Cryptocurrency

Dogecoin Founder Refuses To Help Elon Musk, Shiba Inu’s Metaverse To Be Featured At SXSW Texas

Published

2 weeks ago

March 7, 2023

Dogecoin Founder Refuses To Help Elon Musk, Shiba Inu’s Metaverse To Be Featured At SXSW Texas

Two of the most popular meme-inspired cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), have been in the news recently for different reasons. While the co-founder of DOGE, Billy Markus, has refused to work with Elon Musk on a new decentralized social media platform, the metaverse of SHIB, called SHIB The Metaverse, is set to be showcased at a virtual reality/augmented reality exhibition in Southwest (SXSW) festival.

COVO Token has surged by 70% in the past few weeks due to growing interest in decentralized finance (DeFi) solutions after the FTX fallout. As more users adopt the Covo Finance platform, demand for the COVO Token is expected to increase, potentially leading to further price increases. COVO is the native utility token of the COVO Finance platform. Covo Finance is a decentralized spot and perpetual exchange that enables users to trade and swap popular cryptocurrencies, such as BTC, ETH, and MATIC, directly from their wallets with up to 50x leverage. The token provides several benefits, including rewards of 30% of all generated protocol fees, esCovo tokens(which can be staked to coveted to COVO), and Multiplier Points.

Dogecoin founder has Declined Elon Musk’s offer to build Decentralized Twitter

Billy Markus, one of the co-founders of Dogecoin, has declined Elon Musk’s offer to help create a decentralized social media platform known as “Twitter 2.0.” Musk recently hinted that he was working on a new project called “Twitter 2.0” that would be based on blockchain technology and offered more freedom and transparency for users. Markus tweeted that he was not interested in working with Musk or anyone else on such a project.

Markus has been a vocal critic of Musk’s influence on DOGE’s price movements and volatility. Markus’s tweet rejecting Musk’s offer sparked mixed reactions from Twitter users. Some called him foolish or jealous for missing out on a potentially lucrative opportunity. Markus has said that he no longer owns any DOGE because he sold them all in 2015 due to financial difficulties.

Unstoppable Domain is a platform that allows users to create decentralized websites and domains that are censorship-resistant and self-sovereign. Dogecoin (DOGE) has also become the latest payment option for unstoppable domains. Users can now pay for their domains with DOGE and other cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

Shiba Inu (SHIB) Metaverse to Be Featured at SXSW Texas

The metaverse of SHIB is called SHIB The Metaverse, and it consists of various hubs that offer different experiences and themes. One of these hubs is the WAGMI Temple, which stands for We Are Going to Make It. The WAGMI Temple is a spiritual and educational center where users can learn about SHIB’s history, culture, and vision12.

SHIB The Metaverse will showcase the WAGMI Temple for the first time at a virtual reality/augmented reality exhibition in Austin, Texas, in March 2023. The exhibition is part of the South by Southwest (SXSW) festival, an annual event celebrating innovation and creativity in various fields such as music, film, technology, and media12.

The exhibition will allow attendees to explore the WAGMI Temple using VR/AR devices and interact with other users and avatars. They will also be able to access exclusive content and features related to SHIB’s ecosystem, such as NFTs (non-fungible tokens), games, art, music, podcasts, and more12.

The team behind SHIB The Metaverse hopes this event will attract more attention and adoption for their project. They also hope it will inspire other developers and creators to join their community and contribute to their metaverse. They believe that SHIB The Metaverse will be a unique and innovative platform that will empower users to express themselves and have fun

The post Dogecoin Founder Refuses to Help Elon Musk, Shiba Inu’s Metaverse to Be Featured at SXSW Texas appeared first on Analytics Insight.

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Explosive Allegations: Hindenburg Research Accuses Jack Dorsey’s Block of Enabling Fraud Through Cash App’s Illicit Activities

Published

9 hours ago

March 23, 2023

Sohrab Khawas

Explosive Allegations: Hindenburg Research Accuses Jack Dorsey’s Block of Enabling Fraud Through Cash App’s Illicit Activities

Yet again Hindenburg Research’s new revelation has shocked the cryptocurrency market. According to a report published on Thursday by the investment research firm, Jack Dorsey’s digital payments startup Block has engaged in a massive fraud. After the Adani fiasco, it has now published a report alleging that Block Inc. has knowingly assisted fraud against customers and governments.

Block, formerly known as Square, is a ~$44 billion market cap company that claims to have developed a “frictionless” and “magical” financial technology with a mission to empower the “unbanked” and the “underbanked”. $SQ
(2/n) pic.twitter.com/NmL0f2MzgW

— Hindenburg Research (@HindenburgRes) March 23, 2023

Block was established in 2009 by Jim McKelvey and Dorsey. From November 2015, it has been traded as a public corporation on the New York Stock Exchange (NYSE) under the ticker code SQ.

Hindenburg, in its blog said, “Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping. The “magic” behind Block’s business has not been disruptive innovation, but rather the company’s willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics.”

The share price of Block decreased 20% after the report’s release, reaching $57.85 in premarket trading. Market analysts predict a further loss of 40–50% over the next few days if Block is unable to make any convincing defenses against the allegations. It will be interesting to see how Block shares respond to this new report from Hindenburg, especially in light of how severely Adani shares were impacted following the Hindenburg report.

Allegations against Cash App

Hindenburg Research claims that Cash App, which was co-founded by Dorsey, rejected warnings from the Secret Service, the US Department of Labor, and many state agencies, as well as internal employee concerns.

The report asserted that the Cash app is often used for illegal purposes by citing the nonprofit Polaris Project. These allegations have been refuted by Cash App, which also said that it rejects any payments connected to illegal activity.

“There are dozens of ‘Elon Musk’ and ‘Donald Trump’ fake accounts as well. A search for Cash App account holders with the name “Jack Dorsey” turns up numerous accounts, including a number with “cash tags” that could be used to mislead and scam other users,” the report said.

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Crypto news

Coinbase Vs. SEC: Who Shall Prevail In The Battle For Crypto Clarity?

Published

11 hours ago

March 23, 2023

Elena R

Coinbase Vs. SEC: Who Shall Prevail In The Battle For Crypto Clarity?

Coinbase CEO Brian Armstrong’s recent comments comparing the Securities and Exchange Commission (SEC) to “soccer refs” in a game of pickleball have caused quite a stir in the crypto community. The remarks come after the SEC issued a Wells Notice to Coinbase, which usually precedes an enforcement action.

Imagine you’ve got both football and soccer refs on the field, but we’re actually playing pickleball (fastest growing new sport in America). The refs can’t really agree on the rules of this new game, and one of them decides to change a call they made back in April 2021.
— Brian Armstrong (@brian_armstrong) March 22, 2023

Lack of regulatory clarity to blame

Armstrong has been vocal about the lack of clarity from US regulators when it comes to crypto regulation. He has argued that the SEC has not been fair, reasonable, or even demonstrated a seriousness of purpose in its engagement with digital assets.

This sentiment is reflected in a recent tweet by Coinbase’s Chief Legal Officer, Paul Grewal, who claimed that the SEC provided “no clear rule book” on crypto regulations and that efforts to engage with the SEC are met with silence or enforcement actions

The truth is that today there is no clear rule book from the SEC on crypto, and efforts to engage with the SEC are met with silence or enforcement actions. They have not followed a good faith rulemaking process with industry, as required under the APA. 10/15
— paulgrewal.eth (@iampaulgrewal) March 22, 2023

Crypto community rallies behind Coinbase

The crypto community has widely condemned the SEC’s recent actions against Coinbase, with many agreeing that the regulator has reversed its earlier position regarding the exchange. There is a growing sense that the SEC is failing to provide the clarity and consistency that the industry needs to thrive. Many have thrown their support behind Coinbase, with some suggesting that the firm is fighting on behalf of the entire US crypto industry.

They argue that an unclear regulatory environment is driving activity offshore and that greater clarity is needed to ensure that the U.S. remains competitive in the rapidly growing crypto market.

Netizens Supports Coinbase

According to Jake Chervinsky, Chief Policy officer of the Blockchain Association, Coinbase has put in a lot of effort to obtain regulatory clarity from the SEC. However, the SEC has given Coinbase a Wells notice, which is disappointing but expected from an agency that primarily regulates through enforcement.

Fortunately, Coinbase is prepared to fight back and has a strong legal position. It’s important to remember that the SEC only makes allegations and doesn’t create laws. Ultimately, the courts will determine if the SEC’s allegations are accurate, and in this case, the SEC may be incorrect.

Coinbase has spent an extraordinary amount of time and resources working in good faith to seek regulatory clarity from the SEC.
The idea that they’d be rewarded with nothing but a Wells notice is sad, but not surprising from an agency best known for regulating by enforcement. https://t.co/BZ4a9AefEF

— Jake Chervinsky (@jchervinsky) March 22, 2023

Tony Edward, The host of Thinking Crypto Podcast, alleges that the regulator, Gary Gensler, is corrupt and had meetings with Sam Bankman-Fried and FTX officials multiple times, with the intention of creating a monopoly despite the ongoing fraud. He also claims that despite the SEC approving Coinbase’s public listing, they are now attacking the company.

Remember folks, corrupt regulator @GaryGensler had Sam Bankman-Fried and FTX officials in his office multiple times and was about to make them a monopoly despite the massive fraud that was happening.
The SEC green lighted Coinbase going public and is now attacking them.…

— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) March 23, 2023
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Justin Sun was also charged with fraud and selling unregistered securities by SEC. However, in a recent tweet, he expressed confidence that the SEC’s legal complaint against his company lacks merit. He revealed that despite the legal hurdle, his company is still focused on building a decentralized financial system.

Furthermore, he acknowledges that the digital assets’ regulatory framework is still in its early stages and needs development. His company is willing to work with governments and regulatory bodies to establish clear guidelines for the crypto industry. Interestingly, Dominica recently adopted TRX and BTT as legal tender, indicating the growing significance of cryptocurrency.

The SEC’s civil complaint earlier today is just the latest example of actions it has taken against well known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 23, 2023

With the SEC breathing down their necks, Coinbase is prepared to go all out in their legal battle. The crypto community has rallied behind them, with many pointing out the regulatory inconsistencies hurting the US crypto market.

Despite this lack of clarity, Coinbase remains determined to see the industry thrive and is open to collaborating with regulators to create clear guidelines. The stakes are high, but Coinbase is ready to take on the challenge and defend its position.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Crypto news

Hindenburg Research Hints at Another ‘Big and Huge’ Report After the Adani Fiasco

Published

12 hours ago

March 23, 2023

Sohrab Khawas

Hindenburg Research Hints at Another ‘Big and Huge’ Report After the Adani Fiasco

The US-based short seller Hindenburg Research, which had previously published a report flagging the Adani group for manipulating the stock market and using unlawful offshore tax havens, announced on Thursday that it will shortly publish new research. The new report is expected to be “another huge one,” and the short-seller withheld any other information.

Taking to Twitter, they wrote, “New report soon—another big one.” As Hindenburg hinted in a new major report, banking stocks are already under pressure from the US financial crisis and the 25 basis point Fed rate hike.

New report soon—another big one.
— Hindenburg Research (@HindenburgRes) March 22, 2023

A few weeks ago, in a report dated January 24, the US short-seller accused the Adani group of “brazen stock manipulation and accounting fraud” and of employing several offshore shell firms to manipulate stock prices. The Gautam Adani-led group was the target of various other accusations in the report.

The company is said to have “substantial debt,” which involves pledging shares as collateral for loans, according to the report, and it added that the group’s auditor “hardly seems capable of complex audit work.”

The Adani group replied to the allegations in 413 pages and a part of their reply read, “ The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive. This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors.”

This update comes at a time when the bank runs, regulators backlash and the fed’s interest hikes have gripped the economy. The crypto-focused bank, Silvergate Capital first announced insolvency, and then Silicon Valley Bank began scaring investors and account holders. However, then the regulators then took control and the rest is history.