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Crypto community hopeful about new Senate leader John Thune

Not endorsed by Donald Trump, Senator John Thune defeated the Elon Musk-supported Senator Rick Scott to become the new Senate majority leader.

The cryptocurrency industry has high hopes for regulatory clarity in the United States as the Republican Party elected Senator John Thune of South Dakota as the new Senate majority leader.

Thune won the Senate majority leader race on Nov. 13, defeating the Elon Musk-endorsed Senator Rick Scott of Florida.

“We will work to make America prosperous again by streamlining the bureaucratic machine and overturning costly Biden-Harris regulations,” Thune stated in a speech after winning.

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Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Biggest fears about Bitcoin’s future: Industry weighs in

Reddit’s Bitcoin community remains optimistic about BTC, but members are still eager to discuss the most valid concerns regarding Bitcoin's future.

Bitcoin (BTC) has achieved significant success since its inception, but some within the community remain concerned about its future.

On Sept. 14, a Redditor on the Bitcoin subreddit appealed to the community with a question on the most legitimate concerns about the future of BTC.

What scares you the most about Bitcoin’s future? Source: Reddit

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Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

TON Community Backs Telegram Founder Durov — Reaffirms Commitment to Decentralization

TON Community Backs Telegram Founder Durov — Reaffirms Commitment to DecentralizationThe TON community has reaffirmed its commitment to freedom of speech and decentralization, showing strong support for Telegram founder Pavel Durov following his arrest in France. The community emphasized Durov’s dedication to an open internet and called for collective resilience among its members. TON Community Issues Statement After Pavel Durov’s Arrest The TON community issued […]

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

9 of the weirdest crypto projects, from Dentacoin to Cthulu  

Crypto is full of odd people who have put some of their eccentricity into the crypto projects they develop.

The cryptocurrency industry is very, very weird.

What would you expect from an industry founded by cypherpunks and embraced in its early days by privacy and cryptology idealists, software geeks, anarcho-capitalists and disenchanted Ron Paul voters? 

As crypto grew and creating new cryptocurrencies became ever easier during the initial coin offering (ICO) era, no idea was too stupid or left-field to ignore. And that’s before creating a memecoin could be done at the touch of a button, resulting in millions of coins that don’t even have an idea.

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Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Wazirx Defends Restructuring Decision — Founder Assures ‘Not Bankruptcy or Liquidation’

Wazirx Defends Restructuring Decision — Founder Assures ‘Not Bankruptcy or Liquidation’Indian crypto exchange Wazirx has defended its restructuring strategy in response to the July 18 cyberattack that led to the theft of over $230 million. The company emphasized that this approach is the quickest and most legally sound way to address these challenges. “This is not bankruptcy or liquidation since that will take several years,” […]

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

ATHDAOx: Building the future of Web3 in physical-digital with DAOs

The DAO-centric event took place in Athens, Greece over two days and focused on everything from governance and legal issues to community building and security.

ATHDAOx, an event in the tradition of the Solana Hacker House, took place on Dec. 9 and 10 in Athens, Greece, to discuss all things decentralized autonomous organization (DAO).

From governance and legalities to community building and security, the event brought together the local DAO-focused community in Greece and abroad.

Cointelegraph was on the ground for the event and spoke with one of the event’s founders, Dimitris, aka Takisoul, about his experience building a physical space to discuss digital communities.

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Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Arbitrum DAO passes $23M extra budget to fund all grant applicants

The Arbitrum community is expanding its grant program budget to over $70 million, supporting a total of 56 projects.

The Arbitrum DAO has confirmed the disbursement of millions in extra tokens to fund all projects approved on its latest Short-Term Incentive Program (STIP), boosting its budget by $23.4 million.

The proposal, voted by the Arbitrum community between Nov.

The supplementary capital was approved by 216.7 million votes in favor to 73.1 million against, bringing STIP's total budget to 71.4 million ARB tokens.

ARB holders approved the addition of 21.1 million tokens for funding grant applications. Source: Tally/Arbitrum

Arbitrum is a layer-2 networking designed to scale transactions on the Ethereum blockchain, allowing funds to be transferred more quickly and at a lower cost.

DefiLlama data shows that Arbitrum generated over $180,165 in fees and $43,342 in revenue just on Dec.

Layer-2 Arbitrum generated over $57 million in cumulative transaction fees. Source: DefiLlama

The new budget includes funding for Gains Network (4.5 million ARB), Wormhole (1.8 million ARB), and Stargate Finance (2 million ARB).

The approval of additional funding was not without controversy.

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Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

ZK community aligned with the core Web3 mission: ZkDay Istanbul roundup

The ZkDay Istanbul event offered exposure and networking opportunities to new and upcoming ZK-based projects and entrepreneurs.

As zero-knowledge (ZK) technology marches its way toward solving mainstream use cases, the community backing the disruptive tech continues to grow stronger. Over 1,200 ZK developers, community members and enthusiasts, including Ethereum co-founder Vitalik Buterin, attended the latest zkDay Istanbul event. 

ZK meetups attract 1,500 to 4,000 attendees, and zkDay Istanbul — as a platform for knowledge sharing and collaboration — witnessed a significant increase in enthusiasm as well. The event was built on top of the success of zkDay Paris, which attracted early-stage ZK startups and market leaders.

ZK-focused projects from various stages built connections and interacted with top members of zkDay sponsor projects, such as Manta Network, co-hosted by Polyhedra Network and =nil; Foundation. Kenny Li, the chief operating officer and co-founder of the Manta Network, spoke to Cointelegraph about zkDay. He said:

“The interest and attendance for zkDay is a testament to the community’s interest in the space, and we are excited to see that interest continuing to grow from country to country.”

Additionally, zkDay Istanbul ran alongside Devconnect 2023, an event dedicated to Ethereum community, builders and researchers.

Manta Network co-founder Kenny Li (left) and Ethereum co-founder Vitalik Buterin (right) at zkDay Istanbul 2023. Source: Cointelegraph

The zkDay Pitch competition saw participation from numerous high-quality projects, many of which have previously topped competitive events such as ETHGlobal. Li anticipates future collaborations with zkDay Pitch sponsor ETHGlobal to provide greater exposure to promising upcoming projects.

Abner Jia, the CEO of Polyhedra Network, echoed Li’s optimism about the ZK community’s growth, highlighting the surge in interest in ZK technology:

“With more projects and enthusiasts joining the ZK ecosystem, it’s clear that the community is on a strong growth trajectory.”

Improving user experience remains a common goal across the ZK community as projects strive to onboard users into the next-generation consumer products. Li added:

“That’s why we are so focused on our universal circuits at Manta Pacific, where we can offer ZK-as-a-service so developers can hit the ground running, launching EVM [Ethereum Virtual Machine]-compatible decentralized applications that leverage ZK without having to figure out the cryptographic elements.”

Attendees of zkDay Istanbul highlighted the ZK community’s strong convergence to the core mission of developers, users and community in Web3 in general. Despite the surface-level differences in focus areas and priorities, such as privacy, scalability and real-world applications, the fundamental ethos of decentralization and innovation remains consistent between the two communities.

The year-over-year growth in the ZK dev community suggests that the future of ZK technology holds incredible promise. Jia believes that collaboration remains key for the ZK ecosystem to thrive. “We are all striving for a fair, decentralized future. Leveraging zk is just another step to get there!,” added Li. 

Speaking about the future of ZK, Jia also revealed Polyhedra’s newly deployed distributed proof system on zkBridge, named deVirgo. “We are open for collaborations. Entrepreneurs looking to make a mark in this space should closely watch our progress and implementations. It’s essential to keep up with the latest developments in zk technology, as it’s a rapidly evolving field,” he concluded.

The budding ZK community is exploring use cases that can be directly applied to drive next-generation consumer products using intuitive EVM-compatible decentralized applications.

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

dYdX founder claims targeted attack led to $9M insurance claim

dYdX founder Antonio Juliano said that the decentralized exchange as well as the Yearn.Finance token (YFI) are victims of a targeted attack.

Decentralized exchange (DEX) dYdX was forced to use its insurance fund to cover $9 million in user liquidations on Nov. 17. According to dYdX founder Antonio Juliano, the losses resulted from a "targeted attack" against the exchange. 

Based on reports from the dYdX team on X (formerly Twitter), the v3 insurance fund was used "to fill gaps on liquidations processes in the YFI market." The Yearn.Finance (YFI) token dropped 43% on Nov. 17 after soaring over 170% in the previous weeks. The sudden price crash raised concerns within the crypto community about a possible exit scam.

The alleged attack targeted long positions in YFI tokens on the exchange, liquidating positions worth nearly $38 million. Juliano believes trading losses affecting dYdX, as well as the sharp decline in YFI, have been caused by market manipulation:

"This was pretty clearly a targeted attack against dYdX, including market manipulation of the entire $YFI market. We are investigating alongside several partners and will be transparent with what we discover."

According to Juliano, the v3 insurance fund still holds $13.5 million, and users' funds were not affected by the incident. "Even though no user funds were affected, we will also be conducting a thorough review of our risk parameters and making appropriate changes to both v3 and potentially the dYdX Chain software if necessary,” he noted on X.

Balance changes on dYdX's insurance wallet. Source: DYDX Explorer

The profitable trade wiped out over $300 million in market capitalization from the YFI token, leading the community to raise eyebrows about a possible insider job in the YFI market. Some users claimed that 50% of the YFI token supply was held in 10 wallets controlled by developers. However, Etherscan data suggests some of these holders are crypto exchange wallets.

Cointelegraph reached out to dYdX and Yearn.Finance's teams for comment and is awaiting a resoonse.

Magazine: Beyond crypto — Zero-knowledge proofs show potential from voting to finance

Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K

Small Islands, big problems: Can Bitcoin fix this? Cointelegraph Cape Verde video

A small island nation in the Atlantic Ocean grapples with a cash economy influenced by tourism, remittances and limited resources. Can Bitcoin help?

Cointelegraph recently traveled to Cape Verde, West Africa, to explore whether Bitcoin (BTC) could be a tool for progress.

In the latest on-the-ground video documentary from Cointelegraph, global reporter Joe Hall investigates the remittances market, cash economies, and the challenges and opportunities faced by small island nations worldwide.

Cape Verde, officially the Republic of Cabo Verde, is an island nation in the central Atlantic Ocean. Cape Verde comprises 10 main islands and several smaller islets, sitting 570 kilometers (350 miles) west of Senegal, West Africa.

Hall discovers that more Cape Verdeans live abroad than on the country’s islands. Due to its small land mass, it struggles to cultivate and export goods abroad. The islanders of Cape Verde, especially Sal, rely on tourism to stimulate the economy, and relatives living abroad send money home.

The combination of a tourism and remittance-based economy presents multiple issues. Due to the presence of tourists year-round, Sal uses three currencies: the local Escudo, the U.S. dollar, and the Euro, although Hall discovered it’s also possible to pay in British pounds. Mastercard and Visa charge upward of 4% for transaction fees in stores, which merchants often pass on to customers.

Hall receives “confused change” — a mix of euros and escudos — at the checkout. Source: Cointelegraph

Western Union and MoneyGram charge customers as much as 15% for remittances to send money across borders. The high remittance costs act like a tax on the higher incomes of Cape Verdean workers living abroad.

The Cape Verde cash economy is also hamstrung by high ATM and bank access fees, as well as strict opening and closing hours. Cape Verdean banks close at 5:00 pm local time on the islands, and during bank holidays, ATMs often run out of cash for withdrawal, presenting further economic hurdles for full-time workers.

Finally, inflation runs higher in Cape Verde than across the eurozone, even though the escudo is “pegged” to the euro. Compared with Western economies, the islands’ incumbent financial systems impede Cape Verdeans from simply spending, saving and sending money the way many Westerners take for granted.

Related: One man’s plan to orange-pill a nation: Bitcoin Senegal

While investigating these economic issues, Hall met with Renato Evarchi, one of the first business owners in Cape Verde to accept Bitcoin. He shed light on the economic situation and explained how more and more Cape Verdeans were warming up to a borderless, immutable and decentralized internet currency.

To learn more from Hall’s travels in Cape Verde, watch the full documentary above and subscribe to Cointelegraph’s YouTube channel.

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Bitcoin ‘diamond hand’ sell-off risks outpacing ETF inflows at $98K