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Aleph Zero Launches Alephoria: Exciting Airdrops, Tournaments, and Rewards Await Users

Zug, Switzerland, May 17th, 2024, Chainwire

Alephoria invites web3 users to the Aleph Zero ecosystem with an interactive initiative of campaigns as projects launch

Aleph Zero–the privacy-oriented layer 1 blockchain–is gearing up for a surge of new users with its Alephoria campaign. Newcomers can look forward to airdrops and other promotional activities as they join the expanding ecosystem.

Dozens of teams are actively developing groundbreaking solutions on Aleph Zero, spanning DeFi, web3 identity, liquid staking, RWA tokenization, content creation, and gaming, among other areas. At the heart of this innovation is Aleph Zero–a blazingly-fast blockchain that enables all these advancements through its modular and compliant approach to ZK privacy.

The network offers instant transaction finally with subsecond speeds, powered by AlephBFT, its proprietary consensus mechanism that integrates Directed Acyclic Graph (DAG) technology with Proof of Stake. Moreover, its data confidentiality engine skillfully balances transparency with data protection, aligning with AML/CFT regulations. These fundamental features make Aleph Zero an attractive platform for users, developers, enterprises and regulators worldwide.

Adding new utility to AZERO, the native coin

AZERO, the native coin of the Aleph Zero ecosystem, facilitates leading web3 developers in crafting new products and generating sustainable value, and unlocks a world of benefits for its holders through unique campaigns and rewards.

Staking AZERO offers users the opportunity to earn rewards directly in AZERO coins for participating in the network. For a quick start to staking, users can refer to the concise guide available now.

Additionally, AZERO serves as users’ gateway to Alephoria, offering them the chance to participate in significant ecosystem-wide airdrop campaigns from various projects.

Common Drops–the first major airdrop campaign

Launching alongside Common AMM—the first mainnet release from Aleph Zero’s DeFi platform, Common—the Common Staking Drops campaign is set to begin on May 21st. Common AMM, a Uniswap-like decentralized exchange, offers a user-friendly trading experience, built-in bridging between Aleph Zero and Ethereum, and incentives for users.

The campaign will reward participants who are active in staking, both before and throughout the duration of the campaign, with the rewards increasing the longer one participates, based on the daily average of their stake during each round.

Simultaneously, Common LP Drops will start rewarding users engaged in liquidity farming. These Drops are non-transferable initially but will be redeemable for CMN—the platform’s token—once it launches, aligning with Common’s vision of enhancing trading efficiency and confidentiality across its multi-chain DeFi suite.

Experience Alephoria

The ecosystem is rapidly expanding–and Alephoria is your key to getting the most out of it. A flurry of fresh Alephoria campaigns are either active–or lining up to launch in the near future. These include:

DRKVRS–a Web3 multiplayer action RPG game with innovative mechanics, set in a dystopian and brutalist world. Users ca sign up for their presale whitelist at TRANSRAAD DAO.
Abax–a unique fair lending protocol. The Stakedrop where stakers have already reserved $4M ABAX–or 20% of the tokens allocated for the first phase of the public contribution is in the last stages.
Upcade–a web3 gaming hub powered by AZERO. Users can participate in the Block Spector Tournament–an FPP game tournament with 70,000 AZERO rewards pool.
Kintsu–a liquid staking protocol. The Testnet implementation is already live while the OG roles can be already obtained by early users, leading to potential airdrops.
The Aleph Zero x Galxe Takeover–Users are invited to know the Aleph Zero ecosystem through on-chain questing and potentially win additional rewards.
The Commoners–Users can get a unique NFT from The Commoners collection for AZERO holders.

Go to alephoria.com to learn more about the initiatives!

About Aleph Zero

Aleph Zero is a layer 1 blockchain engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via ZKP and MPC, and offers a comprehensive toolset for WASM-based web3 development in Rust. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications that are supported by Aleph Zero programs.

For more information, users can visit Aleph Zero’s website or follow Aleph Zero’s Twitter.

Contact

PR Specialist
Ana Lezama
Aleph Zero
ana@serotonin.co

Chinese Police Bust $1.9 Billion Underground Banking Racket Involving Tether

Blockchain News/Crypto News Today

Chinese police have uncovered a $1.9 billion underground banking racket involving the popular stablecoin Tether in Chengdu.

The operation utilized Tether to exchange foreign currencies and led to the arrest of 193 suspects across 26 provinces, according to a police report.

The report highlighted that these underground USDT operations began in January 2021.

They were primarily used to smuggle medicine, cosmetics, and investment assets overseas.

The authorities dismantled two such operations in Fujian and Hunan, freezing 149 million yuan (approximately $20 million) linked to these activities.

Despite China’s comprehensive prohibition on crypto-related activities, traders in the country continue to circumvent the ban, using crypto assets in alternative ways.

A report by Kyros Ventures indicates that Chinese traders are among the largest stablecoin holders globally.

According to the report, 33.3% of Chinese investors hold multiple stablecoins, placing them second only to Vietnam’s 58.6%.

The Chinese government has banned cryptocurrency use, cryptocurrency exchanges, and Bitcoin mining operations.

However, the local population has consistently found ways to evade these restrictions over the years.

At the time of the Bitcoin mining ban, China was the largest contributor to the Bitcoin network hash rate.

Remarkably, within a year of the ban, China’s mining hash rate contribution rose to second place despite the prohibition.

Similarly, after the country banned centralized exchanges, Chinese traders shifted to decentralized exchanges.

In response to the ban, the use of decentralized finance (DeFi) protocols by Chinese traders significantly increased.

Some traders also used virtual private networks (VPNs) to defy the restrictions and continue their crypto activities.

The persistence of Chinese traders in using cryptocurrencies and stablecoins like Tether highlights the challenges faced by authorities in enforcing the ban.

Despite stringent measures, the adaptability and ingenuity of the local population have allowed them to continue participating in the global crypto market.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Solana Developer Admits to Stealing $300,000 in User Funds, Cites Gambling Addiction as Cause

Blockchain News/Crypto News Today

Hoak, a developer for the Solana-based Cypher Protocol, has publicly admitted to stealing nearly $300,000 in user funds and subsequently gambling them away.

His confession was made through a post on X on May 14, where he stated, “To address the elephant in the room, the allegations are true, I took the funds and gambled them away.

“I didn’t run away with it, nor did anyone else.”

This admission followed a previous revelation by another core contributor, Cobra, who highlighted the missing funds in a post a day earlier.

Cobra detailed the theft in his post, explaining how Hoak systematically withdrew funds over several months from the cypher redemption contract, converting them into different cryptocurrencies and transferring them to Binance.

The transactions involved multiple steps and intermediary wallets, and totaled $317,000 in Solana, Tether (USDT), and USD Coin. On-chain data traced these movements back to Hoak’s associated addresses.

At the time of the thefts, Hoak’s wallet contained significant amounts of digital assets, which were mostly transferred to Binance within a few days in April.

These actions have further damaged the reputation of the Cypher Protocol, which had already suffered a major hack in August 2023, resulting in the loss of over $1 million in digital assets.

Hoak, addressing the motivations behind his actions, attributed the thefts to a severe gambling addiction and other psychological issues.

He expressed, “I am also in no way, shape, or form attempting to victimize myself, but this is the culmination of what snowballed into a crippling gambling addiction and probably multiple other psychological factors that went by unchecked for too long.”

The case of Hoak raises concerns about the prevalence of gambling behavior within the cryptocurrency industry, often criticized for its casino-like environment.

Gary Gensler, Chair of the United States Securities and Exchange Commission, has likened the crypto ecosystem to “casinos in the Wild West,” calling stablecoins the “poker chips” of the space.

Moreover, a 2023 YouGov survey found a significant correlation between harmful gambling and cryptocurrency ownership, suggesting that those who gamble at risky levels are also more likely to engage in crypto trading, potentially exacerbating their financial vulnerability.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

pStake Finance Launches Bitcoin Liquid Staking Solution to Boost Bitcoin-Native DeFi Ecosystem

Blockchain News/Crypto News Today/DeFi

pStake Finance, supported by Binance Labs, recently introduced its liquid staking solution for Bitcoin, marking a significant advancement in Bitcoin-native decentralized finance (DeFi).

This new solution, developed on Babylon’s Bitcoin staking protocol, is designed to simplify the Bitcoin staking process while providing additional opportunities for Bitcoin holders to generate yields.

Mikhil Pandey, co-founder and chief strategy officer of pSTAKE Finance, emphasized the company’s commitment to enhancing Bitcoin’s functionality as a yield-generating asset.

He stated, “Having fundamental faith and belief in Bitcoin, yields, and constantly identifying and solving crucial problems in this industry are some of the reasons behind moving in Bitcoin’s direction.

The opportunity to make Bitcoin a yield-generating asset, something that hasn’t existed inherently, is very exciting. Yield-generating Bitcoin is powerful for all ecosystems and not just Bitcoin L2s.”

This initiative is part of the broader Bitcoin DeFi (BTCFi) movement, which seeks to integrate DeFi capabilities with the first blockchain network.

The growing interest in Bitcoin-native DeFi solutions has been bolstered by the 2024 halving event, which coincided with the launch of Bitcoin Runes, a new protocol for issuing fungible tokens on the Bitcoin network.

In the run-up to the halving, Binance Labs, the independent venture capital arm of Binance, has pivoted its focus towards BTCFi, marking its commitment with an investment in the Bitcoin-native restaking protocol BounceBit on April 11.

The launch of pSTAKE’s liquid staking solution represents the company’s inaugural venture into Bitcoin-native DeFi after three years of developing its protocol on the Cosmos network. pSTAKE is part of a growing number of protocols aimed at transforming Bitcoin into a yield-generating asset.

In a similar vein, Hermetica announced in early May the launch of the first-ever Bitcoin-backed synthetic U.S. dollar with yield capabilities, USDh, set to debut in June and offer up to 25% yields.

Pandey sees the BTCFi sector as an area ripe with promising products that enhance Bitcoin’s capital efficiency.

He believes, however, that the sector still requires further development to reach the maturity seen in Ethereum’s DeFi space. “Ethereum’s tech had to go through a lot of evolution before the actual DeFi Summer in 2020.

The Bitcoin DeFi landscape will likely follow a similar journey of development and progress before we see a full-fledged BTCfi Summer,” he explained.

Pandey also highlighted the significant financial potential in making Bitcoin a more versatile asset, noting the current minimal DeFi penetration in the Bitcoin market: “With less than 1% of the Bitcoin market cap in DeFi today, we could see huge growth as we develop more secure and reliable ways to generate yield on Bitcoin.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Circle Internet Financial to Relocate Legal Base from Ireland to U.S. Amid Tightening Cryptocurrency Regulations

Blockchain News/Crypto News Today

Circle Internet Financial, the entity behind USD Coin—the second-largest stablecoin globally—has announced its plan to relocate its legal base from the Republic of Ireland to the United States.

This decision comes as the U.S. tightens its cryptocurrency regulations.

A Circle spokesperson confirmed to Bloomberg on May 14 that the company has initiated legal proceedings for the move, though specific reasons for the relocation were not shared.

This move coincides with Circle’s efforts to go public, as indicated by their confidential submission of an initial public offering (IPO) plan via a press release in January.

Legal Implications
Moving from Ireland, known for its lower corporate tax rates, to the U.S. will likely increase Circle’s tax burdens.

This shift is part of a broader response to global tax reforms initiated by the Organization for Economic Cooperation and Development (OECD).

Since October 2021, the OECD Global Anti-Base Erosion Rules mandate a minimum 15% tax on multinational enterprises (MNE) profits worldwide.

Meanwhile, Tether, the largest stablecoin issuer, has engaged in significant regulatory activities.

Tether CEO Paolo Ardoino revealed on X that the company has blocked over $1.3 billion worth of assets due to various threats,

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Major Firms Invest $3.5 Billion in Spot Bitcoin ETFs Despite Recent Inflow Decline

Bitcoin/Blockchain News/Crypto News Today

In the past week, over 600 companies have disclosed substantial investments in spot Bitcoin exchange-traded funds (ETFs) through their 13F filings with the United States Securities and Exchange Commission (SEC).

These filings reveal that professional investment firms hold $3.5 billion worth of Bitcoin ETFs.

Notable investors include Morgan Stanley, JPMorgan, Wells Fargo, UBS, BNP Paribas, the Royal Bank of Canada, and hedge funds such as Millennium Management and Schonfeld Strategic Advisors.

Millennium Management is the largest investor in Bitcoin ETFs, with $1.9 billion allocated.

This includes $844.2 million in BlackRock’s iShares Bitcoin Trust (IBIT), $806.7 million in Fidelity’s Wise Origin Bitcoin Fund (FBTC), $202 million in the Grayscale Bitcoin Trust (GBTC), $45 million in the ARK 21Shares Bitcoin ETF (ARKB), and $44.7 million in the Bitwise Bitcoin ETF (BITB).

Schonfeld Strategic Advisors, managing $13 billion in assets, is the second-largest investor in spot Bitcoin ETFs, with $248 million in BlackRock’s ETF and $231.8 million in Fidelity’s fund, totaling $479 million.

Boothbay Fund Management, a hedge fund manager based in New York, reported $377 million in spot Bitcoin ETFs.

This includes $149.8 million in IBIT, $105.5 million in FBTC, $69.5 million in GBTC, and $52.3 million in BITB.

Pine Ridge Advisers, another New York-based firm, announced a $205.8 million investment in spot Bitcoin ETFs, divided into $83.2 million in IBIT, $93.4 million in FBTC, and $29.3 million in BITB.

Morgan Stanley disclosed a $269.9 million investment in GBTC, positioning it as one of the largest GBTC holders. Aristeia Capital, an alternative asset manager, revealed a $163.4 million investment in IBIT.

Graham Capital Management, based in Connecticut, declared a $98.8 million investment in IBIT and $3.8 million in FBTC.

CRCM disclosed a $96.6 million investment in IBIT, while Fortress Investment Group, a New York-based firm, reported a $53.6 million investment in IBIT.

Spot Bitcoin ETFs were launched in the second week of January and saw significant demand in the first three months.

Despite recent declines in inflows, hundreds of financial institutions have invested billions in spot Bitcoin ETFs.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bybit Announces 2% Cashback Rewards as Incentive to Use ByBit Card

Blockchain News/Crypto News Today

Bybit, ranked among the top three cryptocurrency exchanges globally in terms of volume, has launched an attractive 2% cashback offer for its Bybit Card users, with rewards paid in USDT directly into their accounts. This promotion applies to all purchases, whether made with fiat or cryptocurrency, highlighting Bybit’s ongoing efforts to facilitate the use of crypto in everyday transactions.

The exchange has introduced an Auto Cashback feature, which automatically converts cashback points into USDT, simplifying the reward accumulation process. Users can easily enable this feature from their Card Dashboard, maintaining the simplicity and user-friendliness Bybit is recognized for.

Joan Han, the Sales & Marketing Director at Bybit, emphasized the company’s commitment to the crypto sector, stating, “Bybit is dedicated to pioneering the cryptocurrency landscape by partnering with leading projects that enhance the overall market and deliver significant benefits to our users. Through the Bybit Card, we are committed to simplifying cryptocurrency access, effectively narrowing the divide between conventional finance and the digital economy.”

The process for receiving cashback is streamlined. After each transaction, cashback points are credited to users’ accounts within a few days and can be tracked under the ‘Earned’ section in Bybit’s Reward Market. These points are then automatically converted into USDT daily, keeping users informed throughout the process.

The Bybit Card itself is designed with a minimalist and user-friendly interface, consistent with Bybit’s philosophy of facilitating easy global spending of cryptocurrencies. Additionally, with the recent integration of Google Pay and other payment systems, Bybit Card holders in the European Economic Area (EEA) can now make secure and quick transactions online, in-app, and in stores. This integration notably expands the utility of the Bybit Card, leveraging the widespread acceptance of Google Pay for a seamless transaction experience.

One Trading Extends the Reach of its Institutional Trading Services in Europe Through Integration with Talos

Press Releases

London, United Kingdom, May 16th, 2024, Chainwire

Talos, the premier provider of digital asset trading technology for institutions, and One Trading, a crypto trading venue headquartered and regulated in the European Union, announced an integration designed to expand liquidity access for institutions. As part of the collaboration, One Trading joins the Talos network of liquidity providers, expanding the possible destinations for their shared clients looking to achieve best execution. Talos users will now be able to access One Trading’s high-speed trading platform, with a matching engine time of just 1 microsecond.

In addition to expanding its potential reach to Talos’s institutional clients, One Trading also adopts the Talos trading platform as a sell-side client to support its OTC trading desk. The award-winning Talos trading platform will help One Trading efficiently source liquidity to better serve its clients’ needs. The multi-faceted relationship between the two firms highlights the different ways that the Talos network and platform can enhance a partner’s business.

“We are thrilled to welcome One Trading into the Talos network of liquidity providers,” said Daniel Packham, VP and Head of Operations, EMEA. “They have built a leading regulated trading venue in Europe using cutting-edge technology to build an incredibly fast and secure exchange, holding themselves to the highest standards of security and transparency that are important to Talos and our institutional clients. In addition, as a client themselves using our trading platform, One Trading is a great example of how an OTC dealer can leverage Talos to help manage liquidity efficiently.”

Commenting on the integration, Joshua Barraclough, CEO of One Trading said, “Talos shares our goal of bridging the gap between traditional and crypto asset trading. That’s why we’re excited to integrate with Talos as a liquidity provider as well as a sell-side trading client. They provide us with the same institutional grade of technology that we seek to provide to our own clients.”

One Trading is an EU-based trading venue built by a highly experienced ex-TradFi team. One Trading provides an institutional-grade digital asset exchange for both retail customers and institutional clients, with a focus on achieving market-leading execution speed, deep order books, and low fees. The exchange provides zero fees for both maker and taker transactions. One Trading operates a regulated spot trading venue and an OTC business with plans to roll out a MiFID II regulated derivatives business in the near future. As the Markets in Crypto Assets (MiCA) European regulation elevates the importance of best execution, Talos’s integration with One Trading will empower shared clients with an additional option for sourcing the best available liquidity.

About Talos

Talos provides institutional-grade technology that supports the full digital asset trading lifecycle, including liquidity sourcing, price discovery, trading, settlement, lending, borrowing and portfolio management. Engineered by a team with unmatched experience building institutional trading systems, the Talos platform connects institutions to key participants in today’s digital asset ecosystem – exchanges, OTC desks, prime brokers, lenders, custodians and more – through a single point of entry. By streamlining the entire trading process, Talos helps mitigate intermediary risk and facilitate best execution. For additional information, visit www.talos.com.

Talos Disclaimer: Talos offers software-as-a-service products that provide connectivity tools for institutional clients. Talos does not provide clients with any pre-negotiated arrangements with liquidity providers or other parties. Clients are required to independently negotiate arrangements with liquidity providers and other parties bilaterally. Talos is not party to any of these arrangements. Services and venues may not be available in all jurisdictions.

About One Trading

One Trading is a leading European digital asset trading platform with a VASP registration in Italy with Organismo Agenti e Mediatori (OAM). The One Trading platform has various offerings: Exchange, Instant Trade, and an OTC desk. The Exchange is where registered customers can access the fastest trading venue in the world with zero fees — also boasting a transparent order book with deep liquidity, and charting tools for technical analysis. The team behind One Trading has strong ex-TradFi expertise and is focused on providing an unparalleled product experience.

Instant Trade offers a simplified UI for trading a wide range of fiat, stablecoin, and altcoin pairs at 0% additional commission. One Trading retrieves the best prices for customers by plugging into a number of major liquidity providers with access to deep liquidity. These relationships have been established through the over-the-counter (OTC) offering, and are typically only reserved for HNWs or institutional customers. Through Instant Trade, all trader types can access this unique trading mechanism through a simple UI.

The OTC desk offers a high-touch trading team to work with clients, typically institutional partners to facilitate trades in any size and digital asset, with access to deep pools of liquidity, rapid settlement, and large asset coverage.

One Trading Disclaimer: This material is for informational purposes only, and is not intended to provide legal, tax, financial, or investment advice. Past performance is not necessarily indicative of the future nor a reliable indicator of the likely performance of any investment. Recipients should consult their own advisors before making these types of decisions. One Trading has no responsibility or liability for any decision made or any other acts or omissions in connection with Recipient’s use of this material.

Contact

Andy Keelaghan
One Trading
info@3webdigital.com

Brothers Indicted for $25 Million Crypto Theft in Groundbreaking Ethereum Blockchain Exploit

Blockchain News/Crypto News Today/DeFi

The United States Department of Justice has recently disclosed an indictment concerning a major cryptocurrency theft.

According to the indictment, two individuals orchestrated a sophisticated scheme that undermined the Ethereum blockchain, resulting in the theft of $25 million in cryptocurrency.

The individuals identified, brothers Anton Peraire-Bueno and James Pepaire-Bueno, have been formally charged with several serious offenses, including conspiracy to commit wire fraud, wire fraud itself, and conspiracy to commit money laundering.

These charges relate directly to their actions, which involved manipulating blockchain transactions to illicitly acquire cryptocurrency.

U.S. authorities detailed that the theft occurred “within approximately 12 seconds,” showcasing the rapid and calculated nature of the crime.

The indictment states: “These brothers allegedly committed a first-of-its-kind manipulation of the Ethereum blockchain by fraudulently gaining access to pending transactions, altering the movement of the electronic currency, and ultimately stealing $25 million in cryptocurrency from their victims,” explained Thomas Fattorusso, a special agent with the IRS Criminal Investigation’s New York Field Office.

The technique used by the perpetrators involved exploiting the maximum extractable value (MEV) of the Ethereum blockchain.

They executed a series of test transactions which manipulated the blockchain into releasing the contents of a block prematurely.

This manipulation enabled them to divert $25 million worth of cryptocurrency to their control.

Despite the magnitude of their operation, when approached by authorities, the brothers reportedly refused to return the stolen funds.

Instead, they attempted to conceal their illicit gains through the use of shell companies and foreign cryptocurrency exchanges, further complicating the legal proceedings against them.

The funds were transferred across various wallets in an effort to obfuscate their trail.

The potential consequences for these crimes are severe, with the brothers facing up to 20 years in prison for each charge if convicted.

This case highlights not only the vulnerabilities within blockchain technologies but also the significant repercussions of exploiting these systems.

This incident coincides with a report from blockchain security platform CertiK, which noted that April saw approximately $25 million lost to cryptocurrency hacks, exploits, and scams, marking the lowest monthly total since 2021.

In contrast, the total losses for 2023 amounted to around $1 billion due to illicit activities involving cryptocurrencies.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

El Salvador Mines $29 Million in Bitcoin Using Volcanic Energy Amid Global Scrutiny and Environmental Debate

Bitcoin/Blockchain News/Crypto News Today

Since 2021, El Salvador has successfully mined 474 Bitcoin, valued at approximately $29 million, using the renewable geothermal energy harnessed from its Tecapa volcano.

The mining operation involves 300 processors and draws 1.5 megawatts from the 102 MW generated by a state-owned plant, as reported by Reuters.

El Salvador has taken significant strides in the cryptocurrency realm, especially in integrating renewable energy for Bitcoin (BTC) mining—a sector often criticized for its substantial energy consumption and reliance on fossil fuels.

This initiative places El Salvador at the forefront of sustainable BTC mining practices.

In a historic move in 2021, El Salvador became the first country to recognize Bitcoin as legal tender, on par with the U.S. dollar.

This decision was part of a broader strategy that included the development of a geothermal plant specifically for mining BTC.

Presently, El Salvador’s Bitcoin reserves amount to about 5,750 BTC, worth around $354 million.

However, the adoption of Bitcoin has not been without controversy.

Since its decision, El Salvador has faced intense criticism from global entities like the World Bank, mainly due to concerns about the implications of embracing a digital currency.

The skepticism intensified during the cryptocurrency bear market from 2022 to 2023, putting additional pressure on President Nayib Bukele’s pro-Bitcoin policies.

Despite this, Bukele reaffirmed his commitment to the cryptocurrency by promising the daily purchase of one BTC, a move that seemed to garner domestic approval as evidenced by his decisive victory in the 2024 presidential election.

The debate over Bitcoin’s environmental toll is ongoing within the broader crypto industry.

Advocacy groups like the Ripple-backed Greenpeace have been pushing for Bitcoin to transition from the energy-intensive proof-of-work (PoW) model to a more energy-efficient proof-of-stake (PoS) framework.

This environmental concern led to legislative action, such as New York becoming the first U.S. state to enact a two-year moratorium on PoW mining, signed into law by Governor Kathy Hochul on November 22, 2023.

Elon Musk, Tesla CEO, briefly considered Bitcoin as a payment method for Tesla vehicles after purchasing $1.5 billion in Bitcoin.

However, Musk rescinded this decision, citing environmental concerns associated with Bitcoin mining.

He stated that he would reconsider only if the mining process became predominantly renewable, noting that recent reports indicate over 60% of BTC mining now utilizes green energy.

Despite these developments, Musk has not confirmed the reintroduction of Bitcoin payments. Meanwhile, Tesla is currently dealing with a lawsuit alleging violations of the Clean Air Act at its Fremont factory.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.