Nexus Group Channel

Crypto exchange CoinFlex plans to recover $84 mn from an investor Cryptocurrency exchange, CoinFlex is in dismay, and all because of one investor. The crypto trading platform's co-founders Sudhu Arumugam and Mark Lamb on Saturday released a detailed statement in which they said CoinFlex plans to recover $84 million through legal proceedings against this individual. In their statement, CoinFlex founders said, "We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him." Source @Bitcoin_Ethereum_Altcoins

Brazilian Fintech PicPay to Launch a Stablecoin And a Cryptocurrency Exchange With more than 62.9 million registered users, PicPay is one of Brazil’s most prominent startups. Until today’s announcement, the fintech has focused on offering a payments service that worked with usernames (similar to Cashapp). It also supported invoice payment services and gift card purchases. But the fiat world is no longer enough for PicPay. The company unveiled the creation of a new Crypto and Web3 business unit, focused on developing financial services and solutions to bridge the crypto ecosystem and the world of mainstream finance. First, PicPay announced the launch of a cryptocurrency exchange. The platform is expected to be available next August and will initially support Bitcoin, Ethereum, and the Paxos USDP stablecoin. Source @Bitcoin_Ethereum_Altcoins

Ethereum Scaling Solution StarkNet Announces Token Launch for September According to details seen by Decrypt, the token is part of a two-pronged agenda to become a "public good like Ethereum or the Internet." The second aspect of today's announcement revolves around the launch of the StarkNet Foundation, a non-profit organization. The StarkNet Foundation will see to it that the technology is stewarded towards its goal of wide adoption. StarkNet is the name of the layer-2 scaling technology for Ethereum and StarkWare is the development team building it. The technology itself leverages roll-up technology to improve the network's scalability.As for the token, it will serve three purposes: To pay transaction fees on StarkNet, to serve as a governance token, as well as to support the technology's consensus mechanism. Source @Bitcoin_Ethereum_Altcoins

Tether reveals how it returned funds to Celsius following liquidation On June 15, Paolo Ardoino, CTO of Tether and Bitfinex, disclosed that Tether had liquidated a loan given to Celsius “without loss.” Tether has confirmed the liquidation process and revealed that it “returned the remaining part [of the loan] to Celsius.” Ardoino also added that the liquidation was “carried out in a way to minimize… any impact on the markets.” This may have been through OTC trades, adding to a hedged position, or possibly increasing the new of Bitcoins in its reserves. If Tether required a lower level of collateralization, it could have made a loss within the current turbulent and volatile market. However, Ardoino confirmed that the loan was liquidated while it was still above 100%. This means that even with high slippage due to low liquidity, Tether would have been able to exit the position safely. Source @Bitcoin_Ethereum_Altcoins

Can Bitcoin reclaim $30,000 by September 2022 Since the price of Bitcoin (BTC) has been fluctuating in and around the $20,000 zone for the past several weeks, investors are curious to see whether the flagship digital asset can continue to push on to prior highs in the coming months. The setup is a technical indicator that alludes to the possibility of a bullish turnaround following significant downward movements. The cryptocurrency market will then enter the last month of summer in September, and many investors are wondering whether Bitcoin can hit $30,000, a key psychological level in the past, before heading into the fall. Bitcoin is now trading at $20,552, which is slightly less than $9,500 away from this price, according to CoinMarketCap data.Whatsmore, Bitcoin is also 5.02% in the last week, meaning that it currently has a market cap of $393 billion. Source @Bitcoin_Ethereum_Altcoins

Vitalik Buterin Claps Back At The ‘Ethereum Is A Security’ Argument The ‘Ethereum is a security’ debate has been going on for a while now. With the move to proof of stake from proof of work closer than ever, the thoughts and think pieces around these have ramped up significantly over the last couple of weeks. Vitalik Buterin has responded to those who keep saying that Ethereum is a security. This school of thought has arisen from the fact that Ethereum is now moving to a new proof mechanism and a lot of personalities have argued that this makes the digital asset a security. 🔍 More Crypto News

BIS Committee and IOSCO issue guidance for regulation of stablecoin arrangements The principle of “same risk, same regulation” for crypto received further confirmation with the release Wednesday of new guidance on stablecoin arrangements (SAs). The guidance, issued by the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO). The PFMI was created in response to the 2008 financial crisis and published in 2012. All the standards apply to SAs under the new guidance, although the authors chose to elaborate on the application of only four out of the 24 principles and key considerations: governance, risk management, settlement finality and money settlements. 🔍 More Crypto News

JP Morgan: Bitcoin’s 50% Decline in Production Cost Could Further Harm its Price According to a note published Wednesday by the bank’s strategists led by Nikolaos Panigirtzoglou, the Bitcoin production cost is currently sitting at $13,000, down from $24,000 at the beginning of June 2022. The report pointed out that the massive decline could hurt the digital asset’s price. The strategists further noted that the drop in the production cost estimate is almost entirely due to a decrease in electricity use as per data from the Cambridge Bitcoin Electricity Consumption Index. 🔍 More Crypto News

Ethereum Devs Pencil In September Date For Merge Members of the Ethereum community have set their sights on a new date for the blockchain's long-awaited Merge.Come September 19, the network is expected to merge from its current state as a proof-of-work (PoW) blockchain to an energy-efficient proof-of-stake (PoS) network. The Beacon Chain is the PoS version of Ethereum currently running in parallel to the PoW-based mainnet. It launched in December 2020, marking the beginning of the multi-stage upgrade.The Merge event planned for September will effectively move Ethereum activity over to the Beacon Chain. 🔍 More Crypto News