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Innovative Mining Protocol Concludes a $2 Million Fundraise Led by Exnetwork Capital and Oracles Investment Group

Leading Venture funds including Exnetwork Capital, CSP DAO, STC Capital, Oracles Investment Group, MoonBoots, Leos Ventures, Global Key Investment, and Aza Groups, have successfully led a funding round for MINE Network. A group of strategic partners including Skyrim Finance, Kylin Network, Charged Particles, and FOMO Chronicles also supported the round, to help MINE Network raise $2 million.

Reportedly, it was an oversubscribed private sale with unimaginable responses from some of the industry’s most influential and trusted names. The project has attracted a slew of high-net-worth individuals who are trusting the project’s vision to be a premier solution provider in the crypto mining industry.

With the successful funding and IDO launch, MINE Network is ready to kickstart the journey of creating its eco-conscious, multi-chain mining protocol until it attains its fullest potential. MINE Network is enthusiastic about revolutionizing the very core of the crypto sphere and with immense support from the blockchain community.

Standardizing Mining Power

As the first decentralized standard hashrate token protocol solving mining problems, MINE Network is geared towards standardizing mining power. MINE will set up the mining power standard for a list of mining projects so that the mining power. This applies to mining powers from MINE and other mining pools, so they can be easily tokenized and clearly identified.

Growing cloud mining pools have curbed and lowered certain barriers impeding entries in crypto mining. However, there are a good number of cloud mining pools with no proper standard which can inhibit the rapid growth of the sector. MINE Network’s goal to standardize mining power is targeted at offering scaling potential to the industry.

MINE Network’s protocol is out to develop the right standards for numerous mining powers and also the minimum standardized hashrate unit. With this, the MINE Network mining pool will be an open and accessible tokenized market. As MINE aims at this problem of low standards, it is positioned to bring the mining ecosystem to a completely new level of accepted standards including energy consumption ratio, types of specific mining equipment as well as their numbers.

Building A Decentralized Community With Complete Autonomy

MINE Network as a project seeks to build a decentralized community with complete autonomy. This is a major factor in dealing with credibility issues facing the mining industry. MINE aims to act as a fully transparent decentralized autonomous organization. For every growing mining project, the MINE Network DAO will be adjusted to suit all stages for the community to be developed without hindrances. As the project matures, the MINE Network DAO increases. The primary objective is to grow into a decentralized protocol with full community autonomy.

As it works towards becoming a DAO, MINE Network is encouraging the willingness of the community to participate in governance by lowering participation thresholds and increasing incentives.

MINE Network is building a community with no hierarchical management or central governance. It will have a plethora of beneficial purposes. Miners on the platform will enjoy a self-sustaining economy with a better distribution of mining power for an even more equitable space.

Avalanche’s first memecoin SDOG ends in a $30M rugpull

SnowdogDAO (SDOG), the first memecoin to launch on Avalanche, lost over 90% of its value yesterday in what many believe was the platform’s largest rug pull.

Despite millions of dollars in investments lost, the SnowdogDAO team maintains that the event wasn’t a rug pull, but a “game-theory experiment” gone wrong.

Insiders front-run a token designed to avoid front running

SnowdogDAO, a decentralized reserve memecoin based on Avalanche, failed spectacularly yesterday after being live only 8 days. Launched as an 8-day experiment scheduled to end with a giant buyback, SDOG attracted a lot of attention in the crypto community.

The development team said that they created the “game theory experiment” to create awareness for Snowbank.

“We believed that the combination of a decentralized reserve meme coin that would die after 8 days, with the perspective of a giant buyback would create interest and bring exposure to the Snowbank project.”

The pinnacle of the experiment was set to be the giant buyback, which would be financed by assets acquired by the Snowdog treasury through mint sales. In 8 days, the treasury market value grew to $44 million, which meant that holders were able to compete for a portion of those funds during the buyback.

What the developers failed to disclose to the community, or at least failed to make it clear enough, was the fact that only 7% of the SDOG supply was eligible to be sold above market price before the buyback.

To avoid front running, Snowdog created its own AMM based on Uniswap V2, migrating all of the SDOG liquidity from Trader Joe, a popular Avalanche DEX.

However, the buyback failed spectacularly within seconds of launching, with hundreds of users losing the majority of their funds. A single address managed to make almost $10 million by swapping SDOG for other cryptocurrencies, removing a quarter of the treasury’s buyback power.

So $SDOG @SnowdogDAO just rugged $10.392+ Million in $MIM. https://t.co/jhmkeYMTHx pic.twitter.com/I5owBGO9Jw

— James (@JamesCliffyz) November 26, 2021

Just before the buyback, the address bought around $180,000 worth of SDOG with MIM in batches of $10,000 and then staked the token. A day later, they staked the funds and were able to drain over $10 million worth of MIM,

Two other wallets managed to drain $7.7 and $3.3 million using the same strategy.

To add 2 other wallets took $7.7 and 3.397 Million using the same strategy.

Wallet 2: https://t.co/ofdfixMhZf
Wallet 3: https://t.co/CZhtzUwN7z pic.twitter.com/GSunhRgFT0

— James (@JamesCliffyz) November 26, 2021

While the owners of the addresses are yet to be identified, many believe that they most likely belonged to people closely connected to the development team.

Snowdog postmortem reveals nothing

After suffering major blowback from the crypto community, the development team behind Snowdog came out with a postmortem. And while the post was meant to clarify that the event wasn’t a rug pull, it failed to convince the public that the action wasn’t pre-planned.

The team said that they designed their AMM so that it can be front-run by bots by introducing a simple mathematical challenge only available from the Snowbank front-end.

“A trivial compute once you know the requirements, but it would require manual intervention to adapt bots, therefore giving enough time for human interaction before bots could join the party,” they explained in the post. “It worked, as bots sent failed transactions one after the other.”

However, users reported that there was no way to solve the challenge, as initiating a Snowswap contract required a “challengeKey,” which almost none of the users had.

@SnowdogDAO $SDOG rugpulled. Here’s how:
1. Promised a 40M buyback happening on its own DEX Snowswap and migrated all liquidity from Joe
2. Snowswap contract requires a “challengeKey” to trade which only insiders knew it beforehand
3. Insiders backran the buyback and made 10M pic.twitter.com/tfKDqA4t4I

— TechnoArtoria (,) (@artoriamaster) November 25, 2021

Snowdog maintains that they were responsible for the situation only through their failure to disclose the rules of the game:

“We understand that the buyback experience created frustration as only 7% of the supply holders would benefit from a price superior to the market price before the buyback. We deeply regret not having communicated more on this. We should have warned the community about the risks that waiting for the buyback to sell represented.”

Users that weren’t able to sell their SDOG, which have since lost over 90% of their value, will still be able to make some of the tokens. According to Snowdog, more utility will be provided for the token on Snowbank, which includes SDOG-MIM minting, SDOG-MIM liquidity, Trader Joe listing, and DAO governance.

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Anthony Scaramucci: Cryptocurrency Markets Had Their Black Friday On November 26

Today was an ugly day for the cryptocurrency world. In fact, it was a bad day for the financial markets in general. The U.S. stock indexes fell 2% on average, the FTSE lost 3.64%, the DAX was down 4.15%, oil futures tumbled more than 10%, and cryptocurrencies lost more than $200 billion in capitalization.

All because of fears of a new strain of COVID-19 that had speculators and analysts brainstorming scenarios of a possible new lockdown. Recently, scientists discovered the B.1.1.529 variant of the coronavirus. It has a high number of mutations that could make it immune to the antidotes developed to date.

Stock Markets in Nov. 26, 2021. Source: CNN

Anthony Scaramucci is Bullish on Bearish Times

However, while some are rushing to sell their assets in fear, others take advantage of the situation to fill their pockets. Anthony Scaramuci, Trump’s former Comms director during his tenure in the White House, is one of them.

In a recent interview for CNBC, the Founder of SkyBridge Capital explained that this panic episode (the biggest since the 2020 crash) is nothing but a Black Friday and that people should take advantage of it to inject money into strategic investments as government monetary policies do not give much reason to be optimistic.

“If the Fed is not tapering, this is a buying opportunity. It’s Black Friday, and things are on sale.”

Discussing the cryptocurrency market, Scaramucci called for calm. He explained that the fears that led to the fall do not affect the fundamentals and that while there is a market overreaction, in the big picture, cryptocurrencies have enough reason to emerge stronger from this economic episode.

“If you believe in the long-term fundamentals as we do, this is the time to be buying. I just think this is a risk-off situation right now. Bitcoin and other cryptocurrencies being volatile, that’s taking people out of the game. That’s also washing out some of the leverage, which I think sets up a pretty nice first quarter.”

Cryptocurrencies Are Doing Just Fine All Things Considered

Scaramucci is not the only bullish person in this sea of tears. Ricardo Salinas Pliego – the third richest man in Mexico – recommended his Twitter followers to buy Bitcoin as a hedge against the consequences of irresponsible U.S. policies.

Good old USA is looking more and more like any other irresponsible third world country….wow…look at the scale of fake money creation.
Buy #Bitcoin right now. https://t.co/xzv0xk2TQq pic.twitter.com/JMslqlagLE

— Ricardo Salinas Pliego (@RicardoBSalinas) November 24, 2021

Salinas Pliego defends the thesis that Bitcoin is the equivalent of digital gold and acts as a store of value. Scaramucci, for his part, does not share this view.

“I don’t think it’s a hedge against inflation at this moment in time. I think (it could be in the) long term, if you got to a billion wallets, and Bitcoin is in a stable trading zone … This is sort of Amazon in the year 2000, so this comes with some volatility.”

Volatile or not, Scaramucci still believes that cryptocurrency markets have reacted in a healthy way to what could be bloodshed —considering previous crises.

Economic analyst Alex Krueger agrees with this position, highlighting that cryptocurrency traders fared better than traditional investors on this Black Friday.

Crypto tanked due to extreme risk off sentiment triggered by the new covid variant. It would have crashed in the same way had prices been much lower. Not a matter of euphoria. Crypto assets performed well relative to other asset classes such the crude oil complex and small caps.

— Alex Krüger (@krugermacro) November 26, 2021

Crypto scammers make $9 million on fake YouTube streams

Crypto scammers have stepped up their acts in devising new means of defrauding their victims as new research has revealed that they now doctor YouTube videos of influential people in the crypto industry to promote fake crypto giveaways.

Crypto scammers got $9 million through doctoring YouTube videos

According to the research conducted by Tenable, crypto scammers were able to defraud unsuspecting individuals of around $9 million in October through the fake promotions of giveaways involving crypto-assets like Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, and Shiba Inu.

Tenable revealed that the scammers tend to use old, irrelevant, and unrelated YouTube interview videos featuring popular individuals in the crypto industry like Elon Musk, Vitalik Buterin, Michael Saylor, and others while accompanying the videos with tweets detailing the fake giveaway event.

It continued that the scammers usually have a dedicated section in the video comment section where they promise to double the number of crypto donations sent by the viewers to their desired crypto wallet address.

A more cursory look at the research showed how the scammers profited from the fraud. Per the report, fraudsters got over $8 million from Bitcoin-related scams, while they got $413,000 from giveaway scams on the second largest crypto asset by market cap, Ethereum.

It was also revealed that the scammers profited from the growing popularity of the meme coin, Shiba Inu as they were able to defraud people off around $240,000.

The Tenable research went on to add that the scammers also tend to leverage newsworthy events in the crypto space to carry out their nefarious operations. Citing when Elon Musk made an appearance on the Saturday Night Live show, the report revealed that the scammers hijacked a number of YouTube videos to promote fake giveaways scams of the show and they were able to steal over $9 million then.

You’ll recall that we have reported a number of crypto-related scams in which the perpetrators of the crime have been able to swindle unsuspecting individuals. Crypto investors and enthusiasts are advised to be wary of giveaways promising to double their assets and they should strive to carry out their personal research before investing in any crypto coin or participating in any event.

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El Salvador Buys The Dip, Adds 100 More Bitcoin To Existing Stash

Nayib Bukele – President of El Salvador – recently announced that his country has purchased another 100 Bitcoin. That’s about $5.4 million worth of the primary cryptocurrency, at today’s prices.

El Salvador Continues to HODL

As always, the “CEO” of El Salvador (as reads his bio) casually announced the purchase in a tweet on Friday. Despite Bitcoin’s bearish slump this week, the president has not second-guessed his investment. Instead, he took it as a chance to stack sats.

“El Salvador just bought the dip. 100 extra coins acquired with a discount,” reads the tweet.

Last month, the president announced a much larger purchase of 420 Bitcoin, after its dollar price descended into the lower sixty thousand range. Combined with the recent purchase, El Salvador now holds well over 1000 Bitcoin.

As always, notorious anti-Bitcoin gold bug Peter Schiff was not impressed. Responding to Bukele, he said the purchase was “unfortunate” for the people of El Salvador, and suspects that the nation will eventually cut its losses and sell its Bitcoin.

However, El Salvador has shown every intention to HODL until now. On the day it became legal tender in the country, the president announced multiple consecutive Bitcoin investments, even as its price rapidly fell. Then, when the price soared last month, El Salvador used its profits to build a pet hospital – but only by digging into the dollars within its Bitcoin fund.

Long Term Commitment To Bitcoin

Days ago, Bukele announced El Salvador’s plans to build a “Bitcoin City”, funded by a $1 billion “volcano bond”. One-half of the funds will be used to buy Bitcoin, and the other half will be invested into Bitcoin mining infrastructure utilizing the nation’s volcanic energy.

This is further proof of El Salvador’s long-term faith in Bitcoin’s price appreciation. Should it rise, the nation’s profits from its Bitcoin holdings and mining will help to pay back the bonds’ 6.5% annual coupon. So far, Bitcoin’s average annual price appreciation since 2013 has been 100%.

Fintonia Launches Two Bitcoin Funds For Professional Investors in Singapore

To cater to the rising demand for digital asset funds, the Singaporean fund manager Fintonia Group has announced the launch of two institutional-grade funds tracking the performance of the world’s largest cryptocurrency.

Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund are the two new products offered by the financial services firm regulated by the Monetary Authority of Singapore (MAS).

Fintonia’s New Bitcoin Offering

According to the report, the two institutional-grade products essentially focus on professional investors exploring long-only, passive exposure to Bitcoin (BTC). The Fintonia Bitcoin Physical Fund is dedicated to institutional investors looking for direct exposure to the cryptocurrency.

It would enable this cohort of market players to purchase, store, and sell large amounts of BTC. As per Fintonia founder and chairman Adrian Chng, the fund in question “acquires physical Bitcoin.” This means that the firm will purchase the actual Bitcoin instead of a derivative instrument on the cryptocurrency.

On the other hand, the Fintonia Secured Yield Fund targets those investors who are looking for access to private loans secured by Bitcoin. Needless to say, Bitcoin is an asset that has not only managed to capture the imagination of investors, both big and small but has also positioned itself as an excellent form of collateral for loans. While citing some of its features such as 24/7 trading and high liquidity, the exec added,

“If required, it can be quickly liquidated in comparison with, for example, commodities and real assets.”

Besides, it is important to note that the two funds depend on a third-party licensed custodian storing users’ crypto-assets on cold wallets. In this way, Fintonia aims to insure clients’ crypto investments against potential theft and hacking.

A Triple-Digit Million Score?

Fintonia is optimistic about the latest launch and expects both Bitcoin funds to hit “triple-digit millions” within the first year itself. Considering the current market scenario of increasing investor appetite for Bitcoin and crypto in general, Fitonia’s target may come true.

Additionally, the sentiment around digital asset funds dedicated to Bitcoin (BTC) and Ether (ETH) has remained unfazed despite the slew of corrections, according to CoinShares.

The weekly inflows for crypto investment products, including exchange-traded funds (ETFs), increased to $154 million for the week ending November 20. In short, institutional investors do not seem particularly concerned about the pullbacks in the market. Instead, they are exploring more ways to engage with Bitcoin safely and effectively.

Market Analysts Explain Why This Correction Is Good For Bitcoin

The recent bitcoin correction down from its all-time high has had the market in a panic in the past week. However, not everyone has seen it as a bad omen. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. Mostly, small-time investors had been hit the most by panic as sell-offs happened through the space.

Nevertheless, the correction was bound to happen following the incredible run that bitcoin had. Market corrections are always normal and expected after a bull rally but market analysts have pointed out that this particular correction could have some positive implications for the digital asset going forward.

Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years

Be Grateful For The Slump

Analysts at BOOX Research recently released their analysis of the market and shared thoughts surrounding current market conditions. The analysts explained that the correction was good for the digital asset. This type of slump is important for a “healthy” market and bulls should be grateful for it, the analysts said.

The recent sell-off has not been bad for the market and although bears believe that bitcoin had already seen its top, this is not true. BOOX Research analysts further explained that the market is nowhere near the “crypto winter” despite its 20% downward retracement. Further stating that the fact that the digital asset had held above $50,000, which is an important psychological level for bitcoin, shows that it is still going strong.

BTC dip continues | Source: BTCUSD on TradingView.com

The analysts pointed out that a major pullback would have been witnessed if the price had broken below $50,000, leading to a $30,000 retest. However, it would take something impactful, like an “unforeseen major regulatory setback” for the asset to break below this level.

Bitcoin Headed For $100,000

Analysts at BOOX Research have echoed a widely held prediction in the crypto space. That is, bitcoin at $100,000. The analysts put the digital asset at this price point in 2022 but not without a bit of a hurdle. In their report, they state that the digital asset would have to first break above $60,000, which would set it up for an all-time high retest. Additionally, the asset is expected to accelerate towards $75,000 until it touches $100,000 next year.

“Bitcoin has made several key pivots around $50,000 going back to February of this year. We expect the bulls to put up a strong fight and hold that line if it gets down there, which could be a good spot to add to positions.”

Related Reading | JPMorgan Lists Ethereum As A Better Investment Than Bitcoin

For the pioneer digital asset, the pullback has done for good for it. Prices have stabilized somewhat – as stable as they can be for the highly volatile crypto market – setting the asset up for another bounce above $60,000. Bitcoin had recovered back up to $59,000 on Thursday and indicators point to a continuation of the bull rally.

Featured image from Republic World, chart from TradingView.com

Bank of England chief expresses concern over El Salvador’s Bitcoin experiment

Speaking at the Cambridge University students union on Thursday, Bank of England Chief Andrew Bailey expressed worry for the citizens of El Salvador following the country’s adoption of Bitcoin as legal tender.

Bailey said the move to adopt Bitcoin within a dual currency system was concerning, while also adding that volatility would impact most detrimentally.

This isn’t the first instance of Bailey warning of the “dangers” of cryptocurrency. In May, Bailey said cryptocurrencies have no intrinsic value and that investors should be prepared to lose all their money.

El Salvador’s Bitcoin experiment

El Salvador made history on September 7, as the first country to accept Bitcoin as legal tender.

The move has greatly divided opinion, with international legacy agencies, such as the IMF and World Bank, voicing their disapproval.

But President Bukele remains committed to the cause saying it will bring more jobs, financial inclusion, and foreign investment.

Earlier this week, El Salvador announced plans to build a Bitcoin City at the base of the Conchaga volcano located in the southeastern region of the country. Related to this is the issuance of “volcano bonds,” which would provide development funds to the Central American country.

Commenting on the plans, Graham Stock, a Senior Sovereign Analyst at Blue Bat Asset Management, said raising money through Bitcoin could discourage El Salvador from building sustainable spending policies.

Stock added that El Salvador’s Bitcoin experiment is “an untested strategy,” and that there’s every likelihood that the country will continue to need IMF support.

“Building the economy around crypto mining and attracting crypto businesses is an untested strategy to put it mildly.”

What did Bailey say?

Also expressing his skepticism over El Salvador’s Bitcoin experiment, Bailey said it was concerning that a country would choose to go this route. He added that he worries most for the citizens of El Salvador due to the volatile nature of Bitcoin.

“It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.”

Not dismissing digital currencies entirely, Bailey said there’s a strong case for them. However, only in the context of a stable currency.

Speaking on the day Bitcoin became legal tender in El Salvador, IOHK CEO Charles Hoskinson framed the situation as a blow for legacy agencies, adding that in many cases, these agencies are “adversial” to everyday people.

“What this does is it legitimizes the belief that we should be in control of the money in our pocket, and we should be ultimately in control of how that money moves and who receives it.”

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