Not all members of the cryptocurrency community think the decision of Ethereum developers to switch the cryptocurrency network from Proof-of-Work (PoW) to Proof-of-Stake (PoS) algorithm is right. But what to expect from the Merge fork?
Ethereum price after the Merge: What’s wrong with PoS-Ethereum
What will happen to Ethereum’s price after the Merge? One of the first to question the potential of PoS-Ethereum was a popular analyst in the cryptocurrency community, PlanB. He suggested that the fate of the BitcoinPoS project (BPS) – the PoS version of bitcoin (BTC) – may wait for ETH after the migration.
The high power consumption of PoW cryptocurrencies became the reason for discussing the possibility of banning coins that work on the algorithm. For example, such an initiative is being considered in Europe. At the same time, Messari’s research showed that bitcoin mining does less harm than many other businesses that regulators have no complaints about.
The future of PoS-Ethereum is also disbelieved by popular investor, book author and podcaster Preston Pysch in the cryptocurrency community.
“I now, on the back of the merge fork and the migration of ETH to PoS, have even more faith in bitcoin’s growth potential. There is a clear line between PoW bitcoin and all the other [projects] on PoS. This difference will be hard to ignore amid a tightening battle between hyper-consumption and network participants being paid by lies,” Preston Pysch wrote.
According to Lin Alden’s observations, bitcoin has remained the only major project in the PoW space amid the migration of ETH to PoS. And making an optimistic Merge Ethereum price prediction is not worth it. According to its calculations, BTC now occupies 94% of the Proof-of-Work market. Bitcoin’s loss of a PoW-Ethereum rival could draw more attention to the cryptocurrency.
Blockstream CEO Adam Beck joined the discussion. He believes that bitcoin, due to its characteristics, can be classified as a “commodity.” PoS-cryptocurrencies, which Ethereum has now joined, according to the developer, do not belong to this class.
Market participants who disagreed with the migration of ETH to PoS launched a PoW version of the cryptocurrency. A few hours after Ethereum’s algorithm change, the developers launched an airdrop of the token.
We previously reported on how The Merge will affect Ethereum and how the cryptocurrency market reacted to the algorithm change.
Korea begins blocking bitcoin holdings of Terra founder
The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.
The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.
According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.
Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.
Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.
Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services
Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked.
In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.
Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.
Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.
U.S. exchange regulator fines Tether auditor company $1.5 million
Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).
According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.
Tether full audit
Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.
The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.
Earlier we reported that Vitalik Buterin announced the release of his book.
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