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    in Cryptocurrency

    OKX Extends Partnership with Manchester City F.C., Becoming Training Kit Sponsor

    OKX Extends Partnership with Manchester City In March this year, Manchester City, the winners of the 2021/2022 English Premier League, named OKX its official cryptocurrency partner as part of a multimillion-dollar arrangement.On Monday, July 11th, OKX announced that it had agreed to become the new training kit partner for both the Manchester City Football Club’s men’s and women’s teams for the 2022/2023 season. Manchester City Football Club will display the OKX crypto exchange brand image on both the men’s and women’s training kits throughout the upcoming season.Global Chief Marketing Officer at OKX Haider Rafique said: “Being Man City’s official training kit partner helps us extend that mindset from the training ground over to our trading app community.”OKX to Create Murals for Manchester City Following the announcement, OKX commissioned renowned street artist Akse P19 and the Global Street Art Agency to create artwork of Manchester City players.The artists will create and install murals of Erling Haaland, Jack Grealish, João Cancelo, and John Stones across four locations in Manchester.On the FlipsideWhy You Should CareOKX is one of a wave of crypto projects using sports as a medium to reach a wider audience.Learn more about Manchester City’s other crypto moves:Manchester City Begins Building Virtual Etihad Stadium in the MetaverseRead about a similar move from Tezos in:Tezos and Baby Doge Partner with Top Football Clubs, Manchester United and HoffenheimFind out about another prominent exchange’s move into sports:Formula 1® announces Crypto.com as Global Partner and Inaugural partner of the F1 ‘Sprint’ seriesContinue reading on DailyCoin More

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    Research Shows that Celsius Liquidated $350M in Leverage Trading

    Arkham Intelligence, a blockchain analytics firm, has carried out research to give much deeper insight into Celsius Network’s business practices, insider activity, and deployment strategies “than previously reported online or in the media”They made their findings public on July 7 via a 24-page PDF file entitled “Report on the Celsius Network.”According to the report, Celsius entrusted corporate funds worth roughly $530 million at the time of transfer to an asset manager who engaged in high-risk leveraged crypto trading strategies that resulted in $61 million of forced liquidations. The total apparent loss was $350 million when the asset manager returned capital compared to the value of the crypto assets Celsius originally sent at the time of return.Arkham also identified the asset manager as the team behind investment firm Battlestar Capital / KeyFi, led by co-founder and CEO Jason Stone, who pseudonymously operated as the well-known 0xB1. In October 2020, CEO Stone assumed the title of “Head of DeFi Staking at Celsius” following the network’s acquisition of KeFi.Moreover, Arkham discovered that despite its public emphasis on institutional lending as its source of yield, Celsius deployed over $1 billion in assets to DeFi protocols, where it lost over $100 million to hacks. Interestingly, Celsius spent over $350 million purchasing their crypto token, CEL, on exchanges, even though they already had billions of dollars worth of CEL in its Treasury.The report also alleged that according to blockchain addresses associated with Celsius CEO Alex Mashinsky, he sold $45 million of CEL, sometimes on the same exchanges where the company bought their token with corporate funds.Continue reading on CoinQuora More

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    in Economy

    Chile currency plunge, inflation rattle Latin America's copper king

    SANTIAGO (Reuters) – Chile’s tumbling currency and runaway inflation are testing the Andean copper giant’s economic and financial systems, and complicating President Gabriel Boric’s plans to push through a tax reform bill to fund ambitious social programs.The Chilean peso has plummeted more than 15% over the last month, briefly hitting 1,000 pesos per dollar for the first time ever, a development that has sparked alarms. Yearly inflation hit 12.5% in June, the highest in nearly three decades.In an interview with Reuters, Finance Minister Mario Marcel said that the country’s market-orientated model and free-floating exchange rate meant that while the currency could be more volatile, this didn’t necessarily reflect wider strains.”Because (Chile) has a floating exchange rate, it is more volatile than other Latin American countries, but the difference is that we have an economy that is not dollarized,” Marcel said.”Therefore exchange rate volatility does not generate risks for financial stability as can happen in other countries.” GRAPHIC: Chile’s volatile peso https://graphics.reuters.com/CHILE-ECONOMY/xmvjodogrpr/index.html The global economy is facing a rising risk of recession, with concerns over slowing demand from China pulling the global price of copper back sharply from recent highs. Chile is the world’s No. 1 producer of the red metal.Russia’s invasion of Ukraine has also raised fears over the global supply of grains and energy, pushing up inflation that is rattling countries around the world as rising food and gas prices hurt consumers and stoke unrest.Marcel said that to soften the blow to citizens from rising prices, the government is providing a subsidy for low-income families and stabilizing prices for fuel and basic goods.”What we are doing is using the mechanisms we have to stabilize some prices, so we have a fuel price stabilization mechanism,” Marcel said. “We have been able to cushion more than countries that have simply eliminated specific taxes.”The economic turmoil comes as the government is trying to push through a tax reform bill that seeks to collect 4.1 points of GDP over four years by implementing tax hikes on top earners and a mining royalty, as well as eliminating tax loopholes.Young, progressive President Boric said that the plummeting currency was “tremendously worrying” during a press conference last week, attributing the decline to weakening copper prices, as well as uncertainty over a planned new constitution.”Uncertainty, without a doubt, contributes and that’s why it’s important that we differing political actors give signals of certainty,” Boric told reporters.Chileans will vote in September to approve or reject a new constitution, which focuses on social rights and the environment. It would replace the current market-led text that dates back decades to the Augusto Pinochet dictatorship. Opinion polls currently suggest it lacks enough support to pass. (Report by Fabián Andrés Cambero, Additional reporting by Froilán Romero; Writing by Alexander Villegas; Editing by Aurora Ellis) More

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    Argentina's new economy minister targets 'order and balance' to trim fiscal deficit

    BUENOS AIRES (Reuters) – Argentina’s new economy minister Silvina Batakis announced a series of measures aimed at cutting the country’s high fiscal deficit on Monday, pledging “order and balance” in a bid to tame spiraling inflation, tumbling markets and pressure on the peso.Batakis, who took over last week after an abrupt shake-up at the ministry, said Argentina will move towards positive interest rates, maintain plans to cut energy subsidies and stick with goals agreed with the International Monetary Fund (IMF).”We need to give some order and balance to the public finances of the national state,” she said at a press conference in Buenos Aires. “The measures that I want to share with all of you today have to do with guaranteeing fiscal balance.” More

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    in Cryptocurrency

    Ethereum: Determining How Good or Bad the Network is in the Q2

    In its new study titled “State of Ethereum Report — Q2, 2022,” Bankless reviewed the performance of the Ethereum Network and its ecosystem successfully in the second quarter of 2022. It detailed the network’s performance under 4 wide categories – Protocol, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Layer 2.Here are the notable developments within the Ethereum ecosystem in the last quarter.According to Bankless, the overall cryptocurrency market downtrend that occurred between April and June has decreased the transaction fees paid using the Ethereum network by 33.4% — from $1.91 billion in Q1 to $128 million in Q2. In addition to driving the network revenue fall, the bearish backdrop of last quarter resulted in a 20.6% decrease in the average daily active addresses index. In the first three months of this year, it was 593,404.The third quarter, on the other hand, has seen a favorable correction thus far. As a result, the Ethereum network’s daily active addresses are expected to reach an all-time high at the end of the quarter.The amount of Ether staked on the beacon chain increased from 6.01 million in the first quarter to 12.98 million in the previous quarter, a 116 percent increase, as Ethereum plans to move from proof-of-work (PoW) to proof-of-stake (PoS).By the end of Q2, about 0.86% of the entire ETH supply had been pledged. On July 6, the network completed its integration on Sepolia’s testnet without a hitch. With the merger and the Goerli network expected to be completed in the coming weeks, the final merger with the Ethereum mainnet is expected to be completed before the end of the year.Also, Bankless reported that the second quarter of this year was characterized by a decline in the overall value locked (TVL) of DeFi protocols on the Ethereum network.During this period, TVL fell from $59.42 billion in the first quarter to $3.421 billion in the second quarter — a drop of 42.4%.The total trading volume of decentralized spot exchanges based on the Ethereum network fell in the second quarter. During the April-June period, the figure fell 9.0%, from $350.54 billion in the first quarter to $319.13 billion at the end of June.Notably, Bankless observed that ETH’s stake increased by 177.5% in the previous quarter. These are pledged through non-custodial protocols that issue liquid pledged derivatives.Continue reading on CoinQuora More

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    Terra crash highlights stablecoin risk to financial stability: ECB

    A section of the report dedicated to stablecoins discussed the central role that it plays in the current ecosystem. Stablecoins are increasingly used to interlink various blockchain networks and play a critical role in offering liquidity to the decentralized finance (DeFi) ecosystem.Continue Reading on Coin Telegraph More

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    1,300 ETH Stolen from NFT Lending Platform OMNI in Re-entrancy Exploit

    OMNI Suffers 1,300 ETH ExploitOn Sunday, June 10th, blockchain security company PeckShield reported that OMNI had suffered a re-entrancy exploit, through which a hacker had stolen more than 1,300 wETH ($1.4 million USD). According to a postmortem conducted by BlockSec, the hacker deposited NFTs from the ‘Doodles‘ collection in order to borrow wrapped ETH (wETH). The hacker then used the Doodles NFT acquired with the initial loan as collateral to borrow more wETH. However, OMNI failed to identify this as a new position, and thus allowed the hacker to withdraw the NFTs without paying back the loan.No User Funds Were Stolen According to OMNI, the protocol is still in its beta phase, and the stolen Ether was from internal testing funds. OMNI has since suspended its services, but confirmed that no customer funds were lost in the exploit.On the FlipsideWhy You Should CareThe high levels of activity in the NFT space have made it a prime target for hackers, who seek to exploit the vulnerabilities in NFT protocols.For more on recent, high-profile NFT hacks check out:Yuga Labs Discord Server Hacked: NFTs Worth Over 200 ETH StolenBeeple’s Twitter (NYSE:TWTR) Account Hacked for $438K in Crypto and NFT Phishing ScamHigh Profile Twitter Accounts Hacked, Spreading Azuki NFT ScamsContinue reading on DailyCoin More