It’s All About Crypto Blog
FTT: The Zombie Token That Won’t Die
Some cryptocurrencies are surprisingly resilient. It’s been over two years since the FTX exchange ceased to exist, yet its native token, FTT, still finds buyers. Today, news broke that a European legal entity linked to FTX has been acquired by a new owner. Immediately following this announcement, demand for FTT surged, pushing its price from $3.25 to $3.55 before settling...
Why is the FDIC resisting public blockchains?
Coinbase lawyer Paul Grewal revealed documents showing the Federal Deposit Insurance Corporation (FDIC) obstructed U.S. banks from adopting public blockchains. The FDIC, a key banking regulator, monitors compliance with financial regulations. One document describes a New York bank’s attempt to launch a “Bank Digital Deposit” program on...
Compensation for FTX Creditors: The Hidden Challenges Ahead
The process of compensating creditors of the bankrupt FTX exchange has begun. Everyone is talking about creditors receiving 100% of their funds plus an additional 9% annual interest. However, one crucial detail seems to be overlooked. Payments are being processed through two agents: Kraken and BitGo. This means that to receive compensation, creditors must have an account...
Fiat24 Users: $13,000 for IBAN Transfers?
Today, I want to share a recent update about a financial service some of you might know: Fiat24. This platform allows crypto users to access traditional fiat services. With Fiat24, users can mint an NFT and receive a Swiss IBAN. This NFT acts as a digital ID. If the NFT is in your web3 wallet, any funds sent...
USDC Without XLM: A Roadblock for the Unbanked
Stellar recently published an article about its partnership with the African fintech service Fonbnk. The authors claim that many people in Africa lack access to banking services and, consequently, financial transactions. Fonbnk, leveraging Stellar’s network, is said to provide these individuals with access to modern financial tools. But is that really the case? According to the article, users of African mobile operators...
Tokens as Shares: A Reality Check
Some tokens are considered shares of crypto companies, issued through Security Token Offerings (STOs). These tokens can represent ownership, offer dividends, or other benefits. Polymath is a well-known example. Another example? LKK. Issued by Lykke, these tokens were marketed as shares: 100 LKK equaled one share of the company. Back in 2017, intrigued by this concept, I...
“Bitcoin is dead” headlines are dying themselves
One of the oldest Bitcoin educational websites, 99Bitcoins, has been tracking headlines about Bitcoin’s “death” in mainstream English-language media since 2010. In 2024, only two entries were added to their "Bitcoin Obituaries" list - and one of them seems to have been a mistake. This means there was just one notable declaration of Bitcoin’s death in major media this year: an article on...
Decentralization as a Marketing Term
What if I told you that the cryptocurrency services you’ve come to consider decentralized aren’t actually decentralized? It may sound strange, but in many cases, decentralization turns out to be nothing more than an enticing buzzword. Let’s figure this out. WHAT DECENTRALIZATION MEANS IN THE CONTEXT OF CRYPTOCURRENCIES TODAY One day, a customer reached out to Rabbit...
IRS Targets DeFi Front Ends for Reporting
U.S. Internal Revenue Service (IRS) has published a rule that targets front-end providers of DeFi services - like liquidity pools, lending platforms, and overcollateralized stablecoin protocols. While DeFi smart contracts operate autonomously without human involvement (making it impossible to demand transaction data directly from them), users rarely interact with these contracts directly. Instead, they...
BIO Token is Making Waves
Trading for BIO tokens is currently underway in the pre-market phase on Mexc and Bybit. The official Binance listing is set for January 3, 2025. BIO is the first token from the DeSci segment to debut on major centralized exchanges. Here’s what’s interesting: until now, BIO tokens were only available as rewards for directly funding DAOs within...
