Author: Sollcrypto
Bitcoin (BTC) continued to decline in value, reaching $29,436 on August 12th, while maintaining its remarkable price behavior marked by substantial volatility. Anticipating a “Classic weekend chop” for Bitcoin Information sourced from Cointelegraph Markets Pro and TradingView depicted a relatively stagnant Bitcoin trading atmosphere at the commencement of the weekend. Despite the subdued responses to the macroeconomic data releases from the United States throughout the week, the BTC/USD pair maintained its position close to $29,500, a significant zone of contention between bullish and bearish forces. In a recent analysis, well-known trader Daan Crypto Trades indicated, “Foreseeing a typical weekend scenario…
Assisted by law enforcement and cybersecurity agencies, a target of a 90 Ether (ETH) hack valued at $1,850 has successfully managed to have the perpetrator’s Tether (USDT) address, valued at $1.00, added to a blacklist. This action raises the possibility of the victim reclaiming a significant portion of their funds. The individual identified as L3yum on X (formerly known as Twitter) experienced an initial breach on March 16th, when the hacker gained access to their hot wallet seed phrase. During the incident, various nonfungible tokens (NFTs) related to Yuga Labs, as well as crypto assets and NFTs from smaller projects,…
Presently, Bitcoin traders find themselves discontent with recent price trends, notably the failure of prices to breach the $30,500 threshold in the past month. This dissatisfaction is exacerbated by the situation where numerous appeals for spot Bitcoin exchange-traded funds (ETFs) are facing either postponements or are awaiting regulatory assessment. Curiously, a noticeable surge in open interest for Bitcoin futures contracts has emerged, likely indicating heightened demand from institutional traders. Conversely, activity within the derivatives markets has shown limited enthusiasm. This divergence in market dynamics has resulted in a mixture of sentiments among investors, creating difficulties in generating adequate momentum for…
Following the alleged dissemination of information to New York Times journalists in a suspected bid to intimidate witnesses, a federal judge has purportedly withdrawn the bail of former FTX CEO, Sam Bankman-Fried. Eyewitness accounts from an August 11th session at the United States District Court for the Southern District of New York indicate that Judge Lewis Kaplan has ordered the annulment of Bankman-Fried’s bail, implying that he will remain in detention throughout his two fraud-related trials connected to his actions at FTX. Prosecutors had been advocating for the forfeiture of Bankman-Fried’s $250 million bail, which had thus far prevented his…
Colorado-based Bitcoin mining company Riot Platforms narrowed its net loss to $27.7 million in the second quarter, a remarkable achievement driven by increased Bitcoin production and a record hash rate capacity. During this period, the cryptocurrency miner reported a total revenue of $76.7 million, marking a 5.2% rise compared to Q2 2022. This growth was predominantly fueled by a 27% year-on-year surge in Bitcoin production, even though it was offset by a decline in Bitcoin prices, as indicated in the firm’s results filing on August 9. Notably, mining activities contributed $49.7 million, accounting for 64.7% of the overall quarterly revenue.…
The y00ts NFT project is making yet another transition between blockchain networks, just four months following its move from Solana to Polygon for the majority of its NFTs. DeLabs, the NFT company responsible for y00ts, revealed through its X (Twitter) account on August 9th that it intends to shift to Ethereum in conjunction with the launch of its DeGods NFT collection. In April, the majority of the NFT collection had been transferred from Solana to Polygon. The initial announcement of this shift was made in December, and the migration process commenced on March 28. By March 30, Polygon had confirmed…
A class-action lawsuit has been filed against Fenwick & West LLP, FTX’s former primary legal counsel, asserting that the law firm played a role in the alleged multi-billion dollar fraud associated with the crypto exchange. A filing on August 7th, submitted by a group of FTX clients in a California District Court, alleges that Fenwick & West established a series of undisclosed entities, enabling FTX co-founder Sam Bankman-Fried and other executives to employ “innovative yet illicit tactics” to perpetrate fraudulent activities. According to the lawsuit, Fenwick & West provided FTX with services that extended beyond the typical scope of a…
Scammers appeared to have seized control of Blockchain Capital’s crypto-centric venture capital firm’s Twitter account, X, in an effort to entice users with the allure of a token claim. On August 9th, the compromised account issued several messages pledging a distribution of “BCAP” tokens, leading users to a counterfeit website mimicking the authentic look of the VC firm’s original platform. Subsequently, Blockchain Capital managed to reclaim authority over the account and eliminated the fraudulent posts. The mimicry website, employing a slight alteration in the URL by adding an extra “n” to closely resemble the authentic version, prompts users to link…
The creators of MuesliSwap, the decentralized exchange built on the Cardano blockchain, have opted to reimburse users who have encountered significant slippage issues over the preceding year. On August 8th, the MuesliSwap team acknowledged their shortcomings in effectively communicating the slippage mechanism within their protocol. Slippage refers to the variance in price between the moment a transaction is initiated and its confirmation on the blockchain. MuesliSwap users have been grappling with elevated slippage for a duration of at least one year, a result of the specific configuration of the decentralized matching process, as elaborated by the team. The matchmakers, responsible…
Binance, the global cryptocurrency exchange, has announced that it has successfully obtained licenses to offer its services to the residents of El Salvador. In a press release on August 8th, Binance revealed that it has received regulatory approval from El Salvador’s Central Reserve Bank for a Bitcoin Services Provider license. Additionally, the exchange was granted a non-provisional Digital Assets Services Provider license by the country’s National Commission of Digital Assets. This significant regulatory milestone now enables Binance to introduce a range of specialized cryptocurrency products and services tailored to the specific needs of the Latin American nation. Min Lin, Binance’s…