Crypto news
Ethereum ICO-era whale address transfer 145,000 ETH weeks before the Merge
An Ethereum (ETH) whale wallet that participated in the Genesis Initial Coin Offering (ICO) and obtained about 150,000 ETH in 2014 was activated again on Aug. 14 after three years of dormancy. The whale address transferred 145,000 ETH to multiple wallets as Ether price surged to a new 3-month high of over $2,000. The transfers were made in a batch of 5,000 ETH per transaction and a few transfers of over 10,000 ETH. The total value of the transferred ETH is over $280 million, and the wallet address currently has a balance of 0.107 ETH. Ethereum ICO era wallet transactions Source: Etherscan The 145,000 ETH transfer was only the second instance after the ICO when the whale wallet was activated, the first coming in July 2019 when the wallet sent out 5,000 ETH to Bitfinex3 exchange ...
Zipmex gets 3 month protection in Singapore amid halted withdrawals
Cryptocurrency exchange Zipmex has gotten a chance to sort out liquidity issues as a court in Singapore has granted the firm with more than three months of creditor protection. Singapore’s High Court has ruled to give each of the five Zipmex entities a moratorium until Dec. 2, 2022 to come up with a restructuring plan, Bloomberg reported on Monday. The action aims to protect Zipmex from potential creditor lawsuits during the moratorium period after the exchange abruptly halted crypto withdrawals on its platform in mid-July. The cryptocurrency has since resumed partial withdrawals from Zipmex’s trade wallet but is yet to resume all withdrawals. Zipmex sought creditor protection for a period of six months subsequently after halting withdrawals, filing five moratorium applications on July 27....
Tornado Cash community fund multi-signature wallet disbands amid sanctions
Following the sanctions placed by the United States on USD Coin (USDC) and Ethereum (ETH) addresses associated with the crypto mixer Tornado Cash (TORN), the signatories of the projects’ multi-signature community fund disbanded. In 2021, the Tornado Cash community created a fund to provide incentives to key contributors to the project. The fund was held in a community-managed multi-signature wallet with five peer-elected members validating transactions who were selected because of their contributions to the project. However, as interacting with Tornado Cash started to come with more risks, with penalties ranging from an up to $10 million fine to up to 30 years in prison for U.S. citizens, the community members in charge of the community fund vacated their posts to give up control of ...
Pandas, cyborgs, dogs, koalas dominate BNB Chain Red Alarm flag list
BNB Chain, a blockchain network created by crypto exchange Binance, identified over 50 on-chain projects that pose a significant risk to the users. A mix of crypto spin-offs resembling Dogecoin (DOGE) and Binance and others dedicated to pandas, cyborgs and koalas made the list as untrustworthy and high-risk projects. BNB Chain’s Red Alarm feature, which was implemented to protect investors from potential rug pulls and scams, flagged projects based on two main criteria — if the contract performs differently from what the project owners advertised or if the contract shows risks that might influence users’ funds. Speaking to Cointelegraph, Gwendolyn Regina, Investment Director at BNB Chain, said that the Red Alarm system analyzed 3,300 contracts just in July, adding that the company con...
Could Bitcoin Ever Hit a New All-Time High?
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Network and token freeze after Acala exploit raises questions
The Acala Network’s aUSD stablecoin depegged by over 99% over the weekend and forced the Acala team to pause a hacker’s wallet, raising concerns about its claim of being decentralized. On Aug. 14, a hacker took advantage of a bug on the iBTC/aUSD liquidity pool which resulted in 1.2 billion aUSD being minted without collateral. This event crashed the USD-pegged stablecoin to a cent, and in response, the Acala team froze the erroneously minted tokens by placing the network in maintenance mode. The move also halted other features such as swaps, xcm (cross-chain communications on Polkadot), and the oracle pallet price feeds until “further notice” We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a...
Scaramucci highlights key factors why crypto market will soon recover
Founder and managing partner of Skybridge Capital, Anthony Scaramucci, has an optimistic outlook for the future of crypto markets, advising investors to “see through the current environment” and “stay patient and stay long term.” In an interview with CNBC, the hedge fund manager spoke about his belief that several recent developments in the crypto space could spark “a lot more commercial activity.” In particular, he highlighted the ever-improving Lightning Network, the two-layer payment protocol layered on top of Bitcoin (BTC), BlackRock’s partnership with Coinbase, and their subsequent establishment of a BTC Private Trust Fund as positive signs for the future. Finally, CEO Larry Fink is seeing institutional demand for digital assets. Otherwis...
Celestia: Launching a blockchain to be as easy as deploying a smart contract
Developers and communities will be able to deploy their own sovereign, custom-made blockchains at the “click of a button” says Celestia co-founder Ismail Khoffi. Speaking with Cointelegraph at Korean Blockchain Week 2022 last week, Khoffi said that the project’s vision is to decouple the consensus and application execution layers to unlock new possibilities for decentralized app builders. Celesita is basically a stripped back minimalist layer one blockchain that offers users the infrastructure that makes it easy to deploy their own blockchain, or layer two rollup. in the future, we’ll all be able to have our own blockchains. and it represents one of the biggest social revolutions of our lifetimes. here’s 10 ways it could change technology, finance, work, and entire political systems ...
NFT games have edge over ‘money in, no money out’ games: Polygon’s Urvit Goel
Polygon’s VP of Global Business Development for gaming Urvit Goel believes games that integrate nonfungible tokens (NFTs) have a natural edge on traditional games that don’t allow users to sell their in-game items. Goel spoke candidly with Cointelegraph in Seoul last week about Polygon’s (MATIC) push toward helping NFT games proliferate and why game publishers in South Korea like Neowiz and Nexon are diving headfirst into the space. One of the main arguments Goel made is that the traditional business model that NFT games are competing against may be inherently weaker. In traditional gaming, users typically buy in-game items with real money, but they cannot sell those items to get back any dollar value. However, with most games in the gaming finance (GameFi) space, users can buy items as no...
Top 5 cryptocurrencies to watch this week: BTC, ADA, UNI, LINK, CHZ
The S&P 500 rose for the fourth successive week as investors cheered on signs that inflation may have peaked. Bitcoin (BTC) and select altcoins also extended their recovery, suggesting that investors are increasing their exposure to risk assets. A similar trend has played out in the cryptocurrency markets. Altcoins, led by Ether (ETH), have outperformed Bitcoin after clarity on Ethereum’s Merge, according to analysts at Glassnode. Crypto market data daily view. Source: Coin360 However, trading firm QCP Capital is cautious about the momentum in the altcoin market. They highlighted that the open interest on Ether options had surged to $8 billion, exceeding Bitcoin option OI which was at $5 billion. Glassnode suggested that traders have been booking profits on the spread between their spo...
Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode
Shiba Inu (SHIB) broke out of its prevailing “cup-and-handle” pattern on Aug. 14, raising its prospects of securing additional gains in the coming weeks. Shiba Inu could soar 50% A cup-and-handle appears when the price falls and rises in a U-shaped trajectory in the first stage, followed by a swift move sideways or downward in the second. Notably, the price trend develops under a common resistance level. Typically, cup-and-handle patterns resolve after the price breaks above the resistance level; SHIB did the same on Aug. 14 after rising 27% to $0.000016, as shown below. SHIB/USD daily price chart. Source: TradingView Per the rule of technical analysis, a cup-and-handle breakout target is determined by measuring the distance between the pattern’s lowest point and resistan...
Huobi co-founder reportedly looks to sell majority stake valued at over $1B
Leon Li, the co-founder of global crypto exchange Huobi, is reportedly in talks to sell the majority of his stake in the company, which could be valued at over $1 billion. Li reportedly had discussions with multiple financiers seeking to offload a 60% stake in the crypto company, which could be valued at over $1 billion and some believe could fetch as high as $3 billion, reported Bloomberg. A Huobi spokesperson confirmed to Bloomberg, without disclosing details, that the co-founder is engaging with numerous international giants to sell his majority share in the crypto exchange. Li reportedly informed other backers of the company of his decisions during a shareholder meeting in July this year. Li has transferred his CEO duties to Hua Zhu to focus on his health. The report also claimed ...
