Tether CTO Criticizes Coinbase For Asking Users Convert USDT To USDC
Crypto exchange Coinbase has asked users to switch from Tether (USDT) to Circle’s USD Coin (USDC), referring USDC as a “trusted and reputable stablecoin.” While the major reason remains unclear, Coinbase believes events of the past few weeks have made them take the decision to switch to a stablecoin it co-founded in 2018. (coingape)
Wemade to Buyback US$10 Mln in WEMIX After Delisting Verdict
Wemade Co. Ltd., a South Korean blockchain game developer, announced Friday that it will buyback and burn US$10 million worth of its native WEMIX cryptocurrency to stabilize its plummeting value after four local cryptocurrency exchanges delisted the token on Thursday. (forkast)
Approach with Caution: US Banking Regulator’s Crypto Warning
A United States banking industry regulator warned banks of the “emerging risks” of cryptocurrencies saying the sector should take a “cautious approach” and seek permission in some cases when engaging with crypto or crypto firms. Citing “dislocations” in the crypto market over 2022 the Office of the Comptroller of the Currency (OCC) highlighted what it said were “several key risks” of crypto in its Dec. 8 Semiannual Risk Perspective for Fall 2022 report. (Cointelegraph)
Crypto Exchange Coinbase Asks Users to Switch USDT for USDC
Coinbase is waiving the conversion fees for users that wish to switch to a "trusted stablecoin" in a new campaign that highlights the quality of reserves that back Circle-owned USD Coin (USDC). "The events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety," Coinbase said in blog post published Friday morning Asia time. "We believe that USD Coin (USDC) is a trusted and reputable stablecoin." (Coindesk)
Kevin O'Leary Reveals FTX Paid Him $15 Million to Become a Spokesperson for the Exchange
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that the collapsed crypto exchange FTX paid him about $15 million to become its spokesperson. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero,” O’Leary said. (Bitcoin.com)
Crypto Developer Activity Falls in 2022, with Arbitrum an Emerging Bright Spot
Crypto developer activity for Ethereum and non-Ethereum-compatible chains has seen significant declines in 2022. Weekly active developers for non-EVM chains, or chains not easily compatible with Ethereum, have seen the most significant decline, according to data from The Block. Ethereum and Ethereum-compatible chains have also seen dips in activity, with Ethereum itself still maintaining a significant share of all activity. (The Block)
Sam Bankman-Fried Misses Deadline to Respond to Testimony Request, now What?
The former FTX CEO missed a Thursday 5pm ET on Dec. 8, deadline for responding to a Senate Banking Committee request that he testify at the Committee meeting on Dec. 14. This has set up the possibility of a congressional subpoena. On Dec. 8, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Sherrod Brown, and ranking member of the Committee Senator Pat Toomey released a statement on the request. (Cointelegraph)
FTC Could Curb Microsoft's Metaverse Ambitions with Activision Lawsuit
On Thursday, the Federal Trade Commission announced a lawsuit to block Microsoft from acquiring Activision Blizzard, developers of the Call of Duty and Overwatch franchises. The FTC alleges the deal would give Microsoft an unfair advantage over its competitors in the gaming industry, essentially creating a monopoly. Microsoft announced the planned acquisition, reportedly worth $68.7 billion, in January. The FTC called it the largest-ever deal in the video gaming industry. (Decrypt)
Cryptocurrency Broker Digital Surge Goes into Administration, as the FTX Fallout Continues
Tens of thousands of Australian investors with superannuation and savings tied up in cryptocurrency remain in suspense, as a major Australian broker collapses into voluntary administration. Digital Surge froze the trading accounts of its 30,000 clients last month. This means people with money in the broker cannot access their funds. ( ABC News)
What's in and What's Out for Ethereum's Shanghai Upgrade
As reported by Cointelegraph, the next key milestone on Ethereum’s roadmap is the Shanghai upgrade, which will enable withdrawals for ETH stakers/validators from the Beacon Chain — among other things. EIP-4884 is also important and was initially expected to be packaged in with Shanghai, introducing “proto-danksharding” to significantly enhance Layer 2 rollup scalability (The Surge) ahead of the full implementation of the major Sharding upgrade late next year. (Cointelegraph)
