Category: Crypto

On Aug. 22, technical analyst and creator of the stock-to-flow model Willy Woo posted a chart of Bitcoin inventory on exchanges. He noted that things have been bearish until the start of August due to an influx of around 100,000 BTC from the German and US governments selling and Mt. Gox distributions. He added that “speculation has been rife creating more paper BTC.” Paper Bitcoin refers to derivatives such as futures and options that don’t involve direct ownership of the asset. Healthy Paper Bitcoin Flushout Needed However, the market crash…

Scammers who hacked the official McDonald’s Instagram page on Aug. 21 made off with over $700,000 in Solana after using the fast food giant’s social media page to promote and rug a memecoin called “Grimace.” According to screenshots shared on X, the McDonald’s Instagram page made a series of posts promoting a sham token based on the fast food chain’s purple mascot, Grimace. Screenshot of the McDonald’s Instagram promoting Grimace token. Source: X Several posts described the sham memecoin as a “McDonald’s experiment on Solana,” which was blasted to its…

Terraform Labs (TFL) – the bankrupt cryptocurrency firm co-founded by Do Kwon – is set to face a Chapter 11 bankruptcy reorganization hearing on September 19. The hearing will be crucial in shaping the company’s future as it navigates the aftermath of the Terra ecosystem’s dramatic collapse in 2022, which triggered extensive legal and financial challenges. Fallout from TerraUSD and LUNA Collapse The court’s ruling will essentially decide if Terraform Labs can successfully restructure and potentially recover from bankruptcy or if it will be compelled to liquidate its assets and…

Ether (ETH) dropped 3.75% on Aug. 20, as another “diamond hand” Ethereum whale sold 15,000 ETH over the past 24 hours, onchain data suggests.  The marketwide correction occurred after it was reported that Gary Gensler, US Securities and Commission Chair, would likely be the Treasury Secretary candidate if Kamala Harris wins the US election in November.  Related: How high can Bitcoin price go in the run-up to the US election? Ethereum traders suffer $35M in liquidations Although Ether’s correction over the past day was relatively minor, the leveraged traders relied on…

Bitcoin’s adventure above $60,000 was short-lived once again, as the asset dumped below that level yesterday and has remained there ever since. Most altcoins have followed BTC’s example by charting daily drops. In contrast, TRX has soared to over $0.16. BTC Below $60K Again After last Thursday’s massive correction that drove bitcoin to a multi-day low of $56,200, the cryptocurrency was mostly on the rise. It spent the weekend trading sideways in a tight range around $59,000 and $60,000. Monday began with a downturn once again, though, as the asset…

Defunct crypto exchange Mt. Gox has just moved around 12,000 Bitcoin to a new, unknown wallet address in its first major transaction since the end of July.  Mt. Gox made the move around 11:39 pm UTC on Aug. 20, sending 12,000 Bitcoin (BTC), worth $709.4 million, to an empty address starting with “1PuQB.” It also sent 1,265 BTC worth $74.8 million to the address starting with “1Jbez,” which is labeled as a Mt. Gox cold wallet on Arkham Intelligence. The funds haven’t moved since.  Source: HODL15Capital The major move could…

A new malicious browser extension called the “Bull Checker” is reportedly targeting Solana users on Reddit by masquerading as a meme coin tracker. This extension evades detection systems and has drained Solana users’ wallets. Solana Users Targeted In the past week, Jupiter’s pseudonymous founder, Meow, reported that a few Solana DeFi users experienced unauthorized token drains. Through a thorough investigation with partners, they traced the issue to “Bull Checker,” which had been targeting users on various Solana-related subreddits. This extension allowed users to interact normally with decentralized apps (dApps), but…

Germany’s Federal Financial Supervisory Authority (BaFin) has launched a crackdown on crypto ATMs and seized 13 of these automated cash kiosks from 35 locations, the government regulator announced on Aug. 20. The German financial regulator conducted the seizures in conjunction with the Federal Criminal Police Office, local law enforcement and Germany’s Bundesbank. According to the government bureau, the ATM operators “illegally installed” the machines and failed to register them under Section 32 of the Banking Act. BaFin claimed that the exchange of euros to cryptocurrencies or vice versa breached the…

Ether’s price has had trouble pushing past above $2,750 this month. Within the past 30 days alone, Ether has shed over 24% of its value. However, a recent analysis suggests that the world’s largest altcoin may be in the late stages of its current market correction. This narrative is backed by two key on-chain metrics offering insights. Buyers Slowly Regain Control in ETH Market According to CryptoQuant, the Taker Buy Sell Ratio, which measures the ratio of buyers to sellers across all exchanges, has turned positive again, signaling a subtle…

The most expensive piece from the CryptoPunks non-fungible token (NFT) collection was transferred for an undisclosed amount as interest in digital collectibles waned. In 2022, NFT investor Deepak Thapliyal acquired CryptoPunk #5822, a rare alien punk wearing a bandana, for 8,000 Ether (ETH). The transaction was worth $23.7 million and was hailed as the highest winning bid for a CryptoPunk NFT. Furthermore, the sale is considered the fourth most expensive NFT sale of all time.  Source: Deepak Thapliyal On Aug. 19, Thapliyal went on X to post a farewell message…