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Exved is a Russia n firm that announced its launch yesterday, December 7th. The firm intends to enable exchange s between Tether (USDT), rubles, and the dollar. Sergey Mendeleev’s InDeFi Bank, a Russia n bank, appears to have launched the project in collaboration with Exved. Mendeleev is also the found er of Garantex with Stanislav Drugalev, an Office of Foreign Asset Control (OFAC) sanctioned entity. Exved purports to only work with legal and compliant entities and is focusing its efforts on importers and exporters. In a since-deleted article from CoinTelegraph, Mendeleev claimed that the Exved’s mechanics have been approved by the Bank of Russia.  One of the largest counterparties of the Hydra darknet market was Garantex, the other cryptocurrency exchange that Mendeleev founded. The announcement from OFAC details how Garantex lost its license in Estonia after review by the authorities found “critical AML/CFT deficiencies and found connections between Garan...

Additionally, Blur founder Tieshun Roquerre raised $40 million to contribute to the Blur ecosystem. Tieshun Roquerre, the founder of NFT marketplace Blur (also known as “Pacman”), is launching a new layer-2 network where users can reduce transaction costs for digital collectibles. In a thread posted to X on Nov. 21, Roquerre addressed high network fees, saying “hundreds of millions have been spent on gas trading NFTs.” Two of the biggest opportunities we see for NFTs are reducing transaction costs and institutional-grade NFT perps. Hundreds of millions have been spent on gas trading NFTs, and perp volume is 6x bigger than spot. These opportunities require an L2. — Pacman | Blur.io (@PacmanBlur) November 21, 2023 Moreover, Roquerre says “almost every” decentralized application, or DApp, on a blockchain has an issue when users lock up their funds in pools, which do not generate yield for them. “This means that Blur users are losin...

Uniswap's Hayden Adams burned 99% of the HayCoin (HAY) supply on Oct. 20 over concerns about price speculation. Uniswap founder Hayden Adams burned 99% of the HayCoin (HAY) supply on Oct. 20, according to an announcement on X (formerly Twitter). The majority of the tokens have been removed from circulation due to Adams’ concerns about price speculation over the previous days. Adams deployed the HAY token for testing five years ago, before the launch of the decentralized protocol Uniswap. He created a small test liquidity pool with a tiny fraction of the total supply and kept over 99.9% of HAY tokens in his wallet. Just a few weeks ago, the token was trading like a memecoin in the six-figure range: "Over the years, a few people have noticed it and bought it as a joke/for the novelty of it. Was extremely surprised to see people buying and selling significant dollar amounts this past week, treating it like a memecoin. Crypto can be weird sometimes." Five years ago, befor...

On the 10th day of Sam Bankman-Fried’s historic trial , Nishad Singh reveals how events up to the bankruptcy unfolded.  As FTX founder Sam Bankman-Fried’s trial reaches its 10th day, former Senior Engineer Nishad Singh is cross-examined by the defense. Yesterday, Singh testified how the former FTX CEO spent lavishly and made several large-scale investments from the platform’s funds.  As the case resumes today, here are the top highlights:  Cross-examination of Nishad Singh Nishad Singh participated in assessing Anthropic before FTX made the investment. Singh wanted to make a separate investment or donation to Anthropic. Singh received up to $2 million in bonuses from FTX and also borrowed $477 million. The reason for the loan was to make donations to a charity, but that never happened. He never received cash for that loan, it was only on paper. Read more: SBF trial day 10: Judge Kaplan hints at early November conclusion Singh received a separate $10 mil...