News Headlines (14th December 2023)

The new “Cronos zkEVM chain” is launching initially as a test network, based on Matter Labs’ software tools, which can be used to spin up new layer 2 and layer 3 “hyperchains” atop Ethereum.

Cronos Labs, the developer behind the Cronos blockchain, announced Thursday the launch of a new layer-2 network, joining the growing ranks of second-tier projects that have opted to build auxiliary networks within the dominant Ethereum ecosystem.

The new “Cronos zkEVM chain” is launching initially as a test network, based on Matter Labs’ software tools, which can be used to spin up new layer 2 and layer 3 “hyperchains” atop Ethereum.*1ufyudy*_up*MQ..*_ga*MTU2NjYxNjUwLjE3MDI1NTYyMTU.*_ga_VM3STRYVN8*MTcwMjU1NjIxNC4xLjEuMTcwMjU1NjIyNy4wLjAuMA..

JP Morgan has poured cold water on hopes of a crypto bull run next year, with the bank’s analysts taking a “cautious” stance in their 2024 crypto outlook.

Analysts led by Nikolaos Panigirtzoglou said in a newly published report that the Bitcoin halving is “largely priced in,” since the halving event and its effect on the Bitcoin supply are “predictable and in our opinion are well factored into the current bitcoin price.”

The team argued that based on the current Bitcoin hash rate and mining difficulty, that the production cost for miners would rise from around $22,000 at present to around $44,000 post-halving.

Gemini Earn creditors are fuming over a proposed reorganization plan that could see their promised Bitcoin BTC $43,107 payouts effectively slashed to about 30% of what they’re worth at current market rates.

In a post on X (formerly Twitter), Gemini Trust revealed it sent creditors an email on Dec. 13 outlining the proposed plan, which has now been put up for a vote.

Under the proposed plan, creditors will receive a payout equal to their Earn crypto balances as of Jan. 19, 2023 — the date that Gemini’s cryptocurrency lending partner Genesis Global Capital filed for bankruptcy.

According to Bloomberg, former Credit Suisse executive David Riegelnig has co-founded Rulematch, a Zurich-based startup offering a crypto trading venue exclusively for financial institutions. The platform has started trading Bitcoin and Ether and is open to clients in most of the European Union, the United Kingdom, and Singapore. Rulematch has raised $14 million from investors.

Unlike typical crypto exchanges that provide a mix of functions, including trading and custody of assets, Rulematch aims to differentiate itself by being a pure trading platform, matching buying and selling interests. This structure mirrors traditional financial markets and allows participants to settle their trades daily on a net basis, improving capital efficiency for traders.

Thirteen years have passed since Satoshi Nakamoto, the enigmatic figure behind Bitcoin, made their final post on This retrospective examines the condition of Bitcoin at that juncture and Nakamoto’s sudden departure. On Dec. 12, 2010, Nakamoto addressed the community regarding Bitcoin version 0.3.19, where the elusive engineer remarked that DoS limits had been implemented and safe mode alerts had been turned off.

“As Gavin and I have said clearly before, the software is not at all resistant to DoS attack,” Nakamoto told the community. “This is one improvement, but there are still more ways to attack than I can count.”

Solana-based meme coin bonk (BONK) surged 40% in the past 24 hours after prominent exchange Coinbase (COIN) said it would list the token on Thursday, making it the third largest meme coin behind dogecoin (DOGE) and shiba inu (SHIB) to be offered on the platform.

“Once sufficient supply of this asset is established, trading on our BONK-USD trading pairs will launch in phases,” the exchange said in an announcement on Wednesday. “Support for BONK may be restricted in some supported jurisdictions.”

Coinbase listings have often led to a short-term pump in token prices, given the exchange’s tendency to be selective with the tokens it offers, and a listing may give traders a sense of legitimacy for listed projects.*1ufyudy*_up*MQ..*_ga*MTU2NjYxNjUwLjE3MDI1NTYyMTU.*_ga_VM3STRYVN8*MTcwMjU1NjIxNC4xLjEuMTcwMjU1NjIyNy4wLjAuMA..

Bitcoin gained some upward momentum, picking up 0.8% in the past hour, following an announcement from Federal Reserve officials that the central bank would leave interest rates unchanged.

At the time of writing, Bitcoin is trading for$42,383.95, according to CoinGecko. Ethereum also responded positively to the news, having picked up 1% in the past hour. It’s currently changing trading for $2,234.

“The [Federal Open Market Committee] seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC said in a statement. “In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5.25% to 5.5%.”

The Philippines Securities and Exchange Commission head Kelvin Lee clarified in a panel on Dec. 13 that a ban on Binance would come into effect three months after its advisory was issued.

According to a report from local news BitPinas, Lee said there has been a lot of confusion on the internet about the ban after regulators issued an advisory to the cryptocurrency exchange for operating without a license on Nov. 28.

He was asked to clarify the matter and that the ban was “supposed to be three months from the issuance date,” which he said was given on Nov. 29.

“Depending on how feedback is, we can actually extend that, but currently, we should feel lucky with the three months.”

According to Foresight News, the total value locked (TVL) in the Cardano ecosystem has experienced rapid growth over the past few weeks, surpassing $440 million and exceeding its peak of $330 million in April. Most of the growth occurred in the past week, with the TVL of lending protocol Indigo and on-chain exchange Minswap soaring by over 50% to nearly $100 million. The supply of the USD-pegged stablecoin Djed (DJED) increased by more than 45% in the past week. The TVL on LendFi and Spectrum Finance surged by 90%.

This on-chain growth has driven up the price of ADA tokens. Data shows that the token’s price has surged by about 17% in the past 24 hours, expanding its monthly gains to nearly 80%.

The breach of the Okx Dex platform occurred on December 13, with $2.7 million being extracted from its decentralized finance (defi) protocol. This incident was brought to light by various onchain analysis experts. Arkham has since announced the establishment of a bounty to track down the responsible party.

Arkham communicated via the social media channel X (formerly Twitter). “We’ve created and funded a bounty to help identify the person or organization behind the recent Okx Dex exploit,” Arkham wrote. “Okx Dex was exploited by a hacker who upgraded a deprecated contract with token approvals, resulting in losses of over $2.7M on Dec 13, 2023. The hacker is tied to a number of hacks, including Lunafi, Uno Re, RVLT, and more.”