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BitMEX CEO warns that Ethereum Merge could cause high volatility
The Ethereum Merge is one the most anticipated events within the crypto space for this year. Crypto firms are always on the lookout to spot any issues that might arise as the new upgraded Ethereum network becomes operational.
Alexander Hoptner (CEO of BitMEX crypto exchange) spoke to Cointelegraph about how the trading platform is preparing the Merge. He also discussed institutional adoption potential after the transition from proof of stake (PoS) and his thoughts on Bitcoin ( BTC and Ether ( ETH).
Hoptner explained that, aside from making sure all boxes are checked on company preparations for big events ahead of them, it is important to be attentive to what could happen and ensure that the services they provide are functioning properly. He explained:
“You must be just, let’s call it, awake and watch what happens. There is a possibility of high volatility. You need to ensure that your services are available. […] We do not expect major disruptions other than volatility.”
BitMEX’s executive said that a fork would be successful if it was supported by a strong community. Hoptner pointed out that forks are at risk if there isn’t enough support from miners.
The issue of institutional adoption following the Merge was another topic discussed during the interview. The BitMEX CEO feels that PoS Ethereum is better for organizations than major players who are increasing their services to institutional players. This is because it addresses the main environmental narrative with which institutions are most concerned. He stated:
“I am certain that this will push for institutional adoption as well as mass market adoption, because […]nerally, the current generation pays close to the efficiency, environmental development.”
He also pointed out that large financial institutions are already experimenting with crypto, primarily BTC and ETH. Hoptner stated that many institutions already offer 1% to 22% crypto in their portfolios and that he expects this trend to continue.
Related: ETH Merge – CoinGecko founder shares his strategy for forked tokens
Contrary to popular belief that the market is at the moment, BitMEX CEO shared his team’s belief that the current market conditions are not bearish. Instead, he believes that there is a small correction in traditional finance. He stated that:
“Beforehand it was extremely overheated on the market. We were too fond of money, and this is now a minor correction. However, we are extremely bullish about Bitcoin and ETH, particularly for proof-of stake.
Hoptner is positive that the Ethereum Merge is a positive step in the industry and reiterated his team’s belief in the value of ETH. He also stated that Ethereum has a strong community and ETH could eventually surpass BTC. He stated that he believes it could surpass Bitcoin in relative growth.
The Ethereum Merge is one of the most anticipated events in the crypto space this year....
Block wallet addresses that are deemed at-risk using the DeFi platform Oasis
A new Discord post from Thursday’s community states that decentralized financing (DeFi) platform Oasis.app has announced that only sanctioned addresses can access the application. Due to the new terms of service, wallets that have been flagged as high-risk are no longer allowed to use Oasis.app for managing positions or withdrawing funds. These users will need to interact with Oasis.app directly or use another service.
Gabriel, a member of Oasis.app, explained the decision:
“We recently had to revise the Terms of Service of the Oasis.app front end to ensure compliance with the applicable laws and regulations. Oasis.app now has updated Terms of Service in accordance with the most recent regulations. Oasis.app functionality will not be accessible to any sanctioned addresses.
Oasis raised a $6 million Series B in 2020 and has since grown to be a well-known platform for DeFi borrowing and lending. In the last 30 days, $4.6 billion worth transactions were processed by Oasis and $3.42 billion has been managed in deposits.
It is unclear at the time of publication which tools Oasis uses to identify wallets that are high-risk. Similar to Oasis’s decentralized exchange (DEX), Uniswap has recently begun to block wallets allegedly linked to illicit activities using TRM Labs data. TRM Labs assists entities in investigating and detecting crypto-related financial crimes through on-chain analysis. Oasis has received mostly negative feedback about their new measure. One Discord user, Eagles#2541, claims:
“I am actually just interfacing with Oasis using an account that has been exposed to Tornado Cash. I cannot reproduce the problem that others are experiencing, so it is likely that the team is incompetent or has used a wide net with arbitrary holes.
It appears https://t.co/S7tb5tREIC, following Uniswap, has started sending all your data to TRM Labs. This is what happens when you are connected to an address that they don’t like. There is no way to close positions in the UI. pic.twitter.com/n2ocN8jQTq
— banteg
August 11, 2022
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During ongoing war, Ukraine accepts Bitcoin, Ethereum and USDT donations
The Ukrainian government reached out to the cryptocurrency community via Twitter in the first week after the Russia-Ukraine conflict to raise funds for its troops and civilians. Ukraine now accepts donations in Bitcoin ( TTC), Ether( ETH), and Tether ( USDT).
Ukraine sought international assistance amid military threats in the country. But, time is critical and the official Twitter account for Ukraine has extended its request for assistance to Crypto Twitter.
Support the Ukrainian people. Accepting cryptocurrency donations Bitcoin, Ethereum, and USDT.
BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
Ukraine / Ukrayina, (@Ukraine).
February 26, 2022
Mykhailo Fedorov (vice prime minister of Ukraine) also shared three wallet addresses. He urged the crypto community for donations to help Ukraine defeat Russian troops. The BTC and ETH addresses are the same. However, the USDT wallet address was TRC-20-based. It is different from the address shared on Ukraine’s official Twitter account.
Support the Ukrainian people
Accepting cryptocurrency donations Ethereum. Bitcoin and Tether (USDTtrc20).
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov (@FedorovMykhailo)
February 26, 2022
Vitalik Buterin (prominent crypto entrepreneur), initially believed that accounts asking for crypto donations had been hacked. American diplomat Tomicah Tillemann confirmed that the accounts were legitimate with Olexander Scherba, the Ukrainian Ambassador.
It’s been confirmed by a few sources. For now, I am deleting my warning. Keep alert and be careful when sending irreversible cryptocurrency transactions. https://t.co/Odv5pxf3mp
— vitalik.eth (@VitalikButerin)
February 26, 2022
Ukrainian civilians-turned-refugees have reported the loss of access to their fiat savings and credit cards. As of Saturday, more than 150,000 people had been forced from Ukraine by the United Nations.
My Ukrainian credit cards are no longer valid. Although I am physically safe in Kazakhstan, all of my savings have disappeared.
Crypto is my only source of money, and I can confidently say that $BTC and $ETH will save my life, even if I’m unable to return home.
— ARTYOM FKsDOSOV, @usleepwalker
February 25, 2022
Although there has been confusion about the intended uses of crypto donations, Buterin shared another initiative. This is a decentralized autonomous organisation that focuses exclusively on Ukrainian citizens.
Here’s your chance to help the Ukrainians! Proceeds will go to civilian efforts to help Ukrainians affected by the war. https://t.co/GD7Qlw61nT
— vitalik.eth (@VitalikButerin)
February 26, 2022
UkraineDAO was launched by Nadya Tolokonnikova of Pussy Riot. It started with the release a one-of-1 nonfungible token (NFT), of the Ukrainian flag in order to raise funds for Ukrainian civil organizations that help victims of war.
Cointelegraph reported on Thursday that the Ministry of Defence of Ukraine had received many requests from asking for crypto donations.
Crypto donations can be very helpful. It’s fast, secure, and easy.
Also, consider this method
— timo (@tymo_tt)
February 24, 2022
Unconfirmed but believed to be true, donations to addresses shared by Ukraine may be used directly by government officials, while DAO proceedings will be directed towards citizens’ welfare via NGO.
Related to The reaction of the Crypto community to Russia’s war on Ukraine
Prominent crypto entrepreneurs have made proactive efforts to help the Ukrainians since Thursday. Sam Bankman-Fried, CEO of FTX, was the first to offer monetary support for FTX traders in Ukraine.
We just donated $25 to each Ukrainian on the FTX
Do what you have to do
— SBF (@SBF_FTX).
February 24, 2022
In the first week of the Russia-Ukraine war, the Ukrainian government has reached out to the...
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