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Last Updated : December 30, 2022 / 08:09 AM IST
Top cryptocurrency news on December 30: 3Commas admits to the hacking of API keys, China launches NFT marketplace, Celsius seeks extension of deadline for investor claims and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Market Buzz
Bitcoin and Ethereum see slight decline as Crypto stocks trade higher
Over the past 24 hours, both Bitcoin and Ethereum have seen slight declines, with Bitcoin down 0.5% and Ethereum down 0.1%. Despite the low volume, most crypto-related stocks have seen an uptick in trading, with Coinbase shares up 8%, Galaxy Digital rising 10%, and Robinhood up 5%. MicroStrategy, on the other hand, has traded slightly lower during afternoon trading. The market capitalization of Avalanche’s AVAX token has surpassed that of Solana’s, reaching $3.47 billion compared to Solana’s $3.43 billion. However, both coins have seen declines, with Solana experiencing a sharper drop of 5.7% over the past 24 hours and 22.7% in the past week.
Big Story
3Commas Hack: Company admits to unauthorized access to API keys
Cryptocurrency trading platform 3Commas on Thursday admitted that it was the source of an Application Programming Interface (API) leak that led to several hacks, leading to digital currencies worth $22 million being siphoned off from a group of traders. The victims had linked their trading accounts to the automated trading platform using the exchange API keys. In a series of tweets, the company’s co-founder Yuriy Sorokin stated that 3Commas had discovered “unauthorized access to a limited number of API keys” and that it had taken steps to secure its systems and prevent further unauthorized access. According to the company, the hack was discovered on Tuesday, and it immediately launched an investigation and notified relevant authorities. Continue reading.
Crypto Exchange
Study finds high levels Of Wash Trading on unregulated Cryptocurrency exchanges
A new study from the National Bureau of Economic Research (NBER) has found that 70% of unregulated cryptocurrency exchange transactions are wash trading. Wash trading refers to the practice of buying and selling a security for the purpose of creating the appearance of increased trading volume and liquidity and is a form of market manipulation. The study analyzed data from 29 unregulated cryptocurrency exchanges and found that wash trading was prevalent across the majority of these exchanges, accounting for more than 70% of the reported volume. It was also more common on exchanges with lower liquidity and higher spreads, indicating that it may be used to artificially boost the attractiveness of these exchanges. Details here.
Bankruptcy Proceedings
Celsius seeks extension of deadline for account holders to file claims
Defunct cryptocurrency lending and borrowing platform Celsius is preparing to file a motion to extend the bar date for its account holders, as part of its ongoing bankruptcy proceedings. The bar date, also known as the deadline to file a claim, is currently set for Jan. 3, 2023. However, Celsius is requesting an extension until early February in order to give account holders additional time to file any proof of claim. According to the company, this motion is scheduled to be heard by the Court on Jan. 10 next year. Celsius stated that it will provide further updates on the bar date as they become available. Full report here.
Web3
Web3 messenger BChat adds crypto functionality with integration of Beldex Wallet
Web3 messenger built on the Beldex network BChat on Thursday announced the integration of the Beldex wallet into their messaging platform. This will allow users to send and receive, the native cryptocurrency of the Beldex network, while privately messaging their contacts. According to Sulthan Ziau, the CMO of Beldex, private blockchains like Beldex offer a solution to the transparency issue of peer-to-peer transactions on traditional blockchain-based wallets by verifying the authenticity of transactions without revealing transaction metadata. However, long and complicated wallet addresses of traditional Web3 wallets can be difficult to remember, making it challenging to verify identities. Continue reading.
Bitcoin Buzz
Bitfarms promotes Geoffrey Morphy to CEO as company expands operations and growth
Bitcoin mining company Bitfarms on Thursday announced the promotion of Geoffrey Morphy to the position of President and Chief Executive Officer, effective immediately. Morphy, who previously served as President and Chief Operating Officer, has been instrumental in the company’s growth and development since joining the management team in 2020. He has helped to transform Bitfarms from a Canadian company with five farms in Quebec to an international powerhouse with ten operating farms in four countries, according to a statement issued on Monday. The company is listed on the Nasdaq and the TSX and currently generates over 4.4 exahash per second. Full report here.
Digital Payments
Turkey’s Central Bank completes first payment transactions on Digital Turkish Lira Network
Turkey’s central bank announced that it has successfully completed the first payment transactions on the Digital Turkish Lira Network as part of its initial phase of studies. The bank will continue to run pilot tests in the first quarter of 2023, with the goal of expanding the Digital Turkish Lira Collaboration Platform to select banks and financial technology companies. Throughout 2023, the central bank will also focus on studying the economic and legal framework of the Digital Turkish Lira, as well as its technological requirements. In a statement, the bank stated that it will continue to conduct tests on the use of distributed ledger technologies in payment systems and their integration with instant payment systems. Details here.
NFT Space
China launches state-backed NFT Marketplace for trading digital copyrights, property rights, and collectibles
China is launching its first state-backed non-fungible token (NFT) marketplace, which is set to be celebrated at a ceremony in Beijing on Sunday. The platform, known as the “China Digital Asset Trading Platform,” will be operated by three state-owned and private entities: China Technology Exchange, Art Exhibitions China (both government-backed), and private company Huban Digital. The marketplace will be used to trade digital copyrights, property rights, and collectibles, and is the latest sign of China’s embrace of NFT technology, which has previously operated in a legal gray area within the country’s strict regulations on cryptocurrency. Full report here.
Policy Talk | Central Bank Digital Currencies will change global banking in 2023, says Richard Turrin
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