Nearly 30 fake PYUSD tokens cropped up in the wake of PayPal’s most recent announcement.
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Paypal USD: Boon for Ethereum but not decentralization, says community
Proponents say PayPal’s PYUSD could see Ethereum become the money layer of the internet, while opponents argue that it’ll act like a poorly designed CBDC.
Paypal USD: Boon for Ethereum but not decentralization, says community
Paypal’s new Ethereum-based stablecoin, PYUSD has been seen as bittersweet news for the crypto community.
While it could finally see Ethereum find its place in mainstream adoption, it could also spell trouble for decentralization and personal control of assets, warns the community.
The new stablecoin, Paypal USD, was launched on Aug. 7 and is issued by Paxos Trust Co. — the firm behind Binance USD (BUSD). It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers.
The launch has been seen as a boon for Ethereum adoption. Ethereum bulls Anthony Sassano and Ryan Sean Adams believe the ERC-20 stablecoin will push the blockchain closer towards becoming the money layer of the internet.
The number of daily active users on Ethereum currently hovers between 300,000-400,000, according to Etherscan.
Blockchain.com scores payment license from Singapore central bank
The crypto exchange is the 12th to receive a crypto-dealing license in the country allowing it to service accredited investors and institutions.
Cypher Protocol freezes smart contract after an estimated $1M exploit
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Solana-based decentralized futures exchange Cypher Protocol halted its smart contract after an estimated $1 million exploit.
On Aug. 7, Cypher alerted its 13,500 followers on X (formerly known as Twitter) that it had experienced a security incident and had thus frozen its smart contract.
The team added it is investigating the cause of the exploit and has reached out to the hacker to negotiate a potential return of stolen funds.
China’s risky Bitcoin court decision, is Huobi in trouble or not? Asia Express
Man loses $10M after Chinese court rules Bitcoin lending is not protected by law, loads of Web3 founders get arrested, and Huobi rumors swirl.
China’s risky Bitcoin court decision, is Huobi in trouble or not? Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Chinese man’s $10M loss as court says Bitcoin lending not protected by law
A man in China’s Jiangsu province, identified as Mr. Xu, appears to be out of luck after a court ruled that his 341 Bitcoin loan ($9.9 million) to counterparty Mr. Lin is not protected by law according to local news reports on August 3.
Some time ago, Mr. Xu lent 341 Bitcoins to Mr. Lin after the latter approached him for a peer-to-peer loan. At the time, Mr. Xu lacked fiat funds, and so the parties settled on using Bitcoin for the borrowing through a written agreement. Shortly afterward, however, Mr. Lin defaulted on the loan, prompting Mr. Xu to sue in the Changzhou Zhonglou People’s Court. The case was dismissed.
Chinese magistrate Ming Wang explains why the Bitcoin lending contract was invalid and therefore denied relief for breach of contract. (Screenshot)In supporting the judgment, Ming Wang, vice-magistrate of the Changzhou Zhonglou People’s Court, told reporters that Bitcoin is a digital commodity that does not hold the same legal status as fiat currencies. Therefore, the asset can neither be subject to a legal enforcement action, enter circulation, or be used to ” award compensation.”
“The lender bears ALL risks [when lending crypto],” Wang warned. That said, in another ruling dated Nov. 29, the Hangzhou Internet Court wrote that digital assets such as nonfungible tokens are “online virtual property” that should be protected under Chinese law.
China’s risky Bitcoin court decision, is Huobi in trouble or not? Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Chinese man’s $10M loss as court says Bitcoin lending not protected by law
A man in China’s Jiangsu province, identified as Mr. Xu, appears to be out of luck after a court ruled that his 341 Bitcoin loan ($9.9 million) to counterparty Mr. Lin is not protected by law according to local news reports on August 3.
Some time ago, Mr. Xu lent 341 Bitcoins to Mr. Lin after the latter approached him for a peer-to-peer loan. At the time, Mr. Xu lacked fiat funds, and so the parties settled on using Bitcoin for the borrowing through a written agreement. Shortly afterward, however, Mr. Lin defaulted on the loan, prompting Mr. Xu to sue in the Changzhou Zhonglou People’s Court. The case was dismissed.
Chinese magistrate Ming Wang explains why the Bitcoin lending contract was invalid and therefore denied relief for breach of contract. (Screenshot)In supporting the judgment, Ming Wang, vice-magistrate of the Changzhou Zhonglou People’s Court, told reporters that Bitcoin is a digital commodity that does not hold the same legal status as fiat currencies. Therefore, the asset can neither be subject to a legal enforcement action, enter circulation, or be used to ” award compensation.”
“The lender bears ALL risks [when lending crypto],” Wang warned. That said, in another ruling dated Nov. 29, the Hangzhou Internet Court wrote that digital assets such as nonfungible tokens are “online virtual property” that should be protected under Chinese law.
China’s risky Bitcoin court decision, is Huobi in trouble or not? Asia Express
Man loses $10M after Chinese court rules Bitcoin lending is not protected by law, loads of Web3 founders get arrested, and Huobi rumors swirl.
China’s risky Bitcoin court decision, is Huobi in trouble or not? Asia Express
Man loses $10M after Chinese court rules Bitcoin lending is not protected by law, loads of Web3 founders get arrested, and Huobi rumors swirl.
China’s risky Bitcoin court decision, is Huobi in trouble or not? Asia Express
Man loses $10M after Chinese court rules Bitcoin lending is not protected by law, loads of Web3 founders get arrested, and Huobi rumors swirl.
China’s risky Bitcoin court decision, is Huobi in trouble or not? Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Chinese man’s $10M loss as court says Bitcoin lending not protected by law
A man in China’s Jiangsu province, identified as Mr. Xu, appears to be out of luck after a court ruled that his 341 Bitcoin loan ($9.9 million) to counterparty Mr. Lin is not protected by law according to local news reports on August 3.
Some time ago, Mr. Xu lent 341 Bitcoins to Mr. Lin after the latter approached him for a peer-to-peer loan. At the time, Mr. Xu lacked fiat funds, and so the parties settled on using Bitcoin for the borrowing through a written agreement. Shortly afterward, however, Mr. Lin defaulted on the loan, prompting Mr. Xu to sue in the Changzhou Zhonglou People’s Court. The case was dismissed.
Chinese magistrate Ming Wang explains why the Bitcoin lending contract was invalid and therefore denied relief for breach of contract. (Screenshot)In supporting the judgment, Ming Wang, vice-magistrate of the Changzhou Zhonglou People’s Court, told reporters that Bitcoin is a digital commodity that does not hold the same legal status as fiat currencies. Therefore, the asset can neither be subject to a legal enforcement action, enter circulation, or be used to ” award compensation.”
“The lender bears ALL risks [when lending crypto],” Wang warned. That said, in another ruling dated Nov. 29, the Hangzhou Internet Court wrote that digital assets such as nonfungible tokens are “online virtual property” that should be protected under Chinese law.
BlackRock’s misguided effort to create ‘Crypto for Dummies’
Crypto doesn’t need BlackRock’s Bitcoin ETF. It undermines the basic tenets of cryptocurrency — from banking the unbanked to reducing global oppression.
Bitcoin funds see weekly outflows of $111M, most since March: CoinShares
Weekly cryptocurrency asset flows for the week ending Aug. 4 reconciled at $107 million in outflows, continuing a three-week negative trend totaling $134.8 million.
Once again, the lion’s share of movement was attributed to Bitcoin (BTC). With $111 million in outflows, Bitcoin funds negated the majority of inflows for the week.
According to CoinShares’ Digital Asset Fund Flows weekly report, this indicates further “profit taking” on the heels of the previous cycle’s gains. For the month leading up to the recent spate of outflows, inflows of $742 million into crypto funds were seen, with 99% of that coming from Bitcoin.
Source: CoinSharesWeekly trading volumes in investment products saw a dip below the year-to-date average, according to the report, with broader on-exchange market volumes down 62% against the relative average.
Regionally, only Australia and the United States show inflows with $0.3 million and $0.2 million incoming, respectively. The largest regional outflows came from Canada with $70.8 million and Germany with $28.5 million.
Bitcoin funds see weekly outflows of $111M, most since March: CoinShares
Solana bucked the trend, with its $9.5 million in inflows taking the top spot over the past week.
Bitcoin funds see weekly outflows of $111M, most since March: CoinShares
Solana bucked the trend, with its $9.5 million in inflows taking the top spot over the past week.
Price analysis 8/7: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
Bitcoin’s failure to rebound off strong support may open further downside as bears may be tempted to sell.
Price analysis 8/7: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
Bitcoin (BTC) has been trading near the $29,000 level for the past few days. This suggests a lack of strong demand at higher levels but the only solace for the bulls is that they have managed to sustain the price above the immediate support.
The uncertainty about the next directional move may have tempted short-term traders to book profits. CoinShares said in its latest weekly report that Bitcoin investment products witnessed $111 million in outflows, the largest weekly outflows since March.
Daily cryptocurrency market performance. Source: Coin360While the short-term price action remains uninspiring, crypto bulls remain confident that Bitcoin will rally before its next halving in 2024. Blockstream CEO Adam Back said in a conversation on X (previously known as Twitter) that Bitcoin will hit $100,000 by the end of March.
Could Bitcoin extend its decline in the near term or will it turn up? Will the altcoins outperform Bitcoin over the next few days? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average (4,511). Sellers pulled the price below the 20-day EMA on Aug. 2, indicating that the bullish momentum is weakening.
Price analysis 8/7: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
Bitcoin’s failure to rebound off strong support may open further downside as bears may be tempted to sell.
FTX has a plan, but creditors are not impressed: Law Decoded
A body representing FTX customers said it is “extremely disappointed” by the company’s reorganization plan.