Day: May 9, 2023

Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline – Market Updates Bitcoin News

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The recently launched meme token, inspired by Pepe the Frog and dubbed PEPE, experienced a 12% decline against the U.S. dollar on Tuesday, plummeting its market valuation beneath the $1 billion threshold to a present $790 million. Concurrently, the total meme coin sector faced a 7% loss against the dollar, with the top six prominent meme tokens enduring losses within 24 hours. PEPE‘s Meteoric Rise Hits a Roadblock with 12% Decline Numerous investors reaped significant rewards from the surging PEPE meme token market; however, its worth has diminished from its…

OKX just sent $60M in USDT, MASK token to Alameda Research

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On May 9, crypto exchange OKX sent approximately $60 million worth of digital assets to wallets connected to failed hedge fund Alameda Research, according to data from crypto analytics platform Arkham Intelligence. Screenshot showing transfers from OKX to Alameda Research wallets. Source: Arkham Intelligence. The funds were spread out among 16 separate transactions and included approximately 337.9 million Mask Network (MASK) tokens (worth $1.3 million), as well as $57.77 million worth of Tether (USDT) stablecoin. In the past hour, Alameda Research wallets have received $57.77M in USDT from OKX. Link…

Heavyweight Hedge Fund Arca Joins Activist Fight Against DAO Builder Aragon

The open letter escalated a fight already being waged between Aragon, a crypto governance project building tools for decentralized autonomous organizations (DAOs), and a tight-knit group of activist investors critical of project leadership and demanding they give disenchanted investors an exit ramp. Original Source ActivistAragonArcaBuilderDAOFightFundHeavyweightHedgeJoins CryptoX Portal

Bitcoin traders offer downside targets as BTC price risks sub-$25K dip

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Bitcoin (BTC) treaded water below $28,000 on May 9 as markets prepared for macroeconomic data releases. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin stays muted on eve of CPI Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting near $27,700 at the day’s Wall Street open. The pair had seen deeper losses the day prior, with a tap of $27,300 so far marking the local bottom. Traders hoped that May 10 would provide some much-needed volatility in the form of the United States Consumer Price Index (CPI) print…

Bankrupt crypto exchange QuadrigaCX to start ‘interim distribution’ of funds

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According to a May 8 post by Miller Thomson, the law firm representing users of the defunct cryptocurrency exchange QuadrigaCX, interim distribution of funds tied to bankruptcy proceedings will be scheduled “in the coming weeks.” Bankruptcy trustee Ernest & Young announced the interim distribution in consultation with estate inspectors. In the near future, the trustee will post a Notice to Affected Users regarding details about the manner and procedure of the distribution. According to Miller Thomson, a small number of affected users are expected to receive a Notice of Disallowance…

UBS Appoints Credit Suisse CEO Ulrich Koerner to Its Board of Directors

The acquisition of Credit Suisse by the bigger bank has been viewed using different lenses by industry observers. Swiss multinational investment banking firm UBS Group AG (SWX: UBSG) has announced that Ulrich Koerner, the CEO of Credit Suisse, will be joining the executive board of the new joint entity. The update comes a few weeks after an emergency purchase of Credit Suisse by UBS was facilitated by regulators. UBS confirmed the announcement according to a news release, emphasizing that Koerner will be in charge of maintaining Credit Suisse’s operational continuity…

In Bitcoin BRC-20 Debate, There’s no Such Thing as ‘High Fees’

Lightning is not a panacea, and it is best suited for high frequency, small granularity payments – which certainly doesn’t satisfy all types of Bitcoin transactional demand. There’s more than just one way to move dollars around – we have wires, ACH, credit and debit networks, Fednow, physical cash, remittances, hawala networks, money orders, and fintech apps, among others. More abstractly, these can be divided into “push” and “pull” approaches, real time versus deferred settlement, and gross versus net settlement models. Each has its own set of tradeoffs, and offers different…

What is explainable AI (XAI)?

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XAI involves designing AI systems that can explain their decision-making process through various techniques. XAI should enable external observers to understand better how the output of an AI system comes about and how reliable it is. This is important because AI may bring about direct and indirect adverse effects that can impact individuals and societies.  Just as explaining what comprehends AI, explaining its results and functioning can also be daunting, especially where deep-learning AI systems come into play. For non-engineers to envision how AI learns and discovers new information, one…

Former Coinbase product manager behind insider trading case sentenced to 2 years in prison

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A federal judge has sentenced Ishan Wahi, the former product manager at Coinbase Global accused of insider trading, to 24 months in prison. In a May 9 hearing in United States District Court for the Southern District of New York, Judge Loretta Preska sentenced Wahi to 2 years in prison for his role in using confidential information he obtained during his time working at Coinbase to profit off new listings of tokens, totaling up to $1.5 million. Preska ordered Wahi to surrender by June 21 at 2:00 PM ET to…