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BitPay teams with Dosh to enable cashback rewards on crypto debit card

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BitPay teams with Dosh to enable cashback rewards on crypto debit card

BitPay, the bitcoin and crypto payment processing platform, announced today that users of its BitPay Card will now be rewarded with automatic cashback rewards when swiping the card at thousands of retailers.

Thanks to a new partnership with Dosh, when spending with the BitPay Card, users will see crypto cashback rewards add up directly in the BitPay app,

“We’ve partnered with Dosh to bring you cashback offers from brands you love. When you make a transaction with your BitPay Card, Dosh checks to see if it is eligible for a cashback reward. If the transaction is eligible for cash back, Dosh will send us a message to credit your checking account after the transaction has been completed and posted.”


– The BitPay Team

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Ethereum

Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report 

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Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report 
  • Indian cryptocurrency exchange WazirX has reportedly laid off 40% of its staff, Coindesk report adds
  • In a statement shared with the crypto news outlet, the exchange cites the prolonged crypto winter as its reason for slashing its workforce by 40%. 

Per a Coindesk report, Indian cryptocurrency exchange WazirX has slashed its workforce by 40%, citing the ongoing crypto market phase. 

WazirX Cuts 40% of Its Workforce

In a statement shared with Coindesk, WazirX, one of the leading cryptocurrency exchanges in India, has decided to lay off 40% of its staff, citing extreme crypto winter conditions. The company has reportedly laid off 50–70 people, three people familiar with the matter told Coindesk.

SimpleFX

SimpleFX

The statement later adds that these employees will be paid for additional 45 days, and after that, the workers are not expected to attend the company anymore.

WazirX, which is dubbed as one of the leading cryptocurrency exchanges in India, has cited the prolonged crypto winter as its primary reason, leading the firm to slash its workforce by almost 40%.

“The crypto market has been in the grip of a bear market because of the current global economic slowdown. The Indian crypto industry has had its unique problems concerning taxes, regulations, and banking access. This has led to a dramatic fall in volumes on all Indian crypto exchanges. ” The statement reportedly added

The firm further stated that it prioritises consumer protection and its decision to lay off 40% of its staff has been taken to “weather the ongoing crypto winter phase.”

“As India’s No. 1 exchange, our priority is to be financially stable and to continue serving our customers,” the company said. To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018. At that time, we doubled down and built our innovative P2P engine. The crypto industry operates in cycles, and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customers’ needs and continue to build. “We are confident that we will come out stronger when the bull market arrives,” the statement later adds

With WazirX slashing its workforce by 40%, the firm has joined the growing league of cryptocurrency exchanges that have recently decided to lay off their employees to stay afloat during the ongoing crypto winter phase. Crypto exchange Coinbase had earlier cut back on its workforce, citing the prolonged crypto winter. Similarly, exchanges like Bybit, Gemini, BitPanda, BlockFi, and Robinhood have also slashed their workforce to sustain the ongoing bearish crypto market phase.

Image: WazirX/Twitter

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Ethereum

Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter

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Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter
  • Cardano founder Charles Hoskinson was seen making fun of Solana’s recent network outage.
  • Solana went through another crypto network meltdown today, leading Hoskinson to mock its recent network performance.

The founder of Cardano cryptocurrency, Charles Hoskinson, took to Twitter to share a funny crypto meme that mocked Solana’s recent network outage.

Charles Hoskinson Trolls Solana’s Recent Network Outage

Solana, dubbed as a potential Ethereum killer, experienced another network outage today that ended up disrupting the network’s day-to-day transactional output. The blockchain took to Twitter to announce that its developers are currently examining the potential causes of the outage, leading the crypto community to share an array of opinions on Solana’s frequent network upheavals.

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SimpleFX

Charles Hoskinson, the founder of Cardano cryptocurrency, was also noted mocking Solana’s recent network outage. The ADA founder retweeted Solana’s network disruption tweet by sharing a crypto meme, picking on the chain’s constant network meltdowns.

Hoskinson’s tweet was met with a hint of criticism on crypto Twitter. Several users were quick to point out Hoskinson’s habit of making fun of other blockchain platforms. Some of the users also urged the Cardano founder to stop picking on other blockchain platforms when they encounter occasional network issues.

What did you get from mocking other chains?

— Aduck (@nonkatian) October 1, 2022

Charles you often speak about other crypto leaders attacking you on cardano and how we should work together ,so first step is not pick on crypto platforms when they go down as everybody is building stuff like you and others.This is not the right way for leader to behave.

— Manish Shukla (@maanav6427) October 1, 2022

Solana Encounters Another Network Outage Today

Solana experienced another network outage today, resulting in the blockchain’s disrupted transactional volume. The Solana team took to Twitter to announce the network outage issue, adding that the blockchain is temporarily unable to process transactions.

This isn’t the first time Solana has experienced significant network downtime issues. The blockchain has reported multiple network outages throughout 2022, leading investors to question the blockchain’s structure and functionalities.

It’s not a chain… It’s pretty much a centralised ponzi database with such glaring security flaws that you are probably safer to just leave your money in a bank.

— RobinSG (@kaptinspudz) October 1, 2022

However, at press time, the network has resolved its network outage problem and is currently up and running again.

Validator operators successfully completed a cluster restart of Mainnet Beta at 7 AM UTC.

Network operators an dapps will continue to restore client services over the next several hours.

— Solana Status (@SolanaStatus) October 1, 2022

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Bit Coin

California fraud cases highlight the need for a regulatory crackdown on crypto

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California fraud cases highlight the need for a regulatory crackdown on crypto

The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for violating California securities laws. Some of the highlights included allegations that they offered unqualified securities as well as material misrepresentations and omissions to investors.

These violations should remind us that while crypto is a unique and exciting industry for the public at large, it is still an area that is rife with the potential for bad players and fraud. To date, government crypto regulation has been minimal at best, with a distinct lack of action. Whether you are a full-time professional investor or just a casual fan who wants to be involved, you need to be absolutely sure of what you are getting into before getting involved in any crypto opportunity.

California has toyed with setting up a crypto-specific business registration process for those looking to do business in the state. The proposed framework was vetoed by Governor Gavin Newsom as the resources required to establish and enforce such a framework would be prohibitive for the state. While this type of compliance infrastructure has not been employed yet, it points to concerns that regulatory authorities have related to the crypto industry.

There appears to be a pattern that new industries, especially those that garner as much international attention as crypto, are especially susceptible to fraud. One must go only as far back as cannabis legalization to find the last time California had to deal with fraudulent schemes at this scale.

Related: The feds are coming for the metaverse — from Axie Infinity to Bored Apes

It appears inevitable that California, known to be a first mover in regulation and compliance, will create some form of crypto-specific compliance infrastructure in the name of consumer protection. If history is any indication, once California releases its framework, other states will follow.

Federal and state representatives have been attempting to draft legislation to establish financial standards for crypto with little luck to date. At the federal level, Senators Cory Booker, John Thune, Debbie Stabenow and John Boozman co-sponsored a bill to empower the Commodities Futures Trading Commission (CFTC) to serve as the regulatory body for crypto, while Senators Kirsten Gillibrand and Cynthia Lummis co-sponsored a bill to establish more clear guidance on digital assets and virtual currencies. Lawmakers have even reached out to tech luminaries such as Mark Zuckerberg to weigh in on crypto fraud.

Cryptocurrencies, California, CFTC, Legislation, Law, Scams, Fraud, Bitcoin Scams
Source: Chainalysis

None of these or other similarly crypto-focused bills are expected to pass in 2022, but this level of bipartisan cooperation has been unprecedented in recent times. The collaboration should reflect just the sheer magnitude of the need for a regulatory framework. Said another way, Democrats and Republicans speaking to one another about anything should stop the presses, but the fact that they are co-sponsoring multiple bills should tell us that there is a monumental requirement for guidance.

How should one approach investing in the crypto space if the government is not going to establish controls for crypto? There are a few general points that one should consider if they are presented with a crypto investment opportunity.

Related: GameFi developers could be facing big fines and hard time

When reviewing any opportunity, do your due diligence! Do not take anyone’s word without some level of substantive support. If crypto is not an area of expertise, reach out to professionals who do have qualified experience. Make sure to utilize crypto monitoring and blockchain analysis tools, if possible, as part of the vetting process.

A common strategy of fraudsters is putting undue pressure or artificial timelines on a potential close. Slow down the process and use any and all time necessary to make an investment decision.

If it sounds too good to be true, it probably is. As overplayed as the cliché may be, it does bring up a valid point. There have been instances of schemes offering to pay initial and ongoing dividends for any new investors that are brought in and for additional dividends to be paid from any investors that those new investors bring in. If this sounds like a pyramid or multi-level marketing scheme, that’s because it is. Terms like “No Risk Investment” get thrown around as well. Ultimately, if no one knows where the opportunity is coming from, beware.

While crypto can be a fun and electrifying topic with many legitimate opportunities, there are bad players who will take advantage of the lack of government oversight and the excitement of overenthusiastic or undereducated investors.

Zach Gordon is a certified public accountant (CPA) and vice president of crypto accounting for Propeller Industries, serving as fractional chief financial officer and adviser to a portfolio of crypto and Web3 clients. He has been named a Forty Under 40 CPA, sits on the Digital Assets Committee for the NYSSCPA and has been working with crypto clients in a variety of capacities since 2016.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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