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🟠 Binance Prevents $2.4 Billion in Potential Losses from Scams in 2024
Binance announced that it has prevented over $2.4 billion in losses from potential scams and fraudulent activities that could have impacted more than 1.2 million users from January to July 2024 owing to its risk management measures. According to the official press release shared with CryptoPotato, Binance employs an internal risk engine that provides 24/7 real-time monitoring using a combination of artificial intelligence (AI) and manual reviews.
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🇺🇸 US Court Denies Kraken's Motion to Dismiss SEC Crypto Securities Lawsuit
The U.S. District Court for the Northern District of California has denied Kraken’s motion to dismiss a lawsuit by the U.S. Securities and Exchange Commission (SEC). The court determined that the SEC “has plausibly alleged” that certain crypto tokens traded on the Kraken exchange could be considered securities, thereby allowing the case to proceed.
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🇺🇸 SEC pushes back against Richard Heart’s bid to dismiss $1 billion fraud case
The SEC aggressively opposed Richard Heart’s attempt to dismiss a $1 billion fraud case, arguing that his widespread promotion of unregistered digital assets like HEX, PulseChain, and PulseX directly targeted US investors. According to the SEC, Heart, also known as Richard Schueler, allegedly raised over $1 billion from investors worldwide by selling unregistered securities and then misappropriated millions for personal luxuries, including cars and what he called the world’s largest black diamond.
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💰 Antpool mines consecutive Bitcoin blocks, earns nearly $2 million amid Babylon staking surge
Antpool has recently mined two consecutive Bitcoin blocks, securing nearly $2 million in total revenue from both block subsidies and transaction fees, according to mempool.space. Following that, Block 857911 featured 15.55 BTC in fees, amounting to around $950k. This surge in transaction fees is largely attributed to Babylon, a Bitcoin staking platform that recently gained significant traction.
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🚨 Hackers compromise McDonald’s Instagram account to conduct $700k rug pull
Fast food chain McDonald’s’ Instagram profile promoted a scam memecoin deployed on Solana (SOL) after being compromised. The token — called GRIMACE — hit a $25 million market capitalization within two hours of its launch before it was rugged and lost more than 95% of its value. The scammers, who identified themselves as “India_X_Kr3w,” claim to have snagged roughly $700,000 from investors who believed the memecoin was an official McDonald’s’ token.
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💲 Global liquidity rose to $174.67 trillion, a new all-time high
The figure has grown by $1.13 trillion in the past week alone
💡Global liquidity is the total amount of money circulating in the global financial system, including cash, bank deposits, money market mutual funds, and other assets close to money.
🤝 @Cryptocurrency_Inside ✅
💰 Metaplanet bolsters Bitcoin holdings with additional 57 BTC
Tokyo-listed Metaplanet said it increased its Bitcoin holdings with the additional purchase of 57.273 BTC for ¥500 million (around $3.4 million), according to an Aug. 20 statement. The Bitcoin investment firm stated that the latest purchase completes its Aug. 8 announcement to acquire ¥1 billion worth of the flagship digital asset through a loan sourced from MMXX Ventures Limited.
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🪙 Tether expands USDT stablecoin to Aptos blockchain
Stablecoin issuer Tether is launching its main USDT stablecoin on the Aptos blockchain. The integration will allow those using the Aptos blockchain to natively transact with the USDT stablecoin at a lower cost than more expensive networks like Ethereum. "This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools," said Tether CEO Paolo Ardoino in a statement.
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💰 Bitfarms boosts production by 33%, increases Bitcoin holdings above 1,000 BTC
Bitfarms said its Bitcoin production and holdings increased last month despite the rising mining difficulty, according to an Aug. 31 statement. The crypto miner revealed a 33.8% rise in Bitcoin production for July, attributed to a higher hashrate. Bitfarms mined 254 BTC in July, up from 189 BTC in the previous month. The firm also grew its hashrate to 11.1 EH/s by the end of July from 10.4 EH/s.
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🇺🇸 Sen. Lummis draft bill allows US states to hold 💰 bitcoin
Sen. Cynthia Lummis' bill lays out a pathway for the U.S. to hold bitcoin and gives states the option to do so as well, according to a draft copy obtained by The Block. The bill is called the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024” or shorthand, the "BITCOIN Act of 2024," according to a draft version.
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🇺🇸 Spot ETF Inflows to Have Weaker Effect on Ether Than Bitcoin – CryptoQuant
The first wave of spot Ethereum exchange-traded funds (ETFs) in the United States debuted on July 23, with inflows running above $100 million. While the positive flows signal a strong start for the funds, ether (ETH) may not witness the parabolic uptrend bitcoin (BTC) saw after asset managers launched its ETFs earlier this year.
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🇺🇸 Donald Trump says, “Tomorrow I’m going to be with the #Bitcoin people” for his plans to attend the conference today
🤝 @Cryptocurrency_Inside ✅
📊 Hashdex files S1 for an ETF that holds bitcoin and ether, leaves door open for other assets
Crypto asset management firm Hashdex took the next move in its plan to launch an exchange-traded fund that directly owns spot bitcoin and ether, establishing what could be the first index-based crypto ETF in the United States. Hashdex filed its registration statement, also called an S-1, with the U.S. Securities and Exchange Commission on Wednesday. The fund, called the Hashdex Nasdaq Crypto Index US ETF would own bitcoin and ether, but could later hold more assets depending on how the regulatory landscape unfolds.
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👑 WazirX says external parties are attempting to prolong its restructuring efforts
Indian cryptocurrency exchange WazirX said external parties not invested in the platform may try to prolong its restructuring process for their gains. In a post on X, the exchange said these parties intend to create and maintain “uncertainty” rather than find a resolution.
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💰 Bitcoin ETFs Soar With $252M Influx, Ether ETFs Experience Another Day of Losses
Spot bitcoin ETFs achieved their highest inflow since late July, with the 12 funds collectively pulling in $252 million on Friday. Leading the charge, Blackrock’s IBIT added $86.83 million to its coffers, bringing its total net inflows since Jan. 11, 2024, to an impressive $20.71 billion. Fidelity’s FBTC followed, gathering $64 million, while Grayscale’s Mini Bitcoin Trust absorbed $50.83 million.
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📊 Crypto investment products saw $528 million in net weekly outflows amid recession fears: CoinShares
Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares registered net outflows for the first time in a month last week, totaling $528 million, according to CoinShares' latest report. The outflows were “a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes,” CoinShares Head of Research James Butterfill said. “The price correction from Friday’s close saw $10 billion wiped off total ETP AUM.”
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🏦 Coinbase to support Polygon token upgrade from MATIC to POL
Crypto exchange Coinbase said it would support the Ethereum layer-2 network Polygon planned token upgrade from MATIC tokens to the new Polygon Ecosystem Token (POL). During the migration, sending and receiving MATIC on the Polygon network will be disabled between Aug. 26 and Sept. 10. This measure aims to ensure a smooth transition from MATIC to POL.
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🪙 Tether expands fiat portfolio with new UAE Dirham stablecoin
USDT issuer Tether plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED) in collaboration with the Phoenix Group and Green Acorn, according to an Aug. 21 statement shared with CryptoSlate. This new asset will be a digital representation of the UAE Dirham, pegged 1:1 and backed by reserves held within the UAE.
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💰 Mt. Gox moves over $700 million worth of bitcoin to unknown wallet: Arkham
Mt. Gox appears to have transferred 12,000 to an unknown wallet on Tuesday night, according to blockchain analytics firm Arkham. The defunct cryptocurrency exchange sent the bitcoin worth $709.44 million to wallet address “1PuQB…nWhTb” at around 11:39 p.m. UTC on Tuesday, along with a transfer of 1264.69 BTC ($74.77 million) to address “1Jbez…LAPs6” that is identified by Arkham as a cold wallet belonging to Mt. Gox. The funds have not been further transferred to other addresses yet.
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💰 Bitwise AUM surpasses $4.5 billion, expands to Europe with ETC Group purchase
Bitwise Asset Management has announced the acquisition of ETC Group, a London-based digital asset manager known for creating Europe’s largest physical Bitcoin ETP, BTCE. This strategic move elevates Bitwise’s assets under management (AUM) to over $4.5 billion and enhances its capability to serve European investors with institutional-grade products.
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Franklin Templeton is preparing a new ETF: Bitcoin and Ethereum under one flag!
✔️Asset manager Franklin Templeton has taken a step towards launching an innovative exchange-traded fund by filing an S-1 with the SEC.
✔️The new Franklin Crypto Index ETF will combine Bitcoin and Ethereum in one product, opening up new horizons for investors.
💡Well, it's time to keep your finger on the pulse - this fund promises to be interesting!
🤝 @Cryptocurrency_Inside ✅
💰 Yahoo Finance says #Bitcoin ETF holders have 'diamond hands.' 💎✋
🤝 @Cryptocurrency_Inside ✅
🗣️ Co-founder of BitMEX, Arthur Hayes, believes that for an altcoin season to begin, Bitcoin must surpass $70,000 and Ethereum $4,000.
He also predicts that if these levels are reached, Solana could rally to $250 during the next altcoin season.
What’s your prediction for Solana’s price?
🌚 - $180
❤️ - $250
⚡️ - $350
🐳 - $500
🤝 @Cryptocurrency_Inside ✅
🪙 Tether generates a record $5.2 billion profit in first half of the year
Leading stablecoin firm Tether released its latest quarterly attestation Wednesday, reporting a record net profit of $5.2 billion for the first half of 2024. The company also reached a net operating profit of $1.3 billion in the second quarter, largely due to its yield-bearing investments and reserves, according to its press release. The attestation was conducted by BDO, a global independent accounting firm.
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💰 Solana overtakes Ethereum in weekly fee revenue for the first time
Solana surpassed Ethereum in total fees and MEV tips for the first time in a weekly timeframe since its launch. According to Blockworks Research, Solana generated approximately $25 million in revenue during the week of July 22, edging out Ethereum’s $21 million. SOL was trading at $185.8 as of press time amid the wider market downturn after hitting a high of $193.8 earlier in the day, based on CryptoSlate data.
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💰 Cantor Fitzgerald CEO announces $2B Bitcoin financing business, defends Tether at Bitcoin 2024
Cantor Fitzgerald CEO and Chairman Howard Lutnick announced on stage at Bitcoin 2024 that the global services firm plans to establish a Bitcoin financing business with $2 billion of initial financing to provide leverage to investors who hold the digital asset. "We are going to welcome Bitcoin into the financing family of the global financial markets and Cantor Fitzgerald is going to be your sponsor," Lutnick announced.
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💰 ETF issuer Jan VanEck has ‘way over 30% of his portfolio in Bitcoin’
On stage at the Bitcoin Conference 2024 today, Jan van Eck announced that way over 30% of his portfolio is in Bitcoin. Van Eck, CEO of the investment management firm VanEck, frequently compares Bitcoin to gold, viewing it as “digital gold” and a potential store of value. In an environment where global monetary stimulus erodes purchasing power, van Eck suggests that Bitcoin could outperform traditional currencies. Furthermore, he emphasizes Bitcoin’s role as an uncorrelated asset in investment portfolios, offering diversification benefits.
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💰 Kamala Harris will not be speaking at Bitcoin Conference 2024
Despite rumors circulating that the Democratic frontrunner for the US Presidential Election 2024, Kamala Harris, will be speaking at the Bitcoin Conference in Nashville this week, David Bailey has confirmed that she will not attend. David Bailey, CEO of BTC Inc. and organizer of The Bitcoin Conference, confirmed this decision comes amid ongoing discussions about the Democratic Party’s stance on Bitcoin, crypto, and blockchain technology.
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