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American Air and Air Canada Now Accept Shiba Inu Via FCF Pay

Zabi
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American Air and Air Canada Now Accept Shiba Inu Via FCF Pay

Shiba Inu (SHIB) holders can now book flights with American Air and Air Canada using FCF Pay Visa Card.


FCF Pay recently announced that the world’s largest airline, American Air, and Canada’s flag carrier, Air Canada, have entered into a partnership with FCF Pay. This partnership allows FCF Pay debit cardholders to use over 20 stablecoins and the only non-stable coin, Shiba Inu, to book flights with American Air, Air Canada and pay hundreds of merchants online.

FCF PAY debit cards now accept Shiba Inu
FCF PAY debit cards now accept Shiba Inu

FCF Pay Twitter shared the development.

Apart from this, Shiba Inu holders can enjoy subscription-based streaming services at Netflix and shop on Amazon using SHIB via FCFPay Visa Card. FCF Pay also enables its virtual visa card users to connect it with Apple/Google Pay in US and Canada and convert their cryptos into their local currency.

Before this, FCF cards allowed users to buy online with only 20 stablecoins. FCF Pay started accepting Shiba Inu for their cards on October 22nd, 2022.

 

Shiba Inu continues to gain much traction even in the bear market. As reported yesterday by TheCryptoBasic, the first ever Japan’s top exchange BitPoint announced a plan to add support for Shiba Inu.

Recently, the cryptocurrency-friendly travel website Travala.com in collaboration with Shiba Inu came up with a special $25 travel credit offer to book more than 3 million hotels, flights, and other Travala.com services.

On the other hand, the lead developer of Shiba Inu, Shytoshi Kusama, confirmed that the World Economic Forum invited Shiba Inu to help shape global metaverse policy.

Baby Doge Coin Team Announces Date to Launch New Monthly BabyDoge Burns

Lele Jima
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Baby Doge Coin Team Announces Date to Launch New Monthly BabyDoge Burns

BabyDoge new monthly burns will commence on December 1, 2022 

In a tweet today, the team behind Baby Doge Coin announced that the proposal to initiate monthly burns for BabyDoge has successfully passed. Voting on the proposal lasted for a week, as BabyDoge holders voted massively to support the initiative. 

According to data on the voting platform, holders who supported Baby Doge Coin’s monthly burns account for 99.01% of the total votes. Those against the initiative were responsible for 0.99% of the total votes. 

Details of BabyDoge Monthly Burns

With majority of BabyDoge holders supporting the monthly burns, Baby Doge Coin said it would conduct the first burn on December 1, 2022. 

The team will incinerate approximately one quadrillion tokens worth $1 million in the upcoming burn. 

The source of the BabyDoge monthly burns will not come from the tokens in its treasury because the assets are currently being used for farming rewards, the team noted. Based on this, the monthly burns will not be of the same magnitude as previous burns. 

“We can bring back monthly burns however they would not be in the form of treasury tokens as they are used for farming rewards. The burns will NOT be in the same magnitude as before as we need the treasury tokens for farming rewards,” the team said in a statement. 

The number of tokens the team will incinerate monthly will be determined by the 10% fees deducted from BabyDoge’s trading activities and Baby Doge Swap’s trading volume. 

Baby Doge Coin Burns

The team behind Baby Doge Coin is known for conducting hefty burns to reduce the token’s huge supply of 420 quadrillions. Notably, the community believes these burns will boost the value of BabyDoge. 

At press time, a total of 199.4 quadrillion BabyDoge tokens have been incinerated. More tokens are expected to be incinerated soon, as the team looks for ways to accelerate burns. As reported, Baby Doge Coin hinted that it intends to launch a burn portal where holders can burn their BabyDoge. 

U.S. Congressman Blames SEC Chair Gary Gensler and SBF for FTX Collapse 

Lele Jima
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U.S. Congressman Blames SEC Chair Gary Gensler and SBF for FTX Collapse 

Minnesota Rep. Emmer blames Gary Gensler and SBF for FTX’s collapse. 

Minnesota Rep. Thomas Earl Emmer has blamed both SEC Chairman Gary Gensler and Sam Bankman-Fried for FTX collapse. In a recent interview with Fox Business, Emmer noted that the exchange’s collapse is not a crypto failure, but that of Gensler, Bankman-Fried, and centralized finance. 

“FTX’s collapse is not a crypto failure. It’s a failure with CeFi, @GaryGensler, and Sam Bankman-Fried. Decentralization is the point,” Rep. Emmer said in a tweet. 

Emmer Puts Gensler and SBF on Blast

The United States congressman also said the FTX collapse is a failure of government oversight and regulatory proceedings. Rep. Emmer, who was recently appointed Republican majority whip, referred to a March 23 meeting between Bankman-Fried and Gensler. 

“They were working with Sam Bankman-Fried and others to give them special treatment from the SEC that others aren’t getting,” he said. 

The congressman added that Gensler is supposed to be investigating these cryptocurrency firms and not dealing with “the bad guys,” as he asked about Gensler’s whereabouts when Celsius, Voyager, Terra, and FTX collapsed. 

He wondered why Gensler would be going after the “good actors” in the crypto space while “working backroom deals with people doing nefarious things.” 

“We need to get to the bottom of this—we need to understand why Gary Gensler and the SEC were not doing their job,” Emmer said. 

FTX’s Woes

Rep. Emmer did not spare SBF in the recent interview. He said SBF was busy pushing for special treatment legislation through Congress. However, things fell apart for the former CEO and founder of FTX after crypto stakeholders raised red flags about the exchange’s activities, Emmer added. 

Recall that Binance had accused FTX of lobbying behind industry players, which prompted the world’s largest exchange to announce that it would liquidate its FTT position worth over $500 million. Binance’s announcement gave the warning sign that FTX was facing serious issues, as users of the collapsed exchange hurriedly tried to move their funds. 

The withdrawal requests overwhelmed FTX, forcing the exchange to agree to sell itself to Binance. Hours later, Binance announced that it will no longer purchase FTX due to corporate due diligence and the exchange’s alleged mishandling of customers’ funds. FTX subsequently filed for Chapter 11 bankruptcy protection, and a new management team took over the company’s affairs.  

As reported, FTX’s current legal advisor on restructuring efforts, Alvarez & Marsal North America, helped the cryptocurrency exchange to trace $1.24 billion in cash balance. Alvarez & Marsal North America said the cash balance came from FTX and its vast web entities, adding that the funds are being held in different financial institutions. However, the fund is not enough to settle the FTX’s top 50 creditors, to which the exchange currently owes $3.1 billion. 

Kraken Enables Flare Funding and Staking To The Excitement Of XRP Holders

Mark Brennan
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Kraken Enables Flare Funding and Staking To The Excitement Of XRP Holders

Kraken has enabled funding and staking for the Flare token as the airdrop distribution date draws closer for XRP holders.

United States-based cryptocurrency exchange Kraken recently disclosed that it had enabled Flare (FLR) token funding on its platform as the community draws closer to the airdrop distribution date. According to Kraken, following the distribution, customers will also be able to stake and trade their FLR tokens.

Kraken disclosed the development through its Twitter handle and an official notice as it sought to update the community on its progress regarding support for FLR.

The cryptocurrency community has received the news with excitement, especially XRP holders anticipating the airdrop distribution of the token. Moreover,  per the official notice, the platform has already enabled funding for the FLR token.

Kraken further mentioned that customers would get the opportunity to trade the FLR token against the dollar (USD) and euro (EUR) and also stake the token on its platform. Kraken also promised to update users on any progress in its support for the token and the distribution event. Over the months, other notable exchanges, such as Crypto.com, have also declared support for the airdrop distribution.

Speaking on the development, co-founder and CEO of Flare Networks, Hugo Philion, expressed his gratitude to the Kraken team for their extended support for the FLR token. Philion noted that Kraken’s enablement of staking is a “massive” move from the exchange.

The Flare Team Recently Pushed Back the Distribution Date

Kraken’s active support for the FLR airdrop underlines the exchange’s preparedness for the distribution. Recall that the Flare team postponed the distribution date for the FLR distribution early this month, citing a lack of preparedness on the part of exchanges. As a result, the team pushed back the airdrop distribution event to January 2023.

The Flare Networks team also disclosed the asset’s tokenomics at the time, as reported by The Crypto Basic. According to the disclosure, the total asset supply at the distribution event is 100B. Of this total amount, the network plans to allocate 58.3B to the community, with 19.2B going to the team, advisors and backers. Additionally, the entities responsible for facilitating the project investment and ecosystem will receive 22.5B.

Meanwhile, last month, the Flare team revealed that the network had successfully attained a decentralization status. Therefore, according to its roadmap, the community should expect the airdrop distribution to occur next. 

Multisig Address Created by Buterin Moves 40K ETH

Mark Brennan
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Multisig Address Created by Buterin Moves 40K ETH

A multisig wallet associated with Vitalik Buterin just transferred 40K ETH to an unknown address.

A multi-signature Ethereum wallet created by Ethereum co-founder Vitalik Buterin recently transferred about 40,000 ETH valued at $47.7M to an unidentified address. This transaction marks the first ETH outflow from the wallet address in over six months since the holders made a similar transfer of 30K ETH to the same unidentified wallet on May 16.

Chinese blockchain reporter Colin Wu on Twitter highlighted the recent development. “According to Etherscan, 40,000 ETH was transferred from the multisig address 0x22…3a9d created by Vitalik Buterin to 0xD04…8fd7,” Wu noted in a tweet Thursday, sharing an Etherscan link to the transaction.

Data from Etherscan reveals that the transaction occurred today at 1:42 PM (UTC). Following the outflow, the multisig wallet with the name tag Vb 3 – indicating an affiliation with Vitalik Buterin – currently holds 250K ETH valued at $298.5M, making it the 25th largest ETH holder at the time of reporting.

A close look at the on-chain activities of the wallet reveals that holders made a similar transfer to the same unidentified wallet address on May 16 amid the panic triggered by the Terra collapse. The previous transaction involved a transfer of 30K ETH to the same wallet address. The unidentified wallet currently holds a balance of 64,301 ETH worth $76.7M. It bears mentioning that this wallet has only received transfers from the Vb 3 address. 

This recent on-chain movement from the Buterin-affiliated address comes ten days after reports of a selloff that allegedly saw the Ethereum co-founder swap 3,000 ETH for USDC on Uniswap V3 surfaced. The transaction attracted mixed reactions from the community, considering its timing, as The Crypto Basic reported. 

Notwithstanding, a prominent Ethereum community member by the name of Evan Van Ness came up barely 24 hours after the reports to dispel claims of Buterin’s association with the selloff. According to Evan, Buterin told him the address involved does not belong to him. Buterin never officially spoke about the matter.

This latest transfer has triggered a trail of comments from community members. Despite not taking the form of a selloff, it raises questions on the reason behind the outflow and the purpose of the unidentified recipient wallet, which recently transferred 5,700 ETH out 12 days ago.

Model For Maintaining The Peg of Cardano Stablecoin DJED Released

Mark Brennan
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Model For Maintaining The Peg of Cardano Stablecoin DJED Released

The model for maintaining the peg of Cardano’s stablecoin Djed has been released, featuring a mint and burn mechanism involving DJED and SHEN.

Cardano’s soon-to-be-launched stablecoin Djed will maintain its peg through an algorithmic model which features alternating mint and burn exercises to maintain the stablecoin’s collateral ratio with the Shen token – Djed’s official reserve coin. 

COTI introduced SHEN sometime in February as the reserve coin leveraged to maintain DJED’s peg to the USD. DJED will preserve its peg through a collateral ratio with SHEN that ranges between 400% and 800%, as recently disclosed by Cardano Daily – an unofficial Twitter handle dedicated to Cardano-focused updates. This collateral ratio will be maintained through alternating mint and burn exercises involving DJED and SHEN.

When the reserve ratio falls below 400%, the smart contract will forbid the minting of any new DJED tokens while prohibiting the burning of already-minted SHEN tokens. The minting of SHEN tokens will remain unaffected as the network seeks to increase the supply to raise the reserve ratio. Additionally, DJED holders will be permitted to burn their DJED tokens which should also increase the reserve ratio.

Notwithstanding, when the reserve ratio is between 400% and 800%, minting and burning of DJED and SHEN will be permitted on the network, as the collateral ratio would, at that point, be within an acceptable range.

However, when the collateral ratio surges above 800%, the smart contract will suspend the minting of new SHEN tokens while simultaneously allowing the burning of already-minted SHEN. This should help to decrease the reserve ratio. Users can also burn and mint DJED at this point.

Disclosing how they plan to maintain the stablecoin’s peg to the dollar is an important step for COTI to gain investors’ trust, especially considering the de-pegging of Terra’s UST, which triggered a widespread contagion and a loss of billions of dollars in investor funds. 

Following UST’s collapse, DEI – another algorithmic stablecoin from Deus Finance – also lost its peg to the dollar in mid-May. The asset continues to trade below its peg, at a value of 0.2 against the dollar. These cases have tested investors’ confidence in stablecoins as assets that can protect them from the volatility of other cryptocurrencies. COTI seeks to reassure investors of its capabilities to maintain the peg with DJED.

Recall that COTI revealed that DJED will be launched on the mainnet in January of 2023, as recently reported by The Crypto Basic. DJED has been picking up numerous partnerships with several FinTech entities on its path to an eventual launch. 

Elon Musk Trolls SBF Says He Was Better At ‘Bribing The Media’ Than Running FTX

Mark Brennan
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Elon Musk Trolls SBF Says He Was Better At ‘Bribing The Media’ Than Running FTX

Musk trolls SBF and asserts he was better at bribing media platforms than running his exchange.

In a tweet today, Elon Musk trolled former FTX CEO Sam Bankman-Fried, alleging that the embattled crypto founder was better at bribing news outlets than running the now-bankrupt crypto exchange, FTX.

“If SBF was as good at running a crypto exchange as he was at bribing media, FTX would still be solvent!” Musk tweeted in response to reports that grants promised by SBF to media outlets were at risk in the light of the billionaire’s stunning implosion.

Just yesterday, the Twitter boss had to fact-check claims that SBF owns shares in Twitter. Musk clarified that while the former FTX chief had $100 million worth of Twitter shares before, he had not rolled them over following Musk’s takeover. The billionaire highlighted that SBF was the biggest investor in the news outlet startup, bringing their motives into question.

As previously reported, Musk had alleged that SBF’s large donations to the Democratic party had shielded him from scrutiny. Input Output Global chief Charles Hoskinson expressed similar sentiments saying it was protecting the former SBF chief from media accountability in response to what many described as a puff piece on the FTX founder by the New York Times. 

Notably, Musk’s sentiments today elicited a response from Binance chief Changpeng Zhao who responded with a laughing emoji. It bears mentioning that in August, Terra whistleblower FatMan alleged that FTX had contracted journalists to release damaging information about Binance. 

Meanwhile, amidst all of these, SBF has said he would be at the New York Times DealBook summit next Wednesday to have an interview with New York Times columnist and CNBC Squawk Box co-host Andrew Sorkin, implying he will be in the US for the event.

The journalist confirmed the story saying, “There are a lot of important questions to be asked and answered.”

SBF’s tweet has drawn a mix of outrage and confusion from many in the crypto community who believe that the billionaire should be behind bars. Notably, reports in recent weeks examining what led to the spectacular collapse of the crypto exchange and court filings from the restructuring officer reveal gross mismanagement of client and corporate funds tantamount to fraud.

With crypto Twitter bemused by the fact that the NYT has insisted on retaining SBF in the guest lineup, Matthew Yglesias asserts that the news outlet may be making a gamble to get traction for the event.

“Let me make this clear if SBF isn’t arrested and charged with fraud, wire-fraud, theft, and possibly money laundering before and instead gets to spew out his bullshit narrative, our system of justice has been compromised,” wrote Attorney John Deaton in response to the announcement calling the attention of US lawmaker Elizabeth Warren.

Dogecoin founder Billy Markus took a page from SBF’s playbook, tweeting only “what” in response with indications that it is the beginning of a sentence. 

Meanwhile, Charles Hoskinson responded with a GIF showing mocking agreement. 

The US Securities and Exchange Commission and the Department of Justice are investigating SBF and his bankrupt crypto exchange. However, many in the crypto community believe the SEC is compromised.

Will 10k BTC Moved By Mt. Gox Hacker Increase Bitcoin’s Selling Pressure?

Mark Brennan
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Will 10k BTC Moved By Mt. Gox Hacker Increase Bitcoin’s Selling Pressure?

Mt. Gox hacker has moved 10k BTC for the first time in over seven years.

10k BTC from a BTC-e exchange wallet associated with the 2014 Mt. Gox hack is on the move, according to a tweet from CryptoQuant chief Ki Young Ju today.

Notably, from this total, 65 BTC has found its way to HitBTC, with the CryptoQuant chief asserting that it is not a government auction. 

PeckShieldAlert also confirmed the transaction while giving more details. According to the blockchain security alert service, the Bitcoin first received in February 2014 was split and sent to two different wallets. The first wallet received 3,500 BTC, while the second received 6500 BTC. 

It is worth noting that the 6500 BTC has not moved. However, the hacker has split the 3500 BTC culminating in 65 BTC finding its way to HitBTC. 

Ki Young Ju quoting a previous tweet from August, reminded investors that “Old Bitcoin is a bearish thing in most cases.” In addition, in response to a user today, he noted that while it is unclear when the hackers will sell all the BTC, it is reasonable to mark it as potential sell-side liquidity. Notably, the analyst in August highlighted that these old Bitcoin whales distribute their holdings to several crypto exchanges in small deposits to dodge KYC requirements. 

However, per a HitBTC blog post from September, deposits for unverified accounts are not limited. Nonetheless, it limits withdrawals for unverified users to 1 BTC daily and 5 BTC monthly. 

Notably, the CryptoQuant chief has urged the exchange to suspend the account. However, at press time, there is yet to be a response from the Chinese-owned crypto exchange.

It bears mentioning that Mt. Gox was once the largest Bitcoin exchange, handling over 70% of all BTC transactions at its peak. However, it collapsed after an exploit allowed hackers to make off with over 740k BTC in user deposits in 2014. 

The crypto markets have recently faced a lot of selling pressure due to growing fear, uncertainty, and doubt. First, FTX, one of the leading crypto exchanges, collapsed spectacularly. Now, speculations indicate that Genesis, crypto’s biggest lender, is also on the ropes.

Despite all these, it is worth noting that the crypto markets rallied yesterday in response to the Federal Open Market Committee’s minutes which indicated that the Fed is leaning towards slowing down rate hikes.

Bitcoin is trading at the $16,666.23 price point, up 1.22% in the last 24 hours.

Bitboy Calls Out Coinbase For Not Distributing SGB Tokens To XRP Holders

Mark Brennan
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Bitboy Calls Out Coinbase For Not Distributing SGB Tokens To XRP Holders

Bitboy Crypto is shocked that Coinbase is yet to distribute SGB airdrop tokens to XRP holders.

Crypto influencer and YouTuber Ben Armstrong, AKA Bitboy Crypto, has called out Coinbase and its CEO Brian Armstrong for failing to distribute Songbird (SGB) airdrop tokens to XRP holders.

Notably, it has already been over a year since Flare Networks distributed the SGB airdrop. However, Coinbase is yet to distribute SGB tokens to customers who held XRP on the exchange during the screenshot for the airdrop in December 2020. 

For the uninitiated, SGB is the native token of the Flare Networks’ Canary network. Notably, it serves as a stress test network for Flare Networks. As with the FLR airdrop, Flare Networks promised holders of XRP at the time of the screenshot a distribution of SGB tokens. Consequently, Flare Networks distributed the tokens in September 2021.

In light of Coinbase’s silence on the issue, a cross-section of XRP holders affected launched a petition to get answers from the leading crypto exchange. The petition discloses that Coinbase has not given users any explanation for its delayed token distribution. Consequently, per the petition, users demand that the exchange release an official statement of its intentions and a public apology.

It is not clear when users launched the petition, but at press time, it has garnered 4,715 signatures out of the required 5000.

It is worth noting that in December 2020, Coinbase pledged support for the FLR airdrop but said nothing about the SGB token airdrop leaving investors confused.

Per a statement from Flare Networks in July 2021, all exchanges that pledged support for the FLR drop ought to have received the SGB tokens in the wallet provided for the FLR drop, highlighting that distribution to customers was at the discretion of these exchanges.

Bitboy has recently become a keen XRP supporter asserting that the rest of the crypto community owed the XRP community an apology. On the other hand, he has been critical of Coinbase chief Brian Armstrong of late, saying he is out to ruin crypto.

At press time, SGB is trading at the $0.01187 price point, up 8.72% in the last 24 hours.

BitPoint Becomes Japan’s First Top Exchange to List Shiba Inu 

Lele Jima
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0
BitPoint Becomes Japan’s First Top Exchange to List Shiba Inu 

BitPoint Japan to list Shiba Inu on November 30, 2022. 

Japan’s cryptocurrency exchange BitPoint Japan said it would add support for Shiba Inu (SHIB) by month’s end. BitPoint Japan announced today that it would list the popular dog-themed cryptocurrency on November 30, 2022. 

“We would like to inform you that from November 30, 2022, we will start handling the new crypto asset SHIB (Shiba Inu, ticker code SHIB),” BitPoint Japan said in a statement. 

The exchange noted that after it officially lists Shiba Inu for trading on November 30, it would become the first cryptocurrency exchange in Japan to support the canine-themed cryptocurrency. 

At the time of writing, BitPoint did not specify which Shiba Inu trading pairs will be available when the token is officially listed. 

According to Crunchbase, BitPoint Japan was launched on March 3, 2016, and is currently one of the top exchanges in the country. Aside from operating in Japan, BitPoint is also present in Thailand, the Philippines, Hong Kong, and Latin America. 

BitPoint Japan Announces 4 Campaigns to Celebrate SHIB Listing

BitPoint has announced 4 campaigns to celebrate the upcoming Shiba Inu listing. The exchange said it will reward new users with 1 million Shiba Inu tokens (approximately $9) for opening an account on the platform from November 30, 2022, to December 29, 2022. 

Secondly, BitPoint Japan will also launch a trading contest, where users will be required to purchase over 10,000 yen ($72) worth of SHIB to partake in sharing 100 million Shiba Inu tokens. In this category, 11 users who purchase over 10,000 yen ($72) worth of Shiba Inu will be selected by lottery to share 100 million SHIB, worth $903 at the current exchange rate. 

Thirdly, BitPoint Japan also added a social media campaign to celebrate its listing of Shiba Inu tokens. The campaign period will run from November 30, 2022, to December 29, 2022. During the campaign period, Twitter users who follow BitPoint’s account, retweet, and like the campaign tweet will qualify to be selected among the list of winners. 

Here, BitPoint will reward one user with 100 million SHIB, while 11 other users will share 11.11 million Shiba Inu tokens. 

The fourth campaign will require participants to correctly answer the question “How many Shiba Inu tokens are written on the top page of BitPoint Japan?” Answers will be submitted here from November 30, 2022, to December 29, 2022. BitPoint Japan will select 11 people from those who correctly answer the question by lottery, and they will each receive 1.11 million SHIB.   

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