Day: April 11, 2023

Huobi Realizes $30 Million Q1 2023 Profit amid Restructuring Plans

Following its Q1 2023 profit, Huobi expects an even bigger net income haul of $110 million for the second quarter. Crypto exchange Huobi reportedly made a tidy $30 million in profit for Q1 following a restructuring. The Seychelles-based company’s return to profitability came after cutting down its workforce and benefits accruable to employees. According to Huobi Global’s de facto owner Justin Sun, the exchange realized a quarterly revenue of $150 million against $120 million in expenditures. Sun further explained that Huobi took “a large number of measures were taken to reduce costs…

Bitcoin (BTC) Price Retests $30K as It Hits New Multi-Month High

With the Federal Reserve refusing to back down on its rate hikes, investors are beginning to turn to risk-on assets to safeguard any potential fallout from hawkish monetary policies. The price of Bitcoin (BTC) has been impressing investors with its recent performance which saw it breach the $30,000 resistance for the first time since June 2022. At the time of writing, Bitcoin is now changing hands at a price of $30,097.78, up by 6.42% over the past 24 hours according to data from CoinMarketCap.  Bitcoin’s parabolic growth thus far this…

Bitcoin community discusses solutions to Ordinals protocol bug 

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After discovering a problem in the inscription validation process, the community behind Ordinals — a bitcoin-based NFT — has come out with a potential fixes discussion in which a poll was held. The Ordinals community is discussing whether or not specific inscription requests should be placed back into the game retrospectively, even though virtually all of its members agree that these requests should be included again. In a tweet dated April 10, a prominent Ordinals member who goes by the Twitter handle Leonidas.og summarized the benefits and drawbacks of each…

South Korean Crypto Exchange GDAC Temporarily Suspends Deposits and Withdrawals after $14M Hack

The GDAC hot wallet hack occurred on April 9 when the perpetrator transferred the asset to unidentified crypto addresses. GDAC crypto exchange, a South Korean WEMIX-listed platform, has announced the loss of nearly $14 million in various digital assets through a system hack. As a result, GDAC has announced the suspension of trading services including crypto deposits and withdrawals from the exchange’s hot wallet. Among the affected coins include approximately 60.8 Bitcoins, 350.5 Ethers, 10M WEMIX, and 220k USDT. Reportedly, the stolen GDAC digital assets represent a total of 23…

Tether blacklists validator address that drained MEV bots for $25M

Tether, the issuer behind the leading stablecoin USDT has blacklisted an address that drained Maximal Extractable Value (MEV) bots for $25 million last week.  The address in question exploited a bug in MEV-boost-relay to outsmart the MEV bots trying to execute a sandwich trade. Sandwiching occurs when one order is placed immediately before the trade and another immediately after it. In essence, the trader will front-run and back-run at the same time, sandwiching the original pending transaction in between. In this case, the rouge validator address swooped in to back-run…

Bitcoin mining firm Bitmain reportedly fined for tax violations in China

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Beijing-based cryptocurrency mining firm Bitmain has reportedly violated tax regulations in China, with local authorities imposing major fines. Bitmain Technologies has been slapped with a tax penalty from the Beijing Municipal Office of the State Administration of Taxation, the local news agency Sina Finance reported on April 11. The authority fined Bitmain about 25 million Chinese yuan, or $3.7 million, the report notes, citing details from China’s data registry of private and public companies, Qichacha. According to the data, Bitmain was penalized on April 4, 2023, with the firm allegedly…

Montenegro’s Central Bank to Develop CBDC Pilot With Ripple

The project will “analyze the advantages and risks that CBDCs or national stablecoins could pose concerning electronic means of payment availability, security, efficiency, compliance with regulations, and most importantly, the protection of end users’ rights and privacy,” CBCG Governor Radoje Zugic said in the statement. Source

Bitcoin breaks $30k barrier: what’s next

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For the first time since June 10, 2022, bitcoin (BTC) has surged past the $30,000 mark, fueled by fading banking turbulence, growing investor optimism, and a potential shift in US central bank monetary policy.  The world’s largest cryptocurrency by market cap witnessed an over 8% increase, reaching $30,399 on April 11. As of this writing, the BTC price has retraced to $30,079. BTC daily price chart | Source: CoinMarketCap A monetary revolution drives Bitcoin’s ascent The market’s anticipation of a slowdown in growth and potential loosening of monetary policy by…

Explaining ‘Bank Walks’ — Study Assesses How They Might Affect Credit – Economics Bitcoin News

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Bank walks are a new liquidity movement phenomenon identified by analysts, characterized by a slow drift of deposits to take advantage of better yield opportunities. Such “walks” might prove to be pernicious to the banking system, as they cannot be stopped and have effects on credit availability. What Are ‘Bank Walks’? Bank walks, so called by analysts due to their slow action when compared to bank runs, are slow movements of deposits caused by the constant search for higher yields. According to an ongoing study titled “Destabilizing Digital Bank Walks,”…