Crypto News Headlines (11-Oct-2022)

Almost $1 million in CEL and USDC has been sent to UniSwap and MetaMask since the beginning of October from wallets belonging to Alex Mashinsky, according to data compiled by Nansen.

On-chain data from analytics platform Nansen identifies wallets belonging to Mashinsky showing a steady stream of Celsius’ CEL token and Circle’s USDC stablecoin leaving his six wallets over the last month.

Coffezilla, a blockchain sleuth that exposes crypto scams on YouTube, claims to have spotted another wallet controlled by Mashinsky that has moved approximately $225,376 in CEL and USDC during the last month. Ownership of this wallet has not been confirmed by Nansen, however on-chain data shows that it’s been funded by a confirmed Mashinsky wallet.

Gridless, a Kenya-based crypto mining company, has said the excess electricity from mini-grid hydro generators is now being used to mine bitcoin. The revenue generated from bitcoin mining helps to reduce or subsidize the cost of electricity.

In a recently issued statement, Gridless said while mini-hydropower plants that generate below 100 KW (kilowatts) are being used so far, the company’s objective is to work with larger plants which can generate 500 KW. The bitcoin mining company said:

We’ve been working with mini-grid hydro generators in Kenya on how to use their excess capacity for Bitcoin mining, which also significantly reduces the cost of power to the local community. Small <100kW sites now, working towards 500kW soon.

According to one Twitter user known as Nick H, in Kenyan villages where the power plants are installed, the communities are only using an equivalent of 10% of the generators’ capacity. This means the power plants, which are being built to cater to the respective villages’ future electricity needs, are currently wasting much of the energy being produced.

Coinbase has received regulatory approval from Singapore’s central bank and financial watchdog, the Monetary Authority of Singapore (MAS), to provide payment services in the country.

The in-principle approval will allow them to offer regulated digital payment token products and services, regulated under Singapore’s Payment Services Act.

The news comes after Coinbase first launched a tech hub in the South East Asian country in November 2021. The firm currently has around 100 employees in the country, mostly comprised of product engineers.

Not all the major crypto firms who applied have managed to successfully gain regulatory approval in Singapore, and Coinbase joins the relatively small number who have achieved in-principle approval in the country, including, Luno, and Paxos.

New CEO of DEX SushiSwap, Jared Gray was accused of a series of crypto fraud and once sexually assaulted a horse. Sushi price suddenly plummeted 10.46%.

On October 11, Jared Gray, former CEO of Eons Finance and new CEO of Sushi, was accused by offshore account YannickCrypto and many others of being a crypto scammer and listed his crimes.

Hey @SushiSwap how it comes you elect @JaredGrey, a scammer and con artist, as the new CEO?Here some details about Grey:

— yannickcrypto.eth (@YannickCrypto) October 10, 2022

Specifically in 2012, Jared Gray used his company “MultiPlex PC” for fraud and re-piracy; in 2019, Jared became the CEO of ALQO and launched a wallet to steal 70% of the assets of ALQO users.

n another round of investments in the crypto space, Singapore-based crypto bank MinePlex has secured $100 million from digital asset investment firm GEM Digital Limited (GEM), aimed at closing the gap between digital assets and traditional banking.

According to an Oct. 11 announcement, MinePlex will use the funding to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions accepting Tether (USDT), Bitcoin (BTC tickers down $19,084), Ether (ETH tickers down $1,282) and TRON (TRX tickers down $0.0619).

Bringing digital assets and traditional banking services together is MinePlex’s big bet.

The platform offers fiat and crypto assets services within the same application, enabling transactions such as bill payments as well as purchases in crypto assets.

Introducing CrossFi, MinePlex’s co-founder and CEO, Aleksandr Mamasidikov, explained to Cointelegraph:

“We created CrossFi, a new technology that runs on the LPoS (Liquid Proof of Stake) consensus algorithm and MinePlex’s innovative blockchain, which provides such advantages as simplicity, operating speed, and low fees.”

Since the early days, cryptocurrencies, including bitcoin (BTC), have been criticized for being too volatile relative to traditional markets and unreliable as a medium of exchange or a store of value.

However, recently bitcoin, the so-called risk asset, has held remarkably steady amid heightened volatility in nearly every traditional market asset, including U.S. government bonds, which are widely regarded as the safest, according to a paper published in the American Economic Review.

With prices stuck between $18,000 to $25,000 since early July, bitcoin’s annualized 90-day realized, or historical volatility has crashed from 80% to a 21-month low of 21%, according to data sourced from charting platform TradingView. The cryptocurrency’s 90-day implied volatility, or expectations for price turbulence over three months has dropped to a four-month low of 63.7%, according to data tracking platform Laevitas.

Bitbase, a Spain-based cryptocurrency ATM company with offices all around the world, is now aiming to further expand to new territories for next year. The company, which already has 100 crypto ATMs in Spain, received investments from two decentralized Web3 companies that could help it keep growing into new markets.

Dextools, a company offering a series of tools dedicated to the handling of tokens in decentralized exchanges, acquired 22% of the company, while Woonkly, another decentralized exchange, and NFT marketplace, is now the owner of 5% of Bitbase’s stock. With this investment, now Bitbase hopes also to get into the metaverse and Web3 side of the equation, backed by the knowledge and the structures of these two companies.

The company, which currently has 30 physical stores, has a business model that explains to users how to transact with crypto, helping people to get into the cryptocurrency environment.

Shiba Inu (SHIB) fell 4.5% over the past 24 hours and is now trading hands at $0.00001032, slightly recovering from the daily low of $0.00000998 seen earlier on Tuesday, according to CoinGecko.

The popular meme coin’s downwards price action comes amid the broader crypto market slump, which saw the cumulative value of all digital currencies fall 2.2% over the day to the current level of $960 billion.

SHIB was among the six new assets included in the forthcoming listing by cryptocurrency exchange BitMEX, with trading slated to commence later this week.

However, as the charts show, the announcement failed to boost the price of the industry’s 13th-largest cryptocurrency. Over $1.6 million in SHIB trades have been liquidated over the past 24 hours, predominantly from short positions, according to data from Coinglass.

Per the all-time mainstream adoptions of crypto, McDonald’s Fast-food chain has started accepting Bitcoin payments in Lugano. A news outlet shared a video of customers paying for their orders with Bitcoin via McDonald’s electronic kiosk.

Top players in the crypto industry are advocating the mainstream adoption of crypto for local payments, cross-bother payments, and remittance. In response, many crypto use cases have entered the market. From the US down to Australia and more, Crypto firms are developing applications to aid the use of cryptocurrencies for various payment options.

While playing the video, a Tether (USDT) logo appeared on the POS machine, showing that McDonald’s also accepts stablecoins.

Lugano To Become The European Bitcoin Capital

Long considered a cryptocurrency tax haven, Portugal’s government has proposed a 28% tax on capital gains from cryptocurrencies held for less than a year.

The 2023 State Budget document published on Oct. 10 featured a short section addressing the taxation of cryptocurrencies, which to date have been untouched by the Portuguese tax authorities, given that digital assets were not recognized as legal tender.

The section notes that the Portuguese government intends to create a ‘broad and adequate’ tax framework aimed at cryptocurrencies in terms of their taxation and classification. A proposed income tax from operations involving cryptocurrencies through activities such as mining or trading, as well as capital gains, was put forward in the 444-page document:

“Capital gains relating to crypto-assets held for a period of less than one year are subject to the rate of 28% (without prejudice to the aggregation option), with the capital gains referring to crypto assets held for more than 365 days exempt from taxation.”