DeFI News by Thebittimes.Com

Coinbase CEO Brian Armstrong says that the next major crypto bill, the Digital Asset Market Clarity Act of 2025, also called the CLARITY Act, is a “freight train leaving the station,” adding that this is the most bullish he has ever been on the bill. In a video posted to X, the CEO said that there is a good chance that the bill will pass. This is after he attended discussions with lawmakers “on both sides of the aisle,” and added that the bill has bipartisan support.  “The Senate is strongly supportive of getting this done; the members I met with on both sides of the aisle are ready to get this legislation passed,”  Armstrong said in the video. Armstrong Says New Bill Will Ensure There Is Not Another Gary Gensler The bill was introduced in May this year, and seeks to create a comprehensive market-structure framework for digital assets. It also draws a line between US Securities and Exchange Commission (SEC) and the Commodity Futures Tra...

One of the most prominent cryptocurrency exchanges on the planet, Coinbase, has found itself in legal trouble after it waited 4 months to alert users of a $400 million security breach. According to a Reuters report, the exchange was notified of a data leak in January, while they did not notify the 69,000 customers until May. The compromise took place amid a relationship between the exchange and Texas-based outsourcing firm TaskUS. Indeed, the India call center that was employed by the firm was reportedly bribed to leak sensitive data on customers, including names, addresses, and partial social security numbers, according to a court filing. Also Read: Circle In Talks to Sell as Coinbase & Ripple Emerge as Top Buyers Coinbase Facing Legal Action for Delayed Notification of Major Data Breach It has been a massive few months for the Coinbase cryptocurrency exchange. In what is a major achievement for the company, it entered the S&P 500 for the very first time. The landmark developm...

A new decentralized finance (DeFi) trading altcoin is surging after gaining support from the top US-based crypto exchange platform by volume. In a new thread on the social media platform X, Coinbase says it’s adding the DeFi token Definitive Finance (EDGE) to its suite of digital asset products with an experimental label, causing the altcoin to skyrocket. Coinbase’s experimental label designates assets as having higher volatility and lower trading volume compared to other products offered by the firm. News of the addition sent EDGE flying, as the token went from an April 2nd low of $0.0274 to a peak of $0.1157 just a few hours later. The digital asset has since retraced and is trading for $0.086 at time of writing, a staggering gain of nearly 180% during the last 24 hours. According to its official website, Definitive aims to mimic the experience offered by centralized exchange platforms, such as Coinbase and Binance, despite being decentralized. ...

Two Ethereum (ETH)-based altcoins are skyrocketing after gaining support from the top US-based crypto exchange platform by volume. In new posts on the social media platform X, Coinbase is announcing the additions of the decentralized finance (DeFi) platform Maple Syrup (SYRUP) and artificial intelligence (AI)-based token Aethir (ATH) to its suite of digital asset products. Coinbase’s announcements preceded rallies for both tokens. The additions of SYRUP and ATH come a few days after Coinbase added the tokens to its listing roadmap last week, signaling upcoming support. At the time, both assets jumped nearly 40% in price. News of the support caused both the assets to spike in price, as SYRUP went from a low of $0.131 on March 12th to a peak of $0.173 just a day later, a gain of 28.7% during the last 24 hours, while ATH went from a low of $0.034 to a peak of $0.040 during the same time frame, a gain of 14.4% on the day. Aethir is a decentralized cloud comput...

To abolish concerns about its transparency, Coinbase plans to add verifiable proof of reserves to its new Bitcoin Wrapper cbBTC. The Coinbase team confirmed the news on Monday, with the PoR allowing cbBTC to rival other Bitcoin wrappers such as Wrapped Bitcoin (WBTC) and 21.co Wrapped Bitcoin (21BTC). The exchange has been working on the verifiable PoR for some time, and it is now one step closer to becoming a reality. “With cbBTC, we’ve planned PoR since the early days and the team is hard at work building it,” Lukas Staniszewski, a product manager at Coinbase, said in a Sept. 23 post on the X platform. Upon the launch of their wrapped Bitcoin product on September 12, Coinbase was criticized for its lack of transparency. This lack of transparency made experts believe it would fall behind rivals WBTC and 21BTC. Furthermore, the exchange was accused of issuing “paper Bitcoin” to BlackRock this month as well. In addition, Tron founder Justin Sun referred to the launch as “Cent...

The US Government has moved nearly $600M in seized Bitcoin from Silk Road to a Coinbase wallet, according to Arkham Intelligence. The government holds millions of dollars worth of Bitcoin from various seizures over the years, including from the Silk Road dark web marketplace. The amount of Bitcoin moved was 10,000, all to a Coinbase Prime wallet. The US Government moved nearly $2 billion in Bitcoin from Silk Road to another wallet in July 2024. The reasons behind the transaction are unknown, and analysts wonder if the government plans to sell or custody the BTC. In July, The U.S. Marshals Service (USMS) awarded Coinbase Prime a contract to manage and dispose of its large-cap cryptocurrency assets. Therefore, the U.S. government may just be moving the seized assets to a new place of custody. What was Silk Road, and What is the US Government Doing With Its Bitcoin? Source: Shutterstock / In Green, modified by Blockworks Silk Road was permanently shut down in 2013 after an FBI investigati...

Top cryptocurrency exchange Coinbase has been making headlines but for the wrong reasons. The market is currently undergoing a downtrend amidst this, an investor claimed that they had lost $1.7 million due to a scammer posing as a Coinbase employee. The fraudster allegedly pretended to be from Coinbase’s security team when they contacted, and they also sent the victim an email purporting to be from Coinbase. The scammer told the victim that they were “speaking to an official representative at Coinbase.” The scammer revealed that the transactions going out of this wallet. The fraudster noted that the wallet was directly connecting with the blockchain. The investor then received an email that appeared to be from a Coinbase employee and even included a transaction that had been sent out. Source The next step required the victim to input their seed phrase. This was done to block the transactions. They knew it was unsafe, but they inserted part of their phrase, believing the vic...

A licensed attorney in Florida posted a viral tweet claiming that Coinbase’s rehypothecation was to blame for bitcoin failing to rally. Sasha Hodder of Florida Coastal School of Law — a school known less for its quality and more for closing entirely — claimed that CEO Brian Armstrong was to blame for bitcoin’s sideways (‘crabbish’) price action since spot bitcoin ETFs listed on US exchanges. According to her theory, which gained over 780,000 impressions as of publication time, “Coinbase is somehow rehypothicating [sic] its prime lending customers’ bitcoin to fund bitcoin ETFs.” Apparently, passing the Florida bar does not guarantee that an attorney knows how to spell rehypothecating — nor does it guarantee they know how capital markets work. Without evidence, this is nonsense. — Timbo (@TimboNotes) June 10, 2024 Read more: ECB bitcoin report triggers Crypto Twitter, catches community note The post quickly gained a Community Note, a feature of ...

In a dramatic development that has captivated the crypto currency world, Whale Alert, a service that tracks large crypto transactions, reported a substantial Bitcoin transfer from the major U.S. exchange Coinbase. This transfer, totaling nearly half a billion dollars, has created a significant market buzz, coinciding with the upcoming Consumer Price Index [CPI] report. Currently, Bitcoin is trading just above $62,000 with a 1.84% daily surge. These minor fluctuations highlight the market’s sensitivity, with investors keeping a close watch on economic indicators and significant transactions like this one. Source Also Read: Bitcoin: Novogratz Foresees $55K to $75K Trading Zone Transaction Details The notable transaction involved moving 7,999 BTC from Coinbase to an undisclosed address. At its current market price, this accounts for around $497 million. The size of this transaction has raised many questions about the motives behind such a significant movement of fu...

Coinbase is set to integrate the Bitcoin Lightning Network through its recently announced partnership with Lightspark. Indeed, Lightspark announced the collaboration that will bring the network to Coinbase’s vast and expansive user base. Lightspark noted their excitement in bringing “one of our industry’s most impactful and significant companies to Lighting at the perfect time.” Moreover, they expressed the noted benefit that Coinbase users will receive through the impending integration. While also citing the importance of the milestone partnership for the industry as a whole. JUST IN: Coinbase partners with Lightspark to integrate #Bitcoin Lightning Network. — Watcher.Guru (@WatcherGuru) April 3, 2024 Also Read: How to Add Coinbase’s Base Network to MetaMask Coinbase Partners With Lightspark for Bitcoin Lightning Integration Throughout the last year, the digital asset market has noted some incredible highs. Specifically, it observed t...

Former U.K. Chancellor George Osborne has been appointed to Coinbase’s Global Advisory Council to focus on the firm’s regulatory strategy and global expansion. Osborne’s appointment brings a wealth of experience in government and international finance , particularly in fintech investing. Coinbase Chief Policy Officer Faryar Shirzad highly regarded Osborne’s capabilities, emphasizing his significant role in guiding global expansion. Osborne expressed enthusiasm for blockchain technology, recognizing its potential to revolutionize financial markets and online transactions, and remarked on Coinbase as a key player in these developments. We are very pleased to have @George_Osborne join @coinbase's Global Advisory Council. George is one of the most experienced and thoughtful leaders in government and business, and we are grateful to have his advice and counsel as we expand Coinbase around the world.… — Faryar Shirzad ️ (@faryarshirzad) January 31, 2024 ...

Singapore-based startup Dtcpay is set to launch a new payment system tailored for both cryptocurrencies and traditional fiat currencies.  Dtcpay reportedly entered into a strategic partnership with the open-source blockchain platform, PlatON, and Chinese payment solution provider, Allinpay International. The aim is to establish a privacy-protected digital payment infrastructure. #dtcpay is proud to be joining forces with @PlatON_Network , a privacy-preserving digital public infrastructure provider, and @allinpayintl , a globally recognized #Fintech #payments solution. Read the full announcement here: https://t.co/Aqcyd19HRO #Web3 #Crypto — dtcpay (@dtc_pay) November 9, 2023 The collaboration will center around the creation of smart point of sale (POS) terminals, capable of supporting numerous digital currencies including Tether (USDT), Ethereum (ETH) and Bitcoin (BTC).  Previously known as the Digital Treasures Center, Dtcpay has made a name for itself offering st...

The Grayscale Bitcoin Trust is the largest asset held by the ARK Next Generation Internet ETF, accounting for more than 10% of its portfolio. Investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amid a market surge fueled by anticipation of a spot BTC exchange-traded fund (ETF). On Oct. 23, ARK — headed by pro-Bitcoin (BTC) investment veteran Cathie Wood — sold 100,739 GBTC shares ($2.5 million) from ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph. The transaction comes as GBTC touched multi-month highs, reaching $24.7 for the first time since May 2022. According to data from TradingView, GBTC has surged more than 200% year-to-date and is up nearly 30% over the past 30 days. The GBTC sale marks ARK’s first officially reported GBTC transaction since November 2022, when the firm added 450,272 GBTC shares worth $4.5 million to ARKW. The latest GBTC sale amount accounts for about 2% of all GBTC value in ARKW’s portfolio, ...

Coca-Cola, the world’s largest soft drinks brand, has launched its NFT collection on the new Coinbase layer-2 network Base.  Coca-Cola has taken another stride into the digital art with its inaugural NFT collection on the Coinbase layer-2 network Base. As part of Coinbase’s “Onchain Summer” event, the beverage giant unveiled its Masterpiece collection, a fusion of revered artworks and contemporary creations intertwined with the iconic Coca-Cola bottle. ᴏɴᴄʜᴀɪɴ 🟡 ꜱᴜᴍᴍᴇʀ@CocaCola is bringing their Global Masterpiece campaign onchain with iconic works from leading artists. Mint now: https://t.co/xTWyI3O7IW pic.twitter.com/9wxFgt8qOh — Coinbase ️ (@coinbase) August 13, 2023 The Masterpiece collection encompasses artworks like Edvard Munch’s “The Scream” alongside contemporary pieces from emerging artists. This artistic amalgamation pays homage to Coca-Cola’s legacy while embracing the possibilities of digital creativity. Yo...

Before the SEC launched its lawsuit against Coinbase, the exchange was busy promoting crypto as the future of finance, championing “a global, open alternative to every financial service.” Last year, it reiterated its mission to “fuel progress on decentralization, Web3, and the future of finance,” and was all about “creating more economic freedom for the world.”  However, Coinbase now claims it’s merely been selling digital Beanie Babies all along. Coinbase be like pic.twitter.com/BCj9gBGS9N — Sean Tuffy (@SMTuffy) August 6, 2023 Quite the change of tone for Coinbase. Coinbase backpedals on Bitcoin So what caused the about-face? Well, it likely has something to do with SEC charges alleging that it’s been operating an illegal securities exchange for at least three years . If it seeks a maximum penalty, the SEC could win disgorgement, fines, and penalties exceeding Coinbase’s entire net income since inception. It could also prevent the company from operatin...

Base’s layer-2 mainnet has launched, allowing builders to deploy contracts, while users will be welcomed to the network in August. Coinbase’s Base mainnet is now “open for builders,” according to a July 13 blog post from the network’s development team. The team is opening the network to builders ahead of its public launch to allow more time  for user onboarding. Base also announced that the public launch of the network will occur in August. Since our testnet launch, we’ve connected with incredible builders and watched their projects thrive on Base. Now it’s time to take the next step: Base mainnet is now open for builders.https://t.co/YvlQxquhvY — Base ️ (@BuildOnBase) July 13, 2023 Coinbase announced the creation of the Base network on Feb 23. The team claimed that the network would be a layer-2 of Ethereum and would use the OP Stack software used by Optimism. The announcement was celebrated in the Ethereum community, as many users saw it as a ‘massive confidence vote’ for Et...

Irrespective of the market conditions, market participants have been accumulating crypto assets. However, during the second quarter, the trade volume has not been appealing. As illustrated below, the aggregate number stood below $2 billion, the lowest since 2020. A recent Kaiko research report pointed out that Binance registered the “strongest drop.” The volume on the largest exchange dropped by nearly 70%. This was likely a consequence of the exchange re-introducing fees for its “most liquid” BTC pairs. Nevertheless, the state of affairs on other exchanges was also similar. The volume on Coinbase, Kraken, OKX, and Huobi also dropped by over 50% in Q2. Source: Kaiko Well, Coinbase has been consistently making it to the headlines of late. Over the past few days, several Bitcoin ETF applications have been re-filed, with Coinbase being added as the surveillance partner. The shares of the company are up, by over 13% over the past week. However, Coinbase has ...