Day: October 1, 2023

Mixin and Sun’s HTX hack; Binance exits Russia, Weekly Recap

This week, crypto markets were in turmoil. Justin Sun’s HTX and Mixin Network fell victim to hacks. Binance left Russia while MicroStrategy augmented its BTC stash. A flurry of hacks and scams The crypto scene witnessed a slew of security breaches and developments around scams throughout this week. Crypto exchange Upbit encountered a challenge involving counterfeit tokens amounting to $3.4 billion in trades. The prominent South Korean platform witnessed the proliferation of counterfeit tokens masquerading as Aptos (APT) tokens. These tokens, identified as ‘ClaimAPTGift’ coins, attempted to infiltrate the exchange,…

FTX Exploiter Executes Ongoing Funds Exodus, Moves $17 Million In ETH In One Day

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According to an on-chain report on Saturday, September 30, an address associated with the FTX exploiter became active for the first time in 10 months. As earlier reported, some 5,000 ETH (equivalent to $8.2 million) was transferred from the flagged address (identified as 0x3e9) to new addresses on Saturday. However, in the latest development, blockchain data tracker Spot On Chain revealed that the FTX exploiter has moved more than $17 million worth of Ether tokens in the past 24 hours. FTX Exploiter To Keep Moving Stolen Funds, Spot On Chain…

Crypto Analyst Tips Bitcoin (BTC) To Reach $40,000 In Q4 2023

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Bitcoin has recorded an overall positive price movement in the last week, gaining by 2.39%, according to data from CoinMarketCap. The premier cryptocurrency suffered a slight dip between Tuesday and Thursday but soon rose on Friday to trade above $27,000 again.  Meanwhile, in celebrating the new month of October, popular crypto analyst Michaël van de Poppe has predicted an incoming bullish run for Bitcoin in Q4 2033 based on certain expected events.  Analyst Projects Bitcoin To Reach $40K In Q4 2023 Starting With A Positive ‘Uptober’ Via a post on…

We must rethink purchasing power parity (PPP) in the cryptocurrency era

Cryptocurrencies are promising a novel avenue for stabilizing global purchasing power parity amidst traditional economic turbulence. This article delves deep into the transformative capabilities of digital assets, identifying both potential opportunities and hurdles that lie ahead. Nestled securely and transparently within the realms of blockchain technology, digital assets are scripting a new global financial tale, one that surpasses geographical borders and paves the way for a redefined understanding of purchasing power parity (PPP). Before delving further, it is crucial to comprehend the recent fluctuations in traditional economic measurements. A pertinent example…

Crypto synthetic assets, explained

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What are crypto synthetic assets? Blockchain-based financial instruments called crypto synthetic assets imitate the value and behavior of actual assets or financial instruments. Crypto synthetic assets, also known as “synthetic assets,” are a class of digital financial instruments created to mimic the value and performance of actual financial assets or assets from the real world, such as stocks, commodities, currencies, or even other cryptocurrencies, without actually owning the underlying assets.  These artificial assets are produced using complex financial derivatives and smart contracts on blockchain platforms, mainly in decentralized finance (DeFi)…

XRP Price Threatened As Ripple Unlocks 1 Billion Coins

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The XRP price has already been under pressure for the past month, as the future outlook of Ripple is still set to be determined in the near future. Although XRP has moved up with the rest of the crypto market over the past few days of green, there is still uncertainty about the next bull run. However, this little price movement could be brief, as the number of XRP tokens in circulation just increased by 1 billion XRP, around 1.87% of the circulating supply of 53.312 billion tokens. Potential Impact…

Blockchain Technology Powers Brazil’s National Identity Card Issuance

Brazil initiates the use of blockchain technology in issuing the National Identity Card (CIN), enhancing the security of the new identity issuance process. The shared registration platform, developed by Serpro, facilitates secure data sharing between the Federal Revenue of Brazil (RFB) and Civil Identification Bodies (OICs). The adoption begins in Goiás, Paraná, and Rio de Janeiro, with a nationwide implementation deadline set for November 6, 2023, as per Decree No. 10,977 of February 23, 2022. Blockchain’s Edge in Security Blockchain technology plays a pivotal role in personal data protection and…

Shark Tank’s Kevin O’Leary Says New Regulatory-Compliant Crypto Exchange Set To Replace Binance and FTX

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Venture capitalist Kevin O’Leary says that a major crypto exchange is being set up to launch in the Middle East. In a new Fox Business interview, O’Leary says that the hostile regulatory climate in the United States is letting innovative crypto firms slip away from the country. The Shark Tank star says that instead of burgeoning in the US, major players are looking to build in other countries that have a friendlier stance on the nascent industry. “This hasn’t been announced yet but in Abu Dhabi, they are planning to…

FTX exploiter moved more than $17.1M in ETH within the last 24 hours

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According to recent information from Spot On Chain, an address linked to the FTX exploit, identified as 0x3e9, has conducted transfers exceeding 10,000 ETH, valued at more than $17.1 million, across five different addresses within the past day. It’s worth noting that these addresses had remained inactive for several months before this recent activity. Within these transactions, a significant portion of 7,749 ETH, equivalent to $13 million, was directed toward the Thorchain router and Railgun contract. Furthermore, the exploiter engaged in a swap involving 2,500 ETH, valued at $4.19 million,…

DOJ readies witnesses in Bankman-Fried trial, highlights FTX asset management

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The Department of Justice (DOJ) has confirmed its intention to summon former FTX clients, investors and staff as witnesses in the upcoming trial involving Sam Bankman-Fried, the former FTX CEO. The DOJ submitted a letter motion in limine on Sept. 30 describing the witnesses it intends to call concerning FTX’s treatment of customer assets. The testimonies intend to provide perspectives on the interactions between the accused and the witnesses. It also aims to get the witnesses’ understanding of Bankman-Fried’s remarks and conduct, particularly regarding FTX’s asset management. The DOJ intends…