Australian Bankers Association cost of living probe shows bank pressure

The Australian Banking Association (ABA), which is the trade association for the Australian banking industry, has initiated a cost of living inquiry in order to investigate the impact that the COVID-19 pandemic, global supply chain constraints, geopolitical tensions, and other factors have had on the people of Australia. The purpose of this investigation is to determine how these and other factors have affected the cost of living in Australia. The primary purpose of this inquiry is to determine the degree to which these and other factors, in addition to Australia’s already high cost of living, have contributed to that level of expense.

The recent analysis of the rising inflation and concurrent collapse of three major traditional banks — Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — proved that more than 186 banks in the United States are at risk of a similar shutdown if depositors decide to withdraw all of their funds. These banks were Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank. Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank were the names of these financial institutions. These particular banking establishments went under the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank respectively. These specific financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively, at one point in time. At one point in time, these particular financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively. The Australian Bar Association (ABA) is currently in the process of conducting an investigation with the intention of determining both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. The goal of the investigation is to determine both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. Both the reaction of the Australian government’s fiscal policies and the ways by which the cost of living in Australia may be lowered are the foci of the inquiry, the objective of which is to discover which of these may be determined. The aim of the study is to determine both of these things at the same time as part of its objective.


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Taiwan FSC to regulate crypto

According to the president of the authority, the Financial Supervisory Commission of Taiwan (FSC) will take over as the principal regulator of cryptocurrencies throughout the island nation.

According to the local United Daily News, the head of the Financial Supervisory Commission (FSC), Huang Tien-mu, made the announcement that the regulator would acquire supervisory responsibility over the cryptocurrency market in Taiwan.

On March 20, Huang gave a speech about the regulation of cryptocurrencies in the Republic of China before the Legislative Yuan in Taiwan (ROC). He said that the new crypto regulatory framework that will be implemented by the FSC would contain key laws and policies, such as the partitioning of consumer assets from corporate money and the implementation of investor protection procedures.

According to the source, the nation’s top administrative authority, known as the Executive Yuan, has given the Financial Supervisory Commission (FSC) the mandate to monitor payments and transactions in the cryptocurrency market at this time. Huang emphasized that other industry-related assets, such as nonfungible tokens (NFTs), may not come under the regulation of the Financial Stability Commission.

Huang also said that the Financial Supervisory Commission (FSC) will first focus a lot of emphasis on the concepts of self-regulation in the cryptocurrency market in Taiwan. The official continued by saying that the authority will act in accordance with the directives provided by the Executive Yuan.

According to a report that was published by Taiwan’s Central News Agency, Taiwanese legislators anticipate developing and approving an appropriate crypto legal framework by the end of March or at the earliest by the month of April. According to reports, the goal of the present preliminary plan is to place the oversight of the regulation of NFTs within the authority of the Ministry of Digital Affairs.

The announcement comes at a time when Taiwan is experiencing persistent tensions with China. The Chinese government views Taiwan as a renegade province, and it has pledged to bring Taiwan under its rule. China, which has emerged as a significant anti-crypto nation, will implement a total ban on crypto in 2021, in contrast to other jurisdictions in the Asia-Pacific area, such as Hong Kong or Singapore, which are crypto-friendly.


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AI-powered project steals $1M from consumers.

A project that is claiming to be a “AI-based” decentralized application has taken almost one million dollars from its users in what is suspected to be a scam. This comes at the same time that artificial intelligence (AI) has recently become a topic of interest due to the capabilities displayed by ChatGPT v4.

At the time of this writing, the blockchain security platform CertiK has just revealed that Harvest Keeper has been responsible for the theft of about $933,000 worth of customers’ money. According to CertiK’s findings, users on the Ethereum, BNB Chain, and Polygon networks have together suffered losses of around 219 thousand dollars as a result of ice phishing transactions. The cybersecurity company pleaded with customers to take back whatever rights they had granted to the initiative and cautioned users to avoid engaging with the organization’s website.

The Artificial Intelligence (AI) initiative known as Harvest Keeper claims that it “optimizes the trading process for maximum payout” and guarantees a return of 4.81% on customer deposits. The platform advertises on its website that it would provide a return on investment of 101% within 21 days and an 8% incentive for referrals. The initiative has more than 32,000 people following it on its Telegram channel and approximately 30,000 people following it on Twitter.

On the other hand, in the midst of the renewed interest in ChatGPT on Twitter, hundreds of profiles on the social platform have arisen with the claim that they are associated with “CryptoGPT.” On March 10, a hashtag dubbed “CryptoGPT” that was related with an ongoing token project was trending on Twitter. As a result of it, a number of accounts that are quite similar to it have appeared, some of which advertise phony freebies. On top of that, dozens of Twitter accounts with the same name have been plaguing the social platform, and some of these accounts have been advertising freebies and airdrops that may or may not be real.

Once the most recent version of ChatGPT shown that it was capable of auditing smart contracts on Ethereum, many people began to wonder whether or not it would one day replace coders. Yet, when asked about this topic at the most recent ETHDubai event, blockchain engineers voiced their confidence that the newest version of the widely used AI tool would not replace developers but rather assist them.


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Dubai regulator grants MVP preliminary license

Dubai’s Virtual Asset Regulatory Authority has granted a preliminary license for a minimum viable product (MVP), according to (VARA).

Following getting preliminary approval from the Dubai administration in 2022, the exchange was issued this license for preparatory activity. During the preparatory phase, the MVP license enables the exchange to comply with the VARA operational standards. The rules specify that no company may engage in or seem to engage in any virtual asset activity in Dubai via advertising and promotions unless authorized and controlled by VARA.

The VARA of Dubai was founded in March 2022 and is responsible for regulating, monitoring, and managing virtual assets and virtual asset activity in all zones of the Emirate of Dubai, except the Dubai International Financial Centre.

During the preparatory phase of the VARA regime, the MVP phase enables approved licensees to satisfy all prerequisites for conducting MVP market operations. When the license is activated, will be allowed to provide spot and derivatives products for virtual assets. Institutional investors may be offered exchange services, brokerage, margin or leverage trading, and over-the-counter products focusing on settlements.

According to the statement, was granted the MVP provisional license after a comprehensive review of the exchange. Examined were key personnel, governance processes, anti-money laundering and counter-terrorism financing capabilities, Know Your Customer rules and procedures, ultimate beneficial owner policies and procedures, compliance practices, and cross-border security measures.

According to VARA’s chief executive officer, Henson Orser, VARA’s regulatory policy will be helpful in creating a robust and resilient ecosystem that will result in a more secure global market for virtual assets. He believed that incorporating companies such as would assist the organization in achieving its objective of developing a contemporary, forward-thinking regulatory framework.

Recently, has grown its global reach. The majority of significant markets, including as the United Kingdom, France, Italy, and others, have authorized and licensed the exchange. It also obtained a payment institution license in Brazil.

Binance got an MVP license in the past after modifying its operational procedures and securing other regulatory permits.


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Synthetix Secures $20M Investment from DWF Labs

Synthetix is a tokenized asset issuance platform that allows users to create Synths by locking tokens into a smart contract and minting derivatives that provide exposure to a range of different assets. The platform’s V2 has surpassed $400 million in perpetual swap daily trade volume, and the collaboration with liquidity provider Curve Finance saw a surge in daily fees, increasing the SNX token value by over 100%.

Synthetix has announced a $20 million investment through a new partnership with Web3 investment and quantitative trading firm DWF Labs. DWF Labs has acquired $15 million worth of Synthetix’ native token SNX paid for with USD Coin (USDC) in March 2023, and has committed to purchasing another $5 million worth of SNX tokens once the integration of Synthetix’ services has been completed.

As part of the deal, DWF Labs will be responsible for increasing SNX token liquidity and market making across centralized and decentralized exchanges. Synthetix’ perpetual futures will also be integrated into DWF Labs’ trading business. Holding SNX tokens allows users to create Synths by locking tokens into a smart contract and minting derivatives that provide exposure to a range of different assets. Users can trade Synths using Synthetix’ pooled collateral model, with trades between Synths generating fees for SNX collateral providers.

The creation of on-chain synthetic assets tracks the value of real-world assets, which includes synthetic fiat currencies or commodities like Gold and financial instruments like equity indices. DWF Labs managing partner Andrei Grachev believes the partnership will provide streamlined trading mechanisms in the Decentralized Finance (DeFi) space, allowing for innovative hedging strategies and unique use cases.

Synthetix’ V2 platform has surpassed $400 million in perpetual swap daily trade volume according to data from Dune Analytics. The partnership with liquidity provider Curve Finance saw a surge in daily fees in June 2022, increasing the SNX token value by over 100% during the depths of the prolonged cryptocurrency bear market.

Overall, the investment from DWF Labs is expected to increase Synthetix’ market reach and liquidity, while also providing streamlined trading mechanisms for users in the DeFi space.


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DSF Launches to Promote DLT Adoption and Provide Grant Support

As part of its efforts to promote the adoption of DLT, the DSF will provide support through grants to its university network. The organization has also opened its first call for grant proposals, offering up to $5 million for eligible organizations or individuals.

The DSF is supported by the open-source public ledger project Hedera, which will lend its expertise in DLT to the DSF University Network. This partnership will enable the DSF to empower academics and education in various universities, drawing from its own experiences and the challenges it has faced.

Paolo Tasca, chairman and co-founder of the DSF, expressed his excitement over the potential breakthroughs that may come from the organization’s efforts. He believes that unlocking the potential of DLT will lead to a better future for everyone. The DSF aims to drive innovation, foster new collaborative models between academia, industry, and government, and promote the responsible adoption of DLT in business and society.

Nikhil Vadgama, the director and co-founder of the organization, also commented on the launch. According to Vadgama, the DSF has an opportunity to empower academics and education in various universities, drawing from its own experiences and the challenges it has faced. The DSF has developed grant programs that are specifically designed to address the needs of the DLT community.

The DSF University Network includes prestigious institutions such as the Indian Institute of Technology Madras, the London School of Economics, the National University of Singapore, University College London, and the University of Zurich. These institutions are at the forefront of DLT research and are uniquely positioned to drive innovation and foster collaboration between academia, industry, and government.

In addition to providing grant support, the DSF will also focus on promoting the responsible adoption of DLT in business and society. The organization recognizes the potential of DLT to transform industries and improve the lives of people around the world. However, it also acknowledges the need for responsible adoption to ensure that the technology is used ethically and with the best interests of society in mind.

In conclusion, the launch of the DSF is a significant development in the world of DLT. The organization’s focus on promoting adoption and providing grant support to its university network, combined with its partnership with Hedera, has the potential to drive innovation and foster collaboration between academia, industry, and government. The DSF’s efforts to promote responsible adoption of DLT in business and society are also commendable and will ensure that the technology is used ethically and for the greater good.


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Arbitrum Airdrop Boosts zkSync Growth

In recent news, Arbitrum, a layer-2 scaling solution for Ethereum, announced an airdrop of its ARB governance token, which has generated significant hype within the blockchain community. The airdrop is expected to reward eligible receivers with the token by March 23. The hype around the airdrop has helped another layer-2 scaling solution, zkSync, experience significant growth in the last week.

ZkSync, another layer-2 scaling solution for Ethereum, supports nonfungible tokens (NFT), and atomic swaps and transfers of Ether (ETH) and ERC-20 tokens within the Ethereum network. Despite not having a native token or announcing any airdrop, zkSync has seen a surge in the number of addresses bridging to its platform. According to data from crypto on-chain analytic firm Nansen, over 39,000 addresses have bridged over $871 million to zkSync in the last seven days, with the number of addresses bridging to zkSync surging by 5x in the last week.

Many proponents of zkSync believe that they will be rewarded with an airdrop in the near future, similar to Arbitrum’s recent airdrop. After the Arbitrum airdrop, zkSync and StarkNet are regarded as the upcoming airdrops with the most potential value. On March 17, nearly 5,000 people deposited more than 536 ETH using the zkSync bridge, and almost 3,000 users deposited over 234 ETH using the StarkNet bridge.

Although zkSync is not conducting an airdrop, the enthusiasm around the Arbitrum airdrop has led many proponents to believe that they could be rewarded in the future. However, scammers have attempted to use Arbitrum branding to conduct fake and scam airdrops, which highlights the importance of verifying the authenticity of such promotional tools.

A crypto airdrop is a promotional tool used by crypto projects to generate hype around their projects. The crypto projects behind these airdrops often directly deposit digital tokens into the wallets of active blockchain community members as a gift. The eligibility criteria for these airdrops may include specific requirements, such as spreading awareness around the project, among others.

Not all crypto airdrops are equally valuable due to multiple factors, such as the project’s use cases and the people behind the projects, among others. However, layer-2 solutions like Arbitrum, Optimism, and zkSync have established themselves in the blockchain community and have proven records, which has attracted more traders to the Arbitrum airdrop. As a result, it could prove to be more valuable than the usual crypto airdrops.


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NFT Wash Trading Volume Surges to $580M Across Top Six Marketplaces

In February 2023, the top six nonfungible token (NFT) marketplaces experienced a significant surge in NFT wash trading, with a total volume of $580 million, up 126% from the previous month. The six marketplaces included in the report were Magic Eden, OpenSea, Blur, X2Y2, CryptoPunks, and LooksRare. Of these, X2Y2, Blur, and LooksRare played the largest roles in February’s volume for NFT wash trading, with $280 million (49.7%), $150 million (27.7%), and $80 million (15.1%), respectively.

NFT wash trading is the manipulation of trade volume or price through repeated transactions. While this practice is illegal in traditional financial markets, the lack of clear regulations in the crypto space has allowed it to occur in both the broader crypto market and with NFTs.

The CoinGecko report revealed that NFT wash trading made up a combined 23.4% of “unadjusted trading volume” across the industry’s six largest marketplaces. The report also noted that some of these marketplaces have incentivized users to increase trading volume via transaction rewards.

It’s worth noting that NFTs have become increasingly popular in recent years as a new form of digital asset ownership. They can represent anything from artwork to music and even tweets. The unique characteristics of NFTs, such as their limited availability and authenticity, have contributed to their popularity.

However, NFT wash trading has become a major concern for the industry, with many experts warning of its potential impact on the market. Back in January 2023, crypto investor Mark Cuban said that wash trading would cause the next “implosion” in the crypto market. In response to this issue, new artificial intelligence-based technology has surfaced, which aims to troubleshoot issues in the NFT market, including wash trading.

In addition to the rise of NFT wash trading, a recent scam has also surfaced in the NFT market. On March 16, 2023, fake Blur token airdrop websites were discovered, from which $300k was successfully stolen. The incident highlights the need for better regulation and security measures in the NFT market.

In conclusion, while the rise in NFT wash trading volume may be a sign of the market’s recovery, it also highlights the need for increased regulation and security measures to protect investors and prevent fraudulent activities.


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OKX to Halt Services in Canada Due to New Regulations

OKX is a cryptocurrency exchange that was launched in China in 2017 and facilitates trading in a number of different digital assets. Bitcoin, Ethereum, and Litecoin are some of the cryptocurrencies that are included in this category. As a result of the fact that its daily trading volume is more than $2 billion, it is regarded as being one of the most significant cryptocurrency exchanges in the whole world.

On February 22, 2023, the Canadian Securities Administrators (CSA) issued a notice requiring all cryptocurrency exchanges to make new legally enforceable undertakings while they wait to be registered with the regulatory body. The notification was published online. Due to the publication of this notification, the cryptocurrency exchanges have made the decision to put an end to their business activities in Canada. The new initiative makes it illegal to “purchase or deposit Value Referenced Crypto Assets (often referred to as stablecoins) via crypto contracts without the prior written authorization of the CSA.” This action is described as “purchasing or depositing Value Referenced Crypto Assets” in the original sentence.

The decision made by the CSA is a part of a bigger crackdown on trading cryptocurrencies in Canada, which is being carried out by authorities in an attempt to bring the sector under greater control. The authorities’ motivation for carrying out this crackdown is stated in the following sentence: At the present, cryptocurrency exchanges are obliged to first register with the regulating authorities of Canada in order to be able to accept new clients from inside the country’s borders. On June 22, 2022, after an investigation by the Ontario Securities Commission found that both ByBit and KuCoin were operating “non-compliant platforms” in the country, the commission fined both companies millions of dollars because they were “non-compliant platforms.” The investigation was conducted by the Ontario Securities Commission.

OKEx has said that it would only be temporarily withdrawing its services from the Canadian market and that it is now working with the relevant authorities in Canada to find a solution to the issue. The exchange has not issued any indication as to when it believes it will resume operations in Canada, and it has not specified a specific date either.


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FTX US and Alameda Research File Complaint Against FTX Digital Markets

In March 2023, legal teams representing FTX US and Alameda Research filed a complaint against FTX Digital Markets, a Bahamas-based company, alleging that it was a fraudulent enterprise used to obscure the question of the firm’s ownership. The complaint was filed with the United States Bankruptcy Court for the District of Delaware, where FTX debtors stated that FTX Digital Markets, also known as FTX DM, and the joint provisional liquidators had claimed that the Bahamian arm was the “constructive owner” of’s fiat and crypto assets, as well as other intellectual property.

The legal teams claim that these claims made by FTX DM are baseless and will harm customers and all other creditors of the FTX Debtors as the company continues with bankruptcy proceedings in the United States. The filing states that the JPLs’ claim to ownership of’s property is based mainly on constructive, equitable, and other non-documentary arguments that depend upon the false premise that FTX DM was the center of the FTX Group. The filing further states that FTX DM was only a short-lived provider of limited “match-making” services for customer-to-customer transactions on the cryptocurrency exchange built, owned, and operated by Debtor FTX Trading, its immediate corporate parent.

The complaint filed by FTX US and Alameda Research asserts that FTX DM was a shell entity used to conceal the issue of the firm’s ownership, and its claims to ownership of’s property are unfounded. The legal teams claim that FTX DM was not the center of the FTX Group, as the company only provided limited match-making services for customer-to-customer transactions. The filing also asserts that FTX DM’s claims to ownership will harm customers and all other creditors of the FTX Debtors as the company continues with bankruptcy proceedings in the United States.

The legal battle between FTX US, Alameda Research, and FTX Digital Markets is ongoing, and it remains to be seen how the bankruptcy court will rule in this case. However, the complaint filed by FTX US and Alameda Research raises serious questions about the ownership of’s assets and the claims made by FTX DM. It is likely that this case will have significant implications for the cryptocurrency industry, as it highlights the importance of transparency and accountability in the sector.


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