Decentralized Trading Platform Slingshot Launches Open Beta On Polygon (MATIC)

Decentralized exchange (DEX) aggregator Slingshot has launched on Ethereum’s layer two protocol Polygon network, per an official tweet.

Slingshot Chooses Polygon Over Ethereum

According to the rebranded DEX platform (formally DEX.AG), the upgrade will enable users to execute faster trades, pay fewer transaction fees, and get the best prices on Polygon. This is following a run-up of DeFi platforms launching in the past year. Slingshot is in open beta on Polygon.

Slingshot noted that its reason for using the Polygon instead of launching on the Ethereum blockchain was due to high gas fees and slow transaction issues the decentralized finance (DeFi) facilitator experienced. Polygon is a multichain solution that runs alongside Ethereum’s network.

The Ethereum network is the second most active blockchain ecosystem after Bitcoin. In a year that has seen cryptocurrencies gain more followers, the Ethereum network has attracted more developers riding on the decentralized finance (DeFi) and non-fungible tokens (NFT) craze.

But this adoption has brought up issues previously left unattended. First, the insane gas fees users have to pay before executing a trade on the platform.

Another major hiccup has been the network congestion issues prompted by the explosion of NFTs. NFTs, which are predominantly built on the Ethereum network, are unique virtual assets stored on the blockchain. Recent successes in the digital collectibles circle have seen the Ethereum network battle with slow transaction speeds.

These issues have seen the upsurge of layer two protocols like Polygon. Given their swift execution timelines and lower gas fees, developers are now shifting to alternative platforms to access the burgeoning world of DeFi.

Speaking on the recent announcement, Slingshot’s CEO, Clinton Bembry noted that the DEX platform ran multiple pilots on both the Ethereum and Polygon network for some time before settling with Polygon. All trades would now be executed on the Polygon network, while the Ethereum network integration would come much later.

ConsenSys Launches Developer-friendly Tools

Ethereum is aware of the challenges facing its platform and is reportedly preparing to migrate to a proof-of-stake (PoS) protocol in the coming months. According to founder Vitalik Buterin, Ethereum 2.0 will see the end of high gas fees and network congestion and make the Dapps facilitator scalable.

Meanwhile, Ethereum software studio ConsenSys is working to make the Ethereum platform more developer-friendly. According to the blockchain company, it will be adding tools to scaling solution Polygon to make it easier to develop and run dapps on the platform.

The tools named Infura and Truffle would be added to its already extant Ethereum and IPFS offering. Infura would allow developers to connect to the Ethereum network using an application programming interface (API) without running a full node.

Its Truffle tool would help developers build and deploy dapps easily like boilerplate projects.

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Author: Jimmy Aki

Block.one Raises $10B from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year

Block.one Raises $10 Billion from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year

After the record $4 billion ICO, Block.one has again managed to raise $300 million from Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and Nomura bank. EOS, meanwhile, is still down 60% from its 2018 ATH in the ongoing bull market.

Block.one, the software company behind the cryptocurrency EOS, has announced the launch of a new subsidiary Bullish Global.

Planned to be released this year itself, “Bullish” is a new blockchain-based cryptocurrency exchange. The exchange will be offering new automated market making, lending, and portfolio management tools, reads the official announcement on Tuesday.

The exchange will be utilizing the EOSIO software and EOS public blockchain “to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed” on the platform.

Block.one has already raised more than $10 billion for this exchange.

While the initial investment of $100 million in cash, 164,000 BTC, and 20 million EOS came from Block.one itself, $300 million were raised from the big names like Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Mike Novogratz’s Galaxy Digital, Louis Bacon, Richard Li, Christian Angermayer, and global investment bank Nomura.

“Bullish balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey,” said Thiel.

Block.one is the same company that raised a record $4 billion during the 2017 initial coin offering (ICO) mania and received backlash from ESO investors who also filed a lawsuit against it for misleading investors in believing that EOS would be decentralized.

Since its launch at the peak of the last bull market in Jan. 2018, EOS has fallen from the top 10 cryptos list to sit at 23rd place with just over $9.3 billion market cap. As of writing, EOS is trading around $10, still down 60% from its all-time high of $22.71 in April 2018. EOS 54.08% EOS / USD EOSUSD $ 14.28
$7.7254.08%
Volume 19.71 b Change $7.72 Open $14.28 Circulating 953.3 m Market Cap 13.61 b
9 h Block.one Raises $10 Billion from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year 11 h Tech Stocks Dragging Bitcoin, Ether, & Crypto’s Down, But ‘Fundamentals Still Strong’ 6 d Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange

The company is launching the exchange Bullish which will have Peter Thiel, Alan Howard, Richard Li, and Christian Angermayer as its senior advisors.

“Successfully bridging the gap between digital assets and institutional actors will shape the future of the financial sector as we witness greater mainstream adoption of digital currencies,” said Howard.

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Author: AnTy

VanEck Files for the First Ethereum ETF in the US

While awaiting a decision on its Bitcoin ETF, which the Securities and Exchange Commission has postponed to July, VanEck filed for an Ethereum exchange-traded fund (ETF).

If approved, the VanEck Ethereum Trust would hold Ether and value its shares daily based on the MVIS CryptoCompare Ethereum benchmark rate and list those shares on the Cboe BZX Exchange, as per the filing with the SEC.

While the first one in America, already three Ether ETFs are trading in Canada after making their debut last month.

“Canada approving Ethereum ETFs so quickly on the heels of Bitcoin ETFs is part of the reasoning for this filing,” said James Seyffart, ETF analyst for Bloomberg Intelligence.

“I don’t see the SEC approving an Ethereum ETF until we have a Bitcoin ETF that has already begun trading. It’s possible that other issuers will follow suit because VanEck has been leading the charge with these filings in the last five months or so.”

While at least eleven companies are looking to launch a crypto ETF, US regulators have yet to approve a single one. Nine companies have filed for applications since the end of 2020.

Meanwhile, a small exchange-traded fund that changed its ticker to BTC last month is now reversing the move.

The issuer of ClearShares Piton Intermediate Fixed Income ETF said in a brief filing with the SEC this week that it will revert to the ticker PIFI from May 11, without any explanations for the same.

While initially, it looked like a bull market thing, a company trying to ride the coattails of crypto’s success, later, as we reported, there was speculation that Grayscale Investment might be the one looking to launch its ETF through ClearShares.

Grayscale said at the time that it was taking a stake in ClearShares and then later announced that it was “100% committed” its GBTC product into an ETF.

This switch to ETF resulted in assets in the Piton Intermediate Fixed Income ETF almost doubling to $62 million, with all of the new inflow coming in a single day shortly after the symbol change to BTC.

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Author: AnTy

Uniswap V3 Recording $265M in Liquidity and $70M in Volume After Going Live on the Ethereum Mainnet

Popular decentralized exchange (DEX) Uniswap has finally deployed v3 to the Ethereum manninet. The official announcement states,

“Uniswap v3 is the most powerful version of the protocol yet, with Concentrated Liquidity offering unprecedented capital efficiency for liquidity providers, better execution for traders, and superior infrastructure at the heart of decentralized finance.”

The pool interface now supports the creation of Uniswap v3 positions with multiple fee tiers and concentrated liquidity ranges. Developers can start building on Uniswap v3.

Dominating the DEX space with more than 50% share, Uniswap also accounts for 80% of all daily DeFi active users. Just last month, Uniswap achieved the milestone of surpassing $10 billion in weekly trading volume.

Overall, April was a record month for DEXs, with total volume hitting nearly $77.5 billion.

Meanwhile, UNI is trading around $42, down 6.7% from its all-time high of almost $45 earlier this week. In the past 8 months, the token has soared about 4,000%.

Defined as a “profound” step forward for DeFi, V3 offers capital efficiency for LPs and improved execution for traders.

As for Uniswap V2 protocol, it will remain functional and available for use as long as the Ethereum network continues to exist; it is expected over time the advantages of Uniswap v3 will draw a majority of liquidity and trading volume away from v2, reads the FAQ.

The liquidity on the latest version is currently $265 million with a volume of just over $70 million, as per Uniswap.info.

Interestingly, each Uniswap v3 LP position is represented as an NFT and comes with a unique piece of on-chain generative art. But “Look out for rare sparkles!”

To counter the high gas prices on Ethereum, Uniswap will also be launching v3 on a Layer solution called Optimism within the next few months.

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Author: AnTy

WallStreetBets Launches Blockchain-Powered Exchange Traded Portfolios, Ran Through A DAO

WallStreetBets Launches Blockchain-Powered Exchange Traded Portfolios, Ran Through A DAO

Popular Reddit community WallStreetBets has announced a new product launch dubbed WSB DApp. The group plans to create a blockchain-based app aimed at combating market manipulation in traditional finance.

WallStreetBets Introduces WSB DApp

This will see the largely pseudonymous WallStreetBets group move into the world of decentralization and blockchain-based finance.

The initiative would be run through a decentralized autonomous organization (DAO), which is a non-hierarchical group that votes collectively on how to run a company and allocate resources based on community decisions.

According to the press release by prominent figures in WSB, including founder Jaime Rogozinski, WSB has been working with blockchain experts to build exchange-traded portfolios (ETPs), which, unlike index funds, can be easily decentralized.

“Moreover, by harnessing the transparency and community consensus mechanisms provided by blockchain and smart contract technology, WallStreetBets ETPs may serve as an alternative to the kind of market manipulation perpetuated by opaque and politically connected banks and hedge funds.”

The WSB DApp’s launch follows the recent announcement of the $WSB governance token.

WSB recently launched the $WSB token on community-focused fundraising platform BSCstarter through an initial dex offering (IDO).

The Token offering became eligible following votes from the BSCstarter community. The $WSB token would be used by holders to vote on how and when to rebalance a portfolio of stock investments.

WallStreetBets Gaining Momentum

The group has gone from just being a subreddit group to a worldwide phenomenon seemingly overnight. WSB, which started with the Occupy Movement, has now gained a massive organic following on social platforms without formal leadership.

The unofficial group gained fame after crippling hedge funds by short squeezing GameStop through a coordinated move.

Now it is taking a big step toward blockchain-based finance, which is a different path from the group’s original aim of ending dependence on corrupt institutions in finance.

Meanwhile, Bloomberg reports that members of the WSB forum were recently targeted in a cryptocurrency scam that resulted in $2 million in losses.

An account called “WallStreetBets – Crypto Pumps” using the Telegram messaging service offered users the chance to buy tokens known as WSB Finance before it was listed on crypto exchanges.

The account also cajoled users into sending Binance Coin, known as BNB, or Ether to a cryptocurrency wallet controlled by the criminals in exchange for the WSB Finance coins.

However, those coins were never delivered; instead, a second message was sent out telling those who had already sent a payment that they’d have to send an equal amount again or lose their initial investment because of a problem with the bot.

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Author: Jimmy Aki

SEC Moves To Expunge XRP Holders From Ongoing Ripple Lawsuit With Latest Filing

The US Securities and Exchange Commission’s ongoing lawsuit against blockchain firm Ripple Labs and its executives has taken a new twist.

SEC Files Opposition To Motion To Intervene

In a recent release, the agency filed a motion to stop XRP holders from intervening in the ongoing lawsuit. The filing termed the “Memorandum of Law in Opposition of the Motion to Intervene” seeks to ensure no third party is involved in the ongoing case.

The government agency said this is because the movants have no stake whatsoever and cannot be called in as reliable witnesses due to their association with the defendants.

It also noted that their grievances are properly represented by Ripple Labs and the company’s chairman Chris Larsen and CEO Brad Garlinghouse.

The SEC noted that this is not the first occasion the movants have tried infusing themselves into the case, citing their first filing in the Rhodes Island District Court.

It, however, said that the XRP holders might force the agency to take up a legal case against the body of interested movants since there has not been any reason to bring them into the matter.

The SEC said that this intervention is summarily against the agency’s sovereign immunity, and if the courts decide to let them state their case, it may be forced to bring in other disgruntled investors who feel the defendants were not honest in their dealings with them.

The financial agency also explained that the movants’ cause is a lost one given the fact that whatever funds they lost following the lawsuit on secondary markets cannot be recovered as they are not a party to the case.

The SEC said the recent filing by the lead counsel for the movants Jordan Deaton lacked any new substantive argument as they have repeatedly borrowed from the defendants’ narrative of XRP not being a “security.”

It says this sustained discourse is similar to XRP’s position and shouldn’t, therefore, be allowed to stand in order not to foster delay and confusion.

The regulatory body also jabbed at Deaton’s motive, subtly stating that this could be a platform for the lawyer to gain Twitter prominence following the growing media attention surrounding the case.

Ripple Scaling Up Despite SEC Lawsuit

The SEC’s lawsuit in the closing days of 2020 adversely affected Ripple Lab’s partnerships and its utility token’s valuation in the secondary market.

Following the December filing by outgoing Chairman Jay Clayton, crypto exchanges in the US swiftly delisted the XRP token from their platforms. If that weren’t enough, key partnerships with US companies, went underwater with MoneyGram reneging its agreement with the embattled company.

Ripple CEO Garlinghouse had noted that most of the blockchain company’s business was executed overseas, citing the regulatory haze in the American nation as a deterrent to innovative banking in the country.

He also pointed out that only the US SEC has a problem with the XRP token given that Asian nations, the area XRP has the most influence, do not classify the digital token as a “security.”

In the months that followed, XRP dropped from the 4th most valuable crypto position to the bottom ten, and its value traded way below a dollar.

But following preliminary victories in the opening case with the SEC, the XRP has rallied significantly, and calls for the digital payment firm to be relisted on exchanges have begun making the rounds.

And as the general crypto market has rallied, the XRP token has surged after it rose 17% in April and momentarily reclaimed its position as the 4th most valuable cryptocurrency.

The San Francisco-based fintech company has also been strategically repositioning itself since the SEC lawsuit was made public. Ripple said it was launching a private version of its XRP Ledger Protocol tailored for national banks in a release on its website. This private protocol would help apex banks in the issuance, maintenance, and monitoring of central bank digital currencies (CBDCs), set to serve a secondary role to fiat.

The US tech company also recently appointed former US Treasurer Rosa Gumataotao Rios as a board member. Alongside, financial veteran Kristina Campbell will serve as the company’s Chief Financial Officer (CFO).

Rios’ former role as the currency maker is seen as a strategic move to sell the idea of digital currencies to anti-crypto critics. Campbell would be tasked with the responsibility of accelerating the company’s growth while delivering value to shareholders.

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Author: Jimmy Aki

Bitstamp Ready To Move Into US Market Following Insane Q1 Growth

Bitstamp Ready To Move Into US Market Following Insane Q1 Growth

London-based crypto exchange Bitstamp has announced its intention to further expand its US operations following astronomical growth in Q1, 2021.

Bitstamp Ramps Up Operation In US

The announcement made in a blog post on its website noted that its decision boils down to several positives they have seen coming from the US financial cycles.

Bitstamp said it was prioritizing the US market as it has seen a 570% increase in new customers in the first four months of 2021, in contrast to the same period in 2020.

Assets under management (AUM) for U.S customers had also increased by 281% in Q1 and a 325% increase in its mobile app usage in the U.S.

In terms of US client’s activities (trades, deposits), Bitstamp said this metric jumped on a monthly level by 348% in 2021 versus the same period last year.

To further cement its place in the US market, Bitstamp will be launching a full-scale marketing campaign to educate retail investors in the country about the potential benefits that come with owning cryptocurrencies.

Bitstamp’s campaign will be called “For All The Ways We Crypto.” The campaign will also play a crucial role in raising its global profile as a top cryptocurrency exchange.

Bitstamp’s CEO Julian Sawyer describes crypto as one of the fastest-growing segments of the financial world.

Sawyer was the former Gemini managing director for Europe.

Sawyer said Bitstamp has an ambitious goal of becoming a leader in a highly competitive marketplace, like the US.

He also said that the triple-digit growth was a clear indication that American investors wanted access to their services.

Bitstamp has been carefully positioning itself for the crypto avalanche after appointing Sawyer as the new CEO in October last year. It also brought in Barclay’s financial director and former Amazon veteran Stephen Ballpark to head its financial unit while Sameer Dubey was appointed as the exchange’s operations officer.

But that is not all. Bitstamp says it will also be increasing its customer support team by 50% this year.

Bitstamp’s Impressive US Record

Bitstamp said that it would continue to focus on optimal trading speed by handling large trading orders without affecting the price of the digital assets.

It also pointed out that it is one of the top 5 globally recognized crypto exchanges for large volume trades as it processes over $28 billion in monthly transactions. Alongside this, it has $11 billion total AUM, with the US market contributing 11% to this remarkable return.

To add more laurels to its achievement, Bitstamp collaborated with Silvergate Bank to launch Silvergate’s SEN Leverage. The financial instrument focused on institutional investors allows traders to invest in any asset with leverage collateralized by Bitcoin or US dollars.

According to Bitstamp, this partnership has so far generated over $50 million in loans and may likely raise over $250 million before the year ends.

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Author: Jimmy Aki

SEC Postpones Decision on VanEck Bitcoin ETF to June 17

The US Securities and Exchange Commission (SEC) has delayed its decision on the VanEck Bitcoin ETF until June.

On March 1, 2021, Cboe BZX Exchange filed with the SEC to list and trade shares of the VanEck Bitcoin Trust. The SEC typically takes 45 days, or a longer period of 90 days, from the date an application is filed to render a decision whether it should be approved or disapproved.

Per standard, the 45-day window for the application ends on May 3, but the SEC is extending the deadline. The official notice reads,

“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.”

As such, June 17 is designated as the date by which the Commission shall either approve or disapprove, but of course, even then, they can defer the decision, which is to be seen.

As we reported, the new SEC Chairman Gary Gensler, who has taught about crypto and blockchain at MIT, was confirmed less than a fortnight ago.

In the past, SEC disapproved every single Bitcoin ETF application on the grounds of extreme price volatility, manipulation, and fraud in the crypto market.

Meanwhile, several Bitcoin ETFs have been approved this year in other countries. Canada has even moved past Bitcoin and already has four Ether ETFs trading on the Toronto Stock Exchange. Purpose Bitcoin ETF, the most popular in North America so far, has amassed almost 18,685 BTC.

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Author: AnTy

Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions

Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions

2021 has been an explosive year so far.

As prices rallied, so did the crypto market cap from about $780 billion at the beginning of the year to an all-time high at $2.35 trillion on April 17. As of writing, the total market cap is just under $2 trillion.

With this price move, the volume on cryptocurrency exchanges also exploded. As Coinbase revealed in its Q1 2021 results, it did $335 billion in trading volume in just three months.

In total, last month, crypto exchanges did $1.17 trillion, and in April, so far, we have already surpassed $1.26 trillion, as per The Block data.

Comparatively, $3.32 trillion was recorded in volume by the New York Stock Exchange (NYSE) alone in March. NYSE is the largest exchange venue, operating NYSE, NYSE Arca, NYSE Chicago, NYSE American, and NYSE National, which makes up 20-25% of US equity exchange trading.

Interestingly, while total crypto trading volume was a mere 8% of NYSE Group’s volume in September 2020, it reached 48% in February 2021.

These numbers could be benefitted by unique features of the crypto market, which runs 24/7, around the globe, and has thousands of crypto assets, in some cases tokenized stocks as well, listed on them.

Interestingly, Bison, the crypto trading app of Boerse Stuttgart, Germany’s second-biggest stock exchange which is one of the largest in the world, also achieved €2 billion (US$2.4 billion) in trading volume so far this year, up from €35 million ($42.3 million) in November.

Launched in 2018, the app also recorded an 83% surge in the number of its active users to 400,000 since the year started. It allows users to trade Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, and Bitcoin Cash (BCH). BTC -0.83% Bitcoin / USD BTCUSD $ 50,052.83
-$415.44-0.83%
Volume 49.01 b Change -$415.44 Open $50,052.83 Circulating 18.69 m Market Cap 935.51 b
4 h Louisiana Passes Bill Encouraging Bitcoin’s Increased Usage while Commending it on its Success 6 h Olives Are A Better Inflation Hedge Than Bitcoin, says “Black Swan” Author 8 h Ethereum London Upgrade with EIP-1559 Set to Be Released on July 14th
ETH -4.39% Ethereum / USD ETHUSD $ 2,214.41
-$97.21-4.39%
Volume 31.87 b Change -$97.21 Open $2,214.41 Circulating 115.61 m Market Cap 256 b
8 h Ethereum London Upgrade with EIP-1559 Set to Be Released on July 14th 9 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 1 d Hong Kong Restaurant Starts Accepting Bitcoin, Ether & other Cryptos as Payment
LTC -4.71% Litecoin / USD LTCUSD $ 224.92
-$10.59-4.71%
Volume 4.57 b Change -$10.59 Open $224.92 Circulating 66.75 m Market Cap 15.01 b
9 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 4 d Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 4 d Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App
XRP -6.48% XRP / USD XRPUSD $ 1.05
-$0.07-6.48%
Volume 8.58 b Change -$0.07 Open $1.05 Circulating 45.4 b Market Cap 47.65 b
9 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 1 d Hong Kong Restaurant Starts Accepting Bitcoin, Ether & other Cryptos as Payment 1 d SOL Bucks the Trend and Hit a New ATH as Crypto Market Sees Another Sell-off
BCH -6.16% Bitcoin Cash / USD BCHUSD $ 769.18
-$47.38-6.16%
Volume 3.51 b Change -$47.38 Open $769.18 Circulating 18.72 m Market Cap 14.4 b
9 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 4 d Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 4 d Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App

This growth in both users and trading volume “reflect the current high momentum in the crypto market and the increasingly broad interest in cryptocurrencies,” said Ulli Spankowski, CEO of Sowa Labs GmbH, a Boerse Stuttgart subsidiary that developed the app.

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Author: AnTy

Turkish Crypto Exchange Under Investigation After Abrupt Shut Down, User Funds ‘Irretrievable’

Turkish Crypto Exchange Under Investigation After Abrupt Shut Down, User Funds ‘Irretrievable’

With about 390,000 active users affected, the senior economic adviser to the President calls for the Turkish government to take action and “carry out a regulation.”

An investigation has been launched into a Turkish cryptocurrency exchange Thodex after the platform became inaccessible on Wednesday. The exchange abruptly halted trading, citing unspecified partnership transactions.

The Public Prosecutor’s Office in Istanbul appealed to the personnel for their testimonies on the platform, after users who can’t access their digital assets complained to the authorities, reported the state-run Anadolu Agency.

The website of the exchange is inaccessible, displaying a “404 Not Found” message.

Operating since 2017, Thodex advertises itself as Turkey’s first licensed crypto exchange and has 14.8k followers on Twitter.

In an undated statement on the website, the exchange said it decided to allow outside investment to serve its customers better adding, services will remain shut for five working days while the transfer is completed, but users need not be worried about their investments.

Unable to withdraw their funds, users of the exchange have now filed a complaint alleging fraud.

“We’ve filed a legal complaint on Wednesday,” Oguz Evren Kilic, who represents an unspecified number of Thodex users, told Bloomberg. According to him, hundreds of millions of dollars worth of assets of about 390,000 active users is “irretrievable.”

The founder and CEO of the exchange Faruk Fatih Ozer allegedly fled the country on Wednesday. Demiroren News Agency said Ozer’s gone to Albania, based on a photo which it said is of Ozer at the airport.

The Turkish government should take action “as soon as possible,” Cemil Ertem, senior economic adviser to President Recep Tayyip Erdogan, told Bloomberg on Thursday.

“Pyramid schemes are being established in this area. Turkey will undoubtedly carry out a regulation that’s in line with its economy but also by following global developments.”

About a week back, Turkey’s central bank banned the use of cryptos as a form of payment from April 30, citing possible “irreparable” damage and transaction risks.

Amidst this, the search for bitcoin, crypto, altcoins, DeFi, and NFT on Google in the country have surged to all-time highs as Turks seek investments to hedge against the depreciating fiat currency and high inflation.

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Author: AnTy