Day: August 11, 2023

Canada police seek repository to manage seized crypto and NFTs

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Royal Canadian Mounted Police (RCMP) seeks a solution to streamline seizing and storing cryptocurrencies and NFTs. The solution aims to create a centralized repository that enables law enforcement to seize digital assets in a more accessible manner whilst also safeguarding them from theft. According to the announcement on Aug. 10, the desired system must meet 17 specific requirements. Key among these is the capability to process transactions for the top 20 cryptocurrency blockchains by market…

Stablecoin Soars, TVL Skyrockets, And Dapp Transactions Hit Record Highs

Cardano (ADA), the blockchain platform renowned for its scalability and technological approach, has made significant strides in the crypto market, as highlighted by the recently released Messari report.  The report provides valuable insights into Cardano’s achievements in Q2 2023, solidifying its position as a prominent player within the industry.  With a strong focus on fostering a robust ecosystem and pushing the boundaries of decentralized finance (DeFi) and non-fungible tokens (NFTs), Cardano is poised to reshape the landscape of blockchain technology, according to Messari.  Cardano TVL Ranking Skyrockets, Climbs From 34th…

3AC co-founder avoids contempt charges following evidence of Singaporean citizenship

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A judge in the bankruptcy case of defunct crypto hedge fund Three Arrows Capital (3AC) has denied a motion that would have held co-founder Kyle Davies in contempt of court and imposed sanctions. In an Aug. 11 filing with the United States Bankruptcy Court for the Southern District of New York, Judge Martin Glenn said rulings on motions regarding a subpoena issued to Davies via X — formerly Twitter — were considered without the knowledge the 3AC co-founder was a non-U.S. citizen residing outside the country. He cited federal laws…

PayPal’s stablecoin goes live, Bitstamp seeks capital, and Coinbase’s L2

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In a move that can reshape the digital payments landscape, financial technology giant PayPal has unveiled its United States dollar-pegged stablecoin PayPal USD (PYUSD).  In line with expectations, the launch has ignited a complex debate within the crypto community. Ethereum’s daily active user base hovers between 300,000 to 400,000, which is a fraction of PayPal’s colossal user base count of over 430 million. As a result, some see the move as a significant step toward transforming Ethereum into the internet’s monetary backbone. Despite the excitement, skepticism looms over the crypto…

Black Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000

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Bitcoin seems on the verge of seeing downside volatility during today’s trading session if bears can break current support. However, price action has been slow as all major narratives, including those from macroeconomic forces, have lost strength. As of this writing, Bitcoin trades at $29,300 with sideways movement across the board. Low volatility has been suppressing BTC’s price action, a status quo that could persist until macroeconomic forces come back into the picture in September. BTC’s price is moving sideways on the daily chart. Source: BTCUSDT Tradingview Nassim Taleb Lashes…

Scientists used AI to find and track 95K ‘cryptocurrency free giveaway’ scams on Twitter

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Researchers from San Diego State University in California developed an artificial intelligence (AI) system to identify, track and expose free cryptocurrency giveaway scams on X (formerly Twitter).  Called GiveawayScamHunter, the automated system discovered 95,111 scam lists between June 2022 and June 2023 that were created from 87,617 accounts on the X social network. The researchers used the tool to autonomously extract website and wallet addresses associated with the scams. In doing so, they were able to collect 327 scam giveaway internet domains and 121 new scam-related cryptocurrency wallet addresses. Related:…

Price analysis 8/11: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

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After today’s Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend. Bitcoin (BTC) continues to frustrate investors with its tight range consolidation, giving no clue about the possible direction of the breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.  A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in…

70% Of Stolen Funds Recovered, Redemption On The Horizon

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Curve Finance (CRV), a leading decentralized finance (DeFi) protocol, announced significant progress in its recovery efforts following a recent hack that resulted in losing $73.5 million across several projects within its factory pools.  The attack on July 30 exploited a critical security flaw known as a “reentrancy vulnerability,” allowing malicious actors to drain funds from Curve’s smart contracts. Curve Finance Commits To Restitution Process For Hacked Funds In a significant effort, Curve Finance has successfully retrieved 70% of the funds affected by the hack. While this achievement marks an important…

Breaking: Sam Bankman-Fried arrested after bail review

The disgraced blockchain executive was immediately reprimanded after his bail was revoked the same day. Founder of bankrupted crypto exchange FTX is set to be arrested in New York on Aug. 11, after a federal judge revoked former his bail for releasing information to New York Times reporters in an alleged attempt to intimidate witnesses.  According to reports of individuals present at the hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan ordered Bankman-Fried’s bail…

US gov’t debt downgraded — Huge news for Bitcoin?

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On this week’s episode of Macro Markets, Cointelegraph analyst and writer Marcel Pechman explores the United States debt downgrade by Fitch Ratings. According to Pechman, this change signaled diminished confidence in the U.S. government’s ability to handle its fiscal responsibilities. The downgrade nudged investors into a cautious stance, leading many to move their money out of assets such as stocks, silver, oil and long-term bonds. Instead, they turned to cash and short-term instruments, which are perceived as safer options in uncertain times. Interestingly, the cost of insuring U.S. sovereign debt…