Approximately 14 hours ago, the German government sold roughly 5 million worth of bitcoin, reducing its holdings to about 40,359 BTC. However, recent activity has increased the total back to 41,226 BTC. German Bitcoin Divestment Followed by Inflows From Major Exchanges This movement, along with transactions involving large bitcoin wallets like those of the German […]
Bitcoin News
JPMorgan: Ant International Processes Billions of Dollars Using JPM Coin
A JPMorgan report reveals that JPM Coin has processed billions of dollars seamlessly with Ant International, the global arm of Ant Group, which owns and operates Alipay. The report emphasizes plans for client-hosted blockchain nodes, currently controlled by JPMorgan, to increase decentralization and direct client connectivity. JPMorgan Explores Programmable Banking and Payments With JPM Coin […]
Bitcoin News
Bitwise CIO Estimates Spot Ether ETPs Will Attract Billions: ‘Not a Casual Guess’
Bitwise CIO Matt Hougan has predicted that spot ether-based exchange-traded products (ETPs) will have a favorable performance in financial markets when finally trading. Hougan estimates that these products will have net flows of billion during their first 18 months of trading, taking into account the size of the ether ETP market in other regions […]
Bitcoin News
FTT Surges 50% On FTX Creditors’ Claims Settlement And Billions In Compensation: How High Can It Rise?
In a significant development, defunct cryptocurrency exchange FTX has unveiled a reorganization plan to reimburse almost all of its customers.
The announcement has sparked a substantial surge in the exchange’s native token, FTT, which recorded an uptrend of 52% over the past seven days, reaching a monthly high of .29 during Wednesday’s early trading session.
FTX Unveils Debt Repayment Strategy
FTX estimates its outstanding debts to creditors to be approximately .2 billion, as revealed in the reorganization plan published late Tuesday. The company has disclosed that it possesses between .5 billion and .3 billion, which it intends to distribute among the creditors.
Under the proposed plan, customers with ,000 or less claims will receive approximately 118% of the allowed claim amount. This compensation is slated to be disbursed to around 98% of the creditors, relieving FTX customers who have experienced locked funds since the exchange filed for bankruptcy protection in November 2022.
FTX stated in a press release on Wednesday that the company could not utilize the appreciation of the missing tokens during the Chapter 11 cases. Instead, FTX had to identify other recoverable sources of value to repay creditors.
Following the departure of founder Sam Bankman-Fried, FTX appointed John Ray III as CEO. Ray, speaking on the matter in November 2022, expressed his astonishment at the “complete failure of corporate controls and such a complete absence of trustworthy financial information” witnessed at FTX. Ray further stated in the press release on Wednesday:
We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.
FTX’s founder, Sam Bankman-Fried, faced legal consequences, being convicted on seven criminal counts, including charges related to embezzling billions of dollars from FTX’s customers. Bankman-Fried was subsequently sentenced to 25 years in prison.
FTT Bulls Eyeing .55 For Potential Breakout Continuation
As of the latest update, the price of FTT has corrected to .050 after reaching its monthly high. This breakout occurred after consolidation between the .17 and .48 levels.
At the current price level, FTT faces a significant resistance at .169, which has led to the ongoing correction. If FTT sustains its bullish momentum, the next resistance level to watch is .55 in the token’s daily chart.
A successful breakthrough of this level could potentially lead to a retest of the mark, which has not been revisited since January.
On the other hand, if the price experiences a further correction, FTT bulls should closely monitor the .95 and .765 levels, as they serve as crucial support levels. It is essential to prevent a loss of the gains achieved over the past month, which amounts to an 18% increase during this period.
Featured image from Shutterstock, chart from TradingView.com
Upcoming Token Releases: These Altcoins Are Set To Inject Billions Into The Crypto Market By May
May 2023 is poised to become a landmark month for the crypto market, with major token releases slated to inject substantial liquidity and potentially catalyze shifts in market dynamics.
Key developments from AEVO and PYTH and significant contributions from other projects are set to channel over billion into the sector.
Substantial Crypto Releases Set the Stage
Token Unlock, a platform dedicated to tracking the release schedules of digital assets, indicates that May will witness one of the most substantial influxes of tokens into the cryptocurrency market this year.
At least 20 crypto projects are preparing to unleash tokens worth more than million each, cumulatively amounting to .661 billion. These releases underscore the activity and continuous growth within the crypto sector, even amid fluctuating market conditions.
Among the tokens set to be released, AEVO and PYTH stand out with their billion-dollar injections, underscoring their strong market presence and investor confidence.
AEVO, a decentralized exchange, is scheduled to release 827.6 million AEVO tokens on May 15, which surpasses .25 billion at current valuations. This release will dramatically increase AEVO’s circulating supply by 757.95%
PYTH Network, known for providing decentralized market data, plans to follow suit with its considerable token release. On May 20, PYTH will distribute 2.13 billion tokens, valued at around .21 billion, representing 141.67% of its existing circulating supply.
Such movements are pivotal for the projects and the broader market, influencing liquidity and potentially price stability.
In addition to AEVO and PYTH, Wu Blockchain reports that Token Unlock has identified several other cryptocurrencies set for significant releases in May.
These include DYDX, ENA, SUI, MEME, GAL, MAVIA, APT, STRK, ARB, APE, IMX, ROSE, PIXEL, and AVAX. ID, YGG, OP, and PRIME are poised to release tokens valued at over million each, rounding out a comprehensive list for the month.
According to TokenUnlocks, the large-amount unlocks in May (unlocked amount greater than m) include DYDX ENA SUI MEME GAL MAVIA APT STRK AEVO ARB APE IMX ROSE PIXEL PYTH AVAX ID YGG OP PRIME, etc., with an unlock value of over 3.661 billion US dollars. Among them, the unlocked… pic.twitter.com/tZmihAom3c
— Wu Blockchain (@WuBlockchain) April 30, 2024
Anticipating An Altcoin Surge
Meanwhile, El Crypto Prof, a prominent crypto analyst on X, recently projected a significant rally for the altcoin market based on historical market cycles. He notes that post-Bitcoin halving periods, like those in 2016 and 2020, typically lead to a phase of accumulation in altcoins, followed by a market rally.
Anyone who is bearish here obviously hasn’t done their homework.
Altcoins about to enter the parabolic curve, if we repeat 2016 and 2020.
History doesn’t repeat itself, but It often rhymes.
-Accumulation1⃣
-Backtest2⃣
-Send it3⃣Months of glory ahead imo. pic.twitter.com/uUrKj8qau1
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖
(@el_crypto_prof) April 28, 2024
The analyst suggests the current market mirrors these past cycles, indicating a potential upcoming surge. He believes this could result in the altcoin market cap potentially doubling from its current estimate of around trillion to trillion.
Additionally, Daan Crypto Trades, another analyst, supports the view that the ETH/BTC ratio is a more accurate measure of altcoin market sentiment than the SOL/BTC ratio, signaling positive prospects for altcoins.
Featured image from Unsplash, Chart from TradingView.
As the Blockchain Industry Loses Billions Annually to MEV, the Solution Is Staring Us in the Face — Neo Founder Da Hongfei
Imagine the scene: You’re sitting at the card table, and every hand you’re dealt is terrible. But the cards never get better; the dealer has full sight of the deck and sets the order of the cards before they’re played. The dealer always wins. The following opinion editorial was written by Da Hongfei, a prominent […]
Bitcoin News
Hedera Council Boosts Blockchain Innovation With Billions in HBAR
The Hedera Council announces an allocation of 4.86 billion HBARs, primarily focused on bolstering initiatives like the HBAR Foundation, Hashgraph Association, and DLT Science Foundation.
Hedera Council Commits 4.86 Billion HBARs
In a move towards enhancing its network and decentralized governance, the Hedera Council has approved an allocation of funds amounting to 4.86 billion HBARs, Hedera’s native cryptocurrency. This decision, aimed at bolstering ecosystem development, comes as part of the council’s strategy to fortify its base.
The bulk of this allocation, totaling 4.248 billion HBARs, is earmarked for existing initiatives. These include the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation. The grants for the HBAR Foundation and Hashgraph Association are scheduled for distribution within the first quarter of 2024, while the DLT Science Foundation will receive funds as it reaches milestones throughout the year.
The Hedera Council has today announced that it has voted to give the board approval to allocate 4.86 billion HBARs of additional funds toward further development of the Hedera network and enabling its decentralized governance.
The vast majority of that allocation – 4.248 billion…
— Hedera (@hedera) January 12, 2024
A separate portion of 614.06 million HBARs is designated for the operational expenses of the Hedera Council. This allocation also covers payments to early SAFT (Simple Agreements for Future Tokens) purchasers, a move that fulfills the council’s commitment to its early backers as well as giving future potential investors more confidence.
Betsabe Botaitis, the Chief Financial Officer of the Hedera Council, expressed enthusiasm about the initiative in a blog. “2023 saw the accelerated adoption of the Hedera network with more than 33 billion real-world transactions, largely due to the significant contributions of our ecosystem partners,” said Botaitis. He continued:
With a solid foundation already in place, the Hedera Council is pleased to further reinforce the development and utilization of the network through these new grants.
Will the Hedera Council’s latest actions foster significant growth in the Hedera ecosystem? Share your thoughts and opinions about this subject in the comments section below.
A Major Vulnerability Found in Early Crypto Wallet Software Risks Billions in Assets
A critical vulnerability in early cryptocurrency wallets, identified by cybersecurity startup Unciphered, threatens billions of dollars in digital assets. Originating from a flaw in the BitcoinJS software used for wallet generation between 2011 and 2015, this issue exposes wallets to potential exploitation. Millions of users are being urged to transfer their assets to wallets generated with updated, secure software.
Report Shows Early Crypto Wallets Exposed to Billion-Dollar Vulnerability
Unciphered‘s exhaustive 22-month investigation has unearthed a significant flaw in BitcoinJS, a widely used browser-based cryptocurrency wallet generation tool. This flaw stems from the SecureRandom function in the JSBN javascript library, compounded by weaknesses in major browsers’ Math.random implementations. This vulnerability, affecting wallets created from 2011 to 2015, makes them susceptible to attacks, with earlier wallets being more vulnerable.
Unciphered disclosed that it has coordinated with various entities to alert millions of users about this vulnerability. For individuals with assets in affected wallets, immediate action is recommended: transferring assets to newly generated wallets using reliable software. This proactive step is crucial for safeguarding digital assets against potential exploitation.
The vulnerability first surfaced for the team during a project for a client locked out of a Blockchain.com bitcoin wallet. This led to the rediscovery of a potential issue in BitcoinJS-generated wallets from 2011-2015. The implication is staggering, potentially affecting millions of cryptocurrency wallets generated during this period, with a significant value of assets at risk.
The vulnerability arises from the way BitcoinJS, a Javascript implementation of Bitcoin, used the JSBN library’s SecureRandom function. This function’s deficiency, particularly in its entropy collection and PRNG (pseudo-random number generator), creates a situation where key material could potentially be recovered by an attacker. The SecureRandom function’s failure to effectively utilize browser cryptographic functions compounded this issue, relying instead on weaker RNG methods.
This situation is critical because bitcoin private keys, requiring 256 bits of entropy, were generated with less entropy than needed. The varied impact of this vulnerability makes some wallets more susceptible to attacks than others. However, certain mitigation measures, like incorporating additional entropy sources, have been implemented over time, reducing the risk for newer wallets.
The vulnerability extends beyond bitcoin, potentially affecting dogecoin, litecoin, and zcash-based wallets. Various wallet services and projects that derived their code from BitcoinJS, including popular ones like Dogechain.info and Blockchain.info, might also be impacted. This highlights the widespread implications of the vulnerability across multiple cryptocurrencies.
Unciphered’s researchers detail that historically, third-party library dependencies have often led to vulnerabilities in software development. Similar issues have been seen in other projects, such as OpenSSL on Debian platforms. The current situation with BitcoinJS and its ecosystem exemplifies this ongoing risk in software development, especially when it comes to securing financial assets and sensitive information.
What do you think about the bug Unciphered discovered? Share your thoughts and opinions about this subject in the comments section below.
Coinbase Expects Spot Bitcoin ETFs to Add Billions to Crypto Market — Says SEC Approval Possible by Year-End
Cryptocurrency exchange Coinbase says spot bitcoin exchange-traded funds (ETFs) could add billions of dollars to the total crypto market cap. Coinbase also believes that the chances of one or more spot bitcoin ETFs being approved by the U.S. Securities and Exchange Commission (SEC) before the end of 4Q23 “have sharply improved.”
Coinbase’s Spot Bitcoin ETF Prediction
Coinbase Institutional, a division of crypto exchange Coinbase (Nasdaq: COIN) that provides solutions for institutional investors, released its November Monthly Outlook titled “Why an ETF Matters” on Sunday.
David Duong, Head of Institutional Research at the cryptocurrency exchange, detailed that spot bitcoin exchange-traded funds (ETFs) can take BTC “further into the mainstream, putting it within reach of millions of investors in broker-dealer, RIA [registered investment advisor] and tax-advantaged account structures.” He continued:
In the long run … spot bitcoin ETFs could add billions of dollars to the total crypto market cap as well as spark new potential investments for the asset class.
“While this will take time, we expect [spot bitcoin] ETFs to lay the foundation for a more regulated environment, greater inclusion, and a material growth in demand,” he opined.
“The impact of one or more spot bitcoin ETF approvals are significant, as it will open up a massive opportunity for the wealth management community, which handles over a third of all wealth in the U.S.,” the Coinbase head of institutional research described. “Moreover, we think ETFs can potentially lead to new financial products (like lending and derivatives).”
The Coinbase report further details:
In our view, chances have sharply improved that one or more spot bitcoin exchange-traded funds (ETFs) may be approved by the U.S. Securities and Exchange Commission (SEC) before the end of 4Q23.
“Typically, the SEC extends its decision window to the furthest extent allowed by its regulatory framework, which in this case would be the final deadline of January 10, 2024, for the ARK-21Shares Bitcoin ETF application,” the Nasdaq-listed crypto exchange explained. “However, the current timeline has been complicated by gridlock in the U.S. House of Representatives. A potential government shutdown on November 17 would furlough over 90% of SEC staff. As a result, we think there is currently an open window for the SEC to be proactive ahead of a possible shutdown.”
Coinbase further noted, citing Bloomberg Intelligence: “In recent weeks, we’ve seen a number of applicants amend their prospectuses with updated language, suggesting meaningful dialogue between these teams and the SEC. Although this is commonplace for such applications in other asset classes, this is a first for crypto.”
Do you agree with Coinbase that spot bitcoin ETFs will add billions to the crypto market cap and do you think the SEC will approve some applications this year? Let us know in the comments section below.
Prosecutor: FTX Boss Sam Bankman-Fried Stole Billions From Customers, Lied About It
Federal prosecutor Nicolas Roos argued this week that Sam Bankman-Fried stole billions in customer funds from his cryptocurrency exchange FTX and lied repeatedly to cover it up, actions that make him guilty on all counts. The prosecutor’s closing argument paints a picture of Bankman-Fried building a mountain of lies that eventually collapsed, “leaving countless victims in its wake.”
From Crypto King to the Courtroom’s Closing Arguments: The Bankman-Fried Saga
Almost a year ago, customers began trying to withdraw funds from FTX, but their requests went unprocessed as FTX went bankrupt with billion missing, prosecutor Roos told the court on Novemeber 1, 2023. The federal government’s closing argument was published by Matthew Russell Lee from the Inner City Press.
Roos argued that Sam Bankman-Fried spent FTX customer money to cover expenses, buy property and make political donations in a “pyramid of deceit” that eventually collapsed. Roos said Bankman-Fried knew taking the money was wrong but believed he could evade consequences.
“He thought he was smarter, and could walk his way out of it. Today, with you, that ends,” Roos said to the jurors.
Roos said Bankman-Fried set up a secret system allowing his quantitive trading firm Alameda Research to take FTX customer funds with zero risk of liquidation. Roos called this stealing: “[It’s] fraud. It’s stealing plain and simple.” Roos said Bankman-Fried lied repeatedly on the stand, unable to recall details from his own business. “Over three days he took the stand and he lied. You’d have to ignore all the evidence,” Roos said.
The federal prosecutor also recounted how Bankman-Fried failed to remember his statements or decisions, saying:
He couldn’t remember a single detail. It was uncomfortable. 140 times…
Roos outlined how Bankman-Fried allegedly used FTX customer money to buy back FTX stock and acquire luxury property despite subordinates warning him it was unwise. Roos said Bankman-Fried omitted negative information from balance sheets sent to investors and lenders, calling it fraud. The U.S. attorney added:
He took the money and played roulette with it. He was stealing.
Roos completely rejected Bankman-Fried’s good faith defense, citing deleted communications and testimony he acknowledged issues but proceeded anyway. Roos called margin lending explanations false excuses, saying customers had to opt into margin programs separately. In conclusion, Roos said: “Let the evidence prevail over his storytelling. He lied. He is guilty. Reach that verdict: that he is guilty.”
What do you think about the federal prosecutor’s closing arguments against Sam Bankman-Fried? Share your thoughts and opinions about this subject in the comments section below.