05/12/2022. Weekly CryptoNews Digest

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I am currently in Athens which I’m about to explore over the next few days before going home next week, so wish me luck with that still undiscovered by me part of Greece. I wish that the Covid restrictions now lifted pretty much around the world would also mean the revival of the HYIP industry. However at the moment it seems to be far from truth and the remains of something once great we can see in front of our eyes right now (the incredible ShuttleRent immediately comes to mind) is not nearly as enough as we have enjoyed during the golden years of the industry. That might be forever lost now. Well, at least that is what it feels like at the moment with the BTC and cryptocurrencies also suffering trading at their lowest levels for a very long time. It all pretty much exacerbated by the world economic crisis and recession where investors choose between risking their disposable income with HYIPs or rising costs of food and energy. Of course, for 99% of the people the choice would be obvious – less spending on luxury and more on basic essentials.

The doom and gloom in the world economy will definitely end at some point and we will see some increased interest in the HYIP industry then. When this happens we can only guess. The best thing to do now when decent HYIPs are almost non-existent is to pay close attention to what is going on with cryptocurrencies, as the investment activities have been closely interlinked with BTC and other coins. That is why I believe it’s important for the MNO readers to have a better understanding of what is happening in the crypto market on a regular basis.

With that in mind MNO has started to publish the Weekly CryptoNews Digest as of the start of the year. This proved to be popular feature every Monday, but I have recently received a suggestion from a reader and from today I will restructure the whole thing, so readers will be better at navigating between various news items. Each individual news piece will have its own headline which will also be referenced by the various social media platforms MNO works with. That way I believe the news reading process will become more convenient and better structured.

The pilot Weekly CryptoNews Digest in the new format will give you overview of the latest major events happened over the last calendar week, November, 28 to December, 04, 2022.

NEW DECENTRALIZED EXCHANGE BY TELEGRAM

With the entire crypto industry still reeling from the collapse of FTX a couple of weeks back, I must say it’s really quite encouraging to see some other tech companies taking positive action. As one of the biggest crypto exchanges in the history of the industry, it obviously comes as no surprise that FTX’s bankruptcy would shake everyone’s faith in the industry’s centralized players. In light of this, Telegram is stepping in to build trustless and decentralized alternatives. In his Telegram channel on Wednesday, Pavel Durov—the messaging platform’s founder and CEO—announced that the company would begin building “non-custodial wallets” and “decentralized exchanges” that would let millions of users safely trade their crypto. “This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” were the exact words expressed by Durov.

The executive argued that the project should be more than feasible, stating that the development of Fragment, Telegram’s decentralized auction platform, took a mere five weeks to develop and was carried out by just five people, doing all the work. The marketplace, which launched last month, has already raked in $50 million worth of Toncoin by selling tokenized usernames on the Blockchain. It operates over The Open Network (TON)—the spiritual successor of Telegram’s former Blockchain ambitions that were squashed by the SEC years ago. Rallying the developer community, Durov called for steering the industry back towards decentralized applications and away from having to trust third parties. Reliance on centralized entities, he said, caused many to lose their money in FTX’s bankruptcy at “the hands of a few who began to abuse their power.” FTX has been accused of mismanaging client funds by lending them out to its sister trading desk Alameda Research—a no-no for firms in the exchange business. Other exchanges are now scrambling to implement better checks and balances at their firms, including proof of reserves systems that attempt to verify possession of client funds on-chain as reported in last week’s MNO Crypto News Digest.

BINANCE HALTS ANKR WITHDRAWALS

Unfortunately it does sometimes feel this year as if for every good news story in the crypto industry there seems to be two bad ones to spoil the mood. Binance, the world’s biggest cryptocurrency exchange, is investigating a hacking incident that affected a number of crypto tokens just last Friday. According to its founder and CEO Changpeng Zhao, a private key, used to encrypt or decrypt data, had been hacked. “Initial analysis is developer private key was hacked, and the hacker updated the smart contract to a more malicious one,” Zhao said in a statement, adding that the Ankr and Hay tokens were affected.

Binance paused withdrawals as a result. Apparently it was Ankr’s loyalty token aBNBc, which was targeted by the hack. Hay meanwhile is a stablecoin, a kind of cryptocurrency that is pegged to another asset, most typically the US dollar. The term “Smart contract” is used to describe computer code that automatically executes all or parts of an agreement. It is usually stored on a blockchain-based platform. A hacker managed to exploit a vulnerability in the code of aBNBc that allowed them to mint 6 quadrillion tokens, which was converted into BNB tokens [Binance’s own coin] and transferred through the crypto mixer platform Tornado Cash.

Ankr themselves have stated quite categorically that they are committed to making sure all affected users are compensated fully, however this doesn’t take away from the bigger picture of how and why this seems to be such an accepted day-to-day occurrence in the industry these days where barely anyone notices anymore unless they take a personal hit. I mean, it’s bad enough that this attack comes at a time when the digital assets industry is struggling with the financial contagion unleashed by the fall of crypto exchange FTX, except now we see the BlockChain analytics firm Chainalysis saying that as of October more than $3 billion had been hacked from the crypto industry across 125 attacks in the first ten months of the year, and that 2022 was on track to be a record year for such exploits.

KRAKEN EXCHANGE CUTS 30% OF STAFF

Crypto exchange Kraken said on Wednesday of last week it is laying off 30% of its global staff – around 1,100 people – in response to the crypto market downturn. “Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups,” Kraken said in a public statement. They responded by slowing hiring efforts and avoiding large marketing commitments. Unfortunately, negative influences on the financial markets have continued and the company has now exhausted preferable options for bringing costs in line with demand. The crypto market has sunk this year, with Bitcoin (BTC) losing 63% of its value since the end of 2021 and the total crypto market cap down more than two-thirds in the past 12 months. Companies that ramped up staffing levels during the preceding boom years have had to cut back during the decline. This month alone, publicly traded exchange Coinbase (COIN) trimmed 60 positions, and Unchained Capital, a bitcoin financial-services firm, shed more than 600. As recently as June, Kraken was looking to expand as other companies laid off staff, flooding the market with experienced labor, saying it wanted to hire another 500 people. “The best laid plans of mice and men…” as the old quotation goes.

BLOCKFI FILES FOR BANKRUPTCY

BlockFi, the first direct casualty of crypto exchange FTX’s collapse, told a U.S. bankruptcy judge on Tuesday that the U.S. cryptocurrency lender was “the antithesis of FTX” and that it would seek to return customer funds as quickly as possible. BlockFi filed for Chapter 11 protection on Monday, citing FTX’s collapse and volatility in the crypto markets. Earlier in November, BlockFi had paused withdrawals from its platform amid uncertainty about FTX’s stability. BlockFi attorney Joshua Sussberg went to great lengths to distance BlockFi from FTX at the company’s first bankruptcy hearing in Trenton, New Jersey. While detailing the companies’ complex financial relationship, Sussberg emphasized BlockFi did not face the myriad of issues plaguing FTX. “FTX’s bankruptcy filings have revealed missing assets and a complete failure of corporate controls – whereas BlockFi had mature and consistent leadership, hired the right experts, and implemented the proper procedures and protocols“, Sussberg said. In a nutshell, BlockFi had loaned $680 million to FTX’s affiliated hedge fund Alameda Research as part of BlockFi’s broader lending business prior to the crypto crash in May. The rest as they say is history, with BlockFi in turn now struggling to repay some 100,000 of its own creditors. The rescue plan envisages that BlockFi Wallet customers would be paid back in full and other account holders and creditors would receive a mixture of cryptocurrency, cash, and new equity shares. The plan also includes an option for a sale of the company, though it’s hard to imagine who would want to take on such a task when it’s so much easier to launch a new company not saddled with such enormous debt and a heavily compromised reputation.

CRYPTO BROKER GENESIS $900 MILLION IN DEBT

Meanwhile U.S. cryptocurrency brokerage Genesis said it was seeking to avoid bankruptcy after news reports said that creditors to the firm are organizing with restructuring lawyers to prevent insolvency. Citing people with knowledge of the situation, the report said law firms are being consulted by creditor groups, who are seeking to avoid a situation similar to FTX’s rapid descent into bankruptcy. The report comes as U.S. state securities regulators are investigating Genesis Global Capital as part of a wide-ranging inquiry into the interconnectedness of crypto firms. They began discussions with potential investors and their largest creditors, including popular crypto exchange, Gemini. News reports are stating that Genesis and its parent company Digital Currency Group owes Gemini customers up to $900 million.

GET PAID REPORT FOR 05/12/2022

Here is the list of the programs from my monitor that paid me for the last 168 hours:
From MNO Sticky list: –
From MNO Premium list: –
From MNO Standard list: –
From MNO Basic list: ShuttleRent.

That’s all the news for this week’s CryptoNews Digest on MNO. Thanks as always for your support and stay tuned for more news which will cover this week’s events next Monday.

All I had to report tonight has been done. Thanks for reading and best of luck with your investments. I will talk to you again soon on MNO – For Money Lovers!