News

Solend’s-Users-Invalidate-Votes-to-Briefly-Control-a-Whale-Account
Solend’s Users Invalidate Votes to Briefly Control a Whale Account

Yesterday, Solend users voted yes to take control of the largest whale account. Governance proposal SLND1 was passed with 97.5% voters saying yes. Due to criticisms, the Solend team posted a new proposal today to invalidate SLND1. SLND2 passed with over 99.8% who voted yes. Users of Solend, a lending and borrowing service platform based on Solana, voted yes to control the largest whale account to mitigate liquidation risks amid crypto meltdown on June 19. The governance proposal was caused by the fact that the whale account and its massive margin position were presenting a threat to an on-chain liquidation.

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ProShares-To-Launch-First-US-Short-BTC-Linked-ETF
ProShares To Launch First US Short BTC-Linked ETF

ProShares will launch its short Bitcoin-linked ETF in the US on June 21. Alongside BITI, ProShares’ mutual fund affiliate ProFund will launch BITIX. In November 2021, ProShares also received an approval to launch the first Bitcoin-linked ETF in the US. ProShares announced that it will be formally launching its short Bitcoin-linked exchange-traded fund (ETF) in the US on June 21. Named ProShares Short Bitcoin Strategy (BITI), this will become the first of its kind in the US. According to a press release, ProShares’ new ETF offering will “address the challenge of acquiring short exposure to Bitcoin.” Michael Sapir, CEO of

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Bitcoin-Recovery-Gains-Momentum-as-Miners-Stop-Selling
Bitcoin Recovery Gains Momentum as Miners Stop Selling

Bitcoin miners have finally stopped selling their Bitcoin (BTC). Bitcoin accumulation has gone up as more investors are buying the dip.  The amount of wallets hodling more than 1 Bitcoin have gone up significantly. Bitcoin Archive tweets exciting news. According to glassnode, Bitcoin miners have finally stopped selling their Bitcoin (BTC). As of now, they have instead begun accumulating BTC. It seems that bearish times may be over for Bitcoin. In response to the tweet, the crypto community seems to be collectively sighing in relief. In fact, many say that this is a good sign and expect the price of

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Snoop-Dogg-Files-Application-to-Sell-Virtual-Cannabis
Snoop Dogg Files Application to Sell Virtual Cannabis

Snoop Dogg files trademark applications for an online retail store.  It will feature virtual goods, digital collectibles, and NFTs. The online retail store will sell a number of goods from apparel to virtual cannabis. Snoop Dogg catches the attention of the crypto and NFT community once again with his latest announcement. The rapper has filed a trademark application for an online retail store. Specifically, the store will feature virtual goods and NFTs. From Blockworks’ tweet we can see that the community is quite excited about the announcement. To highlight, many of the responses preach about crypto and NFTs being here

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Elon-Musk-‘I-Will-Keep-Supporting-Dogecoin’-Amid-Lawsuit
Elon Musk: ‘I Will Keep Supporting Dogecoin’ Amid Lawsuit

Tesla and SpaceX top executive Elon Musk said he will keep supporting Dogecoin. Musk tweeted two days after a Dogecoin investor sued him and his companies for running a “pyramid scheme” to support Dogecoin. The price of Dogecoin took off 13% after the CEO’s tweet. Tesla chief executive and Dogecoin advocate Elon Musk proclaimed via tweet that he will keep supporting Dogecoin. The token’s price has seen a 13% increase after the CEO’s tweet. The top executive’s tweet was posted two days after a dogecoin investor and plaintiff, Keith Johnson, filed a $258 billion lawsuit in federal court in Manhattan

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Crypto-Lending-Firm-Babel-Finance-Freezes-Withdrawals-Due-to-Crypto-Market-Crash
Babel Finance Freezes Withdrawals Due to Crypto Market Crash

Babel Finance temporarily freezes withdrawals of cryptocurrencies on Friday. The crypto lender failed to pay its clients due to the recent crypto market meltdown. Fear from crypto meltdown, withdrawal freezes from firms, and depegging might increase redemptions from other companies. Babel Finance momentarily freezes the withdrawals and redemption of cryptocurrencies from its platform on Friday. As per the report of CNBC, the action took place after the firm struggled to pay its clients caused by the recent crypto market meltdown. The value of cryptocurrencies in the past few weeks has tumbled after the investors dump their assets, due to the

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Meta to Take 47.5% Cut From Selling in Its Metaverse
Meta Partners With 3 Luxury Brands to Launch Meta Avatars Store

Meta has announced partnerships with luxury fashion brands, including Prada, Balenciaga, and Thom Browne. This move was to bolster the products of the platform to launch a digital fashion marketplace. Luxury brands and the likes of it have seen potential in crypto space amid crypto crash. The tech company Meta Platforms, formerly known as Facebook Inc, has partnered with three iconic fashion brands, including Prada, Balenciaga, and Thom Browne. The partnership was announced by the company’s CEO and Founder Mark Zuckerberg on Friday. Relatively, the partnership with these companies was part of Meta’s moves to bolster its products on its

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What-happened-With-Celsius,-and-How-its-Crypto-Lending-Burned-Out
Celsius Faces Legal Charges From State Regulators and SEC

Crypto lending firm Celsius halted withdrawals from its platform. The firm’s action provoked an investigation from security regulators and the SEC. Legal charges from individuals like Ben Armstrong were also added from the firm’s plate. Celsius was in deeper trouble after State securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington are set to investigate the crypto lending firm as per Reuters. The investigation was in response to the crypto lending firm’s decision to halt customer’s withdrawals, transfers, and swaps earlier this week.  The Texas State Securities Board Enforcement Director Joseph Rotunda told Reuters on Thursday that the officials

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Ripple Submits Crypto Regulation
Ripple Partners With Fluf World To Bring ‘Open Metaverse’ via the Root Network

Ripple and Fluf World announced partnership to launch ‘Open Metaverse’ via The Root Network. The Root Network will connect to the Global XRP community to grant access to NFTs over FLuf’s ecosystem. The Open Metaverse allows other projects to mint, buy, sell, or trade in-network tokens on The Root Network Ripple, the company behind XRP, has partnered with Fluf World to launch an ‘Open Metaverse’ via The Root Network. According to the Fluf world’s press release, the partnership claims to bring great possibilities to both of their communities by expanding the utility of XRP as its default gas token.  The

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CZ Amid LUNA Crash: “Manage Your Risks. We Can Handle Ours”
CZ Clarified a News Title, Saying It’s a ‘Little Off’

Binance’s chief Changpeng Zhao said the title from an article of Fortune is a ‘little off’. The title stated that CZ says the crypto downturn is far from over. Zhao clarified that he couldn’t predict the future of the market. Binance’s CEO Changpeng Zhao, commonly known as CZ, complimented a certain article from New York-based multinational business magazine Fortune. In a tweet, the Binance chief said it was a “good article.” Yet, he corrected the title part of it saying it’s “a little off.” Zhao said the article was published after he did a couple of interviews from livestreams. Adding

2 mins read
What-happened-With-Celsius,-and-How-its-Crypto-Lending-Burned-Out
What happened With Celsius (CEL), and How its Crypto Lending Burned Out

Crypto lending firm Celsius opened a bundle of loans. The firm bought more than $500M worth of stETH but its value dropped due to extreme market conditions. The situation has caused the firm to halt withdrawals. Earlier this week, the crypto market was in turmoil after Celsius’ amassed $20 billion in assets at its peak had been dissolved, which led into a solvency crisis. Technically, Celsius is a do-it-all app that provides its customers seamless and trusted access to crypto services. The company is a custodial asset manager that allows users to access regulated loans and yield, for a transaction

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USDC-Issuer-Circle-to-Launch-Euro-Backed-Stablecoin-EUROC
USDC Issuer Circle to Launch Euro-Backed Stablecoin EUROC

Issuer of USDC, Circle, will launch a new stablecoin called Euro Coin (EUROC) EUROC will be officially launched on June 30th. Developers can now start integrating Euro coin’s smart contract today. Circle, the financial tech firm behind USDC, will be launching a new stablecoin called Euro Coin (EUROC). The new stablecoin was designed with a full-reverse model same as USDC to ensure the coin is redeemable 1:1 for euros. Even though traders have lost their trust to stablecoins due to the recent depegging of UST, the fintech still decided to launch the additional stablecoin backed by euro reserves. A euro-denominated

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