Breaking: Robinhood Buys Back $605.7 Million Stake from Sam Bankman-Fried in U.S. Government Deal

Robinhood Markets Inc. has finalized a share repurchase agreement worth $605.7 million with the United States Marshal Service, according to a company announcement made earlier today and CNBC report. The deal involves the acquisition of 55.3 million shares at $10.96 each, previously owned by Sam Bankman-Fried’s Emergent Fidelity Technologies. The transaction has received approval from the U.S. District Court for the Southern District of New York

Financial Implications

The $605.7 million deal represents a significant financial move for Robinhood, which had initially disclosed its intention to repurchase the stake in February of this year. The company’s board had authorized the pursuit of purchasing most or all of the stock at that time.

Market Response

Following the announcement, Robinhood’s stock (HOOD) experienced a 3.31% increase, closing at +0.36. This suggests that the market has largely responded positively to the news, although it remains to be seen how this will affect the company’s long-term valuation.

Legal Context

The approval from the U.S. District Court for the Southern District of New York adds a layer of legal validation to the transaction. It also closes a chapter on the involvement of Bankman-Fried’s Emergent Fidelity Technologies with Robinhood, following the former’s bankruptcy protection filing last year.


In May 2022, Bankman-Fried had acquired a 7.6% stake in Robinhood, amounting to over 56 million shares valued at nearly $482 million.

According to a Reuters report dated January 4, 2023, U.S. officials were in the process of seizing more than $400 million worth of Robinhood shares linked to FTX.

Then the shares in question were seized and transferred to the U.S. government’s custody following the bankruptcy protection filing by Bankman-Fried’s FTX and Emergent Fidelity Technologies last year.

Robinhood’s board had approved a plan to repurchase the stake, as confirmed in their fourth-quarter report published on February 8, 2023.

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Ripple Alert: Over 400M XRP Moved from Bitvavo-Connected Wallet

A Mammoth Transaction

In a transaction that has sent ripples through the cryptocurrency community, a staggering 424,354,912.78345 XRP, valued at approximately $214.3 million, was transferred from one unknown wallet to another. The transaction was reported by Whale Alert, a blockchain monitoring service, on September 1, 2023, at 6:09 pm local time (10:09:11 UTC).

Source: XRPScan

Transaction Details

The transaction was categorized as a “PAYMENT” and was executed on the Ripple blockchain.

The transaction hash is 188A6212DD4BC7BE79BFA0C442E0E60EB05FA798C9F1FC87CF66F4A55D3ECE0F.

The source wallet address is rJps4V3s9U87NDAJuGS7qX6mAdWxpcZNeX, and the destination wallet address is rp6JBQ4rLrjfXgojhqm8Eikf4nusT8miuk DT: 1000.

Bitvavo Connection

Upon further investigation, it has been revealed that the source address is connected to Bitvavo, the Netherlands’ largest cryptocurrency exchange.

xrp transaction over 300M.png

Source: XRPScan

Founded in 2018, Bitvavo aims to make digital currency accessible to all. The platform offers a comprehensive suite of services for trading, storing, and managing digital assets. Notably, Bitvavo prioritizes security, storing most digital assets in cold wallets and requiring two-factor authentication for account access.

Market Implications

The substantial size of the transaction has sparked widespread speculation. Whale transactions frequently induce volatility in the cryptocurrency market, making it crucial to closely monitor subsequent activity.


Based on the connection to Bitvavo, it can be concluded that the crypto exchange is likely reorganizing its wallets, which led to this massive XRP transaction. While the purpose and the parties involved in the transaction remain undisclosed, the event has undeniably piqued the interest of market participants.

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MetaMask Developer ConsenSys Responds to European Banking Authority’s Consultation on Anti-Money Laundering Measures

The European Banking Authority (EBA) closed its public consultation on revising guidelines for money laundering and terrorist financing (ML/TF) risk factors on August 31, 2023. The amendments aim to extend the scope to include crypto-asset service providers (CASPs). The EBA proposes common regulatory expectations for CASPs to identify and mitigate ML/TF risks, offering sector-specific guidance. The guidelines also advise CASPs on adjusting their customer due diligence based on these risks. The consultation is part of the EBA’s ongoing efforts to strengthen the EU’s anti-money laundering and counter-financing of terrorism (AML/CFT) defenses.

ConsenSys, the development lead for the widely-used MetaMask crypto wallet and a significant force in the blockchain sector, has formally responded to the European Banking Authority’s (EBA) recent consultation on anti-money laundering and terrorist financing guidelines. The company’s stance was publicized by Bill Hughes, a ConsenSys attorney, in a tweet dated August 31, 2023. Known on social media as @BillHughesDC, Hughes has a multifaceted background that includes roles at the Department of Justice (DOJ), the White House (WH), and law firm Sullivan & Cromwell LLP (S&C). He holds degrees from the University of Virginia School of Law (UVA Law) and Vanderbilt University (Vandy).

Self-Hosted Wallets Not a Risk Indicator

ConsenSys emphasized that the use of a self-hosted wallet should not be considered a risk factor requiring enhanced due diligence by banks. “We agree that a customer’s use of a self-hosted wallet was not, on its own, indicia of risk that necessitates enhanced due diligence of that customer by a bank,” Hughes stated. ConsenSys urged the EBA to explicitly include this point in its guidance.

Multiple Wallets Not Necessarily Suspicious

The company also contested the notion that the use of multiple self-hosted wallets or numerous public addresses should be treated as a red flag for money laundering. “Use of many wallets and addresses is entirely commonplace, and to some extent is precisely how the system is designed to work,” said Hughes. Treating such behavior as suspicious, ConsenSys argues, would invert normal anti-money laundering (AML) due diligence processes.

Transaction Limits and Risk Mitigation

ConsenSys further commented on the issue of transaction limits, stating that while services that do not limit the value or volume of transactions may pose a greater risk, banks should not be encouraged to set extraordinarily low limits to avoid enhanced due diligence scrutiny.

Embracing Technology for Compliance

Lastly, the company applauded the EBA for recognizing the role of new technologies like blockchain analytics in risk mitigation. “We would further encourage the EBA and other supervisors to be open to allowing technology, as it develops, to not just supplement standard due diligence mechanisms but replace them,” Hughes added.

Implications for the Industry

The response from ConsenSys comes at a time when regulatory scrutiny around cryptocurrency and blockchain technology is intensifying globally. The EBA’s guidelines are expected to have a broad impact on how financial institutions interact with blockchain technologies and cryptocurrencies.

ConsenSys’ commentary is particularly noteworthy given its role in the blockchain ecosystem. The company is known for its development of MetaMask, a popular Ethereum-based wallet.


ConsenSys’ response to the EBA’s consultation reflects broader industry concerns about the potential for overregulation to stifle innovation and impose undue burdens on users. It also highlights the evolving role of technology in compliance and risk mitigation, suggesting a future where traditional and blockchain-based financial systems can coexist more harmoniously.

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Binance to Delist Ten Margin Pairs, Including ANT, RVN, FIRO, BAL, on September 14, 2023

Binance Margin, a feature of the Binance cryptocurrency exchange, has announced that it will delist ten isolated margin pairs effective September 14, 2023, at 06:00 (UTC). The pairs to be removed are ALPHA/BUSD, ANT/BUSD, BAL/BUSD, COS/BTC, DGB/BUSD, FIRO/BUSD, OOKI/BUSD, QI/BTC, RVN/BUSD, and TWT/BUSD.

Timeline of Events

The delisting process will follow a structured timeline:

September 4, 2023, at 06:00 (UTC): Suspension of isolated margin borrowing for the affected pairs.

September 14, 2023, at 06:00 (UTC): Automatic settlement of users’ positions and cancellation of all pending orders on the specified pairs.

Users are strongly advised to close their positions and transfer their assets from Margin Wallets to Spot Wallets before September 14, 2023, at 06:00 (UTC). Binance has stated that it will not be responsible for any potential losses incurred during the delisting process.

Implications for Users

The delisting of these margin pairs could have various implications for traders. For one, it limits the options for leveraging assets in the short term. It also necessitates the reallocation of assets for those who have existing positions in these pairs.

Binance delisting actions are generally taken due to low trading volume, regulatory concerns, or technological issues with the assets involved.

Risk Management

The announcement also serves as a reminder for traders to exercise caution and risk management. Users are unable to update their positions during the delisting process, making it imperative to act before the deadline.

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Jasmy Lab Partners with Kana Labs to Promote JasmyCoin and IoT

Key Takeaways

  1. Partnership aims to “expand the Jasmy ecosystem,” as stated by Jasmy Lab.
  2. Kana Labs to provide its Account Abstraction SDK for cross-chain accessibility of JasmyCoin.
  3. Collaboration targets market expansion in Korea, India, and Western countries.

In a move that signals growing synergy between the blockchain and Internet of Things (IoT) sectors, Jasmy Lab has entered into a strategic partnership with Kana Labs. The collaboration aims to “offer the utility of its proprietary cryptocurrency ‘JasmyCoin’ and to promote the global growth of both projects,” according to an official announcement made just an hour ago.

Strategic Collaboration

Jasmy Lab, a company that has been at the forefront of IoT and data sovereignty, has entered into what could be a game-changing partnership with Kana Labs, a leader in Web3 and blockchain infrastructure. “This collaboration aims to expand the Jasmy ecosystem,” according to the official announcement. The partnership is expected to leverage the unique strengths of both companies, thereby mutually enhancing their global footprint.

Technical Aspects

Kana Labs is set to extend its technological capabilities to Jasmy Lab by offering its specialized Account Abstraction SDK — Mirai & Web3 Middleware SDK. This move will “facilitate cross-chain accessibility for JasmyCoin (JASMY) and seamlessly integrate Jasmy Lab private chains with public chains,” the official statement elaborated. The integration of these technologies could set a new standard for how blockchain and IoT can work in tandem for greater efficiency and security.

Market Outreach

The partnership also includes joint marketing efforts aimed to “bolster Jasmy Lab presence in the Korean, Indian, and Western markets,” as noted in the announcement. Jasmy Lab, in return, will assist Kana Labs in their foray into the Japanese market, a move that could potentially open new avenues for both companies.

CEO Statements

HARA, the CEO of Jasmy Lab, expressed optimism about the partnership, stating that Kana Labs will “play a pivotal role in enhancing the utility of our token, a significant aspect of Jasmy’s roadmap.” Karthik Subramaniam, CEO of Kana Labs, echoed this sentiment, highlighting the potential for “extending our use cases into the IoT sector and the Japanese market.”

Future Implications

The collaboration between Jasmy Lab and Kana Labs is not just a partnership but a strategic alliance that could redefine the landscape of blockchain and IoT technologies. With both companies expressing high expectations for mutual growth and success, the partnership could serve as a blueprint for future collaborations in these rapidly evolving sectors.

Recent Moves by Jasmy

Jasmy is active in expanding its Jasmy ecosystem recently. On August 29, the company launched its Jasmy Chain, a Layer 2 solution based on Ethereum aimed at data transparency and security. A day later, Jasmy entered into a strategic business agreement with PiLab, focusing on advanced blockchain technologies. Earlier, on August 4, Jasmy partnered with DWF Labs to promote the global expansion of the IoT blockchain sector.

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Shiba Inu’s Shibarium Hits 600k Wallets and 700k Transactions

Shiba Inu’s Layer 2 network, Shibarium, has reached new milestones, boasting 634,438 wallet addresses and 698,607 transactions, according to updated data from Shibariumscan. This comes after Shiba Inu’s lead developer, Shytoshi Kusama, confirmed the full operational status of Shibarium’s mainnet and cross-chain bridges on August 28, 2023.

Updated Metrics

Average block time: 5.1 seconds

Total transactions: 698,607

Total blocks: 400,115

Wallet addresses: 634,438

Overcoming Initial Hurdles

Shibarium, initially a Polygon fork, faced technical challenges due to a surge in user activity. Collaborations with teams like Alchemy led to a 1500% scaling of operations, overcoming the initial hurdles.

Mainnet and Cross-Chain Functionality

Shytoshi Kusama stated that the mainnet and cross-chain bridges are “functioning smoothly.” Asset withdrawals, including ETH, Shib, Leash, and WEth, now occur within 45 minutes to 3 hours, although Bone token withdrawals may take up to 7 days.

User Adoption and Market Trends

The Layer 2 network aims to alleviate Ethereum’s congestion and high fees. The updated data indicates a rapidly growing user base, aligning with the rising trend of Layer 2 solutions in the crypto space.

Implications for Shiba Inu

The milestones could attract more developers to Shibarium, enhancing its utility and value proposition, and moving Shiba Inu beyond its meme coin status.

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Binance Labs Announces ColLabs: A Web3 Investment Community Platform

Key Takeaways

  1. Launch and Exclusivity: Binance Labs announced the launch of ColLabs, an invite-only Web3 investment community, on August 31, 2023.
  2. Features: The platform offers exclusive content, deal-sourcing opportunities, and a channel for co-creation among Binance Labs’ portfolio companies.
  3. Community Channels: ColLabs combines a blog, a newsletter, and an invite-only Telegram channel, aiming to provide a regular flow of weekly content.
  4. Strategic Importance: The launch is a strategic move to foster connections and facilitate investment opportunities within the Web3 venture capital community.

Binance Labs, the venture arm of the global cryptocurrency exchange Binance, announced the launch of ColLabs on August 31, 2023. ColLabs is an invite-only Web3 investment community aimed at bridging the gap between venture capitalists, startups, and investors in the Web3 space. The platform is designed to serve as a hub for knowledge exchange, deal sourcing, and networking within the Web3 venture capital community.

What is ColLabs?

ColLabs is an extension of Binance Labs’ ongoing efforts to foster innovation and growth in the Web3 industry. The platform is exclusive to members and offers a range of features including:

Member-Only Access: Exclusive content, event invites, and select curricula from Binance Labs’ incubation programs.

Deal-Sourcing Opportunities: Direct access to investment opportunities from Binance Labs’ portfolio companies.

Networking: A gateway to connect with venture capitalists and institutional investors.

Insights: Knowledge-sharing from the Binance Labs Investment and Research team.

Co-Creation Channel: A platform for portfolio companies to collaborate and co-create.

How to Get Involved

ColLabs is more than just a community channel; it combines a blog, a newsletter, and an invite-only Telegram channel. Those interested in joining must apply to secure a spot in this exclusive community. Binance Labs promises a regular flow of weekly content aimed at its members.

Implications for the Web3 Community

The launch of ColLabs comes at a time when the Web3 industry is gaining momentum, with increasing interest from venture capitalists and institutional investors. By providing a centralized platform for deal sourcing and knowledge exchange, ColLabs aims to accelerate the growth of Web3 startups and facilitate collaboration among industry stakeholders.


ColLabs by Binance Labs represents a strategic move to consolidate resources and knowledge within the Web3 venture capital community. While the platform is invite-only, its focus on fostering connections and facilitating investment opportunities positions it as a significant addition to the Web3 ecosystem.

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Coinbase CEO’s Top 10 Crypto Opportunities Questioned by BlockTower Founder

On August 31, 2023, Ari Paul, the Chief Investment Officer and Founder of BlockTower Capital, engaged in a public critique of Coinbase CEO Brian Armstrong’s vision for the future of cryptocurrency. Armstrong had recently tweeted about ten key opportunities he believes are ripe for innovation in the crypto space. These areas include a decentralized cryptocurrency pegged to the Consumer Price Index (CPI), a blockchain-based reputation system akin to Google’s PageRank but for crypto addresses, decentralized advertising through smart contracts, a decentralized method for startups to raise funds globally, a marketplace for labor where tasks can be posted and paid for in cryptocurrency, optional privacy features for Layer 2 solutions, a fully decentralized on-chain peer-to-peer exchange, games with in-game items as NFTs, tokenizing real-world assets like debt and commodities, and software tools for managing small communities that could evolve into self-governing entities.

Paul, while acknowledging Armstrong’s significant contributions to the crypto industry, offered a nuanced critique of these ten opportunities. He argued that the concept of flatcoins, or cryptocurrencies pegged to stable values like the CPI, was not particularly novel and urged entrepreneurs to bring “an idea for something 10x better.”

He was more skeptical about on-chain reputation systems, labeling them a “dead-end for at least five years” and cautioning that they could lead to financial losses. On-chain advertising was interesting but fraught with “big tech stack & UX friction,” according to Paul.

He agreed with Armstrong on the subject of on-chain capital formation, calling it a “natural fit for cryptocurrency.” However, he dismissed the idea of a global job market paid in cryptocurrency as not inherently related to crypto, suggesting instead that adding crypto payments to existing platforms like Mechanical Turk would suffice.

Paul also emphasized the challenges in monetizing privacy-related features in Layer 2 solutions but noted the humanitarian benefits of such tools. He lamented the underfunding of peer-to-peer exchanges, calling them a “core and critical part of the cryptocurrency value proposition.”

On the topic of on-chain games and NFTs, Paul admitted to being overly optimistic in the past but remained excited about the sector’s potential. He was enthusiastic about tokenizing real-world assets, calling it his “favorite theme.” However, he was less bullish on the idea of tools for network states, although he acknowledged their potential for business coordination.

Paul concluded by admitting that he agreed with Armstrong on more points than he initially thought, stating, “My headline tweet [was] a little misleading.” His critique serves as a reminder that while the crypto industry is ripe for innovation, not all proposed paths hold equal promise. His comments underscore the need for critical evaluation and debate as the sector continues to evolve.

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Offchain Labs’s Arbitrum Stylus Goes Live

Offchain Labs announced the public testnet and code release for Arbitrum Stylus on August 31, 2023. This new framework is designed to work on Arbitrum Nitro chains, allowing developers to build smart contracts using both Ethereum Virtual Machine (EVM) tools and WebAssembly (WASM)-compatible languages like Rust, C, and C++. Stylus aims to significantly reduce gas costs and enable new, resource-intensive blockchain applications. The open-source Software Development Kit (SDK) is now available for developers.

One Chain, Multiple Languages

Arbitrum Stylus is designed to be a “one chain, many languages” solution. It allows developers to use traditional EVM languages like Solidity alongside WASM-compatible languages such as Rust, C, and C++. According to Offchain Labs, this feature expands the potential developer base from approximately 20,000 Solidity developers to millions who are proficient in Rust and C languages.

Efficiency and Cost-Effectiveness

Stylus claims to offer over 10x improvement in computational speed and over 100x improvement in memory efficiency compared to traditional EVM-based solutions. These efficiency gains are expected to translate into significantly lower gas costs for executing smart contracts. Offchain Labs states that allocating megabytes of RAM in Stylus could cost 100–500x less than in Solidity.

New Use Cases Enabled

The efficiency gains are not merely theoretical; they open doors to new blockchain applications that were previously impractical due to resource constraints. These include alternative signature schemes, larger generative art libraries, C++ based gaming, and compute-heavy AI models.

Security Features

Stylus also aims to improve smart contract security with features like opt-in reentrancy, a common vulnerability in Solidity that Stylus disables by default unless intentionally overridden by the developer.

Community and Ecosystem

Arbitrum, the Layer 2 scaling solution for which Stylus is built, already has a large developer and partner community. Stylus aims to leverage this existing ecosystem to encourage rapid adoption and innovation.

What’s Next?

Offchain Labs has scheduled a security audit of the Stylus source code by Trail of Bits. Additionally, a Decentralized Autonomous Organization (DAO) vote will determine the inclusion of Stylus support in Arbitrum One and Arbitrum Nova. An “Ask Me Anything” (AMA) session is planned for September 7, 2023, and a Stylus Hackathon with $20,000 in bounties will be held at ETHGlobal NY from September 22–24, 2023.


The launch of Arbitrum Stylus marks a significant milestone in the evolution of Ethereum’s Layer 2 solutions. By offering multi-language support and efficiency gains, Stylus aims to broaden the developer base, reduce operational costs, and enable new blockchain applications. As the public testnet goes live, the blockchain community will be watching closely to see if Stylus delivers on its promises.

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Binance to Phase Out BUSD Support by February 2024 Amid Paxos Minting Halt

Binance, a leading cryptocurrency exchange, will cease support for Binance USD (BUSD) by February 2024 following Paxos’s decision to halt new BUSD minting. The move impacts a range of Binance services, including spot and margin trading, futures, and loans.

Immediate Action Required for Users

Users holding BUSD are advised to convert their assets into other stablecoins or digital assets supported on Binance. The exchange offers zero trading fees for converting BUSD to FDUSD, with a 1:1 conversion rate applicable only for BUSD to FDUSD conversions.

What is FDUSD?

First Digital USD (FDUSD) is issued by First Digital Group, which includes First Digital Trust, a leading qualified custodian headquartered in Hong Kong. FDUSD is backed 1:1 with high-quality cash and cash equivalents held in segregated accounts in regulated financial institutions. The stablecoin is designed to be a programmable digital asset compatible with next-generation Web3 technologies. It debuted on Binance on July 26, 2023, with a zero-maker fee limited-time promotion for FDUSD trading pairs.

Timeline of Changes

Deposits & Withdrawals: Effective September 7, 2023, withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron will be halted.

Cross Margin: Starting September 7, 2023, BUSD borrowings on Cross Margin will be suspended.

Futures: Binance will phase out BUSD-margined perpetual contracts, with dates to be announced.

Earn Products: BUSD subscriptions in Simple Earn Flexible Products and Auto-Invest will be discontinued starting October 13, 2023, and September 15, 2023, respectively.

Loans: BUSD will be removed as a loanable and collateral asset from September 6, 2023.

Financial Instruments Affected

The cessation of BUSD support will affect various financial instruments on Binance, including spot and margin trading pairs, futures contracts, and loan products. Users should adjust their portfolios accordingly.

Market Implications

While Binance assures a 1:1 USD backing for existing BUSD, the halt in new minting by Paxos signals a significant shift in the stablecoin market. The full impact on Binance’s market position remains to be seen.

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