The biggest news in the cryptoverse for Oct. 18 includes Do Kwon claiming the charges against him are illegitimate, Aptos blockchain criticized for processing only four transactions on launch day, and Roofstock selling its first chain house as NFT for $ 175,000.

Thousands of Bitcoin Leaving Coinbase for the First Time Since June

Coinbase saw around 50,000 BTC leave the exchange on Oct. 18. There has been a gradual decline in their Bitcoin holdings since the beginning of March and more aggressively in June after the Luna crash.

At press time, Coinbase has approximately 525,000 Bitcoin in its stash, which is a 22% decrease from the 680,000 Bitcoin it started the year with.

FTX-backed Aptos blockchain under fire for poor scalability on launch day

The Aptos layer 1 blockchain launched on October 17 but failed to impress the crypto community as it only completed 4 TPS compared to the promised 160,000 TPS.

However, the Aptos developers claimed that the 4 TPS was a result of low network activity, which would improve as user activity kicked in.

Internet Computer 2.0 Expected as Aptos Detractors Enjoy Binance Futures List

The future is turning bleak for the Aptos blockchain as many traders said they are looking to short the APT token, similar to what happened with Internet Computer in May 2021.

Shorts can start anytime from Oct 19 as Binance and OKX plan to launch APT futures contract with up to 25x leverage.

Jack Dorsey Introduces AT Protocol for Federated Social Applications

Jack Dorsey announced the launch of AT Protocol as a decentralized, open source, ad-free network for federated social applications.

Users will be able to communicate with cryptographic URLs that will be identified by their domain names and easily transfer their identities through social networks on the AT Protocol without losing their data on-chain.

Terra Co-Founder Do Kwon Tells Laura Shin Fraud Charges Against Her Are Illegitimate

Do Kwon, while speaking with Laura Shin on the Unchained Podcast, said that the collapse of Terra was the result of a protocol design flaw and an intentional ploy to defraud investors.

He added that he found the charges against him to be illegitimate as cryptocurrencies are not classified as securities under South Korea’s Capital Markets Act (CMA).

Do Kwon regretted his arrogant attitude and bullshit post on Twitter, and apologized to investors who were affected by LUNA’s collapse.

Fed Vice Chairman Warns Banks About Cryptocurrency, Urges Stablecoin Regulation

Fed Vice Chairman Michael Barr has urged banks that offer deposit services to crypto firms to be aware of liquidity risks that may arise in the event of a crypto contagion.

Barr called on the US Congress to provide a federal framework that would allow stablecoin regulation as it could pose a risk to the financial stability of the nation’s economy.

BitKeep Suffers $1 Million Hack

Multi-chain wallet BitKeep lost $1 million to a hacker who exploited its BNB chain. Victims of the hack will be reimbursed by the protocol.

The development team intervened in the situation by launching a Safety Assurance feature for users to check their risk status.

Buterin advocates tolerance of censorship in special cases

ethereum validator latetot.eth created a group asking the fate of a lone validator who lives in a country at war but refuses to validate a block that includes transaction funds moving to the army of the enemy country.

In his response, Vitalik Buterin explained that, given the special case being considered, the validator alone should be tolerated rather than punished or asked to leave the network voluntarily.

Ripple’s XRPL will soon support NFT

Ripple Vice President Emi Yoshikawa has implied at the possibility of enabling support for the creation of NFTs in Ripple’s XRP Ledger.

Furthermore, Ripple announced that it will offer $250 million as funding for Web3 and NFT creators looking to build their projects on XRPL.

German Crypto Neobank Nuri Closes Its Business After Failing To Find A Buyer

Nuri, which filed for bankruptcy in early August, has announced that it will stop offering crypto services and shut down.

Clients have been advised to withdraw all their funds from the platform before December 18.

Roofstock sells first chain house as NFT for $175K

A three-bedroom property located at 149 Cottage Lake Way, Columbia was sold by Roofstock as an NFT for $175,000.

The property identity was created as NFTs on the Ethereum blockchain and transferred to the home buyer’s wallet.

Featured Research

Bitcoin Held on Exchanges Hits Lowest Level in 4 Years

Since the cryptocurrency market began to decline from its November 2021 peak, more than 300,000 Bitcoin have left cryptocurrency exchanges. This has reduced the balance on the exchanges to its lowest level in 4 years, leaving only 2.4 million circulating on the exchanges.

Despite losing over 50,000 BTC on October 18, Coinbase emerged as the preferred exchange for users to buy and hold their Bitcoin.

News from around the Cryptoverse

Germany tops the list of favorable crypto economies

A recent Coincub report has ranked Germany as the most favorable crypto economy globally for Q3 2022.

The US, which ranked first in the last quarter, fell to seventh position in the recent ranking.

Coinbase partners with Primer to make crypto a standard payment method

Coinbase has partnered with e-commerce platform Primer to allow merchants to add cryptocurrencies as a standard payment method for customers to choose from during checkout.

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Bitcoin (BTC) declined -0.83% to trade at $19,340 in the last 24 hours, while Ethereum (ETH) trended down -1.11% to trade at $1,312.

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This post Bitcoin Held on Exchanges Plummets as 50K BTC Leaves Coinbase; Aptos Blockchain Criticized for Scalability

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