In an unfortunate turn of events, the tech industry has seen a massive reduction in its workforce during 2022 and 2023. Countless top tech companies have issued layoffs or cut their employees’ salaries as the market begins to tumble. This is yet another reminder of how fast the world changes – especially in the technology space. Now that new troubling …
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South Korea’s financial regulators are taking a hard stance against cryptocurrency exchanges offering staking services, as the country looks to avoid repeating the disastrous saga that has unfolded between SEC and Kraken. An in-depth inspection is set to be launched by the Financial Service Commission to investigate any potential issues with staking in South Korea – a move made even …
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Crypto exchanges have recently come under government scrutiny, eliciting mixed reactions from crypto enthusiasts. While some have welcomed and encouraged this development as a way to bring credibility to cryptocurrencies, others remain skeptical of increased regulation due to fears that it will stifle innovation in the space. However, a recent incident has once again highlighted the need for scrutiny against …
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Norwegian police have seized a large chunk of money, resulting in around 60 million kroner (roughly $5.9 M) from a crypto game named Axie Infinity. This seizure did not happen overnight. The authorities have been in search of these scammers since last year. The incident occurred in March 2022 when a group of hackers hacked a crypto game called Axie …
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The crypto winter of 2022 has not deterred trading on the DBS Exchange, as the platform has seen an impressive 80% surge in Bitcoin trading. The Singapore-based exchange, which is owned by DBS Bank, has managed to remain resilient amidst the market volatility, continuing to attract users and volume. Factors behind the success of DBS Exchange The exchange’s success can …
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Magic Eden, a non-fungible token (NFT) marketplace, announced a “company-wide restructuring” that will result in 22 staff members being laid off. Despite this, CEO Lu reaffirmed the company’s commitment to supporting its employees through the transition period. Magic Eden has expanded its support for Ethereum and Polygon-based NFTs, as the fall in SOL prices has hit the Solana-based marketplace’s performance. …
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The United Arab Emirates (UAE) has announced plans to issue a Central Bank Digital Currency (CBDC) to encourage the adoption of digital payments in the country. The CBDC is a digital form of a country’s traditional fiat currency that is issued and regulated by the central bank. It is expected to bring about a significant change in the financial sector, …
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The head of EminiFX, a fraudulent platform for cryptocurrency and foreign exchange, has admitted to deceiving investors and embezzling almost $250 million. Eddy Alexandre’s fraudulent activities and personal expenditures Eddy Alexandre the CEO of the supposed crypto trading website EminiFX lured in a large number of investors by promising them 5% weekly returns and claimed to be using a “Robo-Advisor …
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PayPal, a leading online payment provider, has aborted its plans to create a stablecoin as regulators continue to increase scrutiny on cryptocurrencies. A stablecoin is a type of cryptocurrency that is backed by a fiat currency or a commodity, which helps to stabilize its value. The decision to cancel the project comes as regulators globally are increasing their focus on …
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A developer of Shiba Inu, Shytoshi Kusama, advised the SHIB community to pay attention to the Unification Foundation’s updates on Shibarium, the upcoming layer-2 network for the cryptocurrency. Kusama emphasized that the foundation is working with the Shiba Inu team for a successful launch of Shibarium, and therefore the community should not dismiss any information from Unification regarding the project. …
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