FTX on the verge of purchasing BlockFi in $25M fire sale: Report

Cryptocurrency exchange FTX is close to purchasing digital asset lender BlockFi’s remaining assets for $25 million, according to CNBC. According to sources close to the matter, BlockFi’s equity investors were wiped out and are now writing their positions off at a loss. In addition, the FTX deal could take multiple months to close, opening up the possibility that the price tag could shift over that period. In June 2021, BlockFi had a reported valuation of $5 billion. Earlier this year, BlockFi had over 1 million clients, over $10 billion in…

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Defi Pioneer, Bancor, Under Fire for Pausing Impermanent Loss Protection Due to Hostile Market Conditions

Bancor, a Decentralized Finance protocol often regarded as a pioneer in the DeFi ecosystem, has come under heavy scrutiny after it announced that it would pause its impermanent loss protection program. The DeFi platform cited extreme market conditions for stopping this program. However, Bancor has been criticized for pausing the program when liquidity providers need the protection program the most. Bancor reiterated that the pause would only be temporary, stressing that it was done in a bid to protect the protocol and its users. The post stated, “The temporary…

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3K+ Bit Digital hosting partner’s crypto miners go offline after explosion and fire

New York-headquartered crypto mining firm Bit Digital reported two of its hosting partners ceased operations to more than 4,800 rigs following power disruptions at different facilities.  In a Thursday announcement, Bit Digital said a substation in Niagara Falls was damaged by “an explosion and subsequent fire,” necessitating its partner Blockfusion USA to take 2,515 Bitcoin (BTC) miners and 710 Ether (ETH) miners offline at the site. In addition, the mining firm reported its Digihost partner experienced a similar cut in power to a facility in North Tonawanda, New York, resulting…

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Azuki founder under fire, CryptoPunk sells for a major loss…

The founder of the $723.5 million Azuki NFT project who goes by “Zagabond” online caused a sh*tstorm yesterday after revealing that they had previously worked on three noabandoned NFT projects. After facing strong backlash from the NFT community, they have since apologized for their “shortcomings.” The three projects in question are Tendies and CryptoPunks copycats CryptoPhunks and Cryptozunks. Zagabond suggested all three had failed due to a lack of community support , and other factors such as team members leaving or high gas fees on Ethereum (ETH). After releasing the…

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Charles Hoskinson under fire for… not dropping out of a PhD program?

A debate has surfaced online following claims that Cardano founder and Ethereum co-founder Charles Hoskinson may have fudged the specifics of his educational background. While the issue is a hardly a major scandal, it concerns conflicting reports around whether Hoskinson dropped out of a Number Theory focused PhD program – as he suggested – or if he embellished the story. Crypto journalist and Unchained Podcast host Laura Shin suggested in her new book and on social media that he never finished an undergraduate degree or enrolled for a PhD. The…

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Multichain under fire from users as hacking losses grow to $3M

Hackers have continued to exploit a critical vulnerability in the cross-chain router protocol (CRP) Multichain that first appeared on Jan 17. Earlier this week, Multichain urged users to revoke approvals for six tokens to protect their assets from being exploited by malicious individuals. However Multichain’s announcement on Jan. 17 encouraged more hackers to try the exploit. One stole $1.43 million, another offered to return 80% while keeping the rest as a tip. According to Tal Be’ery, the co-founder of the ZenGo wallet, the stolen amount has now risen to $3…

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Alex Saunders again under fire after virtual HQ in Decentraland fails to launch

Australian crypto influencer and Nuggets News founder Alex Saunders is facing backlash over his non-fungible token (NFT) sale from late last year. Nuggets News is a paid group providing technical analysis and crypto tips to subscribers that was founded by Saunders in 2017. As of Aug.17, Nuggets News had roughly 146,000 subscribers on YouTube. In November 2020, Saunders minted 100 NFTs comprising tokenized tickets he said would grant holders access to an exclusive Nuggets News community headquarters being developed in the crypto-powered virtual metaverse, Decentraland. Saunders priced the NFTs at…

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Nuggets News CEO under fire over alleged unpaid loans and investment funds

Alex Saunders, the popular crypto influencer behind Nuggets News, is facing a slew of claims he failed to repay crypto loans, along with allegations that funds invested in a new project had been redirected to a crypto exchange. Saunders is one of the most highly regarded Australian crypto educators. He provides a paid service and he has 140,000 subscribers on YouTube. Over recent days, crypto Twitter has been ablaze with allegations that Saunders has run out of capital. Numerous individuals including YouTuber Bitboy claim that Saunders personally owes them multiple…

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Retire early with crypto? Playing with FIRE – Cointelegraph Magazine

Finance blogger The FI Explorer didn’t invest in cryptocurrency in order to retire early — but unlike many of the newly minted crypto rich, he did set out to retire early.The FI Explorer, also known as Jason, is part of the FIRE community — financial independence, retire early — where adherents save up to 80% of their income throughout their 20s and 30s in order to either retire early or simply follow their passions. For most of his 20-year journey toward his FIRE target of $1.64 million (USD)— which was…

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Signal under fire over MobileCoin partnership

Controversy surrounds Signal’s recently announced MobileCoin integration, with users expressing concerns over ties between Signal’s founder and the cryptocurrency, opacity surrounding the coin’s issuance, and suspicious gains leading up to the partnership’s announcement. Signal is an encrypted messaging application that has been embraced by the privacy and security-conscious community since launching as Open Whisper Systems in 2013 and rebranding two years later. MobileCoin was founded in 2017, issuing roughly 15% of its supply to private investors after its entire supply was minted at launch. The messaging app announced it had…

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