Month: September 2023

FTX seeks to reverse payments made to Shaq, Naomi Osaka and Miami Heat

Bankrupt crypto exchange FTX is probing if it can reclaim the millions of dollars paid to celebrity athletes and sports teams that promoted the exchange before it filed for bankruptcy last November. In an over 180 page Aug. 31 court filing, FTX’s financial advisors laid out a detailed list of high-profile figures and businesses it paid in its marketing efforts to see if they’re under rules allowing bankrupt companies to reverse the payments. The list includes $750,000 made to former basketball pro Shaquille O’Neal, over $300,000 to Tennis pro Naomi…

Lido assures LDO, stETH tokens remain safe despite flaw in token contract

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Ethereum staking protocol Lido Finance has assured both Lido DAO (LDO) and staked-Ether (stETH) tokens remain safe despite hackers allegedly exploiting a known security flaw in LDO’s token contract. Lido didn’t confirm any exploits, but acknowledged the security flaw was known and reassured LDO and stETH funds remain safe in response to a Sept. 10 post by blockchain security firm SlowMist. SlowMist said LDO’s flawed token contract allows bad actors to facilitate “fake deposit” attacks on exchanges because LDO’s token contract enables users to execute transactions even where they don’t…

Friend.tech TVL tops $20M weeks after being declared ‘dead’

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Decentralized social media platform friend.tech has seen a sudden surge in total value locked (TVL), doubling to reach more than $20 million within the last four days.  Only two weeks ago, critics declared the platform “dead” after activity on the app looked to be fizzling out.  Total value locked and fees on Friend.tech since Aug. 10. Source: DeFiLlama However, activity on Friend.tech has witnessed a significant resurgence over the last few days, with the app witnessing $12.3 million in daily trading volume — the third-highest ever — on Sept. 9,…

Ripple token XRP set for a significant price surge, analyst predicts

After a brief rally fueled by a favorable court ruling, XRP’s price roller coaster continues, with CryptoSea founder Daan de Rover predicting a “gigantic move.” De Rover, who goes by CryptoRover on YouTube, indicated on X — formerly Twitter — that he expects a significant spike in price for XRP. XRP price analysis XRP, the digital asset of Ripple Labs, saw its price skyrocket on July 13 by over 80% after a significant courtroom victory over the U.S. Securities and Exchange Commission (SEC). The court ruled that XRP sales on…

Eight exchanges handle 90% of crypto trading, Kaiko data shows

The majority of digital asset trading around the world is handled by just eight cryptocurrency exchanges, according to an analysis by Kaiko. The study revealed that only eight crypto exchanges handle 90% of the global crypto trading volume and hold as much as 92% of the market depth. 🔔Introducing: The #Crypto Liquidity Concentration Report 👉 90% of liquidity is concentrated on just 8 exchanges👉 liquidity has become more concentrated over time👉 Binance accounts for 30% of global depth and 64% of volume Check it out:https://t.co/kInbfgGGkW — Kaiko (@KaikoData) September 8,…

Coinbase increases USDC interest rate after SEC confirms stance on stablecoins

Coinbase has reportedly increased interest rates on USDC holdings to 5%, marking a notable improvement from the 4% rate introduced earlier in the year.  The San Francisco-based crypto exchange hiked the interest offered to holders of its USD Coin (USDC) to 5%, only months after effecting another increase that doubled the stablecoin’s annual percentage yield from 2% to 4%. JUST IN: Coinbase are increasing the interest rate for their stablecoin, USDC, to 5%. — Whale (@WhaleChart) September 10, 2023 Rewards for holding such coins are regulatory compliant. The increments have…

Harry Potter actors, Ripple exec feud over home renovation plans

“Harry Potter” actors Emma Thompson, Imelda Staunton, and Jim Broadbent aren’t happy with proposed renovation plans put forward by their neighbor, Ripple executive Sendi Young. Harry Potter stars unite According to documents submitted to the UK’s planning department and made available for public viewing on the council’s website, Young and her husband, Daniel — a Web3 specialist — have applied for permission to demolish a one-story building from the 1960s. The building, located adjacent to the Hampstead Cricket Club pitch, is to be replaced with a contemporary structure featuring aluminum…

FTX sues LayerZero Labs, seeks to recover over $21M moved prior to bankruptcy

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Bankrupt crypto exchange FTX has filed a lawsuit against cross-chain protocol LayerZero Labs, seeking to recover $21 million in funds that were allegedly illegally withdrawn prior to FTX’s shutdown in November 2022, according to court documents filed on September 9. The case traces back to transactions made from January to May 2022, between Alameda Ventures — the venture capital arm of Alameda Research, FTX’s sister company — and LayerZero. According to the court filing, Alameda Ventures paid more than $70 million in two transactions to acquire a stake of roughly…

TON, XLM, XMR, and MKR could attract buyers if Bitcoin rises above $26,500

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Bitcoin (BTC) traded in a narrow range this week and is on target to form the third consecutive Doji candlestick pattern on the weekly chart. The cryptocurrency markets did not receive any support from the United States equities markets, which ended the week on a negative note. The S&P 500 Index dropped 1.3% while the Nasdaq closed down 1.9%.  Bitcoin’s weakness has dragged several altcoins lower, with many testing multi-week lows. This indicates that the broader crypto market is in a firm bear grip. Negative markets make it difficult for…

India considers regulating crypto with IMF-FSB guidelines

India is set to make a decisive move on cryptocurrency regulations following recent global discussions, leaning away from an outright ban. The nation plans to align its crypto regulations with recommendations of the International Monetary Fund (IMF) and Financial Stability Board (FSB). India rethinks ban India has consistently advocated for a unified global regulation for Bitcoin (BTC) and other cryptocurrencies, focusing on curbing tax evasion and money laundering. Initially, the Reserve Bank of India (RBI) pushed for an outright prohibition of cryptocurrencies, comparing the latter to gambling. However, authorities have…