Day: August 23, 2023

Bitcoin Exchange Reserve Shoots Up, Pain Not Over Yet?

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On-chain data shows the Bitcoin exchange reserve has shot up during the past day, indicating that more drawdown may be coming for the price. Bitcoin Exchange Reserve Has Registered A Large Increase A few days back, a crash shook both Bitcoin and the wider cryptocurrency market, as the BTC price plummeted from above $29,000 to below $26,000 instantly. In the days since then, the asset has failed to show any signs of recovery, either, as its value has only continued to move sideways, as the chart below displays. Looks like…

Will SBF’s ‘Blame-the-Lawyers’ Strategy Work?

His emerging strategy defense is certainly clever in theory, and aligns with some of the other messaging that SBF has been making since the spectacular collapse of FTX last November. The 31-year-old fallen crypto king has been presenting himself as young and hapless, too callow to have orchestrated any great evil. As he tells it, he was simply out of his depth, a creature molded by older, more experienced collaborators – like his lawyers at Fenwick & West, a mid-sized firm specializing in advising tech startups. Source

Sam Bankman-Fried can meet with lawyers outside of jail with 48 hours’ notice, says judge

A federal judge is allowing former FTX CEO Sam Bankman-Fried, or SBF, access to his legal team outside of jail, provided he gives sufficient notice. In an Aug. 23 order filed in the United States District Court for the Southern District of New York, Judge Lewis Kaplan said SBF would be allowed access to discovery materials in his criminal case in a courthouse cell block with 48 hours’ notice to prosecutors and the U.S. Marshals Service. The order came prior to Kaplan reaching a decision on motions from the Justice…

Bitstamp halts ETH staking in the United States

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Crypto exchange Bitstamp will discontinue staking services for customers based in the United States. In a message shared with Cointelegraph, the exchange announced the ending of Ether (ETH) staking as of Sep. 25. “Customers will continue earning staking rewards up until September 25, 2023, and after that, all staked assets will be unstaked. Rewards, along with the principal, will be credited to users’ main Bitstamp account balances,” said Bobby Zagotta, U.S. CEO and global chief commercial officer at Bitstamp, warning that it could take a few days for users’ balances…

Nvidia’s (NVDA) Make-or-Break Earnings Could Be Huge for AI-Tied Crypto Tokens Like FET, GRT, INJ, RNDR, AGIX

Miners like Applied Digital (APLD), Iris Energy (IREN), Hut 8 (HUT) and Hive (HIVE) have already started to revitalize their data centers to accommodate AI and other computing services as mining has become less profitable during the prolonged bear market. As investors have also been rewarding the shares of some publicly traded miners for pivoting into AI, depending on how the guidance from Nvidia goes, the prices of these mining stocks could also be affected. Source

Tornado Cash Devs Arrested on Money Laundering, Sanctions Violation Grounds Over Alleged $1B Moved

“While publicly claiming to offer a technically sophisticated privacy service, Storm and Semenov in fact knew that they were helping hackers and fraudsters conceal the fruits of their crimes. Today’s indictment is a reminder that money laundering through cryptocurrency transactions violates the law, and those who engage in such laundering will face prosecution,” he said. Source AllegedarrestedCashDevsGroundsLaunderingMoneyMovedSanctionsTornadoViolation CryptoX Portal

Crypto Analyst Predicts Solana Could Mirror Cardano Price Action

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The general crypto market has seen a decline in the last week, with most assets recording significant losses. Solana (SOL), one of the most prominent cryptocurrencies, is down by 11.50% in the last seven days and 16.17% in the last month. Interestingly, popular crypto analyst, Benjamin Cowen has posted a puzzling prediction on Solana, drawing much similarity between the token’s current price movement and historical price data of fellow altcoin Cardano (ADA).  SOL To Close 2023 With Losses? According to an X post on August 23, Benjamin Cowem believes Solana’s…

Coinbase Invests in USDC Issuer Circle, Says Crypto Exchange Is Committed to Long-Term Success of Stablecoins

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Top US crypto exchange by trading volume Coinbase is investing in the USD Coin (USDC) stablecoin issuer Circle. Coinbase and Circle co-created USDC in 2018 and have jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium. In a new announcement, however, Coinbase chief executive Brian Armstrong and Circle CEO Jeremy Allaire say that Circle will now bring all of USDC’s governance and operations responsibilities in-house. Explain the CEOs, “The new structure will streamline the operations and governance, and enhance the direct accountability…

Tornado Cash Devs Charged With Helping Hackers Launder $1B, Including Infamous North Korean Attacks

The core blockchain-based software, or “smart contracts,” that power Tornado Cash also remain possible to use on Ethereum. However, using these smart contracts is technically illegal in the U.S., and key blockchain infrastructure providers like Infura and Alchemy – used by many of the apps that interface with the Ethereum blockchain – have censored access to the Tornado Cash app in accordance with the sanctions. Source