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Crypto: Solana Rises Above XRP, Cardano-Petrobras Partnership Elevates Blockchain Learning, and More

Fernanda T
Latest News
December 21 2023 10:55AM

Cardano-Petrobras partnership promotes blockchain education for 40,000 employees

The Cardano Foundation (COIN:ADAUSD) has teamed up with Petrobras (NYSE: PBR) to educate over 40,000 employees about blockchain through workshops offered by the Cardano Academy at the Petrobras University. This educational program covers the potential of blockchain in the energy sector, explores use cases, and includes interactive quizzes. Participants who complete the course will receive certificates, and the first 500 registrants will receive an exclusive NFT symbolizing their progress in training.

Solana surpasses XRP as the fifth-largest cryptocurrency

On December 20th, Solana (COIN:SOLUSD) surpassed XRP (COIN:XRPUSD) in market value, becoming the fifth-largest cryptocurrency with $36.5 billion, while XRP remained at $33 billion. Solana’s rise was not driven by XRP losses but by its own performance, with a 6% increase in 24 hours.

Solana’s upward trajectory since October reflects an optimistic trend, anchored by a series of robust activities and significant innovations on the network. This remarkable momentum includes the strategic launch of the GameShift package, which generated considerable excitement, and significant property transfers from FTX related to the popular memecoin BONK (COIN:BONKUST), which catalyzed interest. Furthermore, the growing dynamism in Solana’s decentralized exchanges demonstrates expanding adoption and confidence. The successful launch of the Saga phone, overcoming initial challenges, and the impressive recovery from losses resulting from the dramatic FTX collapse are testimonies to Solana’s resilience and adaptive capacity, strengthening its position in the competitive cryptocurrency market.

Among the most notable gains in 2023, the Solana blockchain recorded a more than 700% increase in the value of its token. Avalanche (COIN:AVAXUSD) gained 300%, Stacks (COIN:STXUSD) increased by 623%, while Helium (COIN:HNTUSD) saw gains of 500% for the year.

Bankman-Fried’s request for postponement denied in FTX case

U.S. District Judge Lewis Kaplan denied Sam Bankman-Fried’s request for a postponement of his sentencing hearing. Bankman-Fried, convicted on seven counts of fraud in November, faces up to 110 years in prison. His attorney, Mark Cohen, requested more time for preparation, citing possible additional charges and a planned second trial. Despite this, Kaplan maintained the sentencing date and presentation interview, emphasizing that Bankman-Fried had already received additional time to prepare. The decision may be reviewed if the Department of Justice proceeds with a second trial on bank fraud and conspiracy.

U.S. Court confirms forfeiture of Silk Road Bitcoin

The U.S. Court of Appeals finalized the seizure of 69,370 Bitcoins from the Silk Road, an illegal dark web marketplace. This decision, confirmed by the Ninth Circuit Court of Appeals, places the Bitcoins, along with variants like Bitcoin Gold (COIN:BTGUSD), Bitcoin SV (COIN:BCHUSD), and Bitcoin Cash (COIN:BCHUSD), under federal control. Stemming from a 2020 seizure by the Department of Justice, this action is part of a legal action that began with the closure of the Silk Road and the conviction of its founder, Ross Ulbricht. With this, the U.S. government becomes one of the largest holders of Bitcoin.

British Virgin Islands Court freezes assets of Three Arrows Capital founders

A court in the British Virgin Islands ordered the freezing of $1.14 billion in assets belonging to Su Zhu, Kyle Davies, and Kelly Chen, founders of Three Arrows Capital (3AC). This global decision impacts the founders’ assets worldwide. Additionally, a Singapore court also issued a freezing order, as 3AC operated in the country before collapsing. The founders, embroiled in litigation due to a lack of cooperation in the asset recovery process, remain active in the cryptocurrency sector despite legal and regulatory constraints.

Bybit sets a new standard in cryptocurrency proof of reserves

Bybit, a Dubai-based cryptocurrency exchange, raised the transparency standard in the cryptocurrency market with its recent proof of reserves (PoR). Expanding its PoR to cover 32 cryptocurrencies, Bybit demonstrated that its assets are 100-124% secured in its advanced multicurrency wallet system. The report, recognized with high ratings in the industry, highlights Bybit’s commitment to security and transparency.

Phantom expands support for Bitcoin and other chains in Beta

Phantom, initially a Solana wallet, announced support for Bitcoin, Ordinals, and BRC-20 tokens, marking a step toward becoming a multichain wallet. Currently in beta, this functionality reflects the recognition of Bitcoin’s importance (COIN:BTCUSD) for the web3 ecosystem. With roots in Ethereum, Phantom already supported Ethereum (COIN:ETHUSD) and Polygon (COIN:MATICUSD), aiming for cross-chain interoperability in the future of digital asset management.

Ledger announces compensation and security enhancement following ConnectKit breach

Ledger, a hardware wallet manufacturer, pledged to reimburse $600,000 in lost assets due to the ConnectKit exploitation, with refunds expected to be completed by February 2024. The company has already contacted victims to facilitate the payment process. Following the breach that affected dApps like Zapper and SushiSwap, Ledger will enhance security by implementing “Clear Signing” and discontinuing “Blind Signing” by June 2024. Clear Signing is a security feature that allows cryptocurrency wallet users to view and verify all transaction details before authorizing it, increasing transparency and security.

Crypto industry’s challenge to Elizabeth Warren and election strategies

Crypto industry leaders, such as Coinbase (NASDAQ:COIN) CEO Brian Armstrong and Galaxy Digital CEO Michael Novogratz, have criticized Senator Elizabeth Warren for her anti-crypto stance. Instead of focusing on Warren, experts suggest directing efforts to influence elections in vulnerable seats that supported Warren’s crusade. Ryan Selkis, CEO of Messari, highlights Warren’s indirect impact through influential allies in government, proposing a “rebel alliance” from the industry against this stance.

The Sandbox plans expansion in India as its largest market

The metaverse platform The Sandbox (COIN:SANDUSD), a subsidiary of Animoca Brands, aims to make India its largest market in the next two years. The entry into the country was made through a joint venture with the local entity BharatBox, focused on culture and entertainment, including Bollywood. With 25 Indian partners already secured and a strategic collaboration with CoinDCX, The Sandbox intends to integrate millions of Indian users. This expansion comes despite India’s challenging regulatory landscape for cryptocurrencies.

Bank of China completes first cross-border gold transaction with CBDC

The Bank of China conducted the first cross-border precious metals transaction using central bank digital currency (CBDC), involving a gold deal valued at approximately $14.1 million. The operation, which included the Shanghai and Hong Kong branches of the bank, as well as the Shanghai Gold Exchange, marks a significant advancement in the adoption of digital yuan in international transactions. This move follows a previous iron ore agreement using e-CNY, indicating an expansion of the use of China’s digital currency in foreign trade.

Russia integrates Digital Ruble into the tax code

President Vladimir Putin signed legislation integrating the digital ruble into Russia’s tax code. The legislation, which now includes definitions and tax rules for digital ruble accounts, is part of Russia’s effort to advance its central bank digital currency (CBDC). Initiated in 2020, the project aims to bypass financial sanctions and will enable authorities to recover digital funds and suspend transactions if necessary. The use of the CBDC in Russia is expected to be possible from 2025.