, MetaMask has also integrated advanced security features and introduced direct Ethereum validator staking. These advancements underscore the intensifying competition among wallet providers to innovate and attract the next billion users in the Web3 arena, as blockchain technology and cryptocurrencies continue to captivate global interest.


July 17,2024

Meme Coin Investments Still Going Strong Thanks To Roaring Kitty

Cryptocurrencies associated with the renowned trader Roaring Kitty saw significant gains on Tuesday due to high short interest in GameStop Corp. The Solana-based meme coin inspired by the 2021 short squeeze surged 10% in the past day. Additionally, Kitty AI saw a 25% increase, accompanied by a 10% rise in trading volumes over the same period.


Reigniting Market Interest

Both of the aforementioned meme coins capitalize on speculation surrounding a potential short squeeze similar to the 2021 event, unrelated to any fundamental ties with GameStop or Roaring Kitty.

Keith Gill, also known as Roaring Kitty, has reinvigorated market interest through his social media presence since May. His updates on Reddit and live streams on YouTube have continued to drive volatility in GameStop and memecoins themed around Kitty.

As of the latest data by Benzinga Pro, GME was trading at $0.00661, marking a 10.84% increase over the past 24 hours. GameStop shares closed 5.85% higher at $28.58 during regular trading hours on Tuesday.


Pros And Cons

Meme coins in the crypto space offer both advantages and disadvantages. On the positive side, they often generate significant attention and trading volume due to their association with popular culture or figures, which can lead to quick and substantial gains for early investors. These coins can also serve as a gateway for newcomers to enter the cryptocurrency market, driving broader adoption and interest in digital assets.

However, meme coins are highly speculative and volatile, often lacking fundamental value or utility beyond their meme status. This volatility can lead to rapid price fluctuations and substantial losses for investors who are not prepared for the risks involved. Additionally, regulatory scrutiny and the potential for market manipulation are heightened in meme coin markets, posing additional risks for investors and the broader cryptocurrency ecosystem.

Lastly, Roaring Kitty himself, also known as Keith Gill, faced a class-action lawsuit over suspected securities fraud involving GameStop stock. According to the lawsuit, he affected the stock price via his influential social media presence. However, the plaintiff voluntarily dismissed the lawsuit.


July 16,2024

Larry Fink Calls Bitcoin Digital Gold During CNBC Interview

In a recent interview with CNBC, Larry Fink openly discussed Bitcoin (BTC) and confidently affirmed its long-term profitability, describing it as an investment with substantial potential. This development comes at a time where an increasing number of CEOs and politicians are becoming more open to the idea of bringing crypto into the mainstream.


Changing His Mind

Larry, previously known for his skepticism towards cryptocurrencies, has undergone a notable transformation in his views this year. As early as March, he began expressing strong optimism about the future of Bitcoin, especially buoyed by the successful launch of the BlackRock Bitcoin ETF (IBIT) earlier in January of this year.

During a conversation with Jim Cramer, Fink reiterated his belief that Bitcoin functions akin to digital gold, symbolizing his journey which began with him heavily scrutinizing cryptocurrencies to now endorsing the flagship crypto itself.


A Legitimate Financial Instrument

Reflecting on his earlier stance, Fink admitted that he used to be a proud skeptic, but after a deep study and understanding of Bitcoin, he came to realize his previous views were misguided. Similarly, former United States Donald Trump has also recently started supporting Bitcoin, which has since become one of his key policies for his potential re-election later this year.

Fink elaborated that Bitcoin represents a legitimate financial instrument with inherent value, offering an appealing investment opportunity for those seeking assets outside the traditional bounds of their local respective financial systems. His evolving perspective underscores a growing acceptance and recognition of the role Bitcoin and crypto have in the broader financial landscape.



July 15,2024

Phishing Victim Receives His Money Back After Being Scammed

A hacker has unexpectedly returned nearly $9.3 million to a victim, having previously stolen $24 million in a phishing incident last September. The return was first reported by Scam Sniffer on July 13th. The scammer utilized the DAI stablecoin in two transactions last week to refund the funds. The initial transfer of $5.23 million occurred on July 8th, followed by another $4.04 million sent on July 13th at 12:06 pm UTC, as per Etherscan data.


A Change Of Heart

The victim had fallen prey to a $24.2 million phishing scam on September 6th, 2023, losing 9,579 Lido Staked Ether (stETH) and 4,850 Rocket Pool (rETH) tokens. During the incident, the victim unwittingly authorized token approvals to the scammer through Increase Allowance transactions, according to Scam Sniffer.

Allowance, an ERC-20 token feature, grants a third party the ability to spend tokens belonging to the owner. Market observers, including CoinMarketCap, have flagged such vulnerabilities, warning about potential exploitation by anonymous developers using malicious smart contracts to deceive users.


Still No Explanation

Despite the recent return of $9.3 million, representing a 38.4% reimbursement based on September 6th prices, the staked-Ether tokens would now be valued at $47.5 million. The DAI used in the transactions passed through an address associated with Railgun Relay, an intermediary for a privacy protocol, before reaching the victim.

However, there remains no explanation for the sudden transfers, as the scammer did not include any on-chain message to the victim in either transaction. According to Etherscan data, the scammer now holds slightly over $3 million, primarily in METAGALAXY LAND (MEGALAND) tokens on the BNB Chain, constituting nearly 99% of the remaining funds.


July 15,2024

Donald Trump Will Attend Upcoming BTC Conference Despite Assassination Attempt

Former United States President Donald Trump is set to deliver a keynote address at the upcoming Bitcoin Conference in Nashville, Tennessee, undeterred by a recent assassination attempt. Organizers of the event, including David Bailey, CEO of Bitcoin Magazine, confirmed that Trump will still attend the event despite the alarming incident that occurred on July 13th in Pennsylvania.

In related news, the election odds for Trump on prediction markets and numerous other Trump-themed meme coins skyrocketed following the assassination attempt when he was speaking on stage at a rally in Butler, Pennsylvania.


Still On Schedule

Bailey provided reassurance through a tweet on Friday morning, July 14th, stating that he had personally spoken with Trump and his team. He conveyed that Trump, despite the ordeal, is in high spirits and eagerly looks forward to addressing the audience in Nashville. According to Bailey, Trump expressed enthusiasm about delivering a speech that is anticipated to resonate on a global scale.

Many believe that the decision to maintain his speaking engagement at the Bitcoin Conference underscores an unwavering dedication by Trump toward engaging with topics of significant interest to the public, including cryptocurrency. His appearance was initially confirmed earlier in the week, well before the assassination attempt took place.


Engaging With The Public

The Bitcoin Conference, scheduled to take place between July 25th to July 27th, is poised to draw significant attention by cryptocurrency enthusiasts and industry leaders alike. The scheduled appearance by the former President on the closing day of July 27th promises to be a focal point of the event, offering attendees a unique perspective on the intersection of politics and digital finance.

Despite the unexpected challenges, his commitment to attending the conference highlights his continued engagement with relevant and timely issues, reinforcing his influence on both national and global stages. Trump is expected to contribute to lively discussions and shape the discourse surrounding the future of cryptocurrencies and their broader implications.


July 15,2024

Web3 Fundraising Deals - 9th July To 15th July, 2024

beoble secured $3M in strategic funding. Beoble is a communication infrastructure and ecosystem that allows users to chat between wallets.



Haruko raised $6M in Series A funding led by White Star Capital. Haruko is a digital asset investment management platform and a comprehensive gateway for investors to access blockchain opportunities.



PixelVerse received $2M through Galaxy Interactive. Pixelverse is a quest-based battler set in a cyberpunk pixelated universe. Players engage in PvE battles, collect valuable items, and enhance their skills, all while navigating through a compelling narrative.



Partior raised $60M in Series B funding led by Peak XV Partners. Partior is a financial market platform enabling real-time, secure, and scalable cross-border multi-currency payments.



Soccerverse received $3.10M by Square Enix. Soccerverse is a free-to-play game where players can build team and using the blockchain technology.



RECRD GROUP secured $4M in seed funding by Sui Foundation. RECRD is a SocialFi platform for monetizing short videos. raised $3.50M in pre-seed funding with support by New Form Capital. is a crypto trading infrastructure startup that caters to institutional firms. It offers clients a comprehensive suite of tools including a trading engine, advanced algorithms, and direct market access for spot, futures, and options trading.



ThirdFi received $2M with help by Outlier Ventures 🍸. ThirdFi is a Web3 infrastructure protocol built to empower decentralized finance with an emphasis on interoperability and middleware solutions with developer-friendly API implementations.



Kulipa secured $3M in seed funding via Fabric Ventures. Kulipa is a comprehensive solution enabling non-custodial wallets to issue branded payment cards for their users.



Dora raised $5.5M with support by Dragonfly Capital. Dora is multichain search engine that allows for search capabilities and crosschain transactions in a unified interface.



idOS secured $4.50M through Fabric Ventures. The idOS, also known as the Identity Operating System, is an open-source, composable, and interoperable solution designed to function as the identity layer of Web3.



The Satoshi Protocol received $2M in seed funding via CMS Holdings, LLC. The Satoshi Protocol is a cutting-edge CDP (Collateralized Debt Position) protocol built on the BEVM.



Rome Protocol raised $9M with support by HashKey Capital. Rome Protocol is focused on building a shared sequencer network on Solana Foundation, catering to rollup solutions and blockchain projects.



Term Labs, Inc. received $5.5M in strategic funding through Electric Capital. Term Labs is dedicated to building robust, transparent and scalable fixed rate onchain lending solutions.

July 14,2024

XRP Dominates The Market As Bitcoin Struggles To Maintain Momentum

XRP stole the spotlight this week, outshining other larger-cap altcoins with an impressive 11% surge, pushing its price above $0.5. Bitcoin (BTC), on the other hand, experienced a dip on Friday evening after briefly touching the $58,000 mark, where it has stabilized since.


Altcoin Season

Besides XRP, the broader altcoin market has seen a resurgence, with names like ADA, DOT, BCH, and NEAR also posting notable gains. Ethereum (ETH) is up over 2%, trading comfortably above $3,100, while Binance Coin (BNB) has gained 3%, reaching above $535.

Overall, the cryptocurrency market has added $50 billion overnight, with the total market cap now exceeding $2.260 trillion on CoinGecko. This latest market movement underscores the dynamic nature of crypto trading, offering opportunities for gains across various digital assets.


Other Markets

The evolving dynamics between credit and equities are captivating, with correlations showing signs of divergence. As earnings season kicks off, traders are focusing on five key themes expected to shape market sentiment and direction. The potential rate cut announcement by the ECB for September could influence market dynamics further. Beyond traditional investments, Wall Street is under broadening pressure, prompting strategic adjustments among investors.

Elsewhere, recent developments highlight global economic shifts, as investors are balancing between safe havens and risky trades in response to recent events.  Argentina choosing to implement austerity measures could contribute to its recent recession, while El Salvador awaits GDP figures amid economic changes.

Across the pond, the London Stock Market hits record highs, driven by investor optimism. India sees Modi return as Prime Minister amid political shifts, and Adani Group plans a new port in Vietnam to expand its global presence. Lastly, Singaporeans still prioritize comfort, travel, and dining amidst evolving consumer preferences and rising costs. 


July 13,2024

German Government Becomes Laughing Stock After Running Out Of BTC

Germany has emptied all its Bitcoin (BTC) holdings, prompting ridicule by pretty much everyone on social media. According to Arkham Intelligence, the official on-chain Bitcoin wallet for the German government now shows a balance of zero. This move signals the likely end of sell pressure by one of the largest economies in Europe. On-chain indicators suggest a potential local bottom is imminent.


What Happened

As of late Thursday, Arkham reported that the government held just 4,925 BTC (valued at $282.45 million). This is a significant decrease compared to the 50,000 BTC held in mid-June, originally seized via the movie piracy site Movie2k in January. Early Friday saw the government receiving 4,169 BTC back through exchanges like Kraken, Coinbase, and Bitstamp, before promptly redistributing 2,700 BTC by 5:00 AM ET.

By 10:00 AM, an additional 2,300 BTC was sent to Kraken, an unidentified address, and likely institutional deposit or over-the-counter trading services. Later in the day, the remaining 3,846 BTC ($223.8 million) was transferred to the institutional trading desk Flow Traders.


A Critical Error

This sale by Germany coincided with the U.S. government recently auctioning off seized coins and concerns over repayments to Mt. Gox creditors. Online, Bitcoin investors are both celebrating the sell-off and criticizing the decision by the German government to exchange coins for fiat currency.

Germany selling off their seized BTC could be seen as a significant strategic mistake in the coming decades, tweeted Reflexivity Research Co-Founder Will Clemente. Michael Saylor also subtly criticized the move, tweeting in German, Du verkaufst deine Bitcoin nicht (You do not sell your Bitcoin).

With the sell-off complete, on-chain analysts believe the current price of BTC represents an attractive entry point for new investors. Institutional investors have been accumulating Bitcoin at the fastest rate since March, suggesting confidence in buying opportunities. Meanwhile, short-term holders selling at a loss indicates peak market fear, potentially signaling a forthcoming price correction.


July 12,2024

Alchemy Pay And Mastercard Team Up To Bolster Security Measures

Mastercard has reportedly integrated its account opening API into Alchemy Pay, enhancing security measures and risk management for various Alchemy Pay features including On and Off-ramp solutions, NFT Checkout, and Crypto Card Solution.


Combating Fraud

The collaboration aims to combat identity fraud and other malicious activities using advanced machine learning for user detection and authentication, significantly lowering instances of fraudulent behavior.

Alchemy Pay, headquartered in Singapore, serves as a crypto payment gateway linking cryptocurrencies with traditional fiat currencies. Integration with Mastercard enables Alchemy Pay to assess user risk profiles and steer them through appropriate procedures, providing heightened safeguards against identity fraud.


Looking Ahead

Established in 2017, Alchemy Pay has expanded considerably, securing Authorized Payment Institution licenses across multiple countries and extending its network to encompass over 300 payment channels across 173 countries.

For further details, Mastercard has partnered with leading US banks to advance distributed ledger technology for banking payments, thereby boosting efficiency in cross-border payments and reducing fraud risks.