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The crypto community has been flooded with FUD ahead of the CPI release. The Securities and Exchange Commission (SEC) announced on Monday that it has filed a lawsuit against Paxos Trust , the issuer of Binance USD (BUSD), alleging the stablecoin is an unregistered security . Specifically, the agency sent a wells notice to Paxos, notifying that it would take enforcement action against the entity. Paxos issued the following statement on February 13. Read the full statement here: https://t.co/jbfcBAiCgf pic.twitter.com/T7k80QtKyX — Paxos (@PaxosGlobal) February 13, 2023 SEC Goes After Stablecoins After receiving SEC’s wells notice, Paxos has around two weeks to provide a wells submission, a written or oral explanation for why SEC’s move is wrong. Also on the same day, Paxos had to halt minting BUSD following the command of the New York Department of Financial Services (NYDFS). PAXOS is currently in charge of three currencies: USDP, PAXG (Pax Gold), and BUSD. CZ noted shortly...

A new player in the cryptocurrency world, MET500 LTD , has made a significant impact with its easy-to-use staking platform. This UK-based company, with a focus on blockchain technology and financial markets, offers staking options on 8 of the most popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. With MET500.com, users can choose from 4 different staking plans, ranging from 30 to 90 days. Each plan offers a daily reward, with the highest plan providing 2.5% per day. These plans have impressive APY rates of up to 912.5%. Users also have the option to select a level of reinvestment, from 25% to 100%, so the system will continuously increase their initial deposit, instead of sending rewards to their account balance. In addition, MET500 has a referral program that gives users the chance to earn more cryptocurrencies without any upfront financial investment. After registering, users receive a referral link that they can share with others. Commission rates of 5%,...

A new DeFi exploit has hit the crypto community. The damage is estimated at $3.6 million. DForce, an ecosystem of DeFi protocols, was reportedly under a reentrancy attack on the Arbitrum and Optimism chains on Friday. The hack led to a damage of $3.6 million. DForce confirmed the exploit shortly after the incident and notified the dForce Vaults’ suspension. “wstETH/ETH Curve gauge vaults on Arbitrum & Optimism were exploited a few hours ago, and we immediately paused the dForce Vaults – other parts of the protocol remain intact and user funds are SAFE with dForce Lending,” according to an official announcement. According to the latest updates , the attack didn’t affect other vaults and dForce lending. DForce reported working with blockchain security company SlowMist to investigate the incident which further revealed reentrancy vulnerability as the cause. More Hacks Hitting Crypto DForce also stated that it would offer a bounty to the attacker if he returned the funds. Tec...

Concerns mount across the community as two big events surfaced within 24 hours. Will the SEC ban crypto staking ? Coinbase’s CEO Warns That SEC Might Ban Crypto Staking In a series of Tweets posted today, Coinbase CEO Brian Armstrong cited rumors that the US Securities and Exchange Commission (SEC) wanted to ban crypto staking for retail customers. Staking is one of the most popular forms to generate passive income in cryptocurrency by locking crypto assets for a set amount of time. It is also the simplest form and preferred investment option. So getting rid of staking will doubtless leave a big impact on the market. Armstrong envisioned “a terrible path for the U.S.” if it was enacted. “Staking is a really important innovation in crypto. It allows users to participate directly in running open crypto networks. Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints,” the CEO added. Staking is Over in t...

Amid the rise of the crypto writer in the book world, The Quest of Evolution offers a unique “Write to Earn” method where anyone can participate without the need for voting or DAO participation. Literary NFT projects like The Quest of Evolution are revolutionizing and rewriting the Web3 publishing narrative. The platform is targeted towards true artists and provides them with a means to earn income from their creative works. When NFTs or non-fungible tokens flooded the internet, there was no place for writers to experiment with form, publish and earn money directly and instantly without any traditional publishing gatekeepers. Literary NFTs allow writers the ability of limitless exploring their creation without worrying about publishers’ opinions. Also, it’s not hard to make sense of what the NFT creative space might mean for otherwise underpaid writers. With NFTs, there are loads of new ways for writers to get their work out into the wider world. Let’s take a look at The Quest of...

A hack targeting a Trust Wallet user sent a shock wave to the community. In a new update on Twitter, Trust Wallet said it was caused by a social engineering scam . The scam, which took place by the end of 2022, involved an “organized crime unit” that came across as a Web3 investor and stole $4 million from the user. But it’s not a normal scam. It all centers around the fraud tactic. According to the previous report, scammers took money by taking a photo of a Trust Wallet screen. The Super Scam As simple as it sounds, Trust Wallet said that the scam was conducted through a series of actions. The crime unit allegedly committed similar practices in Mila and Barcelona. According to reports, it targeted users with hot and cold wallets on multiple devices. Scammers convinced users that they were Web3 investors, insisting on a meeting in person to see the proof of funds on the wallet accounts.t In some cases, those scammers requested victims to send funds to a new wallet beforehand. V...

It cannot be denied that the birth of Bitcoin has been a revolution for the internet as well as has laid the foundation for the term “blockchain”. Although there are some drawbacks, the pioneer Bitcoin helped many to dream about blockchain’s role in the future. What Is ReverseBlock? Taking advantage of the value philosophy and ethos of Bitcoin, the RBX platform is the next-generation blockchain built to operate completely decentralized and autonomous for everyone to help evolve utility, use-cases, and ownership for any type of NFT through a singular core wallet for Masternodes, Smart Contracts, NFTs, and Decentralized Sales Tools (DSTs). Therefore, its Self-Executing NFT Architecture Program (SEN) allows users to customize and control how each NFT evolves across any digital or physical asset class. In other words, programmable smart contracts within each NFT now empower each creator with the ability to truly transact or transfer peer to peer, with highly dynamic features withou...