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David Marcus of Facebook says: China’s Bitcoin Mining Crackdown ‘Great Development’ for BTC

David Marcus of Facebook says: China’s Bitcoin Mining Crackdown ‘Great Development’ for BTC

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David Marcus, head of Facebook Financial (F2) who is in charge of crypto project Diem, formerly Libra, believes that the Chinese government cracking down on bitcoin mining is “a great development” for the cryptocurrency. Many people in the crypto space agree with him.

Facebook’s Executive Believes China’s Bitcoin Mining Crackdown Is a Good Development

David Marcus, head of F2 (Facebook Financial), has shared his view on the Chinese government cracking down on bitcoin mining. F2 includes Facebook Pay, Novi, and all payments and financial services efforts by the social media giant. Marcus is also a co-creator and board member of the crypto project Diem, formerly Libra.

He tweeted Monday: “How is more bitcoin mining power moving to the United States and the West a bad thing? IMO China cracking down on mining is a great development for BTC.”

Many people agree with Marcus, sharing their opinions on Twitter. Several of them agree that the move may seem bearish in the short term but is good for bitcoin in the long run.

The CEO of cryptocurrency exchange Luno, Marcus Swanepoel, commented: “Familiar pattern for anything Bitcoin: 1 potential issue identified (AML, scaling, Chinese miner concentration, etc), 2 solutions created (Chainalysis, lightening, Chinese ban mining), 3 risk mitigation incorrectly interpreted as increase in risk, 4 eventually penny drops = [Rocket emoji].”

Sharan Nair, chief business officer of Indian crypto exchange Coinswitch Kuber, opined:

I totally love it how every supposed move to bring down bitcoin actually works in its favor. Perhaps what doesn’t kill you makes you stronger has never been more truer.

Brandon Arvanaghi, a bitcoin mining engineer and former Gemini security engineer, said: “You are going to see a dramatic shift over the next few months.” He added that Texas could be one of the U.S. states where bitcoin miners will move to. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible,” he opined.

Source Credits: Bitcoin.com

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Bybit Ether reserves near 50% pre-hack levels after $295M ETH buy

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Bybit has recovered 50% of its Ether reserves after a $1.4 billion hack in February, one of the largest crypto thefts in history. The exchange, which saw its ETH holdings drop from 439,000 to just 61,000 ETH, has since rebounded to over 201,600 ETH through spot buying and emergency industry support.

To aid recovery, Bybit secured $390 million in loans and transfers from firms like Binance, Bitget, and HTX Group. Additionally, the exchange purchased 106,498 ETH worth $295 million via OTC trades, helping to rebuild its reserves quickly.

Despite losing over $5.3 billion in total assets post-hack, Bybit’s reserves remain higher than its liabilities, as confirmed by an independent proof-of-reserve audit by Hacken. This has reassured users, with Bybit processing 350,000 withdrawals within 10 hours of the attack.

The attack was reportedly linked to North Korea’s Lazarus Group, which exploited Bybit’s Ethereum multisig cold wallet. Analysts suggest the breach involved a deceptive transaction that tricked signers into approving a malicious smart contract.

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Tezos launches world’s first Uranium marketplace on blockchain

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Tezos blockchain has become the foundation for the world’s first uranium trading marketplace, marking a significant milestone in the integration of blockchain technology with critical commodities. Announced on Nov. 21, the platform aims to bring transparency and efficiency to the global uranium market, which has traditionally operated with limited visibility and complex supply chains. The initiative is spearheaded by major industry players seeking to modernize uranium trading.

The blockchain-based marketplace will enable buyers and sellers to transact securely while providing an immutable ledger of all transactions. This innovation is expected to address long-standing challenges in the uranium sector, including traceability, regulatory compliance, and pricing opacity. By leveraging Tezos’ smart contract capabilities, the platform offers automated processes for contract execution and ensures a transparent record of ownership and origin.

Industry leaders have praised the project as a game-changer for the nuclear energy supply chain, which relies heavily on uranium. The marketplace is designed to support global efforts to enhance sustainability and safety, aligning with the increasing focus on responsible sourcing of critical materials. The move could also attract new participants to the market by lowering barriers to entry and fostering trust through blockchain’s verifiable data.

This development underscores the expanding role of blockchain in transforming traditional industries beyond finance. By addressing inefficiencies in one of the world’s most regulated markets, Tezos demonstrates how decentralized technologies can drive innovation and transparency. As the uranium marketplace gains traction, it could serve as a blueprint for blockchain adoption in other critical resource sectors.

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LimeWire adds decentralized file sharing feature with BNB Greenfield

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LimeWire, the iconic file-sharing platform from the early 2000s, has made a comeback, reimagined for the Web3 era. Announced on Nov. 21, the platform now operates as a decentralized file-sharing network, leveraging blockchain technology to enable secure and transparent peer-to-peer sharing of digital assets. The relaunch aims to blend nostalgia with innovation, introducing LimeWire to a new generation of users while embracing the principles of decentralization.

The updated LimeWire platform integrates blockchain to provide content creators with greater control over their work, including tools for licensing and monetization. Users can share files, such as music, videos, and other media, while ensuring ownership and royalties are preserved through smart contracts. LimeWire also features its own native token to facilitate transactions within the ecosystem, including tipping creators and accessing premium content.

LimeWire’s revival reflects a broader trend of Web2 platforms transitioning into the Web3 space. The platform’s focus on decentralization aligns with the growing demand for alternatives to centralized file-sharing services, which have faced criticism over censorship and lack of user privacy. By adopting blockchain, LimeWire seeks to address these issues while empowering both creators and consumers with greater transparency and fairness.

As LimeWire re-enters the digital landscape, its success will depend on user adoption and the platform’s ability to compete with established Web3 content-sharing solutions. With its nostalgic branding and commitment to innovation, LimeWire’s evolution into a decentralized platform positions it as a potential leader in reshaping how digital content is shared and monetized in the blockchain era.

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