Day: October 6, 2023

U.S. officials link North Korea to the major security breach at Mixin

A U.S. official implicates North Korea in a significant cyberattack on decentralized finance platform Mixin Network, with losses under $150 million. A high-ranking U.S. government official has indicated that North Korea is the likely culprit behind a major security intrusion targeting the decentralized finance platform Mixin Network. Earlier assessments suggested that Mixin Network suffered a financial loss amounting to $200 million following a cyberattack that took place in late September. However, the organization revised this figure to less than $150 million after conducting a thorough review. [Update]After statistical analysis, the…

39-Month Cycle Says XRP Price Is Poised For Breakout To $1,000, Here’s When

A crypto analyst has presented a 39-month analysis that could determine when the XRP price will rally to a new all-time high. The analysis marks a return of this trend, which could see XRP rise as high as $1,000. The 39-Month Cycle Pseudonymous crypto analyst NeverWishing on TradingView has presented a rather convincing 39-month cycle trend that often ends with the XRP price seeing a significant rise. The last time this trend was completed was back in mid-2020 just before the 2020/2021 bull market began. When this trend was marked…

Activist Crypto Investors Score $2.5M Bounty After Campaign on FloorDAO

FloorDAO, which seeks to build products for “NFT-Fi,” recently sent over $2.5 million of its treasury – in crypto tokens and NFTs – to a splinter group called FloorkDAO that was controlled by the activist investors. The investors quickly divided that sum amongst themselves in a redemption that valued each FLOOR token at nearly $5, up from $1.89 at the start of the year. The remaining FLOOR tokens are currently trading around $3.88, an indication of the value to those investors who did not choose to exit FloorDAO and instead…

BTC-Gold Ratio Indicator Proposes $120,000 Price Target

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Over the past week, Bitcoin price has displayed a notable bullish momentum. This comes after a prolonged consolidation phase during which the leading cryptocurrency remained stagnant below the $27,000 mark for an entire month. However, with the recent breakout and the resurgence of bullish sentiment in the market, experts are now predicting a potential surge that could propel Bitcoin’s price above $30,000. Bitcoin Price Bullish Momentum Continues Technical analyst Gert Van Lagen highlights a significant breakout from a long-term descending channel, signifying the end of a corrective wave and paving the…

Yuga Labs’ restructuring leads to layoffs at the company

Yuga Labs, creator of the popular non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), has carried out some company restructuring that will see the laying off of some team members. Yuga Labs CEO Daniel Alegre announced the news in an email sent to the staff which was published on the firm’s website on Friday, Oct. 6, 2023. While the CEO did not state the exact number of affected employees, the restructuring efforts impacted team members in the United States. Meanwhile, co-founder of Yuga Labs Greg Solano, who also mentioned…

Is Ethereum Staking Boom A Ticking Time Bomb? JPMorgan Weighs In

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Ethereum (ETH), a forerunner in the decentralized finance (DeFi) ecosystem, has seen a notable surge in its staking activities. This staking boom has raised eyebrows among experts from JPMorgan concerned over ETH’s increase in centralization and the consequences that may arise. Ethereum, aiming to transition to a proof-of-stake consensus mechanism, opened the floodgates for staking. This meant holders could ‘stake’ or lock their tokens to support network operations like block validation. However, while this promises rewards for the stakers, JPMorgan analysts have reported that there could be ripple effects. Ethereum…

September sets 2023 exploit record, and DAOs can democratize science: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. In this week’s newsletter, September became the biggest month of crypto exploits in DeFi, with over $300 million in losses, and the popular DeFi lending protocol Yield announced its permanent closure by December. Polygon co-founder Jaynti Kanani has stepped down from his day-to-day roles at the firm, saying he will now monitor from the sidelines, and decentralized autonomous organizations (DAOs) can help…

U.S. Securities and Exchange Commission (SEC) Seeks To Force Elon Musk Testimony in Twitter Takeover Probe

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The U.S. Securities and Exchange Commission (SEC) is looking to force billionaire Elon Musk to testify in its probe of his purchase of the social media platform X, formerly known as Twitter. In a new litigation release, the regulatory agency says that it has filed an application seeking an order that directs the business magnate to comply with a subpoena to testify – which he has so far ignored. According to the SEC, Musk may have violated securities laws by purchasing Twitter in October 2022 for a staggering $44 billion.…