X-Wallet, PO Box 4301, Tortola (2026)

14/09/2023

The event will be the first of its kind in Latin America to enable cryptocurrency payments through Binance Pay, both for tickets and purchases made at the event. Binance, the world's leading blockchain and cryptocurrency infrastructure provider, announces that Binance Pay will be the official paymen...

14/09/2023

Bitcoin neared a two-week high on Thursday, as markets looked ahead to today’s retail sales report in the United States. Sales are expected to rise by 0.2% in August, a drop from a 0.7% increase the month before. Ethereum remained in the green, moving back above a key support point earlier in the day.

Bitcoin
Bitcoin remained in the green for a second consecutive session, ahead of the upcoming U.S. retail sales report. Consumer spending is expected to fall lower, which comes as inflation increased last month.

Following a low of $26,084.80 on Wednesday, BTC/USD surged to a peak of $26,529.50 earlier in today’s session.

Looking at the chart, the surge comes as the relative strength index (RSI) broke out of a ceiling at 45.00.

At the time of writing, price strength is tracking at 49.04, which is marginally below a ceiling at the 53.00 mark.

Should it move beyond this, there is a good chance that bitcoin will rise above the $27,000 level in the coming days.

Ethereum
Additionally, ethereum (ETH) was also in the green on Thursday, as price rose above a recent support point.

ETH/USD reached a high of $1,635.82 earlier in today’s session, less than 24 hours after trading at a low of $1,593.11.

The move resulted in the world’s second largest cryptocurrency climbing above a key price floor at $1,620.

Similar to BTC, today’s rally coincided with the RSI moving past a ceiling of its own at the 40.00 mark, and it now sits at 44.00.

This latest rebound has increased the possibility of an upward cross, and should this happen, ETH will be trending closer to $1,700.

14/09/2023

Remilia Corporation, a digital art and non-fungible token (NFT)-related business, has filed a lawsuit against three independent contractors whom it accuses of siphoning $1 million from the company. Founder Krishna Okhandiar denied claims the three had at any point “sought equity shares in Remilia while negotiating their contracts.”

Trio ‘Failed to Perform at an Adequate Level’
Remilia Corporation, a digital art and non-fungible token (NFT)-related business, has filed a lawsuit against three individuals accused of illegally taking control of the company’s revenues. In the lawsuit filed with the U.S. District Court of Nevada, Remilia and founder Krishna Okhandiar allege that John Duff, Henry Smith, and Maxwell Roux acted illegally when they allegedly took control of $1 million belonging to the business.

In addition, the company and its founder denied that the three, who worked as independent contractors, had “sought equity shares in Remilia while negotiating their contracts.” Instead, Remilia asserts that the three were assigned managerial roles that “each failed to perform at an adequate level.” The trio’s poor performance culminated in their demotion, the lawsuit said.

‘Serious Miscalculations’
Commenting on the legal steps that the company has taken to recover lost funds, Okhandiar, who goes by the name Charlotte Fang on X (formerly Twitter), said Remilia has since “temporarily paused Bonkler’s daily mint.” The founder also explained how the trio orchestrated the conspiracy and why this ultimately failed.

“The developer also seized codebases and coordinated with two others on the team in an attempt to seize control of our social media, followed by demands for a significant portion of our treasury, including the NFT reserves. However, some serious miscalculations were made—we easily identified the individuals involved and will pursue them to the fullest extent of the law. We expect all our property to be returned,” Charlotte Fang wrote on X.

The founder added that Remilia’s reserves were not affected and that users’ assets remain secure. Okhandiar, however, acknowledged that Remilia has lost control of three social media accounts and said users should now avoid using these.

Meanwhile, in the lawsuit filed on Sept. 11, Remilia and Okhandiar said they are seeking the court’s favorable judgment on 11 charges being leveled against Duff, Smith, and Roux.

14/09/2023

Yellow Card, the Africa-focused crypto exchange, recently said it had joined forces with Moonpay in an arrangement which is expected to help “enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” According to Uzoma James, Yellow Card’s West Africa regional manager, the partnership is expected to “make crypto trading easy, intuitive, and available to all.”

Transforming Nigeria’s Crypto Accessibility Landscape
The Africa-focused crypto exchange Yellow Card recently said it had established a working arrangement with Moonpay whose objective is to “streamline and enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” Yellow Card and Moonpay believe the partnership will help transform Nigeria’s cryptocurrency accessibility landscape which in turn would make it more user-friendly.

After the Central Bank of Nigeria (CBN) directed financial institutions to exclude crypto entities from the banking ecosystem, Nigerian users were forced to look for alternative ways of buying or trading cryptocurrencies. Peer-to-peer trading has since emerged as one of the most preferred methods.

In its Sept. 12 press release, Yellow Card said the arrangement will allow Nigerian users “to engage in peer-to-peer crypto transactions with unprecedented ease.” The exchange added that by leveraging local bank transfers, users are able to overcome obstacles which complicate the purchase of cryptocurrencies via banks.
Commenting on the exchange’s latest move, Yellow Card West

Africa regional manager, Uzoma James, said:
"At the core of our company’s mission is the belief that everyone should have access to the power and potential of cryptocurrencies. By joining forces with Moonpay, we aim to eliminate the barriers that prevent Nigerians from participating in the crypto economy. Together, we can help make crypto trading easy, intuitive, and available to all."

For his part, Ivan Soto-Wright, the co-founder and CEO of Moonpay, claimed that by supporting local bank transfers his firm and Yellow would help to unlock “immense opportunities for crypto users.”

13/09/2023

Examining the Concept of Flatcoins: Crypto Tools to Battle Inflation

With the issue of inflation rising as a real problem for global economies last year, there has been a renewed need for people to seek a way of preserving their purchasing power. Flatcoins, stable currencies that change their value according to the inflation in a determined jurisdiction, have surged as a crypto-based solution for the issue.

Flatcoins and Their Proposal

The problem of rising inflation has gained notoriety this year as large world economies that had traditionally kept prices relatively under control were affected by a loss of purchasing power. For example, U.S. inflation touched 9.1% during 2022, reaching one of its highest levels since 1981.

This rise prompted a swift response from the Federal Reserve, which started hiking interest rates to address inflation. However, the problem of losing purchasing power remains for citizens and companies that have to deal with these price distortions.

Flatcoins are designed to address this issue by proposing inflation-adjusted stablecoins that allow users to preserve this purchasing power, meaning that if one unit of this proposed token serves to purchase a determined item today, it would be able to do so five years from now.

The concept of flatcoins was coined by former Coinbase CTO Balaji Srinivasan and Sam Kazemian, the founder of the Frax stablecoin protocol, during a private conversation when they were discussing the idea of a stablecoin that would preserve the standard of living of its users.

Some Examples

As a result of these conversations, Kazemian created one of the first inflation-adjustable stablecoins, the Frax Price Index (FPI), which is continually modified depending on the CPI-U (All Urban Consumers Consumer Price Index) unadjusted 12-month inflation rate reported by the U.S. Federal Government. This is achieved by leveraging an oracle that posts these numbers onchain to adjust the peg percentage once per month.

However, due to the criticism that the recent changes in the calculation of the U.S. CPI have received, other protocols have decided to base their flatcoin proposal on a personalized inflation index. This is the case for Nuon, a flatcoin protocol that uses Truflation, an independent inflation index oracle, to update its data and peg daily.

Further Interest

The concept of flatcoins and their utility has many in the industry interested in their development. Brian Armstrong, CEO of Coinbase, has featured flatcoins as one of the startups he would build today to issue “a better form of money enabled by crypto.”

Armstrong stated that the company that manages to build this solution will have a “huge impact” on the market.

Base, the Coinbase-backed Ethereum rollup, has also included flatcoins as one of the “critical areas” that can be seeded in by its ecosystem fund. The fund declared that it would be “excited to hear from teams that are exploring their own system of stablecoins/ flatcoins, or focusing on ways to increase adoption of already existing systems.”

13/09/2023

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13/09/2023

Suspected $28 Million Coinex Hot Wallet Hack Emerges

Coinex Faces Potential $28 Million Hack as Onchain Reports Point to Hot Wallet Breach; Full Details Still Unknown
Several reports have surfaced, painting a troubling picture of a potential hot wallet hack at Coinex. On September 12, 2023, alarming news broke that the exchange might have fallen victim to a security breach involving ETH, MATIC, TRX, and several other crypto assets resulting in a staggering loss of an estimated $27.8 million.

Adding to the intrigue, blockchain security and data analytics firm Peckshield had issued a foreboding warning to Coinex on Tuesday:
For context, Coinex stands as a distinguished global cryptocurrency exchange, founded in December 2017, with its headquarters nestled in the bustling city of Hong Kong. The exchange is the brainchild of none other than Haipo Yang, a prominent figure in the cryptocurrency realm and the founder of Viabtc Group.
The aftermath of this incident witnessed a staggering amount of TRX and ETH being drained from the wallet, accompanied by various tokens such as GRT, DAI, and UNI. When all is said and done, once the issue is properly addressed, the drained funds might very well surpass the initial estimate of $28 million. Intriguingly, onchain data traced the unusually substantial outflows to an address devoid of any prior transaction history.

So far onchain stats show a loss of:
231 BTC worth $5.99 million
6,559 ETH worth $10.48 million
$2.39 million worth of ERC20 tokens
137.128 million TRX worth $11.12 million

Coinex Responds

At 1:38 p.m. (ET) on Tuesday, Coinex updated the community. “Urgent Notice: Security Incident on Coinex – Immediate Actions Underway,” the social media post says. “On September 12, 2023, our Risk Control System detected anomalous withdrawals from several hot wallet addresses used to store Coinex’s exchange assets. Promptly recognizing the gravity of the situation, we immediately established a special investigative team to delve into the matter. Preliminary assessments indicate unauthorized transactions involving ETH, TRX, and MATIC. The precise amount of the loss is still being determined, and the affected fund is just a very small portion of Coinex’s total assets.”

Coinex assured all users that their assets were secure and untouched. The exchange promised that affected parties would receive 100% compensation for any loss due to this breach. For added security, deposit and withdrawal services are temporarily suspended and will resume after a thorough review. Coinex promises that a detailed timeline and comprehensive report about this incident will be shared with the community as swiftly as possible.

13/09/2023

Payment processor Paypal announced it’s introducing on- and off-ramps to facilitate crypto payments for Web3 platforms. Once integrated, merchants in the sector will be able to employ them to expand their user base by connecting to Paypal’s payments system.
Payments giant Paypal revealed on Monday it’s moving to further increase access to crypto by offering wallets, decentralized apps (dapps) and marketplaces for non-fungible tokens (NFTs) a simple solution to enable their customers to buy and sell supported cryptocurrencies in the U.S.
This can be achieved through an integration with the Paypal On and Off Ramps, subject to applicable state laws, the company said, adding:
Once integrated, Web3 merchants can help grow their user base by connecting to Paypal’s fast and seamless payments experience trusted by millions, while leveraging Paypal’s robust security controls and tools for fraud management, chargebacks and disputes.
The fintech firm reminded that it previously launched its on-ramps to enable consumers in the United States to directly buy crypto assets with Paypal through integrations with the Metamask and Ledger wallets.
Adding off-ramps will now allow crypto wallet holders in the United States to directly convert cryptocurrencies to U.S. dollars into their Paypal balance and then use the money to shop, send, save, or transfer to their bank or debit card.
Paypal’s off-ramps solution is already live on Metamask, the press release noted. Last week, the popular Ethereum wallet introduced a “Sell” option allowing users in the U.S., the U.K., and some European markets to cash out ether (ETH) to major fiat currencies and have the amount sent to a bank account or a Paypal balance.

Do you think Paypal will continue to expand crypto payment services for Web3 businesses? Tell us in the comments.

13/09/2023

The phrase “What is an NFT?” has been the most searched for crypto-related term with 39,459 average monthly queries, an analysis of nearly 300 questions has shown. With a search rate of 26,283, the queries for the phrase “What is the blockchain” were 1,681% more than the average search volume for the analyzed questions.

U.S. Residents Most Curious About NFTs
An analysis of frequently searched cryptocurrency terms and phrases by U.S. residents has shown that non-fungible tokens (NFTs) are the “most queried topic in the country.” With the volume of queries totaling 39,459, the search term “What is an NFT?” turned out to be 2,575% more than the average volume” for the nearly 300 questions analyzed by Marketplace Fairness. The only Google crypto-related searches and queries to surpass those of NFTs were for “What is cryptocurrency?” which averaged 39,466.

In the meantime, the analysis suggested that U.S. residents searched for the phrase “What does NFT stand for?” an average of 13,516 times per month. This figure, according to the analysis, was 816% more than the average.

Searches for Blockchain
The analysis shows that after NFTs, Americans were interested in the phrase “What is the blockchain?” With a search rate of 26,283, the queries for this phrase were 1,681% more than the average search volume for the analyzed questions. In contrast, the average number of searches for the phrase “What is the blockchain technology?” stood at 5,285 while those for the term “How does the blockchain work?” averaged 1,419.

With an average search rate of 4,683 times each month, queries for the phrase “How does cryptocurrency work?” are 217% higher than the average, the analysis suggested. The monthly average Google queries on “What is cryptocurrency mining?” stood at 6,725 while those for the phrase “How to mine cryptocurrency?” averaged 1,866.

According to Marketplace Fairness’ analysis, average monthly searches for the term “decentralized finance” stood at 2,850, a figure 93% above the average.

13/09/2023

Dear Friends,

We are pleased to welcome you to our virtual space dedicated to innovative financial solutions. We offer you the opportunity to explore a world where money and transactions are transformed according to the requirements of the modern world.

Our services are more than just a wallet, they are a tool to ensure your financial security and freedom. We invite you to delve into this exciting world where security and convenience come first.

Join us to stay up to date with the latest news, expert advice and technological advances related to our platform.

With us, you become part of the future of financial technology. Let's work together to create new opportunities and perspectives in the world of finance.

Regards,
X-Wallet

X-Wallet

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