Day: August 26, 2023

Staked ETH liquidity provider, Lido, slips while traders explore Borroe

The decentralized finance (defi) landscape remains volatile as top defi projects vie for dominance gauged by total value locked (TVL) and investors scout for projects to get exposure in. Lido Finance’s declining TVL continues to be a source of concern. This paved the way for Borroe, a project attracting investors in ongoing presale.  Lido slips, Investors looking at Borroe Lido, a liquidity staking provider in Ethereum, is a prominent player in defi.  However, its TVL, a metric showing the amount of assets locked in a protocol, has been contracting.  This dip…

Insider trading claims surface amid token theft

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Former Pepecoin (PEPE) promoter turned crypto influencer Jeremy “Pauly” Cahen has leveled insider trading allegations against the Pepecoin team following the reported theft of around 16 trillion PEPE tokens. Pauly is now exposing team members’ identities, divulging their wallet activities. On-chain analysts also point to significant Pepecoin transactions involving insiders. In an Aug. 26 update, Pauly disclosed that the Pepecoin team possesses approximately $16–17 million in PEPE tokens distributed across nine wallets. Surprisingly, the insiders refrained from selling the holdings. Instead, they strategically offloaded PEPE from a centralized exchange (CEX)…

Bitcoin velocity hits lows last seen before Q4 2020 BTC price breakout

Bitcoin (BTC) on-chain activity is at levels last seen before its run to 2021 all-time highs, data shows. In an X (formerly Twitter) post on Aug. 25, Ki Young Ju, CEO of analytics platform CryptoQuant, revealed multiyear lows in Bitcoin velocity. Bitcoin supply stagnates at $26,000 Bitcoin is becoming increasingly static at current price levels — with an overall BTC price trend absent for months, the impetus to buy or sell is reduced. Underscoring this status quo is velocity, which is a measurement of BTC units moving around the network.…

Shiba Inu Burn Sees Another 350 Million Meme Coins Incinerated

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The world of digital currency has brought some challenges to the Shiba Inu (SHIB) ecosystem. The ups and downs in this digital money landscape have caused the value of many coins connected to SHIB to drop, making things a bit shaky. But here’s something good: the SHIB token burn is happening faster than before. This means they’re getting rid of more tokens, which is a positive thing. It’s like a bright spot in the midst of all these changes, showing that there’s something strong and good still happening in the…

Pro-XRP lawyer urges Clayton, Hinman testimony

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Pro-XRP attorney John Deaton says that the United States Securities and Exchange Commission (SEC) erred in filing aiding and abetting allegations against Ripple’s CEO Brad Garlinghouse. Deaton highlighted that testimony from former SEC officials Bill Hinman and Jay Clayton during the SEC vs. Ripple Labs case would have categorized XRP (XRP) as a non-security early on, but the agency deliberately disregarded this information for an extended period. On X (formerly Twitter), user Digital Asset Investor.XRP said if it were his choice, he would have summoned a16z attorneys Lowell Ness and Chris Dixon as initial…

Hashdex joins race for spot Bitcoin ETF with unique strategy

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Crypto asset management company Hashdex has joined the competition for a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States. The firm has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will hold spot Bitcoin.  ETFs are investment funds that trade on a stock market, with their value derived from an underlying basket of assets such as stocks, bonds, commodities and other financial instruments. Similarly, Bitcoin ETFs track BTC’s value and trade on traditional stock exchanges rather than crypto exchanges.…

Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal

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The circumstances behind the mysterious $16 million withdrawal from the Pepecoin (PEPE) project’s multisig wallet have seemingly been revealed, with the finger being pointed at three ex-team members who went rogue. On Aug. 24, the price of PEPE plunged by roughly 15% amid fears of a potential rug-pull after the community spotted that $16 million worth of PEPE was withdrawn from the Pepe multisig wallet and sent to several exchanges. 1/4 1 hour ago, the Pepe multisig wallet, changed the amount of signatures required on their multisig from a 5/8…

US drug regulator mistakenly sent $55k to scammer

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied US Drug Enforcement Administration (DEA) mistakenly transferred $55,000 to a crypto scammer, exposing vulnerabilities even amidst high-security operations. The scam was uncovered when the US Marshals Service detected the incident. However, the funds were already removed. According to Forbes, the agency seized over $500,000 in Tether stablecoin in May. The amount was derived from two Binance accounts that had aroused suspicions of being conduits for the illicit proceeds of the drugs trade. The details of this…

Prime Trust’s parent company reports $8m loss due to TerraUSD investments

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Prime Core Technologies, the parent entity of crypto custodian Prime Trust, reports an $8 million shortfall from TerraUSD investments. The loss was disclosed in an Aug. 24 filing with the Bankruptcy Court for the District of Delaware in the United States. The company revealed it incurred losses of $6 million in client funds and $2 million in treasury funds through USTC investments under previous management. “Although crypto winter was not the precipitous event leading to the Receivership and…

Crypto builders should ‘give up’ serving US customers for 5 to 10 years — dYdX founder

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Antonio Juliano, the founder of decentralized exchange dYdX thinks that crypto builders should forget about serving customers in the U.S. over the next five to 10 years, experiment in other markets and then return once the time is right. In an Aug. 25 X (Twitter) thread, Juliano argued that builders should prioritize markets outside the U.S., as they will face fewer hurdles as they focus on platform growth and user adoption. Juliano’s comments were particularly focused on startups as opposed to fully established platforms/businesses, as he emphasized that they could…