Daily Archives: September 19, 2021

Ex-Head оf Wex Crypto Exchange Reportedly Arrested in Poland, Faces Extradition to Kazakhstan

Ex-Head оf Wex Crypto Exchange Reportedly Arrested in Poland, Faces Extradition to Kazakhstan

Dmitry Vasiliev, former chief executive of Russian cryptocurrency exchange Wex, has been detained in Warsaw, the Polish press reported. Vasiliev is wanted in Kazakhstan where he is accused of fraud related to the now defunct trading platform, successor of the infamous BTC-e exchange.

Former Wex Executive in Polish Custody as Prosecutor’s Office Reviews Extradition Request

Ex-owner and CEO of Wex Dmitry Vasiliev was detained at the Warsaw airport on Aug. 11, the leading Polish newspaper Gazeta Wyborcza revealed this week. According to sources quoted by the publication, the 34-year-old native of Belarus has been placed under arrest for 40 days.

Ex-Head оf Wex Crypto Exchange Reportedly Arrested in Poland, Faces Extradition to Kazakhstan

Poland’s National Public Prosecutor’s Office is now considering his extradition to Kazakhstan. Authorities in the Central Asian country have been looking for Vasiliev through Interpol for several years as part of ongoing investigation on fraud charges.

In its report on the case, the BBC Russian Service said Polish police had declined to comment on the information about the case. However, rumors of Vasiliev’s detention have been circulating among Wex’s clients since August and a close acquaintance of his has confirmed to the BBC that he was indeed in Polish custody.

This isn’t Dmitry Vasiliev’s first arrest in Europe. Two years ago, he was detained in Italy but managed to eventually return to the Russian Federation where he resided permanently in the city of Saint Petersburg. Italian authorities released him after several weeks in detention, citing faults in his extradition request.

Dmitry Vasiliev’s BTC-e Connection

Wex, once the largest crypto trading platform in the Russian-speaking world, was launched in the fall of 2017 as a successor of BTC-e. The infamous exchange closed down earlier that year following the arrest of one of its alleged operators, Alexander Vinnik, in Greece. Vinnik is accused by the U.S. of laundering up to $9 billion through BTC-e. He was sentenced to five years in prison by a French court in December.

According to the Russian business news portal RBC, Wex had reached a daily turnover of $80 million before it went offline. In 2018, its operator, the Singapore-based entity World Exchange Services, was sold to Dmitry Havchenko, an entrepreneur from Kyiv turned separatist fighter in Eastern Ukraine. While Dmitry Vasiliev was the company’s official owner, BBC claims Wex actually belonged to Aleksey Bilyuchenko, Vinnik’s partner at BTC-e.

After being in and out of service for months, during which it also changed its web address several times, Wex halted withdrawals in the summer of 2018 and later went bankrupt. According to estimates by a group of Wex users quoted by Forklog, total losses exceed $400 million with Vasiliev himself suspected of withdrawing $200 million. He is wanted in Kazakhstan after a trader from Almaty turned to local law enforcement accusing the Belarusian of stealing $20,000 worth of funds through Wex.

According to the report, 100 ETH have been recently withdrawn from a wallet belonging to Wex that has a remaining balance of over 9,900 ETH. The digital currency was transferred to Binance, the first such transaction in the past three years. In 2018, the world’s leading crypto exchange blocked an account that had received 93,000 ETH from wallets associated with Wex.

Do you expect Poland to extradite former Wex executive Dmitry Vasiliev to Kazakhstan? Tell us in the comments section below.

NFT Market Sales Begin to Improve After Last Week’s Massive Market Slump

NFT Market Sales Begin to Improve After Last Week's Massive Market Slump

Seven days ago, non-fungible token (NFT) marketplaces saw sales nosedive after reaching all-time highs during the month of August. A week later sales have rebounded to a degree and NFT marketplaces like Opensea, Rarible, and Superrare have seen improvements in terms of seven-day trade volumes.

Opensea, Rarible, Hic et nunc, Makersplace, Superrare See NFT Weekly Volumes Improve

On September 12, 2021, Bitcoin.com News reported on the fact that non-fungible token (NFT) sales had plummeted 86% on September 10 from a mid-August all-time sales high. The report noted that the top NFT marketplace by sales volume, Opensea, saw its seven-day sales slide 52.47%. A variety of NFT markets and popular collections had seen sales slow down dramatically between September 10th to the 13th.

NFT marketplaces Aavegotchi, Superrare, and Foundation.

However, a week later, NFT sales are rebounding to some degree and popular markets and collections are picking up steam. Statistics from dappradar.com indicate that Opensea saw $629.35 million in trade volume across 172,267 traders.

Weekly volume has improved by 0.94% and the number of Opensea traders has jumped by 9.02%. Opensea is compatible with the Ethereum and Polygon networks. The second-largest NFT project by weekly volume on September 19 is Axie Infinity with $110.61 million in seven-day sales.

NFT marketplaces Rarible, Opensea, NBA Top Shot, Makersplace, Hic et nunc, Axie Infinity, and Atomicmarket.

Despite being the second-largest in terms of seven-day volume, Axie Infinity volume is ultimately down 23.93% during the last week. Rarible’s volume during the week was $4.9 million and it’s up 60.27% higher than last week.

The Tezos-powered Hic et nunc NFT marketplace raked in $4.51 million and is up 35.69% this week. The marketplace Superrare.co took in $3.31 million and increased 11.92% in seven days. Makersplace did well this week raking in about $557K in trade volumes and an increase of 31.83%.

NBA Top Shot, Atomicmarket, Aavegotchi, Foundation NFT Volumes Slide — Old 2017 Rare Pepe Series 1 Card Enters Top Ten Sales

NBA Top Shot, Atomicmarket, Aavegotchi, and Foundation all saw losses in weekly trade volume as percentage losses range between 17.94% to 59.53%. The largest NFT sale this week stemmed from the Bored Ape Yacht Club (BAYC) collection, as BAYC #81 sold for $1.9 million this week.

Top non-fungible token (NFT) sales during the last seven days according to statistics from dappradar.com.

A dominant force in this week’s top ten NFT sales includes NFTs stemming from the Artblocks collection. An older NFT, RAREPEPE Card 1, Series 1 sold for $683.75K or 200 ether 18 hours ago making it into the top ten NFT sales category this week.

Weekly stats from nonfungible.com’s market data indicates that last week’s NFT sales on September 11 were around 36,095 sales. This week there are now 46,390 NFT sales with an increase of around 28.52%. In terms of the number of unique wallets which bought or sold an NFT asset, nonfungible.com stats show 31,255 active market wallets.

What do you think about NFT trade volumes from different marketplaces rebounding from last week’s slump? Let us know what you think about this subject in the comments section below.

AT&T Sued by Customer After Security Breach Led to Theft of Cryptocurrency

AT&T Sued by Customer After Security Breach Led to Theft of Cryptocurrency

An AT&T customer filed a lawsuit against the company last week accusing it of failing to provide “reasonable and appropriate security to prevent unauthorized access to its customer wireless accounts.” This has led to the theft of cryptocurrency from the plaintiff’s crypto exchange account.

AT&T Sued by Crypto Investor

An AT&T customer, Jamarquis Etheridge, filed a lawsuit in the district court for the Southern District of Texas against AT&T Inc. and AT&T Mobility LLC Wednesday.

Etheridge, a resident of the U.S. state of Texas, has been a customer of AT&T since 2009. He claims to be a victim of “SIM swapping,” also known as “SIM hijacking.” SIM swapping is a common scam that AT&T is no stranger to. The company was involved in a bigger case involving this scam last year with crypto investor Michael Terpin.

The court document filed by Etheridge’s attorney, Richard E. Brown, states that on or about Sept. 10, 2020, AT&T “allowed wrongdoers access to plaintiff Etheridge’s wireless account and, without his authorization,” alleging:

AT&T was unable to contain this security breach until the next day, enabling wrongdoers to drain plaintiff Etheridge’s cryptocurrency exchange account.

He further alleges that “AT&T was well aware of the pervasive harm posed by SIM swapping,” as the company previously issued public advisories warning customers of the industry-wide threat of this type of scam.

Etheridge also said that AT&T assured customers that it was exercising adequate measures to prevent unauthorized SIM swapping from happening to its account holders. Nonetheless, the court document reads:

AT&T engages in practices that … fail to provide reasonable and appropriate security to prevent unauthorized access to its customer wireless accounts, allowing unauthorized persons to be authenticated and then granted access to sensitive customer wireless account data, including access and control over 159.8 ethereum tokens.

After the incident, the price of ether reached more than $4,200 per coin, the court document notes. At the time of writing, the price of ETH has fallen to $3,338.

The plaintiff claims that as a result of AT&T’s actions or inactions, he has suffered and continues to suffer actual damages, including the loss of 159.8 ETH, lost time, embarrassment and humiliation, aggravation and frustration, fear, anxiety, financial uncertainty, unease, emotional distress, and various expenses.

In addition to seeking “compensatory and equitable relief restoring him” to 159.8 ETH, he also seeks relief for statutory damages, treble damages, punitive damages, award for attorney fees and reimbursement of all costs, “pre-and post-judgment interest on any amounts awarded,” and any other relief the court deems just and proper.

What do you think about this case? Let us know in the comments section below.

US Court Sentences Cryptocurrency Hedge Fund Founder to 7.5 Years in Prison

US Court Sentences Cryptocurrency Hedge Fund Founder to 7.5 Years in Prison

The founder of two cryptocurrency hedge funds in New York, Stefan Qin, has been sentenced to 7.5 years in prison and three years of supervised release. He is also ordered to forfeit about $55 million. The Department of Justice (DOJ) said that he “engaged in a scheme to steal assets” from his hedge funds and defraud investors.

Crypto Hedge Fund Founder Gets 7.5 Years in Jail

Stefan Qin, the founder of two cryptocurrency hedge funds in New York, has been sentenced to 7.5 years in prison, the U.S. Department of Justice (DOJ) announced last week.

Qin, a 24-year-old Australian national, founded the Virgil Sigma Fund and the VQR Multistrategy Fund, which claimed to have over $100 million dollars in investments. He pleaded guilty to one count of securities fraud on Feb. 4 after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against him in December last year.

According to the DOJ, Qin was sentenced Wednesday to 90 months in prison.

The Department of Justice explained that between 2017 and 2020, Qin owned and controlled the two cryptocurrency investment funds. “Until recently, Virgil Sigma purported to have over $90 million under management from dozens of investors, including many in the United States,” the Department said. “Until recently, VQR had at least approximately $24 million under management from investors.”

The DOJ detailed:

Since 2017, Qin engaged in a scheme to steal assets from Virgil Sigma and defraud its investors. Rather than investing the fund’s assets in a cryptocurrency arbitrage trading strategy as advertised, Qin embezzled investor capital from Virgil Sigma and used the funds for purposes other than the purported arbitrage trading strategy.

Qin also attempted to steal assets from VQR as Bitcoin.com News previously reported. The DOJ explained that Qin’s two cryptocurrency funds “have ceased operations and the liquidation and distribution of assets is being handled by a court-appointed receiver in the matter of S.E.C. v. Qin, 20 Civ. 10849,” adding:

Qin, 24, was also sentenced to three years of supervised release, and ordered to forfeit $54,793,532.

Do you think Qin should go to prison for 7.5 years? Let us know in the comments section below.

Bitcoin Hashrate Climbs 128% Over 83 Days, Network’s Mystery Miners Disappear

Bitcoin Hashrate Climbs 128% Over 83 Days, Network's Mystery Miners Disappear

Bitcoin’s hashrate has been climbing higher during the last two weeks, hitting 174 exahash per second (EH/s) on two occasions since June 28. Currently, Bitcoin’s network hashrate is coasting along at 158 EH/s, up 128% since the low 83 days ago when it hit 69 EH/s. Meanwhile, unknown hashrate has subsided a great deal as 96% of the mystery miners recorded at the end of June have disappeared.

Bitcoin Hashrate Gathers Strength Since the End of June

Approximately 83 days or over two months ago, Bitcoin’s hashrate had slid to a low of 69 exahash per second (EH/s) on June 28. The slide was initiated by the crackdown in China against Chinese mining operations and a great majority of facilities were forced to relocate.

Even well before the Chinese government’s crackdown, Chinese miners were already relocating and the Cambridge Bitcoin Electricity Consumption Index (CBECI) project’s research indicated that by April 2021, China’s hashrate dominance was down to 46%.

Bitcoin Hashrate Climbs 128% Over 83 Days, Network's Mystery Miners Disappear
Bitcoin (BTC) hashrate data on Sunday, September 19, 2021, indicates the overall hashrate is around 158 exahash per second (EH/s).

Since June 28, Bitcoin’s hashrate has increased a great deal, climbing 128% during the last 83 days. On two occasions, the hashrate jumped to 174 EH/s on August 23, and to 173.7 EH/s on September 14. At the time of writing, the hashrate is around 158 EH/s and has been maintaining above the 125 EH/s zone for the last two weeks.

A number of other hashrates, stemming from various mineable blockchains, have also risen dramatically. Ethereum’s overall hashrate was down to 504 terahash per second (TH/s) over two months ago and today it is 740 TH/s. Ethereum’s hashrate has increased roughly 46.82% since June 25, 2021.

Bitcoin Difficulty Expected to Rise Again, Unknown Hashrate Exits the Network

Bitcoin (BTC) is also expecting an increase in difficulty again after four consecutive increases in mining difficulty since block height 693,504. BTC’s network hashrate jumped every two weeks with increases of 6.03%, 7.31%, 13.24%, and 4.54% as of block height 699,552.

Metrics show the current difficulty is 18.42 trillion and in less than two days, an increase is expected to happen. At current hashrate speeds, the change is estimated to be around 3.52% higher than today at 19.06 trillion.

BTC is becoming more difficult to mine and at 19.06 trillion it is slowly approaching the difficulty seen prior to June 13, 2021. Prior to this date, Bitcoin’s mining difficulty was above the 20 trillion zone and was far more difficult to find blocks since January 9, 2021 at block height 665,280.

Before BTC block height 665,280, the mining difficulty was 18.6 trillion or lower. Today, the top three mining pools dedicating hashrate to the BTC chain include F2pool with 26.06 EH/s, Antpool with 22.68 EH/s, and Poolin with 21.46 EH/s. Interestingly, unknown hashrate or stealth miners have subsided to 306.55 petahash per second (PH/s) or 0.22% of the network.

For some contrast, on June 22, 2021, unknown hashrate captured around 10 EH/s of Bitcoin hashpower at that time and over 12% of the global SHA256 hashrate. The metrics show that the 10,000 PH/s drop to 306.55 PH/s means 96.93% of the stealth hashrate has mostly disappeared over the course of 89 days.

What do you think about the steady Bitcoin hashrate increase during the last few months? Let us know what you think about this subject in the comments section below.

ADALend: New Wave of DeFi Loans on Cardano

ADALend: New Wave of DeFi Loans on Cardano

ADALend is building a scalable and decentralized lending protocol on Cardano, governed by the community. Cardano is the market leader in PoS as a collection of protocols for economic support to billions of people.

Over the last decade, the decentralized Finance (DeFi) space has been forced to evolve to keep pace with the development of the digital asset market.

ADALend protocol will power foundational the new wave of flexible financial markets by providing a layer for instant loan approval, automated collateral, trustless custody, and liquidity.

What is Cardano?

Cardano aims to be the world’s financial operating system by establishing decentralized financial products. Cardano ADA is the market leader in PoS as a collection of protocols for economic support to billions of people.

ADALend protocol will power foundational the new wave of flexible financial markets by providing a layer for instant loan approval, automated collateral, trust-less custody, and liquidity.

What’s the benefits?

Permission-less
Lend on any pairing. ADALend governance will ensure that the best offers are available and that only the safest oracles are used.

Incentivized Liquidity
Liquidity is predicated on having enough assets in each pool in order to facilitate lending. ADALend addresses this requirement by incentivizing users to deposit assets and provide liquidity.

Community Governance
Token holders can establish consensus by voting on governance proposals or introducing new proposals for a vote.

Ecosystem Foundation Layer
Attract assets and build incentives that can empower an ecosystem of financial products.

Secure
Cardano is a proof of stake protocol that ensures mathematically proven safety. Given the increased number of cyberattacks in the crypto sector, security is crucial.

Academic backing
Cardano benefits from being one of few coins that have been reviewed by academics who largely praise it.

Multiple layers
Cardano ensures unlimited scalability and quick transactions by implementing a settlement and a computational layer.

Third-generation blockchain
Cardano is considered more reliable than other cryptocurrencies as ADA keeps overcoming challenges other platforms have encountered.

Seed round oversubscribed 400%

As a reflection of the huge demand for high quality Cardano native DeFi projects, and the perfect timing with the launch of ADA smart contracts around the corner with the Alonzo upgrade, the ADALend seed round was 400% oversubscribed, and those who did not make it into the seed stage have been whitelisted for the private sale.

Seven private angel investors have purchased the entire seed allocation of 1.8 Million Cardano native ADAL tokens for $540,000.

The ADALend project is majorly developing and gaining more and more attention. Look out for more.


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Ukraine Officials Fail to Account for Millions in Declared Crypto Assets

Ukraine Officials Fail to Account for Millions in Declared Crypto Assets

Personal asset declarations filed by politicians and government officials in Ukraine have indicated that many have made significant investments in cryptocurrency. However, some of them have been unable to prove ownership or account for their digital holdings, local media reported.

Lawmaker Loses Over 40 BTC With Stolen Vehicle in Ukraine

Dmitry Gurin, a member of Ukrainian parliament from President Zelensky’s Servant of the People party, has allegedly lost a serious amount of cryptocurrency to car thieves, according to an audit of his 2020 declaration quoted by the “Slovo i Dilo” portal. The deputy claims the digital money was stored on a hardware wallet that disappeared with his car which was stolen earlier this year.

Ukraine Officials Fail to Account for Millions in Declared Crypto Assets

Data filed by the lawmaker revealed his wife, Maria Saltykova, had 42 BTC last year worth an estimated 22.5 million hryvnia (around $840,000 at current hryvnia rates or over $2 million at BTC prices at the time of writing), Forklog reported. Ukraine’s National Agency for Prevention of Corruption (NAPC) said Gurin had not submitted any documents confirming the accuracy of this information.

The parliamentarian, who in the past decade ran his own advertising company, provided a verbal explanation, stating the vehicle was stolen on April 21, along with the crypto wallet keeping the coins. He added that the case is under investigation by the police department in the eastern Ukrainian city of Dnipro.

Gurin is not an exception in the Ukrainian political elite. Earlier in September, news came out that the head of the State Regulatory Service (SRS), Oleksiy Kucher, had failed to prove ownership of an even bigger crypto stash. According to his declaration filed in December, when he left the post of Governor of Kharkiv Oblast, Kucher had 77 BTC worth about 13.1 million hryvnia at the time of purchase (almost $490,000 at current hryvnia rates.)

If the coins were sold at the time of writing, they would have returned more than $3.7 million. Tax returns show the official and his family members have earned less than 1 million hryvnia (approx. $37,000) in wages during the last two decades since 2001. NAPC believes this indicates that Kucher has filed false information regarding his possession of the cryptocurrency. In a press release dated Sept. 6, the agency elaborated:

Bitcoin has a public address which confirms that it belongs to a certain person. The head of the SRS was unable to provide a public cryptocurrency address.

In their 2020 assets declarations, 652 officials in Ukraine have admitted to owning a total of 46 351 BTC (worth more than $2.2 billion now) among other cryptocurrencies such as ETH, LTC, BCH, and XMR, the Opendatabot platform, which monitors public registries, has revealed. This spring, the National Agency for Prevention of Corruption promised to verify these numbers.

Do you expect more Ukrainian officials to fail to prove ownership of declared cryptocurrency assets? Tell us in the comments section below.

Directors of Collapsed South African Crypto Investment Firm to Testify via Virtual Platform

Directors of Collapsed South African Crypto Investment Firm to Testify via Virtual Platform

Ameer and Raees Cajee, the two directors of the South African crypto-investment platform, Africrypt, are set to participate in an inquest that seeks to seal the fate of the collapsed firm.

The Death Threats

According to an Itweb report, the Cajee brothers — who have agreed to testify on October 19 and 20 — will only do so virtually. The report confirms that both Ameer and Raees, who have already received several death threats, were initially scheduled to appear before the inquiry in the second week of September 2021. However, this was postponed after the lawyer for the Cajee brothers requested “an extension in order to consult further with their clients.”

The report also reveals that other Africrypt executives like the former compliance officer, Daniel Opperman, Wayne Naidoo (director), and Steve Miller (manager) have already given their testimony via a virtual platform. For instance, in his testimony, Opperman is reported to have told the inquiry that he only became aware of the hack into Africrypt’s system via media reports.

As previously reported by Bitcoin.com News, Africrypt collapsed a few weeks after Ameer and Raees had informed investors of the hacking event. However, following Africrypt’s collapse and the directors’ disappearance, some aggrieved investors successfully applied to have the company liquidated.

Africrypt’s Defense

Still, in an affidavit in which he opposes the granting of the final liquidation order, Raees insists “the liquidator’s application had been taken out against the wrong company.” He even claims that clients had in fact “signed investment contracts not with Africrypt but with an entity called Raee Create Wealth.”

However, as the Itweb report notes, “bank statements obtained by Tayfin Forensic Investigative Auditors revealed that all transactions made to Africrypt were moved to Raee Create Wealth.” The report adds that this evidence is now expected to appear in the forensic report on Africrypt.

What are your thoughts about this story? Tell us what you think in the comments section below.

Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments

Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments

Central Bank of Russia is now working with commercial banks in order to delay payments made to digital asset exchanges. The move aims to limit “emotional” cryptocurrency purchases made by “unqualified” Russian investors, a CBR official revealed. The move is likely to affect peer-to-peer and over-the-counter trading platforms.

Central Bank of Russia Skeptical of Cryptocurrency Investments

Bank of Russia remains skeptical about the acquisition of cryptocurrencies and will not support increasing access to crypto markets for Russian investors, most of whom are not accredited, the bank’s Deputy Chairman Sergei Shvetsov stated this week, quoted by Prime business news agency. Speaking at the “Banks of Russia – XXI Century” international banking forum, the high-ranking official elaborated:

When it comes to buying [cryptocurrency] for investment purposes, we are skeptical about this idea. We believe it’s different from traditional assets, it’s highly risky and has signs of a pyramid scheme.

Shvetsov reiterated the central bank’s “clear position” that the only means of payment in the Russian Federation is the “ruble in all its forms and not some kind of monetary surrogates or foreign currencies.” The financial authority is preparing to launch a digital ruble prototype by the end of the year and it hopes the CBDC will help curb the use of cryptocurrencies in Russia.

During the event in Sochi, Shvetsov said the Bank of Russia is cooperating with commercial banks in order to delay payments sent to cryptocurrency exchanges. The CBR recently recommended banks block cards and wallets used to transact with crypto exchangers. The goal is to limit chances for impulsive purchases of crypto assets, the regulator’s deputy head remarked. Quoted by RIA Novosti, the banker stated:

We are starting to work with the banking system so that it slows down payments in favor of exchange offices and cryptocurrency exchanges, fencing off opportunities for emotional purchases of this kind of products.

Sergei Shvetsov noted that despite some governments taking steps to legalize cryptocurrencies, concerns persist that this type of monetary system could collapse completely. “There is a high probability that, as a high-tech financial pyramid, all this can fall down to zero,” he warned, adding that there may be hundreds of reasons why this could happen. “From our point of view, this is a large minefield,” the central bank’s official stressed.

CBR Restrictions to Violate Russians’ Rights, Legal Expert Says

Shvetsov’s comments have raised other concerns, however — those of people involved in the Russian crypto space. The very talk of imposing restrictions sends an extremely negative signal and the consequences could be catastrophic for the country’s crypto market, Nikita Zuborev, senior analyst at the popular exchange aggregator Bestchange.ru, told Forklog. He also warned:

The most affected segment will be OTC trading with registration in the Russian Federation – exchange offices and users of P2P platforms. Miners will also be forced to look for workarounds to keep farms in operation, selling the mined coins for rubles will be problematic.

According to Andrey Tugarin, Managing Partner at GMT Legal, limiting bona fide transactions for the purchase of cryptocurrencies would be illegal. “The current law ‘On Digital Financial Assets’ allows every citizen of the Russian Federation to own digital currency, which is bitcoin, buy or sell it and use it as an investment. And this right applies regardless of whether the buyer is a qualified investor or not,” Tugarin emphasized.

The good news right now is that in the past few weeks, Exmo, a popular cryptocurrency exchange in the region, has not registered any decline in the volume of deposits made by Russian users. In fact, Russian trades on the platform have actually increased during the recent market correction, revealed Maria Stankevich, Exmo’s chief business development officer.

Do you think Bank of Russia will manage to curb Russian cryptocurrency investments? Share your thoughts on the subject in the comments section below.

Wormhole Network Launches Ethereum Solana Bridge, Solana AMM Saber Surpasses $4 Billion TVL

On September 17, 2021, Solana protocol fans were introduced to the launch of the Wormhole Network’s ethereum – solana bridge, which means assets between each chain can be intermingled. The launch announcement notes that Saber, the Solana-fueled protocol with more than $4 billion total-value locked (TVL), will support migration from Wormhole V1 to V2.

Wormhole Launches Ethereum – Solana Bridge

Solana has risen 5,504% in value during the last year and today, solana (SOL) is a top ten crypto-asset holding the seventh largest position in terms of market capitalization. At the time of writing, the overall solana (SOL) market valuation is $48.4 billion and there’s a circulating supply of 296,830,872 SOL, according to Coingecko data. On Friday, the Wormhole Network announced the launch of the Wormhole Token Bridge.

“Today we’re incredibly excited to announce the launch of our Wormhole Token Bridge starting with Ethereum and Solana,” the Wormhole Network’s Twitter account said. “First up – migration of assets from the soon to be unsupported Wormhole V1 to Wormhole V2 will be available. V1 users will be able to simply exchange their assets for V2 assets at a 1-to-1 rate on wormholebridge.com.”

“The liquidity for this swap will be replenished periodically, please bear with us. There are about $250M worth of assets in Wormhole V1 to be migrated,” the Twitter thread added.

In a recent report, Bitcoin.com News detailed how the growth of blockchain bridges and cross-chain capabilities have expanded a great deal. In a panel hosted by Sanctor Capital, the founder of the Yearn Finance project, Andre Cronje, emphasized the importance of cross-chain compatibility.

“The whole defi wave gave a reason for people to begin interacting with different blockchains. And the more we’re interacting, the more we are realizing that there’s actually a little bit too much activity for any one chain to handle this stuff,” Cronje said. The Yearn Finance founder added:

While I can’t specifically pinpoint a big bang moment, it’s a combination of the maturing of different blockchains and their defi ecosystems, and things like NFTs that are giving people more and more of a reason to interact.

Solana IDOs Explode With Demand, Saber TVL Surpasses $4 Billion

There’s been a lot of attention cast at Solana since its rise in value and the development that has happened over the last few months. SOL-based initial dex offerings or IDOs have exploded as projects like Matrixetf, Parrot Protocol, Solanium, Grape Protocol, Boca Chica, and more have caused significant demand.

Saber has $4 billion TVL and projects like Serum, Raydium, Orca, Mango Markets, and Oxygen. Moreover, tokens like cope, step finance, maps.me, kin, and bonfida have caught the attention of SOL proponents. “Wormhole V2 assets will initially show up as NFTs in the Phantom wallet until a few upgrades to the wallet are rolled out next week,” the Wormhole Network further tweeted.

“Speaking of TVL, we’re excited to announce that Saber HQ will support the migration of Wormhole V1 assets to V2 [and] move over incentives to Wormhole V2 assets. Saber has been on an absolute tear with growth since launch having just surpassed $4 Billion in TVL.” the Wormhole Network team tweetstorm concluded.

What do you think about the Wormhole Network’s ethereum – solana bridge launch? Let us know what you think about this subject in the comments section below.