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The Orbit Chain bridge was reportedly hacked for $81.5 million
Orbit Bridge, a gateway bridge protocol, experienced an unusual outflow of $81.5 million across multiple cryptocurrencies in a major hack.
In five separate transactions, each to a new wallet, Orbit Bridge sent $50 million in stablecoins (30 million Tether (USDT), 10 million DAI and $10 million, 231 wBTC (about $10 million) and 9,500 eth (about 21.5 million US dollars) The hack was first noticed by user X Kgjr.
The bridge appears to have a close connection with the Klaytn KLAY ecosystem; Klaytn research shows that 9 of the 10 largest tokens on the network by trading market capitalization are assets wrapped in Orbit Bridge.
The head of Ledger commented on the situation with the exploit
Ledger announced that it had completely removed the exploit and replaced the hacked library. According to the company's CEO Pascal Gauthier, the reason was a phishing attack on a former employee.
Ledger noted that it had successfully replaced the hacked library with a fixed one. The malicious code has allegedly been deactivated, and the Ledger Connect Kit is now safe to use.
At the same time, the company recommended waiting a while and clearing the cache in the browser:
Ledger CEO Pascal Gauthier noted that the reason for the hack lies in a targeted attack on one of the former employees:
“He was the victim of a phishing scam that allowed the attacker to upload a malicious file to the NPMJS Ledger (package manager for Javascript code).”
Gauthier said Ledger and the company's partner WalletConnect worked together to update the software and fix the exploit within 40 minutes of its discovery.
The company's CEO called the incident an "unfortunate isolated incident." He promised that the company would strengthen security measures.
The incident described above occurred on December 14, 2023. Many dApps that used the Ledger Connect Kit library were hit.
Decentralized exchange OKX hacked
Decentralized exchange (DEX) OKX was hacked. Information about suspicious activity in wallets associated with the trading platform appeared on the microblogs of members of the crypto community.
A network user under the nickname ENO writes that he received a complaint about the theft of money from DEX OKX wallets. According to him, representatives of the trading platform quickly removed the hacked proxy address.
According to Chinese journalist Colin Wu, hackers managed to withdraw $424 thousand worth of cryptocurrency from the wallets of the crypto exchange. According to him, the scammers could gain access to the assets by stealing the private key.
The hack was confirmed by analysts from the blockchain company SlowMist. According to them, the attack may be the result of a leak of the administrator's private key.
OKX representatives commented on the theft of money. According to them, we are talking about the theft of assets worth $370 thousand from 18 wallets. The scammers allegedly used an abandoned market maker's market contract to gain access to the assets.
The trading platform team promised to reimburse users for all stolen money. OKX representatives also initiated a security check to eliminate the possibility of a recurrence of the incident.
Shopping by miners before halving is $1.2 billion
There have been several miner purchase announcements in the past week as mining companies compete for fleet efficiency and production capacity ahead of the halving, which is now less than 20,000 blocks away, or approximately 138 days away.
The upcoming halving and the market's recovery this year from the 2022 bottom appear to have supported capital spending by mining companies.
A dozen public mining companies have placed orders to buy spot and future shares of Bitcoin miners this year totaling more than 70 EH/s.
Their investment commitments in the mining industry total more than $1.2 billion year-to-date, with about $750 million signed in the last two months.
Some of these purchases have already been paid for, and some will be due in monthly installments over the next year and beyond. In total, public mining companies have already spent $747 million in the first three quarters of this year.
Chinese miner manufacturers are likely to benefit from these procurement deals. Of the $1.1 billion investment, MicroBT and Bitmain account for 56% and 42% respectively, with Canaan accounting for the rest.
It is interesting to note that the public mining contracts for Antminers were more detailed than the contracts for WhatsMiners. Although there are only four known bulk purchases of WhatsMiners from Riot, Northern Data and Bitfarms, the pre-order hashrate is already almost 40 EH/s.
And just on Thursday, UAE-based Phoenix Group said it had signed a $136 million purchase contract for WhatsMiners, without specifying the hashrate or model.
Also notable this year is the participation of mining manufacturers in self-mining activities for digital assets. For example, since May, Canaan has been hosting Avalon miners at the Stronghold facility on a profit-sharing basis.
Several public mining companies bought 12 EH/s S19XP, and Bitmain sent almost 40 EH/s S19XP to its subsidiary in Georgia. The influx of S19XP also coincides with the resurgence of Bitmain-linked Antpool hashrate.
Bitcoin went around Tesla and Berkshire Hathaway on capitalization
Over the past day, the capitalization of bitcoin (BTC) has increased by more than 11%, to the $ 816.2 billion mark, which is more than that of Tesla, Ilon Mask and the BerkShire Hathaway, Warren Buffett, according to the CompaniesmarketCap service, writes RBC Crypto.
On the morning of December 4, Bitcoin overcame the $ 41 thousand mark and reached $ 41,700 in the moment, updating the maximum previously established. The last time above $ 40 thousand. Bitcoin traded in April 2022. According to CoinmarketCap, as of 14:20 Moscow time, the cost of the first cryptocurrency is approximately $ 41,600.
In mid -October, the course of the first cryptocurrency began rapid growth against the background of news about the possible approval of a spot exchange fund (ETF) on Bitcoin from the US Securities and Exchange Commission (SEC). In less than a month, the cost of bitcoin increased by almost $ 10 thousand.
Currently, several large investment companies at once expect the approval of their own ETF on Bitcoin by the US Securities and Exchange Commission. The launch of such ETFs is considered in the crypto community a catalyst for a new bull cycle on the market.
At the end of November, Glassnode analysts published a report in which they estimated the volume of investments in the cryptocurrency industry after the ETF approval on Bitcoin of $ 70 billion. According to experts, the current macroeconomic situation promotes investors to invest in safe assets and bitcoin is perfect for this role.
XRP Second Largest Asset In Grayscale System
Grayscale, a prominent investment firm, put XRP in the spotlight earlier this month, highlighting its role as a SWIFT alternative for cross-border payments.
This recognition comes as part of Grayscale's crypto sector structure update, which aims to provide investors with a comprehensive view of the crypto asset landscape.
The report highlights the fundamental difference between cryptocurrencies and traditional currencies, highlighting the lack of government controls that can influence traditional financial mechanisms through actions such as printing money and revising interest rates.
Bitcoin, the first and largest asset in the crypto industry, takes up a disproportionate share of Grayscale's crypto sector.
Because Bitcoin has a transparent and tightly limited supply, it can serve as a safe haven for asset values in cases of monetary instability, Grayscale said.
This makes Bitcoin a particularly attractive alternative for people in countries such as Argentina and Venezuela, where annual currency inflation rates can exceed 100%, they further add.
“Besides Bitcoin, XRP is the second largest asset. Designed as an alternative to SWIFT, XRP aims to offer fast cross-border payments with lower transaction costs than competitors.
Both of these assets are general-purpose currencies or tokens with widespread use as a monetary instrument.”
Grayscale has placed XRP among the largest assets in its crypto sector framework, including Bitcoin, Litecoin, Bitcoin Cash, Stellar, Monero and Bitcoin SV. Notably, Ethereum's absence raised eyebrows, pushing XRP to the second-largest asset in Grayscale's tracked portfolio.
Grayscale's endorsement of XRP's utility as a cost-effective and fast solution for cross-border payments goes beyond its potential for transaction efficiency.
This reignites rumors of Grayscale potentially reconsidering its support for XRP, signaling a potential revival of institutional interest in the digital asset.
Robert Kiyosaki: “Bitcoin is the best defense against hyperinflation”
Robert Kiyosaki has been emphatically warning the global public that financial collapse is imminent, especially in the United States.
This time, the investor writer wrote that Germany is “celebrating the 100th anniversary of the 1923 hyperinflation that brought Adolf Hitler to power.”
“Is the US going to celebrate hyperinflation too? I hope not. However, our government leaders are the most incompetent in the world. Research hyperinflation in Germany and Zimbabawe and prepare yourself. Food will always be valued, along with weapons, gold, silver and bitcoin,” Kiyosaki wrote.
The entrepreneur writer called Bitcoin the best protection against any financial crisis. According to Kiyosaki, Bitcoin is the money of the people because it is the people who control the value of the first cryptocurrency, not the government.
The investor is convinced that hyperinflation occurs not because of rising prices, but because of a decrease in the purchasing power of money.
Recently, Kiyosaki spoke out against the possible introduction of a digital dollar from the US Federal Reserve (Fed), suspecting that CBDC would violate user privacy.
The entrepreneur predicts that if the BRICS countries launch their own currency, it will put strong pressure on the US dollar, as a result of which the Bitcoin rate could jump to $120,000.
Coinbase estimates the effect of creating a Bitcoin ETF at billions of dollars
The impact of ETF adoption could potentially be much larger than simply attracting new capital to the digital asset market
The approval of a Bitcoin ETF by the US Securities and Exchange Commission (SEC) will open the cryptocurrency asset market to a new class of investors, according to a new report from Coinbase, the largest US crypto exchange.
This group of investors includes investment advisors, pension funds and institutions that have not previously had access to the cryptocurrency market.
According to experts, the effect of ETF adoption could potentially be much larger than simply attracting new capital to the digital asset market.
The ETF will remove restrictions for large players who will be absolutely legally able to invest money in Bitcoin and keep it on the company’s balance sheet.
In addition, the report says, subsequent regulation of the industry will give impetus to the development of new investment instruments related to cryptocurrencies.
The authors of the report believe that in the long term, due to these factors, the total capitalization of the crypto market could increase by billions of dollars.
Currently, several large investment companies are awaiting approval of their own Bitcoin ETFs by the US Securities and Exchange Commission (SEC). The launch of such ETFs is considered in the crypto community to be a catalyst for a new bull cycle in the market.
In early November, it became known that the market's largest market makers Jane Street, Virtu Financial, Jump Trading and Hudson River Trading agreed with BlackRock to provide liquidity for Bitcoin ETF trading if it is approved by the American regulator.
According to Bloomberg Intelligence analysts, the likelihood that the SEC will approve the ETF in early January 2024 is estimated at 90%.
Horizen and Stable launch first stablecoin ZUSD on EON
Horizen Labs, the technology company behind the Horizen DAO, and Stable, a Washington-based fintech company, have teamed up to launch Zen USD (ZUSD), the first stablecoin on the EON Horizen blockchain.
With this launch, users can now mint or redeem ZUSD on the EON network using a variety of payment methods including ACH, Fedwire, Visa, Mastercard and other stablecoins such as USDC through Stable Ramp.
Stable Ramp is an on/off tool that can be integrated with third-party applications such as Web3 wallets and decentralized finance (DeFi) protocols.
Rob Viglione, co-founder of Horizen and CEO of Horizen Labs, said:
“This partnership with Stable is an important step towards creating a more connected and seamless blockchain ecosystem. Integrating Stable’s stablecoin infrastructure with the Horizen EON platform will not only improve the user experience, but also pave the way for a more robust and interoperable digital asset space.”
The main goal of this partnership is to promote blockchain interoperability and innovation in the stablecoin space. The ZUSD stablecoin offers a secure medium of exchange and store of value, maintaining a value very similar to the US dollar.
Notably, the stablecoin is issued in accordance with FinCEN Convertible Virtual Currency Guidelines, including BSA/AML regulations and OFAC sanctions.
ZUSD collateral is held in liquid US dollar denominated assets by a trustee appointed for the benefit of verified ZUSD holders.
Each ZUSD can be issued or redeemed at a 1:1 rate in US Dollars or USDC by users who have completed Stable's know-your-customer (KYC) verification process. Periodic validation will be conducted to verify that each ZUSD token in circulation is sufficiently backed.
In addition, the stablecoin will be operated by Stable's, a registered money services business (MSB) subsidiary based in Wyoming.
This partnership demonstrates the compatibility of the Horizen EON platform with the Ethereum Virtual Machine (EVM). Accordingly, the platform can be chosen by creative projects seeking speed, compatibility and low fees.
The network's developer-first approach allowed Stable to deploy ZUSD on Horizen EON in less than two months.
Bitfinex reported a phishing attack
Bitfinex cryptocurrency exchange, which previously bought bitcoins, warned users about a phishing attack.
According to the press release, the team eliminated the "insignificant information security incident." During the attack, a hacker or group of persons received partial access to user information, Bitfinex said. They deceived the support service, but could not access customer funds.
“None of the main Bitfinex systems have been hacked, customer funds are not lost. Access to the server, wallets or infrastructure of the database was not carried out. We reported what happened to law enforcement agencies, ”said the exchange representatives.
Also, Bitfinex added that the company regularly reviews safety procedures, and all personnel are undergoing compulsory training in cybersecurity.
In June 2023, she returned about $ 314,000 stolen during the hacking of the exchange in 2016. Later, Ilya Lichtenstein pleaded guilty to Bitfinex hack. In addition, representatives of the exchange offered injured users to buy out the company's shares for $ 150 million.
Hong Kong crypto exchange HashKey has released an application for retail users
The Asian cryptocurrency exchange with operations in Hong Kong, HashKey Exchange, has officially launched its application for retail trading, thus expanding its presence in a special admin. traditional region of China.
HashKey Chief Operating Officer Livio Beng said that HashKey has received approval from the Securities and Futures Commission to launch an application to serve as professional investors , and retail users.
The launch of the application occurred after the exchange began offering retail trading services on its website on August 28.
“We have seen a lot of trading volume since we started serving retail users,” Wen said, adding that just October 30, daily trading volume exceeded $10 0 million, with pairs BTC-USD, ETH-USD, BTC-HKD and ETH-HKD providing more than $2.7 million
According to Beng, according to their research, about 85% of users trade through applications. In the future, the exchange plans to issue its own ERC-20 token called HSK.
The HSK token will be used as a tool that will stimulate participants in the HashKey ecosystem to develop the ecosystem.
B HashKey plans to issue a total of 1 billion HSK tokens, of which 65% will be used for ecosystem development, 30% for staff incentives and 5% for fear. new fund of the company.
Wen added that the listing of HSK on centralized exchanges will not occur before the middle of next year.
KBank acquires Satang exchange to develop crypto business
Kasikornbank, Thailand's second largest bank by assets, today announced the acquisition of a local cryptocurrency exchange through a subsidiary.
In a filing with the Stock Exchange of Thailand today, Kasikornbank, also known as KBank, said it acquired a 97% stake in Satang Corporation Co. on October 27. Ltd, which operates a digital asset exchange. KBank plans to rename Satang to Orbix Trade Co. Ltd., the document says.
According to the filing, the acquisition was carried out through Unita Capital, a wholly owned subsidiary of KBank, with a registered capital of 3.7 billion baht ($102.8 million).
Last month, KBank announced a $100 million fund to invest in Web3 and artificial intelligence startups.
The fund, called KXVC, was created by KBank's technology arm, Kasikorn Business Technology Group.
According to KBank, the fund will target AI, Web3 and fintech startups around the world, with a potential focus on the Asia-Pacific region.
Mastercard plans to cooperate with crypto wallet manufacturers
The company believes that the presence of a payment card helps providers of such crypto wallets increase the number of active users.
But wallet companies face significant demands when introducing cards into a new region. This is where Mastercard can come to the rescue.
“Mastercard is bringing its trusted and transparent approach to the digital asset space through a range of innovative products and solutions, including the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program and new programs that connect Web2 and Web3,” the company said.
According to Mastercard's presentation, once the proposed standards are approved, the next step will be to issue an EU or UK-focused card.
Binance Visa Cards Will Stop Working in Europe
Cryptocurrency exchange Binance announced that it will cease issuing and servicing its Visa debit card in the European Economic Area.
Owners of physical or virtual Binance Visas will be able to use them until December 20, 2023. The reissue can be ordered until December 6th. The company offers Binance Pay as an alternative.
Binance Card launched in spring 2020. It allowed users to make purchases in Bitcoin and BNB at 46 million merchants in 200 countries. In September of the same year, Binance Visa cards became available in Europe.
“While Binance users around the world enjoy using [the Binance Visa Debit Card] to make everyday payments using crypto assets, only about 1% of our users are affected by these changes,” an exchange spokesperson told Cointelegraph.
In August, Bloomberg learned about the termination of cooperation between payment companies Visa and Mastercard with Binance amid the latter’s regulatory problems. In March, the CFTC filed a civil lawsuit against the platform. In June, the SEC brought claims against Binance and its head Changpeng Zhao.
In October, European users of the exchange were able to deposit and withdraw funds in euros. This comes after former partner Paysafe abandoned the service in September.
Vitalik Buterin did not sell Ethereum for personal gain for five years
The creator of Ethereum (ETH), Vitalik Buterin, stated that he has not sold cryptocurrency for personal gain for five years. When you see the title of the article “Vitalik sent XXX ETH to [exchange]”, know that I do not sell coins, but almost always donate them to a charity or non-profit organization, or to another project.
Payees sell assets, well, because they need to cover their expenses. “I have not sold ETH for personal gain since 2018,” Buterin said.
One of the latest examples of Vitalik’s philanthropic activities was the transfer of Ethereum worth $14.93 to the Gemini crypto exchange.
Buterin donated virtual currency to the charitable organization Kanro, which helps solve problems caused by the coronavirus pandemic. Most likely, Vitalik published this message to reassure ETH owners in difficult times.
The cryptocurrency market is dominated by a flat, but many traders are afraid of a dump due to the behavior of whales who are getting rid of coins.
For example, on October 18, an unknown millionaire sold 13,871 ETH for $21.9 million. The moneylender purchased digital assets on January 27, 2021 at the rate of $1239 and for some reason did not sell them on time I'm in a bullish rally.
Fortune: The market for gaming blockchain applications will reach $614 billion by 2030
According to DappRadar, the gaming application market (DApps) has proven to be more popular than the DeFi and NFT ecosystems.
In the first quarter of 2023, 45% of blockchain applications with the largest number of users were from the gaming industry.
According to Fortune Business Insights, the gaming DApps market will grow to $614 billion by 2030. Currently, its capitalization is approximately $154 billion, that is, in seven years it will increase by almost 300%.
Blockchain-based applications for gamers are most popular among residents of North America, the researchers emphasized.
In 2022, investors from the United States and Canada allocated more than $30 billion to expand gaming infrastructure on the blockchain - this is almost 25% of the total funding for the industry.
At the same time, CoinGecko found that about 75% of gaming DApps launched between 2017 and 2023 were unsuccessful projects. The NFT market showed more impressive growth rates in 2021.
Fortune predicts the growth of the decentralized application ecosystem by connecting gamers from Europe and the Asia-Pacific region, primarily from China, Japan and South Korea.
Yearn Finance lost $1.4 million due to erroneous conversion
Lending protocol Yearn Finance lost about $1.4 million as a result of a “flawed multisig scenario.” According to Github, the error led to the loss of 63% of positions in the treasury.
The developers reported that the incident occurred on December 11, 2023 during the conversion of tokens on behalf of the Yearn Finance treasury. An erroneous script resulted in the exchange of 3,794,894 lp-yCRVv2 tokens for 779,958 yvDAI tokens.
“Including the 779,958 yvDAI tokens received as a result of this transaction, approximately 63% of the value was lost due to slippage using the lp-yCRVv2 spot price at the time of the transaction,” it said.
The protocol team stated that user funds were not affected. Treasury losses amounted to $1.4 million, or about 2% of the entire treasury.
Representatives of the project asked to return Yearn Finance assets to users who made a profit as a result of an erroneous conversion.
To prevent such incidents, the developers plan to introduce stricter price impact thresholds and divide funds into special management contracts.
According to PeckShield, in April 2023, an exploit of an early version of Yearn Finance called iearn resulted in the loss of $11.6 million. A similar incident occurred in February 2021, when the platform was hacked to the tune of approximately $11 million.
Venus platform lost $274,000 amid problems with Binance oracles
The developers of the Venus landing platform on BNB Chain reported a failure of the Binance oracle, which led to the loss of $274,000.
The community will consider a proposal to restore liquidity from the treasury to the affected pool.
The problem was identified in the LST-BNB pool.
The developers followed the recommendations of Chaos Labs and suspended the operation of the snBNB, agEUR and stkBNB markets with similar Binance oracle configurations.
Other markets remain fully functional and unaffected, according to the release.
The exchange team subsequently identified and fixed the glitch.
Previously, the developers urged not to interpret the incident as an exploit, since there were no problems with Venus Core Pool or XVS.
On December 10, user SaulCapital warned subscribers about problems with one of the pools. He posted a link to a suspicious wallet address involved in the incident.
According to DeFi Llama, the TVL project over the past 24 hours has decreased by $49.8 million, to $714.3 million.
The price of the utility token Venus fell by 9.9% per day, to $9.59, according to CoinGecko. At the moment the rate dropped to $9.43.
In August, a wallet associated with the theft of funds from the BSC Token Hub bridge faced the liquidation of three positions on the Venus Protocol platform.
This was caused by a decrease in the price of BNB below $220, the attacker’s losses amounted to 5.64 million vBNB (~$53.2 million at that time).
Binance Suspends AEUR Trading Amid Abnormal Volatility
Anchored Coins EUR (AEUR) appeared on the crypto exchange on December 4, 2023. The very next day, the asset lost its peg to fiat currency and grew by almost 200%. On December 5, AEUR began to rise sharply - its price reached $3.25.
“Because AEUR was well received by the community, including users who may not have realized its status as a stablecoin, there was high demand for AEUR, causing its price to deviate,” Binance support wrote.
Binance has already launched compensation for users affected by this abnormal volatility.
AEUR was issued by the Swiss company Anchored Coins, which is owned by Singaporean investor Calvin Cheng.
It was assumed that the stablecoin would be backed by paper assets in euros, which would be stored in Swiss banks. The coins themselves are issued on the Ethereum and BNB Chain blockchains.
Binance recently announced that it was delisting the native token of the sanctioned cryptomixer Tornado Cash. This immediately affected the coin’s quotes.
Shortly after the news broke, the price of TORN fell by almost 40%, to $2.2, according to CoinGecko.
After Binance announced that it plans to list ORDI with new trading pairs, the price of the token soared by 48%.
Magic Eden Releases Cross-Chain NFT and Crypto Wallet
Magic Eden has announced the launch of a cross-chain compatible cryptocurrency browser extension that aims to make it easier for users to interact with different blockchains.
Magic Eden, a leading player in the NFT market, is taking a significant step towards a more integrated and user-friendly cryptocurrency experience with its upcoming crypto wallet browser extension.
This development, as announced by CEO and co-founder Jack Lu, is designed to support the multi-chain world of NFTs by addressing the current fragmentation and complexity in managing digital assets across different blockchains.
Currently, users using multiple blockchains face the inconvenience of using multiple wallets, which creates a disjointed experience.
Magic Eden's solution, starting with a Google Chrome extension and plans for Safari and a mobile app that could be available by next year, aims to streamline this process. The wallet will support Bitcoin, Ethereum, Solana and Polygon - four blockchains that are currently integrated with NFT marketplace Magic Eden.
A notable aspect of this wallet is its self-storage feature, which requires users to manage their seed phrases themselves. This choice is in keeping with the spirit of web3, which emphasizes decentralized ownership and control.
While this approach echoes the principles of cryptography and NFTs, it raises questions about usability and accessibility for users, especially those less familiar with such security measures.
Lu's awareness of the challenges of the current cryptocurrency wallet landscape, including conflicts arising from multiple browser extensions, indicates a thoughtful approach to design. The collaboration with Exodus aims to mitigate such problems.
Additionally, significant advancements include the integration of cross-chain swaps, the ability to buy cryptocurrency with fiat currency through MoonPay, and NFT-focused features such as cross-chain portfolio tracking and support for Bitcoin serial numbers.
While the self-hosted nature of the wallet may be seen as a barrier for some, Lu hints at the possibility of integrating more user-friendly features such as email login in the future, offering a balance between security and ease of use.
CoinGecko Buys Zash - NFT Data Startup
Crypto data aggregator CoinGecko made its first acquisition by purchasing NFT data startup Zash.
CoinGecko plans to include Zash NFT data in its platform by the second quarter of next year, the company said on Wednesday. Terms of the deal were not disclosed. According to CoinGecko, Web3 Studios acted as financial advisor on the deal.
Zash was founded in 2021 at Entrepreneur First, a European startup accelerator backed by veterans including LinkedIn co-founder, Reid Hoffman, and Stripe co-founder, John Collison.
Zash originally created a social investment app "backed by real network and broker data" but moved to NFT data due to the lack of reliable and accurate blockchain data, especially for NFTs.
Today, Zash provides NFT data on 87 marketplaces across multiple blockchains, including Ethereum, Polygon, Solana, and Bitcoin Ordinals.
“After evaluating all existing NFT data providers in this space, Zash stands out as unparalleled,” T.M. said in a statement. Lee, co-founder and CEO of CoinGecko.
“In 3 years, they created a remarkable product with the most comprehensive NFT data coverage on the market and commercialized it to high-end clients with a small team.”
The Zash team will join CoinGecko as part of the acquisition. CoinGecko co-founder and COO Bobby Ong declined to disclose the size of the team, but LinkedIn says Zash employs up to 10 people.
Ong also declined to comment on the size of the deal, but Zash was at pre-seed funding round in February this year when it raised an undisclosed amount from some investors including Cogitent Ventures and WWVentures, according to Crunchbase data.
CoinGecko was founded in 2014 and competes with cryptocurrencies such as CoinMarketCap, which Binance acquired in 2020 for approximately $400 million.
Tether invests $500 million in Bitcoin mining
Tether, the issuer of USDT, is preparing to expand its Bitcoin mining activities. According to the future head of the company, Paolo Ardoino, Tether plans to invest about $500 million in the construction of mining farms and related projects in the next six months.
The company's new facilities, located in Uruguay, Paraguay and El Salvador, will increase the company's share of computing power to 1% of the entire Bitcoin network. The capacity of each of these sites will be from 40 to 70 megawatts.
Tether has already provided part of the money to finance the German mining company Northern Data Group.
This is in line with the company's overall lending strategy this year, including a strategic investment in Northern Data Group in September to support artificial intelligence initiatives.
Tether is considering building a 300 megawatt facility. However, in addition to building new mining farms, it also plans to increase the capacity of existing mining sites to 120 megawatts by the end of this year and to 450 megawatts by the end of 2025.
In addition, the company plans to place its equipment in containers that can be transported depending on changes in electricity prices.
Paolo Ardoino will be appointed CEO of Tether in December and will continue to serve as chief technology officer at parent company Bitfinex.
He emphasized that mining is an area in which the company has a lot to learn and develop with the times.
MicroStrategy earned $1 billion thanks to the rise of Bitcoin.
MicroStrategy Inc. (NASDAQ: MSTR), which bills itself as the "largest independent publicly traded business intelligence company," has been investing in the first cryptocurrency for several years.
Yesterday's rise in Bitcoin brought the company a “paper profit” of $1 billion, the information resource Watcher Guru reported.
In October, the company acquired another 155 BTC worth more than $5 million. MicroStrategy now owns 158,400 BTC worth $5.6 billion at current rates.
MicroStrategy became the first public company to begin purchasing Bitcoin as a reserve asset in August 2020. Since then, the company has regularly increased its investments in the first cryptocurrency, using both its own funds and debt financing.
The company is the largest institutional holder of Bitcoin and has surpassed even such well-known funds as the Grayscale Bitcoin Trust and Tesla in this indicator.
Immediately after the first purchase, Saylor explained the rationale for investing in the first cryptocurrency: “This investment reflects our belief that Bitcoin, as the world's most widely accepted cryptocurrency, is a reliable store of value and an attractive investment asset with longer-term growth potential than holding cash. money".
Saylor has repeatedly expressed his belief that Bitcoin is a reliable store of value and an attractive investment asset with great growth potential. He also encouraged other companies and investors to follow his example and transfer part of their reserves into Bitcoin.
MicroStrategy is an American company that specializes in developing and selling business analytics software. The company was founded in 1989 and is headquartered in Tysons Corner, Virginia.
MicroStrategy offers its clients solutions for business analytics, mobile analytics, cloud analytics, artificial intelligence, hyperintelligence and other areas.
OKX will delist 26 trading pairs
Cryptocurrency exchange OKX notified users of the delisting of 26 trading pairs that “do not meet the criteria” of the trading platform.
According to the OKX administration, the delisting of trading pairs will be carried out in two stages.
On November 9, the pairs CELO/USDC, AXS/USDC, ENS/USDC, IOST/USDC, THETA/USDC, OMG/USDC, GMT/USDC, YFI/USDC, DASH/USDC, XTZ/USDC, NEAR/ETH, IMX will be removed /USDC, GMX/USDC, APE/BTC, AAVE/ETH, CORE/USDC, ALGO/BTC, DYDX/BTC and XLM/ETH.
On November 10, the OKX exchange will continue delisting. The second stage will remove the pairs HNT/USDT, BTM/USDT, PICKLE/USDT, QOM/USDT, SAITAMA/USDT, COVER/USDT and DHT/USDT.
Trading positions not closed prior to the delisting date will be canceled automatically and funds may take up to 3 business days to be credited to user accounts.
The exchange team reports that the selection of tokens included in the delisting list was formed based on user reviews and the results of an analysis of the effectiveness of quoted trading pairs.
OKX previously announced that it had reached the final stage of obtaining a virtual asset service provider (VASP) license in Hong Kong.
German giant DWS is preparing to launch trading in cryptocurrency ETFs
The German financial giant DWS Group, which manages client assets worth $900 billion, is preparing to launch trading in cryptocurrency ETFs.
In April, DWS entered into a partnership agreement with Galax Digital, which provides services related to digital assets to institutions.
As part of the cooperation, the Germans plan to begin providing services for the purchase and sale of cryptocurrency exchange-traded funds, which residents of the European Union can use.
DWS management hopes to attract new clients with the help of ETFs. However, not all employees of the company liked this idea.
According to Investment Director Björn Jesch, the organization's employees are divided into two camps. Some consider digital assets useless and predict collapse for them.
Others, on the contrary, highly appreciate the potential of cryptocurrencies and prove their position by the fact that Bitcoin costs $35,000.
At the same time, Yesh noted that the main problem faced by traders of digital assets is the unpredictability of changes in their exchange rate.
Björn argues that the price fluctuations of most coins cannot be accurately predicted due to the short trading history, lack of a central regulator (e.g. bank) and assets that support their value.
Bank of Spain study: 65% of Spaniards are not ready to use the digital euro
The Bank of Spain conducted a survey among 1,606 individuals and 1,616 small shop and hotel owners in Spain, asking them how they feel about the European Central Bank Digital Currency (CBDC)? It turned out that Spaniards have a low level of trust in the digital euro.
65% of respondents answered that they would not use it because they were satisfied with cash. Only 20% are willing to use the digital euro along with other payment methods.
The researchers also found that after cash, credit and debit cards come next in popularity. Payment applications and electronic payments are not in great demand, although compared to last year, they have become more common.
The report also notes that despite the Anti-Fraud Law introduced in 2021, which caps cash payments at €1,000, and a reduction in the number of ATMs in the country, Spaniards still prefer cash.
In addition, residents of Spain know little about the digital euro: only 20% of the population have heard about the possible launch of a CBDC. In addition to low awareness of the government stablecoin, the majority of users surveyed did not like the idea of a CBDC.
Moreover, preference for the digital euro decreases as age increases: young people are more open to new solutions. 34% of surveyed citizens aged 18 to 24 are ready to use the new payment technology, while only 7% of users over 65 are ready to try the digital euro.
The European Central Bank (ECB) has not yet made a final decision on the launch of a digital euro. After two years of research, the pilot project moved to the next preparatory phase.
The ECB is now selecting companies that could develop a platform and infrastructure for the state cryptocurrency. In September, ECB President Christine Lagarde said it could take at least two years for the digital euro to fully launch.
The Turkish government plans to introduce a tax on cryptocurrencies
The Turkish government plans to introduce a tax on cryptocurrencies next year and will complete a study to define digital assets in the Turkish legal system. This is reflected in the President's 2024 Annual Plan linked here.
It sets out several provisions relevant to cryptocurrencies. Particularly regarding the taxation of digital virtual assets, studies will be completed to define these assets in the Turkish legal system.
In this way, crypto assets will be clearly defined, and those who trade cryptocurrencies will be taxed on the profits they make from them.
There is an important issue in the 2024 Presidential Annual Program file regarding the exchange of crypto assets. The article under code 383.1 mentions new regulation of crypto exchanges and investor protection.
Taking measures to protect investors in this sector is very important. The lack of any regulation in the markets has led to the emergence of fraudulent structures. At the same time, the number of cryptocurrency investors has increased in Turkey.
More than half of Turkey's adults have turned to cryptocurrencies as they seek to protect their wealth and savings from rapid inflation and currency devaluation, according to a recent report.
52% of Turkish citizens aged 18 to 60 have invested in cryptocurrencies, up 12% from 40% in November 2021. This growth is especially noticeable among young women: 47% of women are involved in cryptocurrency.
Sharjah Digital Office Introduces Sharjah NFT Platform
Sharjah Digital Office has launched “Sharjah NFT”, an initiative designed to change the way certificates are issued and tracked. The innovation using Non-Fungible Token (NFT) technology was demonstrated at GITEX Global 2023.
Sheikh Saud bin Sultan Al Qasimi, Director of the Digital Office in Sharjah, has led a pioneering initiative to enable public and private organizations in the United Arab Emirates (UAE) to issue digitally verified certificates.
Using Soulbound Tokens (SBT), a non-tradable NFT, Sharjah Digital Office provides a simple method of storing and retrieving documents via QR code using the blockchain.
The "Sharjah NFT Platform" is the embodiment of Sharjah's commitment to a digital and sustainable future. Launched at the Sharjah Government Pavilion during GITEX Global 2023 with an eye-catching presentation, the platform promises user-centricity at its core.
Organizations ranging from government departments to private businesses can now issue authenticated certificates.
These digital records store non-fungible codes, marking a dramatic shift from traditional paper certificates. Sheikh Saud bin Sultan Al Qasimi said his office is "unwavering in its mission to introduce advanced technologies for the benefit of society."
He attributed the initiative for such innovation to His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, highlighting his vision to develop technological innovation in Sharjah while ensuring adaptability and efficiency across all sectors. Sheikh Saud added:
“The move to Sharjah's NFT platform is a significant shift from paper certificates to secure digital certificates. Not only are they easy to release, but they provide unrivaled reliability.”
Crypto exchange Binance has resumed accepting payments in euros
On October 19, the Binance cryptocurrency exchange resumed accepting payments in euros from clients registered on the global platform. Binance has entered into partnership agreements with several European companies.
Thanks to this, users of the trading platform can again make a deposit in euros, withdraw this fiat currency, and also use it to purchase digital assets.
However, some Binance clients complained about the inability to top up their balance in euros. Exchange representatives ask users who are unable to make a deposit in fiat currency to contact online support to quickly resolve this problem.
The exchange had to disable the options for depositing and withdrawing euros in September after the payment operator PauSafe stopped working with the company. The organization severed relations with Binance due to regulatory pressure on the platform from European regulators.
However, due to the termination of the partnership with PowerSafe, Binance has disabled support for British pounds and has not yet restored the option of depositing and withdrawing this fiat currency. Apparently, the company has not yet managed to secure the support of a company ready to process transactions in pounds.
Fidelity files new bid to launch Bitcoin spot ETF
Investment firm Fidelity has filed an updated application to launch a spot bitcoin exchange-traded fund (ETF) called the “Wise Origin Bitcoin Trust” with the US Securities and Exchange Commission (SEC).
The company took into account the problems cited by the SEC in rejecting the proposal. The updated application offers increased transparency, liquidity and security.
According to it, a spot Bitcoin ETF will allow investors to easily buy and sell shares of the Fidelity fund, without having to own the cryptocurrency themselves.
Fidelity has previously said it plans to expand into digital assets. Fidelity Investments CEO Abigail Johnson has been a vocal advocate for integrating cryptocurrencies into traditional finance and strives to increase their accessibility for investors.
Recently, information appeared in the media and social networks about the SEC's approval of iShares' application to launch a spot Bitcoin ETF.
Against this background, the price of Bitcoin soared above $29,000, but the news turned out to be fake. Analysts at the Coinglass service calculated that due to the jump in the rates of Bitcoin and other cryptocurrencies, traders lost about $154 million per day.
