Day: September 16, 2023

Paxos’ $500K Bitcoin fee, FTX tokens sales set to begin, and more

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Top Stories This Week Paxos confirms it’s responsible for paying a $500K Bitcoin transaction fee The Bitcoin miner who received 19.8 BTC in fees from blockchain infrastructure firm Paxos has returned the funds following Paxos’ claim that it made a mistake in paying over $500,000 in transfer fees. On Sept. 10, Paxos paid the six-figure fee to move $2,000, with the average network fee typically being around $2. The company later acknowledged the mistake, confirming the transfer came from its servers. Almost a day after Paxos’ claims, the Bitcoin miner…

SHIB burn rate pops 350% in 24 hours

Shiba Inu (SHIB), the meme coin launched by anonymous founder Ryoshi, is making waves again as its burn rate soars by 350% within just 24 hours.  SHIB burn rate surges Shiba Inu’s burn rate, a mechanism designed to reduce the amount of SHIB tokens in circulation, has experienced an extraordinary surge. Data from Shibburn, a portal tracking SHIB’s burn metrics, reports a 350% increase in the burn rate over the past 24 hours. In perspective, approximately 150 million SHIB tokens were burned during this short timeframe. Shibburn provides essential insights…

how asset tokenization is reshaping the status quo

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The Boston Consulting Group estimates the tokenization of real-world assets could become a $16 trillion industry in the coming years. Its impact, however, goes well beyond financial figures, and can help people in developing countries to find new ways to deal with real-world problems. During a panel moderated by Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr at Swiss Web3 Fest, industry experts provided insights into how tokenization can be applied to real-world assets, and how it is enabling solutions never seen before. “Our farmers, in Kenya, receive their payouts days after the…

Tether (USDT) Movement Signals ‘Future Buy Interest’ As Bitcoin and Ethereum Supply on Exchanges Dips: Santiment

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Troves of the top stablecoin USDT are moving back onto crypto exchanges, a potentially bullish indicator, according to the crypto analytics firm Santiment. Santiment notes 24.1% of USDT’s total supply now sits on exchanges, the highest level since March. The analytics firm also notes that Bitcoin (BTC) and Ethereum’s (ETH) supply on exchanges has resumed going down, indicating traders are comfortable in HODLing the top two crypto assets. Santiment calls those two trends “a golden combination” which the firm says indicates “more future buy interest.” Source: Santiment/X Additionally, the analytics…

Gemini accuses Barry Silbert’s DCG of fraudulent practices

Gemini, the crypto exchange founded by brothers Tyler and Cameron Winklevoss, has filed a lawsuit against Barry Silbert’s Digital Currency Group (DCG) alleging fraud. According to the court filing, filed on Sept. 15, Gemini claims that DCG is trying to avoid accountability for the damage inflicted on the victims of its Earn product and other creditors. This legal action by Gemini is a direct response to a recent statement issued by DCG concerning a proposed agreement involving the latter, the debtors, and the Official Committee of Unsecured Creditors. Gemini’s allegations…

North Korean Hackers Tapping Russian Crypto Exchanges To Funnel Illicit Digital Assets, According to Chainalysis

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A market intelligence firm says that hackers from North Korea are using Russian crypto exchanges known to launder money to move stolen digital assets. In a new blog post, crypto analytics platform Chainalysis says on-chain data reveals that hacking groups linked with North Korea are using Russian crypto exchanges to launder funds stolen from the exploitation of decentralized app project Harmony (ONE) earlier this year. “In the wake of a historic arms meeting between Kim Jung-un and Vladimir Putin, on-chain data reveals disturbing information: Democratic People’s Republic of Korea (DPRK)-linked…

PolkaWorld ceases operations, criticizes Polkadot’s OpenGov governance system

PolkaWorld has announced its decision to cease operations after Polkadot’s treasury rejected its funding proposal.  PolkaWorld, a community in the Polkadot ecosystem, raised concerns over treasury management under Polkadot’s new open governance platform, OpenGov, claiming that it negatively affects long-term ecosystem contributors. PolkaWorld cited numerous instances where the treasury denied organizations and subsequently left the Polkadot ecosystem. The previous governance system — where a council elected by Polkadot DOT holders evaluated proposals — was more effective and should be incorporated into the current OpenGov model, it argued. 🫥 It’s super…

Magic Eden adds support for Solana-powered compressed NFTs 

The Magic Eden non-fungible token (NFT) marketplace has expanded its support for compressed NFTs (cNFTs) — a new system of NFT creation powered by Solana. This strategic decision offers creators a cost-efficient solution for their digital collectible minting, the company explained. Magic Eden, which recently welcomed BRC-20 tokens to its multi-chain platform, announced its support for cNFTs on X, formerly known as Twitter. At a time when the longstanding crypto winter is crippling NFT trading volume, Magic Eden says the latest feature will bring about a notable transformation in non-fungible…

DeFi economic activity drops 15% in August —VanEck

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The decentralized finance (DeFi) ecosystem has suffered more setbacks in August as on-chain economic activity dwindled. According to an analysis from investment manager firm VanEck, exchange volume declined to $52.8 billion in August, 15.5% lower than in July.  The findings are based on VanEck’s MarketVector Decentralized Finance Leaders Index (MVDFLE), which tracks the performance of the largest and most liquid tokens on DeFi protocols, including Unisawp (UNI), Lido DAO (LDO), Maker (MKR), Aave (AAVE), THORchain (RUNE), and Curve DAO (CRV). ​​The DeFi Index underperformed Bitcoin (BTC) and Ether (ETH) in…