White House: Majority of Cryptos Have ‘No Fundamental Value’

• The White House released a report on digital assets and cryptocurrencies, claiming that many have “no fundamental value”.
• The report questioned the viability of the US issuing its own central bank digital currency (CBDC) but did not rule it out.
• Christine Lagarde, president of the European Central Bank, believes that a digital euro is necessary to preserve European payment autonomy.

White House Report on Crypto

The White House recently published a 513-page annual report which raised concerns about elements of the cryptocurrency ecosystem. It highlighted the drawbacks of digital assets and stated that some cryptos have “no fundamental value”. Furthermore, the report questioned the viability of the US issuing its own central bank digital currency (CBDC).

Worries at White House

The news has caused anxiety in the crypto industry as federal regulators are attempting to debank crypto businesses. The tone of this report is unlikely to ease these fears as it suggests that investments in national financial infrastructure could offer major benefits to consumers and business.

Crypto’s Potential

The economic update acknowledges that distributed ledger technology has potential and might be realized in future developments although there was no specific discussion on how this could occur.

Europe’s Perspective

Christine Lagarde, President of the European Central Bank (ECB), believes that a digital euro is crucial for preserving European payment autonomy and warned against relying too heavily on one supplier for important daily necessities like payments.


Overall, while some advantages of distributed ledger technology may yet be realized in future developments, most cryptocurrencies have been deemed by the White House to have no fundamental value at present. This could cause further worry for those involved in crypto businesses as federal regulations seek to debank them from traditional financial services providers.

FDIC to Hold Second Auction for Failed Silicon Valley Bank

• The US Federal Deposit Insurance Corporation (FDIC) plans to make a second attempt at auctioning assets of the collapsed Silicon Valley Bank (SVB).
• This follows after failing to find a buyer during the first auction.
• The FDIC has more flexibility to offer incentives such as loss-sharing agreements due to SVB being declared “systemic”.

Silicon Valley Bank Collapse

The US Federal Deposit Insurance Corporation (FDIC) is looking to make another attempt at auctioning assets of collapsed Silicon Valley Bank (SVB) after failing to find a buyer the first time. SVB was the 16th-largest bank in the United States and California regulators shut it down on March 10, with the FDIC taking control of the bank’s assets after the lender experienced a bank run. In order to protect insured depositors, the FDIC created Deposit Insurance National Bank of Santa Clara (DINB) and transferred insured deposits of SVB to DINB. Furthermore, all insured depositors were given access to their funds by March 13.

First Attempt Failed

The FDIC started an auction process for SVB’s assets on March 11 but no major US bank offered a bid for the lender and their offer was rejected. Despite this, HSBC UK Bank acquired SVB’s UK subsidiary for just £1 ($1.21). Additionally, United States President Joe Biden also said that US taxpayers would not bear any losses resulting from the collapse of SVB and Signature Bank.

Second Attempt Planned

According to Wall Street Journal sources, labeling SVB as “systemic” gives the FDIC more room in offering potential buyers incentives such as loss-sharing agreements during this second attempt at an auction. However, no timetable has been set yet regarding when this next auction will occur.

US DoJ Probes For Answers

In addition, news broke that US Department of Justice had launched investigations into former Terra employees for answers about how Terra received $25 million from its investors before collapsing in February 2021. It is unclear if this investigation is related in any way with Silicon Valley Bank Collapse or not.


Silicon Valley Bank Collapse has sparked attention across many regulatory bodies in relation with how financial institutions are operated and regulated throughout America today – especially when it comes down to protecting customer investments in them. While there is still much uncertainty surrounding what will happen regarding these auctions following its collapse, we can only wait until further details are released by officials involved in trying resolve this situation

BLUR Plunges 99%, Here’s What You Need to Know

• Blur is a non-fungible token (NFT) marketplace that has rapidly risen to become the largest in the market.
• Its success can be attributed to its innovative point system which rewards users for filling liquidity pool order books.
• Despite its meteoric rise, BLUR’s native token has plummeted almost 99% from its all-time high due to various factors.

What Is Blur?

Blur is an NFT marketplace built on the Ethereum (ETH) blockchain that has been taking the crypto world by storm lately. Founded by Tieshun Requerre, an MIT graduate, it offers a game-changing feature: the ability to buy multiple NFTs from different marketplaces in one fell swoop.

Blur’s Rise To The Top

The excitement surrounding Blur’s ascent is palpable, with trading volumes over the last 30 days hitting an impressive $1.58 billion according to DappRadar – compared to OpenSea’s $364 million over the same period. With its point-based distribution approach incentivizing users to fill up Blur’s liquidity pool order book, it was able to capture 53% of the entire NFT marketplace shortly after launch.

Why Has BLUR Plunged?

Despite its successes and achievements, BLUR’s native token has plunged almost 99% from its all-time high of $45.98 as of March 6th 2021 – now trading at a mere $0.69 per coin. This can be attributed mainly to hype and speculation around its launch driving up prices before crashing back down again following news of various competitors attempting similar features. Another reason for this could be due to large whales selling off their holdings after making significant gains when prices were higher, further exacerbating downward pressure on prices as demand decreased significantly compared with supply available in the market.

Implications On The Market

The steep decline in price has wide implications across not just BLUR but also other projects related or dependent upon it such as Delphi Digital which provides analytics services for many projects within this space including BLUR itself – highlighting how much influence a single player can have on the entire crypto ecosystem if left unchecked or unregulated by authorities or exchanges alike. It also shows how quickly hype can come and go in this industry and how important it is for investors/traders alike to do their own research before jumping into any project headfirst without fully understanding what they are getting themselves into and what risks may be associated with such investments/trades over time periods longer than just weeks or months etcetera..


BLUR’s rise from relative obscurity will undoubtedly go down as one of those stories that helped create new found excitement within not just NFTs but cryptocurrencies more generally speaking – offering a glimmer of hope for anyone looking for another major breakthrough story similar to Bitcoin’s (BTC). But at the same time, its rapid fall serves as an important reminder that even seemingly invincible projects can quickly succumb under pressure when markets become overly saturated with hype or when competition begins heating up too quickly leaving little room for mistakes or miscalculations along any step of the way going forward moving forward into 2021 and beyond!

Kardashian, Mayweather Fight to Toss Out Lawsuit Over Fake Crypto Token

• Kim Kardashian and Floyd Mayweather Jr. have filed a motion to dismiss a class action lawsuit against them for allegedly promoting a fake token, EthereumMax (EMAX).
• Plaintiffs in the December 2022 suit allege that they invested in EMAX after being influenced by the celebrities’ social media endorsements without any disclosure of it being paid promotion.
• Judge Michael W. Fitzgerald previously dismissed the complaint due to insufficient evidence, but allowed the plaintiffs to submit an amended version of their lawsuit.

Kim Kardashian and Floyd Mayweather File Motion To Dismiss Lawsuit

Kim Kardashian and Floyd Mayweather Jr., along with other celebrity influencers, are attempting to persuade a judge to throw out a revision of the lawsuit that seeks to hold them responsible for allegedly promoting a fake token, EthereumMax (EMAX), without disclosing it was a paid endorsement. On Feb. 21, Mayweather and Kardashian filed a motion urging Judge Michael W. Fitzgerald of the Central District of California to dismiss a second amended complaint filed by EMAX investors in December 2022.

Initial Complaint Dismissed

In December 2022, crypto enthusiasts who purchased EMAX tokens claimed they had lost money after listening to Kim Kardashian and Floyd Mayweather discuss the value of EMAX without disclosing it was paid promotion. The lawsuit alleged that the celebrity influencers conspired to artificially increase the cryptocurrency’s value. However, on Dec 7th Judge Fitzgerald threw out this class action lawsuit due his belief that plaintiffs failed provide sufficient proof as required for fraud claims under several laws referenced in their initial complaint including Racketeer Influenced and Corrupt Organizations Act (RICO).

Plaintiffs Permitted To Resubmit Suit

Judge Fitzgerald acknowledged concerns about famous people easily convincing millions of unsuspecting fans and followers to buy anything with unparalleled ease yet he reminded the complainants it was up to them do research before investing their money into something like cryptocurrency such as EMAX tokens . Thus despite dismissing initial complaint Fitzgerald allowed plaintiffs resubmit their lawsuit against Kim Kardashian and Floyd Mayweather after revising some of their claims under several laws referenced in initial complaint such as RICO act .

Celebrities Attempt To Persuade Judge To Toss Out Renewed Claims

Kardashian and Mayweather are now arguing that idea celebrities promoted EMAX tokens artificially inflate their value is nothing more than regurgitated theory court already dismissed . In attempt persuade judge toss out renewed allegations celebrities including duo have recently filed motion urging judge dismiss second amended complaint filed by disgruntled investors .

Investors Reminded Of Responsibility For Due Diligence

     Ultimately , its responsibility crypto investors perform due diligence before investing money into something like cryptocurrency . As reminder from Judge Fitzgerald himself : “The high threshold of proof required for fraud claims must be met” before any further legal actions can be taken against celebrities accused at hand .

Crypto Companies Escape US Crackdown, Seek Overseas Financial Hubs

• The US crypto crackdown is leading cryptocurrency companies to look overseas for more attractive offers in terms of taxation and regulations.
• Regulatory bodies have only created a shifting environment for crypto rules, hindering maximal business growth.
• Recently, the SEC has been vigilant in enforcing rules on digital asset companies with several high profile cases.

US Crypto Crackdown

The US crypto crackdown is pushing companies overseas as they seek better tax rates and friendlier governments. Regulatory bodies have not provided clear guidance, creating a shifting environment that limits business growth.

Crypto Companies Moving Overseas

Crypto companies are looking to financial hubs like Dubai, Europe, Hong Kong, and Singapore for more attractive offers. Investors are diversifying their regulatory risks by talking with RockX to expand beyond the US. Hong Kong regulators announced last year their plans to create an exchange-licensing regime starting in June 2023 while Dubai finalized its crypto rules this month providing a full regulatory license in the city.

SEC Enforcement

The SEC has been actively enforcing rules on digital asset companies over the past week. On Feb 9th Kraken settled with the regulator for $30 million and had its stacking services suspended. Paxos Trust Co also halted its stablecoin issuance after notice from the SEC to sue them while Do Kwon and Terra Labs were sued over alleged fraud that caused its stablecoin to fall last year losing $40 billion of market value. The SEC also proposed changes to cryptofinance regulations at around this time as well.

Impact on Crypto Businesses

The uncertain regulatory environment is impacting businesses negatively as they struggle to navigate it safely without breaking any laws or receiving hefty fines from the SEC’s enforcement efforts. Furthermore, tax rates are becoming increasingly important considerations when seeking new locations due to how beneficial they can be for profits and investor confidence levels alike..


In conclusion, cryptocurrency companies are looking towards overseas financial hubs due to the uncertain regulatory environment and strict enforcement efforts in the US combined with more attractive offers such as better tax rates elsewhere making them more appealing locations for businesses within this sector who need clarity and certainty when it comes to regulations if they wish to maximize their profits and remain competitive against other businesses operating in different countries or states under different laws regarding digital assets.

Sharky Fi to Pause NFT Withdrawals During Solana Downtime

• Sharky Fi announced that it will temporarily disable NFT withdrawals due to Solana network downtime on February 10, 2023.
• The lender LtLollipop accused the company of not treating lenders and borrowers equally.
• The company argued that they have no option but to take the measure in order to give borrowers more time to repay their loans.

Sharky Fi Halts NFT Withdrawals

NFT lending platform Sharky Fi has announced that it might temporarily suspend foreclosures for loans with a potential loss for borrowers. This comes as a response from the company after a lender complained that Sharky Fi was not allowing him to collect his NFTs.

Lender Complains about Inequality

The lender, LtLollipop, accused the company of not treating lenders and borrowers equally by disabling users from accessing their claims without interest accruing. They argued that the company was using their funds to subsidize issues unrelated to them and felt this was unfair treatment.

Solana Network Downtime

In response, Sharky Fi said that locking users from accessing their claims was necessary while Solana was underperforming in order to give borrowers more time to repay their loans. They stated that they had two options when Solana went down – do nothing or disable foreclosures for a few hours – and chose what they believed would be the fairest tradeoff in this situation.

Centralization vs Decentralization

The ongoing Twitter war has highlighted key differences between centralization and decentralization, with some suggesting that platforms like SharkyFi are too centralized as decisions made by one entity can affect many people’s investments at once. Others argue that there is still room for improvement for decentralized platforms such as Solana which need further development before being suitable for large-scale adoption.


Ultimately, this debate raises important questions about how much control should be given over digital assets stored on blockchain networks, and whether centralization or decentralization is better suited for different types of operations within crypto markets.

$150M Ecosystem Fund Launched to Accelerate Interoperable Systems and DeFi

• Injective Labs has successfully launched a $150 million ecosystem fund, with support from notable venture capital firms in the Web3 space.
• The ecosystem fund seeks to accelerate the adoption of interoperable systems and decentralized finance (DeFi).
• Members will support promising projects using Cosmos to build innovative solutions across various sectors such as trading, scalability and DeFi.

Injective Labs has recently unveiled a groundbreaking $150 million ecosystem fund, with the support of some of the most influential venture capital firms in the Web3 space. Pantera Capital, Kucoin Ventures and Kraken Ventures are among the firms joining this initiative, which seeks to accelerate the adoption of interoperable systems and decentralized finance (DeFi).

The new ecosystem fund will focus on providing support to developers, projects and teams that are building upon the Cosmos network and creating innovative solutions across various sectors such as trading, scalability and DeFi. This support will come in the form of token and equity investments, mentorship, business development, research, marketing and more. It is hoped that this initiative will encourage more people to join the Injective and Cosmos ecosystems and to help them build the future of open finance.

As part of the new ecosystem fund, Injective will also be hosting a global hackathon to further encourage the development of innovative solutions on the platform. Eric Chen, co-founder and CEO of Injective Labs, expressed his excitement over the success of the new ecosystem fund, noting that it will provide “unmatched opportunities for builders to bring their vision to life.”

The launch of the $150 million ecosystem fund is a clear indicator of the growing demand for interoperable systems and DeFi. It is expected that this initiative will provide a significant boost for the Injective and Cosmos ecosystems, and will help to further the development of open finance.

Polkadot XCM V3 Upgrade Launches, DOT Token Gains 22% in 7 Days

• Polkadot recently launched an upgrade to its Cross-Consensus Messaging (XCM) infrastructure.
• This launch, dubbed XCM V3, is expected to foster cross-chain interoperability, frictionless cryptoasset transfers, NFT support, and more.
• The DOT token has seen decent price growth in the past seven days, up by more than 22 percent.

Polkadot recently announced the go-live of an upgrade to its Cross-Consensus Messaging (XCM) infrastructure, XCM V3. This launch is expected to bring a vast array of essential improvements to the Polkadot ecosystem, including seamless cryptoasset transfers, enhanced cross-chain interoperability, non-fungible token (NFT) support, and more.

Gavin Wood, the co-founder of Polkadot and former CTO of the Ethereum Foundation, revealed the news via Twitter, describing the launch of XCM V3 as the culmination of exactly 15 months in development. The upgrade is expected to make bridges, cross-chain locking, exchanges, NFTs, conditionals, and context-tracking much more efficient and user-friendly.

The Polkadot native DOT token has seen a decent price growth in the past seven days, up by more than 22 percent. At press time, DOT is exchanging hands for $5.95, with a market cap of $6.58 billion, making it the world’s 12th-largest cryptocurrency.

The Web3 Foundation has recently made it clear to the Securities and Exchange Commission (SEC) that the DOT token is not a security. The foundation is making efforts to bring regulatory clarity to the blockchain space by properly classifying digital assets.

The Polkadot XCM V3 upgrade is expected to increase the efficiency and usability of both Polkadot’s blockchain network and DOT token. With the integration of bridges, cross-chain locking, exchanges, NFTs, conditionals, and context-tracking, this upgrade is expected to bring a whole new level of usability and reliability to the Polkadot ecosystem. We look forward to seeing how this upgrade will affect the price and market cap of the DOT token in the future.

Cryptocurrency Outlook: Neutral Right Now, 2023 Could Be Challenging

• Mike Novogratz, CEO of Galaxy Digital, believes that the outlook for cryptocurrencies is neutral right now.
• He said that the future of cryptocurrencies won’t be fantastic, but will also not be terrible.
• Novogratz believes that 2023 might be less pleasing for the cryptocurrency market due to the current issues that Gemini and Genesis are facing.

Cryptocurrency markets are in a state of limbo, according to Mike Novogratz, CEO of Galaxy Digital. In a recent interview with CNBC, Novogratz said that the outlook for cryptocurrencies is neither good nor bad at the moment, but rather falls somewhere in the middle. He noted that the future of cryptocurrencies won’t be fantastic, but it won’t be terrible, either.

Novogratz believes that 2023 might be less pleasing for the cryptocurrency market due to the current issues that Gemini and Genesis are facing. He said that they are currently dealing with several issues, which could make the cryptocurrency market more difficult to manage in the first half of 2023. This could lead to an outcome that is less satisfying.

Cameron Winklevoss, one of the co-founders of Gemini, recently sent a scathing letter to Barry Silbert, the CEO of Digital Currency Group, in which he demanded that Silbert be removed from his position and accused the bear market of having a significant negative impact on Galaxy Digital, just as it had on other companies.

Novogratz added that regulators have become increasingly involved in the cryptocurrency space, and this has led to the introduction of more stringent rules and regulations. He said that this has made it more difficult for companies to operate in the cryptocurrency space, as they now have to meet certain regulatory requirements in order to remain compliant.

Despite the current market conditions, Novogratz remains optimistic about the future of cryptocurrencies. He believes that 2023 could be a watershed moment for continued existence and the prospect of growth further into the future. He also believes that the regulatory environment will continue to evolve and become more accommodating to the industry.

Overall, it is clear that the outlook for the cryptocurrency market is uncertain. Novogratz believes that the future of cryptocurrencies will neither be fantastic nor terrible, and that 2023 could be a challenging year. However, he remains hopeful that the regulatory environment will continue to evolve and become more accommodating to the industry, and that the market will find a way to survive and continue to grow.

Explore the Metaverse: Decentraland’s First Biennale Embassy Event, Jan 6th 2023

• Decentraland announced its first metaverse architecture and design biennale embassy event on January 6th, 2023.
• The event will be open to all registered users and will feature lectures, performances, public talks, and NFT contests.
• Opinion leaders, partners, and creators from around the world will be in attendance, allowing for collaboration and grants for realization.

Decentraland, the virtual world powered by blockchain, recently announced its first ever metaverse architecture and design biennale embassy. The event, organized by Dearch.space and Metancy, is set to be deployed at DCL coordinates -67:10 and will be open to anyone who wants to visit.

This unique experience will be a large district that is a union of architectural pieces created by major architects. It will include events, public talks, lectures, and performances and hopes to host over 50,000 visitors over five days, with an additional one-month grace period open to public exposition. Registered users will have a unique opportunity to participate in NFT contests and will be in a position to receive gifts and other merch.

Part of the major visitors will be creators from all over the globe who will be able to pitch new ideas about the Metaverse and can win grants for realization. Opinion leaders and partners funding the organizations will also be in attendance, allowing effective collaboration among creators. The event will be available on two major platforms, Decentraland and Arhead.

The program for the event will start with opening and closing sermons and then will feature lectures and public talks. It’s sure to be a thrilling experience for all involved, and will no doubt set the stage for more exciting events to come. So if you’re a creator, opinion leader, or partner looking to participate in this exciting event, be sure to mark your calendars for January 6, 2023!