Day: August 6, 2023

Chinese regulators reaffirm ‘severe crackdown’ on overseas telecoms dealing in crypto, blockchain

China is warning telecom companies that are based overseas not to wield “new technologies” — digital assets, blockchain, artificial intelligence (AI) and the metaverse — for nefarious purposes. According to Global Times, citing a statement from the Chinese Central Political and Legal Committee, “entities operating from outside China have been using deceptive tactics such as posing as lucrative job opportunities to recruit unsuspecting victims.” “From the perspective of fraud methods, fraud groups use blockchain, metaverse, virtual currency, AI intelligence and other new technologies and new formats to continuously update criminal…

Curve Finance opens bounty after exploiter’s return deadline expires

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Decentralized finance (DeFi) protocol Curve Finance is extending a bug bounty offer to anyone who is able to identify the exploiter responsible for draining over $61 million from its pools on July 30.  Curve and other protocols affected by the attack offered a 10% bug bounty to the hacker on Aug. 3, totaling more than $6 million. Upon accepting the offer, the hacker returned stolen assets to Alchemix and JPEGd, but did not complete refunds to other affected pools. As the deadline has passed, anyone who can identify the attacker…

3AC-linked exchange bids $30m to acquire troubled Holdnaut

Founders of the defunct hedge fund Three Arrows Capital (3AC) are actively promoting their newly launched digital asset exchange, OPNX, as they seek to acquire struggling cryptocurrency lender Hodlnaut. OPNX aims to rescue Hodlnaut with an infusion of funds amounting to $30 million in FLEX digital tokens traded on the CoinFlex exchange. Hodlnaut, which operates in Singapore and Hong Kong, has been undergoing a court-monitored reorganization due to financial troubles. The tokens, owned by OPNX co-founders Mark Lamb and Sudhu Arumugam, will facilitate a partial payout to creditors, effectively concluding…

SHIB, UNI, OKB and HBAR flash bullish signs as Bitcoin volatility hits record low

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Bitcoin (BTC) continued its boring price action over the weekend, indicating that the bulls and the bears are not waging large bets as they are uncertain about the next directional move. Nevertheless, traders should continue to keep a close watch because a period of consolidation is usually followed by an increase in volatility.  Although it is difficult to predict the direction of the breakout with certainty, some analysts point to the Bitcoin whales increasing their exposure as a positive sign. On-chain analyst Cole Garner believes the bull move could continue…

Litecoin and Polkadot holders exploring the Pomerdoge presale

More Litecoin and Polkadot investors are exploring Pomerdoge. Notable, the broader crypto community and meme coin enthusiasts have picked out Pomerdoge in the ongoing presale. The Pomerdoge project Pomerdoge aims to combine non-fungible tokens (NFTs), a play-to-earn (P2E) gaming platform, and a meme token; an approach already drawing interest from investors and users. Central to Pomerdoge’s universe is its P2E game, where global players can compete and even earn rewards. The platform aims to fuse leisure and, possibly, financial opportunities as players engage. Pomerdoge creators are also developing Pomerplace, a marketplace for…

Valkyrie moves to convert BTF into dual Bitcoin, Ethereum ETF

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Valkyrie recently filed a Form 497 detailing its plan to transform its existing Bitcoin Technique exchange-traded fund (BTF) into a dual Bitcoin and Ether exchange-traded fund (ETF) on Oct. 3.  Finance experts are questioning the decision to convert the current futures fund rather than forming a whole new business. Observers speculate that regulatory procedures under the U.S. Securities and Exchange Commission (SEC) make it impossible to deviate from the set deadline. Bloomberg ETF analyst Eric Balchunas compares…

SHIB price climbs 20% as Shibarium launch nears

Popular dog-themed meme coin Shiba Inu has seen its value rise by 20% to become one of the best-performing coins of the weekend. Shiba Inu (SHIB) prices rose from a low of $0.00000827 on Aug. 4 to $0.00001028 early on Aug. 6. So far, it advanced 12.24% over the last seven days, according to CoinGecko statistics.  The meme coin is gaining traction on Binance and other crypto exchange platforms and has outpaced other popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE).  Over the weekend, Bitcoin, Ethereum,…

Huobi’s TVL drops to $2.5B amid rumors of insolvency, investigations in China

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Cryptocurrency exchange Huobi has seen outflows worth $64 million between Aug. 5-6, amidst ongoing rumors about its solvency and that Chinese authorities were investigating its executives. Outflows over the weekend resulted in the exchange’s total value locked (TVL) falling to $2.5 billion at the time of writing, down from $3.09 on July 6. Rumors that the exchange’s leadership had been arrested in China first surfaced on Aug. 4, as part of an alleged investigation about the exchange’s dealings with gambling platforms. Speaking to Cointelegraph, a Huobi spokesperson labeled the claims…

Tron dominates in USDT transactions, Borroe plans to shape web3 fundraising

The crypto market is dynamic as different blockchain networks compete for dominance. Tron is a popular blockchain option for USDT transactions. Meanwhile, Borroe is a crypto project that seeks to transform how businesses secure funds through its funding marketplace powered by artificial intelligence (AI). This article discusses Tron’s role in USDT transactions and outlines Borroe’s strategy in crypto fundraising. Stablecoins and Tron Tron has a market capitalization of more than $6.8 billion and is widely used for USDT transactions.  As a result, the network has become a dominant player in the stablecoin market.…

Coinbase battles US SEC, Worldcoin concerns mount, FTX announces reorganization plans

This week, Coinbase’s legal dispute with regulators unfolds as the crackdown on hacks and scams intensifies. Meanwhile, Worldcoin is under scrutiny and FTX announces reorganization plans. Coinbase vs. US SEC Coinbase Global (COIN) continues to garner significant attention for its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).  Coinbase CEO Brian Armstrong claimed that the SEC mandated the cessation of all cryptocurrency trading, except for Bitcoin, on the exchange, a Financial Times report revealed. Per Armstrong, the SEC’s request came before their lawsuit against the exchange for non-compliance…