Month: August 2023

Why Did They Sell $373 Million In Bitcoin Holdings?

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SpaceX, the aerospace company founded by tech mogul Elon Musk, reportedly took a significant step in reshaping its financial portfolio by recording a write-down of $373 million on its Bitcoin holdings in the past two years.  According to a report from The Wall Street Journal, the company not only acknowledged the devaluation of its Bitcoin assets but also indicated the possibility of divestment. A write-down in the context of cryptocurrency holdings refers to the reduction in the recorded value of a digital currency asset on a company’s balance sheet. This…

BNB hacker loses over $53M after getting liquidated in market crash

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The sudden market pullback in the crypto space liquidated many traders and, according to data shown on the blockchain, the attackers responsible for the infamous BNB Smart Chain exploit, which led to the theft of almost $600 million worth of BNB (BNB) tokens.  On Oct. 6, the cross-chain bridge by blockchain network BNB Smart Chain was suspended because of an exploit that allowed the hackers to make off with 2 million BNB tokens, which were worth around $568 million at the time of the theft. On Aug. 18, a crypto…

Bitcoin, Ether price slump leads to crypto bloodbath with $1B in liquidations

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The Bitcoin (BTC) and Ether (ETH) price slump on Aug .18 saw the top two cryptocurrencies fall to a 2-month low and triggered a series of liquidations for thousands of derivative traders. The crypto bloodbath led to billions of dollars worth of hedged positions being liquidated and several traders lost millions of dollars in a single trade. According to Coinglass data, a total of 176,752 traders got liquidated over the past 24 hours. 90% of these liquidations took place within the last 12 hours, indicating a rapid rise in price…

Securitize acquires $40B crypto fund manager Onramp

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Tokenized asset firm Securitize continues expanding investor access to private market alternative assets by acquiring the cryptocurrency fund manager Onramp Invest, which has over $40 billion in assets under management (AUM). Securitize is planning to simplify the access of registered investment advisers (RIA) to private equity, private credit and secondary asset classes with the acquisition of Onramp. A spokesperson for Securitize declined to disclose the acquisition’s costs to Cointelegraph. At the time of the transaction, Securitize had 150 employees, while Onramp’s headcount is 18 people, the representative noted. The acquisition brings…

Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout

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Bitcoin, the largest cryptocurrency in the world, has plummeted substantially in the past 24 hours, leading to a ripple effect among other cryptocurrencies. On August 18, the price of BTC suddenly dumped 8% in a matter of minutes, as tension from investors increased selling pressure. Bitcoin has endured many crashes of this magnitude in the past, and market corrections of this magnitude don’t come out of nowhere. So the recent plunge in BTC’s value could be due to several factors in the crypto industry and the global economy. Here are…

Bitget Adds ClearLoop for Off-Exchange Settlement

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The cryptocurrency exchange Bitget announced today (Friday) that it has integrated Copper’s ClearLoop network. This collaboration introduces off-exchange settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on…

What is Chapter 11 bankruptcy? Understand the basics

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In the complex world of finance and business, bankruptcy serves as a crucial mechanism that allows struggling companies to reorganize and regain financial stability.  One of the most well-known forms of bankruptcy is Chapter 11, a legal process in the United States that grants businesses the opportunity to restructure their operations while protecting them from creditors’ immediate demands. This article delves into the intricacies of Chapter 11 bankruptcy, its objectives, procedures and notable examples within the realm of the cryptocurrency industry. Chapter 11 bankruptcy, explained Chapter 11 bankruptcy, often referred…

Bitcoin (BTC) Tumbles Below $26.5K

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Bitcoin (BTC) has dropped 7% over the past 24 hours, plunging to levels not seen since June as the digital-asset market witnessed one of the worst sell-offs this year. Crypto traders were hit with $1 billion worth of liquidations over the past 24 hours, according to Coinglass data. The world’s largest cryptocurrency by market value was trading at around $26,400 at the time of writing, but briefly fell to $25,234 on Thursday. Altcoins performed slightly better with ether (ETH) losing 6% over the same time period and Solana’s SOL losing…

North Korean hackers have stolen $2B of crypto since 2018: Report

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North Korean hackers continue to threaten the broader cryptocurrency ecosystem, having stolen an estimated $2 billion of crypto over the past five years. Blockchain intelligence firm TRM Labs released its latest deep dive into the murky world of cryptocurrency-related hacking, focusing on the exploits of North Korean cybercriminals. According to TRM Labs’ data, North Korea has stolen around $200 million of crypto in 2023, accounting for 20% of all stolen funds this year. North Korean cyberattacks are estimated to be 10 times larger than attacks by other malicious actors. Hackers…

Ether whale dumps $41M days before the market crashed

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A crypto whale holding massive amounts of Ether (ETH) sold $41 million worth of the asset a few days before the market crashed, avoiding a potential $5-million loss.  The trade was flagged by the blockchain analysis platform Lookonchain, which follows and shares what it considers to be smart trades. On Aug. 18, the crypto whale deposited 22,341 ETH on the Binance exchange and withdrew around $41 million in Tether (USDT). List of transactions that the crypto whale made before the crash. Source: Etherscan While the crypto whale lost around $1.7…