Day: June 1, 2024

Paradigm backs BTC staking protocol Babylon with $70m round

Bitcoin staking protocol Babylon has successfully raised $70 million in a funding round led by venture firm Paradigm.  Babylon’s investment round included participation from Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, and HTX Ventures. The platform aims to use this fresh capital to drive its mission of establishing a Bitcoin-secured decentralized economy. It allows various proof-of-stake (PoS) systems, such as PoS chains, layer-2 solutions, data availability layers, and oracles, to use Bitcoin as a staking asset.  By using Babylon’s modular design and slashing functionality,…

Japanese Crypto Exchange DMM Bitcoin Hacked for More Than $300,000,000 Worth of BTC

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The Japanese crypto exchange DMM Bitcoin announced on Friday that it had been hacked for more than $300 million worth of BTC. The exchange said it lost 4502.9 BTC ($305 million) in what the crypto investigative firm Chainalysis called “the seventh-largest crypto hack ever.” DMM Bitcoin announced the hack on Friday morning and promised it would replace customers’ stolen Bitcoin, though the exchange’s website appeared to be down by Friday evening. The blockchain security firm Beosin says the stolen funds have been distributed to 10 addresses so far and were…

Ex-Binance CEO Changpeng Zhao Begins 4-Month Prison Term in California

Several reports have indicated that the ex-CEO and founder of Binance, Changpeng Zhao (CZ), has commenced his four-month term at a low-security federal facility in Lompoc, California. CZ Enters Low-Security Facility After Pleading Guilty to Money Laundering Charges Ex-Binance boss Changpeng Zhao (CZ) is now beginning his prison sentence after admitting guilt to charges related […] Source CryptoX Portal

Bitcoin Enters Dreaded ‘Chop Season’

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Crypto analyst ShardiB recently revealed that Bitcoin has entered ‘chop season.’ This is significant as it could be a while before the flagship crypto finally archives that breakout, which will send it to new all-time highs (ATHs).  Related Reading How The Chop Season Will Affect Bitcoin’s Price While revealing that Bitcoin was about to enter the chop season, Shardi B hinted that the season would be filled with more sideways movement for the flagship crypto. The analyst made reference to the fact that BTC has continued to attempt to break…

Grayscale’s GBTC and Vaneck’s HODL Report Outflows as US Bitcoin ETFs Gain $50M

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On Friday, U.S. spot bitcoin exchange-traded funds experienced their 14th consecutive day of inflows, totaling around $50 million. Leading the inflows once more was Blackrock’s IBIT, while Grayscale’s GBTC saw outflows. $1.7B in Trade Volume and $50M in Inflows During Friday’s Bitcoin ETF Trading Sessions Approximately $50 million in inflows were reported during Friday’s spot […] Original

Crypto fraud cases spike year-over-year: Hong Kong data

Hong Kong police have officially disclosed a significant increase in the use of cryptocurrencies in fraud activities between 2022 and 2023. Since mid-2023, Hong Kong has become a favorable location for cryptocurrency trading, supported by a systematic regulatory framework. This distinguishes it from mainland China, where all crypto trading has been banned since December 2021. Hong Kong police data show that the number of crimes involving virtual assets has increased sharply from 2,336 cases in 2022 to more than 3,415 cases in 2023, involving a total amount of HK$4.3 billion,…

Major cryptocurrency shift due to SEC Ethereum ETF ruling: VanEck CEO

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VanEck CEO Jan van Eck sees a major sentiment shift underway in the cryptocurrency market linked to the U.S. Securities and Exchange Commission’s approval of a rule change allowing for Ethereum exchange-traded funds. “This is really one of the most amazing things that I’ve seen in my career with respect to securities regulation,” van Eck told CNBC’s “ETF Edge” this week.  VanEck was the first to apply to the SEC for permission to list its proposed Ethereum ETF. With that first hurdle cleared, VanEck can begin the process of bringing…

Dogecoin Whales Buy $112 Million Worth Of DOGE

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Dogecoin (DOGE) has come under the spotlight, with crypto investors looking to have turned their attention to the foremost meme coin. This development is expected to positively impact the meme coin, which has lagged for a while now.  Related Reading Dogecoin Whales Accumulate 700 Million DOGE Crypto analyst Ali Martinez revealed in an X (formerly Twitter) post that DOGE whales have bought over 700 million DOGE ($112 million) in the past 72 hours. This forms part of the current trend with crypto investors turning their attention to meme coins.  Trading…

$2.7 Billion Reduction — Coinbase Records 40,406 BTC Outflow in 60-Day Period

In recent weeks, Binance and Robinhood observed a modest influx of approximately 1,302 BTC or $88 million in bitcoin, with Robinhood acquiring the majority of these assets. Conversely, Coinbase experienced a noticeable decrease in its bitcoin reserves, witnessing an outflow of 40,406 BTC valued at $2.7 billion in the past two months. Coinbase, Binance, and […] Source CryptoX Portal

Bitcoin investors see sideways trading in June as focus turns to Washington

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Markets are nearing the official start of summer, but bitcoin may languish in June. The flagship cryptocurrency jumped 13% in May, according to Coin Metrics, its eighth monthly gain in the past nine months and its best month since February, when it soared 44%. That’s thanks to last week’s ether-led rally ahead of the SEC’s approval of a rule change allowing ether ETFs in the U.S., when ether surged 20% in two days. Now, aspiring sponsors of ether ETFs need to file their S-1 registration forms for the individual funds.…