The Shib Crypto Recap: Monday

The crypto space is buzzing today with developments dominated by the repercussions of the FTX collapse that continue to ripple through the industry. In addition to this ongoing fallout, the crypto community is grappling with the aftermath of a recent major phishing attack. Meanwhile, Russia is emerging as a formidable player in crypto mining, surpassing the U.S. in output. Rising institutional interest in Taiwan surrounding foreign crypto exchange-traded funds (ETFs) adds another layer of intrigue, while the advent of AI technologies is being spotlighted as a crucial ally in defending against emerging threats within its own realm.

FTX’s Future Unfolds: Court Hearing Set to Determine Creditor Payouts

The recent bankruptcy filing from FTX indicates a court hearing set for October 7, 2024, to approve the company’s reorganization plan, which may allow creditors to start receiving compensation. Wu Blockchain reported that creditors with claims under $50,000 could see some payment by the end of 2024, while those with larger claims may have to wait until early to mid-2025.

FTX filed for bankruptcy in November 2022 after allegations of embezzlement and mismanagement of customer funds. The crisis was sparked by a surge in withdrawal requests that revealed an $8 billion deficit. An initial report from CoinDesk highlighted that Alameda Research, FTX’s sister company controlled by Sam Bankman-Fried, primarily held assets that were not based on stable currencies but rather FTX-created tokens. The collapse raised significant concerns about over-leverage and risky financial practices within the cryptocurrency industry.

$32 Million Phishing Heist: An Alarming Major Crypto Wallet Breach

In a never-ending flurry of malicious schemes, an anonymous individual has lost over $32 million in a phishing attack, according to Lookonchain. Reportedly, the wallet breach may be associated with the account of DiscusFish, raising alarms about the susceptibility of even seasoned crypto users to phishing attacks.

August has seen phishing emerge as a major threat, with a notable attack leading to a $238 million Bitcoin theft and another resulting in $55.4 million lost in DAI. Furthermore, a transaction linked to Bedrock DeFi was flagged for its involvement in losing approximately $1.7 million from a liquidity pool, with stolen assets traced to Tornado Cash.

Russia Emerges as a Crypto Mining Powerhouse; Taiwan Makes Strides in Foreign Crypto ETFs

According to Igor Runets, the CEO of BitRiver, Russia’s cryptocurrency mining industry is now growing faster than that of the United States. This shift highlights Russia’s increasing prominence in the global crypto arena, especially as the U.S. struggles with regulatory challenges. In response to economic difficulties stemming from Western sanctions, Russia has enacted legislation to legalize cryptocurrency mining and facilitate international digital currency transactions, positioning itself as an attractive destination for foreign investment in technology. As BitRiver expands its operations with new data centers across the country, the contrasting strategies of Russia and the U.S. reveal differing priorities, with Russia’s aggressive stance potentially strengthening its position in the expanding crypto market.

Meanwhile, Taiwan’s Financial Supervisory Commission (FSC) has announced a new opportunity for professional investors, including institutional investors and high-net-worth individuals, to invest in foreign cryptocurrency ETFs via “re-entrustment.” This process allows these investors to access foreign crypto ETFs through local securities firms, but participation is limited to ensure that only those with adequate financial resources and expertise engage in these high-risk investments. To qualify, securities firms will assess investors’ experience, knowledge, and ability to manage the risks tied to crypto ETFs.

Nvidia CEO: Harnessing AI as a Shield Against Its Own Challenges

During a recent Bipartisan Policy Center event, Nvidia CEO Jensen Huang stated that the most effective way to tackle the downsides of artificial intelligence is by using AI itself. He noted that the ability of AI to generate misleading information demands advanced AI tools to detect and resolve these problems. Huang compared this to cybersecurity challenges, highlighting that companies consistently face cyber threats and need improved AI solutions to combat these risks.

Huang urged the U.S. government to engage more actively with AI. “The government should be a practitioner of AI, not just a regulator,” he stated. He proposed building an AI supercomputer, noting that scientists would eagerly develop new algorithms to push the country forward.

SHIB Surge: Shiba Inu Celebrates Incredible Gains

In recent days, Shiba Inu (SHIB) has celebrated remarkable accomplishments, particularly with ShibaSwap and Shib.io’s new feature for direct token purchases via Visa and Mastercard. A recent Grayscale report revealed SHIB’s dominance in the crypto market, showing a 32.1% increase in value, with SHIB surging 13.61% to $0.00002138 on Friday. Over the past week, the token has experienced a total rise of 49.84% and a monthly gain of 52.91%, with trading volume also climbing 6.63% to $1.44 billion. Meanwhile, other tokens in the Shiba ecosystem, including BONE and LEASH, have displayed positive trends as well, with BONE up 13.74% and LEASH soaring 26.53%, highlighting the community’s engagement and SHIB’s latent potential.

At the time of reporting, SHIB’s trading volume is up by 6.03% in the last 24 hours according to data from CoinMarketCap.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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