Month: September 2023

Whales Abandon Ship? Ethereum Value In Jeopardy As Major Holders Liquidate

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Ethereum (ETH), a significant player in the crypto space, has recently come under scrutiny due to some concerning on-chain activities. Notably, the number of addresses holding significant amounts of Ethereum has declined, and some long-term holders appear to be liquidating their positions, potentially posing threats to Ethereum’s value. Whale Watch: A Steep Decline In Ethereum Holdings On-chain analytics have been instrumental in offering real-time insights into crypto market trends. Recent revelations have highlighted a downturn in Ethereum’s holding patterns that might have deeper implications for the digital asset’s value and…

Balancer confirms social engineering attack caused front end issues

The decentralized finance protocol Balancer suffered an exploit attack for nearly $900,000 in just a few days after a critical vulnerability was discovered. The Balancer team said a DNS attack was the source of an issue on its interface that was discovered on Sep. 20. Per reports, hackers stole $238,000 and users were advised to avoid interacting with the project’s website. The matter was previously under investigation, as crypto.news reported following an alert from Balancer. According to a later update, the protocol’s domains have now been secured by the Balance…

OnlyFans, Patreon models turn to Web3 amid payment and censorship fears

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Adult content creators have continued to shift towards decentralized versions of OnlyFans and Patreon, after recent payment difficulties and the ever-present threat of being de-platformed. Leon Lee, founder and CEO of Only1 — a decentralized version of OnlyFans — tells Cointelegraph there has been a recent power shift from intermediaries to content creators, thanks to Web3. “The role of intermediaries are diminishing while the role and earnings of creators are increasing,” said Lee. In August, creators on Patreon reported having difficulties withdrawing their earnings from the platform as payments were…

530% Spike In Shibarium Metric Could Trigger SHIB Recovery

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Shiba Inu could be gearing up for a rally after a metric has flashed bullish. This metric has to do with the recently launched Shibarium network whose usage is continuing to rise rapidly. This time around, the Ethereum Layer 2 blockchain has seen a significant surge in the number of new verified contracts. Verified Contracts On Shibarium Record 530% Spike On Monday, September 18, the total number of new verified contracts on the Shibarium network saw an impressive increase. The figure rose 530% to mark a top 5 highest day…

Vivek Ramaswamy is Drafting a ‘Crypto Policy Framework’

Following an appearance from Anthony Scaramucci – the financier famous for his brief stint as Donald Trump’s communications director – Ramaswamy’s remarks speak to crypto’s growing prominence in the U.S. political landscape. As Selkis noted as he welcomed Ramaswamy to the stage, “If you told me a couple of years ago that we’d have a major presidential candidate talking at a crypto conference, I don’t think anyone would have believed it.” Source CryptoDraftingFrameworkPolicyRamaswamyVivek CryptoX Portal

Huobi Global Faces Risks As Investments In stUSDT Surge To $1.8 Billion

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Huobi Global, a prominent cryptocurrency exchange, is at risk as investments in the staked USDT (stUSDT) project soar to $1.8 billion. The project, spearheaded by crypto entrepreneur Justin Sun, promises 5% returns tied to low-risk securities like government bonds.  However, according to a Bloomberg report, Huobi’s heavy involvement in the project raises concerns about the exchange’s ability to manage sudden outflows of funds and the transparency of its reserves.  Huobi’s Association With stUSDT Sparks Concerns And Triggers Institutional Withdrawals Per the report, Huobi’s close association with the stUSDT project has…

International financial group finds gaps in digital euro legislative package

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The Institute of International Finance (IIF) has published an assessment of the European Commission’s proposed legislation on the digital euro. It gave the bill middling marks. The IIF is a financial industry global advocacy group headquartered in Washington, D.C. with members in 60 countries. It rated the digital euro bill introduced in June and the impact assessment that accompanied it. The note is a follow-up to its comments submitted in June. The IIF looked at seven areas. It considered six of those areas “partly addressed” by the proposed legislation. Some…

Report Says Ethereum Is Trading Well Below Fair Value, What’s The Correct Figure?

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Ethereum’s price may have been dealt a massive blow as a research report on the Ethereum valuation has revealed that the cryptocurrency giant has been trading below its fair price. Ethereum Trading Value Slips A new on-chain research report has delved deep into the fair value of the Ethereum cryptocurrency since its inception, segregating the cryptocurrency’s value into sections and utilizing its trading activities and active addresses to evaluate the network’s worth over the past years.  Lewis Harland, an RxR analyst, revealed in the research report that Ethereum has been…

Apple, Goldman Sachs drop plans for trading app: Report

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Apple and Goldman Sachs scrapped plans to launch an app for futures trading, CNBC reported on Sept. 19, citing people familiar with the plans.  The project had an initial rollout date for 2022, but it was put on hold last year as economic conditions deteriorated, with a rise in interest rates and inflation pressures driving investors away from risky assets. According to the sources, the project infrastructure was “mostly built” and is ready for launch if Apple proceeds with its original plan. Additionally, it is unclear whether Goldman and Apple…

Is Bitcoin Bull Run Coming Soon? What Network Fundamentals Say

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Here’s what the Bitcoin network fundamentals have to say regarding whether the cryptocurrency could see a bull run soon or not. Monthly Average Bitcoin New Addresses Have Shot Up Recently In a new post on X, analyst Ali discussed the possibility of a bull run starting soon for the cryptocurrency. According to the analyst, “a bull run is often characterized by increased on-chain activity.” To measure the activity, Ali has used the “new addresses” metric, which keeps track of the total number of new addresses coming online on the Bitcoin…