May 19, 2024

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: April 19 – 25

Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional, and sometimes, sketchy rollercoasters, you’ve come to the right place. So put on some soothing music and let’s go!

Binance Switches ETH Addresses on Depositors – Do This Now!

Binance, the world’s largest crypto currency exchange by volume, will disable multiple existing deposit

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blockchain addresses to upgrade its digital infrastructure.

The announcement on April 18, said Binance, in order to upgrade security and efficiencies, would “retire selected deposit addresses and memos on multiple blockchains, affecting Ether (ETH), Tron (TRX, BNB and Steller (XML). 

Users of impacted addresses will be notified by email, with the exchange urging impacted users to immediately obtain new addresses and memos. The email will include expiration dates for the old addresses. Once users get new deposit addresses, the old ones will no longer be valid.

Users will be required to log into their Binance accounts and follow the instructions on the notification. The schedule for the migration is set to be complete in June. Binance assured users that no funds will be lost if funds are mistakenly sent to expired addresses. 

Payments made to expired addresses will not, however, be immediately credited. Instead, users will have to manually credit any deposits from their old address with a “transaction history”  page.

Congressman Introduces Legislation to Fire SEC Chair Over Crypto Actions

On April 15, US Representative Warren Davidson (R-OH), announced legislation to fire Securities and Exchange Commission chairman Gary Gensler. 

In response to Coinbase’s legal counsel, the crypto-supporting congressman tweeted his intention to remove Gensler after the SEC said they would revise the definition of an “exchange.”

“To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides),” Davidson tweeted.

On April 14, Gensler said the proposed redefinition would benefit markets and investors by regulating brokers and “modernizing” what constitutes an exchange. In January, 2022, similar amendments were proposed, but crypto advocates insisted the SEC was overreaching and could hobble markets.

Pro-crypto SEC commissioner Hester Peirce, affectionately known as “Crypto Mom”, rebuked the proposed rule amendments, declaring,  “stagnation, centralization, expatriation, and extinction are the watchwords” of the move by Gensler.

Intel Stops Producing Bitcoin Mining Chip Series

On Tuesday, chipmaking titan Intel (INTC) stated it is ceasing production of its Blockscale bitcoin mining chip.

“As we prioritize our investments in IDM 2.0, we have end-of-lifed the Intel Blockscale 1000 Series ASIC [application specific integrated circuit] while we continue to support our Blockscale customers,” said an Intel spokesperson.

It was about a year ago that Intel announced its entry into bitcoin mining, with the sale of the first chipsets to Argo Blockchain (ARBK), Block (SQ), Grid Infrastructure and Hive Blockchain (HIVE).

Credit: Intel

However, only Hive confirmed the activation of mining rigs powered by the Blockscale chip. ePIC Blockchain is promoting its bitcoin mining rigs that use the Intel CPUs. 

Bitmain and MicroBT chips dominate the bitcoin mining market that Intel meant to disrupt. When asked if they will replace the Blockscale chips with other bitcoin mining chips, a spokesperson said Intel will continue to “monitor market opportunities.”

Google One Users Can Get a Top VPN at No Extra Cost

Google One just got a lot better at protecting users’ privacy. The company just announced it will offer a VPN and dark web monitoring, at no additional cost, in its base $1.99 subscription. 

The expanded plans will be available in 22 countries and introduced in the next few weeks. In addition to Android and iOS, the new tools will be available on Windows and Mac desktops.

Subscribers will be allowed to share the VPN with up to five others if they’re on the Google One plan. The move is a huge benefit to base-plan users. Previously VPN was limited to Google One $10 a month / 2TB plans. 

However, unlike many VPNs, Google’s VPN isn’t designed to by-pass geographic restrictions. In addition to end to end encryption, it does mask the user’s IP address from networks and third parties. 

The new service will also monitor the dark web for your personal information like, name, address, email, phone numbers, and SSN, which Google said will be “handled according to Google’s privacy policy and you can delete any info from your profile or stop monitoring at any time.”

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