The first case of Coinbase insider trading has resulted in charges. US prosecutors in Manhattan have charged a former product manager with wire fraud, according to the New York Times.

Product manager Ishan Wahi and his brother, Nikhil Wahi, were taken into custody in Seattle on Thursday. Another defendant, Sameer Ramani, remains at large, and the Securities and Exchange Commission (SEC) has filed civil accusations against him as well.

## Coinbase insider trading is the subject of an investigation by the SEC

Lawyers representing Ishan Wahi, 32, released a statement saying that he is "innocent of all crime and intends to defend himself forcefully."

Requests for feedback from Nikhil Wahi's lawyer were not immediately returned. A lawyer for Ramani was not immediately available to Reuters.

Prosecutors allege that[ Ishan Wahi divulged sensitive information](https://www.foxbusiness.com/markets/ex-coinbase-manager-charged-crypto-insider-trading-case) on upcoming Coinbase announcements about additional cryptocurrency assets that users would soon be able to trade on the exchange. He booked a flight to India after being summoned to Coinbase's Seattle headquarters by the company's security director, according to the report.

For the first time in insider trading of digital assets, an ex-NFT marketplace employee has been charged. Law enforcement prevented him from boarding that flight on May 16. The bond for Ishan Wahi was set at $1 million and his passports had to be surrendered.

Despite his alleged attempt to run, prosecutors did not urge that he be arrested. On August 2, he will appear in federal court in Manhattan.

A total of 25 crypto assets were allegedly bought and sold for a profit by Nikhil Wahi (26) and Ramani (33), it states in the related civil accusations, nine of which the SEC said it had classified as securities.

## Cryptoqueen added to FBI's list of top 10 most wanted

The SEC's investigation into Coinbase's listing of the coins deemed securities in the complaint is ongoing, according to an SEC official.
At least 14 times before Coinbase's statements in June 2021 and April 2022, Ethereum blockchain wallets were used to acquire the assets, according to prosecutors.

At least $1.5 million in ill-gotten gains were generated as a result of these transactions.

An internal investigation into the trading was shared with authorities, according to Coinbase's chief security officer Philip Martin. 

For breaking crypto news on Coinbase and more, go to [Latest Moni](/news).


Insider Trading Charges Filed Against Ex-Coinbase Manager

[Cointelegraph](https://cointelegraph.com/) was founded in 2013. As a leading independent digital media resource, the portal covers a wide range of news on emerging fintech trends, crypto assets, and blockchain technology.

A group of writers and editors under the management team ensures stakeholders of centralised and decentralised finance are fed with the most accurate, up-to-date news about the rapidly evolving nature of the financial world.

In a saturated market where every information outlet wants to be the first to break the news, the editorial content found on the platform is unbiased.

What’s more, Cointelegraph readers can find comprehensive crypto price charts, in-depth analytics, regular reports, and opinion pieces on the current revolution digital currencies have brought to the global population.

The crypto news hub shares the belief of several market commentators who think the power of blockchain technology and cryptocurrencies will become a part of our daily lives in the not-too-distant future.

This is why it has gathered resources to raise awareness and properly educate readers about the pros of being involved in the transition from Web2 to Web3 and the metaverse as a whole.

News of an investor suing Elon Musk for billions of dollars over [Dogecoin](/coins/doge) losses was featured on the portal. Though the platform is free to navigate by people from all walks of life, so long as there is an internet connection, it offers a feature called Cointelegraph Markets Pro.

## Cointelegraph Markets Pro 

This is reserved for subscribers who want in-depth information about the market. Cointelegraph Pro is an easy-to-use and straightforward dashboard powered by the same data and technology employed by leading institutional investors in the crypto industry.

Found on the Cointelegraph app, NewsQuakes on the data intelligence platform uses artificial intelligence (AI) to comb through thousands of essential sources. Once potential market-moving events are detected, subscribers are alerted through smartphone notifications.

Announcements from NewsQuakes are tapped from the official handles of crypto project Twitter accounts, credible posts, and exchange websites.

Due to the difficulty in monitoring all projects simultaneously, this tool becomes essential in providing traders with time-sensitive information to make timely trading decisions.

Potential subscribers should know they would be fed news about primary drivers of the price of digital assets, such as partnerships, staking, and exchange listings.

Despite competition from others, millions of people source information from this news service to educate themselves about the latest developments in the decentralised finance sector.


Cointelegraph Explained

In crypto news from Australia, the [Australian Competition and Consumer Commission (ACCC)](https://www.accc.gov.au/) is testing automated scam site removal.

After more than 300 reports, ACCC's trial has taken down various scam sites, including ones linked to cryptocurrency.

Cybersecurity experts believe this measure will help regularly take down fraudulent sites that pose a cyber threat to consumers.

## Crypto News Australia

On Tuesday, the ACCC's chair, Gina Cass-Gottlieb, announced the trials at the 2022 Law Council Australia. This followed crypto news from Australia that, last year, there was a loss of around 113 million (AUD) because of cryptocurrency scams in the country. That's why ACCC thinks that action against such scams is mandatory.

ACCC is currently working with the Australian Securities and Investment Commission (ASIC) to remove crypto scam sites from the internet. To take an efficient and automated action against scammers, ACCC is taking help from Netcraft, a UK-based firm. Netcraft is an experienced firm for cybersecurity as it has been working with the UK’s National Cyber Security Network for the last four years. 

Cass-Gottlieb said more than 300 scam sites have been reported and removed from the internet in the last three weeks. These sites include phishing, tech support, puppy, and cryptocurrency investment scams.

## Australia Introducing Strict Crypto Regulations

Other crypto news from Australia suggests that the country's crypto regulators are introducing strict policies for criminals. Along with taking action against scam sites, the Australian courts have announced severe sentences for criminals who will use crypto in their illegal activities.

The ruling came after a recent study on Crime and Cryptocurrency in Australian courts. According to this study, using blockchain for crimes indicates considerable planning and technical knowledge. That's why the court concluded that the crimes involving crypto are more offensive to the law. 

Australia is now also looking to shape a formidable framework for cryptocurrencies to ensure a safer environment for investors. Previously, many other countries like the UK, Russia, South Africa, and others have made amendments to their cryptocurrency regulations.

Read more crypto news at [Latest Moni](/news).



Crypto News Australia: Regulator Trials Automated Scam Site Removal

According to Tesla's newest Q2 financial statement, Bitcoin was one of the essential items that impacted the operating income.

As per the official data, the operating income improved year-to-year to $2.5 billion in the second quarter, resulting in a 14.6% operating margin.

"As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla's statement said, adding: "Conversions in Q2 added $936M of cash to our balance sheet."

However, during the regular quarterly investor call, the company's CEO, Elon Musk, revealed that even though Tesla holds Dogecoin as well, it didn't convert any of that into fiat.

 "We still have it," Musk claimed.

Just a month before, speaking at the Qatar Economic Forum in Doha, Musk confirmed he supports Dogecoin, reiterating that Tesla accepts the currency as payment for its products. He also announced that his company SpaceX intends to do the same.

Musk says he intends to 'personally support' Dogecoin in response to the many people who are not wealthy and have encouraged him to buy and support DOGE.

## Tesla’s Musk – Bitcoin and Dogecoin advocate

Back before, Musk was [pretty vocal](/news/article/elon-musk-bitcoin) about owning Dogecoin. However, he never confirmed that Tesla or SpaceX have it in their portfolios. It is not known whether the assets left in crypto are remaining Bitcoin or, perhaps, Dogecoin.

If we try to calculate how much Bitcoin Tesla has left, we should look at the sheet where it says the company owned 42,000 Bitcoin heading into the second quarter.

After the company sold 75%, there should be 10,500 at the quarter's end. We can only presume that the snapshot was taken somewhere at the end of June when fiscal Q2 ended. At the time, 1 Bitcoin was worth somewhere between $18,750 and $20,300. This could mean that there are 10,500 coins, of which $197 to $213 million are Bitcoin.

Musk has been a crypto advocate for years and was pretty influential in market moves. In 2021 he helped Bitcoin jump after admitting Tesla bought some for its corporate vault.


Tesla Bitcoin Sale Confirmed by Elon Musk

Binance is one of the world's major cryptocurrency exchanges. However, the firm has received criticism from authorities due to lack of necessary permissions.

The latest Binance news covers the exchange platform being [fined 3.3 million euros (£2.8million) by the Dutch Central Bank (DNB)](https://watcher.guru/news/heres-why-the-dutch-central-bank-fined-binance-for-3-3-million) in April 2022. The penalty was levied because the exchange provided services to Dutch nationals without being properly registered. The DNB's General Fine Setting Policy was used to calculate the amount to be paid as fine.

In a statement issued on Monday, the regulator stated that violations committed by Binance are punished by third-category penalties, with a base amount of €2 million (£1.7 million).

This basic amount was increased for Binance, with DNB outlining many reasons for doing so.

According to DNB, one of the reasons is that digital asset brokerage behemoth is not only the largest supplier of crypto services globally but also has a high number of consumers in the nation.

Since May 21, 2020, the Dutch Central Bank has mandated virtual asset service providers (VASPs) to be registered under the Anti-Money Laundering and Anti-Terrorist Financing Act.

According to the authority, Binance violated the registration regulations from May 21, 2020, until last December 1, 2021, when DNB finished its inquiry.

According to DNB, this is the major reason for the higher penalties because these offences are considered extremely serious.

DNB warned Binance in August 2021 that operating in the Netherlands without the appropriate legal registration "may increase the risk of customers becoming involved in money laundering or terrorist financing."

However, the DNB stated that it has reduced the punishment by 5%, partly because Binance has already submitted a registration application, which is presently being reviewed, and because the exchange has been "relatively transparent about its operations throughout the process."

The crypto exchange has been steadily expanding across Europe. Binance revealed last week that its Spanish subsidiary, Moon Tech Spain, has been registered as a VASP with the Bank of Spain.

Both France and Italy certified the crypto exchange as an official digital asset supplier in May of this year.

Read [Latest Moni](/news) for more crypto news. 



Binance news today: DNB fined Binance 3.3 million euros

It seems the crypto brokerage Genesis filed the claim against the bankrupt crypto hedge fund Three Arrows Capital (3AC) which allegedly owes it $1.2 billion. 

Genesis is not the only creditor who filed the claim. According to the sources familiar with the situation, co-founder of 3AC Zhu Su submitted $5 million claim, while Chen Kaili Kelly, the wife of another 3AC co-founder, Kyle Davies, filed a $66 million worth lawsuit.

Also, faltered crypto companies [Celsius Network](/news/article/celsius-bankruptcy-protection) and Voyager Digital are among others who lent money to Three Arrows. A crypto derivatives exchange Deribit also filed an $80 million claim.

Genesis Asia-Pacific earlier has confirmed its exposition to Three Arrows. On July 9 filing in Singapore, high court revealed there was a $2.36 billion loan to the fund. Genesis CEO, Michael Moro recently [tweeted](https://twitter.com/michaelmoro/status/1544733041045786626) about the whole situation admitting the loans to Three Arrows “had a weighted average margin requirement of over 80%." According to Moro, "once they were unable to meet the margin call requirements, we immediately sold collateral and hedged our downside”.

## Genesis reveals crypto Ponzi scheme

The company confirmed that since then, it has been collaborating with Digital Currency Group to find the optimal strategy for isolating the risk further. 

“DCG has assumed certain liabilities of Genesis related to this counterparty to ensure we have the capital to operate and scale our business for the long-term,” Moro said.

He added that both the DCG and Genesis balance sheets remain stable and that there is no remaining exposure to Three Arrows Capital.

There is still a legal question here of how a co-founder could at the same time be a creditor to his own company. It all adds up to the Ponzi scheme where old investors are funded with money from the newcomers.

When looking at the filings, it was reiterated that “3AC is insolvent and should be wound up” in different words. 

In an affidavit filed June 26, Charles McGarraugh, Blockchain.com’s Chief Strategy Officer, claimed that Kyle Davies wanted to borrow another 5,000 Bitcoin from Genesis, valued at approximately $125 million at the time. He said the reason for credit was “to pay a margin call to another lender.” 

Genesis crypto brokerage files $1.2B claim vs 3AC

US SEC chairman outlines what to expect from the authority regarding crypto regulation. SEC’s duties being the primary watchdog for securities, finance, and investments will expand. 

## Global cryptocurrency regulations

The need for crypto laws arose after a down market and the [collapse of Terra UST](/news/article/terra-luna-collapse), which caused investors to lose a massive amount of their investments. As a result, China openly prohibited the use of cryptocurrencies, while Russia prohibited its use as a payment alternative.

The US remained hesitant to finalise the proposed crypto regulations until Biden requested the crypto regulation draft from the US SEC authority. The regulation draft is submitted for review and is anticipated to be deployed shortly.

As the deadline for implementing crypto laws approaches, the SEC has geared itself for the duties that will fall on its shoulders soon. US SEC chairman spoke to Yahoo Finance about the details of their forthcoming duties once the laws are implemented.

## US SEC and cryptocurrency regulation

Gensler stated that the new cryptocurrency regulation would assist investors and customers by protecting them from any difficulties caused by service providers. Their primary focus areas, according to Gensler, will be exchanges, brokerage, and loans. He stated that they are contacting stakeholders to notify them of their needs.

While stating that they are open to conversations and discussions, he also invited exchangers, lenders, and other dealers to come and speak with them. 

He noted that Congress had given the SEC authority to change some laws to better safeguard investors, stating:

“We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection.”

They even have the authority, he claims, to request tokens for disclosures. He stated that the public has the right to comprehensive and honest disclosures, which would serve as their primary safeguard.

Because the SEC is obliged to cover tokens, stablecoins, and volatile coins, they will also have the power to consult with banking authorities and the CFTC. He has emphasised that Bitcoin is not a security coin and that the CFTC would decide the remainder of the coins and tokens status. He has also cautioned that many crypto coins will fail, so investors should exercise caution.







US SEC Chairman outlines crypto regulation

Paraguay crypto bill that regulates cryptocurrency mining and trading within the country, has finally been approved by the country’s Senate.

The deputy chamber [approved the bill](http://www.diputados.gov.py/index.php/noticias/aprueban-con-modificaciones-proyecto-que-regula-la-industria-y-comercializacion-de-criptoactivos) but added some changes regarding electricity consumption in Paraguay. President Mario Abdo Benítez is now obliged to decide whether he will support, sanction or apply a veto to the bill.

Counting 7 million electricity users, Paraguay mostly depends on hydroelectric generation as the country also serves as a significant energy exporter. 

However, the electricity expenditure rose by over 100% in the last 12 years, while its generation is falling. The state power operator, Administración Nacional de Electricidad (ANDE), wants to urge a new consumption plan within the next few years. 

On the other hand, Paraguay’s central bank worries that the fact that cryptos are still not regulated as payment in the country could lead to halts in electricity consumption associated with crypto mining.

According to the bill, Paraguay’s Ministry of Industry and Commerce will be the governmental body that will regulate cryptocurrency-related services.

## Paraguay crypto bill tax excludes paying VAT

The bill, therefore, urges [crypto mining companies](/news/article/mining-company) to come up with a power consumption plan and present it to the national power body, which will be authorized to cut the electricity if the companies do not act according to these plans. Also, the bill defines that the payment for the power services is made in advance.

Furthermore, crypto miners won’t have to pay their VAT but are obliged to pay income taxes.
However, some lawmakers have shown their disapproval about the law's approval in its current form, with some calling for a presidential veto.

However, the bill was not approved easily. Senator Esperanza Martínez mentioned that the Guasu Front Bank did not comply with the project, adding that cryptocurrency is not an industry per se as it doesn’t process either raw material adding value, or employing people.

"Both versions are detrimental to the country," she said. 

Senator Enrique Bacchetta commented that he had voted for rejection at the time because this initiative did not produce jobs.




Senate approves Paraguay crypto mining bill

A few years ago, everyone started to buzz about the blockchain – it wasn’t really clear what is it and what are the possible applications of blockchain.

Be it as it may, this technology has undergone significant development in terms of how many industries are able to trial and adopt blockchain use cases. 

Already there are numerous examples of companies utilizing blockchain in industries going from financial services to energy distribution and supply chain management.

Still, we have to make a basic distinction between public and private blockchains and their cons and pros for businesses.

## Not all blockchains are created equal – Public Blockchains

The name says it all - [public blockchains ](https://101blockchains.com/public-vs-private-blockchain/#:~:text=Public%20Vs%20Private%20Blockchain%3A%20The%20Comparison%20Table%20,%20%20Permissioned%20%204%20more%20rows%20) can be used by anyone. 

What’s important though, is that the two most popular cryptocurrencies, Bitcoin and Ethereum, both use public blockchains.

Public blockchains are permissionless, meaning anyone can just hop in and join the consensus used to keep the network safe. 

However, this also signifies, that anyone is enabled to check the stored data and shows the whole thing has a high level of transparency. 

Still, even though it can be seen, data cannot be changed by anyone on the network since public blockchains are also immutable. That means once the data is on the distributable ledger, it cannot be changed or removed.

Public blockchains are completely decentralized, meaning there is no single entity that’s controlling the network.  

However, this also means that any hacker can join the network with malicious plans. Dubbed a 51% attack, it’s a situation where 51% of hashing power on a network is taken over by cyber hackers who then can interrupt the recording of new blocks by preventing other miners from completing blocks. 

## PoW Vs. PoS

There are public blockchains, that are powered by [Proof-of-Work (PoW)](/wiki#character-p), and then we have those who use Proof-of-Stake solutions.

## What is a Proof of Work?

It is practically impossible to spend the same physical cash (fiat) amount more than once. However,  when talking about digital money; so-called ‘double-spend’ can occur since digital money is only existing data.

A double-spend problem means that there is a risk of spending a unit of digital currency in two places at the same time and having one of them bounce like a sort of an invalid check.

Usually, when paying for some service online, a double-spend problem is fixed by clearing all transactions through the central database of an intermediary such as a bank or credit card company. In some situations, solving these contracts takes hours, days, and sometimes, even weeks.

To solve the double-spend problem without the need for the intermediary, in 2008, Bitcoin White Paper alleged creator Satoshi Nakamoto introduced a consensus mechanism by leveraging cryptography with an existing distributed P2P network.

On the Bitcoin blockchain, the network eliminates a double-spend by checking the exact time of the first transaction of a particular token and vetoing consequent spending on the same token.

Those who run fully operating Bitcoin nodes a.k.a. miners, put all recent transactions in the form of a block of data and repeat the process every ten minutes (so-called Poisson process). Each block must refer to the previous block to become legit. After a block is mined, it is not visible right away, and until they find out about it, miners are competing against the new block instead of adding to it.

The Bitcoin network uses a proof of work (PoW) mechanism to achieve the mentioned consensus.

## What is Proof of Stake?

Popularized back in 2011, the Proof of Stake consensus algorithm was presented as the solution for all the problems Proof of Work might have had.

The PoS consensus mechanism eliminates the high computational and energy requirements of the PoW. This upgrade in the consensus mechanism has been dubbed Ethereum 2.0 as it enables Ethereum network nodes to comply with the state of all previously recorded information on the Ethereum blockchain and avoid possible economic attacks.

Proof of stake demands that miners invest in and hold on to some store of value without the immediate need for spending energy in order to vote.

The PoS algorithm uses a pseudo-random selection process to choose a node that will validate the following block regarding various factors such as the staking age, randomization, and the node's wealth.

While most cryptocurrency is created as rewards for miners in Proof of Work-based systems, the Proof-of-Stake system tends to use transaction fees as a reward.

## Private Blockchains Needs Authorization

Private blockchains are used for safely storing data making sure, at the same time that these can be accessed only by authorized entities. 

The access itself has to be approved before accessing any data or taking part in the consensus process. 

Network administrator is the one who grants all accesses and asks for validation. 

Rarely you can see private blockchain being used within crypto sector. More of it is angled towards some internal companies’ networks such as IBM, who has humongous blockchain network for its clients.

Still, private blockchains are not totally centralized, since there is an entity which controls the ledger and integrates with the blockchain. The ledger isn't completely immutable, and private blockchains do not need a native token.

Even though public blockchain are more popular, private blockchains are more efficient, the amount of data that needs authentication is lower, they don’t need a lot of computational power to work and are, therefore, more eco-friendly.

A slightly ‘negative’ characteristics of private blockchains show up when it comes to anonymity. The real nodes’ identity on a private blockchain is always known by the central authority since it’s needed in order to get access to the network. 

Also, when talking about security, one should be aware that private blockchains are not completely decentralized. That means that the creator can change the block data and somehow “bend” the whole system to work in their favour.

## Blockchain Use Cases

Blockchain technology is important for companies since its implementation insures revenue expansion, decreased costs and better efficiency. For example, the fashion consortium LVMH chose to combat fake products by tracking them [through a blockchain](https://www.lvmh.com/news-documents/news/lvmh-partners-with-other-major-luxury-companies-on-aura-the-first-global-luxury-blockchain/). 

In the medical industry, blockchain network is used to search for and exchange patients’ data, track pharmaceuticals or even disclose the pharma black market.
In the law sector, blockchain technology can be used to create smart contracts for legal processes. It also can be used to approve and validate some courtroom evidence and improve efficiency in the criminal justice system. 

When talking about the food supply, blockchain can accelerate food recall and enhance the efficiency of food supply chain management.

In the real-estate sector, blockchain technology can authorize the tracking and buying of real estate through digital real estate tokens. 

Blockchain can also be used within the governmental sector. One of the most important features of blockchain-based solutions is providing transparency of voting processes and public decision-making. 


Applications of blockchain in practice show promise

[Coin360](https://coin360.com/) is an online portal to get the most up-to-date information on the cryptocurrency market, including the current market capitalisation of all major currencies and tokens. It is one of the world’s most popular market aggregators- known for its iconic heatmap. Founded in 2018 by Hillbert Group, an investment firm that specializes in quantitative, algorithmic trading strategies in digital asset markets.

The website is open to the public and does not require pre-registration. After entering, the user can customise the data presentation by selecting various options. 

## How to navigate on Coin360 website

To begin, on Coin360, you may choose "Currencies" (Bitcoin, Ethereum, Litecoin, Ripple, NEM, Iota, [Cardano](/news/article/crypto-news-cardano), and so on) or "Tokens" (Eos, Qtum, Tether Usd, Golem, Enigma). Users can also select the time of the data (1 hour, one day, seven days, one month or a predefined period that establishes a date the user chooses).

You can also filter data by market capitalisation or by the past 24h turnover. 

After you've configured your basic settings on the website, you may view a grid with the crypto tokens, coins and symbols, and when dragging the mouse over the boxes will reveal a popup with the following information:


•	Coin and token names and symbols


•	Coin and token quotes against the US dollar and Bitcoin 


•	Percentage change in price within 24 hours (must select the day's performance option) 


•	Market cap


•	Trading volume in 24 hours


•	Type of protocol (the blockchain technology utilised by crypto).


## Why use Coin360 and what’s next?

Coin360’s widgets give viewers an entire perspective of the cryptocurrency market's current condition, in one simple snapshot. It communicates prices, crypto rates, market cap, and volume in a visually entertaining and easy-to-understand style. 

This awesome aggregator tool is only expanding its services as they joined forces with Cointelegraph and Chiron partners to provide market data covering a wider range of digital assets. This will include decentralized finance (DeFi), nonfungible tokens (NFTs) and security token offerings - for both institutional and retail traders.







What is Coin360?

The South African crypto market is about to welcome a new regulatory framework. The South African Reserve Bank (SARB) has introduced amendments to its financial laws. According to the new regulations, [Bitcoin](/coins/btc) and other altcoins will now be identified as financial assets. 

The country has long discussed whether cryptocurrencies should be categorised as financial assets or only digital currencies. Now the SARB has finalised the regulations for cryptocurrencies and introduced a ruling for them to be considered assets. 

Previously, the South African crypto market was thriving on its own. This newly introduced framework by SARB will help in regularising the market. The Deputy Governor of SARB, Kuben Naidoo, believes that there is a need for a framework to regulate the market and promote the adoption of cryptocurrencies. 

In a webinar, he further acknowledged that SA Reserve Bank has changed its stance on [digital coins](/coins) and, tokens and is now working on its regularisation of disclosures. Moreover, he provided a timeframe of 12 to 18 months for the complete implementation of the framework. But, he assured us that KYC rules and authorisation of crypto exchanges were possible earlier. 

## Key points from South Africa’s crypto regularisation 

Here are some key points from recent crypto regularisation in South Africa:
1.	All cryptocurrencies are declared as financial assets.
2.	The services related to cryptocurrencies will fall under financial services.
3.	All crypto exchanges will be provided with a licence. 
4.	The Financial Intelligence Centre Act (FICA) will monitor the country's crypto market.
5.	FICA will also oversee tax evasion and money laundering issues related to cryptocurrencies.  

## The future of cryptocurrencies in South Africa

South Africa is one of the leading countries for adopting cryptocurrency. According to the research [report by Luno Global Exchange](https://discover.luno.com/research-the-state-of-crypto-in-africa/), around 13% of the country's population owns various cryptocurrencies. However, there was no monitoring policy for the industry before the recent announcement by the Reserve Bank. 

The rules SARB has now introduced can help in the growth of digital currencies across the country. It is expected that regularisation will lead to the mass adoption of crypto in South Africa. Moreover, it will provide a robust infrastructure for investment. Besides, it will mitigate the risks and bring financial stability to the country.




South Africa crypto embraces new regulatory changes

OpenSea, the biggest [NFT](/news/category/nft-news) market in the world, announced it is slashing around 20% of its employees.

This is the latest in a series of layoffs that turmoiled the already shaken, crypto community as the cryptocurrency prices plunged.

OpenSea’s Chief Executive Devin Finzer [confirmed the layoffs](https://twitter.com/dfinzer/status/1547648521607659522) in a tweet and asserted that the crypto winter might be longer than expected. However, he added that things are not so gloomy and said he has immense conviction in the NFT space and  OpenSea’s role in it. 

Finzer explained that, during this winter, we might see “an explosion in innovation across the ecosystem. And with the changes we’ve made, we’re in a strong position to continue.”
He also said that in uncertain times, the company’s mission to build a foundational layer for new, peer-to-peer economies feels more urgent and essential than ever.

According to the firm’s representative, Allie Mack, around 230 employees will stay with OpenSea, which was, by the way, valued at over $13.3 billion in the year’s beginning.

Other exchanges that also decided to fire their people are Gemini, Coinbase, Crypto.com and BlockFi.

It all started with the Terra Luna collapse in May this year that entailed all other companies halting withdrawals, firing employees or even filing for bankruptcy. 
 
Demand for NFTs has also plummeted, that cut the sales of OpenSea in half during just one month. The average price of an NFT on its marketplace fell by approximately 40%.
This includes even the most famous NFT collections such as Bored Ape Yacht Club and CryptoPunks, who, even though are still selling, have felt the winter breeze.

According to Finzer, this whole situation can be seen as an opportunity. He said that during this winter he expects an explosion in innovation and utility across NFTs.
“With the hard (but important) changes we made today, we’re in an even better position to capture what will soon become the largest market on the planet. Winter is our time to build”, Finzer concluded.

The company added it will provide health coverage next year for all fired employees. 



OpenSea NFT Platform lays off 20% of employees

The latest Polygon crypto news covers the cryptocurrency participation in [Disney's accelerator program](https://cointelegraph.com/news/polygon-selected-to-participate-in-disney-s-2022-accelerator-program), which will help the company gain Web3 experiences.

According to a statement issued by The Walt Disney Company on Wednesday, the [Ethereum](/coins/eth) scaling platform is one of six initiatives selected for the Accelerator Program, which is focused this year on augmented reality (AR), nonfungible tokens (NFTs), and artificial intelligence (AI).

On Wednesday, Polygon CEO Ryan Watt announced that the company was "the only blockchain selected" for Disney's famous Accelerator program.

## What is Disney accelerator 

Disney's accelerator program was started in 2014, and members can get mentorship from the Disney Accelerator team as well as assistance from Disney's own leadership team.

Participants will allegedly receive additional investment funding as well as co-working space at Walt Disney's Los Angeles campus. The program will finish with a Demo Day on campus.

Applications for the accelerator program opened on April 22, with applications closed on May 13, 2022. At the time, Disney stated that the accelerator would seek "growth-stage companies with a vision for making an impact on the future of technology and entertainment."

Flickplay, a Web3 application that allows users to discover NFTs using augmented reality (AR), and Lockerverse, a Web3 storytelling platform that links creators and brands, were also chosen this year.

Other startups include the augmented reality startup Red 6, the 3D virtual e-commerce startup Obsess, and the AI-powered virtual character creation startup Inworld.

Polygon, formerly known as the Matic Network, is an interoperability-focused blockchain architecture with a suite of scalability tools designed to construct Ethereum-compatible decentralised apps (DApps). Polygon's scaling solutions were designed to overcome Ethereum mainnet issues like sluggish transaction speed (TPS) and hefty transaction fees.

Following the Latest Polygon crypto news, native token, MATIC, increased by more than 20% once word of Polygon's participation in Disney Accelerator. In the early hours of Thursday, the token was trading at $0.5291 and has risen 20.568 percent to $0.6504. The token is still gaining ground.

For the latest Polygon crypto news, check out our[ Polygon tag](/news/tag/polygon).


Polygon crypto news: Disney accelerator program

Even though we recently wrote about [Celsius’ possibility of getting back on track](/news/article/celsius-news-new-lawyers), the company has decided to file for bankruptcy protection.

According to the [official announcement](https://www.businesswire.com/news/home/20220713005911/en/Celsius-Network-Initiates-Financial-Restructuring-to-Stabilize-Business-and-Maximize-Value-for-All-Stakeholders), the faltered company filed voluntary petitions for Chapter 11 protection and announced the initiation of a financial restructuring.

Previously Celsius asserted it would focus on stabilisation of its business by restructuring in a way “that maximizes value for all stakeholders.” It then confirmed having $167 million in cash in order to support operations until everything is finished

The firm stated that the filing follows “the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilise its business and protect its customers”. 

“Without a pause, the acceleration of withdrawals would have allowed certain customers—those who were first to act—to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery”.

Celsius hiring new directors

Celsius CEO Alex Mashinsky added that he believes this was the right decision for the clients and the company itself. 

“We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company,” he concluded.

Last week, the firm replaced its legal advisers Strauss Hauer & Feld LLP with newly appointed Kirkland & Ellis LLP. The company still hasn’t filed for bankruptcy and hopes that pairing up with Kirkland & Ellis LLP could represent a shift in the overall strategy.

Analysts mostly agree the move was expected. The firm also hired new directors: David Barse, the Chief Executive Officer of XOUT Capital, and Alan Carr, founder and managing member of Drivetrain, LLC, a professional fiduciary services firm.

With more than 100,000 creditors and the largest unsecured claim of $81 million from Caymans Island-based Pharos Fund, the filing also mentions FTX CEO Sam Bankman-Fried’s trading firm, Alameda Research, as a creditor with a $12 million unsecured loan.



Celsius filing for bankruptcy is imminent

As someone interested in crypto, you've probably already visited [Reddit](https://www.reddit.com/). But what about Reddit using VPN for crypto?

Here, we look at Reddit as a resource for cryptocurrency information, explain VPNs, and show how to engage with Reddit using VPN for crypto.

## Reddit Using VPN for Crypto

There are many VPNs out there, but not all are good with Reddit for crypto. Some VPNs can seriously slow down your connection, making it difficult to load pages or even vote on comments.

So which VPNs should you use? Here are some of the favourites:

- ExpressVPN: This VPN is fast, reliable, and perfect for streaming video.
- NordVPN: This VPN is great for security and privacy and has a large server network.
- CyberGhost: This VPN is easy to use and has a great price point.

## Do I need a VPN for Reddit?

So, you've decided to start using Reddit for crypto. That could be a good decision.

Reddit is among the most popular online platforms, and it's a great place to find information on all things crypto.
But there's one question you may ask yourself: do I need a VPN for Reddit? The answer to that question depends on how you plan to use Reddit.

If you're just browsing the front page and some of the more popular subreddits, then you don't need a VPN. But if you're going to be browsing more obscure subreddits, or if you're going to be posting links and comments, then a VPN is a good idea.

## How to use Reddit for crypto

Here are ways you can get the most out of Reddit for your trading and investing activities:

1.	Use multiple subreddits. Don't just stick to the /r/cryptocurrency subreddit. There are dozens of other subreddits (including /r/bitcoin, /r/ethereum, and /r/ltc) where you can find valuable information and discussion.
2.	Use the search bar. The search bar is, obviously, a good way to find specific information on Reddit. For example, you can search for posts about a specific cryptocurrency or related topics.
3.	Be patient and take your time. Don't make snap decisions based on the information you find on Reddit. Always do your own research and make sure you're fully informed before investing in any cryptocurrency.
4.	Use IRC: IRC (internet relay chat) is a great way to connect with other users in real-time. You can find a list of IRC servers here.

## What are the best subreddits for crypto?

With thousands of active users and a wide range of topics, it can be tough to know where to start. Here are some popular subreddits for crypto.

/r/cryptocurrency is the obvious starting point, as it's dedicated to everything crypto. Here you'll find news, discussions, and reviews on all things crypto.

If you want more focus, check out these subreddits:

/r/bitcoin - This is the go-to subreddit for everything [Bitcoin](/coins/btc)-related.
/r/ethereum - This is the main subreddit for Ethereum news and discussion.
/r/ripple - This subreddit is devoted to Ripple news and discussion


Reddit Using VPN for Crypto?

If you follow the cryptocurrency markets, you have probably heard the term "crypto whale".
They are prominent players in the crypto world known to buy enormous amounts of a particular coin, often altering the market.

Read on to see how crypto whales affect the market.

## What is a Crypto Whale?

A whale is someone with a significant quantity of money to invest in the cryptocurrency markets. They earned the name because a whale is the largest creature in the ocean.

Whales can be individuals, groups, or companies, such as hedge funds or trusts.

## Who is the Biggest Crypto Whale?

The following are some of the publicly-known holders of large amounts of cryptocurrency:
•	[Sam Bankman-Fried](https://ph.news.yahoo.com/crypto-weekly-shrimps-whales-rescue-181438236.html)
•	Micheal Saylor
•	Brian Armstrong
•	Cameron and Tyler Winklevoss
•	Roger Ver

Each name on this list plays a significant role in the crypto markets, especially in [Bitcoin](/coins/btc).

## Crypto Whale Effect on Price

Whales can also increase price volatility, particularly when they move a significant amount of cryptocurrency in a single transaction.

For example, when an owner tries to sell their Bitcoin for fiat currency, the lack of liquidity and big transaction size put downward pressure on Bitcoin’s price because other market players see the transaction. Other investors are on high alert when whales sell, looking for signs that the whales are “dumping” their holdings.

The exchange inflow, or the average quantity of a particular cryptocurrency being deposited into exchanges, is a common sign that crypto-investors look for.

When a crypto whale dumps, the large volume can impact value on its own. However, it also sparks fear among other, smaller investors who follow suit, sell up, and further drive down prices.

## Crypto Whale Impact on the Crypto Market

Crypto whale activity has the potential to have a significant impact on cryptocurrency markets. This includes individual cryptocurrency prices and market capitalisation.

This is because whales frequently conduct trades worth tens or hundreds of millions of dollars. These large sell or purchase orders can cause considerable price fluctuations. For example, when a large buy order is placed, the price of a particular cryptocurrency can skyrocket since it signals to the market that the asset is in more demand.

When whales place a large sell order, the price can move in the opposite direction because the market receives the contrary signal, and the asset appears to be unloaded.

When a crypto whale makes large buys or sells, they can influence the market, resulting in a cascade of buy or sell orders.

About 1,000 people are thought to own nearly 40% of all Bitcoins. With so few people holding so much BTC, any substantial buy or sale from these mega-investors might swing the market in either direction. It may affect the market negatively or positively, depending on the signal received.

## Conclusion

Whales are an important element of the cryptocurrency ecosystem to understand. Their actions can induce price fluctuations up or down, resulting in dramatic market reactions. Some whales engage in high-volume trades regularly, while others merely amass and hoard as much as possible.

If cryptocurrencies continue to expand and become a more powerful asset class, the whales will become much wealthier and control an even larger share of the crypto sea.

It can confidently be stated that the whales control the crypto market, as their decisions influence the market. When they make huge investments, prices rise, and once they dump, due to the large amount removed, the market dumps as well.

As Bitcoin significantly influences other cryptocurrencies (altcoins), a BTC crypto whale has influence beyond their chosen coin.

Influencing the value of Bitcoin, up or down, sends ripples throughout the crypto market.


Crypto Whale: What Is It?

It can no longer be ignored, so now we must ask, 'what is the impact of cryptocurrency on society?'.
Bitcoin has inspired a variety of reactions since its inception in 2009. Some people consider [Bitcoin](/coins/btc) to be a ground-breaking breakthrough. Some say it is a passing blip on the radar; others believe it is here to stay.

What is beyond doubt is the impact of cryptocurrency on society, most notably Bitcoin.

It is time to ask what crypto will provide to our communities, whether it will improve administrative and financial tasks, and whether it could benefit humanity.

## What are the Advantages of Cryptocurrency?

Although a relatively new innovation, cryptocurrencies are, in my opinion, unquestionably here to stay.
That is largely due to the numerous advantages they offer. The impact of cryptocurrency on society can be positive, if you know how to tap into the benefits.

Not least is its ultra-secure, transparent infrastructure.

A further advantage to cryptocurrencies that is particularly relevant at the moment is the avoidance of inflation.
Because they are not tied to a particular currency or national economy, the value is determined by global demand and not national inflation.

When the supply of a cryptocurrency is limited - for instance, Bitcoin is capped - the amount available cannot spiral out of control.

## The Impact of Cryptocurrency on Society

The majority of cryptocurrencies use blockchain technology, and it is an innovation with significant potential benefits for society.

Here are just three examples of ways in which using crypto for everyday tasks can impact on society.

1.	Cryptocurrencies give you, and only you, control over your money: Traditional cash gives complete authority over your finances to central banks and the government. It isn't really "your money." If you trust your government, that's fantastic. But keep in mind that your bank account can be frozen anytime, denying you access to your funds. In the United States, for example, if you die without a legal will and run a corporation, the government has the right to all your assets.

2.	Simplified [Cross-Border Transaction](http://www.ruchelaw.com/cross-border-transactions/): You might think that in the digital age, businesses can sell to anyone, regardless of their location. However, obstacles remain. One of the most significant is the high cost of processing payments. Cryptocurrencies allow you to trade abroad without giving up a portion of your profit or overpricing your product, as well as avoiding transaction fees. The value of Bitcoin is the same everywhere, and the lack of intermediaries speeds up and lowers the cost of transactions.

3.	Eliminating Extreme Money-Printing: A government may be able to bail out debt or devalue its currency by printing more money. This is like bandaging a broken leg. It not only rarely solves the problem, but the harmful side effects might often outweigh the initial problem. The supply of most cryptocurrencies is finite. When all of those coins are circulating, there is no straightforward method for a central authority or the firm behind the blockchain to simply generate more coins or increase the supply.

## Conclusion

Even years after its release and development, cryptocurrency still has room for improvement and exciting advancements.

The risks are likely to decrease further as governments establish guidelines and ways to stabilise the product while retaining its unique appeal are found.

Indeed, there is little question that the impact of cryptocurrency on society will be significant.


The Impact of Cryptocurrency on Society

COTI crypto is the first enterprise-grade fintech platform that enables companies to develop their own payment solution with digitized currencies.

[COTI](/news/article/coti-crypto) (currency of the Internet) is a Layer-1 platform based on the so-called Proof-of-Trust (PoT), the consensus that integrates a directed acyclic graph (DAG) data structure with the demands linked with traditional finance (TradFi). A DAG is a data structure that enables more efficient and scalable transactions.

## What is Coti Crypto?

Basically, COTI crypto is the native token of the COTI ecosystem, with a total supply of two billion. It doesn't require PoW mining to secure the network and operates on three different mainnets: Trustchain, Ethereum, and BNB Chain.

The platform said it is focused on building "the next generation"  of digital and financial products encompassing aspects of the new digital economy.

To tackle scalability issues that most blockchains have, COTI incorporates Trustchain, a DAG-based data structure, and Proof of Work (PoW) to develop the Proof of Trust consensus mechanism.

The name of COTI DAG is "the Cluster," a distributed ledger that records transactions on the network.

But COTI DAG doesn't aggregate all transactions into blocks. Instead, transactions are lined one after the other. For a new transaction to be confirmed, the validating nodes must link it to two prior transactions.
The decision on the type of transactions that should be linked depends on their Trust Score.

According to the official explanation, “in the PoT system, validators are selected based on their trustworthiness".

That means each user and node in the Cluster is rated on their Trust Score. This is calculated based on historical behaviour, including payment statistics. The higher the Trust Score, the quicker their transactions can be processed and the lower the fees".
 
After the user transacts on COTI, the Source Selection Algorithm non-selectively designates two validating nodes with similar Trust Scores. Because of that, transactions from trusted users are usually confirmed much faster. Scalability is ensured because transactions with different Trust Scores are parallelly processed and are, therefore, more secure.

However, one must understand that when talking about the Proof of Work, in COTI, it isn’t implemented in the way we’re used to. It doesn’t depend on mining to earn trust. PoW here exists only to protect COTI from spamming attempts and encourage network users.

Finishing PoW tasks enables validators to connect the transactions to the Cluster, but it doesn't promise that this will actually happen. It depends on their Trust Scores. These are also used for setting the PoW levels that can impact transaction fee levels. With no mining required, COTI can operate with very low transaction fees.

## COTI Crypto MultiDAG layer

One can compare the COTI MultiDAG ecosystem to that of Ethereum. Few independent DAGs exist on the network, all with individual goals. They each preserve completely customized tokens and apps, but run simultaneously on the same infrastructure to increase efficiency.

The COTI MultiDAG 2.0 will allow companies, entrepreneurs, and developers to issue tokens with Trustchain-like performance, such as scalability, high throughput, low cost, etc.

Users can also construct their own stablecoins supported by cryptocurrencies, fiat money, or even exist as non-collateralized stablecoins with the MultiDAG.

One of the examples is Cardano's stablecoin Djed, of which COTI is an official issuer.

Recently, the [CEO of COTI](https://www.coti.io/team) crypto, Shahaf Bar-Geffen gave a fantastic insight into what COTI crypto represents and explained how he sees things surrounding blockchain technology in particular.

Bar-Geffen said he knows blockchain technology has expanded from a "niche and highly specialized subset of information technology" to become one of the modern era's most popular and in-demand solutions."

And COTI represents exactly that - driven partially by Web3-empowered assets such as cryptos and NFTs, COTI became a worthy actor within numerous sectors, like supply chain management. This has been a true sign of its positive utility.

Bar-Geffen said that blockchain has proven to be a secure, transparent, scalable, and trustworthy form of storing and transmitting data among a limited or unlimited number of users. They added that it is unsurprising that blockchain infrastructure spending will increase to about $20 billion by 2024.


What is Coti Crypto?