Day: March 18, 2023

Retailers accumulating bitcoin at the fastest pace since FTX collapse

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Onchain data shows that retailers have been accumulating bitcoin (BTC) at the fastest pace since the collapse of FTX, a cryptocurrency exchange. Retailers accumulating bitcoin Glassnode shows that “shrimps”, that is, small-scale retail holders with between 0.1 BTC and 1 BTC, ramped up their buying activity this week amid concerns of a banking collapse in the United States.  0.01-1 BTC User Accumulation: Glassnode and shared by MitchellHODL on Twitter Following the bank run of Silicon Valley Bank (SVB), the bankruptcy of Silvergate, and the closure of Signature Bank, there were…

Coinbase Contemplates Launching New Trading Platform as Authorities Intensify Scrutiny of Crypto Sector

Firms are actively searching for new banking partners as the regulatory climate in the US has now turned sour. Top American crypto exchange Coinbase is presently weighing its options regarding the creation of a new crypto trading platform. According to a Bloomberg report, the platform will be located outside the United States, and Coinbase has already begun talking about the move with institutional clients. Per the report, the exchange is also yet to decide on the particular location to use for the proposed trading platform. However, the decision appears to…

Voyager Digital holds $725m despite liquidating millions of ethereum, SHIB

Voyager Digital holds $725m of various coins despite ongoing liquidations that started in September 2022. The lender’s balance follows a series of token transfers to other crypto firms to repay former clients in liquidation auctions.  Voyager Digital’s asset transfers The troubled cryptocurrency company has transferred 158k ethereum (ETH), 5.9t SHIB, 123m Voyager Tokens (VGX), 36m Polygon (MATIC), and 2m Chainlink (LINK). Following these transfers, Voyager now holds $725m of coins. The move has prompted industry analysts to speculate about the fate of Voyager Digital and its possible effects on the…

Sam Bankman-Fried to propose revised bail package ‘by next week’

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The lawyer representing crypto entrepreneur Sam Bankman-Fried (SBF) in the ongoing FTX case will soon present a revised bail package to Judge Lewis Kaplan of the Southern District of New York. The move comes after Kaplan expressed displeasure about SBF’s use of encrypted-messaging apps and virtual private network (VPN) services while out on bail. Legal proceedings around FTX’s downfall led SBF to avoid possible jail time with a $250 million bail bond. However, while on bond, the entrepreneur used Signal, an end-to-end encrypted messaging service, to contact former FTX and…

3 Lessons Web3 Founders Can Take From ChatGPT’s Success

To actually make it in Web3, much like practically every other industry, founders have to start with a gap they can realistically address. The impetus for starting Sending Labs, for example, came from our founding team noticing that Web3 had virtually no cohesive communications infrastructure, especially at the group level. Source ChatGPTsFoundersLessonsSuccessWeb3 CryptoX Portal

Africa-Focused Fintech Chipper Cash Weighs Possible Sale of Business – Fintech Bitcoin News

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One of Africa’s fintech giants, Chipper Cash, is said to be weighing the possibility of selling the business or bringing in new investors. According to the CEO of the FTX and Silicon Valley Bank-backed fintech startup, Chipper Cash had insignificant exposure to both SVB and Signature Bank. Chipper Cash ‘Never Sought to Be Acquired’ The FTX and Silicon Valley Bank (SVB) backed-African fintech giant, Chipper Cash, is weighing options including the sale of the business or bringing in new investors, a Bloomberg report that cites unnamed sources has said. According…

FTX’s $6.8 Billion Balance Sheet Shortfall Sends Shockwaves Through Cryptocurrency Industry

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Unexpectedly, it has come to light by our sources that FTX, the cryptocurrency exchange founded by Sam Bankman-Fried, had a staggering $6.8 billion hole in its balance sheet at the time of its bankruptcy filing last November. This news has sent shockwaves through the cryptocurrency industry, raising questions about the stability and sustainability of some of the world’s largest crypto firms. As per the presentation submitted on Friday to the court handling the bankruptcy case, The presentation revealed that FTX.com suffered a massive deficit of $10.6 billion, while its FTX.US…

Euler Finance hacker starts returning stolen Ether

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The recent attack that drained $197 million from Euler Finance was dubbed the biggest decentralized finance (DeFi) hack of 2023 so far. However, this may not hold for much longer as the hacker reportedly had a change of heart. On March 18, roughly 3,000 Ether (ETH) ($5.4 million) were returned to Euler Finance’s deployer address from the Euler Finance hacker’s address. Blockchain investigator PeckShield identified three transactions that were used to send the funds. https://t.co/4OBksAu9od pic.twitter.com/Zb3MIyex2f — PeckShield Inc. (@peckshield) March 18, 2023 Cointelegraph confirmed that the hacker transferred 1,000…