Day: October 8, 2023

Stablecoin market cap down 35% 18 months after Terra collapse

The overall stablecoin market has witnessed a staggering 35% dip in the past year and a half. Terraform’s collapse last year and the subsequent fall of its native Terra USD (UST) stablecoin triggered a chain reaction, which caused the valuation of the stablecoin sector to shrink from $189 billion in May 2022 to a mere $123 billion presently, per data from DefiLlama. According to analysts, the daily trading volumes of stablecoins have also been on a downward trajectory, nosediving from a peak of $150–300 billion to a mere $50 billion.…

SBF’s trial begins, more layoffs, Israel at war with Hamas, Ripple secures another victory

This week, FTX founder Sam Bankman-Fried’s trial began; the crypto sector witnesses more layoffs; a Hamas-led attack stuns Israel; Ripple vs. U.S. SEC continues. SBF faces trial Sam Bankman-Fried’s trial continues on Tuesday, Oct. 10 with testimony from former Alameda CEO Caroline Ellison. Before the trial began on Oct. 3, attorneys declined a request for a Ukrainian FTX customer to testify remotely. Prosecutors wanted this because most FTX clients live in the U.S., and one Ukrainian couldn’t travel due to wartime restrictions.  Bankman-Fried’s legal team cited concerns about the emotional…

Ripple CTO urges AMM integration into XRP Ledger

Ripple chief technology officer David Schwartz advocates for integrating an automated market maker (AMM) feature with the XRP Ledger (XRPL) to enable the creation of decentralized exchanges (DEXs) on the XRPL.  Schwartz described AMMs as a fascinating aspect of decentralized finance in a post on social media. However, implementing this feature should only proceed with the consensus of the XRPL community, he explained. The XRPL operates as a decentralized blockchain network, facilitating efficient and secure transactions for the XRP cryptocurrency. Unlike conventional systems, XRPL employs the Ripple Protocol Consensus Algorithm…

What you need to know about FTX star witness Caroline Ellison

The trial of Sam Bankman-Fried, founder of collapsed crypto exchange FTX, will enter its fifth day on Oct. 10 when one of the most anticipated witnesses takes the stand. Caroline Ellison was CEO at FTX’s sister firm, Alameda Research, as well as Bankman-Fried’s on-and-off-again girlfriend. The 28-year-old is expected to take the stand on Tuesday, picking up where another former Bankman-Fried confidant, Gary Wang, leaves off once his testimony concludes. Like Wang, Ellison was privy to most of the goings-on at Bankman-Fried’s once-thriving crypto conglomerate. The news of former Alameda…

Hackers return stolen funds after being identified by HTX

HTX, formerly Huobi, recovered 4,999 ETH stolen by hackers, setting a rare precedent in the centralized cryptocurrency exchange world. On Sept. 24, HTX’s hot wallet suffered a cyberattack that saw 5,000 ETH, equivalent to $8 million, stolen by hackers. The exchange swiftly identified the culprits and initiated a daring move by requesting the stolen funds’ return. As an incentive for the hacker’s cooperation, HTX offered a 5% “white hat” bonus, set to expire on Oct. 2. Remarkably, the hacker chose to heed the ethics call and returned 4,999 ETH to…

OKX reacts to new UK crypto regulations, reduces listed tokens

In response to new rules by the Financial Conduct Authority (FCA), OKX announced changes to its services for U.K. users, including offering 40 tokens. Seychelles-based crypto exchange OKX has responded to strict new rules regulating the advertising of cryptocurrencies in the U.K. by significantly changing its services and offerings for customers in the country. In an Oct. 8 update on its website, OKX stated that it had tailored a compliant user experience in line with the FCA’s new crypto promotion rules.  Starting Oct 8, we will implement changes due to…

Ethereum 2.0 upgrade has brought more centralization to the blockchain

JPMorgan Chase &. Co. has shed light on how the Ethereum network decentralization has decreased significantly since the Merge event and Shanghai upgrade went live. The rise of staking and centralization Since implementing the Merge and Shanghai upgrades, Ethereum has seen a substantial uptick in staking activities. Staking, a process where users lock up their crypto assets to support network operations, has its merits. According to a CryptoX report citing JPMorgan research, this surge in staking activity comes at a cost: centralization. Traditionally, many in the crypto community prefer decentralized…

Bitcoin Price At Risk? Whale Transfers $137 Million In BTC After 3-Year Dormancy

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Whales are some of the most relevant entities in the Bitcoin market because of their potential influence on the Bitcoin price through large-volume transactions. Investors and traders often look out for whale transactions, which can trigger a domino effect on the market. In one of such developments, recent on-chain data revealed that a particular whale has woken up from a three-year slumber, moving their BTC for the first time since 2020. Whale Becomes Active For The First Time In Three Years According to data from blockchain analytics platform Arkham Intelligence,…

Coinbase Ranks As Second Largest ETH Staking Entity As Lido’s Dominance Raises Concerns

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Prominent crypto exchange Coinbase has emerged as the second largest ETH staking entity based on a recent scoop by Chinese reporter Colin Wu. This development comes amidst growing concerns about network centralization in regard to Lido’s dominance in the ETH staking market.  Coinbase Accounts For 14.1% Of ETH Staking Activity – Report According to Wu, a report from Dragonfly data scientist hildobby, using data from Dune analytics, reveals that Coinbase presently has 3.873 million staked ETH, representing 14.1% of all staked ETH.  Coinbase dominance in the ETH staking sphere is only…

New research reveals the most common crypto scams in 2023

Blackmail and ransomware are the most common crypto scams, a new research shows. Explore how to protect your funds. Cryptocurrencies have promised innovation but have also seen their fair share of wrongdoing, especially in the form of scams that have left investors counting their losses. According to Chainanalysis, while the first half of 2023 saw a reduction in crypto scam revenue by nearly $3.3 billion compared to 2022, totaling just over $1.0 billion, ransomware remained a persistent issue. Ransomware attackers managed to extort approximately $175.8 million more during this period…