Farcaster, a decentralized social media platform leveraging the Ethereum blockchain and Optimism’s Layer two ecosystem, has successfully raised 0 million in a funding round led by Paradigm, bringing its valuation to billion. The funds will be used to sustain the project’s development, focusing on growing its user base and enhancing developer tools, after the […]
Bitcoin News
Nigeria Denies Binance CEO’s Claims of $150M Bribe Demand; Criticizes Attempt to Discredit Government
The Nigerian government has dismissed allegations from Binance CEO Richard Teng that representatives of the cryptocurrency exchange were solicited for a 0 million bribe by members of the House Committee on Financial Crimes (HCFC). A special assistant to the Nigerian Information Minister characterized Teng’s bribery claim as part of a coordinated international campaign by Binance […]
Bitcoin News
FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy
Blockchain analytics firm Nansen has recently revealed that wallets associated with bankrupt crypto exchange FTX have transferred approximately 6 million worth of digital assets, including Ethereum (ETH) and Solana (SOL), in a series of transactions over the past week.
The movement of these funds has raised concerns and attracted the attention of industry experts and investors. Nansen’s report sheds light on the ongoing transfers and provides valuable insights into the extent of FTX’s asset movements.
Bankrupt FTX Wallets Unstake Million Worth Of SOL Tokens
According to the Nansen report, funds from FTX wallets have continued to migrate to various exchanges since the previous update. The report specifies the following notable transactions:
- 695,000 Perpetual Protocol (PERP) tokens worth 3,000
- 767,000 Biconomy (BICO) tokens worth 2,000
- 833,000 Kyber Network (KNC) tokens worth 6,000
- 108 million TrueFI (TRU) tokens worth 0,000
- 138,000 Band (BAND) tokens worth 1,000
- 2.5 million Graph (GRT) tokens worth 3,000
- 845 Maker (MKR) tokens worth .17 million
- 7.16 million Render (RNDR) tokens worth .8 million
- 10.5 million USD Coin (USDC)
- 23,000 Polygon (MATIC) tokens worth ,000
- 9.5 million Ren (REN) tokens worth 0,000
- 1.1 million ETH tokens worth million
Additionally, the report highlights that an additional 1.6 million SOL tokens worth .6 million have initiated the unstaking process. While these funds have not yet left the associated wallet, their potential movement would bring the total SOL tokens moved by FTX to just under million.
Moreover, considering the unstaking of SOL and the new assets transferred by FTX to Coinbase and Binance, the total value of funds moved by FTX now stands at 6 million.
Major Transfers Of LINK, AAVE, And MKR Unveiled
Nansen’s previous investigation revealed significant transfers from wallets linked to FTX and Alameda Research, FTX’s trading arm.
These funds were initially withdrawn from FTX and Alameda wallets before being sent to intermediary wallets and eventually deposited into Binance and Coinbase. The report discloses the following noteworthy movements:
- 2.2 million USD worth of Chainlink (LINK) tokens
- 1 million USD worth of Aave (AAVE) tokens
- 2 million USD worth of MKR tokens
- 3.4 million USD worth of ETH tokens
In addition to these transfers, Nansen discovered that 943,000 SOL tokens, equivalent to approximately million, were moved from the FTX Cold Storage wallet.
Overall, the recent findings by Nansen regarding the movement of funds from wallets associated with the bankrupt crypto exchange FTX have sparked concerns within the cryptocurrency community.
The report highlights substantial transfers of various digital assets, including ETH and SOL, and provides insight into the scale of FTX’s asset movements.
As of the current market conditions, FTX’s native token, FTT, is trading at .23. Despite a false breakout on October 23, where the token briefly surpassed ,360, it has since declined consistently.
However, over the past 30 days, FTT has maintained a profit margin of 3.7%, signifying relative stability within this time frame.
Featured image from Shutterstock, chart from TradingView.com
Chainlink Whales Moved Around $150M In LINK Before Latest Surge: Data
On-chain data shows the Chainlink whales showed some high activity right before the latest surge in the cryptocurrency took place.
Chainlink Whales Made Moves Before LINK’s 3% Surge
As pointed out by an analyst in a post on X, whales and institutional investors have shown an increasing amount of activity recently. The relevant indicator is the “large transactions volume” from the market intelligence platform IntoTheBlock, which keeps track of the aggregate volume of Chainlink transactions larger than 0,000.
Generally, the whales and institutional entities are the only investors capable of shifting such a large amount with a single transaction. These holders carry large balances in their wallets, making them influential on the network.
When the value of this metric is high, it means that these humongous investors are moving around large amounts right now. Such a trend implies that these investors are participating in some trading activity.
However, this metric alone can’t discern exactly what kind of activity it is, as both selling and buying transactions appear the same on the blockchain and count towards this volume.
On the other hand, when the indicator has low values, it suggests that the whales and institutional players aren’t interested in the cryptocurrency as they aren’t making too many moves. Now, here is a chart that shows the trend in the Chainlink large transaction volume over the past few weeks:
As displayed in the above graph, the Chainlink large transactions volume registered a spike recently, implying that the whales had been moving many tokens across the network.
At the peak of this spike, the whales transferred around 20.38 million LINK within 24 hours. This stack would be worth over USD 150 million at the current exchange rate.
It’s uncertain why these humongous holders suddenly showed so much activity, but perhaps the surrounding price action could hint at it. This spike was seen a few days back, and since then, Chainlink has observed some net uptrend.
Thus, the timing of the transactions could suggest two likely possibilities. These large investors bought in anticipation of this rally (perhaps due to some inside information), or their buying is why the price surge found its appropriate fuel in the first place.
Either way, it’s a positive sign that the whales and institutional investors have recently participated in potential accumulation activity. In the coming days, this metric can be the one to keep an eye on, as further activity from these holders could signal that more volatile price action may be ahead.
Once again, though, any future spikes could arise from both buying and selling, so they won’t necessarily be a bullish signal for Chainlink like this latest one turned out to be.
LINK Price
At the time of writing, Chainlink is trading around .74, up more than 3% in the past week.
Alameda’s $150M Bribery Bombshell: Thai Sex Workers and Sam Trabucco’s Disappearance Fuels Mystery
In a riveting development, Caroline Ellison’s recent testimony revealed that Alameda Research is believed to have shelled out a whopping 0 million to Chinese officials to unlock accounts valued over billion. The narrative thickens as the former co-CEO, Sam Trabucco, has seemingly vanished from public view after FTX’s downfall.
FTX’s Downfall, Alameda’s Bribery Allegations, and the Big Question: Where’s Sam Trabucco?
Although Sam Bankman-Fried (SBF) isn’t facing charges of bribery, given the Bahamas’ intervention, federal prosecutors ensured the topic was front and center during Caroline Ellison‘s Wednesday testimony. She recounted that in 2020, Chinese officials put a freeze on accounts totaling billion. By November 2021, the team allegedly turned to David Ma, a colleague with purported “connections” in China, for guidance. Remarkably, Ma managed to thaw the funds. Court coverage was broadcast by Inner City Press reporter Matthew Russell Lee.
But it wasn’t smooth sailing. The FTX leadership initially tried a different tactic: leveraging accounts linked to Thai prostitutes. When this plan failed, bribery took center stage, with Trabucco as co-CEO then. Ellison was emphatic in her testimony, stating she executed the bribe transactions following instructions from both Bankman-Fried and Trabucco in a Signal chat. This marked the debut of Trabucco’s association with the alleged infractions during the trial.
Since FTX’s collapse in November 2022, Trabucco has remained conspicuously silent. Adding to the intrigue, his opulent yacht recenty surfaced in FTX’s bankruptcy discussions, with Bankman-Fried suggesting Trabucco discreetly quiet quit. Ellison also highlighted the dissent of a former Alameda trader, known as “Handi,” who expressed unease over the alleged bribes. When Handi confided in Ellison and she told her boss, SBF’s alleged retort was a curt “shut the f*** up.” While the judge permitted this testimony, the jury was reminded it wasn’t a formal charge.
Ellison also mentioned documenting the alleged bribes on a ledger titled “State of Alameda.” She asserted that SBF advised her to pen it ambiguously to avoid direct implications, hinting at its potential repercussions in court. Describing Bankman-Fried’s ethos, Ellison termed him a “utilitarian,” noting that core values such as “don’t lie” and “don’t steal” didn’t align with his framework. Ellison testified that she recieved a bonus from her job in the amount of million, and lent 0,000 to one of her parents.
With Trabucco’s name now splashed across the trial, associating him with the rumored bribery of Chinese dignitaries, his fate hangs in the balance. Although four top-tier officials have extended their cooperation to the prosecution, there’s still a shroud of mystery surrounding Trabucco’s involvement or even if he’s under scrutiny. Rumors are swirling that he might be evading the spotlight, living it up on his lavish yacht dubbed “Soak My Deck.” Yet, following the recent revelations, the burning question on everyone’s lips is: Where in the world is Sam Trabucco?
What do you think about Caroline Ellison’s testimony on Wednesday and Trabucco being named in the affairs? Share your thoughts and opinions about this subject in the comments section below.
Peak Mining Signs $150M Deal for Microbt Bitcoin Miners, Eyes Large-Scale Liquid-Cooling Tech
According to Peak Mining, a subsidiary of Northern Data Group, the company has signed a contract with bitcoin mining rig manufacturer Microbt worth 0 million. This agreement will equip Peak Mining with 7 exahash per second (EH/s) of the latest next-generation BTC mining devices.
Microbt and Northern Data’s Peak Mining Strike 0M Deal, Focus on Liquid-Cooling Advancement
On Friday, Peak Mining, a firm under the Northern Data Group umbrella, announced its purchase of 0 million in Microbt Whatsminer machines. The acquisition includes the Whatsminer M53S+, M53S++, M50S+ and M50S++ models. The company noted the possibility of buying an additional 0 million in hardware down the road.
Through this purchase, Peak indicated it will be among the pioneers to introduce “liquid-cooling mining technology at this scale.” The first shipment of these liquid-cooled Microbt miners is expected in October 2023, with installation set for North Dakota.
“The new contract will significantly increase our self-mining capacity and prepares our existing portfolio for the upcoming halving,” Niek Beudeker, the managing director at Peak Mining commented. “We choose to deploy hardware in a higher performance output mode at purpose-built next-generation infrastructure,” Beudeker added.
Peak Mining’s announcement comes on the heels of Microbt’s revelation of a new miner, the M60 series, slated for an October release. The mining rig that Microbt intends to introduce boasts an efficiency rating of 1X joules per terahash (J/T). Even as cryptocurrency markets remain consolidated and lackluster, the mining sector continues its brisk pace, with the top three mining rig manufacturers launching machines with enhanced efficiency metrics.
What do you think about Peak’s 0 million deal with Microbt? Share your thoughts and opinions about this subject in the comments section below.
Canadian Pension Fund Writes Off $150M Celsius Loss, Believes They Entered Crypto “Too Soon”
A major Canadian pension fund manager has written off a 0M investment in crypto lending platform Celsius Network as a total loss, expecting an impending shutter of the once high-flying CeFi platform.
According to a report from the Financial Times, the fund is the second-largest in Canada and has signaled the write-off as being indicative of the funds’ expeditious decision to have exposure to crypto assets.
Canadian Fund’s “Disappointment”
Caisse de dépôt et placement du Québec, or CDPQ, is Canada’s second-largest pension fund in the country, according to the Times, managing over 0B in funds in Quebec. The fund’s stake in Celsius was written off “out of prudence,” according to the report, signaling that the fund has no expectation of Celsius Network achieving any semblance of a recovery.
The move comes less than a year after the fund described it’s investment into Celsius as being indicative of it’s “conviction” in blockchain technology, and serves as another unfortunate domino in the Celsius downfall. Chief executive of the fund, Charles Emond, said that the fund “went in too soon into a sector that was in transition, with a business that had to manage extremely quick growth.”
While the fund outperformed benchmarks, it still recorded a loss of nearly 8% in the six months ending in June. Emond added that “the first six months of the year were very challenging… Whether it is Celsius or any other investment, needless to say that when we write it off, we are disappointed with the outcome and not happy.”
Celsius token (CEL) has seen a major slide that is commensurate with the general consensus of the platform’s future, despite a recent pump. | Source: CEL-USD on TradingView.com
State Of Celsius
Much like the loud and headline-grabbing downfall of Terra Luna, Celsius is certain to leave newer crypto investors with a bad taste in their mouth. When it comes to the CDPQ, the Times has reported that Celsius’ crumbling is enough to leave the Canadian pension behemoth on the sidelines when it comes to short-term crypto investors, while remaining optimistic on the long-term perspective around blockchain technology.
Meanwhile, it’s gone from good to bad to ugly (and worse) for Celsius as the threads unravel. In recent days, it has come to light that Celsius founder Alex Mashinsky took over the firm’s trading strategy earlier in the year. The news comes as Celsius works through it’s bankruptcy case with a New York judge, who recently granted the firm an approval to sell off mined Bitcoin to assist in paying for operations.
Featured image from Pixabay, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
NewsBTC
Tether Freezes Over $150M+ Worth Of USDT Stablecoin
Tether has been one of the biggest question marks in crypto in recent years, and that hasn’t changed as adoption has grown. Decentralization has been a hot topic, and while the word itself isn’t mentioned once throughout Satoshi Nakamoto’s Bitcoin whitepaper, it is a core identity that has been latched on to bitcoin, and crypto in general, since near inception.
Of course, decentralization is the core component of just one of many question marks around Tether. However, this week the spotlight is on just that, as Tether announced that roughly 0M worth of stablecoin USDT would be frozen. Let’s look at what we know.
Tether Faces Scrutiny Around Decentralization
Three Ethereum-based USDT addresses, holding north of 0M, were frozen this week, according to Tether officials, as the blockchain cited the move due to “a request from law enforcement.” The blockchain has now blacklisted over 560 addresses since November 2017. It was the first blacklisting maneuver from Tether in 2022.
Tether representatives have previously stated that “through the freezing of addresses, Tether has been able to help recover funds stolen by hackers or are compromised,” leading to heated debates in the crypto community – one that has largely embraced decentralization – over what degree of power blockchain authorities should be able to weild over the network. Long-time crypto loyalists are, generally speaking, not ecstatic about Tether’s level of control of the market – even if the end result is to replace funds that were lost due to the actions of malicious bad actors.
Furthermore, recent U.S. government scrutiny over the likes of stablecoins – notably USDT and USDC – have arguably led to substantial growth of more decentralized alternatives, namely UST and DAI – the third and fourth largest stablecoins in the market.
Related Reading | Jack Dorsey’s Block Looking To Democratize Bitcoin Mining With Open Source Mining System
As broader cryptocurrency markets have grown, so too have stablecoins such as USDT; however increased scrutiny from crypto loyalists have left many wondering about the extent of power that the network should carry. | Source: CRYPTOCAP: USDT on TradingView.com
Where We Go From Here
Admittedly, Tether is undoubtedly in between a bit of a rock and a hard place. The leading stablecoin is rapidly approaching a 0B market cap, and is salivating at the thought of solidifying it’s stature as the ‘go-to’ stablecoin in a world of rapid crypto growth.
Additionally, according to a Chainalysis report, illicit activity and cryptocurrency-based crime nearly doubled in 2021 compared to 2020, and government officials are likely ramping up communications with the blockchain.
As we kick off the new year, expect more of the same when it comes to Tether, and perhaps even Circle’s USDC – as the two look to ingrain crypto in more mainstream outlets, a degree of centralization to come with that is inevitable.
Related Reading | UAE Authorities Announce New Stringent Measures Against Crypto Scammers
Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
NewsBTC
Coinbase Denies Report of $150M Acquisition of Tagomi Brokerage Firm
n Coinbase cryptocurrency exchange has denied reports that it acquired digital currency brokerage firm Tagomi for 0 millionn
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Square’s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth
Once again, fintech giant Square has shocked the Bitcoin industry with its latest earnings report; the company’s flagship product, the Cash App, sold 8 million worth of BTC in fiscal Q3 of 2019. This marks significant retail interest in cryptocurrency from Square’s American clientele.
Related Reading: Bitcoin Likely to Break Past ,000 in Next Bout of Price Volatility
Crypto analyst Kevin Rooke pointed out that this is the sixth straight quarter of growth for this facet of Square’s business. Rooke also noted that Bitcoin revenues at Square are now growing by a jaw-dropping 244% year-over-year, despite the fact that BTC remains over 50% below its previous all-time high of ,000.
Square customers bought 8 million of Bitcoin last quarter on Cash App!
That’s a 6th straight quarter of growth and 244% growth YoY.
TO THE MOON
pic.twitter.com/dplqYCwM3b
— Kevin Rooke (@kerooke) November 6, 2019
While 0 million may not sound like a large quarterly volume metric, analysts observed earlier this year that Cash App’s Bitcoin sales were absorbing a large portion of BTC emissions.
In fact, as reported by NewsBTC previously, Yassine Elmandrja, ARK Invest’s resident cryptoasset analyst, noted that if BTC sales “maintain current growth rates,” by the next halving event, “2 BTC will be purchased on Square Cash” for every one mined.
In other words, a single application could soon null all of the natural selling pressure of mined coins that Bitcoin faces every day. Of course, growth has slowed since Elmandjra’s analysis, but the point of BTC’s scarcity was made clear.
If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2020), roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined. pic.twitter.com/GPxXhaGK15
— Yassine Elmandjra (@yassineARK) May 1, 2019
Making Bitcoin the Currency of the Internet
Considering the growth of Square’s cryptocurrency business, it should come as no surprise that the fintech firm is investing a fair chunk of change in building out an arm to work on crypto and blockchain.
Just last month, the firm completed the hiring process for its core group of developers for the “Square Crypto” project. The company also issued a large grant to an open-source Bitcoin payments product.
The reason: Square and Twitter CEO Jack Dorsey thinks Bitcoin is the “best bet” to become the native currency of the Internet. On the matter of why Bitcoin has more potential than, say, Ethereum, Dorsey has remarked that the original cryptocurrency has “been the most resilient, it’s around for 10 years, it has a great brand and it’s been tested a bunch”.
Related Reading: No, China Isn’t Banning Bitcoin Mining: Chinese Crypto Insider
Featured Image from Shutterstock
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