{"id":12120,"date":"2023-05-27T22:11:44","date_gmt":"2023-05-27T22:11:44","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12120"},"modified":"2023-05-27T22:11:46","modified_gmt":"2023-05-27T22:11:46","slug":"ftx-2-0-coming-up-multichain-fud-worldcoin-raises-six-figures","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12120","title":{"rendered":"FTX 2.0 coming up, Multichain FUD, Worldcoin raises six figures"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<h2 id=\"h-top-stories-this-week\"><strong>Top Stories This Week<\/strong><\/h2>\n<h2 id=\"h-binance-suspends-deposits-for-bridged-tokens-seeks-clarity-from-multichain-team\"><strong><strong>Binance suspends deposits for bridged tokens, seeks clarity from Multichain team<\/strong><\/strong> <\/h2>\n<p>Crypto exchange Binance suspended deposits for 10 bridged tokens following days of uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges in the past few days, with little information from Multichain\u2019s team about the ongoing issues. In a tweet from May 24, Multichain said that some cross-chain routes were unavailable \u201cdue to force majeure,\u201d noting that the time for service restoration was unclear. Binance was not the only company to take steps amid the unexplained downtime \u2014 the Fantom Foundation removed 449,740 MULTI ($2.4 million) from liquidity on SushiSwap. The MULTI token plunged during the week. On Twitter, rumors circulated that Multichain\u2019s team had been arrested by the Chinese police, with $1.5 billion of smart contract funds under authorities\u2019 control.<\/p>\n<h2 id=\"h-ftx-2-0-launching-soon-court-filing-shows-a-reboot-plan-in-the-works\"><strong>FTX 2.0 launching soon? Court filing shows a reboot plan in the works<\/strong><\/h2>\n<p>Bankrupt crypto exchange FTX\u2019s revival plans could soon become reality. According to court filing documents, FTX\u2019s new management had a series of meetings with creditors and debtors in the past month, reviewing plans for restarting the exchange and finalizing the material required for its rebooting as FTX 2.0. The documents also suggest FTX could soon enter into a bidding process. Previous reports pointed out that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.<\/p>\n<h2 id=\"h-sam-altman-s-worldcoin-secures-115m-for-decentralized-id\"><strong>Sam Altman\u2019s Worldcoin secures $115M for decentralized ID<\/strong><\/h2>\n<p>The bear market didn\u2019t stop Worldcoin from raising $115 million this week in a Series C round led by Blockchain Capital. Funds will be used to support its decentralized World ID and recently released gas-free crypto wallet, World App. The project was co-founded by OpenAI CEO Sam Altman and built by Tools for Humanity developers to address issues emerging from the exponential complexity of artificial intelligence, such as proving personhood. Worldcoin\u2019s token, WLD, is not available in the United States and some other countries.<\/p>\n<h2 id=\"h-fahrenheit-wins-bid-to-acquire-assets-of-crypto-lender-celsius\"><strong>Fahrenheit wins bid to acquire assets of crypto lender Celsius<\/strong><\/h2>\n<p>Crypto consortium Fahrenheit won the bidding war for insolvent crypto lender Celsius Network. The bid incorporates Celsius assets previously valued at nearly $2 billion, including institutional loan portfolio, staked cryptocurrencies, mining unit, alternative assets, and over $450 million in liquid cryptocurrency. Behind the consortium are the venture capital firm Arrington Capital and crypto miner US Bitcoin Corp. While Celsius and its creditors have accepted the bid, regulatory approval is still required to complete the acquisition. Celsius filed for bankruptcy protection in July 2022, contributing to a prolonged \u201ccrypto winter\u201d in the industry.<\/p>\n<p>Earlier this week, the crypto community celebrated the 13th anniversary of the first Bitcoin transaction when developer Laszlo Hanyecz made the first documented purchase of a good with BTC. The exchange involved 10,000 BTC \u2014 worth $41 at the time \u2014 and two pizzas from a local restaurant in Florida. The milestone turned into an annual celebration for the crypto space, with community members reminiscing on how far the industry has come since the transaction. Over a decade on, the pioneer cryptocurrency network faces a new wave of disruption thanks to the advent of Ordinals, highlighting the need for developers and capital to build layer-2 solutions.<\/p>\n<h2 id=\"h-winners-and-losers\"><strong>Winners and Losers<\/strong><\/h2>\n<p>At the end of the week, Bitcoin <strong>(<\/strong><strong>BTC<\/strong><strong>)<\/strong> is at <strong>$26,737<\/strong>, Ether <strong>(<\/strong><strong>ETH<\/strong><strong>)<\/strong> at <strong>$1,831<\/strong> and <strong>XRP<\/strong> at <strong>$0.46<\/strong>. The total market cap is at <strong>$1.12<\/strong> trillion, according to CoinMarketCap.<\/p>\n<p>Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Render Token <strong>(RNDR) <\/strong>at 16.86%, Kava <strong>(KAVA) <\/strong>at 10.71% and Huobi Token <strong>(HT) <\/strong>at 9.44%.\u00a0<\/p>\n<p>The top three altcoin losers of the week are GMX (<strong>GMX) <\/strong>at -13.35%, Sui <strong>(SUI) <\/strong>at -12.38% and Fantom <strong>(FTM) <\/strong>-11.00%.<\/p>\n<p>For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis.<\/p>\n<p>Read also<\/p>\n<p>                            Features<\/p>\n<p>You can now clone NFTs as \u2018Mimics\u2019: Here\u2019s what that means<\/p>\n<p>                            Features<\/p>\n<p>Wild, Wild East: Why the ICO Boom in China Refuses to Die<\/p>\n<h2 id=\"h-most-memorable-quotations\"><strong>Most Memorable Quotations<\/strong><br \/><\/h2>\n<p>\u201cI don\u2019t think many people understand the concept of other people owning their data, so I think blockchain will be a big deal in the future.\u201d<\/p>\n<p><strong>Gary Vaynerchuck<\/strong><strong>, crypto entrepreneur<\/strong><\/p>\n<p>\u201cDon\u2019t overload Ethereum\u2019s consensus.\u201d<\/p>\n<p><strong>Vitalik Buterin<\/strong><strong>, co-founder of Ethereum<\/strong><\/p>\n<p>\u201cYou have every right to do Bitcoin. The only reason these people in Washington don\u2019t like it, is because they don\u2019t control it.\u201d<\/p>\n<p><strong>Ron DeSantis<\/strong><strong>, governor of Florida<\/strong><\/p>\n<p>\u201cThis experience [with Ledger Recover] has been very humbling. [\u2026] We understand the community\u2019s direction and apologize for the miscommunication.\u201d<\/p>\n<p><strong>Pascal Gauthier<\/strong><strong>, CEO of Ledger<\/strong><\/p>\n<p>\u201c[Bitcoin is] so decent. There is no marketing department, there is no foundation, there\u2019s no incentive. That\u2019s why it is grassroots decentralized and most decentralized driven.\u201d<\/p>\n<p><strong>Muneeb Ali<\/strong><strong>, CEO of Trust Machines<\/strong><\/p>\n<p>\u201cBy embracing AI responsibly, we can transform policies to better serve our societies.\u201d<\/p>\n<p><strong>Sabin Dima<\/strong><strong>, CEO of Humans.ai<\/strong><\/p>\n<h2 id=\"h-prediction-of-the-week\"><strong>Prediction of the Week\u00a0<\/strong><\/h2>\n<p><strong>Bitcoin holds $20K realized price as analyst eyes \u2018big moves coming\u2019<\/strong><\/p>\n<p>Bitcoin is at 10-week lows, but one longtime analyst is telling investors to ignore the \u201cpanic.\u201d<\/p>\n<p>In a Twitter update on May 25, Philip Swift, creator of data resource LookIntoBitcoin and co-founder of trading suite DecenTrader, eyed a BTC price breakout still in progress. \u201cA lot of panic in the market today,\u201d Swift summarized.<\/p>\n<p>BTC\/USD is currently testing the mettle of key moving averages against a backdrop of traders\u2019 downside targets extending to $25,000 and below, Cointelegraph reported. Even Swift believes that Bitcoin could still return to as low as $20,000 in the coming months, despite remaining bullish on higher timeframes.<\/p>\n<p>\u201cZooming out, bitcoin is actually performing well and as expected for this stage of cycle. A clear BTC breakout above Realized Price,\u201d he added, referring to the aggregate price at which the BTC supply last moved. It currently sits at just above $20,000, according to LookIntoBitcoin.<\/p>\n<h2 id=\"h-fud-of-the-week\"><strong>FUD of the Week\u00a0<\/strong><\/h2>\n<h3 id=\"h-\"><\/h3>\n<h2 id=\"h-defi-protocol-wdzd-swap-exploited-for-1-1m-certik\"><strong>DeFi protocol WDZD Swap exploited for $1.1M: CertiK<\/strong><\/h2>\n<p>DeFi protocol WDZD Swap was recently exploited for $1.1 million worth of Binance-Pegged Ether. According to a report from blockchain security firm CertiK, a known exploiter labeled \u201cFake_Phishing750\u201d by BSCScan created the contract that later drained the tokens from the protocol. Once the malicious contract was created, the attacker used it to perform nine transactions that drained the funds from the Swap LP contract where the ETH had been deposited. Fake_Phishing750 was responsible for an attack on another protocol called \u201cSwap X,\u201d CertiK stated.<\/p>\n<h2 id=\"h-eth-can-be-both-a-security-and-a-commodity-former-cftc-commissioner-says\"><strong>ETH can be both a security and a commodity, former CFTC commissioner says<\/strong><\/h2>\n<p>Ethereum\u2019s native token, Ether, may be both a commodity and a security, the former commissioner of the United States Commodities Futures Trading Commission, Dan Berkovitz, has claimed. The CFTC regulates futures and swaps on commodities, while the SEC solely regulates securities. However, if something is a commodity in the eyes of the CFTC as well as a security under the SEC\u2019s definition, it\u2019s entirely possible for both regulatory bodies to have jurisdiction over it.<\/p>\n<h2 id=\"h-binance-denies-fund-mismanagement-allegations-calls-it-conspiracy-theory\"><strong><strong><strong><strong>Binance denies fund mismanagement allegations, calls it \u2018conspiracy theory\u2019<\/strong><\/strong><\/strong><\/strong><\/h2>\n<p>Binance denied allegations of mismanagement of customers\u2019 funds, in response to a Reuters report claiming the crypto exchange commingled customer\u2019s funds with company revenue. As per Reuters\u2019s sources, Binance allegedly blended billions of dollars of corporate revenue and customer funds between 2020 and 2021, with the majority of commingling taking place on accounts held at now-bankrupt Silvergate Bank. On Twitter, Binance chief of communication Patrick Hillmann called the report \u201c1000 words of conspiracy theories.\u201d<\/p>\n<h2 id=\"h-best-cointelegraph-features\"><strong>Best Cointelegraph Features<\/strong><\/h2>\n<h2 id=\"h-getting-a-home-loan-using-crypto-collateral-insane-or-just-risky\"><strong>Getting a home loan using crypto collateral: Insane or just risky?<\/strong><\/h2>\n<p>Crypto investors are often wealthy on paper but can\u2019t get a home loan from a bank. But putting your Bitcoin up as collateral for a mortgage is super risky.<\/p>\n<h2 id=\"h-ethereum-is-woefully-undervalued-but-growing-more-powerful-defi-dad-hall-of-flame\"><strong><strong>Ethereum is \u2018woefully undervalued\u2019 but growing more powerful: DeFi Dad, Hall of Flame<\/strong><\/strong><\/h2>\n<p>DeFi Dad has dabbled in everything from selling cameras to delivering food, but it was his crypto insights that amassed him a whopping 152,100 followers on Twitter.<\/p>\n<h2 id=\"h-crypto-city-guide-to-osaka-japan-s-second-biggest-city\"><strong>Crypto City: Guide to Osaka, Japan\u2019s second-biggest city<\/strong><\/h2>\n<p>Decentralized ledger technology is arguably everything that AI is not: transparent, traceable, trustworthy and tamper-free. Could it offset the opaqueness of AI\u2019s black-box solutions?<\/p>\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<h2 class=\"author__name\">Editorial Staff<\/h2>\n<p>Cointelegraph Magazine writers and reporters contributed to this article.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/ftx-2-0-coming-up-multichain-fud-and-worldcoin-raises-six-figures-hodlers-digest-may-21-27\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top Stories This Week Binance suspends deposits for bridged tokens, seeks clarity from Multichain team Crypto exchange Binance suspended deposits for 10 bridged tokens following days of uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges in the past few days, with little information from Multichain\u2019s team about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12120"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12120\/revisions"}],"predecessor-version":[{"id":12122,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12120\/revisions\/12122"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12121"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}