Day: July 28, 2023

Mysten Labs Announces Bullshark Quest 2 with 5M SUI Reward Pool

by Blockchain News

Mysten Labs has officially announced the commencement of Bullshark Quest 2, starting on July 28, 2023, at 12:01 a.m. PDT. The new quest comes on the heels of the successful completion of the first Bullshark Quest, which saw significant participation from the community and brought substantial attention to the Sui ecosystem.

Bullshark Quest 2 offers a substantial reward pool of 5 million SUI, courtesy of a partnership between Mysten Labs and the Sui Foundation. The rewards, divided into two pools of 2.5 million SUI each, will be distributed after the quest concludes on August 28, 2023, at 11:59 p.m. PDT.

Sui, an innovative decentralized Layer 1 blockchain developed by MystenLabs, aims to redefine asset ownership by leveraging the Move programming language in its next-generation smart contract platform. SUI is the native token of Sui platform.

The quest is open to holders of either a SuiFrens Bullshark or Capy collectible. To maintain eligibility, participants must continue to own one or more Bullsharks or Capys throughout the quest period. Participants can join the quest at any time during the period, although early participation is encouraged.

Participants can start earning points by engaging with the following decentralized applications (dApps): NAVI, a native one-stop liquidity protocol; Turbos, a hyper-efficient decentralized crypto marketplace; Scallop, a next-generation Money Market; and Typus Finance, a real yield infrastructure. Further applications may be added after the quest begins.

Points can be earned by interacting on-chain with the aforementioned dApps at or after the quest’s start time. The exact points schema and leaderboard for Quest 2 will be made available in the following week. However, participants need not worry about their points not being viewable until then, as every relevant Quest transaction on Sui is being tracked.

The Bullshark Quests portal will display a live leaderboard of all active participants for Quest 2. As a SuiFrens Bullshark or Capy holder, participants can connect their wallets on the Quests portal to see their current score and ranking on the leaderboard. The portal and leaderboard will go live next week and will update every ten minutes.

The reward pool of 5M SUI provided by the Sui Foundation will be divided into two parts. The first pool will be shared by the top 10,000 eligible players, while the second pool will be divided equally among all other eligible players.

Mysten Labs reserves the right to change the scoring methodology at any time for any reason, including to combat any behavior deemed to be cheating. The points and reward structure are currently being refined, and details on how to redeem earned points from Quest 2 for SUI rewards will be shared next week.

Bullshark Quest 2 officially begins on July 28, 2023, at 12:01 a.m. PDT. Participants can join the quest later by adding a SuiFren to their wallet. However, if a participant’s wallet no longer contains a SuiFren, they will lose any accrued points. For further information, participants can check out the FAQ on the Bullshark Quests Portal or visit the Mysten Apps Discord server.

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Understanding ETH/BTC Rate – Key Factors and Price Predictions

by Blockchain News

According to CME Group report, the two dominant cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), make up over 61% of the total market capitalization of all cryptocurrencies. The connection between these two cryptoassets has been especially strong since the introduction of BTC futures in December 2017, circling around +0.85 during the last year. 

When compared to the USD, these cryptocurrencies exhibit high volatility. BTC’s daily price volatility during the last year was 42% annualized, compared to ETH’s daily volatility of around 59%. This shows that ETH tends to climb more when BTC rises, and vice versa. 

It’s noteworthy to note that the volatility of the ETH/BTC (ETH-BTC) exchange rate is lower than that of either BTC or ETH alone. This has been the situation ever since BTC futures were introduced in late 2017. The volatility of ETH-BTC has decreased to 30% during the last year, which is around one-fourth less than that of BTC-USD and nearly half that of ETH-USD.

The ETH-BTC exchange rate has very little sway on changes in interest rates, gold prices, or crude oil futures. However, it has shown a greater interest in the future of the USD and technology stocks. Since May 2022, the one-year rolling correlation of ETH-BTC with the tech-heavy Nasdaq 100 has been consistently around +0.2, suggesting a modest but persistent positive correlation. 

The distinct sentiments of ETH and BTC can be attributed to their distinct applications and market supply methodologies. ETH’s market capitalization stood at $224 billion on July 11, 2023, while BTC’s was substantially higher at $550 billion.

ETH switched to a less energy-intensive proof of stake (PoS) paradigm in 2022, whereas BTC uses an energy-intensive proof of work (PoW) system. The maximum supply of Bitcoin is 21 million coins, with 19,4 million currently in circulation. In contrast, the total supply of ETH is theoretically unlimited, with the potential to mint up to 18 million new coins per year.

The mining of new ETH coins has begun to decrease since the implementation of the PoS system. The creation of new BTC coins has continued at an annual rate of 335,000. At the next halving event, which is anticipated to occur in April 2024, the BTC supply is expected to be halved.

BTC’s quadrennial halvings in 2010, 2014, and 2018 coincided with huge runups in price prior to the reduction in BTC supply growth, followed by enormous bear markets. Going into the three previous halvings, the amount of revenue that miners demand for validating transactions on the bitcoin blockchain has tended to spike, followed by tremendous declines in bitcoin prices of between 70% and 93%.

Looking ahead, if BTC rallies ahead of its upcoming April 2024 halving as it did ahead of previous halvings, that might also help ETH prices to rise even further on a relative basis. However, these possibilities are far from certain. 

In conclusion, the Ether-Bitcoin price nexus is influenced by a variety of factors, including the supply mechanisms of both cryptocurrencies, their correlation with technology stocks and the USD, and macroeconomic factors such as interest rates and monetary policy. As the crypto landscape continues to evolve, these dynamics will be crucial to watch.

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Seoul Prosecutors Probe Crypto Fraud at Delio, Haru, Pica, and WeMade

by Blockchain News

The Seoul Southern District Prosecutor’s Office has launched an investigation into three cases of alleged cryptocurrency fraud, according to a report by Hankyung on July 27, 2023. The newly formed joint investigation team for cryptocurrency crimes, which was established on July 26, 2023, is spearheading the investigation.

The cases under investigation involve Delio and Haru Invest, Pica Project, and WeMade, all of which are suspected of fraudulent activities related to their management. The joint investigation team has taken over these cases from the Financial Investigation 1 Department of the Southern District Prosecutor’s Office.

WeMade, the issuer of the virtual asset WEMIX, has been under scrutiny since 2021 due to various controversies. The company had previously faced criticism for liquidating KRW 225.5 billion worth of WEMIX without notifying users between November 2020 and January 2022. This led to a significant controversy and highlighted the importance of regulatory disclosure in the virtual asset market.

Haru Invest, a Singapore-based crypto investment manager, faced a crisis when CEO Hugo Lee had to apologize to its members for concerns arising from a recent incident. The company had to halt interest payments to all users and cooperate fully with authorities in response to legal actions initiated against it. The company had previously suspended withdrawals and deposits on the platform due to increased market volatility.

Delio, one of South Korea’s largest cryptocurrency lending companies, also faced a crisis when it had to halt interest payments to users. The company’s operations were in doubt after prosecutors raided the company following a fraud lawsuit filed by Delio clients. The company had previously suspended withdrawals and deposits on the platform, and it was reported that Delio withdrew KRW 9.24 billion (US$7.2 million) worth of its crypto holdings to three anonymous external wallets not disclosed by the company or the executives.

The investigation team, which includes most of the prosecutors from the Financial Investigation 1 Department, including Deputy Chief Prosecutor Gino Sung, who previously led the investigation into cryptocurrency malpractices, is expected to expedite the processing of these cases.

In addition, the case involving independent lawmaker Kim Nam-guk’s alleged large-scale coin holdings continues to be investigated by the Criminal 6 Department. However, as some of Kim’s allegations are linked to WeMade’s suspected illegal market-making, a joint investigation with the joint investigation team seems inevitable.

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Jack Dorsey’s Block Appoints MIT’s Neha Narula to Board of Directors

by Blockchain News

Block, Inc. (NYSE: SQ), a global technology company with a focus on financial services, announced on July 27, 2023, the appointment of Neha Narula, Director of the Digital Currency Initiative at the MIT Media Lab, to its Board of Directors. This move further solidifies Block’s commitment to leveraging open source software and open protocols to transform the way people move money.

Narula, who has been serving as the Director of the Digital Currency Initiative at the MIT Media Lab since January 2017, brings a wealth of expertise in Bitcoin and open source technology to the board.

Prior to joining MIT, she held a position as a senior software engineer at Google. Narula also currently serves on the Federal Reserve Bank of New York’s Innovation Advisory Council. Her academic credentials include a B.A. in Mathematics and Computer Science from Dartmouth College and a Master’s degree and a Ph.D. in Computer Science from MIT.

“I’ve long admired Block’s focus on building simple, cohesive products that empower people and communities to participate in the financial system,” said Narula. “We share core values around the power of open source software and the ability for open protocols to transform the way people move money. I’m honored and excited to join Block’s board of directors and contribute to the company’s purpose of economic empowerment.”

Block’s Head and Chairman, Jack Dorsey, expressed his enthusiasm about Narula’s appointment, stating, “Neha’s expertise in Bitcoin and open source technology is a great addition to our Board. Neha’s passion for building intuitive, scaled systems to move money across the Internet efficiently fits into our company’s purpose, and we’re excited to have her join our team.”

Block, Inc., formerly known as Square, Inc., is composed of Square, Cash App, Spiral, TIDAL, and TBD. The company is dedicated to creating tools that expand access to the economy. Its integrated ecosystem of commerce solutions, business software, and banking services helps sellers run and grow their businesses.

With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral builds and funds free, open-source Bitcoin projects, while TIDAL provides a platform for musicians and their fans to connect more deeply. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.

Narula’s appointment to the board is expected to further enhance Block’s mission of economic empowerment through the use of open source software and open protocols.

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Crypto Influencer Fernando Perez Algaba Found Dismembered: Investigation Underway

by Blockchain News

Fernando Perez Algaba, a prominent figure in the cryptocurrency industry, was reported missing on July 18, 2023. At the age of 41, Algaba had garnered a substantial Instagram following, with 918,000 followers. His social media presence consisted of a display of his luxurious lifestyle, which included high-end automobiles, exclusive parties, and jet skis. His disappearance marked a sudden and unexpected interruption in his regular online activity.

In the days leading up to his disappearance, Algaba had posted a series of cryptic messages on his social media platforms. These messages hinted at a sense of disillusionment, with Algaba expressing his dismay at “evil people” who repay acts of kindness with hatred. On July 19, 2023, he was scheduled to meet a woman to return the keys to an apartment he had rented to her. However, Algaba never showed up for the meeting, further raising concerns about his whereabouts.

Algaba had been residing in Miami, USA, until the early part of 2023. He then embarked on a journey to Spain before returning to his home country, Argentina, shortly before his disappearance. His travels and international lifestyle were often featured in his social media posts, further enhancing his image as a successful and affluent individual.

On Sunday, July 23, 2023, a group of children made a gruesome discovery near a stream in Ingeniero Budge, Buenos Aires, Argentina. They found a suitcase containing the dismembered remains of Algaba. The authorities were alerted, and further investigations led to the discovery of his torso and head on Wednesday, July 26, 2023.

The condition of Algaba’s remains was shocking. His body had been mutilated, with his forearms and legs cleanly amputated. The precision of the amputations suggested the possibility of a professional hit. An autopsy later confirmed that Algaba had been killed with three gunshots before his body was dismembered.

Algaba was more than just a crypto influencer.He identified himself as an investor and merchant who sold and rented luxury automobiles. His life narrative was one of rags-to-riches, as he began his career at the age of 14 peddling sandwiches. Later, he ventured into the cryptocurrency and financial markets, where he amassed a fortune.

Despite his apparent success, Algaba’s Buenos Aires-based crypto trading company, Motors Lettuce SRL, was reportedly in serious debt. Algaba had left a note on his phone expressing his concerns about losing a lot of money on various crypto investments shortly before he went missing. He also mentioned that he had received a substantial loan from the Argentinian gang Barra Bravas.

As of the time of reporting, the authorities were actively investigating Algaba’s murder. One suspect was arrested in relation to his assassination, but no additional suspects were identified. The startling nature of Algaba’s demise has sent shockwaves throughout the cryptocurrency community and beyond.

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Bitcoin (BTC) $ 43,427.64 4.40%
Ethereum (ETH) $ 2,272.47 2.51%
Litecoin (LTC) $ 73.24 0.85%
Bitcoin Cash (BCH) $ 246.52 0.43%