“The company announced it would also pause its swap and transfer products. The price of Celsius’s CEL token fell over 50% after the news came out.
We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays.
Crypto reporter Colin Wu posted Monday that Celsius has transferred about 104,000 ETH to FTX in the past three days.”
“The latest leg down came as the big crypto lender Celsius, which as recently as April claimed to hold at least 150,000 bitcoin, worth about $3.5 billion at current prices, halted withdrawals.
The overall market capitalization of cryptocurrencies fell below $1 trillion for the first time since early 2021, with big losses in tokens including SOL and DOGE. Crypto-related stocks, led by MicroStrategy (MSTR), plunged. Binance temporarily paused bitcoin withdrawals (reportedly due to technical issues). Crypto.com and the crypto lender BlockFi announced job cuts. Tron’s USDD stablecoin wobbled off its $1 peg.
The pain in crypto mounted as traditional markets also came under severe pressure. The Standard & Poor’s 500 Index tumbled 4% to a new low for the year. The biggest driver appeared to be renewed investor fears the U.S. Federal Reserve will have little choice but to tighten monetary policy aggressively to tamp down inflation, which is running at its hottest in four decades. The next two-day Fed monetary policy meeting starts Tuesday, culminating Wednesday with a statement and press conference hosted by Chair Jerome Powell.
As of press time, bitcoin was changing hands around $23,200, down 16% over the past 24 hours. Ether (ETH), the native token of the Ethereum blockchain, slumped 18% to $1,222.”
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“JPMorgan (JPM) hopes it has found a way for decentralized finance (DeFi) developers to leverage the yield-generating potential of non-crypto assets. Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, described in detail the bank’s institutional-grade DeFi plans and highlighted how much value in tokenized assets is waiting in the wings.
Over time, we think tokenizing U.S. Treasurys or money market fund shares, for example, means these could all potentially be used as collateral in DeFi pools. The overall goal is to bring these trillions of dollars of assets into DeFi, so that we can use these new mechanisms for trading, borrowing [and] lending, but with the scale of institutional assets.
Onyx Digital Assets sees two complementary parts to bringing bank-grade DeFi to fruition. One component is JPMorgan’s blockchain-based collateral settlement system that was extended last month to include tokenized versions of BlackRock’s money market fund shares. The second piece of the puzzle is a recent pilot that is being led by the Monetary Authority of Singapore and includes JPMorgan, DBS Bank and Marketnode and is dubbed “Project Guardian.” It tests institutional-friendly DeFi using permissioned liquidity pools that are made up of tokenized bonds and deposits.
These ventures into DeFi will involve public blockchains and have a permissioned structure similar in many ways to what is being done by the likes of Aave Arc and Fireblocks. JPMorgan hasn’t decided what DeFi platforms and counterparties it will work with, Lobban said, but it will be among the recognized offerings. ‘It’ll be from the bench of protocols that you’d expect, battle-tested with high TVLs.'”
“The Tron network’s stablecoin, USDD, lost its peg to the U.S. dollar on Monday, dipping to as low as 91 cents, as crypto markets nosedived.
Tron founder Justin Sun tweeted Monday that the funding rate on the Binance exchange for betting against, or “shorting,” the Tron blockchain’s native TRX token stood at negative 500%, a whopping rate that suggests many investors are clamoring to get into that trade. According to Sun, TronDAO ‘will deploy $2 billion to fight them.’
Decentralized USD (USDD) is an algorithmic stablecoin on Tron eerily similar to Terra’s stablecoin, UST, which lost its price peg and eventually imploded a month ago. TronDAO said in a tweet that it added $650 million of USDC to its reserve.
According to the official TronDAO website, USDD’s collateral stands at $2 billion, while USDD’s supply in circulation is $723 million, suggesting that it holds enough capital to prop up the stablecoin by using reserves to buy USDD. At press time, USDD was changing hands around 99 cents but still had not recovered its dollar peg. TRX, the twin token of the stablecoin, dropped 17% in the last 24 hours.”
“Manhattan’s Fifth Avenue is a vaunted strip of stores, with luxury retailers and other major brands fighting for shoppers’ attention. Come next week, an NFT gallery will join their ranks. What really stands out is the ability for anyone, anywhere to own the exclusive rights to show off and sell their own NFTs—either created or collected—on one of the displays, and control it remotely.
The location will feature 300 NFT displays from partner Tokenframe, which can only be controlled by the owner of an associated Genesis NFT. If you buy a Genesis NFT—whether during the initial primary sale, or in the future from a secondary marketplace—then you can showcase almost any NFTs you want in the gallery. Within the gallery, visitors can scan a QR code on the frame and purchase any NFTs that are listed for sale.“
“The network will launch new crypto tokens tied to individual networks. The shift to a new model comes as Helium attempts to expand its offerings with 5G connectivity and more. The existing HNT token will continue to exist and serve as something of a “reserve currency” or “floor currency” for the expanding Helium ecosystem.
Helium will first launch a new MOBILE crypto token this month, which will reward people who operate a 5G node. In August, the network plans to launch a new IOT token that node operators will earn for the original LoRaWAN network designed for Internet of Things (IoT) devices, like sensors and trackers. The network now has more than 850,000 active nodes around the world, up from 640,000 in mid-March.
Today’s announcement is indicative of a larger shift—a “network of networks” approach that can bring additional future protocols under the Helium umbrella in the future. Helium could encompass a wide range of connectivity protocols—including Wi-Fi or content delivery networks (CDNs), for example.”
“Over 2,000 Terra investors say false marketing is what caused them to lose their money. The suit, which was filled by U.S.-based law firm Roche Freedman LLP, alleges that Binance.US marketed Terra’s dollar-based UST as more stable than it actually was. Misleading advertising is what the suit says is to blame for those losses.
Binance U.S. recklessly listed and promoted UST as a ‘safe’ stablecoin to those seeking to avoid the volatility of other cryptocurrencies. They, as well as other exchanges that listed UST, should be held accountable.”