Month: August 2023

Ethereum Price Looks Ready For Another Leg Lower Below $1,620

Ethereum price is struggling to clear the $1,670 resistance against the US Dollar. ETH could start another decline if it breaks the $1,640 support. Ethereum is struggling to rise above the $1,660 and $1,670 levels. The price is trading below $1,660 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline if it stays below $1,670 for a few more sessions. Ethereum Price Turns At Risk…

Sam Bankman-Fried’s Defense Renews Push for ‘Temporary Release’ Ahead of October Trial

“We do not believe that anything short of temporary release will properly address these problems and safeguard Mr. Bankman-Fried’s right to participate in his own defense,” a Friday letter authored by defense attorney Christian Everdell said. “At the very least, however, we respectfully request that the Court reconsider its previous decision and order the Marshals to produce Mr. Bankman-Fried to the proffer rooms at 500 Pearl Street five days a week, where defense counsel can provide him with an internet-enabled computer that will permit him to review, edit, and share…

Friend.tech pronounced ‘dead’ after activity and fees tank

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Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared “dead” by critics,  following a recent drop in key metrics such as activity, inflows and volume. Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11. A week later, its fees surpassed $1 million in 24 hours on Aug. 19 outshining Uniswap and the Bitcoin network. However, its fees have since cratered. Daily fees peaked at $1.7 million on Aug. 21, but dropped over 87% to around $215,000 on Aug. 26…

OnlyFans’ parent company bought $20M of Ethereum as revenue surged

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The parent company of subscription platform OnlyFans has become the latest firm to reveal its cryptocurrency holdings, showing it invested nearly $20 million into Ether (ETH) in 2022. According to an Aug. 24 financial filing to the UK corporate registry, Fenix International reported that it had purchased some $19.9 million worth of ETH between 2021 and 2022. However, due to an overall decline in crypto asset prices over the course of last year, the total value of its Ether decreased by $8.5 million by the end of November 2022.  As…

While Friend.tech booms, decentralized social has a retention problem — Execs

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Despite the recent hype around riend.tech, some decentralized social networks are still having a tough time getting users to sign up and stay on their social media platforms. Two executives in the decentralized social (DeSo) media space told Cointelegraph that as much as 99% of users moving into DeSo for the first time will end up quitting, either due to clunky onboarding or simply not knowing anyone. Ed Moss, the head of growth for layer-1 blockchain firm DeSo, said the process of cryptocurrencies from an exchange, transferring it to a…

The rise of blockchain gaming in Asia has just begun

Asia has massive potential to become the driving force of the worldwide adoption of web3 games and blockchain in years to come. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Asia has been a prominent player in the gaming industry for some time, generating a significant amount of the world’s gaming revenue. One study uncovered that Asia is home to approximately 55 percent of the world’s blockchain gamers, and these users generate roughly 52 percent…

BONE Coin Surges 15% On Weekly Chart Amid Crypto Turbulence

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In the aftermath of the crypto market sell-off, BONE/USD currently trades at $1.31 in the last 24 hours, with a trading volume of $8.8 billion. This marks an over 11% price increase in the last seven days. If the Bone Shiba swap continues following the current market trends, the coin will soon hike to 20% next week.  A significant recent event that has piqued the interest of investors and enthusiasts is the relaunch of Shibarium, the decentralized exchange tied to BONEUSD. This relaunch has breathed new life into the BONE…

Friend.tech fees drop 70% following $1.7m peak

Earnings on the decentralized social platform Friend.tech plummeted in tandem with its number of daily users. According to the latest data from DeFiLlama, Friend.tech’s earnings started to fall, with more than 70% lower fees by the end of the week compared to its peak. The number of daily added users also fell, marking an almost 80% decrease. Friend.tech fees | Source: DefiLlama At the height of its popularity, Friend.tech was the highest revenue-generating entity in decentralized finance (defi). It gained as many as 100,000 users in a few days. A…

Binance sheds light on low-cap altcoin risk management process

In an email conversation with crypto.news, a Binance spokesperson discussed the exchange’s risk management approach and confirmed initiating contact with low-market cap altcoin projects. The initiative is part of Binance’s overall strategy to bolster trading activities on its platform and curb risks for its users. Binance aims to enhance liquidity protection Binance has confirmed initiating contact with low-market cap altcoin projects as part of its strategy to bolster trading activities on its platform and curb risks for its users. In the past week, the cryptocurrency exchange reportedly contacted various low-cap…

Balancer exploited in nearly $900k after vulnerability warning

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Ethereum automated market maker and decentralized finance protocol Balancer was exploited for nearly $900,000, the protocol confirmed on X (formerly Twitter) on Aug. 27, just days after disclosing a vulnerability that affected several pools. An Ethereum address allegedly belonging to the attacker has been revealed by blockchain security expert Meier Dolev. Following the exploit, the address received two transfers of Dai (DAI) stablecoin worth $636,812 and $257,527, respectively, bringing its total balance to over $893,978. “Balancer is aware of an exploit related to the vulnerability below,” the protocol’s team posted…