15 Jan 2025

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Stay ahead of the curve with The Coinomist’s breaking news coverage. From major market shifts to regulatory updates and industry-defining announcements, we deliver the critical information you need, fast and accurate. Be the first to know about the stories shaping the world of cryptocurrency, business, investing, and Web3.

Reflections on PayPal’s New Stablecoin (PYUSD)

Reflections on PayPal’s New Stablecoin (PYUSD)

Tether CTO: “The launch of PayPal stablecoin doesn’t impact Tether as the firm does not serve U.S. users. If PYUSD launches in international markets, it could have a positive impact on the crypto industry and potentially erode revenues for payment giants like MasterCard and Visa.” Co-founder of zkLend: “PayPal will indeed bolster the perception and acceptance of cryptocurrencies, but it can lead to a diminished market share for decentralized stablecoins, threatening the very principles of decentralization that underpin the crypto space.” Analysts at JPMorgan: “This could boost Ethereum activity and enhance Ethereum’s network utility as a stablecoin/DeFi platform. PYUSD could fill the void left by the $20 billion shrinkage of Binance’s BUSD stablecoin, which was forced to shut down by U.S. regulators earlier this year.” Co-founder of Sei Network: “The gas fees of using PYUSD will be ridiculous, which will disincentivize its usage. To help make the user experience better, PayPal will either need to subsidize transaction costs or will need to help support PYUSD on other networks with cheaper gas fees.” It’s worth noting that PayPal currently serves 435 million customers globally.

09 Aug 2023
FED introduced the Novel Activities Supervision Program.

FED introduced the Novel Activities Supervision Program.

The purpose of this program is to impose restrictions on certain cryptocurrency-related activities and create a more level playing field for banks involved in serving the digital asset industry. It which aims to ensure consistency in crypto-related regulations for all banks under Federal Reserve supervision. The activities that fall under the purview include custody, lending, trading, issuance, and distribution of crypto, including stablecoins.

09 Aug 2023
Hodlnaut controversy: OPNX’s proposal sparks backlash

Hodlnaut controversy: OPNX’s proposal sparks backlash

Following a probe by the Twitter user OnchainPenguin, a dubious $9.5 million transaction was tied to a fresh acquisition proposal. The inflow to Hodlnaut’s wallet was 2221 times higher than the average. Insights from OnchainPenguin pinpoint this account as the source of rewards to OPNX’s leadership. It seems that Hodlnaut’s funds were in some way supporting OPNX’s functional outlays,and the trading platform’s chiefs might be on a mission to save the virtual currencies FLEX and OX. There’s a looming risk that these tokens could nosedive in value if Hodlnaut opts to liquidate its possessions to repay its lenders.

08 Aug 2023
CBDC for Asian unity: Soramitsu’s vision takes shape

CBDC for Asian unity: Soramitsu’s vision takes shape

Japan’s Soramitsu is at the forefront of crafting a system that enables cross-border transactions specifically tailored to the Asian market. This initiative involves leveraging the Cambodian CBDC to cater to markets in India, China, and Japan. Additionally, Soramitsu aspires to establish a Japanese exchange for stablecoins, simplifying currency conversion across various countries.

08 Aug 2023
SEC shifts focus: Conventional companies back in the spotlight

SEC shifts focus: Conventional companies back in the spotlight

The U.S. Securities and Exchange Commission (SEC) has leveled charges against 11 Wall Street companies, alleging violations in the handling and retention of electronic communications. The cumulative fines have reached $289 million, with Wells Fargo and its subsidiaries contributing the largest amount of $125 million.These companies are now obligated to seek the expertise of independent consultants for policy checks.

08 Aug 2023
Bitcoin takes center stage in the latest Futurama episode

Bitcoin takes center stage in the latest Futurama episode

The Professor, having made an ill-advised Bitcoin investment, is saddled with a huge debt. To resolve this financial mess, he’s drawn to the explosive trend of Bitcoin mining. The storyline takes the crew to Doge City in search of the valuable mineral thallium, a crucial element for today’s mining chips. Even the legendary animated series couldn’t resist the allure of Bitcoin!

08 Aug 2023
Introducing Drex: Brazil’s CBDC receives Its distinct identity

Introducing Drex: Brazil’s CBDC receives Its distinct identity

Brazil’s Central Bank has officially christened its digital currency as ‘Drex’, moving away from its previous moniker, the digital real. The visual identity of Drex has also been released, featuring two arrows, with one integrated into the uppercase ‘D’, illustrating the transition of Brazil’s conventional fiat currency to its digitalized form. Does the green hue symbolize perpetual growth?

08 Aug 2023
Bitdeer launches bitcoin mining operations in Bhutan

Bitdeer launches bitcoin mining operations in Bhutan

Bitdeer Technologies Group, based in Singapore, has successfully set up an avant-garde bitcoin mining facility in Gedu, Bhutan – a nation recently recognized for its crypto investments. As the facility approaches the end of its trial run, many of its mining units are already in operation. Reflecting on the progress, Bitdeer’s CEO, Linghui Kong remarked: “We made significant strides on both the operational and infrastructure fronts during July.”

08 Aug 2023
Trading volumes for top P2E tokens are down 98%

Trading volumes for top P2E tokens are down 98%

Kaiko Research’s data highlights reduced engagement in prominent tokens: “AXS, the governance token of the Axie Infinity ecosystem is down more than 90% since early 2022 and SAND, MANA and GALA tokens have seen a a similar drop in value.” Analysts point out that monetary incentives were a primary motivator for users, but these platforms faced challenges in maintaining their user base due to diminishing in-game rewards.

08 Aug 2023
Nearly 30 Fake PYUSD Tokens Surfaced After PayPal’s Announcement

Nearly 30 Fake PYUSD Tokens Surfaced After PayPal’s Announcement

The largest copycat token was launched shortly after the news and managed to amass a trading volume of $2.6 million within just eight hours, experiencing an astonishing surge of 12,000%. However, its price has since significantly dropped. Another noteworthy token, going by the name PepeYieldUnibotSatoshiDoge, also exhibited remarkable growth of 3,000%. Most of these fake PYUSD tokens are probably created as “honeypots.”

08 Aug 2023
OpenAI has launched GPTBot

OpenAI has launched GPTBot

According to OpenAI’s blog post, web pages crawled with GPTBot could potentially be utilized to enhance accuracy and expand the capabilities of upcoming iterations of their AI models. A web crawler (web spider), is a type of bot that indexes website content across the internet. Popular search engines like Google and Bing employ web crawlers to enable websites to appear in search results. OpenAI clarified that their web crawler will gather publicly available data from the world wide web while excluding sources with paywalled content, personally identifiable information, or text that violates their policies.

08 Aug 2023
Cathie Wood has changed her view on the approval of Bitcoin ETFs

Cathie Wood has changed her view on the approval of Bitcoin ETFs

She now believes that the SEC may approve multiple spot-Bitcoin ETFs simultaneously, instead of approving them one by one. This comes after her earlier expectation that her firm would be among the first to receive approval for a Bitcoin ETF. Bloomberg ETF analyst James Seyffart also shares the same opinion, stating that the path of least resistance for regulators is to approve multiple spot bitcoin ETFs at once or possibly all of them together.

08 Aug 2023
“What’s Up with USDT?” v2.0

“What’s Up with USDT?” v2.0

Brian Armstrong has expressed his belief that Binance has transferred some of their USDC assets to a different stablecoin, according to anonymous sources in Cointelegraph. NotChaseColeman, an analyst, highlights that Binance and Justin Sun are strategically moving from USDT to USDC to secure USD, which will then be invested in FDUSD and TUSD (assets controlled by the company). Adam Cochran, a name we’re familiar with, weighed in, drawing attention to the activities associated with Binance addresses. He observed: “Even with banks open in Asia and Europe and US coming online, USDT peg is off by the deepest sustained amount since the FTX fall out. Selling pressure once again coming in from the Binance.” Adam thinks the uncertainty surrounding USDT is at an all-time high, and the Curve Finance and Uniswap platforms are overrun with USDT. He was optimistic about a more promising USDT horizon today, but that seems to be deferred. BTC has touched the 28,710 threshold. Indeed, Mondays have their unique trials.

07 Aug 2023
Police conduct raid at Worldcoin warehouse in Nairobi

Police conduct raid at Worldcoin warehouse in Nairobi

Local media in Nairobi reports that the police have raided a Worldcoin warehouse, confiscating documents to probe into the company’s conduct. The Data Commissioner alleges that the company failed to disclose its actual goals when registering. The data from iris-scanning technology becoming compromised is a rising fear among industry specialists. Nevertheless, Worldcoin maintains that they’ve safeguarded all pertinent data.

07 Aug 2023
Ripple users’ expectations: Are they out of sync with the facts?

Ripple users’ expectations: Are they out of sync with the facts?

The founder of CryptoLaw, John Deaton, argues that certain crypto enthusiasts might be overly buoyant about how XRP’s price would respond to the court’s verdict in the SEC dispute. XRP has indeed grown by a whopping 85% this year, but Deaton asserts that a fresh peak price would likely coincide with Bitcoin’s bull run. “Until Bitcoin breaks it’s ATH, I don’t expect anything else to,” he shared.

07 Aug 2023
PayPal is rolling out its own stablecoin

PayPal is rolling out its own stablecoin

Partnering with Paxos Trust, financial giant PayPal has unveiled PayPal USD (PYUSD), focusing on swift and budget-friendly payments. With backing from dollar deposits, short-term government securities, and similar cash equivalents, PayPal’s CEO, Dan Schulman, envisions the stablecoin bolstering the company’s foothold in the digital currency space: “The vision over time is that this becomes a part of the overall payments infrastructure.”

07 Aug 2023
PeckShield сonfirms 73% recovery of stolen Curve funds

PeckShield сonfirms 73% recovery of stolen Curve funds

The data analytics company, PeckShield, has announced that about $52.3 million, equating to 73% of the assets pilfered from several decentralized protocols, have been recovered. Unfortunately, a balance of $19.7 million is still under the control of malefactors. AlchemixFi stands out, having recouped all its compromised assets, while Jpegd and MetronomeDAO have only recaptured 90% of their stolen capital. An important query surfaces: Is there a chance to reclaim the rest of the funds?

07 Aug 2023
OPNX Aims to Acquire Hodlnaut

OPNX Aims to Acquire Hodlnaut

The cryptocurrency exchange OPNX has tabled an offer to take over crypto lender Hodlnaut, which is undergoing a restructuring plan under the supervision of a Singapore court. OPNX offered $30 million in FLEX to partially offset the creditors’ losses and cover their claims. If the bid is approved by the court and accepted by creditors, OPNX will own a 75% stake in Hodlnaut.

07 Aug 2023
Save the Date: Zuckerberg and Musk’s Showdown Approaches!

Save the Date: Zuckerberg and Musk’s Showdown Approaches!

The world’s richest individuals sparring on social media is pure entertainment. Zuckerberg proposed August 26 for the showdown, but Musk hasn’t fully committed yet. Instead, he mentioned not having time for workouts; hence, he’s lifting weights at work. And get this, Musk’s combat style of choice is wrestling! Can you imagine the spectacle that would be?! Musk even suggested a charity fundraiser, but Zuckerberg countered by advocating for a “trustworthy” platform, hinting at avoiding X (Twitter). These clever marketing tactics have definitely sparked social media engagement! But will the face-off actually happen? What do you think?

07 Aug 2023
Binance Trader Transfers $5 Million in ETH to a Dead Wallet

Binance Trader Transfers $5 Million in ETH to a Dead Wallet

A former top trader on Binance sent 2,500 ETH (worth nearly $5 million) to a dead wallet address. In a surprising comment on his last year’s unfortunate trade, he said, “Cannot be happier. Being ultimately bankrupt is the best thing that can happen to me. Anyway, number has no meaning in another dimension. Now is the defining moment.” Other users describe him as a rather eccentric individual with a significant fortune. What could have led him to take this intriguing step?

07 Aug 2023
Betting stories on the BTC price keep rolling in!

Betting stories on the BTC price keep rolling in!

According to Blockstream CEO Adam Back, Bitcoin is set to hit $100,000 before its 2024 halving. He’s wagered against a Twitter user, Vikingobbitcoin, who believes it won’t happen until 2025. The loser of the bet will owe 1 million sats.

07 Aug 2023
Sherlock Holmes Takes Up the Case!

Sherlock Holmes Takes Up the Case!

A Twitter user speculates that the Curve founder may be linked to the platform exploit based on a peculiar word choice. The hacker referred to users’ reactions to the recent security breach as “ridiculous,” a term frequently used by Michael Egorov. Additionally, concerns arise over Curve founder’s collateralized loans, with potential liquidation just weeks away. The coincidence of “ridiculous” being mentioned around 20 times in the tweet makes this theory intriguing. Furthermore, despite the deadline for fund reimbursement passing last night, the hacker has yet to return all stolen assets from the pools. Curve Finance is offering a $1.85 million reward for anyone who can unmask the hacker.

07 Aug 2023
What’s up with Huobi?

What’s up with Huobi?

Renowned business analyst Adam Cochran recently shared insights concerning Huobi’s financial state and its potential insolvency. Key takeaways from Adam’s analysis: Investigation Underway: Both Huobi and Tron are facing scrutiny, with their staff being questioned by the police. Unusual Asset Distribution: After Justin Sun’s introduction of wrapped USDT (stUSDT), a whopping 98% of user assets intended for Tether bond redemptions ended up in the wallets of Huobi and Justin Sun. Discrepancy with USDT Balance: Huobi’s reported USDT balance is just $63 million, but their users hold a staggering $631 million worth of USDT. Something doesn’t add up here. ETH Holdings in Question: It appears that Huobi is holding all of its users’ ETH as stETH, raising eyebrows about their handling of customer assets. Binance Making Moves: Meanwhile, Binance is actively selling USDT and purchasing DAI, possibly indicating a shift in market dynamics. Outdated Reserves Page: It’s been a whole month since Huobi last updated its reserve page, and discrepancies between the reported figures and wallet balances need clarification.

06 Aug 2023
Tether Set to Enhance Bitcoin Mining Efficiency

Tether Set to Enhance Bitcoin Mining Efficiency

The company’s developers are gearing up to release JavaScript libraries tailored to facilitate the transmission of commands and signals to mining hardware. Tether CTO Paolo Ardoino confirmed his direct involvement in the coding process, asserting that this new development will bolster both performance and security.

06 Aug 2023
What’s Up with USDT?

What’s Up with USDT?

The CEO of Binance has repeatedly aired his distrust of USDT, dubbing it a “black box” due to its lack of transparency in audits and reports. Also, Binance listed a new stablecoin, FDUSD, on July 26th, that has seen a rapid rise in capitalization. They are in the process of designing their own algorithmic stablecoin and are open to listing more USDT equivalents on their exchange. Meanwhile, Tether’s CTO has hinted at CZ’s involvement in market manipulation in the stablecoin sector, mentioning a 10 basis point USDT depeg on July 28th. “Isn’t it interesting that USDt is being pressured down (slightly, within 10bps, just to push market makers to react), and USDc, the main competitor that you would expect being gaining from the situation, is redeemed heavily nevertheless, while suddenly a competitor born 2 days ago is getting it all? Exactly! It feels definitely organic and not manipulative at all. Some people never learn.” For the record, the Twitter account of First Digital Labs (FDUSD) has a mere 585 followers. It’s intriguing to watch the outcome of this power struggle. Is this just the tip of the iceberg? Fingers crossed, this won’t escalate into a challenge for a bout in the octagon, as seems to be a popular move among billionaires…

04 Aug 2023

Opinion

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