South Korean trading volumes for the bitcoin offshoot token boomed last week, spurring a price spike last week. Original
Bitcoin Cash Futures Traders Lose Most in 2 Years as Prices Spike to $320
Month: July 2023
AzukiDAO proposes to recover 20,000 ETH from Azuki founder ‘Zagabond’
A new decentralized autonomous organization purportedly made up of a “dedicated group of Azuki enthusiasts,” has launched a proposal to claw back 20,000 Ether (ETH) from Zagabond, the founder of the blue-chip non-fungible token (NFT) brand Azuki. The proposal, initiated on July 2, outlines hiring a lawyer to take legal action against Zagabond, real name Alex Xu, for allegedly “rugging” multiple projects. The clawback seeks $39 million worth of ETH earned from the launch of Azuki’s controversial “Elementals” collection. It proposes to allocate any funds retrieved back to the DAO to “promote…
South Korea Passes Crypto Bill for User Protection
The bill marks the country’s first step towards a digital asset legal framework. Source
SEC has pushed investors into ‘toxic’ crypto products and FTX: Winklevoss
For the last decade, the United States securities regulator has forced investors into “toxic” and “unregulated” crypto products, says Gemini co-founder Cameron Winklevoss. On July 2, the Winklevoss twin slammed the U.S. Securities and Exchange Commission (SEC)’s constant refusal of spot Bitcoin exchange-traded funds, noting it’s now been 10 years since the twins first filed to get their own ETF approved by the regulator. “The [SEC’s] refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is…
Poly Network urges users to withdraw after exploit affects 57 crypto assets
Further details are coming to light following a July 2 attack on cross-chain bridge platform Poly Network, which has resulted in a hacker being able to issue billions of tokens out of thin air for profit. In a July 2 Twitter post, Poly Network confirmed it became the latest DeFi exploit victim after attackers managed to manipulate a smart contract function on the cross-chain bridge protocol, adding it will be temporarily suspending services. In the most recent update, the team revealed the exploit affected 57 crypto assets on 10 blockchains —…
Elon Musk imposes ‘rate limit’ on Twitter, citing extreme ‘system manipulation’
Social media platform Twitter is temporarily limiting the number of posts users will be allowed to read daily after seeing “extreme levels of data scraping and system manipulation,” according to executive chairman Elon Musk. In a July 1 post, Musk said the temporary limits would see verified accounts capped at 10,000 posts per day, while unverified and new unverified accounts are capped at 1,000 and 500 posts per day, respectively: Now to 10k, 1k & 0.5k — Elon Musk (@elonmusk) July 1, 2023 Twitter users have been reporting issues on…
Elon Musk imposes ‘rate limit’ on Twitter citing extreme ‘system manipulation’
Social media platform Twitter is temporarily limiting the number of posts that users will be allowed to read per day, after seeing “extreme levels of data scraping and system manipulation,” according to executive chairman Elon Musk. In a July 1 post, Musk said the temporary limits will see verified accounts capped at 10,000 posts per day, while unverified and new, unverified accounts are capped at 1,000 and 500 posts per day respectively: Now to 10k, 1k & 0.5k — Elon Musk (@elonmusk) July 1, 2023 Twitter users had been reporting…
First Mover Asia: Bitcoin Maintains $30K as Prospective Issuers Refile ETF Applications
PLUS: Japan is a regulatory success story when it comes to digital assets and Web3. But walking around the recent IVS Crypto Conference in Kyoto, one can’t help but feel that something is amiss. Original
AI-generated fake news sparks rumors of Gary Gensler’s resignation
False rumors have again been spreading over the resignation of United States Securities and Exchange Commission (SEC) chair Gary Gensler — this time, however, artificial intelligence has seemingly played a part. On July 1, a news story appeared on a website dubbed “thecryptoalert.com” claiming that SEC chair Gary Gensler had “submitted his resignation following an internal investigation,” citing an anonymous official. However, Cointelegraph found the article’s text scores high on third-party AI-detector ZeroGPT, scoring 96.8%, signaling a high degree of AI text generation. The website also appears to be very…
LTC, XMR, AAVE, and MKR turn bullish as Bitcoin stalls under $31K
Bitcoin (BTC) has been trading in a narrow range for the past few days but that doesn’t take away the sheen from its stunning 84% rally in 2023. The strong recovery in Bitcoin’s price has boosted buying in several altcoins, which have risen sharply from their yearly lows. As the second half of the year begins, the major question on every investor’s mind is, will the rally continue? CoinGlass data shows that July has seen only three negative monthly closes since 2013 and the biggest decline was 9.69% in 2014.…