GameStop saga paves the way for a new decentralized financial order

Every significant transformation comes with a new toolset, one that is always surprising at the time and obvious in hindsight. Bitcoin (BTC), climate change and GameStop are all examples of ways in which mass action is pushing for dramatic, not evolutionary, action. We can also see that these are individual vectors of the same movement, highlighting the inefficient parts of the legacy system and the solutions driven by an aggregation of individuals with a collective belief. What is so striking, but not unexpected, is that some of these events highlighted…

Ether dazzles, Dogecoin fears, Elon Musk’s big night, Bitcoin boosts Square

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Altcoins rally as bulls pile into large-cap tokens and layer-one projects We’re well and truly in the throes of “altseason” now, with Bitcoin’s dominance showing no signs of diminishing. Ether delivered a stunning surge that took its price above $3,000 for the very first time,…

$85 million ‘Meebits’ NFT project exploited; attacker nabs $700,000 collectible

Legendary NFT developers Larva Labs were the victims of an exploit this morning, as an attacker found a way to mint a rare NFT worth over $700,000 from the “Meebits” collection.  The attacker, 0xNietzsche, teased the exploit on Twitter this morning, saying he anticipated making “$300,000 per hour” throughout the duration of the attack. He has since deleted the Tweets, saying that they came off as “douchey.” Definitely sent out some regrettable tweets in the last few hours. After coming down & processing it all they do sound VERY douchey.…

Iran seems to be attempting to ban foreign-mined cryptocurrencies for payments

In a broader effort to circumvent the effects of sanctions, Iran may be attempting one of the first instances of digital currency protectionism.  According to a Tweet from news outlet Iran International, The Central Bank of Iran announced a decision from the Cabinet on Wednesday decreeing that digital currencies traded in the country must have been mined, or “extracted” there as well, barring the exchange of digital assets mined abroad. While many observers have pointed out that enforcement would be nearly impossible, blockchain lawyer and advisor Fatemeh Fannizadeh noted that…

Cardano breaks out vs. Bitcoin as ADA price discovery nears $2

Cardano (ADA), the native token of the smart contract platform of the same name, has joined the altcoins hitting new all-time highs this week. ADA/USD 1-day candle chart (Binance). Source: Tradingview Cardano underscores “alt season 2.0” appetite Data from Cointelegraph Markets Pro and Tradingview showed ADA/USD hitting over $1.70 for the first time on May 7. In a move which an increasing number of large-cap altcoins are seeking to copy, Cardano gained impressively over the past few days, going from below $1.30 to the highs as sell-walls disappeared. Now, analysts are…

Turkish government to track crypto transactions over $1,200

Crypto exchanges with a presence in Turkey must now inform the Financial Crimes Investigation Board, or MASAK, about any crypto transactions over 10,000 Turkish liras ($1,200).  Turkish Minister of Treasury and Finance Lütfi Elvan announced the new policy on a CNN Turk live broadcast last night.  Two weeks after a $150-million fraud involving a major crypto exchange in Turkey, Elvan shared updates on the government’s draft crypto regulation on live TV. Turkey’s central bank has defined crypto as a nonmonetary asset and banned the use of cryptocurrency as a form of…

Tajik government taps blockchain firm for e-government infrastructure

President of Tajikistan Emomali Rahmon is pursuing an ambitious integration of blockchain technology into his government’s ongoing modernization drive.  According to an announcement from smart contract platform Fantom, a new public-private partnership between the Fantom Foundation and the Tajik Ministry of Industry of New Technologies will see the two roll out a range of blockchain-based solutions across nationwide IT infrastructure. The scope of the partnership is to research, develop and implement various blockchain-enabled data-sharing, transparency and automation solutions. As a first step, the partners will establish a research and development hub to…

Citigroup considers crypto amid surge in customer demand on Wall Street

Citigroup is reportedly considering offering crypto-related services to its customers in response to rising demand, specifically from asset managers and hedge funds. The financial services firm’s global head of foreign exchange, Itay Tuchman, told the Financial Times on Friday that the investment bank was already exploring the possibility of providing crypto services to its clients. Trading, financing and custody services are being discussed, but Tuchman said the firm would not be rushed into launching something that would worry regulators. “We shouldn’t do anything that’s not safe and sound. We will…

Almost twice as much ETH locked in DeFi as on exchanges: Glassnode

Ether is being locked up in decentralized finance contracts at an accelerating rate this year, while the amount held on centralized exchanges continues to fall. On May 7, on-chain analytics provider, Glassnode, shared a chart comparing the number of Ether deposited in Ethereum-based smart contracts to the number of ETH held on centralized exchanges over the past 17 months. Since the start of 2020, the share of supply represented by Ether on centralized exchanges has dropped more than a quarter, from roughly 17% to 12%. Over the same period the…