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On Dec. 4, Vitalik Buterin responded to a question from a popular community member who said they had grown tired of the scammers and fraudsters in crypto after nine years. Crypto is used primarily as a vehicle for speculation at the moment, and that is where fraudsters thrive. The FTX meltdown was caused by a bank run catalyzed by major overleveraging and lending. Buterin suggested distancing from trading and investing and focusing on technology and applications. “I’d recommend increasing your distance from trading/investing circles, and getting closer to the tech and application ecosystem.” I’d recommend increasing your distance from trading/investing…

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A Chinese court in the city of Hangzhou has said nonfungible token (NFT) collections are online virtual property that should be protected under Chinese law.  A Nov. 29 article posted by the Hangzhou Internet Court — a specialist internet court — shared by crypto blogger Wu Blockchain on Dec. 5 reveals the favorable language for NFTs after the country began to crack down on cryptocurrencies in 2021, leaving NFTs in a legal grey area. Translated, the article says NFTs “have the object characteristics of property rights such as value, scarcity, controllability, and tradability” and “belong to network virtual property” that…

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BinaryX’s token BNX, a blockchain game under Binance Labs, has fallen by over 50% within the last 24 hours after peaking at its all-time high of $175 over the previous ten days. BNX has increased more than 10 times against the trend throughout this year’s bear market because of its tight control. BNX altcoin developer team issues statement In the last 24 hours, many users have stopped trading on Pancakeswap’s BNX LP trading pair. One of the allegations was that the developers made sales. In respect to the matter, the BinaryX Token (BNX) altcoin’s official Twitter account also issued the…

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Is it doom and gloom for crypto engagement and sports? The answer from top crypto executives is a mixed bag as the Sports Business Journal Dealmakers Conference inquiries from some of the highest ranked sports executives in the business. Meanwhile, the World Cup heads to knockout rounds and departs group stages with little major fanfare in the crypto space. And FTX’s demise has led Formula 1 to take another glance at the risk profile surrounding cryptocurrency partners. Each week, we review the biggest stories in sports and crypto with The Sports Slice – let’s dive into the past week of…

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This is an opinion editorial by Pierre Gildenhuys, the co-founder of a Hong Kong-based social environment tech startup. Proof-of-work is the consensus mechanism that the Bitcoin protocol uses. On a fundamental level, this means that work has to be done to prove the transactions that have transpired on the network are valid. Proof-of-work functions with specialized “computers” known as application-specific integrated circuits (ASICs), which input transaction data, information from the previous block hearer and a nonce (random number) to guess the result of hash functions. Hash functions are one-directional mathematical equations, so it is impossible to figure out a resulting…

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Binance pledges $2 billion for distressed crypto projects, the IMF cautions Africa on crypto adoption and Miami nightclubs mourn the absence of crypto entrepreneurs. These stories and more this week in crypto. Binance to Help Distressed Crypto Projects Binance, the world’s largest crypto exchange, is committing up to $2 billion to help crypto firms facing hardship following the bankruptcy of FTX. The recovery fund is looking to back companies and projects over the next 6 months that, through no fault of their own, are facing significant, short-term, financial difficulties. The fund has already received 150 applications from companies seeking help.…

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Cardano (ADA) exited the month of November with its total market capitalization and its blockchain’s total value locked (TVL) taking a heavy hit from the FTX collapse that dragged down the entire crypto market. According to data from CoinMarketCap, when last month ended, ADA’s overall valuation was at $10.7 billion, 23% lower than the $13.9 billion market cap it had towards the end of October. On a yearly basis, the crypto asset witnessed 69% decline in this category. In terms of TVL, the Cardano network tallied a total of $58.8 million in November 30. The value was lower by 16%…

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Crypto adoption is unrelenting thanks to its decentralized nature, which means there is no single point of control or failure. Cryptocurrency is also global, so it can be used by anyone, anywhere. Additionally, transactions made with cryptocurrency are typically very fast and cheap. Grab your copy of our latest Quarterly Intelligence Report for Q3 2022 before your competitors and stay up-to-date with crucial developments in the Forex and CFD industry! But, it is still relatively new and thus very volatile. And, because crypto is not yet widely accepted, it can be difficult to find places to spend it. Most importantly,…

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Embattled crypto broker Genesis and its parent company Digital Currency Group (DCG) owe users of Gemini Earn $900 million, the Financial Times reported on Saturday, citing anonymous sources.Gemini had used Genesis as its primary lending partner for its high-yield Earn service, which allowed customers to deposit their cryptocurrency in exchange for interest, similar to a bank account, offering returns of between 0.45% and 8% depending on which token you deposited.According to the FT, Gemini is working as part of a creditors’ committee to regain the funds from Genesis and DCG.The Gemini Earn service has experienced severe disruption since the FTX…

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The FTX collapse impacted the whole crypto ecosystem, but this might have been deeply felt in Web3 gaming because of the ties between Solana and FTX. Some believe the collapse will bring more attention to decentralized projects, while others think GameFi relies on centralization to attract Web2 gamers. On Nov. 24, Tegro Earn hosted a Twitter Space featuring Footprint Analytics, Tegro Earn, KCC Games Guild, and Earn Alliance to talk about the impact of the FTX collapse on Web3 Gaming. Here are the key takeaways.What does this mean for the big picture?More investors and market participants are losing trust in…

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