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July 15,2024

Phishing Victim Receives His Money Back After Being Scammed

A hacker has unexpectedly returned nearly $9.3 million to a victim, having previously stolen $24 million in a phishing incident last September. The return was first reported by Scam Sniffer on July 13th. The scammer utilized the DAI stablecoin in two transactions last week to refund the funds. The initial transfer of $5.23 million occurred on July 8th, followed by another $4.04 million sent on July 13th at 12:06 pm UTC, as per Etherscan data.

 

A Change Of Heart

The victim had fallen prey to a $24.2 million phishing scam on September 6th, 2023, losing 9,579 Lido Staked Ether (stETH) and 4,850 Rocket Pool (rETH) tokens. During the incident, the victim unwittingly authorized token approvals to the scammer through Increase Allowance transactions, according to Scam Sniffer.

Allowance, an ERC-20 token feature, grants a third party the ability to spend tokens belonging to the owner. Market observers, including CoinMarketCap, have flagged such vulnerabilities, warning about potential exploitation by anonymous developers using malicious smart contracts to deceive users.

 

Still No Explanation

Despite the recent return of $9.3 million, representing a 38.4% reimbursement based on September 6th prices, the staked-Ether tokens would now be valued at $47.5 million. The DAI used in the transactions passed through an address associated with Railgun Relay, an intermediary for a privacy protocol, before reaching the victim.

However, there remains no explanation for the sudden transfers, as the scammer did not include any on-chain message to the victim in either transaction. According to Etherscan data, the scammer now holds slightly over $3 million, primarily in METAGALAXY LAND (MEGALAND) tokens on the BNB Chain, constituting nearly 99% of the remaining funds.

 

July 15,2024

Donald Trump Will Attend Upcoming BTC Conference Despite Assassination Attempt

Former United States President Donald Trump is set to deliver a keynote address at the upcoming Bitcoin Conference in Nashville, Tennessee, undeterred by a recent assassination attempt. Organizers of the event, including David Bailey, CEO of Bitcoin Magazine, confirmed that Trump will still attend the event despite the alarming incident that occurred on July 13th in Pennsylvania.

In related news, the election odds for Trump on prediction markets and numerous other Trump-themed meme coins skyrocketed following the assassination attempt when he was speaking on stage at a rally in Butler, Pennsylvania.

 

Still On Schedule

Bailey provided reassurance through a tweet on Friday morning, July 14th, stating that he had personally spoken with Trump and his team. He conveyed that Trump, despite the ordeal, is in high spirits and eagerly looks forward to addressing the audience in Nashville. According to Bailey, Trump expressed enthusiasm about delivering a speech that is anticipated to resonate on a global scale.

Many believe that the decision to maintain his speaking engagement at the Bitcoin Conference underscores an unwavering dedication by Trump toward engaging with topics of significant interest to the public, including cryptocurrency. His appearance was initially confirmed earlier in the week, well before the assassination attempt took place.

 

Engaging With The Public

The Bitcoin Conference, scheduled to take place between July 25th to July 27th, is poised to draw significant attention by cryptocurrency enthusiasts and industry leaders alike. The scheduled appearance by the former President on the closing day of July 27th promises to be a focal point of the event, offering attendees a unique perspective on the intersection of politics and digital finance.

Despite the unexpected challenges, his commitment to attending the conference highlights his continued engagement with relevant and timely issues, reinforcing his influence on both national and global stages. Trump is expected to contribute to lively discussions and shape the discourse surrounding the future of cryptocurrencies and their broader implications.

 

July 15,2024

Web3 Fundraising Deals - 9th July To 15th July, 2024

beoble secured $3M in strategic funding. Beoble is a communication infrastructure and ecosystem that allows users to chat between wallets.

 

 

Haruko raised $6M in Series A funding led by White Star Capital. Haruko is a digital asset investment management platform and a comprehensive gateway for investors to access blockchain opportunities.

 

 

PixelVerse received $2M through Galaxy Interactive. Pixelverse is a quest-based battler set in a cyberpunk pixelated universe. Players engage in PvE battles, collect valuable items, and enhance their skills, all while navigating through a compelling narrative.

 

 

Partior raised $60M in Series B funding led by Peak XV Partners. Partior is a financial market platform enabling real-time, secure, and scalable cross-border multi-currency payments.

 

 

Soccerverse received $3.10M by Square Enix. Soccerverse is a free-to-play game where players can build team and using the blockchain technology.

 

 

RECRD GROUP secured $4M in seed funding by Sui Foundation. RECRD is a SocialFi platform for monetizing short videos.

 

 

tread.fi raised $3.50M in pre-seed funding with support by New Form Capital. Tread.fi is a crypto trading infrastructure startup that caters to institutional firms. It offers clients a comprehensive suite of tools including a trading engine, advanced algorithms, and direct market access for spot, futures, and options trading.

 

 

ThirdFi received $2M with help by Outlier Ventures 🍸. ThirdFi is a Web3 infrastructure protocol built to empower decentralized finance with an emphasis on interoperability and middleware solutions with developer-friendly API implementations.

 

 

Kulipa secured $3M in seed funding via Fabric Ventures. Kulipa is a comprehensive solution enabling non-custodial wallets to issue branded payment cards for their users.

 

 

Dora raised $5.5M with support by Dragonfly Capital. Dora is multichain search engine that allows for search capabilities and crosschain transactions in a unified interface.

 

 

idOS secured $4.50M through Fabric Ventures. The idOS, also known as the Identity Operating System, is an open-source, composable, and interoperable solution designed to function as the identity layer of Web3.

 

 

The Satoshi Protocol received $2M in seed funding via CMS Holdings, LLC. The Satoshi Protocol is a cutting-edge CDP (Collateralized Debt Position) protocol built on the BEVM.

 

 

Rome Protocol raised $9M with support by HashKey Capital. Rome Protocol is focused on building a shared sequencer network on Solana Foundation, catering to rollup solutions and blockchain projects.

 

 

Term Labs, Inc. received $5.5M in strategic funding through Electric Capital. Term Labs is dedicated to building robust, transparent and scalable fixed rate onchain lending solutions.

July 14,2024

XRP Dominates The Market As Bitcoin Struggles To Maintain Momentum

XRP stole the spotlight this week, outshining other larger-cap altcoins with an impressive 11% surge, pushing its price above $0.5. Bitcoin (BTC), on the other hand, experienced a dip on Friday evening after briefly touching the $58,000 mark, where it has stabilized since.

 

Altcoin Season

Besides XRP, the broader altcoin market has seen a resurgence, with names like ADA, DOT, BCH, and NEAR also posting notable gains. Ethereum (ETH) is up over 2%, trading comfortably above $3,100, while Binance Coin (BNB) has gained 3%, reaching above $535.

Overall, the cryptocurrency market has added $50 billion overnight, with the total market cap now exceeding $2.260 trillion on CoinGecko. This latest market movement underscores the dynamic nature of crypto trading, offering opportunities for gains across various digital assets.

 

Other Markets

The evolving dynamics between credit and equities are captivating, with correlations showing signs of divergence. As earnings season kicks off, traders are focusing on five key themes expected to shape market sentiment and direction. The potential rate cut announcement by the ECB for September could influence market dynamics further. Beyond traditional investments, Wall Street is under broadening pressure, prompting strategic adjustments among investors.

Elsewhere, recent developments highlight global economic shifts, as investors are balancing between safe havens and risky trades in response to recent events.  Argentina choosing to implement austerity measures could contribute to its recent recession, while El Salvador awaits GDP figures amid economic changes.

Across the pond, the London Stock Market hits record highs, driven by investor optimism. India sees Modi return as Prime Minister amid political shifts, and Adani Group plans a new port in Vietnam to expand its global presence. Lastly, Singaporeans still prioritize comfort, travel, and dining amidst evolving consumer preferences and rising costs. 

 

July 13,2024

German Government Becomes Laughing Stock After Running Out Of BTC

Germany has emptied all its Bitcoin (BTC) holdings, prompting ridicule by pretty much everyone on social media. According to Arkham Intelligence, the official on-chain Bitcoin wallet for the German government now shows a balance of zero. This move signals the likely end of sell pressure by one of the largest economies in Europe. On-chain indicators suggest a potential local bottom is imminent.

 

What Happened

As of late Thursday, Arkham reported that the government held just 4,925 BTC (valued at $282.45 million). This is a significant decrease compared to the 50,000 BTC held in mid-June, originally seized via the movie piracy site Movie2k in January. Early Friday saw the government receiving 4,169 BTC back through exchanges like Kraken, Coinbase, and Bitstamp, before promptly redistributing 2,700 BTC by 5:00 AM ET.

By 10:00 AM, an additional 2,300 BTC was sent to Kraken, an unidentified address, and likely institutional deposit or over-the-counter trading services. Later in the day, the remaining 3,846 BTC ($223.8 million) was transferred to the institutional trading desk Flow Traders.

 

A Critical Error

This sale by Germany coincided with the U.S. government recently auctioning off seized coins and concerns over repayments to Mt. Gox creditors. Online, Bitcoin investors are both celebrating the sell-off and criticizing the decision by the German government to exchange coins for fiat currency.

Germany selling off their seized BTC could be seen as a significant strategic mistake in the coming decades, tweeted Reflexivity Research Co-Founder Will Clemente. Michael Saylor also subtly criticized the move, tweeting in German, Du verkaufst deine Bitcoin nicht (You do not sell your Bitcoin).

With the sell-off complete, on-chain analysts believe the current price of BTC represents an attractive entry point for new investors. Institutional investors have been accumulating Bitcoin at the fastest rate since March, suggesting confidence in buying opportunities. Meanwhile, short-term holders selling at a loss indicates peak market fear, potentially signaling a forthcoming price correction.

 

July 12,2024

Alchemy Pay And Mastercard Team Up To Bolster Security Measures

Mastercard has reportedly integrated its account opening API into Alchemy Pay, enhancing security measures and risk management for various Alchemy Pay features including On and Off-ramp solutions, NFT Checkout, and Crypto Card Solution.

 

Combating Fraud

The collaboration aims to combat identity fraud and other malicious activities using advanced machine learning for user detection and authentication, significantly lowering instances of fraudulent behavior.

Alchemy Pay, headquartered in Singapore, serves as a crypto payment gateway linking cryptocurrencies with traditional fiat currencies. Integration with Mastercard enables Alchemy Pay to assess user risk profiles and steer them through appropriate procedures, providing heightened safeguards against identity fraud.

 

Looking Ahead

Established in 2017, Alchemy Pay has expanded considerably, securing Authorized Payment Institution licenses across multiple countries and extending its network to encompass over 300 payment channels across 173 countries.

For further details, Mastercard has partnered with leading US banks to advance distributed ledger technology for banking payments, thereby boosting efficiency in cross-border payments and reducing fraud risks.

 

July 12,2024

President Biden Believes His Victory Is Assured In Bizarre Speech

United States President Joe Biden has affirmed that he will remain committed to the 2024 presidential election unless polling data unequivocally indicates he cannot win. His recent remarks, during a press conference, responded to questions about whether he would reconsider his candidacy if his team presented data suggesting Kamala Harris might perform better against Donald Trump.

Moreover, many young crypto enthusiasts in the US distrust Biden due to concerns over potential regulatory restrictions on cryptocurrencies under his administration. They also worry about his proposals to increase capital gains taxes, which could diminish their profitability. Additionally, his perceived ties to traditional finance and economic strategies further alienate younger generations who value decentralization and technological innovation.

 

Delusional Yet Headstrong

The comments made by President Biden come amid mounting pressure by fellow Democrats urging him to withdraw following a lackluster debate with Trump. He was also asked about the possibility of releasing his delegates to vote independently at the Democratic National Convention, potentially setting the stage for the first contentious nomination battle in decades.

Regarding delegate freedom, Biden stated they are free to make their own choices but emphasized his overwhelming primary support. Despite speculations, he downplayed the likelihood of a scenario where the convention would reject him in favor of another candidate.

 

Time For A Change

During the aforementioned event, Biden mistakenly referred to Kamala Harris as Vice President Trump and justified his choice of her as running mate based on her qualifications for the presidency. At an earlier NATO summit, Biden introducing Ukrainian President Volodymyr Zelenskyy as President Putin drew both amusement and concern.

Following the press conference, Representative Jim Himes reiterated calls for Biden to step aside, praising his service but arguing that a different candidate is needed to effectively challenge Trump and the MAGA movement. Representative Scott Peters echoed these concerns, emphasizing the critical importance of the upcoming election and suggesting that current strategies are not yielding favorable outcomes.

 

July 11,2024

BRICS Builds Momentum As India And Russia Look To Ditch The Dollar

India and Russia are doing their best to no longer rely on the US dollar in their trade relations going forward. They are leveraging their national payment systems, RuPay and MIR, to facilitate smoother cross-border transactions. Prime Minister Narendra Modi of India met with Russian officials in Moscow to discuss integrating RuPay and MIR for trade purposes.

 

Supporting Local Currencies

India is willing to utilize the aforementioned systems for transactions with Russia, signaling a big move towards de-dollarization. This decision is expected to yield financial benefits by using local currencies and avoiding exchange rate costs.

Andrey Kostin, CEO of the VTB Bank in Russia, emphasized the necessity of developing a settlement system that includes the global south, enabling transactions in national currencies rather than the US dollar. Despite maintaining friendly ties with the United States, India is gradually aligning more closely with Russia and other BRICS nations.

 

Dollar Still Going Strong

India expressed interest in enhancing cooperation with G20 nations, indicating broader strategic realignments. While these moves by BRICS countries suggest a trend towards diversification and de-dollarization, it is worth mentioning that the US currency remains dominant globally. A recent study highlighted that the dollar continues to lead in foreign reserve holdings, trade invoicing, and currency transactions worldwide, maintaining its role as the primary global reserve currency for the foreseeable future.

Furthermore, India has generally taken a cautious stance on cryptocurrencies, expressing concerns about potential risks and volatility while exploring the possibility of a central bank digital currency (CBDC). Russia, on the other hand, has shown a more open attitude, moving towards regulating and legalizing cryptocurrencies while also considering its own digital currency initiatives.

 

July 11,2024

BitMEX Finally Admits To Violating AML Laws

US Attorney Damian Williams has alleged that the failure by BitMEX to establish and maintain a sufficient AML program posed risks of extensive money laundering and sanctions avoidance in the financial system.

 

Guilty As Charged

BitMEX founders Arthur Hayes, Benjamin Delo, and Samuel Reed were aware that their inadequate AML measures impacted US-based users, breaching federal regulations. BitMEX facilitated significant money laundering and sanctions evasion, endangering the integrity of the financial system, Williams remarked on Wednesday. This admission of guilt emphasizes the importance for cryptocurrency entities to comply with U.S. laws to operate in the U.S. market, he added.

 

The Importance Of AML Compliance

In 2022, Hayes, Delo, and Reed were ordered to collectively pay a $30 million civil fine and were placed on probation following their guilty pleas for AML violations. Anti-Money Laundering compliance in crypto is crucial because it helps prevent illicit activities like money laundering and terrorism financing. By adhering to AML regulations, cryptocurrency firms maintain financial integrity, protect investors, and ensure sustainable growth in a regulated environment.

 

July 10,2024

Cardano Inches Closer To Historic Chang Update

Cardano (ADA) is making significant strides towards its highly anticipated Chang upgrade, recently unveiling Cardano Node 9.0.0. Romain Pellerin, CTO at Input Output Global (IOG), emphasized the importance of this milestone, describing it as pivotal and foundational.

 

Time To Prepare

According to Pellerin, operators are urged to prepare for the Chang upgrade, which introduces decentralized governance, empowering the Cardano community to influence the future of the network directly on-chain.

The Chang upgrade, expected by the end of July, is set to be one of the largest updates for Cardano to date. Charles Hoskinson also commended the latest node release, underscoring its significance in the lead-up to the Chang upgrade. Historically, Cardano has experienced positive market responses following major upgrades, with previous instances indicating significant price surges.

 

A Crucial Upgrade

Node 9.0.0 is a critical release that includes essential changes for the Conway ledger era, encompassing on-chain governance through CIP-1694, support for Plutus v1 reference scripts, and Plutus script signature support via CIP-69. It marks the first node capable of spanning the 9.0 hard fork (Chang) boundary across mainnet and long-running testnets like Preprod.

However, the production environment currently supports only the bootstrap phase of CIP-1694 under Protocol Version 9.0, pending the full transition to enable DRep voting and all governance actions under Protocol Version 10.0. A valid Conway-era Genesis file, necessary to complete the Chang hard fork, will be supplied later, necessitating a minor configuration update.

 

July 10,2024

CBOE SEC Filing Confirms Solana ETF Plan

Following previous unsuccessful attempts at introducing Solana (SOL) exchange-traded funds (ETFs), new efforts are underway to list the highly traded cryptocurrency. According to CoinGecko, SOL ranks as the most popular blockchain ecosystem this year, closely followed by Ethereum (ETH).

 

Now We Wait

Chicago Board Options Exchange (CBOE) Global Markets, an exchange operator, has submitted a request to the U.S. Securities and Exchange Commission (SEC) for ETFs linked to Solana. Specifically, products by asset managers VanEck and 21Shares are involved. This initiates the process for the Commission to either approve or deny the 19b-4 application. Under SEC rules, the Commission has 240 days to decide on such applications.

Rob Marrocco, Global Head of ETP listings at CBOE Global Markets, recently stated they are addressing the growing investor interest in SOL, one of the most actively traded cryptocurrencies alongside Bitcoin and Ethereum. This follows a successful listing by CBOE of the first U.S. Spot Bitcoin ETFs and SEC approval for rule filings to list spot Ether ETFs.

 

Not Just Solana

VanEck filed the S-1 form with the SEC for SOL in June, followed by 21Shares the next day. The S-1 form is necessary for offering a new security on the market. Additionally, self-regulatory organizations use the 19b-4 form to notify the SEC of rule changes, requiring justification before approval.

It is noteworthy that CBOE is not focusing solely on SOL, as their 19b-4 filings for Ethereum were approved by the SEC in May 2024, with ETH ETF trading set to commence pending final approval in a two-stage process. Experts anticipate significant liquidity for SOL if the ETF is approved, projecting around $3 billion in inflows over time, with a substantial portion potentially through ETFSwap.

 

July 09,2024

Lionel Messi Promotes Solana Meme Coin Through Instagram

Football legend Lionel Messi has embraced meme culture by promoting WaterCoin (WATER), a Solana-based meme coin, on his Instagram. WaterCoin aims to raise awareness about water-related issues and plans to evolve into an ecological coin in the future, according to its documentation.

 

Pros And Cons

WaterCoin has a comprehensive roadmap that outlines its journey starting with the initial presale through centralized exchange listings and celebrity partnerships to its ultimate goal of becoming a charity-focused environmental currency. However, specific details on how these goals will be achieved are sparse. Observers note that the price of the token has shown characteristics akin to pump and dump schemes.

Investing in memecoins like $WATER carries significant risks, as their rapid price fluctuations often lack a clear connection to underlying asset utility, if any exists. Despite criticisms within the crypto community about their impact and regulatory scrutiny, some argue meme coins serve as market sentiment indicators and can foster vibrant communities.

 

Bitcoin And The Environment

Blockchain technology offers potential for environmental applications, including transparent crowd-sourcing and verification. Initiatives like Samsung using blockchain to track reforestation efforts in Madagascar highlight its role in environmental protection.

Moreover, the environmental impact of Bitcoin has prompted discussions on sustainable mining practices, such as using renewable energy sources like geothermal and solar power. One of the most notable examples of this is El Salvador using geothermal energy to mine Bitcoin, a move which many have since applauded.