Crypto
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CFTC files suit against Avraham Eisenberg for market manipulation in Mango exploit
The United States Commodity Futures Trading Commission (CFTC) filed suit against self-described digital artist Avraham Eisenberg on Jan. 9, charging him with two counts of market manipulation in connection with an exploit of decentralized finance platform Mango Markets. Eisenberg was arrested on related charges on Dec. 27 and is currently in custody. The CFTC claimed in its suit that Eisenberg “engaged in a manipulative and deceptive scheme to artificially inflate the price of swaps offered by Mango Markets […] culminating in the misappropriation of over $100 million from the platform” in October. According to the filing, Eisenberg “purchased over 400 million MNGO-USDC Swaps on Mango Markets with a position size of approximately $19 million.” Cast your vote now! Eisenberg then bought “larg...
Bitcoin derivatives data suggests a BTC price pump above $18K won’t be easy
Traders might rejoice now that Bitcoin price ventured above $17,400, but 27 long days have passed since Bitcoin (BTC) last breached the $17,250 resistance. On December 13, after a two-week-long lateral movement, Bitcoin posted a 6.5% rally toward $18,000 and even though the current movement still lacks strength, traders believe that a retest of the $18,250 resistance remains possible. Bitcoin 12-hour price index, USD. Source: TradingView To start the week, the S&P 500 index rose to its highest level in 26 days on Jan. 9. Weak economic data had previously fueled investors’ expectation of slower interest rate hikes by the U.S. Federal Reserve and the Jan. 12 Consumer Price Index (CPI) report could lend some credence to this expectation. On Jan. 6, German retail sales data sho...
NY law firm investigates potential ‘securities fraud’ at Core Scientific
A New York-based law firm says it has begun an investigation into whether Bitcoin miner Core Scientific and its leadership potentially engaged in “securities fraud and other unlawful business practices” which led to its stock price falling on several occasions. According to securities class action firm Pomerantz LLP, the investigation was prompted by a report from Culper Research in 2022, which alleged that Core Scientific had “wildly oversold” its mining and hosting businesses in 2021 and also waived a 180-day lockup period of over 282 million shares, making them “free to be dumped” in Mar. 2022. This report suggested that insiders at Core Scientific had “abandoned any pretense of care for minority shareholders,” noting ...
Layer-1 EVM oracle platform Flare launches to boost interoperable DApps
Flare, a new layer-1 Ethereum Virtual Machine blockchain platform, has gone live with the launch of two core protocols aimed at powering decentralized interoperability applications. The platform serves as an oracle network that allows developers to build applications that are aimed at being interoperable with different blockchains and internet platforms and services. Flare features two protocols that power its application-building suite. Its State Connector protocol enables information and data to be used securely and at scale from various blockchains and internet sources with the use of smart contracts. The functionality is touted to offer powerful data to the network and facilitate the development of cross-chain solutions. Meanwhile, the Flare Time Series Oracle (FTSO) sources and provid...
Crypto layoffs mount as exchanges continue to be ravaged by the prevailing bear market
There’s no denying that the crypto market has been gripped by immense bearish pressure over the past year, as made evident by the fact that the total capitalization of this sector has continued to hover below the $900 billion mark for most of the year after having scaled up to an all-time high of $3 trillion in 2021. These conditions have been characterized by many companies facing insolvency, as well as many of the world’s top exchanges laying off their staff in recent months. Moreover, the recent FTX debacle has set in motion a contagion effect that has continued to have a major effect on several crypto platforms, dissuading newer investors from entering the space in the process. Since Q2 2022, a host of prominent crypto entities (including many digital asset trading and lending platform...
Belgian MP receives Bitcoin salary for a year: Here’s what he learned
At the end of January 2022, member of the Belgian parliament Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin (BTC). Celebrating the anniversary of this experiment, Cointelegraph reached out to a lawmaker to know more about his experience. Back in 2022, Beukelaer, who represents Humanist Democratic Centre (CDH) party, cited the example of New York City Mayor Eric Adams and how American politicians are working to make their native states or cities Bitcoin hubs to justify his decision. The Brussels MP’s monthly salary of 5,500 euros ($6,140) was to be converted to Bitcoin using the Bit4You crypto trading platform. Related: Belgium says BTC, ETH and other decentralized coins are not securities “I did this political act of paying in Bitcoin to...
Crypto asset manager Osprey Funds lays off most of its staff: Report
Digital asset manager Osprey Funds has reportedly laid off most of its staff since the summer, underscoring the ongoing operational challenges posed by crypto’s enduring bear market. Yahoo Finance reported on Jan. 9 that Osprey Funds is currently operating with fewer than ten employees after laying off 15 staff members since the summer. CEO Greg Kling told the publication that the layoffs were consistent with the market downturn and that Osprey was not at risk of closing operations. Osprey offers accredited investors access to crypto-focused investment products, including an over-the-counter Bitcoin (BTC) trust that can be purchased inside brokerage accounts. Crypto layoffs are in fashion. The community doesn’t stay quiet. https://t.co/XJrxRXqvR9 — Cointelegraph (@Cointelegraph...
Why is Ethereum (ETH) price up today?
Ethereum’s native token, Ether (ETH), rose to three-week highs, rallying in lockstep with the broader cryptocurrency market, as well as stocks. ETH price rises to three-week highs On Jan. 9, ETH’s price rose 2.85% to cross above $1,325 for the first time in three weeks, a key level that could pave the token’s path toward $1,350 next if its previous price performance is any indication. The crypto market’s capitalization gained 2.66%, or $21.18 billion, in the same period. ETH/USD daily price chart. Source: TradingView Cooling inflation boosts Ethereum price Investors are rushing into riskier markets on signs of cooling inflation. Notably, on Jan. 6, the U.S. Labor Department’s nonfarm payrolls report showed a slowdown in wage increases, w...
Nifty News: Fake Pokémon NFT game spreads malware, ‘Jai Ho’ singer to launch metaverse and more
Hackers hide malware in fake NFT game A phishing website purporting to offer a Pokémon-branded nonfungible token (NFT) card game has been spreading malware to unsuspecting gamers, a cybersecurity firm has warned. The website, which at the time of writing was still online, also claims to offer an NFT marketplace, with a link to buy tokens, and even an area to stake NFTs — all based on the popular Japanese media franchise. However, an arm of the South Korean cybersecurity firm AhnLab warned the public about the website on Jan. 6, noting that instead of downloading agame, users were actually downloading a remote access tool that allows hackers to take control of their device. A screenshot of the phishing website. The “Play on PC” link at the bottom of the image downloads the malware. The...
DeFi-type projects received the highest number of attacks in 2022: Report
It’s no secret that in 2022 the world of Web3 and decentralized finance (DeFi) experienced a slew of major exploits and attacks. From the Ronin bridge attack to the Nomad hack, the top 10 exploits alone saw over $2 billion lost. In the Beosin Global Web3 Security Report 2022, it revealed that of 167 major security incidents over the last year those rooted in DeFi were the most vulnerable. DeFi projects were attacked 113 times, which accounted for approx. 67.6% of recorded attacks. This is followed by attacks on exchanges, nonfungible token (NFT) projects, cross-chain bridges and wallets in that order. According to the report, DeFi projects came in second in terms of monetary losses with a total of $950 million in losses. This follows the $1.89 billion lost in cross-chain bridge exploits in...
Touch, smell become the next big thing for the metaverse at CES 2023
The sense of smell has been added to the virtual reality (VR) experience as showcased by metaverse-focused companies at the Consumer Electronics Show (CES) 2023. A recent report from consulting firm McKinsey & Company predicted that the metaverse could potentially generate $5 trillion in value by 2030. However, the report noted that metaverse success would need a more developed human aspect that delivers positive experiences to its users. One of these catalysts may be the integration of the sense of smell and touch into VR experiences which were showcased at the recent CES. As reported by Fortune, one of the firms called OVR Technology showed a headset with a container for eight aromas that can be mixed together, creating various scents. The VR headset is reportedly scheduled to be rel...
BTC price 3-week highs greet US CPI — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week on a promising footing with BTC price action near one-month highs — can it last? In a new year’s boost to bulls, BTC/USD is currently surfing levels not seen since mid-December, with the weekly close providing cause for optimism. The move precedes a conspicuous macroeconomic week for crypto markets, with the December 2022 Consumer Price Index (CPI) print due from the United States. Jerome Powell, Chair of the Federal Reserve, will also deliver a speech on the economy, with inflation on everyone’s radar. Inside the crypto sphere, FTX contagion continues, with Digital Currency Group (DCG) at odds with institutional clients over its handling of solvency problems at subsidiary Genesis Trading. At the same time, under the hood, Bitcoin still shows signs of recove...
