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Crypto Mining Firm Argo Blockchain to Start Paying Its CEO in Bitcoin

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British cryptocurrency mining firm Argo Blockchain is set to start paying its CEO Peter Wall his entire salary in the flagship cryptocurrency Bitcoin (BTC). The move will see Wall become the first executive of a publicly-traded firm to receive his salary in BTC.

According to Cointelegraph the firm, which trades on the London Stock Exchange under the ARB ticker, revealed the move in an operational update its CEO will take his salary in the cryptocurrency, and that other of the company’s employees can choose to be paid in BTC “for part of or all of their salaries.”

Speaking to the news outlet, Wall said the decision to get paid in bitcoin was an obvious one. The firm currently has 599 BTC on the books, and mined 129 BTC last month. Wall was quoted saying:

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I actually woke up in the middle of the night and asked myself, ‘why am I getting paid in fiat?’  Why don’t we just start paying ourselves in Bitcoin?

The CEO reportedly pointed to NFL player Russel Okung as a source of inspiration. Okung has revealed he received a portion of his salary in bitcoin, although he used a service to convert his wages. Argo Blockchain will be paying Wall directly in bitcoin, not in fiat that Wall will have to convert himself.

Per the CEO there was “strong” interest from employees to get paid in bitcoin. The salaries will continue to be denominated in fiat currency, but will be paid in BTC at a conversation rate calculated daily using Satstreet’s exchange rate.

The CEO also revealed shareholders have asked about receiving dividend payments in the cryptocurrency. Paying out crypto to shareholders would be a challenge over regulatory barriers. Shareholders receiving in crypto is not unheard of, however.

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As reported, last year Japanese financial services giant SBI Holdings gave offered shareholders the option of receiving dividends in XRP. Shareholders with 100 to 1,000 shares in the registry as of March 31, 2020, or shareholders with over 1,000 shares for less than one year will be eligible to choose a benefit of 2,000 yen in XRP ($18) or a selection of health products. Holders who have been on the registry for longer than one year with more than 1,000 shares will be eligible for 8,000 yen in XRP ($74).

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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