Crypto Box Shilling

​PayPal Reveals Massive Cryptocurrency Holdings Totaling $604 Million. Global payment giant PayPal held $604 million of cryptocurrencies for its customers by the end of 2022, with Bitcoin and Ethereum accounting for almost 90% of that figure. PayPal held $291 million in BTC, $250 million in ETH, and another $63 million in Litecoin and Bitcoin Cash as of December 31, according to its annual report to the U.S. Securities and Exchange Commission (SEC). The company's crypto holding of $604 million at the end of 2022 is down from the $690 million the company held as of September. The drop comes amid plunging crypto prices and exacerbating user trust in the industry following the disastrous collapse of cryptocurrency exchange FTX. The amount of PayPal’s crypto holdings account for 67% of the company’s total financial liabilities, amounting to $902 million as of December 31. As per the filing, the company's total financial assets stood at more than $25 billion, according to the filing. PayPal introduced the service allowing U.S.-based customers to buy and sell specific cryptocurrencies in October 2020. The company has since expanded the service to the UK, and plans for more international expansion. Notably, this marks the first time the payments giant has included a breakdown of its crypto holdings, as its previous annual financial report did not disclose its crypto assets. In the filing, PayPal said they felt the need to include the breakdown of its crypto holdings due to the recent developments in the industry. It wrote: “Due to the unique risks associated with cryptocurrencies, including technological, legal, and regulatory risks, we recognize a crypto asset safeguarding liability to reflect our obligation to safeguard the crypto assets held for the benefit of our customers.” PayPal further detailed that they store customers’ digital assets through a third-party custodian. The company noted that it contractually requires the custodian to segregate customer assets and not mix them with proprietary or other assets, adding: “We cannot be certain that these contractual obligations, even if duly observed by the custodian, will be effective in preventing such assets from being treated as part of the custodian’s estate under bankruptcy or other insolvency law.”

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​​Hong Kong securities regulator adds crypto personnel for industry supervision. Regulators in Hong Kong plan for the addition of personnel to “better supervise” the activities of local virtual asset providers. Regulators in Hong Kong are stepping up their game when it comes to monitoring the activities of the crypto industry. According to a Securities and Futures Commission report filed on Feb. 6, it plans to hire four additional staff to “better supervise” the activities of local virtual asset (VA) providers. Moreover, the extra oversight will help “better assess the compliance and risk” by allowing retail investors to trade virtual assets on regulated platforms. The commission wrote: “This is in response to an increasing number of operators who have expressed interest in carrying on VA activities such as trading platforms and the management of VA funds.” This comes at the onset of the introduction of a new licensing regime to allow greater retail crypto investment. Previously trading platforms licensed in Hong Kong were only permitted to serve professional investors, or investors with portfolios of at least $1 million (HK $8 million), according to regulators. In December 2022, the new licensing regime was approved as an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Bill. However, it takes effect in June 2023, which gives time for regulators and local businesses time to prepare for a new wave of participation in the industry. Hong Kong has been active in its plan to revamp its crypto industry and become a hub for Web3 innovation. Part of this plan included an investment fund of $500 million to push for mass adoption in the local industry. Most recently, the Hong Kong Monetary Authority recently released a statement saying that it will not tolerate algorithmic stablecoins in its newest regulation. However, the regulator said that it intends to develop a full-bodied regulatory framework for stablecoins, which will be based on the full backing of such assets.

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​​ADA-backed algorithmic stablecoin ‘Djed’ launched on Cardano. After its successful security audit, the algorithmic stablecoin, Djed, from DeFi service provider COTI, deployed on the Cardano mainnet. Since the fall of the TerraUSD (UST) algorithmic stablecoin in May 2022, many users in the crypto space have developed a weariness toward that particular asset class. The market for algorithmic stablecoins has declined 10x from its all-time high before the Terra collapse. However, this has not stopped Cardano network developers from pushing forward with the launch of the ecosystem’s overcollateralized stablecoin on Jan.31. The new algorithmic stablecoin, Djed (DJED), launched on the Cardano mainnet and is pegged to the United States dollar and backed by Cardano’s native cryptocurrency, It uses the Shen (SHEN) token as its reserve coin. According to the announcement, the new token recently completed a successful security audit and was under development for over a year. DJED is a product of Coti, a decentralized finance (DeFi) solutions developer on the Cardano blockchain, as a means for new DeFi and payment opportunities. Prior to the launch of the new Cardano stablecoin, the idea of bringing another algorithmic stablecoin into existence caused tremors among the online crypto community. This is one of the latest in a series of recent updates coming out of the Cardano network, which included an announcement from co-founder Charles Hoskinson on Jan.12 that the ecosystem will expand via custom-built sidechains. On Jan. 23, due to an anomaly, 50% of Cardano nodes disconnected and had to restart, which caused a network outage. This was only one week before the launch of the new algorithmic stablecoin. At the beginning of 2023, Bloomberg reported that the risk assessment firm Moody’s Corporation is developing a scoring system for stablecoins, including an initial analysis for up to 20 digital assets.

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​Web3 Security Company Cyvers Releases DeFi Threat Detection Report. Cyvers, a web3 security company founded by Deddy Lavid and Meir Dolev, has released a security report analyzing the major events, types of threats, and best practices for protecting assets in the DeFi space. The comprehensive report provides valuable insights for projects and organizations looking to securely participate in the web3 ecosystem. The state of web3 security in 2022 was a major concern for industry participants and regulators alike. The rapid evolution of financial technology in the space led to an increase in security vulnerabilities and a corresponding rise in hacking incidents. Over $3.1 billion was lost by well-established projects and protocols. The year saw a significant increase in both smart contract exploits and bridge hacks, with the former accounting for 50% of total funds lost. Despite this, the industry also saw positive developments such as the successful Ethereum merge and increased institutional adoption. Cyvers’ report documents 61 of the most significant web3 hacks and provides industry participants with practical guidance for minimizing risk and protecting assets. Auditing is a widespread practice, but smart contract vulnerabilities are still the main source of exploitation. The average attack usually takes more than one hour to complete and 98% of all hacked protocols didn’t respond within the first hour. Cyvers CEO Deddy Lavid said: “This shows how important it is to have a solution for monitoring smart contracts that can provide safety, ensuring preventative measures are in place before the exploit occurs.”

🇦🇪 Abu Dhabi Has A Billion-Dollar Fund For Web3 And Blockchain Development According to the official website of the venture capital fund Venom, the fund will choose companies with high potential and then grant investment packages ranging from $25,000 to $200,000. The $1 billion Venom Venture Fund was established with the goal of advancing Abu Dhabi’s blockchain sector. Venom Ventures, located in Abu Dhabi, has announced that it has raised $1 billion in capital to invest in web3 and blockchain technologies. “This is an excellent opportunity to introduce something like this,” fund spokesman Peter Knez remarked. Many worthwhile projects are having difficulty getting funds. We have the funds and will assist them.”. Lincoln Capital Management and Goldman Sachs, where he held positions as co-chief investment officer for the fixed income group at BlackRock.

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​​Binance to let institutions store crypto with cold custody. The Mirror service is based on Binance Custody and involves mirroring cold-storage assets through 1:1 collateral held on a Binance account. Amid the centralized cryptocurrency exchanges (CEX) crisis, crypto exchange Binance is moving to improve its institutional trading services with cold-custody opportunities. On Jan. 16, Binance announced the official launch of Binance Mirror, an off-exchange settlement solution that enables institutional investors to invest and trade using cold custody. The newly launched Mirror service is based on Binance Custody, a regulated institutional digital asset custodian, and involves mirroring cold-storage assets through 1:1 collateral held on a Binance account. Binance emphasized that the new solution enables more security, allowing traders to access the exchange ecosystem without having to post collateral directly on the platform, stating: “Their assets remain secure in their segregated cold wallet for as long as their Mirror position remains open on the Binance Exchange, which can be settled at any time.” Launched in 2021, Binance Custody is a custodian platform with its own cold-storage solutions, covering secured assets against physical loss, damage, theft and internal collusion. In March 2022, Binance Custody secured cold-wallet insurance in Lithuania to operate an institutional-grade digital asset custody solution. Mirror accounts for more than 60% of all assets secured on Binance Custody. “We built Binance Mirror last year and have been testing it with our institutional users. User feedback has been positive, and we are happy to announce and market it officially now,” a spokesperson for Binance told Cointelegraph. It’s still unclear whether Binance plans to provide similar cold custody services to retail investors. Binance did not immediately respond to Cointelegraph’s request for comment. The news comes shortly after Binance experienced a massive drop in liquidity, with several billions of dollars worth of crypto leaving the platform in late 2022. The liquidity decline is largely attributed to the crisis among CEXs fueled by the collapse of FTX, with investors flocking to self-custody instead of storing their assets on centralized platforms.

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​​Bithumb ordered to pay outage damages to investors by South Korean court. A ruling from local courts has Bithumb liable to pay just over $200,000 in damages to the 132 investors which filed against the cryptocurrency exchange. The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts. On Jan. 13 the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent to $202, 400 - or 251.4 million in the regional currency won. Initially, a district ruled against the investors, though it was later overturned. The finalized ruling from the Supreme Court ordered damages to be paid ranging from as little as $6 to around $6,400 to the 132 investors involved. The court’s final ruling stated that: "The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service." Bithumb is the country’s largest cryptocurrency exchange. The temporary outage came after the average amount of orders per hour suddenly doubled and bottled-necked transaction flows Investors who were seeking compensation claimed that such as Bitcoin Cash and Ethereum Classic had major falls during the outage. Prior to this ruling, Bithumb has been under tight watch from local authorities. After investigations on the former chair of the exchange and the sudden death of one of the largest shareholders after embezzlement claims, Bithumb is now being probed by regulators. The investigation is a “special tax investigation” being conducted by the country’s National Tax Service (NTS). Authorities are exploring possibilities of tax evasion and raided Bithumb headquarters on Jan. 10. Regulators in South Korea appear to be cracking down on the local crypto scene. Back in November of 2022, the country began investigations on cryptocurrency exchanges for listing native tokens. After the FTX scandal, the South Korean city of Busan announced that it is dropping global crypto exchanges from its plans of onboarding third-party digital exchanges.

New MetaMask Product Will Include Liquid Staking Through Lido and Rocket Pool The MetaMask Product news comes just two months before an Ethereum upgrade that will allow users to withdraw their staked ETH. Staking with Lido and Rocket Pool includes depositing one’s ether into a smart contract on the blockchain, which will pay out profits. The new Metamask product launch is just in time for Ethereum‘s pivotal Shanghai update, which will soon allow users to withdraw ether (ETH) they have staked to help secure the network, popular wallet provider MetaMask is attempting to encourage more users to stake in the first place. Staking through Lido and Rocket Pool entails depositing one’s ether into a smart contract on the blockchain, where it will earn dividends.

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📣 Cosmos-based e-Money discontinues euro-backed stablecoin Cosmos-based electronic payment system e-Money has stopped issuing its euro-backed stablecoin EEUR citing bear market conditions. They can exchange their tokens for USDC or Cosmos-native assets like atom and osmo. Customers who wish to redeem amounts larger than 100,000 EEUR can do so directly for euros, the announcement added. These users will have to pass through customer identification checks and the process will take up to five business days. e-Money stated that unwinding its stablecoin project was a difficult decision. “Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down,” the project stated.

DCG Has Shut Down A $3.5 Billion Asset Management DCG has shut down its wealth management division, citing the prolonged crypto winter that is hampering business operations, according to The Infomation. Before that, HQ had more than $3.5 billion in assets under management. It is known that the management division of Genesis’ parent company is called HQ. Prior to the announcement of the closure, the business also had more than $3.5 billion in assets under management, as of December 2022. The business served as a bridge to Grayscale products in offering Investment advice for clients. HQ operates anonymously, so not much information is currently available about this company.

​​$3.9 billion lost in the cryptocurrency market in 2022. The report from Immunefi revealed hacks to have been the main cause of related losses. Immunefi, a bug bounty and security services platform for the Web3 ecosystem, published a report on Jan. 6 revealing that the crypto industry lost a total of 3.9 billion dollars in 2022. According to the report, hacks were found to be the main cause of the losses, accounting for 95.6% of the total, with fraud, scams, and rug pulls comprising the remaining 4.4%. Immunefi also found that decentralized finance (DeFi) was the most targeted sector, suffering 80.5% in losses, compared to centralized finance (CeFi) which suffered a loss of 19.5%. According to the report: “DeFi has suffered $3,180,023,103 in total losses in 2022, across 155 incidents. This number represents a 56.2% increase compared to 2021, when DeFi lost $2,036,015,896, in 107 incidents.” BNB and Ethereum were the most targeted chains, with BNB Chain surpassing Ethereum to become the most targeted in 2022. In Q4 of 2022, the industry suffered losses of approximately 1.6 billion dollars, with DeFi being the main target at 57.6% and CeFi at 42.4%. “By proactively identifying and addressing vulnerabilities, we can protect the community from harm and build trust in the field. As we make the industry safer, everything else can flourish.” On Jan 5th, Cointelegraph reported in the Finance Redefined newsletter that December DeFi exploits were the lowest in 2022, according to on-chain monitoring and bug bounty company, CertiK. It appears cryptocurrency hackers and exploiters may have slowed down for the 2022 holidays. In December 2022, $62 million worth of funds were stolen from decentralized finance (DeFi) protocols. Although this figure was lower than in previous months, cybersecurity experts warned that the ecosystem will not see a decrease in exploits, flash loans, or exit scams in 2023.

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Justin Sun Rejected The News Huobi Will Lay Off 40% Of Its Workforce In 2023 Huobi’s recent company has been performing very well, according to Justin Sun, Huobi’s global consultant, and it is a vital phase of development. Huobi intends to cancel the year-end bonus and reduce the team size from 1,200 to 600 to 800 personnel, as well as renegotiate the wage structure of high-paid staff. Huobi, on the other hand, refuted the report. “The Huobi layoff plan shared by the media is incorrect,” stated Huobi’s global consultant Justin Sun in an internal response. It is difficult to survive a bear market, yet Huobi has done it. The bear market is on fire. Huobi’s business has been growing exceptionally well recently, and its daily new arrivals have risen to the top of the industry. It is a vital development era, and I believe it will be even better in 2023.”.