Day: September 4, 2023

Crypto casino Stake reopens withdrawals just 5 hours after $41M hack

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Crypto betting platform Stake has reopened deposits and withdrawals and resumed services for users only five hours after the platform was hacked to the tune of $41.3 million, blockchain security firms estimate. Stake confirmed that all services resumed at 9:28pm UTC time on Sept. 4 — a few hours after the platform confirmed that several unauthorized transactions were made on Stake’s ETH/ BTC hot wallets: All services have resumed! Deposits & withdrawals are processing instantly for all currencies. We apologise for any inconvenience. — Stake.com (@Stake) September 4, 2023 The…

Australian facing up to 25 years in prison for buying drugs using crypto

A Western Sydney man was charged for allegedly attempting to import a variety of illicit drugs, purportedly by acquiring them on the deep web with crypto. According to an Aug. 29 Australian Federal Police announcement, the 23-year-old man faced the court on the day of the publication for his alleged attempt to import a number of drugs. Per the announcement, those drugs were acquired through deep web black markets and concealed in a variety of items, including cookware, toy cars and a blackjack set. The investigation began when Australian Border…

Whale Sells Ethereum (ETH) For Maker (MKR)

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Less than a week after Vitalik Buterin, one of the co-founders of Ethereum, sold his Maker (MKR) stash for ETH, one crypto whale has done the opposite. On-chain data on September 4 shows that one Ethereum holder sold 694 ETH, worth roughly $1.13 million when writing, for 1,010 MKR. At the time of the swap, MKR was changing hands at $1,122.  Whale Swaps ETH For MKR As of September 4, the address, “0x3737,” had over $20.37 million worth of assets. While the whale trades against Vitalik and doubles down on MKR, zooming in on the…

Will BTC Mimic Gold’s 2004 Price Surge? Analyst Weighs In

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A fresh perspective on Bitcoin has recently surfaced courtesy of prominent crypto enthusiast and YouTuber Lark Davis. Davis offers an interesting parallel between Bitcoin’s potential fate and gold’s historical performance, especially spotlighting the transformative year of 2004 for the latter. Reflecting on gold’s journey in the early 2000s, a period marked by the introduction of a gold Exchange Traded Fund (ETF), Lark Davis suggests that Bitcoin may be on the brink of a similar breakout. While this is a bold claim, its rationale, centered on the anticipated launch of a…

Stake reportedly hacked, $15.7m suspiciously moved

Unusual activity has been observed on Stake, a popular crypto-based sports betting and casino platform. Initially flagged by Cyvers Alerts on X, the AI-powered system detected “multiple suspicious transactions” linked to Stake. Transactions totaling roughly $16 million were questionably transferred from Stake.com. The transfer comprised 6,000 Ethereum (ETH), worth roughly $9.8 million, and an additional $5.9 million in stablecoins. While these transactions are still under investigation, some experts believe that they could be linked to a possible security vulnerability in Stake’s wallet infrastructure. Notably, data analysis firm PeckShield tweeted a…

Digital euro can ward off a host of private payment service ills: ECB official

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The European Central Bank (ECB) is quite happy with the European Commission’s (EC) legislative proposals for the digital euro. ECB executive board member Fabio Panetta told the European Parliament’s Committee on Economic and Monetary Affairs in a speech on Sept. 4 that the proposals “put Europe at the forefront of advanced economies” in CBDC development, potentially heading off private dominance of the financial sector and the ills that implies. The EC made its proposals public on June 28. Panetta, a critic of cryptocurrency, called the EC proposals for the euro…

Grayscale victory, SEC delays decision on Bitcoin ETFs: Law Decoded

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On Aug. 29, crypto asset manager Grayscale Investments scored a major victory against the United States Securities and Exchange Commission in its efforts to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF). The U.S. Court of Appeals Circuit Judge Neomi Rao ordered Grayscale’s petition for review be granted and the SEC’s order to deny the GBTC listing application be vacated. Previously, Rao said that the SEC did not “offer any explanation” as to why Grayscale was in the wrong.  Initial enthusiasm in the crypto…

USDT’s market cap drops for the first time in 2023

Tether Holding’s USDT market cap has declined for the first time in almost a year. This comes as reports claim the stablecoin consistently depegged versus the USD throughout August. In the first week of August, USDT had a 98% depeg severity, meaning it traded at a discount on almost every exchange. By the end of August, its market cap had contracted by 1.2% to $82.9 billion, according to CCData, an analytics platform. The Stablecoin aggregate market has shrunk for the 17th consecutive month, currently hovering around $125 billion. Factors inducing…

Trading Hype Versus Price Reality, What Lies Ahead?

XRP, the fifth-largest cryptocurrency in the market, has entered a phase of macro consolidation following a significant decline that began on July 20. This consolidation has maintained the token’s price within a range of $0.4858 and $0.5505, before Ripple Labs’ legal victory against the US Securities and Exchange Commission on July 13.  XRP Consolidation Continues Despite Strong Trading Activity According to insights from crypto market data provider Kaiko, XRP demonstrated extreme trade volume during the summer. XRP’s average trade volume in the previous month reached $462 million, four times higher…

Multiple Bitcoin ETFs incoming: JP Morgan analyst

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied JP Morgan analysts, led by Nikolaos Panigirtzoglou, suggest that Grayscale’s court victory over the United States Securities and Exchange Commission (SEC) sets the stage for a flurry of Bitcoin (BTC) exchange-traded funds (ETFs). In a recent note, JP Morgan analysts proposed that the SEC might need to reconsider its approval of a futures-based Bitcoin ETF to prevent the conversion of Grayscale Bitcoin Trust (GBTC) into a spot ETF. However, the analysts deem this scenario unlikely, as…