CYPHER CAT

Introduction MetaMask, a popular Ethereum-based cryptocurrency wallet, has announced a significant partnership with MoonPay, a global payments infrastructure provider, to enable direct cryptocurrency purchases in Nigeria using instant bank transfers. This development comes as a game-changer for the Nigerian crypto market, as it simplifies the process of purchasing cryptocurrencies without relying on credit or debit cards, reducing the decline rate for direct crypto purchases from 90% to 30%. Nigeria, a Major Market for MetaMask Despite the Central Bank of Nigeria (CBN) banning banks from serving cryptocurrency exchanges in February 2021, Nigeria remains a major market for MetaMask. The country ranks third in mobile monthly active users and is among the top ten countries in visitors to metamask.io. Reports suggest that 35% of Nigeria's population aged 18 to 60 owned or traded cryptocurrencies in 2022. MoonPay Integration The MoonPay integration with MetaMask will enable ...

The recent collapse of Silicon Valley Bank (SVB) has sent shockwaves through the financial industry, bringing back memories of the 2008 Lehman Brothers bankruptcy. However, it is important to recognize that the fault lies not with cryptocurrency, but with the traditional banking system. Fears that SVB is not the only poorly regulated bank feeling the effects of steadily rising US interest rates have led to a rethink of what will now happen to official borrowing costs. The fact that SVB has gone bust at a time when US inflation remains stubbornly high presents the Federal Reserve with a real headache. In normal circumstances, the Fed would have no hesitation in continuing to raise interest rates because core inflation – excluding food and energy – stands at 5.5% and is coming down at a glacial pace. Only last week, the Fed chair Jerome Powell dropped a hint that a fresh 0.5 percentage point increase was on the way. However, that was before the crisis at SVB. Financial markets have re...

Co-founder and former Director of Engineering  Nishad Singh, of the now-defunct cryptocurrency exchange FTX, pleaded guilty to six federal charges on Tuesday, including committing wire fraud. This admission is less surprising given that Singh was part of a group chat allegedly called "wirefraud" along with three other executives. Singh expressed regret for his role in the FTX debacle that caused harm to investors. Singh is the last of the "wirefraud" group to plead guilty, except for former FTX CEO Sam Bankman-Fried, who is awaiting trial while under house arrest at his parents' home in Palo Alto. As a result, Singh may have to testify against Bankman-Fried, his childhood friend who he has known since grade school, and who is the only member of the group seemingly willing to fight the charges. Singh, known as the nicest and most approachable member of the FTX inner circle, was close friends with Bankman-Fried's younger brother, Gabe, in high school. After gr...

Sam Bankman-Fried finds himself in even more hot water as his former  engineering director Nishad Singh agrees to plead guilty to six counts of fraud referring to his time working for the FTX exchange platform.  FTX was of course owned by Sam Bankman-Fried making Nishad Singhad only just one of many accessories to a corrupt boss who knew no bounds. Singh was found guilty of obtaining $543 Million direct from Alameda as a loan, which he has now agreed to forfeit.  He claims to have falsified FTX revenues for SBF to maintain investor optics but that's not all... With regards to Alameda Research, Singh also admits to having known about Alameda stealing many billions of dollars from the FTX sibling company straight out of the pockets of innocent users account holdings.  Equally as alarming were the illegal political donations Singh admits to have been making under his name, with an attempt to d efraud the American people during the 2022 election cycle.  Paying off p...