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Biggest Cryptoverse news on December 6th includes Michael Saylor criticizing SBF, Ethereum inflation returning, Silvergate exposed to FTX, MetaMask addressing IP address issues will be
Cryptocurrency analyst Fatmanterra has accused Terraform Labs of dumping 450 million UST tokens in the three weeks before it collapsed. According to Fatmanterra, the dumping of his UST token by Terraform Labs caused its price to plummet, leading to the collapse of the project. Fatmanterra also alleges that Terraform Labs’ actions may have been illegal.
The supply of ETH, the native cryptocurrency of the Ethereum network, is starting to return to inflationary levels. This is according to a recent report by Glassnode, a blockchain analytics firm. According to the report, ETH’s annual inflation rate has risen to 12.6%, the highest level he has reached in over a year. This is a significant change from earlier this year, when ETH’s annual inflation rate dropped to 2.7%.
Binance CEO Changpeng Zhao has publicly stated what he believes is a false story surrounding FTX and Alameda Research crypto derivatives exchanges. In a tweet, Zhao said cryptocurrencies don’t need a “savior” because they don’t need savings. Additionally, he commented that the tweet did not destroy his business and that SBF was “one of the biggest scammers of all time.”
MicroStrategy CEO Michael Saylor has criticized the SBF crypto fund for committing a “sh*tcoinary sin” by investing in low-quality cryptocurrencies. Thaler said on Twitter that Alameda invested in many “junk” coins of little or no value. Thaler’s comments come after being criticized for the SBF’s role in recent crypto market volatility.
Silvergate Bank, the U.S.-based bank that served the FTX crypto derivatives exchange, has addressed concerns about the exchange’s exposure to volatile assets. It said it reviewed its processes and determined that the exchange complies with all relevant regulations. Silvergate also reassured stakeholders that it will continue to monitor FTX’s exposure to ensure it remains within acceptable levels.
Jared Gray, head chef of decentralized exchange Sushiswap, proposed to allocate 100% of the revenue generated by the XSushi token to finance the project. In a tweet, Gray said the proposal is still under consideration and will help support the development of Sushiswap and its ecosystem. Gray also said the proposal would align his XSushi holder incentives with those of his Sushiswap project.
ConsenSys, the company behind the popular Ethereum wallet MetaMask, has responded to backlash over its recent update to sharing user data with third parties. ConsenSys said in a blog post that the update is aimed at giving users more control over their data, and that it has implemented a number of measures to ensure that users’ data is kept private. says. ConsenSys also says it is committed to addressing any concerns users may have about their privacy.
Tether, the company behind the world’s largest stablecoin by market cap, has launched a new stablecoin called CNH. The CNH stablecoin is pegged to the Chinese Yuan and aims to provide investors with a more stable and secure way to hold and transfer RMB. Tether also announced that CNH will be available on many popular cryptocurrency exchanges including Bitfinex and Kraken.
Ray Youssef, co-founder of peer-to-peer Bitcoin marketplace Paxful, warned at the Africa Bitcoin Conference about the dangers of investing in Ponzi altcoins. In a speech at the conference, Youssef said many altcoins are scams and are designed to enrich their creators at the expense of their investors. advised to be cautious and do their own research before investing in altcoins. He also called on regulators to take action against the Ponzi altcoin.
A bull market is likely to occur in the cryptocurrency market as an unprecedented amount of stablecoins are left on the sidelines waiting to be used. The report states that the total supply of stablecoins, cryptocurrencies pegged to stable assets such as the US dollar, has surpassed an all-time high of $31 billion. This is a significant increase from earlier this year, when the total supply of stablecoins was around $18 billion.
Over the past 24 hours, Bitcoin (BTC) rose +0.33% to trade at $17,001 while Ethereum (ETH) rose +1.11% to trade at $1,288.
