In May, cybercriminals were less successful in their attacks on decentralized platforms, resulting in losses attributed to hacks and fraud incidents amounting to approximately $52.4 million. During the same period last year, digital assets worth $59.3 million were lost to similar attacks. Gala Games, which incurred a loss of $21 million, and Sonnefinance with $20 […] Source CryptoX Portal
U.S. Senator for Wyoming Cynthia Lummis has castigated President Joe Biden over his decision to veto a measure that would disapprove the Securities and Exchange Commission’s Staff Accounting Bulletin No. 121 (SAB 121). Lummis said the measure known as H.J. Res. 109, which had bipartisan support in the U.S. Congress, was intended to end the […] Source CryptoX Portal
Bitcoin, the pioneer of blockchain technology, has faced challenges as its adoption has grown. With its original design allowing only seven transactions per second, the network often struggles with scalability, leading to high fees and slower transaction times. To address these issues, Bitcoin layer two (L2) solutions have emerged. These projects aim to enhance the […] Original
Rashawn Russell, a former investment banker, was sentenced on Thursday to 41 months in prison for a cryptocurrency fraud scheme that caused $1.5 million in investor losses. From November 2020 to August 2022, Russell deceived multiple victims by promising high returns from cryptocurrency investments, only to misappropriate their funds for personal use, gambling, and repaying […] Source CryptoX Portal
Former U.S. President and presidential candidate Donald Trump’s crypto portfolio now exceeds $14 million, according to Arkham Intelligence’s onchain tracking tool. His crypto holdings include a significant amount of meme coins, which were airdropped to him by various developers. Trump has been convicted of 34 felony counts related to falsifying business records, marking the first […] Source CryptoX Portal
A crypto analyst has highlighted the Chainlink remarkable resilience amidst market volatility, predicting that the cryptocurrency is getting ready to witness a 300% surge against Bitcoin, the world’s largest cryptocurrency. Chainlink Poised For 300% Increase Against Bitcoin Chainlink, a decentralized blockchain oracle network has been gaining traction recently, bolstered by the innovative developments within its ecosystem. Popular crypto analyst, Michael van de Poppe has expressed optimism about Chainlink’s native token, LINK, predicting a major bull rally for the cryptocurrency. Related Reading Sharing a price chart depicting Chainlink (LINK)/ Bitcoin (BTC)…
JPMorgan has predicted an initial negative market reaction for spot ethereum exchange-traded funds (ETFs), expecting lower demand compared to bitcoin ETFs. The global investment bank also cautions that approximately $1 billion may exit the Grayscale Ethereum Trust, putting downward pressure on ether prices shortly after the launch of spot ethereum ETFs. ‘Initial Market Reaction to […] Original
The bankruptcy proceedings of Bittrex Inc. involved a legal dispute over claims filed by Azim Ghader, who sought recovery for lost profits and damages after his cryptocurrency was frozen on the Bittrex exchange in 2017. The United States Bankruptcy Court for the District of Delaware found that Bittrex had complied with legal requirements and upheld […] Source
Crypto investors are keeping a close eye on Ripple (XRP) as technical indicators paint a concerning picture for the altcoin’s price. After closing below its 20-day exponential moving average (EMA) for four consecutive days, XRP has entered what many analysts interpret as a bearish zone. Related Reading This technical indicator suggests a potential shift in market sentiment, with the average price of XRP over the past 20 days acting as a resistance level. With the current price trading below this key benchmark, analysts fear a decline in demand could be…
The non-fungible token (NFT) market experienced another sluggish week, with overall sales dipping by 7.5% over seven days, reaching $121.4 million on June 1. Top blockchains by sales volume Over the last seven days, Ethereum (ETH) has stayed in first place as the leading blockchain for NFT transactions after overtaking Bitcoin (BTC) last week. According to data from CryptoSlam, the blockchain maintained its dominance with total sales of $37.43 million, despite an 11.24% decrease from the previous week. Bitcoin, the second most active blockchain for non-fungible token sales, raked in…