Tether CTO responds to reports of hedge funds shorting USDT

Tether CTO Paolo Ardoino has responded to reports of hedge funds shorting its USDT stablecoin.

A “short” is a bet against the value of an asset. In contrast, a “long” position is a bet that an asset will appreciate in value.

On Monday, the Wall Street Journal reported that various traditional hedge funds had open USDT short positions worth hundreds of millions of dollars.

“There has been a real spike in the interest from traditional hedge funds who...

Ethereum Virtual Machine goes live on Cardano testnet

Ethereum developers that are considering defecting to Cardano can now test their dApps on the growing blockchain platform.

https://twitter.com/InputOutputHK/status/1535979507840167943

Cardano’s Ethereum Virtual Machine (EVM) has full compatibility with Ethereum upgrades and tools, Web3 wallet compatibility, can use the Ouroboros Byzantine Fault Tolerance consensus protocol, and inherit security from Cardano’s main chain.

Cardano vs Ethereum

Ethereum is...

Singapore launches DeFi project with JPMorgan and DBS Bank

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is joining forces with JPMorgan, DBS Bank, and Marketnode to launch Project Guardian.

The project, which is led by Deputy Prime Minister Heng Swee Keat, will pilot use cases of digital assets in tokenisation, using the three financial institutions as “trust anchors”.

Announced on 31 May at the Asia Tech X Singapore Summit, Project Guardian hopes to eventually explore decentralised finance (DeFi)...

A16z unveils record-breaking web3 fund despite market agitation

Andreessen Horowitz’s web3 arm - a16z crypto - has raised $4.5 billion (£3.6bn) for its fourth crypto fund, setting a new record for venture capital (VC) in spite of the market’s turbulence.

Last June, a16z crypto announced its third fund whilst the market’s total capitalisation sat at an all too familiar $1.35 trillion (£1.05tn).

Back then, the firm brought $2.2 billion (£1.75bn) to the table for what it saw as the “next wave of computing...

A16z State of Crypto: “It is still early days for web3”

Andreessen Horowitz (a16z), a prominent venture capital firm investing heavily in the web3 sector, has published its first “State of Crypto” report exploring current trends in the market.

The overarching takeaway from the report is that web3 and the crypto market develop in cycles.

As prices climb, interest in the sector grows to the point where it can no longer be sustained. Following a (usually steep) falloff in prices, innovators develop new projects that revive...

Axie Infinity network loses £468m in largest ever DeFi hack

$30 million Ether theft

Axie Infinity, one of the biggest success stories in the world of blockchain-based gaming, has become the victim of the largest decentralised finance (DeFi) hack in history.

The Pokémon-style NFT battler saw $615 million (£468m) stolen from its Ronin Network – the Ethereum sidechain created to run the game’s transactions – on March 23.

It took a user being unable to withdraw 5,000 ether (£12m) on March 29 for Ronin to realise that 173,600 ether (£448m) and 25.5...

LUNA flips Ethereum for staked value after bullish recovery

Stake

Terra’s native token, LUNA, has flipped Ethereum to become the second-largest blockchain network in terms of staked value.

LUNA captures value for Terra’s stablecoin, UST, which functions as part of a network of decentralised finance protocols.

The coin has increased in value ten-fold over the past year as the popularity of the Terra network continues to grow, holding the position of seventh largest crypto by market cap as of March 7.

With 226,408 stakers...

Slope Finance rakes in £6m Series A for cross-chain Solana wallet

Slope

Slope Finance, a decentralised exchange and wallet based on the Solana network, has raised $8 million (£6m) in Series A funding.

The round was led by Solana Ventures and Jump Crypto, with further support from Circle, Huobi, Sequoia China, Genesis Trading, CMS Holdings, Spark Digital, and more.

Following on from a successful seed round in August last year, the start-up has raised $10.3 million (£7.8m) overall.

With cross-platform functionality, the wallet...

Wormhole bridge suffers £235m loss to second biggest DeFi exploit ever

Wormhole

Wormhole, a cross-chain token bridge between Solana and other blockchains, has been hacked for £235 million in the second largest DeFi hack to date.

A token bridge is a DeFi protocol that allows users to send and receive crypto between blockchains without the need for a centralised exchange. Wormhole is one of the biggest bridges on the Solana network and is a key component of its ecosystem.

The exploit saw 120,000 Ether transacted from Wormhole to a private wallet...

Feature: Behind the record sales, the NFT space is evolving

As the cryptocurrency market tanks more than £1 trillion from its November all-time high of £2.2 trillion, the NFT world shows no signs of slowing down.

In fact, the most widely used NFT marketplace, OpenSea, had a monthly trading volume of £3.5 billion in January, well surpassing its previous trading record of £2.5 billion in August 2021.

What’s more, the market is seeing major structural changes thanks to the launch of LooksRare, a decentralised NFT...