Month: August 2023

Litecoin Blockchain’s ‘Halving,’ Set for Wednesday, Should Harden Supplies of ‘Digital Silver’

Litecoin, like Bitcoin, uses a “proof-of-work” security mechanism – relying on “miners” who expend computational resources to process transactions and secure the network. During that process, miners win rewards – a combination of variable transaction fees and a predetermined “subsidy” that gets halved approximately every four years. (With Litecoin, they happen every 840,000 transaction blocks, and the average time to generate each block is about 2.5 minutes.) Source

Binance To Enter Japan With A Bang, Will List More Tokens Than Any Local Exchange

According to Japanese-based crypto media outlet Coinpost, Binance will launch in Japan fully this month and intends to list 34 tokens on its exchange. This means the platform will offer more tokens than its local competitors in Japan, with major domestic exchanges Bitbank, GMO Coin, and Coincheck listing 30, 36, and 22 tokens, respectively.  The largest crypto exchange by trading volume intends to list its native BNB token, making this the first time it will be available in the country. Some of the other tokens expected to be listed include…

3AC co-founder rejects jurisdiction of bankruptcy court, claiming he renounced US citizenship

Kyle Davies, the co-founder of bankrupt crypto hedge fund Three Arrows Capital (3AC), has submitted documentation to court claiming he is fully a citizen of Singapore and not the United States. In an Aug. 1 filing with U.S. Bankruptcy Court for the Southern District of New York, Davies provided notarized and Apostilled copies of the form applying for the renunciation of his U.S. citizenship on Dec. 15, 2020. He claimed to have received citizenship to Singapore following the issuance of a passport in January 2021 and was not “subjecting [him]self…

Bitcoin Drops Under $29,000, Here’s Where BTC Could Find Support Next

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Bitcoin has plunged below the $29,000 level during the past day. According to on-chain data, here’s the next level that could act as major support. Bitcoin Short-Term Holder Realized Price May Be The Next Support Level As pointed out by an analyst in a CryptoQuant post, the realized price of the short-term holders at $28,000 could be an essential level for the asset. The “realized price” here refers to the cost basis (that is, the buying price) of the average investor in the Bitcoin market. Whenever the price of the…

Voyager customers targeted by scammers during 30-day withdrawal period: Report

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Scammers set their sights on Voyager Digital customers during the month-long window when they were able to withdraw some portion of their funds from the bankrupt crypto brokerage, Bloomberg reported, citing Darren Azman, a lawyer for the firm. Law enforcement has been notified of the situation, he added. Voyager customers withdrew $490 million between June 23 and July 22. That sum was almost 80% of the amount available, Azman said at a hearing of the Southern District of New York Bankruptcy Court held by telephone. According to Bloomberg, scammers used…

MicroStrategy Books No Impairment Charge on Massive Bitcoin Holdings in Q2

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“Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021,” said Andrew Kang, Chief Financial Officer, in a statement. “We efficiently raised capital through our at-the-market equity program and used cash from operations to continue to increase bitcoins on our balance sheet. And we did so against the promising backdrop of increasing institutional interest, progress on accounting transparency, and ongoing regulatory clarity for bitcoin.” Original

Curve liquidation risk poses systemic threat to DeFi even as founder scurries to repay loans

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On July 30, Curve Finance, a decentralized exchange on Ethereum, suffered a hack due to a vulnerability in certain pools built using the Vyper programming language. The price of Curve DAO (CRV) dropped 20.91% on the day of the hack, falling to a two-month low of $0.58. The next day, the decline in CRV continued to a seven-month low of $0.48 amid fears of liquidation of hefty loans worth $100 million taken by Curve Finance founder Michael Egorov against CRV as collateral. However, positive developments such as partial repayment of…

Was Sam Bankman-Fried behind a scam project?

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In the latest episode of “The Market Report,” analyst and writer Marcel Pechman discusses the BALD token rug pull and the allegations pointing toward FTX founder Sam “SBF’ Bankman-Fried as the culprit. The token launched on Coinbase’s Base network, which is currently under development, and witnessed incredible gains between July 30 and 31. Pechman notes that it is impossible to know how much fake volume and how many trades involving the same entity or small groups were used to prop up BALD’s price on decentralized exchanges (DEXs). Further evidence for…

Why MiCA Is Overly Burdensome Regulation for Ukraine’s Crypto Industry

Despite Ukraine being the birthplace of numerous crypto startups, such as Bitfury, Hacken, Everstake, Matter Labs, GlobalLedger, and Crystal Blockchain, none of them are registered in Ukraine. The reason is simple: crypto companies cannot legally obtain authorization in the country, even if they desired to do so, because there is still no workable legal framework. Source