NEXO Price Drops by 40% In Three Days as Fear From Defi Contagion and Insolvency Crypto Fund Grows

The price of Nexo (NEXO) kept falling on June 15 as crypto lending firms continued to be shaken by the crypto winter season. Nexo was speculated to be related to Three Arrows Capital (3AC), a Dubai-based crypto fund at risk of going insolvent. However, the company has denied the rumors of exposure to the company and has 100% liquidity to meet its debt obligations. NEXO, a security token at a cryptocurrency lending platform bearing the same name, fell by almost 25% to $0.61 a unit, its lowest price valuation since…

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Why The NFT Bubble Isn’t Sustainable Without Research Tools

NFTs are the first generation of blockchain-based digital collectibles that change how the world thinks about art, investing, and ownership. But the sheer number of NFT projects and collections combined with the complexities of analyzing their value, have made it difficult for investors to make decisions based on anything more than hype. The first NFTs were launched in 2013 though NFTs first came around in 2012. The hype around them was intense, but it took a few years for the market to reach its current size and maturity. Despite being…

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NFTs, According to Bill Gates, are “100% based on bigger fool theory”

Microsoft co-founder Bill Gates, while delivering his latest thoughts on cryptocurrencies and non-fungible tokens (NFT) at a TechCrunch conference on climate change Tuesday, says, “You have an asset class that’s 100% based on some sort of greater fool theory that somebody’s going to pay more for it than I do.” Important to note is that this isn’t the first time the philanthropist and entrepreneur has cast doubt on digital assets. Gates reportedly claimed he doesn’t enjoy investing in cryptocurrencies since their worth is reliant on what someone else…

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Ukraine-based blockchain firm announces ‘we’re still hiring’ amid market downturn, war

Sergey Vasylchuk, the chief executive officer of Ukraine-based decentralized staking provider Everstake, has said the company will continue to hire crypto professionals amid a market downturn and ongoing conflict in the country.  In a Wednesday Twitter thread, Vasylchuk said Everstake had hired 30 people since the Russian war against Ukraine started in February, and the firm still had more than 10 positions in marketing and development to fill. According to the CEO, Everstake is “not firing anybody” and had made preparations for a “special fund” to tide the firm over…

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Former president of the New York Stock Exchange joins Uniswap Labs as an advisor

On Wednesday, Uniswap announced that former New York Stock Exchange president Stacey Cunningham will join the company as an advisor. Cunningham served as the first female president of the New York Stock Exchange after beginning her career as a trader on its floor. She said in a statement that she believes in the potential of Uniswap’s commitment to fairer markets.Uniswap is betting on her experience with TradFi translating over to DeFi to further help them evolve their place in Web3. Cunningham has also been listed as one of BBC’s 100 Women,…

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Ankr partners with Optimism to provide a fast and reliable RPC service for users

Ankr, a company that provides one-click node deployment and Web3 infrastructure, has announced that it will become a remote procedure call provider for Optimism. Optimism is an open-source Layer 2 scaling solution for Ethereum that focuses on speed and efficient transactions across the network. It has caught the eyes of many in recent months, including Ethereum co-founder Vitalik Buterin. This is a great example of why I’m so proud of @optimismPBC for adding non-token governance (the Citizen House). Optimism explicitly has goals *other* than just “make OP go up”, and…

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US House Ways and Means chairman asks the GAO to check out crypto in retirement plans

Chairman of the United Sates House of Representatives Ways and Means Committee Richard Neal sent a letter to the Government Accountability Office (GAO), a legislative branch watchdog, asking the agency to weigh in on the use of cryptocurrency in retirement plans. Defined contribution plans, such as the 401(k), are increasingly allowing savers to incorporate cryptocurrency in their plans, the lawmaker said, and concerns have arisen over crypto’s volatility and limited oversight.  Neal asked the GAO to compile a list of firms offering crypto options in their 401(k) plans, with an…

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Vitalik Buterin shares his thoughts on non-financial use-cases for blockchain

Vitalik Buterin, co-founder of both Ethereum & Bitcoin Magazine, took to Twitter to share his thoughts on non-financial use-cases for blockchain technology. In a paper titled “Where to use a blockchain in non-financial applications?”, Buterin expressed a growing interest in using blockchain technology outside of the financial industry. He noted that while other industries have been slow to adopt the technology, he can “see the value of blockchains in many situations.” Where to use a blockchain in non-financial applications?https://t.co/T6jlAzCvew Big thanks to @pujaohlhaver @shreyjaineth for review! You should also check…

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Large Bitcoin liquidations mean one man’s pain is another man’s pleasure — Time to buy the dip?

Bitcoin (BTC) has been unable to restore the $24,000 support since Celsius, a popular staking and lending platform, paused withdrawals from its platform on June 13. A growing number of users believe Celsius mismanaged its funds following the collapse of the Anchor Protocol on the Terra (LUNA; now LUNC) ecosystem and rumors of its insolvency continue to circulate. An even larger issue emerged on June 14 after crypto venture capital firm Three Arrows Capital (3AC) reportedly lost $31.4 million through trading on Bitfinex. Furthermore, 3AC was a known investor in…

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MetaMask warns of security vulnerability from older versions of popular crypto wallet

On Wednesday, MetaMask said that it uncovered a critical security vulnerability in older versions of its crypto wallet with the help of security researchers at Halborn. The security firm was awarded a bounty of $50,000 for the discovery.  For users of the MetaMask extension before version 10.11.3, three necessary conditions would have led to the potential vulnerability. They are: (1) an unencrypted hard drive, (2) having imported a secret recovery phrase into a MetaMask extension on a device that was compromised, stolen, or has unauthorized access, and (3) having used…

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