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The Elon Musk Effect: These Crypto Exchanges Vow to Go Carbon Neutral

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Cryptocurrency exchanges FTX and BitMEX will become carbon neutral and will donate funds to offset emissions.

Crypto exchanges FTX and BitMEX pledged to become carbon neutral. They will start the process with considerable donations to balance emissions.

The Musk Effect

Following the environmental debates which Elon Musk caused with his tweets earlier this week, two of the leading cryptocurrency exchanges announced they would become carbon neutral.

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The San Fransisco-based trading venue – FTX – revealed its commitment to implement the inovation. In a recent tweet, it reminded that there are bigger consumers of electricity than bitcoin, but the exchange would still take a serious part in the world’s green future:

”BTC isn’t the biggest use of energy but we take our impact on the world seriously. To that end: FTX is committed to being carbon neutral.”

Additionally, the exchange run by the prominent crypto community member – Sam Bankman-Fried – pledged to donate $1M this year to some of the most effective carbon offsetting organizations. SBF said:

”Together we can make the world a better place, and it doesn’t mean we have to give up what we believe in.”

Shortly after, BitMEX followed FTX’s move. The Seychelles-based crypto exchange confirmed it would be taking decisive steps towards carbon neutrality, and it will begin a CO2 offsetting regime immediately. For starters, it promised to donate $0.0026 for every $1 of blockchain fees their clients pay.

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FTX CEO, Sam Bankman-Fried. Source: Bloomberg

 

Moreover, the trading platform revealed its excitement of the implementations. It also added that offsetting the carbon footprint is definitely a good start and that it will need future partners for the mission:

”We are currently researching which organizations would be the most effective to partner with, and we also commit to publishing details of how much and who we donate to.”

Who Was First?

As CryptoPotato recently reported, Greenidge Generation Bitcoin Mining declared to be carbon neutral in 2021 and beyond. The New York-based company revealed its commitment to invest in US-based renewable energy sources.

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Greenidge Generation will also participate in the Regional Greenhouse Gas Initiative, a market-based program. It will sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency together with other participants.

 

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Ripple

Coinbase CEO Shows Support for Ripple and XRP Amid Battle with SEC

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The XRP Army believes that Brian Armstrong could be hinting at relisting the cryptocurrency

Coinbase CEO Brian Armstrong has displayed support for Ripple in its fight against the U.S. Securities and Exchange Commission.

In a series of recent tweets, Armstrong writes that the company’s case is seemingly going “better than expected.”

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Armstrong stressed that launching attacks against the crypto industry and hurting investors is “politically unpopular.”

The head of the largest American exchange then channeled Ripple’s oft-repeated talking point about the SEC hurting consumers instead of protecting them:

The irony is that the people they are supposedly protecting are the ones attacking them.

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XRP relisting rumors get a new life  

Armstrong’s tweets inevitably reignited rumors about Coinbase potentially relisting XRP on its platform.

The exchange moved to suspend XRP trading after the SEC filed a lawsuit against Ripple on Jan. 19, which triggered a massive price drop.

As reported by U.Today, Coinbase relisting rumors started making the rounds on social media after XRP trading pairs started showing up on the company’s mobile app last month, but it ended up being a bug.

Despite its legal troubles, XRP has remained resilient, with crypto mogul Mike Novogratz recently noting that the cryptocurrency has tripled in value since the agency filed its complaint.

Coinbase’s run-in with the SEC

Ripple started alighting itself with Coinbase after Armstrong publicly called out the SEC for threatening to sue the leading exchange over its yet-to-launch lending offering.

Even though the company caved in to the SEC’s demands and shelved the product in question, it seems like it hasn’t buried the hatchet with the formidable regulator.

Earlier this month, Coinbase proposed replacing the agency with a new cryptocurrency-focused regulator, arguing that the laws from the 1930s were not suitable for the “technological revolution.”

The exchange will have to convince Congress to pass a legislation that will establish a dramatically different regulatory regime that it envisions.

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Bitcoin

Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Crypto Exchange

Crypto investments a financial backup for Facebook whistleblower

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Frances Haugen, a former Facebook employee turned whistleblower, revealed that her refuge in Puerto Rico is currently being supported by an auspiciously timed cryptocurrency investment.

Haugen worked as a Facebook product manager before accusing the company of spreading controversial and insensitive misinformation. She allegedly possesses numerous confidential research documents, which, according to her, shows that “Facebook prioritizes profit over the well-being of children and all users.” Previously, Facebook has been accused of influencing the 2016 United States presidential election with the help of Russian agencies.

In a follow-up interview with The New York Times, Haugen was asked about her financial situation:

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“For the foreseeable future, I’m fine, because I did buy crypto at the right time.”

The whistleblower also received financial help from nonprofit organizations (NPO) backed by Pierre Omidyar, a co-founder of eBay. However, Haugen clarified that Omidyar’s NPO fundings were only used to finance travel and related expenses.

According to Haugen, shifting to Puerto Rico helped her join her “crypto friends” who enjoy capital tax exemptions on Bitcoin (BTC) and cryptocurrency assets.

Iconic whistleblower and former U.S. Central Intelligence Agency agent Edward Snowden also continues to show support for the Bitcoin economy amid regulatory pressures from governments across the world.

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On Oct. 4, Snowden tweeted about Bitcoin’s tenfold growth despite China’s blanket ban on crypto mining and trading.

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