🔴 New Period for Coinbase


OneCoin’s ponzi founder learns his destiny; Coinbase, Telegram, and MetaMask all introduce new options and a Bitcoin miner returns a $500,000 transaction price. These tales and extra, this week in crypto.

$four Billion Ponzi Founder Will get 20 Years

The co-founder of the $four billion OneCoin Ponzi scheme, Karl Sebastian Greenwood, was sentenced to 20 years in prison for his position in one among crypto’s largest frauds. Greenwood admitted guilt for making a fraudulent cryptocurrency along with his enterprise companion, Ruja Ignatova, referred to as the ‘Cryptoqueen.’ The Decide highlighted OneCoin’s lack of blockchain, actual token, or buying and selling market, labeling it ‘a basic rip-off’.

TON Endorsed by Telegram

The TON token rose by 6% in simply 30 minutes after world messaging service Telegram endorsed the TON community as its most popular Web3 infrastructure blockchain. The TON crypto pockets, which is already accessible as a Telegram bot, will quickly be built-in into the app for all 800 million customers, granting the community unique promotion within the interface.

Large Information for Coinbase and Lightning

Coinbase announced it would start supporting the Lightning Network, Bitcoin’s layer 2 resolution which considerably boosts its scalability and practicality for on a regular basis funds. The mixing will dramatically enhance transaction pace and decrease charges for transactions to and from the platform. Coinbase started reviewing Lightning help in August, and when CEO Brian Armstrong introduced the affirmation of the launch, he additionally lauded Bitcoin as “a very powerful asset in crypto.”

MetaMask Pockets will get New Options

Consensys, creator of the favored crypto pockets Metamask, is releasing a new feature known as MetaMask Snaps. The brand new characteristic will permit customers to select from a greater variety of apps developed by third events. MetaMask additionally began permitting customers to transform crypto to main fiat currencies simply final week, as customers within the U.S., U.Ok, and EU can now promote their Ether instantly.

The FTX Fallout Continues

Genesis, a crypto-trading agency hit by the FTX crypto collapse final 12 months, has stopped all trading operations. After saying the closure of its US desk final week, the corporate now confirms it’s closing worldwide buying and selling as properly. An organization assertion calls the transfer a voluntary enterprise resolution, stating that Genesis not presents buying and selling companies via any of its enterprise entities.

What’s Backing PayPal’s Stablecoin?

PayPal’s stablecoin companion, Paxos released a transparency report on PYUSD’s reserves. In response to the report, the greenback pegged token is backed by $43 million in Treasury notes, and $1.5 million in money reserves. Paxos emphasizes the security of overcollateralization, minimizing the danger of loss whereas highlighting collaborations with different banks, akin to BMO Harris, Clients Financial institution, and State Road.

FTX Allowed to Promote its Digital Property

Bankrupt alternate, FTX got the green light to sell its $3.four billion in digital property, including $1 billion in Solana, $560 million in Bitcoin, and tons of of tens of millions extra in different varied altcoins. Bitgo at present manages the property, and whereas no direct open-market gross sales are deliberate, some companies have already expressed curiosity in shopping for the property publicly.

Bitcoin Miner Returns $500okay Mining Charge

The Bitcoin neighborhood noticed a BTC transaction that paid a $500,000 transaction fee to maneuver solely round $2,000, whereas the typical community price on the time was solely round 2 bucks. The miner who obtained the charges publicly provided to refund the error. It took a few days for Paxos to announce that they made the error via their servers. Blockchain knowledge confirms the return of the funds.