Trader Joe Takes its First Step Into the Ethereum Ecosystem
Decentralized finance (DeFi) protocol Trader Joe has announced its very first expansion from Avalanche and onto the Ethereum ecosystem, as part of its plans to access new markets and drive up user activity. The decentralized trading platform announced its “multi-chain” expansion into Ethereum layer-2 scaling solution Arbitrum One on Dec. 1 and follows around a month after it stated its intention to expand to additional markets and ink new partnerships amid falling TVL and user activity in the third quarter. (Cointelegraph)
U.S. Trustee Asks Bankruptcy Court to Appoint FTX Trustee
The U.S. Trustee has asked a Delaware bankruptcy court to appoint an examiner in the ongoing FTX bankruptcy case. In a Dec. 1 court filing, the U.S. Trustee cited a "virtually unprecedented decline in value" as well as comments from FTX CEO John Ray III as reasons to appoint an independent examiner. An examiner, if approved, would act as a third-party, court-appointed investigator. It is a common step for the government to request one in a complex bankruptcy like the Chapter 11 bankruptcy most of the FTX-affiliated companies are now in. ( The Block)
Italy Plans To Introduce 26% Tax on Crypto Gains, More Details
Italy’s tax authorities have been seeing cryptocurrencies and tokens as foreign currencies.
Crypto Scammer in ‘Geniuses’ Hack Gets 18 Months in Prison
Nicholas Truglia, the 25-year-old hacker who last year pleaded guilty to conspiracy to commit wire fraud, now faces 18 months in prison, <a href="https://www.bloomberg.com/news/articles/2022-12-01/crypto-scammer-in-geniuses-hack-gets-18-months-in-prison?utm_content=business&cmpid=socialflow-twitter-business&utm_source=twitter&utm_medium=social&utm_campaign=socialflow-organic&leadSource=uverify%20wall">Bloomberg News reported</a>.
Report: Rising Tether Loans Add Risk to Stablecoin and the Crypto World
Tether says it lends only to eligible customers and requires that borrowers post lots of "extremely liquid" collateral, which could be sold for dollars if borrowers default. These loans have appeared for several quarters in the financial reports that Tether shows on its website. In the most recent report, they reached $6.1 billion as of Sept. 30, or 9% of the company's total assets. They were $4.1 billion, or 5% of total assets, at the end of 2021.
Crypto Industry a Disaster in Need of Rebranding, UK Lawmaker Says
The crypto industry is “a complete disaster” at the moment, said Godfrey John Bewicke-Copley, a member of the House of Lords, at an All-Party Parliamentary Group (APPG) meeting on Wednesday.
Web3 Working Group Raises $2 Million for Crypto Education Aimed at Consumers and Regulators
The Web3 Working Group, a nonprofit dedicated to education around crypto infrastructure, announced today that it’s raised $2 million from blockchain companies Arweave, The Graph, Livepeer, and Akash to fund its official launch.
Should You Self-Custody Your Crypto or Keep It on an Exchange?
The fallout from FTX has had an extraordinary impact on the crypto space. Where you keep your coins is now more important than ever.
FCA-Regulated Crypto Custodian Digivault Is Up for Sale Following Eqonex Liquidation
Digivault, a cryptocurrency custodian that was one of the first to secure a license from the U.K. Financial Conduct Authority (FCA), has put itself up for sale after its parent company, Eqonex, was put under judicial management in Singapore last week, according to a person familiar with the matter.
US CFTC Commissioner Cites Latest Crypto Sanction in Call for New Rules
The CFTC should tap “existing authority to further mitigate potential risks to all customer assets,” Johnson said in a statement on Thursday, citing the cryptocurrency industry drama ignited by the detonation of the FTX exchange. She labeled her statement a “call to action” against digital-assets fraud.
