Day: August 18, 2023

Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout

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Bitcoin, the largest cryptocurrency in the world, has plummeted substantially in the past 24 hours, leading to a ripple effect among other cryptocurrencies. On August 18, the price of BTC suddenly dumped 8% in a matter of minutes, as tension from investors increased selling pressure. Bitcoin has endured many crashes of this magnitude in the past, and market corrections of this magnitude don’t come out of nowhere. So the recent plunge in BTC’s value could be due to several factors in the crypto industry and the global economy. Here are…

Bitget Adds ClearLoop for Off-Exchange Settlement

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The cryptocurrency exchange Bitget announced today (Friday) that it has integrated Copper’s ClearLoop network. This collaboration introduces off-exchange settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on…

What is Chapter 11 bankruptcy? Understand the basics

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In the complex world of finance and business, bankruptcy serves as a crucial mechanism that allows struggling companies to reorganize and regain financial stability.  One of the most well-known forms of bankruptcy is Chapter 11, a legal process in the United States that grants businesses the opportunity to restructure their operations while protecting them from creditors’ immediate demands. This article delves into the intricacies of Chapter 11 bankruptcy, its objectives, procedures and notable examples within the realm of the cryptocurrency industry. Chapter 11 bankruptcy, explained Chapter 11 bankruptcy, often referred…

Bitcoin (BTC) Tumbles Below $26.5K

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Bitcoin (BTC) has dropped 7% over the past 24 hours, plunging to levels not seen since June as the digital-asset market witnessed one of the worst sell-offs this year. Crypto traders were hit with $1 billion worth of liquidations over the past 24 hours, according to Coinglass data. The world’s largest cryptocurrency by market value was trading at around $26,400 at the time of writing, but briefly fell to $25,234 on Thursday. Altcoins performed slightly better with ether (ETH) losing 6% over the same time period and Solana’s SOL losing…

North Korean hackers have stolen $2B of crypto since 2018: Report

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North Korean hackers continue to threaten the broader cryptocurrency ecosystem, having stolen an estimated $2 billion of crypto over the past five years. Blockchain intelligence firm TRM Labs released its latest deep dive into the murky world of cryptocurrency-related hacking, focusing on the exploits of North Korean cybercriminals. According to TRM Labs’ data, North Korea has stolen around $200 million of crypto in 2023, accounting for 20% of all stolen funds this year. North Korean cyberattacks are estimated to be 10 times larger than attacks by other malicious actors. Hackers…

Ether whale dumps $41M days before the market crashed

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A crypto whale holding massive amounts of Ether (ETH) sold $41 million worth of the asset a few days before the market crashed, avoiding a potential $5-million loss.  The trade was flagged by the blockchain analysis platform Lookonchain, which follows and shares what it considers to be smart trades. On Aug. 18, the crypto whale deposited 22,341 ETH on the Binance exchange and withdrew around $41 million in Tether (USDT). List of transactions that the crypto whale made before the crash. Source: Etherscan While the crypto whale lost around $1.7…

Bitcoin Liquidations Top $500 Million Amid $1 Billion Crypto Decimation

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Bitcoin liquidations have been ramping up over the last day following the market crash that rocked the crypto space on Thursday. The result of this is a liquidation event, the likes of which have not been seen since the FTX collapse back in 2022. And Bitcoin’s numbers have shot up as long traders are completely obliterated in the process. Largest Single Crypto Liquidation Event In 2023 Following Bitcoin’s price decline to the low $25,000s, the liquidations picked up quickly with over $1 billion dollars of crypto positions being closed rapidly.…

Chinese giant’s impact on digital markets

China’s Evergrande’s bankruptcy filing reverberates in the crypto markets, triggering significant drops in major digital assets and casting a shadow over Tether’s financial backing. Once the leading property developer in China, Evergrande has recently transformed into a prominent representation of China’s property crisis.  On Aug. 17, Evergrande sought refuge from debtors by filing for Chapter 15 protection under the US bankruptcy code. This provision assists non-US companies in shielding themselves during restructuring, keeping creditors at bay.  Evergrande’s affiliate, Tianji Holdings, followed suit in Manhattan bankruptcy court. This development underscores the…

What is Feedzai, and how is it used to detect financial fraud?

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Financial scams are rising, with losses amounting to $8.8 billion in 2022 alone. According to the United States Federal Trade Commission, losses from financial fraud have increased by 30% from 2021 to 2023. This paints a dire portrait of the dark underbelly of digital advancement, with scammers now leveraging generative artificial intelligence (AI) to craft increasingly complex and realistic scams. Multiple reports suggest scammers can create chatbots that mimic human conversation, ask for personal financial details, create malware, write sophisticated phishing emails and even mimic human voices. The immediacy of…