China and Malaysia discuss Asian Monetary Fund

In recent years, a number of Asian countries have shown an interest in distancing themselves from the United States dollar and the International Monetary Fund (IMF), both of which have long had a preponderant position in the international monetary system. One of these nations is Malaysia, and the Malaysian central bank has been collaborating with the People’s Bank of China to facilitate trading in both of their countries’ respective currencies.

Anwar Ibrahim, the Prime Minister of Malaysia, made the announcement on April 4 that China was willing to consider the possibility of establishing an Asian Monetary Fund. The concept of such a fund was discussed during a meeting that took place the week before in Hainan, which is located in China.

The proposed fund will assist Asian countries in reducing their reliance on the United States currency and the International Monetary Fund (IMF). This action is being seen as a reaction to worries about the economic hegemony of the United States and the dangers connected with the use of the dollar as the reserve currency of the world.

Reportedly welcoming negotiations on the plan, which may pave the way for a more autonomous Asian financial system, China’s President Xi Jinping is said to have shown enthusiasm about the topic. The establishment of an Asian Monetary Fund has the ability to make available financial resources for the region’s infrastructure development projects, therefore fostering economic expansion.

In recent years, there has been a discernible uptick in the momentum around the movement toward a stronger role for Asian currencies in international commerce. In March, China and Brazil reached an agreement to conduct commerce exclusively in their own national currencies, so fully excluding the use of the US Dollar.

The Asian Monetary Fund that is being suggested is not the first effort that has been made to establish a regional financial organization. The Asian Development Bank (ADB) was founded in 1966 with the purpose of fostering economic growth and alleviating poverty across the region. On the other hand, the Asian Development Bank (ADB) has come under fire for being controlled by the United States and Japan and for having a limited effect in tackling the economic difficulties facing the area.

In conclusion, the proposed establishment of an Asian Monetary Fund is a major step forward in the continuing transition away from the predominance of the United States dollar in the international monetary system. Even though the creation of such a fund would be met with a number of obstacles, there is a possibility that it would provide a method of fostering more monetary autonomy and stability across the Asian area.


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Ether Surges to Over $1,900 Ahead of Staking Withdrawals

Ether, the second-largest cryptocurrency by market capitalization, has surged to over $1,900 for the first time in over seven months, according to CoinMarketCap data. This price increase comes ahead of the Ethereum Shanghai hard fork, scheduled for April 12, which will implement Ethereum Improvement Proposal (EIP)-4895, allowing validators and stakers to withdraw staked ETH from the Beacon Chain. The upgrade is also expected to help increase transaction speeds while reducing transaction costs through other EIPs.

The last time Ether was above $1,900 was on August 16, 2022, during a broader crypto sell-off when the United States Federal Reserve was hiking the federal funds rate at a record pace to combat inflation. The recent price increase could be driven by expectations that the Fed may ease up on its quantitative tightening efforts, causing cracks in the global banking industry, or by increased demand for Ether given that staking is slated to be more flexible.

Bitcoin has also recorded gains recently, but the trading pair ETH/BTC has increased by nearly 3% in the last week, suggesting that both factors may be contributing to Ether’s price jump. It is worth noting that the price of Ether dropped sharply following the execution of the Merge on September 15, 2022, where it lost just under a quarter of its value in one week.

The Ethereum Shanghai hard fork is named after the fork on the execution layer client side, while Capella is the upgrade name on the consensus layer client side that is set to be executed shortly after Shanghai on April 12. The execution layer is where all the smart contracts and protocol rules are, while the consensus layer ensures that all network validators follow these rules.

Despite some analysts and traders suggesting that unlocking staked Ether will create sell pressure, what will occur following the Shanghai and Capella updates is speculation. The recent price surge may be an indication that investors are optimistic about the future of Ether and the potential for the upcoming upgrades to increase its value.

In conclusion, Ether’s recent surge to over $1,900, a level not seen since August 2022, is likely due to several factors, including the upcoming Ethereum Shanghai hard fork that will enable stakers to withdraw their ETH and the potential easing of the Federal Reserve’s quantitative tightening efforts. While some investors may be concerned about sell pressure following the upgrade, others remain optimistic about the future of Ether and its potential for growth. The upcoming upgrades are set to increase transaction speeds while reducing transaction costs, and it remains to be seen how they will affect Ether’s value in the long term.


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Former CTO of Square and Creator of Cash App Dies in San Francisco Stabbing

Bob Lee, the former chief technology officer of Square and creator of Cash App, died on April 4, 2023, following a stabbing in San Francisco. Lee was a prominent figure in the tech industry, having contributed significantly to the development of Square and Cash App, two popular payment processing platforms. Lee’s death has come as a shock to the tech community, with many expressing their condolences on social media.

Bill Barhydt, the CEO of Abra, a leading crypto wallet company, confirmed Lee’s death on Twitter on April 5. Barhydt shared a report from a local media outlet that reported on Lee’s death but did not name him. However, Barhydt confirmed that it was indeed Bob Lee who had passed away. Barhydt expressed his grief and described Lee as a “brilliant mind” who had made significant contributions to the tech industry.

Jack Dorsey, the co-founder and CEO of Twitter, also expressed his condolences on the decentralized social media platform Nostr. Dorsey confirmed the news of Lee’s death and described it as “heartbreaking.” Many in the tech community have expressed their shock and sadness at the news of Lee’s untimely passing.

Lee’s contributions to the tech industry are significant, having played a pivotal role in the development of Square and Cash App. Square is a payment processing platform that allows small businesses to accept credit card payments. Cash App, on the other hand, is a mobile payment service that allows users to send and receive money. Lee was the chief technology officer of Square from 2009 to 2013 and is credited with playing a significant role in the company’s success.

Lee’s death has raised concerns about the safety of tech workers in San Francisco. The city has been grappling with rising crime rates, including a spate of violent incidents in recent months. Lee’s death is a tragic reminder of the need for increased security measures to protect the tech community.

In conclusion, Bob Lee’s passing is a significant loss to the tech industry. He was a talented and innovative individual who made significant contributions to the development of Square and Cash App. His untimely death is a reminder of the need for increased security measures to protect tech workers in San Francisco and other cities. The tech community will undoubtedly mourn his passing and remember his legacy.


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Allbridge Provides Compensation Plan for Hacked Users

Allbridge, a multichain token bridge provider, has posted a recovery plan following a recent hack where the project was exploited for roughly $573,000 on April 1. In an April 5 statement, Allbridge said it has already started a compensation process for users despite only “partly recovering funds.” The protocol aims to fully compensate those affected by the exploit with funds available to them.

The compensation plan will prioritize users with funds stuck on the token bridge due to the emergency shutdown. Allbridge aims to compensate its liquidity providers (LPs) following the compensation of these users. An application form is currently being drafted for LPs who could not withdraw their assets, allowing them to apply for compensation and provide details of their losses. The compensation process is expected to commence next week, starting with users who “have used the bridge shortly before the shutdown.”

Allbridge enabled LPs to withdraw their funds on April 2, with the majority withdrawing their assets from the pool. Some, however, could withdraw even more “due to the pool’s disbalance.” Others could not withdraw “a reasonable amount” from the liquidity pool due to some users withdrawing more than their original balances and the hack’s impact on the pools.

The compensation plan comes after Allbridge tweeted on April 3 that 1,500 BNB (BNB), worth approximately $465,000, was returned to the project following a public proposal made to the hacker in an April 1 tweet. The protocol’s exploiter seemingly accepted Allbridge’s offer of a “white hat bounty,” where they could keep a portion of the stolen funds in exchange for an assurance that no legal action would be taken.

Allbridge noted that all affected parties by the exploit will be subject to additional rewards in the future, but compensation remains their main priority. The protocol aims to fully compensate all victims of the exploit with funds available to them.

This compensation plan is a positive step for Allbridge to regain the trust of its users after the hack. While the project was only able to partially recover funds, the compensation process shows a willingness to make affected users whole. The inclusion of an application form for LPs who could not withdraw their assets also shows a willingness to make the compensation process as smooth as possible.

This hack also highlights the importance of security in the DeFi space. While noncustodial protocols allow users to maintain control of their funds, they are also vulnerable to hacks. As the DeFi space continues to grow, it is crucial that projects prioritize security measures to prevent hacks and protect user funds.

Meanwhile, Ethereum-based noncustodial lending protocol Eurler Finance announced on April 4 that it recovered most of the $196 million stolen in a March 13 flash loan attack following successful negotiations. The attacker managed to steal millions worth of Dai (DAI), USD Coin (USDC), staked Ether (stETH), and wrapped Bitcoin (WBTC) in the largest hack of 2023 so far. The quick recovery of stolen funds by Eurler Finance shows the importance of prompt action in mitigating the effects of hacks in the DeFi space.


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Swiss Retail Bank to Offer Cryptocurrency Services

PostFinance, a retail bank owned by the Swiss government, has announced plans to offer its customers cryptocurrency trading and storage services. The bank has partnered with local cryptocurrency bank Sygnum to provide regulated digital asset banking services. Customers will be able to buy, store, and sell major cryptocurrencies such as Bitcoin and Ether.

The partnership with Sygnum enables PostFinance to offer these services through Sygnum’s institutional business-to-business platform. This platform provides banks with market entry to regulated and compliant digital products, including a range of cryptocurrencies. The B2B network includes more than 15 partner banks and supports revenue-generating services like staking.

PostFinance’s move into the cryptocurrency market comes amid growing interest and adoption of digital assets worldwide. With the rise of blockchain technology and the decentralization of finance, many traditional financial institutions are exploring ways to integrate cryptocurrencies into their offerings. PostFinance’s partnership with Sygnum positions the bank to provide its customers with access to the growing cryptocurrency market.

As a fully government-owned bank, PostFinance is subject to strict regulatory requirements. The partnership with Sygnum ensures that the bank’s cryptocurrency services are fully compliant with local regulations, providing customers with a secure and regulated platform for trading and storing digital assets.

The collaboration with Sygnum also provides PostFinance with access to the expertise and technology of a leading player in the cryptocurrency space. Sygnum is a licensed Swiss bank that offers a range of institutional-grade cryptocurrency services, including custody, trading, and tokenization. With its deep experience in the cryptocurrency market, Sygnum is well-positioned to provide PostFinance with the tools and support needed to offer its customers cutting-edge digital asset services.

In summary, PostFinance’s partnership with Sygnum represents a significant step forward for the bank as it seeks to enter the cryptocurrency market. With the ability to offer customers regulated cryptocurrency trading and storage services, PostFinance is well-positioned to capture a share of the growing digital asset market. By leveraging the expertise and technology of Sygnum, PostFinance can provide its customers with a secure and compliant platform for buying, selling, and storing digital assets, including Bitcoin and Ether.


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Biden urges technology firms to prioritize safety in AI development

During a meeting with science and technology advisers on Tuesday, US President Joe Biden raised concerns about the safety of artificial intelligence (AI) and urged technology companies to prioritize safety when developing and releasing AI products. While acknowledging the potential benefits of AI in tackling issues such as disease and climate change, Biden stressed the need to address possible risks to society, national security, and the economy.

“It is yet to be determined. There is a possibility,” Biden replied when asked about the potential hazards of AI. He cited the negative impact that powerful technologies can have in the absence of appropriate measures to protect against them, citing social media as an example. “Absent safeguards, we see the impact on the mental health and self-images and feelings and hopelessness, especially among young people,” he said.

Biden emphasized the importance of technology companies ensuring their products are secure before releasing them to the public. He called for the U.S. Congress to approve non-partisan privacy laws that limit the personal data gathered by technology firms, prohibit child-targeted advertising, and give priority to health and safety in product development.

In recent years, there has been growing concern about the potential risks associated with the development and use of AI. While AI has the potential to revolutionize many industries and address complex global issues, it also poses significant risks to society, including job displacement, bias, and the potential for unintended consequences.

The Center for Artificial Intelligence and Digital Policy, a technology ethics organization, recently urged the U.S. Federal Trade Commission to prevent OpenAI from releasing new commercial versions of GPT-4, a language model that has both impressed and alarmed users due to its human-like capacity to create written responses to prompts.

The debate over the safety of AI is likely to continue as technology continues to advance at a rapid pace. Biden’s call for technology firms to prioritize safety and for Congress to enact privacy laws that prioritize health and safety in product development is an important step towards ensuring that the benefits of AI are realized while minimizing the risks.


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Nigerian Crypto Community Affected by Paxful Shutdown

The worldwide user community of Paxful, which was a prominent peer-to-peer bitcoin marketplace, has been left looking for alternatives after the platform’s collapse. However, it has a big effect on the crypto community in Nigeria, where the platform has a huge influence on the acceptance and use of cryptocurrencies. This has led to a considerable impact.

According to the blog written by Paxful’s founder and CEO Ray Youssef, the company made the announcement on April 4 that it will be ceasing its activities because of “key staff departures” and the regulatory climate. A great number of Nigerians who conduct their financial dealings using the platform’s services are now feeling uneasy as a result of this statement.

According to Chainalysis’s “The 2020 Geography of Cryptocurrency Report,” out of the 154 nations that were analyzed for the report, Nigeria placed ninth in terms of the acceptance and use of cryptocurrencies. This highlights the importance of the cryptocurrency business to the nation. The innovative application of peer-to-peer technology in Nigeria that was pioneered by Paxful has contributed to the growth of the business, which has resulted in more Nigerians having access to cryptocurrencies.

A data analyst by the name of Obinna Uzoije, a member of the Paxful Nigerian community, recently told his story of utilizing the platform while he was just starting out in his professional life. Paxful was the platform that he used in order to convert the dollars that he had been given by his employers as payment into naira. Skrill, an online payment network, was used in order to transfer money to independent contractors working in Nigeria for multinational corporations. Because some Paxful users accepted the money, it became much simpler for independent contractors to trade them in for Bitcoin or hard currency. Many crypto aficionados in Nigeria are now left wondering what the future holds for cryptocurrency markets as a result of the closure of Paxful, which occurred recently.

Over-the-counter (OTC) vendor Akeem Abdullahi said that Paxful’s escrow service has given rise to a new generation of OTC vendors. Gift cards might be purchased from people who intended to sell them but lacked the computer literacy required to utilize the platform by the merchants. Many Nigerians gained a greater feeling of financial autonomy and an entrepreneurial spirit as a direct result of this development.

On Twitter, several members of the Nigerian cryptocurrency community voiced their fears regarding the possibility of individuals regaining access to the monies that they had lost. However, Youssef has reassured users in a tweet that the Paxful team is working on clearing users’ send-outs, which indicates that users’ cash would be secure. This information was shared by Youssef.

In conclusion, the termination of Paxful has had a substantial negative effect on the cryptocurrency community in Nigeria, where the platform played an essential part in the development of the cryptocurrency business. Given the unpredictability of the future of cryptocurrency markets, many people in Nigeria are forced to look for alternatives to Paxful while simultaneously fretting about the safety of their assets.


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Trust Wallet Partners with Ramp and MoonPay for Crypto-to-Fiat Withdrawals

Trust Wallet, the official cryptocurrency wallet of Binance, has announced a new partnership with Ramp and MoonPay. This partnership will introduce a new feature that enables Trust Wallet users to convert their cryptocurrency holdings to fiat currencies directly within the app.

The feature is a major development for Trust Wallet users as it eliminates the need for them to transfer their funds to a centralized wallet before they can convert their holdings to fiat. With this new functionality, users can enter and exit the cryptocurrency market entirely through their self-custody wallet, giving them complete control over their cryptocurrency funds.

Trust Wallet’s head of product, Eric Chang, emphasized that the new feature will be a boon for customers, especially during a time when the market is turbulent and crypto platforms are under heavy scrutiny over managing customers’ funds.

The partnership with Ramp and MoonPay comes as several centralized exchanges and even peer-to-peer platforms are shutting down. The latest to announce its closure is Paxful, a popular P2P global exchange that cited regulatory challenges and staff shortages as reasons for its closure.

Trust Wallet offers access to 65 different blockchains and boasts a customer base of 60 million users. In addition to crypto-to-fiat withdrawals, Trust Wallet also provides access to decentralized applications (DApps), enabling users to communicate with DApps on any supported blockchain. Its features include buying, staking, trading, and storing various cryptocurrencies.

It is worth noting, however, that Trust Wallet is not a cold wallet or hardware wallet. As long as there is an internet connection, Trust Wallet functions as a hot wallet and can be accessed via a secure connection online. While this feature was intended to help users, it proved to be a disaster for the co-founder of the Web3 metaverse game engine “Webaverse,” who lost $4 million from his Trust Wallet.

In conclusion, the partnership between Trust Wallet, Ramp, and MoonPay represents a significant step forward for Trust Wallet users. The new feature makes it easier and more convenient for users to convert their cryptocurrency holdings to fiat, without having to go through the hassle of transferring funds to a centralized wallet. While Trust Wallet is not a cold wallet, it remains a popular choice for many crypto enthusiasts who want to manage their cryptocurrency holdings independently.


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MicroStrategy Acquires Additional 1,045 Bitcoin

The American business intelligence company MicroStrategy has officially made public its most recent purchase, which consisted of an extra 1,045 Bitcoin (BTC) and cost around $29.3 million. On April 5, 2023, Michael Saylor, the executive chairman of MicroStrategy, put out a tweet notifying the followers of the firm of this specific piece of information.

As a result of this most recent purchase, MicroStrategy now holds a total of 140,000 Bitcoins, raising the total number of Bitcoins that the business possesses to a total of 240,000. At the time that these Bitcoins were bought, the price per Bitcoin averaged out to be $29,803, which resulted in an acquisition cost of around $4.17 billion. The constant investment in bitcoin as a reserve asset that MicroStrategy makes as part of its business strategy has enabled the firm to reach a major new benchmark. This reflects the company’s faith in Bitcoin and indicates the company’s excitement on the possibilities of the cryptocurrency over the longer term.

Given that MicroStrategy made its first buy of Bitcoin in August 2020 and has been continuously adding to its holdings ever since, one possible Bitcoin strategy that the company implements is dollar-cost averaging. This is due to the fact that MicroStrategy made its first purchase of Bitcoin in August 2020. The most recent purchase was made not long after the firm redeemed the money it had gotten from Silvergate. Around the end of March, the company also bought an additional 6,500 BTC. Recent events have seen both of these trades take place.

The decision made by MicroStrategy to invest in Bitcoin was unquestionably successful, as shown by the fact that the entire value of the company’s assets has now surpassed $12.6 billion. This implies that the organization took a strategic decision that was beneficial to its business. This larger trend is seeing a growing number of financial institutions adopt a strategy that is defined as “investing in cryptocurrency as a hedge against inflation and a store of value.” One example of this movement is the company’s attitude to Bitcoin, which is representative of this larger trend.

The fact that MicroStrategy continues to invest in Bitcoin demonstrates a high level of confidence in the potential that the cryptocurrency has in the long term, despite the fact that a number of Bitcoin skeptics have expressed worries about the cryptocurrency’s volatility. It is going to be quite exciting to see how the market for cryptocurrencies develops over the next several years because it is going to be extremely intriguing. MicroStrategy has set a precedent, and it is quite probable that other corporations would invest in Bitcoin in a similar manner to what it has done.


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Ethereum Projects Launch MEV Blocker to Minimize Invisible Tax

Over 27 prominent Ethereum projects have come together to launch MEV Blocker, a solution that aims to tackle and minimize the amount of value extracted from their users. MEV, or maximally extractable value, is a tax imposed on decentralized finance (DeFi) users on transactions. MEV bots can hijack transactions midway, such as Ether (ETH) trades, nonfungible token (NFT) purchases, and ENS registrations, and inflate prices for the users.

MEV Blocker was jointly developed by CoW Swap, Agnostic Relay, and Beaver Build as a free and censorship-resistant tool to counter this “$1.3 billion dollar problem” persistent across the Ethereum ecosystem. In total, 27 Ethereum projects joined the initiative as launch partners, including Balancer, Gnosis DAO, Shapeshift, and StakeDAO, to name a few.

Explaining the intention behind launching MEV Blocker, Martin Köppelmann, CEO of Gnosis stated: “With the launch of MEV Blocker, users can profit from the backrunning opportunities they create. Today all of that money is taken by the searcher, but why shouldn’t it be split with the people who create the value?”

MEV Blocker can be added as a custom RPC endpoint to a crypto wallet, which, in turn, can protect users from frontrunning and sandwiching when using any Ethereum DApp. According to the official announcement, MEV Blocker sends at least 90% of the profits from winning bids back to users and 10% to validators as a reward — thus giving “power back to Ethereum users.”

This initiative comes at a time when entrepreneurs are attempting to reduce the taxation on users. Despite this, the excitement around the upcoming Shanghai and Capella upgrades resulted in a bull sprint for ETH. On April 5, Ether breached $1,900 for the first time in over seven months.

While MEV Blocker is a step towards mitigating the impact of MEV on DeFi users, it is important to note that the price of ETH dropped sharply following the execution of the Merge on Sept. 15, 2022. This highlights the complexity of the Ethereum ecosystem and the need for ongoing solutions to address the challenges it faces.

In conclusion, the launch of MEV Blocker by 27 Ethereum projects is a welcome development for DeFi users. It has the potential to significantly reduce the impact of MEV and give power back to Ethereum users. However, it is important to continue developing solutions that address the complexities of the Ethereum ecosystem and ensure its continued growth and success.


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Bitcoin (BTC) $ 27,437.35 0.46%
Ethereum (ETH) $ 1,644.17 1.41%
Litecoin (LTC) $ 64.37 3.07%
Bitcoin Cash (BCH) $ 227.96 8.56%