Day: August 25, 2023

Magnate Finance on Base rug pulls users of $6.5M, as predicted by on-chain sleuth

boss

Magnate Finance, a lending/borrowing platform on Coinbase’s layer 2 protocol Base, has rug-pulled its users of $6.5 million, hours after on-chain sleuths like ZachXBT warned about the possibility of an exit scam due to several actions of the founders of the project. Earlier on Aug. 25, the Magnate Finance protocol deleted its Telegram group and took its website offline, raising concerns among users of a possible exit scam. Magnate Finance also deleted their X account and removed all possible social media presence. ZachXBT had notified that the Magnate Finance deployer…

XRP Price At Make-Or-Break Moment, Key Levels To Watch

The XRP price is facing an extremely crucial juncture, which could become a make-or-break moment for the cryptocurrency. After the XRP token managed to rally almost 100% after the summary judgment in the case between Ripple Labs and the US Securities and Exchange Commission (SEC), there is almost nothing left of the gains just 43 days after the ruling, NewsBTC reported. However, this is far from the worst. The recent price decline has brought XRP to key support levels that must be held at all costs to avoid another deep…

U.S. Crypto Tax Proposal Lets Miners off the Hook, Snares ‘Some’ Decentralized Exchanges

boss

The Treasury Department published a nearly 300-page proposed rule on Friday in response to the 2021 Infrastructure Investment and Jobs Act saying centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges and people or entities that redeem crypto tokens they created will be bound to those reporting obligations. Moreover, Treasury unveiled a new custom tax form – the 1099-DA – that these brokers can file, resolving longstanding confusion over whether different versions of the U.S. tax form make the most sense for taxpayers. Source

Vauld gets permission for board restructuring from the court

Vauld, a Singapore-based crypto exchange, that has been ongoing bankruptcy proceedings since August 2022, has said that it received permission from the court to restructure its board. The new top management will lead the company’s bailout process.  On Aug. 24, Vauld’s co-founder Darshan Bathija revealed on X (former Twitter), that the company got its scheme of arrangement passed in Singapore court. According to the plan, the current board will be replaced with a new CEO, a creditor representative, and a scheme manager. The platform also resumed the know-your-customer (KYC) checks…

Bitcoin Whales Buy Dip, Addresses Now At Pre-Crash Levels

boss

On-chain data shows the Bitcoin whales have been buying the dip, as their addresses have surged back towards pre-crash levels again. Bitcoin Whales Have Fully Recovered To Their Pre-Crash Number As pointed out by an analyst in a post on X, the whales appear to have been accumulating recently. The relevant indicator here is the “whale address count,” which measures the total number of Bitcoin addresses that hold at least 1,000 BTC and at most 10,000 BTC. At the current exchange rate, this range converts to approximately $26 million at…

Only 17% of Russians would agree to store more than $200 in CBDC

According to a recent survey, conducted by the joint team of Saint Petersburg Exchange and the Russian Trading System (RTS), more than half of Russian citizens are willing to store their money in a central bank digital currency (CBDC). However, when it comes to storing more than 20,000 rubles (roughly $212), only 17% trust digital ruble.  The survey involved over 2,000 respondents across the country aged 18 to 65, and its results were published in the local newspaper Izvestia on Aug 24. According to the report, 58.3% of responders are…

XRP whale moves 29 million tokens to Bitstamp amid price slide

boss

As XRP (XRP) struggles to maintain upward momentum following Judge Analisa Torres’ summary judgement in the United States Securities Exchange Commission v. Ripple Labs case that XRP isn’t a security, investors appear to be selling off their holdings. Adding to this, a significant whale has moved 29 million XRP, valued at over $15 million, to a crypto exchange amid a price decline approaching the support level. Whale Alert posted on Aug. 24 that a large holder transferred 29.3 million XRP worth $15.13 million to Bitstamp exchange. Additional information suggests the possibility…