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September 06,2024

EigenLayer Will Redistribute 86 Million Tokens In Season 2 Airdrop

EigenLayer has announced the second season of its airdrop, distributing 86 million EIGEN tokens to stakers, node operators, ecosystem partners, and community members. This airdrop targets those active between March 15th and August 15th, with distribution set to begin on or before September 17th, 2024.

 

Token Distribution

The 86 million tokens represent 5% of the total supply of 1.67 billion. Of this, 70 million tokens are allocated to stakers and operators based on their share of staked ETH, while up to 10 million tokens are reserved for AVSs and other contributors. About 6 million tokens will go to community members, who must verify their social identity by September 11th. 2024, to claim their share.

At any rate, this second season stakedrop arrives as EigenLayer has faced net outflows recently, leading to a reduction in its total value locked (TVL). The TVL has dropped to $11.5 billion after reaching an all-time high of $20.1 billion in June.

 

Competition Heats Up

In contrast, Symbiotic, a competitor that has not yet launched a token, has seen its TVL grow to over $1.5 billion. Additionally, the EigenLayer tokens are not tradable yet but are valued at approximately $2.7 each in pre-markets, suggesting a fully diluted valuation of $4.5 billion.

Similar trends are evident across the liquid restaking sector, with platforms like Renzo, Puffer, Kelp, and Swell also reporting significant TVL declines. This downturn might be attributed to the conclusion of airdrop campaigns related to the launch of major restaking protocol tokens, such as REZ and EIGEN.

 

September 05,2024

Richard Teng Demands Tigran Gambaryan Be Released Immediately

Binance CEO Richard Teng is demanding the immediate release of executive Tigran Gambaryan due to inhumane treatment and worsening health in Nigerian detention. Gambaryan, whose condition has deteriorated since contracting malaria in May, is reportedly being denied proper medical care.

Richard was hired by Binance in 2021 to improve its worldwide compliance operations. He was anointed the new CEO after succeeding Changpeng Zhao (CZ).

 

Hard To Watch

A recent video shows Gambaryan in a weakened state, struggling with crutches and being ignored by guards, which Teng condemned as inhumane. The video reveals Gambaryan being in visible pain and frustration, as he claims he is being denied help despite his serious condition.

The Binance community has rallied in support, condemning the treatment and questioning the motives behind why Gambaryan is being detained, with some suggesting it might be a strategic tactic against Binance.

 

Bad To Worse

To make matters worse, Gambaryan has seen his health worsen significantly since his collapse in court on May 23rd. Despite a judge ordering for him to be hospitalized, reports indicate he has not received adequate care. US representatives visiting in June found him in critical condition with double pneumonia and significant weight loss, prompting calls for his immediate release.

As the Gambaryan trial resumed on September 2nd, 2024, his legal team requested bail on medical grounds, citing his need for surgery. The EFCC has opposed this request, claiming his condition is manageable. A bail hearing is scheduled for September 4th. His health and treatment remain a major concern for his family, the Binance community, and international advocates.

 

September 05,2024

Robinhood Being Forced To Pay Massive Fine For Previous Ban

The fine announced on Wednesday was determined based on various restrictions imposed by Robinhood between 2018 and 2022, during which the platform did not allow users to withdraw their purchased cryptocurrencies. The company is now expected to demonstrate genuine transparency and ensure that customers have control over their cryptocurrencies.

 

An Ongoing Investigation

The investigation by California regulators classified the traded cryptocurrencies on Robinhood as commodities. It discovered that Robinhood Crypto allowed customers to purchase digital assets but did not provide them with custody, violating state regulations.

Attorney General Rob Bonta stated that the ongoing investigation and resolution with Robinhood should convey a clear message, which is that whether anyone operates a physical store or a cryptocurrency business, compliance with local consumer and investor protection laws is absolutely mandatory.

 

Revising Crypto Practices

Despite Robinhood Crypto lifting the withdrawal ban last year, the company is now held accountable for past actions. As part of the settlement, Robinhood must ensure that customers can withdraw their cryptocurrencies and update its information regarding asset custody.

Robinhood has also disclosed receiving subpoenas by the California Attorney General related to its business practices, trading operations, and asset custody. The settlement includes an independent review by the SEC to examine possible breaches of federal securities laws, without Robinhood admitting to any wrongdoing.

 

September 04,2024

Hackers Promote Fraudulent Trump Family Project

World Liberty Financial has had connections with the Trump family and has reportedly received their endorsement, although recent developments suggest a shift in this relationship. Recent incidents involved hackers posting blockchain addresses and asserting that the token was part of a crypto project associated with the Trump family.

 

Hackers Prevail

Specifically, Lara Trump claims her account was compromised after it disseminated a message claiming that the governance token of the project on the Solana blockchain would support their DeFi lending protocol. These posts were later identified as fraudulent and removed.

Eric Trump subsequently confirmed on X that both profiles had been hacked and advised followers to avoid interacting with the scam addresses. In response, World Liberty Financial released a statement urging people to disregard any links or transactions regarding the compromised accounts.

 

Another Fraud

This episode marks at least the third instance where a cryptocurrency token, seemingly connected to the Trump family and their crypto project, has surfaced. Previous examples include the contentious DJT token and the Restore the Republic token, which experienced a brief surge in value before collapsing.

For several weeks, the Trump family has been promoting World Liberty Financial, with speculation suggesting that the project will be hosted on the Ethereum (ETH) blockchain alongside Aave and their decentralized finance platform. The anticipated Trump family crypto project is expected to feature a credit account system with a token named WLFI.

 

September 04,2024

John Deaton Challenges Elizabeth Warren After Clinching Republican US Senate Primary

 

Pro-crypto attorney John Deaton has clinched the Republican nomination for the United States Senate in Massachusetts, setting up a match against Democratic Senator Elizabeth Warren in November. A former Marine and vocal supporter of Ripple (XRP), Deaton triumphed over two other Republican contenders, industrial engineer Bob Antonellis and Quincy city council president Ian Cain, to secure the nomination.

 

Challenging Elizabeth Warren

As of a September 4th report by the Associated Press, Deaton has garnered 64% of the vote, with just over 43% of votes counted in Massachusetts. Deaton is poised to challenge Warren in the November election. Warren, who has previously won Senate seats twice, faced strong competition in 2012 but defeated Republican incumbent Scott Brown and earned over 60% of the vote in 2018. Seeking a third term, Warren is running unopposed for the Democratic nomination.

A pro-banking Senator, Warren, who serves on the Senate Banking, Housing, and Urban Affairs Committee, has targeted the crypto industry in recent years, accusing the technology of various issues including terrorism, espionage, malware, and drug trafficking. She has proposed several significant bills aimed at restricting digital asset development in the U.S.

 

Notable Support

Although Deaton did not specifically address crypto during his victory speech, his campaign received notable support via figures in the crypto sector, such as the Winklevoss twins and Ripple executives. The Commonwealth Unity Fund, a crypto-focused political action committee (PAC), contributed over $1 million in Massachusetts to back Deaton.

Furthermore, major donors to his campaign include Ripple executives Chris Larsen and Brad Garlinghouse, Gemini founders Cameron and Tyler Winklevoss, SkyBridge Capital founder Anthony Scaramucci, Cardano co-founder Charles Hoskinson, and Kraken co-founder Jesse Powell.

As of July 31st, Federal Election Commission records show that Deaton had raised approximately $1.7 million for his Senate campaign. In April, Deaton submitted an amicus brief supporting 4,701 Coinbase customers in their legal battle with the United States Securities and Exchange Commission.

 

September 03,2024

WazirX Hacker Moves Stolen Funds To Tornado Cash

WazirX, one of the most popular crypto exchanges worldwide, was hacked earlier this year. According to PeckShield, a renowned security firm, the perpetrators of this major hack have reportedly moved a staggering 2,600 ETH, worth approximately $6.5 million, to Tornado Cash, a cryptocurrency mixer that is currently sanctioned by the United States. This move aims to obscure the trail of stolen funds, making it significantly harder for law enforcement to trace and recover the assets.

 

A Complicated Process

Mixers like Tornado Cash are frequently utilized by cybercriminals as a method to complicate the process of tracking stolen cryptocurrency. By obscuring the origins and destinations of the funds, these mixers effectively muddy the waters, presenting additional challenges for those trying to reclaim the stolen assets.

The attack on WazirX, which was originally confirmed on July 18th, 2024, targeted the multi-signature wallet of the exchange, resulting in a staggering financial loss exceeding $230 million. The breach has had severe repercussions for the platform, disrupting its ability to maintain balanced collateral against its assets. As a result, withdrawals have been frozen, and trading has been suspended since July 21st while the WazirX team focuses on recovery efforts.

 

Bad To Worse

Unfortunately, this situation means that users may face substantial losses. The ongoing restructuring process could lead to users not receiving the full value of their cryptocurrency held on the platform at the time of the attack. The extent of these losses is still unfolding, as the exchange works to stabilize its operations and manage the fallout due to this significant breach.

Compounding the gravity of this incident is the suspicion that it may have been orchestrated by the Lazarus Group, a notorious hacking organization linked to North Korea. Known for its high-profile and devastating cyber exploits, including a $600 million theft via the Ronin sidechain in 2022, the Lazarus Group being involved would signal a new level of sophistication and menace in the world of cybercrime.

 

September 03,2024

Here Is Why September Is A Crucial Month For Crypto

September could very well be pivotal for the cryptocurrency market with significant events like presidential debates and Federal Reserve decisions scheduled. Historically, September has been challenging for cryptocurrencies. In September 2023, Bitcoin (BTC) dropped to between $26,000 and $27,000. The same trend occurred in 2022, when the flagship crypto fell to $18,000 and fluctuated around $22,000 during a market decline.

 

Upcoming Key Events

Notably, after reaching its peak in 2021, Bitcoin also decreased to a range of $41,000 to $48,000 in September. This year, several forthcoming events could influence the broader crypto market. The Bureau of Labor Statistics is set to release a jobs report on September 6th, which could impact the crypto market. Previous reports have shown the potential to move crypto prices, as evidenced by the decline in Bitcoin and Ethereum (ETH) following the August report.

Additionally, a presidential debate between Vice President Kamala Harris and former President Donald Trump is scheduled for September 10th. This event might influence the crypto industry given the differing cryptocurrency policies of the candidates, with Trump advocating heavily for Bitcoin and claiming he will fire Gary Gensler if re-elected.

 

Interest Rate Decision Looms

Another significant development is the Federal Reserve finally making a decision about the interest rates, which is expected on September 18th. The market anticipates a rate cut of 25 to 50 basis points. Brian Dixon, CEO of OTC Capital, noted that while 67.5% of market participants foresee a 25 basis point cut, a larger reduction could have a negative impact on the market.

Furthermore, the introduction of euro-backed stablecoins, such as EURI and EURC, is on the horizon in Europe. Considering past volatility, September could prove to be a crucial month for the cryptocurrency sector, though the exact market response will become clear only after evaluating the outcomes of these significant events.

 

September 02,2024

A New Era For Cardano Begins As Chang Hard Fork Goes Live

Cardano (ADA) has recently implemented the Chang hard fork update, marking a significant advancement in its governance structure. This upgrade signifies a major shift towards decentralized decision-making, allowing ADA token holders to actively participate in voting on proposals and selecting governance representatives.

The update comes shortly after Cardano founder Charles Hoskinson discussed several major updates during Rare Evo 2024, where he talked about focusing on advancements in technology, governance, and global outreach.

 

Enter Voltaire

The development heralds the beginning of the Voltaire era, a new phase aimed at enhancing governance for Cardano. The upgrade also introduces CIP-1694, a key improvement that transfers governance control and gives it to community-led organizations.

These include the Constitutional Committee, Delegate Representatives, and Stake Pool Operators, which are all designed to ensure a more democratic and decentralized approach. By doing so, Cardano aligns itself more closely with the broader decentralized ethos of the blockchain industry and increases the utility of the ADA token.

 

Governance Overhaul

Cardano, launched in 2017 by Input Output Hong Kong (IOHK), is known for its research-driven approach and commitment to security and scalability. Its ADA token, named after Ada Lovelace, the 19th-century mathematician, serves as the native cryptocurrency for the platform and is used for transactions, staking, and governance.

The Chang hard fork is the initial phase of this governance overhaul, with the full implementation of governance powers expected within the next 90 days. This positions Cardano as a leader in on-chain governance, setting a new standard for blockchain networks in terms of community involvement and decentralized control.

 

September 02,2024

BTC Miners Experience Worst Revenue Month Since September 2023

Bitcoin (BTC) miners experienced their lowest revenue month since September 2023 in August, due to a decrease in the number of coins mined. Last month, their revenue reached $827.56 million, a decline of over 10.5% compared to$927.35 million in July, but an increase of 5% relative to August 2023, according to Bitbo data.

Meanwhile, concerns are rising within the crypto community about the increasing centralization of Bitcoin, which some fear could undermine the fundamental principles of the flagship cryptocurrency. Recent data by BTC.com shows that two mining pools, Foundry USA and AntPool, now control about 57% of the total Bitcoin Network hashrate.

 

A Substantial Drop

The August figures represent a 57% drop compared to the peak experienced this past March where they were just under $1.93 billion, coinciding with Bitcoin experiencing an all-time high of over $73,500 on March 13th. This is the lowest revenue month for Bitcoin miners since September 2023 when they earned $727.79 million while Bitcoin was priced around $25,000.

Monthly revenues for Bitcoin miners have been on the decline throughout 2024 after reaching a peak in March. The number of BTC mined also saw a slight decrease, falling to 13,843 BTC last month compared to 14,725 BTC in July.

 

The Main Reason

The decline in revenue is attributed to decreased transaction volumes and increased mining difficulty, which was exacerbated by the Bitcoin halving in April that reduced rewards by 50% to 3.125 BTC. In August, median fees accounted for 2% of a block reward, and the 30-day average of daily confirmed transactions reached a year-to-date high of nearly 631,648 on July 31st before falling to 594,871 by August 31st.

According to Bitbo and Blockchain.com data, mining difficulty also continued to rise, reaching an all-time high of 89.47 trillion in August compared to 86.87 trillion in July. As a result of increased difficulty and lower profitability, some miners have shifted their computing power to artificial intelligence (AI) projects, with some agreements generating billions of dollars.

 

September 02,2024

Web3 Fundraising Deals - 27th August To 7th September, 2024

IDA raised $6M in Seed funding with assistance by Hashed Fund. IDA is a digital asset technology company to spearhead the widespread adoption of blockchain finance and empower businesses to integrate between Web2 and Web3.

 

 

Kredete secured $2.25M in Seed funding with support by Blockchain Founders Fund. Kredete is a financial platform focused on empowering African immigrants by enabling them to build credit and send money home with low fees.

 

 

Adot raised an undisclosed amount in Strategic funding with help by Aptos Foundation. Adot is a decentralized search network for the AI Internet, enhancing Web3 content search and empowering developers to create personalized search features. Its goal is to surpass traditional search engines, making high-quality data openly accessible.

 

 

Odos secured an undisclosed amount in Series A funding with support by PAKA. Odos is a cutting-edge platform that caters to both institutional and retail traders, empowering them with a competitive edge in swaps. 

 

 

Verofax secured $3M in undisclosed funding with support by Plug and Play Tech Center. Verofax leverages advanced Web3 technologies, such as AR, AI, and blockchain to enhance marketing experiences for tourists, shoppers, and brands.

 

 

Bridge raised a whopping $58M in undisclosed funding with assistance by Sequoia Capital. Bridge is building a stablecoin-powered money movement platform, offering services such as payouts, cross-border payments and exchanging foreign currencies.

 

 

Mereo. secured an undisclosed amount in Strategic funding with support by Aptos Foundation. Mereo is a platform designed to enhance fan engagement by rewarding fans for their interactions and reputation. It allows users to create dynamic tickets that evolve based on fan actions, facilitating event creation, ticket sales, and attendee management.

 

 

Edge Matrix Chain (EMC) raised $20M in undisclosed funding with help by P2 Ventures. EMC is a blockchain and P2P (Peer-to-Peer) network-based edge computing protocol that encompasses features such as smart contracts.

 

 

Quai Network obtained $5M in Strategic funding with assitance by MH Ventures. Quai Network is designed to create radically more efficient blockchains. Since Quai Network is modular, it can scale horizontally to accommodate more users as the network grows.

 

 

Bware Labs raised an undisclosed amount with support by Alchemy. Bware Labs aims to tackle Web3 challenges and boost global adoption by offering high performance and reliable infrastructure services and development tools. The ultimate goal is to create a development and infrastructure ecosystem that can support builders throughout their entire Web3 journey.

September 01,2024

BTC Faces Difficulty Holding $59K While Certain Altcoins Defy Market Sentiment

The disappointing price trajectory of Bitcoin (BTC) persisted as it once again dropped below $58,000, only to slightly rebound to just over $59,000. Similarly, many major altcoins are experiencing declines, with ADA, NEAR, and TRX all falling by more than 2% each day. Interestingly though, FET, UNI, AAVE, and LTC are among the few altcoins in the green, defying market sentiment. ETH, XRP, DOGE, and BNB have also shown minimal gains.

 

Bears Triumph

The leading cryptocurrency had a rough week despite early positive signs. Last Friday, Bitcoin surged over $64,000 by Saturday due to favorable news in the United States. It then reached a three-week peak above $65,100 on Monday, but things started to deteriorate thereafter.

By Wednesday, Bitcoin had lost more than $7,000, falling to $58,000. Despite a failed attempt to bounce back to $61,200 on Thursday, bearish pressure led to another drop, bringing it down to $57,750 (on Bitstamp), its lowest point in roughly two weeks.

Although the flagship cryptocurrency has managed to defend this level and recover over $1,000, it remains 0.5% lower for the day and a significant 8% down since last Saturday. Furthermore, its market capitalization has fallen below $1.170 trillion, with its dominance hovering around 54% according to CoinGecko.

 

Other Markets

Wall Street has revived its big-to-small trade strategy in light of Federal Reserve speculations, with a rare rally heightening expectations for a smooth economic transition. Data on US manufacturing, durable goods orders, and initial jobless claims will likely influence market sentiments further.

Concurrently, Warren Buffett has once again sold Bank of America stock, potentially signaling upcoming discreet transactions. Meanwhile, upcoming US job reports are poised to guide the Federal Reserve in fine-tuning its policies. Landlords are facing a significant $1.5 trillion deadline for commercial real estate maturities, adding financial pressure. Thyssenkrupp is set to release its annual financial results soon, with the US steel industry anticipating a revival by 2025.

In India, forecasts of ample monsoon rain next month are expected to boost crop yields. The Nigerian Naira has plunged on the parallel market due to a surge in dollar demand, while the Turkish economy is experiencing its sharpest drop in consumer inflation since 2022. As September challenges loom, the question remains whether the current momentum of gold can overcome these hurdles.

 

August 31,2024

Brazilian Crypto Community Suffers As Compliance Issues Lead To X Being Banned

The Brazilian Supreme Court has mandated that X, the social media platform owned by Elon Musk, be suspended due to the company repeatedly failing to appoint a legal representative within the country. Meanwhile, Brazil has recently attracted attention with its active support for Solana ETFs. The country is set to list its first Solana-based ETF on the B3 exchange, with a second one receiving regulatory approval.

 

Growing Pains

According to the ruling issued by Justice Alexandre de Moraes, Internet service providers in Brazil, which is home to approximately 215 million people, must block access to X. This decision escalates the ongoing conflict between Musk and the Brazilian government. Earlier this week, X removed its legal representatives in Brazil after Moraes threatened arrest. Moraes then gave X a 24 hour deadline to appoint a new legal representative, which the company did not meet.

The suspension order also includes potential fines for users who try to circumvent the ban using VPNs, with penalties reaching 50,000 reais, or about $8,900, according to BBC. The failure by X to adhere to local regulations and its refusal to remove specific accounts further strained relations, leading to this severe court action.

 

Impact On The Brazilian Crypto Community

Brazil is a crucial market for X, with around 40 million Brazilian users engaging with the platform each month, as reported by CNN. Since Musk acquired the platform in 2022, it has faced numerous challenges, including a sharp drop in advertising revenue.

This suspension could also significantly impact the burgeoning Brazilian cryptocurrency community. X serves as a vital digital forum for crypto enthusiasts, facilitating discussions, information sharing, and market updates. The ban might disrupt the flow of cryptocurrency news and hinder communication among traders and investors in the region, where interest in digital assets has been growing. Recently, asset management firm BlackRock expanded its Bitcoin and Ethereum ETFs in Brazil, highlighting the importance of this market.