Month: September 2023

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…

Anonymous MEV bot operator refunds $70k in ETH from Curve Finance attack

Alchemix Finance has thanked an anonymous MEV bot operator for voluntarily returning $70k, or 43.3 Ethereum (ETH), in arbitrage profits earned from the Curve Finance exploit. An operator of a Miner Extractable Value (MEV) bot returned 43.3 ETH in profits made during the exploit on Curve Finance, a stablecoin decentralized exchange (DEX). Alchemix Finance ,which is one of four protocols directly affected by the Curve Incident, confirmed the transaction on Sept. 4. At press time, the returned assets are worth an estimated $70,600 as ETH traded around $1,630, according to…

Hottest New Meme Crypto ‘Sonik Coin’ Nears $1.5 Million Raised With 20 Hours Left In Presale

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The speedy new meme coin Sonik Coin (SONIK) has exploded past $1.35 million in its presale after launching less than three weeks ago.  Now, investors are poised with just 20 hours remaining to buy $SONIK at its presale price or face buying it on the open market after its initial exchange offering (IEO). With little time remaining, investors have begun piling into the presale at sonikcoin.com, opening the door to a possible sell-out due to its $2,098,547 hard cap. The project will be listed on Uniswap, with rumors circulating it…

Shiba Inu Whales Begin Accumulation As Shibarium Grows

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The success of the Shibarium blockchain so far has led to Shiba Inu whale activity rising once more. These whales have been making large transfers carrying trillions of SHIB tokens worth tens of millions of dollars. This heightened activity, while interesting on its own, is also leading to positive sentiment around them due to their destinations. Shiba Inu Whales Moving Away From Centralized Exchanges A number of large Shiba Inu transactions were highlighted by the popular whale tracking account on X (formerly Twitter) called Whale Alert. The first transaction took…

Failure to tax the metaverse ‘will create a tax haven’ — Harvard legal expert

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Harvard legal scholar and Yeshiva University law professor Christine Kim recently published a research paper detailing arguments for not only taxing the metaverse but treating it as “a laboratory for experimenting with cutting-edge policy.” In the paper, dubbed simply “Taxing the Metaverse,” Kim argues that the metaverse allows participants to create and build wealth entirely within its ecosystem. According to Kim, this burgeoning wealth sector should be regulated under tax code: “Because economic activity within the Metaverse satisfies the Haig-Simons and Glenshaw Glass definitions of income, its exclusion will create…