Day: October 3, 2023

Altcoins To Keep On Your Radar

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As the dynamic crypto landscape evolves, attention is turning not only to the giants but increasingly to emerging altcoins that show promise and innovation. October is shaping up to be a pivotal month for a select group of these altcoins, with potential frontrunners positioning themselves. Here are our top 4 altcoins for October. Arbitrum (ARB) Arbitrum (ARB) is thrust into the limelight as it inaugurates its Short Term Incentive Program (STIP), positioning 50 million ARB to be siphoned into protocols residing within its ecosystem. The maneuver is predictive of a…

Samsung to develop AI chips with Canadian startup Tenstorrent

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The Canadian startup Tenstorrent, which builds artificial intelligence (AI) processors among other things, revealed a new partnership with Samsung’s chip manufacturing department. On Oct. 2, the startup announced the partnership with Samsung saying it will use the partnership to bring the, “next generation of AI chiplets to market.” Tenstorrent manufactures chips and intellectual property (IP) for data centers. The deal includes the use of one of Samsung’s advanced manufacturing processes, the SF4X process and 4nm architecture, to produce its next-gen chips. According to the announcement the product to be developed…

California-Based Resident Sues Binance.US and CZ for Their Role in FTX’s Downfall

The suit is demanding monetary damages, court costs and the remission of ill-gotten gains based on seven counts. Binance.US and Binance CEO Changpeng Zhao have both been slammed with a class-action suit. The suit was filed in the District Court of Northern California by a resident of the US state simply identified as Nir Lahav. According to the October 2 filing, Binance.US and Binance CEO played prominent roles in the downfall of its then competitor FTX. The filing also alleged that, in the course of trying to harm FTX to…

Ethereum Futures ETFs Underwhelm on First Day of Trading

By mid-day, the ETFs had seen less than $2 million in trading volume. According to the analyst, this was “about normal” for a new ETF but low when compared to BITO, the first Bitcoin futures ETF, which did $200 million in the first 15 minutes of trading. The highly anticipated launch of nine new Ethereum futures exchange-traded funds (ETFs) has come to a seemingly underwhelming end. The new products went to market on October 2 and are designed to track futures contracts tied to the value of the cryptocurrency Ethereum.…

Terraform and Do Kwon Secure First Victory as Investors Drop Class-Action Lawsuit

Lawyers representing the investors submitted a notice of voluntary dismissal of the lawsuit against Terraform Labs and Do Kwon in the United States District Court for the Northern District of California. The class-action lawsuits against Terraform Labs and its co-founder Do Kwon alleging fraud, were abruptly withdrawn, leaving the reasons undisclosed. Terraform Labs, renowned for its Terra stablecoin, started operations in 2018. However, a sudden crash in May 2022 occurred when the Terra blockchain experienced a temporary halt following the collapse of the TerraUSD (UST) stablecoin and Luna network. This…

Evergrande Shares Soar 20% as Trading Resumes in Hong Kong amid Ongoing Crisis

A substantial group of Evergrande’s offshore creditors is considering joining a liquidation court petition against the developer if it fails to submit a new debt restructuring plan by the end of October. The embattled Chinese property developer Evergrande witnessed a substantial surge in its shares as trading resumed in Hong Kong following a brief suspension last week. The company’s shares soared by more than 40% early on and maintained a 20% gain as trading progressed. The significant upswing comes after trading halts were imposed on the company following reports that…

NFT Project Pudgy Penguins Sees 241% Surge in Trading Volume after Walmart Integration

Being the largest US retailer, Walmart will boost the popularity of Pudgy Penguins by offering a variety of 16 Pudgy Toys, priced from $2.99 to $11.97. The weekly trading volume of the prominent NFT project, Pudgy Penguins, experienced a significant surge after its collaboration with the retail giant Walmart. Between September 24 and October 1, Pudgy Penguins recorded a trading volume of $3.32 million, marking a remarkable 241% increase compared to the previous week. This weekly volume represents the highest figure for Pudgy Penguins since July of this year. On…

The Collapse of FTX, in Sam’s Own Words

We may not know for weeks whether Sam Bankman-Fried will take the stand at his own trial. He may want the chance to explain himself to the jury, but his lawyers are surely wary of the withering cross-examination such a tactic would invite. No matter: the unconventional former crypto executive has already said – publicly – plenty about what went down in FTX’s final days. Source