Month: August 2023

Judge to hear Sam Bankman-Fried’s defense against 4M pages of newly released evidence

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A federal judge will hear Sam Bankman-Fried’s defense argument against a newly released batch of evidence provided by the U.S. Department of Justice (DoJ) on Aug. 25. According to Bankman-Fried’s attorneys, an additional 4 million pages of discovery were released less than six weeks before his trial, scheduled for October 3.  Judge Lewis Kaplan issued an order on Aug. 26 requesting the government to respond to letters from the Bankman-Fried’s legal team regarding his appropriate access to discovery materials, as well as a request to prevent the government from using…

Cardano’s Hoskinson foresees ADA surpassing Bitcoin 

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Cardano founder Charles Hoskinson delivered a bold prediction during his keynote address at the Rare Evo 2023 event currently taking place in Denver.  Cardano, Hoskinson envisions, will evolve beyond a mere digital currency and transform into the cornerstone of an innovative digital nation, where trust between individuals is reinstated, and ethical principles take precedence. He asserts that Cardano’s unique attributes, including its emphasis on long-term sustainability, scalability, and interoperability, set it apart from competitors such as…

$6.5 Million Lost In Latest Base-Native DeFi Protocol Rug Pull

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Magnate Finance, a DeFi lending protocol on the Ethereum layer-2 network Base, is reported to have conducted a rug pull, robbing its users of $6.4 million worth of assets. This event represents the latest troubling incident on the Base network in merely a month of its official mainnet launch. 3 Rug Pulls, $16.7 Million Lost – Who’s Responsible?  On Friday, August 25, blockchain security intelligence Peckshield confirmed Magnate Finance’s rug pull, stating that the project developers manipulated the provider of the price oracle, allowing them to withdraw all assets of…

Exodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price

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A massive 30,000 BTC was transferred into unknown wallets over the past week, leading many investors to wonder about the current outlook concerning Bitcoin. When big money moves into cold storage, it reduces selling pressure because it often indicates that whales and institutional investors are expecting the price to go up and opting for self-custody. Massive Exodus Of BTC To Cold Storage Data from CoinGlass shows that almost 30,000 BTC have been moved off exchanges in the past week. With Bitcoin currently trading around $26,000, this equates to over $780…

Imminent $16 Correction on the Horizon?

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Solana (SOL) has captured the attention of investors and analysts as its price charts form a distinctive falling wedge pattern. This technical formation, often seen as a potential trend reversal indicator, has stirred discussions about the future trajectory of SOL’s value. A falling wedge pattern is a common chart pattern in technical analysis, characterized by a contracting range between two trendlines that slope in the same direction. The upper trendline, representing the declining highs, converges with the lower trendline, formed by the decreasing lows.  This pattern suggests a potential bullish…

This Ethereum Metric Has Sparked Centralization Concerns Over ETH Ownership

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Crypto blockchains are designed to be fully decentralized so that no single person or group has control. However, new data has shown that the top 10 Ethereum addresses control over 35% of the total ETH supply. For a network that was designed to be decentralized, this has sparked some serious concerns over how centralized ETH has become.  The 10 Largest Ethereum Addresses Hold Over 35% Of The Available Supply While sharing the metric on social media platform X, crypto market intelligence platform Santiment showed how holdings of the 10 largest…

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…