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First ERC-20 Converter Goes Live On Cardano Testnet

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Picture of a Cardano logo


Cardano has marked the launch of its first-ever ERC-20 converter. The project which had been in the works had finally reached its launch milestone with help from IOG, the developer behind Cardano. With the converter, the network will be able to support the migration of ERC-20 tokens from Ethereum to the Cardano blockchain.

Development on the blockchain has been ramping up since the launch of smart contracts capability. The network has seen the first signs of DeFi as developers begin to test out their DApps with help from the foundation. This has inspired even more development with the community waiting with bated breaths for the day they can finally access DeFi services on Cardano.

Related Reading | Here’s What Cardano Founder Charles Hoskinson Wants For Christmas

AGIX ERC-20 Converter

SingularityNET brings this anticipated capability to the Cardano blockchain. It tested the converter with its AGIX token. Presently, the converter is live on the testnet and users are able to move AGIX tokens from Cardano to Ethereum and vice versa using the AGIX ERC-20 Converter. This will allow for AGIX transactions on a network with a much higher transaction capacity and cheaper fees.

Cardano has always been big on interoperability and this converter helps push it towards its goal of complete interoperability with other blockchains. Founder Charles Hoskinson has voiced this sentiment in the past where he explained that there would not be one blockchain to rule all the others. But rather blockchain infrastructures will co-exist and continue to compete with each other.

Related Reading | Number Of Cardano Wallets Staking ADA Crosses 1 Million

SingularityNET’s converter furthers this interoperability as it allows ERC-20 tokens to be ‘translated’ into Cardano native tokens while retaining their value and functionality. The converter also works the other way with users being able to convert a token back to its original ERC-20 format using the built-in conversion system.

“The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network, but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.” – Dr Ben Goertzel, CEO and Chief Scientist, SingularityNET

Cardano Getting Ready For DeFi

It may still be months until users begin to see the first signs of a fully functional DeFi platform on Cardano but there is no doubt that the project is headed in that direction. For starters, Cardano recently saw the launch of one of the first DEXs . The SundaeSwap launch was unveiled with much fanfare on Monday and allowed users to play around with the project which is now live on the testnet.

ADA price trending at $1.3 | Source: ADAUSD on TradingView.com

As Cardano witnesses what is shaping up to be an exciting start to decentralized finance on its network, it is important to keep in mind that there are still some kinks to work out. The developer addressed the community that they should expect bugs as the exchange takes its first steps.

Featured image from Kriptokoin, chart from TradingView.com



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Regulation

South African Government to Add Crypto Entities to ‘List of Accountable Institutions’ – Regulation Bitcoin News

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South African Government to Add Crypto Entities to 'List of Accountable Institutions' – Regulation Bitcoin News


According to the South African government, crypto entities — or businesses whose activities include the exchange or transfer of crypto assets — are set to be included in the list of so-called accountable institutions starting Dec. 19. Businesses that convert one crypto asset to another or that conduct transactions where a crypto asset is transferred “from one crypto asset address or account to another” will also be added.

Amendments to Financial Intelligence Centre Act

The South African government recently said persons operating crypto-related businesses will be added to the list of accountable institutions in regard to the regulatory purview. According to a Nov. 29 Government Notice, the addition of crypto businesses to this list follows an amendment of schedules 1, 2, and 3 of the Financial Intelligence Centre Act, 2001. The changes to the Act, which come into effect on Dec. 19, were made by the South African minister of finance, Enoch Godongwana.

In the notice, Godongwana names the types of crypto-related activities and operations that will be included in the list of so-called accountable institutions. Also among the institutions or entities that are set to be included are persons “exchanging a crypto asset for a fiat currency or vice versa.”

Businesses that convert one crypto asset to another or that conduct transactions where a crypto asset is transferred “from one crypto asset address or account to another” will also be added. Persons or businesses offering custody services or those that issue crypto assets will be added to the list, the notice said.

No Definition of Crypto Assets in Financial Markets Act

The revelation of South Africa’s intention to add crypto entities to a list that also includes attorneys, investment schemes, and money transfer businesses comes less than two months after crypto assets were designated as a financial product by the Financial Sector Conduct Authority. As reported by Bitcoin.com News, this designation means crypto asset service providers such as exchanges must now apply for a license to operate.

Meanwhile, in the same government notice, the South African finance minister also outlines what constitutes a crypto asset from the government’s perspective.

“Where crypto asset means a digital representation of perceived value that can be traded or transferred electronically within a community of users of the internet who consider it as a medium of exchange, unit of account or store of value and use it for payment or investment purposes, but does not include a digital representation of a fiat currency or a security as defined in the Financial Markets Act, 2012,” the notice explained.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Terra Classic Up By 17%; Prosecutors Seek Arrest of Co-Founder

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Terra


With the implosion of the LUNA coin, the Terra ecosystem was devastatingly hit within a few days in May 2022. The successor, Luna Classic (LUNC), currently once again surged in price.

LUNC briefly rose to $0.00019439, registering a 20% price increase. At press time, the LUNC price showed a correction. However, LUNC was still at $0.00018 and showed a price increase of 11% over the last 24 hours.

LUNC price, 4-hour chart. Source: TradingView

The background for the sudden pump was the fact that Binance destroyed more than 6 billion LUNC in the sixth batch of the Terra Classic token burn on Thursday. Binance sent $1 million worth of LUNC tokens to a dead address, wiping out 12.77 million LUNC.

With the current token burn, Binance has now destroyed nearly 20 billion LUNC tokens.

The leading crypto exchange introduced the Terra Classic (LUNC) burn mechanism for trading fees in September this year. It was a response to a LUNC community proposal.

All trading fees for LUNC spot and margin trading pairs are burned by Binance by sending them to the LUNC burn address. The specific amount of LUNC burned and the on-chain transaction ID are published each month.

With the token burn, the LUNC community aims to make the token deflationary by destroying tokens and thus reducing the overall supply.

According to the supply/demand theory, an increase in value occurs when the supply decreases and the tokens become rarer. For the moment, this seems to work quite well as LUNC has seen green daily candles on most occasions when the burn took place.

Terra Co-Founder Facing Arrest In South Korea?

In other Terra ecosystem news, Terraform Labs Pte. Ltd. co-founder Shin Hyun-Seung, also known as Daniel Shin, and seven other Terra employees are facing a court hearing in South Korea today.

The hearing from South Korean prosecutors is for the issuance of an arrest warrant for the eight individuals. To that end, hearings began today for Shin and the other Terra employees.

According to the Korea Times, Shin is accused of making illicit profits of over 140 billion Korean won, the equivalent of about $107 million, from the cryptocurrency LUNA.

He is accused of promoting the Terra stablecoin as a payment method despite multiple warnings from regulators and misusing the private data of Chai Corporation users to promote Terra Luna.

South Korean prosecutors accuse Shin and his partners of violating the Capital Markets Act and the Electronic Financial Transactions Act, as well as dereliction of duty.

Shin denies the charges, claiming that he sold over 70% of his LUNA holdings before the price spike. Also, he’s claiming that he still held a significant amount of LUNA during the May collapse.

A decision is expected either in the late Friday evening hours in South Korea or on Saturday.

Remarkably, Terra CEO, Kwon Do-hyung, better known as Do Kwon, is still on the run. South Korean authorities issued an arrest warrant for Do Kwon in September.

In October, his passport was declared invalid by South Korean authorities. Rumors have it that Do Kwon was in Singapore, Dubai and Europe in the meantime.





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Investment

former FTX CEO Sam Bankman-Fried should be afraid of jail

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former FTX CEO Sam Bankman-Fried should be afraid of jail


Billionaire Mark Cuban isn’t giving up on crypto, despite the implosion of FTX, one of the world’s largest cryptocurrency exchanges.

However, Cuban says former FTX CEO Sam Bankman-Fried should be “afraid of going to jail for a long time,” in an interview with TMZ.

“I talked to the guy and thought he was smart,” Cuban told TMZ. “I had no idea he was going to take other people’s money and put it to his personal use.”

Bankman-Fried said on Wednesday he “didn’t ever try to commit fraud” and was “shocked by what happened,” while speaking to CNBC’s Andrew Ross Sorkin at the DealBook Summit. He admitted he “didn’t do a good job” and “completely failed on risk.”

Alameda research, the trading firm founded by Bankman-Fried, was borrowing billions of dollars from FTX users’ accounts and trading those funds without their knowledge, CNBC reports. FTX also drastically underestimated how much money it would need to keep on hand in case a user wanted to cash out.

Regulators require trading platforms to hold enough money to match what customers deposit. And trading customer funds without their explicit consent is illegal, according to U.S. securities law.

Now, Bankman-Fried, along with celebrities like Tampa Bay Buccaneers quarterback Tom Brady and Golden State Warriors guard Stephen Curry, have been named in a class-action lawsuit filed on Nov. 15 in Miami.

The lawsuit alleges that FTX’s U.S. customers have lost about $11 billion and accuses the exchange of enlisting celebrities to target “unsophisticated investors from across the country.”

FTX and Bankman-Fried did not immediately respond to requests for comment.

FTX is based in the Bahamas, which would normally complicate this type of lawsuit, but it’s possible to overcome since most of the defendants are located in the United States, says Yuliya Guseva, the head of Rutgers University’s fintech and blockchain research program.

Guseva says more crypto regulation is needed to prevent another FTX-like downfall.

As the lawsuit makes its way through the court system, the collapse of FTX could have a domino effect on the overall crypto industry.

In its wake, distressed cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy on Nov. 28. In the filing, the company listed an outstanding $275 million loan to FTX US.

Overall, more than $1.3 trillion of value has been wiped off the crypto market this year, and the FTX collapse has only worsened the situation, according to analysts.

“FTX may be the falling domino that finally makes cryptocurrency un-investible for ordinary people,” says James Royal, principal reporter at Bankrate. “If new money ceases to flow into crypto assets, [crypto’s] meteoric rise cannot continue.”

Investors should understand that, unlike stocks and bonds, cryptocurrency’s value isn’t backed by an underlying asset, says Royal. This is why prices are subject to erratic and unpredictable fluctuations and downfalls.

“Crypto goes up only if more people move money to the virtual asset, so it relies on investor confidence to keep the game moving,” he says.

Investors should also research how an exchange platform holds their assets, or they “could be subject to the same wipeout experienced by FTX’s clients,” says Royal. “If you continue to see cryptocurrency as a viable investment vehicle, you have to understand the exact nature of the exchange’s legal obligations to its clients.”

As for Cuban, he plans to continue investing in crypto and says it’s important to “separate the signal from the noise.”

“There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value,” he told TMZ.

Cuban believes that smart contracts, one of the key underlying technologies that allow crypto transactions to be made, will have a significant impact in creating valuable applications that have can be used by everyone.

Don’t miss: FTX’s Sam Bankman-Fried lost billions and the company filed for bankruptcy—it could signal the ‘demise’ of crypto, expert says





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