Malaya Ruiz – The Shib Daily

The Shib News Recap: Thursday

Malaya Ruiz — Thu, 06 Mar 2025 22:00:00 +0000

The Shib Daily highlights crucial crypto news this Thursday, including regulatory changes in a major economy, remarkable political involvement that could influence policy and industry trends, an initiative that could affect energy markets and the crypto mining industry, and a controversial maneuver from a key organization.

Russia Explores Regulated Crypto Trading for Select Investors

The Ministry of Finance and Central Bank of Russia are exploring an experimental legal regime (ELR) for crypto trading, focusing on “super-qualified” investors. Alexei Yakovlev mentioned that the criteria for these investors are still under development. This new category will consist mostly of professional market participants and select individuals, beyond just banks. The goal of the ELR is to provide a regulated framework for evaluating the risks and advantages of cryptocurrencies in the financial system.

White House Crypto Summit Guest List Unveiled Ahead of March 7 Event

The guest list for the White House Crypto Summit, set to take place on March 7, has been revealed, showcasing major industry leaders. It will include 20 to 25 participants in a roundtable format. Key members of the Presidential Working Group on Digital Assets will also be present. Key figures like Charles Hoskinson and Vitalik Buterin have not yet confirmed their participation. It is unclear whether they were not invited or just did not confirm their attendance yet.

Belarus Sets Sights on Expanding Crypto Mining

Belarusian President Alexander Lukashenko has tasked Energy Minister Aleksei Kushnarenko with developing the country’s crypto mining industry. He wants to utilize excess electricity for mining while also enhancing Belarus’ energy grid. Lukashenko pointed to the U.S. as an example of a nation aiming to lead in cryptocurrency. With its affordable electricity, Belarus has attracted interest from miners, and the president believes the country should take the initiative to capitalize on this opportunity.

Ripple Labs Pitched Solana for Inclusion in U.S. Crypto Reserve, Says Reports

Ripple Labs executives, including CEO Brad Garlinghouse, reportedly proposed including Solana in the U.S. Crypto Reserve to President Donald Trump. This move is seen as an attempt to enhance the credibility of XRP, addressing concerns about leaving out established altcoins. When asked about advocating for SOL’s inclusion, a Ripple press representative referenced Garlinghouse’s comments about collaboration in the crypto sector. This implies a strategic approach to strengthen XRP’s position.

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The Shib News Recap: Monday

Malaya Ruiz — Mon, 03 Mar 2025 22:00:00 +0000

Today’s top headlines cover analyses of Shiba Inu (SHIB) price trends, a botched crypto deal in Jeju City leading to the murder of a Chinese investor, the arrest of three scammers in Assam, and intense debates surrounding the U.S. Crypto Reserve.

Shiba Inu Price Analysis: Key Support Levels and Potential Trends

Recent technical analysis pinpoints important price levels for Shiba Inu (SHIB). Analyst BlueCrypto reports that SHIB has sustained local support at $0.00001345 but warns that a higher level is necessary for upward momentum. He cautions that failure to hold the new local support at $0.00001465 could lead to a bearish reversal. Conversely, Crypto Sheriff, another analyst, believes SHIB could enter a new uptrend following a potential breakout.

Credit: Coinmarketcap community feed

Crypto Deal Gone Wrong: Chinese Investor Killed in Jeju City

An in-person crypto exchange at a Jeju City hotel resulted in a murder, leaving one Chinese investor dead. The February 24 incident underscores the risks of unregulated cryptocurrency dealings. The victim, a man in his 30s, was discovered with stab wounds and had 85 million won (around $63,000) stolen from him. Four suspects, including two men and two women, have been arrested by the police.

Trio Arrested in Assam for Crypto Scam Involving RSN Token

Assam Police arrested three individuals involved in a cryptocurrency scam related to the RSN token. The scam, which took place on March 1, promised a 2% return on deposits to investors. The scammers allegedly used digital platforms like PhonePe and PayTM to collect funds, converting them into USDT. Hekmot Ali Sarkar, believed to be the mastermind, is still at large.

Diverse Perspectives Erupt Over Trump’s Plan for a US Crypto Reserve

President Donald Trump’s initiative for a U.S. Crypto Reserve is stirring debate among cryptocurrency enthusiasts. Led by David Sacks, the plan seeks to make the U.S. the “Crypto Capital of the World.” Bitcoin maximalists argue against including other cryptocurrencies, while others like Ripple CEO Brad Garlinghouse see value in diverse cryptocurrencies. This disagreement reflects contrasting beliefs about the role of various digital assets.

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The Shib News Recap: Thursday

Malaya Ruiz — Thu, 27 Feb 2025 22:00:00 +0000

The Shib Daily’s top headlines this Thursday are highlighted by Shiba Inu (SHIB) experiencing a burn rate increase exceeding 1,300%, DOJ’s probe into President Milei, Bank of America’s announcement regarding a new stablecoin, and a hacking incident involving Pump.fun’s X account.

SHIB Burn Rate Surges to Over 1,300%

The Shiba Inu ecosystem saw an impressive increase in token burns, incinerating nearly 31 million SHIB in just 24 hours. This growth raised the daily burn rate over 1,300%. In total, 30,156,987 SHIB were burned yesterday, surpassing the 142,062,714 SHIB removed over the past week. Community projects like Shib Torch also helped, reporting a total of 547,791,530 SHIB burned, a 14.92% increase from the prior week.

DOJ Begins Investigation Into Javier Milei Over LIBRA Scandal

Argentine President Javier Milei is under investigation by the U.S. Department of Justice regarding his promotion of the LIBRA token. The probe aims to explore Milei’s involvement and that of the project’s founders, including two Argentine entrepreneurs, for possible fraudulent activity. It has been reported that he promoted LIBRA through two posts on X before its failure. He has since claimed he did not endorse the token and initiated an internal investigation.

Bank of America Plans to Launch Dollar-Backed Stablecoin

Bank of America’s CEO Brian Moynihan has announced plans to launch a stablecoin when the U.S. establishes clear regulations for digital assets. He confirmed that the stablecoin will be fully dollar-backed. Moynihan compared stablecoins to money market funds due to their asset-backed structure and lower volatility. He also clarified that stablecoins are distinct from other digital assets like Bitcoin.

Hackers Use Pump.fun X Account to Promote Fake ‘PUMP’ Token

Pump.fun’s official X account was compromised by hackers promoting a fraudulent token named “PUMP,” as confirmed by co-founder Alon Cohen. The platform announced later that day that they had regained access to their account. They reassured users that the breach was confined to the X account and did not affect other systems or assets. Additionally, no confirmation emails were received about any changes during the incident.

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The Shib News Recap: Monday

Malaya Ruiz — Mon, 24 Feb 2025 20:58:34 +0000

Today’s top stories from The Shib Daily highlight notable progress on NFT regulatory clarity, developments surrounding a recent hack, large movements of Ether (ETH) and Solana (SOL), and alarming trust breaches in the stablecoin market.

SEC Investigation of OpenSea Nears Conclusion

Devin Finzer, founder of OpenSea, revealed that the SEC will soon wrap up its investigation into the platform. He called this a major win for creators and collectors. This announcement followed the SEC’s dismissal of a lawsuit against Coinbase for being an unregistered securities broker. Industry leaders, including Alon and Ji Kim, praised the decision, suggesting it could lead to a more favorable environment for digital assets.

Bybit CEO Proposes Bounty Program Following Major Cyberattack

After a cyberattack believed to be orchestrated by the Lazarus Group took over $1.4 billion, Bybit CEO Ben Zhou is determined to find recovery solutions. Zhou outlined plans for a bounty program, law enforcement cooperation, and working with the Ethereum Foundation. On-chain security expert ZachXBT noted that Bybit lost millions in liquid-staked Ether and other tokens during the breach. Zhou even proposed the idea of rolling back the Ethereum blockchain to undo the hack’s effects.

Speculation Surrounds Binance’s Massive ETH and SOL Transfers

Binance is moving large amounts of ETH and SOL to market maker Wintermute and Symbolic Capital Partners’ CEX Bridge. Transactions involve hundreds to over two thousand ETH and thousands of SOL. The lack of an official statement from Binance has led to speculation in the crypto community. Possible reasons for these transfers range from routine portfolio adjustments to concerns about market manipulation or a change in Binance’s investment strategy.

Infini Faces $49.5 Million Theft by Ex-Developer, Promises Investor Reimbursement

A former developer at Hong Kong-based stablecoin neobank Infini is suspected of stealing $49.5 million in USDC. The stolen funds were converted to DAI and Ethereum before being sent to an external wallet. Infini has acknowledged the breach and is working diligently to secure their systems. Infini’s founder noted that many major investors were affected, but they have promised full reimbursement to all impacted users.

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The Shib News Recap: Friday

Malaya Ruiz — Fri, 31 Jan 2025 22:00:00 +0000

This Friday, The Shib Daily covers a variety of hot topics in the crypto sphere, starting with OpenAI’s accusations against DeepSeek, which has implications for the future of artificial intelligence. Grayscale’s launch of a new Bitcoin Miners ETF is also making headlines, signaling a growing interest in mining assets. Meanwhile, the decision by Gemini to ban MIT graduates and Ross Ulbricht’s $12 million loss on Pump.fun raises important discussions about crypto market sentiments and risks.

OpenAI Alleges DeepSeek Is Capitalizing on Its Innovations

OpenAI is concerned that DeepSeek, its rapidly growing competitor in China, is leveraging its innovations to speed up AI development. Microsoft is reportedly investigating whether a group linked to DeepSeek improperly accessed OpenAI’s technology. According to David Sacks, DeepSeek may have enhanced its models using knowledge distillation based on OpenAI’s work. The U.S. is contemplating regulations to safeguard its AI advancements and limit China’s access to cutting-edge technology.

Grayscale Introduces MNRS: A New ETF for Bitcoin Mining Investments

Grayscale Investments has launched the Grayscale Bitcoin Miners ETF (MNRS) on NYSE Arca, providing investors with a new option to invest in Bitcoin mining companies. This fund, introduced on January 20, focuses on companies included in the Indxx Bitcoin Miners Index. Grayscale specified that MNRS will not directly invest in digital assets or derivatives. Still, it may have indirect exposure through its investments in Bitcoin mining firms.

Tyler Winklevoss: No MIT Talent While Gensler Is Teaching There

Tyler Winklevoss, CEO of Gemini, declared that the company will not recruit graduates from MIT while it remains connected to former SEC Chair Gary Gensler. Gensler has taken a teaching role at MIT where he will instruct on AI in finance and regulatory matters. As a result, Gemini will also not accept MIT students for its summer internships. Winklevoss’ stance has led to both support and criticism within the crypto industry.

Ross Ulbricht Loses $12 Million in ROSS Token Liquidation Error

Ross Ulbricht suffered a $12 million loss on Pump.fun while trying to liquidate ROSS tokens. He ended up with just $600,000 but retains 10% of the total supply. His attempt to sell the tokens caused their value to plummet. Ulbricht made errors in setting up the liquidity pool which worsened his financial situation.

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The Shib News Recap: Wednesday

Malaya Ruiz — Wed, 22 Jan 2025 22:00:00 +0000

Today, The Shib Daily brings to light conversations focused on criminal justice reform, state authority, and their implications for the crypto industry. In addition, updates on the Ethereum Foundation from Vitalik Buterin and insights into rising institutional interest in ETFs have surfaced.

Ross Ulbricht Freed: Trump’s Pardon Sparks Debate on Justice and State Authority

President Trump has pardoned Ross Ulbricht, freeing him after over 4,000 days in prison. This decision has ignited discussions about justice, state authority, and technology. Ulbricht was the creator of Silk Road, a dark web marketplace for illicit goods that used Bitcoin. He ran the site from its 2011 launch until his arrest in 2013.

SEC Launches Crypto Task Force Under New Leadership to Address Industry Needs

The SEC has launched a new crypto task force following Trump’s inauguration. Acting Chair Mark Uyeda leads this initiative to address the digital assets industry’s needs. Commissioner Hester Peirce, dubbed “Crypto Mom,” will head the task force. The group aims to clarify regulations, create registration pathways, and engage with industry perspectives through roundtable discussions.

Banking Sector Prepared for Crypto Shift with Clear Regulations, Says Brian Moynihan

U.S. banks, including Bank of America, are ready to embrace cryptocurrency for transactions, according to CEO Brian Moynihan. They are, however, waiting for definitive regulatory guidelines. During a CNBC interview, Moynihan noted the potential shift in the banking industry’s attitude towards crypto, influenced by Donald Trump’s endorsement. Moynihan stated that once regulations are established, the banking system will fully commit to crypto transactions.

Buterin Stands Firm on Ethereum Leadership; Condemns Harassment in Crypto

Vitalik Buterin has rejected suggestions for a leadership change within the Ethereum Foundation. He confirmed his control over decisions until a formal board is created. Buterin also criticized the crypto community for its toxicity and condemned the harassment of Aya Miyaguchi, the executive director. He warned that this toxic environment is detrimental to the community’s progress.

Osprey Funds and Rex Shares Seek SEC Approval for Crypto ETFs

Osprey Funds and Rex Shares have filed with the SEC to launch multiple cryptocurrency ETFs. These include funds focused on meme coins like DOGE, TRUMP, and BONK. They also proposed ETFs for major cryptocurrencies such as BTC, ETH, SOL, and XRP. In 2024, many asset management firms submitted filings for ETFs centered around various altcoins.

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The Shib News Recap: Tuesday

Malaya Ruiz — Tue, 21 Jan 2025 22:00:00 +0000

In today’s headlines, the spotlight is on the significant market performance of Shiba Inu Treat ($TREAT) on KuCoin. Mark Cuban’s encouraging comments about Shiba Inu further contribute to the excitement, suggesting a bright future for the Shib ecosystem. Meanwhile, ongoing leadership shifts in crypto regulation and the possibility of Ross Ulbricht’s pardon are also stirring conversations.

Shiba Inu Treat ($TREAT) Rallies 111%; Mark Cuban Recognizes Shiba Inu’s Viability

$TREAT has surged 111% in the past 24 hours, which led to it becoming a top gainer on KuCoin. It surpassed notable tokens like $OBT and $SWARMS during this period. $TREAT is part of the growing Shiba Inu ecosystem. This momentum, along with ongoing developments, suggests that the token may continue to rise as Shiba Inu continues to expand.

In other Shib ecosystem news, Mark Cuban recently declared Shiba Inu as one of the very few meme coins that actually “worked.” He proposed a new meme coin with a 20% float to support the U.S. Treasury, reflecting on the current meme coin trend. Cuban noted that only a few meme coins, like Doge and Shiba Inu, have succeeded. Shiba Inu’s lead visionary, Shytoshi Kusama, responded to the post, inviting Cuban to a call to explore the technology behind Shiba Inu.

Regulatory Shifts: New Acting SEC Chair and Acting CFTC Chair

Following President Trump’s inauguration, Mark Uyeda was appointed as the acting SEC chair. A Republican commissioner since June 2022, he succeeded Gary Gensler, who often clashed with the finance and crypto sectors. Uyeda’s past criticisms of the SEC’s unclear guidance on crypto registration may resonate with industry players. He has prior experience advising Senator Pat Toomey and working with California’s securities regulator.

Meanwhile, the CFTC has appointed Caroline Pham as its acting chair after a vote by the commissioners. She replaces Rostin Behnam until a permanent chair is nominated by President Trump and confirmed by the Senate. Pham expressed her gratitude for the opportunity and looks forward to engaging with stakeholders. She has been a CFTC commissioner since April 2022 and has advocated for digital asset regulation.

Ross Ulbricht’s Pardon Expected Soon, Says Elon Musk

Elon Musk has stated that Ross Ulbricht, the creator of the Silk Road marketplace, will be pardoned by President Trump. Musk’s comment on X suggested Ulbricht’s release is imminent. Although Trump promised to commute Ulbricht’s sentence on his first day as president, no official action has been taken so far. Angela McArdle, chair of the Libertarian National Committee, anticipates the pardon will happen within the next two days.

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The Shib News Recap: Monday

Malaya Ruiz — Mon, 13 Jan 2025 21:03:33 +0000

This Monday, The Shib Daily brings you the latest news in the crypto sector, featuring insights from Shytoshi Kusama’s new podcast episode on Fully Homomorphic Encryption (FHE) and the innovative Shib Identity System. Other updates delve into the closure of a DeFi platform following a settlement with the U.S. Securities and Exchange Commission (SEC) and potential policy shifts as a result of the creation of a crypto subcommittee.

Shytoshi Kusama Discusses FHE and Shib Identity System in Latest Podcast Episode

Shytoshi Kusama’s podcast has revealed groundbreaking news: quantum-proof data security through FHE. In the latest episode, he introduced a new operating system that enhances online privacy. Kusama emphasized that FHE allows for complete data encryption. Shiba Inu aims to lead in FHE technology, focusing on achieving true quantum-resistant data protection.

He also discussed the Shib Identity System. This system goes beyond financial uses, offering a comprehensive way for users to manage their identities. It enables them to control their data, deciding when to sell or share it. Kaal Dhairya, Shiba Inu’s tech expert, calls it the “Aviation Service,” which provides verifiable digital proof of identity.

Only 0.4% of Pump.fun Traders Earn $10K or More

According to Dune analyst Adam Tehc, traders on Pump.fun are struggling to make significant profits, with only 0.4% of wallets earning $10,000 or more. Just 294 wallets (0.002% of the total) have exceeded $1 million in profits. Pseudonymous analyst Alon dismissed these findings as FUD, arguing they overlook unrealized profits. He also contested Dune’s claim that many of the platform’s 13 million traders are seeing negative returns, noting that about 30% of wallets have made just one sell order.

Mango Markets to Cease Operations After SEC Settlement

DeFi platform Mango Markets is shutting down after settling with the SEC. The decision comes amid ongoing legal issues tied to a 2022 exploit. The platform recently urged users to close their positions. As part of the settlement, Mango DAO will pay $700,000 in penalties, destroy MNGO tokens, and seek their removal from trading platforms.

Mango Markets will be shutting down
It is time for users to close their positions

Mango v4 & Boost are winding down. Most borrowing on Mango will be economically unviable going forward

Proposals are live & become executable on January 13, Monday 8PM UTC

Details below
— Mango (@mangomarkets) January 11, 2025

Tim Scott Forms Crypto Subcommittee to Drive Digital Asset Legislation

Senator Tim Scott has announced the formation of the Senate Banking Committee’s first crypto subcommittee. This demonstrates the Republican commitment to advancing digital asset legislation. Senator Cynthia Lummis, a pro-crypto Republican, will lead the subcommittee. Additionally, freshman Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty may also participate.

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The Shib News Recap: Thursday

Malaya Ruiz — Thu, 09 Jan 2025 22:00:00 +0000

This Thursday, our top headlines cover key discussions on the impact of certain developments in the crypto space on regulations, political influences, and legislative efforts.

DOJ Cleared to Liquidate $6.5 Billion in Seized Bitcoin from Silk Road

The U.S. Department of Justice (DOJ) has been approved to sell about 69,370 Bitcoin, worth $6.5 billion, seized from the Silk Road darknet marketplace. Chief U.S. District Judge Richard Seeborg denied a motion to halt the sale on December 30, 2024. Battle Born Investments, which claimed ownership of the Bitcoin, failed to block the sale after appealing in October 2024. The U.S. Marshals Service will oversee the sale, potentially making it one of the largest government crypto liquidations.

Trial Date Set for Terraform Labs’ Do Kwon as Evidence Review Continues

The trial for Do Kwon, former CEO of Terraform Labs, is set for January 26, 2026. Judge Paul A. Engelmayer made this decision to accommodate the review of six terabytes of discovery data. Prosecutors have encountered delays due to the need to decrypt phones and translate documents. They intend to seek search warrants for Kwon’s email and X account while also examining trading records from exchanges.

Ripple Executives Meet Trump Amid Ongoing SEC Legal Battle

Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty met with President-elect Donald Trump at Mar-a-Lago. This has led to speculation about discussions on cryptocurrency regulations. It is a crucial time for Ripple as they face regulatory changes and continue their legal battle with the SEC. The timing coincides with an important deadline, as the SEC must file its appeal brief by January 15.

Great dinner last night with @realDonaldTrump & @s_alderoty.

Strong start to 2025! pic.twitter.com/UjM6lahUG4
— Brad Garlinghouse (@bgarlinghouse) January 8, 2025

Oklahoma Senator Proposes Bitcoin Freedom Act to Combat Inflation

Oklahoma State Senator Dusty Deevers introduced the Bitcoin Freedom Act to address inflation concerns. The proposed SB325 bill allows workers to receive wages in Bitcoin and enables businesses to accept the cryptocurrency. Senator Deevers believes this legislation will position Oklahoma as a national leader in financial technology. His post received positive feedback from the crypto community; many supporters have expressed optimism about the senator’s proposal.

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The Shib News Recap: Tuesday

Malaya Ruiz — Tue, 07 Jan 2025 22:00:00 +0000

This Tuesday, The Shib Daily’s top headlines are about Shytoshi Kusama’s “Meme Thesis,” the ongoing financial harm caused by the collapse of blockchain platforms, and leadership shifts, along with their potential impact on crypto regulations.

Shytoshi Kusama’s Focus on Utility Memes

Shiba Inu lead visionary Shytoshi Kusama recently declared on his podcast titled “Meme Mania and the 36 Chambers of Tech” that viral fame has reached a dead end. He emphasized the need for memes to have utility and governance moving forward. Kusama showcased the Shiba Inu ecosystem, including SHIB, BONE, LEASH, and TREAT, as examples of how memes can serve a purpose. He envisions a future where memes offer more than just entertainment value.

Prosecutors Estimate Over 1M Victims from Terraform Labs’ Downfall

U.S. prosecutors estimate that Do Kwon, co-founder of Terraform Labs, may have over one million victims worldwide after the company’s collapse. Acting U.S. Attorney Daniel Gitner recently filed a notice with the U.S. District Court to inform Kwon’s victims of their rights. To assist the large number of affected individuals, the government plans to launch a specialized website for updates. However, it remains challenging to determine the exact victim count due to the nature of transactions occurring on international exchanges.

Barr’s Fed Resignation and Horsley’s Optimism for the Crypto Sector Under Trump

Michael Barr, the vice chairman for banking supervision at the Federal Reserve, announced his resignation effective February 28. However, he will remain a member of the Federal Reserve Board. Discussions about his potential demotion by President-elect Trump’s advisers could lead to legal issues, raising concerns about the Fed’s independence. Barr has been viewed as a key reason for U.S. banks’ hesitance to serve cryptocurrency-related businesses.

Meanwhile, Bitwise Asset Management’s CEO, Hunter Horsley, sees potential benefits for the cryptocurrency sector under Trump. He predicts that his administration might approve mergers and acquisitions, aiding major firms. Companies like Amazon and Google could acquire others like Instacart and Uber to expand their dominance. He noted that this concentration of power could increase the demand for decentralized systems.

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The Shib News Recap: Friday

Malaya Ruiz — Fri, 03 Jan 2025 20:30:55 +0000

Today’s top cryptocurrency headlines are focused on developments affecting regulatory scrutiny, potential Bitcoin trends in 2025, and the biggest crypto heists in December 2024.

Recent Developments That Can Impact Regulatory Shifts

Since its launch in September, the Tron T3 Financial Crime Unit, in partnership with Tether and TRM Labs, has frozen $100 million in USDT. The unit focuses on detecting and preventing illegal activities involving the stablecoin. It has reviewed millions of transactions globally and recently tracked over $3 billion in USDT transactions. Investigations have uncovered connections to North Korean operatives, with around $3 million in USDT possibly funding the regime’s activities.

As for updates on Do Kwon’s case, the co-founder of Terraform Labs faces a new money laundering charge. A superseding indictment was revealed on January 2 in the U.S. District Court for the Southern District of New York. Attorney Damian Williams claims Kwon facilitated transactions over $10,000 linked to illegal activities, knowing they were proceeds from unlawful actions. This case mirrors the prosecution of Sam Bankman-Fried who also faced extradition after being detained abroad.

Analyst’s Bitcoin Predictions

Mike Colonnese from H.C. Wainwright & Co. predicts a significant Bitcoin rally in 2025, and it could potentially reach $225,000. This increase is expected due to better regulatory clarity and more institutional involvement. His forecast follows a trend of rising Bitcoin predictions after the 2024 U.S. presidential election. Colonnese warns, however, that Bitcoin often experiences sharp corrections and there may be dips of up to 30%.

December 2024 Biggest Crypto Heists

Blockchain security firm PeckShield recently reported 25 hacks in the crypto sector in December 2024, with total losses reaching $24.7 million. The attacks targeted DeFi platforms and exchanges among other areas. Among these incidents, five hacks were responsible for most of the losses. LastPass suffered the biggest hit as a breach from 2022 resulted in the theft of about $12.38 million in crypto.

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The Shib News Recap: Thursday

Malaya Ruiz — Thu, 02 Jan 2025 22:04:43 +0000

In today’s top headlines from The Shib Daily, the spotlight is on Shiba Inu’s commitment to governance and transparency. With bullish signals indicating a positive trend for $SHIB, we also covered critical crypto updates that may influence global economic conditions. Furthermore, the latest IRS update offers crucial information for cryptocurrency investors.

Shytoshi Kusama’s Podcast & Shiba Inu Price Analysis

First things first: Shytoshi Kusama recently discussed the unique voting system of Shiba Inu, which functions more like a curated council instead of a democratic process. In their recent episode of “Meme Mania and the 36 Chambers of Tech,” they highlighted the challenges of traditional voting in crypto. This vision focuses on realistic community participation instead of expecting mass involvement. The system aims to empower committed members, which Kusama termed “shibizens,” with the Shib Paper acting as the framework for governance.

As for SHIB chart analyses, on Tuesday, crypto analyst Javon Marks posted on X about Shiba Inu’s price, forecasting a significant breakout by the end of the year. He noted that the token is maintaining its position above previous resistance levels. According to him, this indicates a strong technical base for upward movement. Marks projects a target price of $0.000081 for SHIB, and his chart outlines bullish factors and key indicators supporting this analysis.

Global Crypto News

According to Simon Gerovich, CEO of Metaplanet, Trump’s proposed Strategic Bitcoin Reserve may inspire countries like Japan to implement similar strategies. He emphasized that the Bitcoin community supported Trump and now expects him to deliver on this initiative. If the U.S. moves forward, it could prompt a global response. Additionally, Gerovich pointed out that some Middle Eastern nations have begun discreetly purchasing Bitcoin to strengthen their reserves.

Meanwhile, Syria is proposing to legalize Bitcoin and digitize its currency as part of rebuilding efforts after the Assad government’s fall. The initiative, put forth by the Syrian Center for Economic Research, aims to stabilize the economy and attract foreign investments. It plans to back the Syrian pound with Bitcoin, gold, and US dollars while promoting Bitcoin mining using local energy resources. Privacy and security will be prioritized, which will allow residents to maintain full control over their digital assets.

IRS Update

The IRS has provided temporary relief for crypto holders on centralized exchanges from a new accounting rule. Previously, investors who didn’t choose an accounting method would automatically default to FIFO (First In, First Out). The default method is delayed until December 31, 2025. This gives investors and brokers more time to consider other accounting methods.

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The Shib News Recap: Friday

Malaya Ruiz — Fri, 27 Dec 2024 20:15:35 +0000

Today’s top headlines are focused on discussions about the convergence of geopolitical factors and cryptocurrency in Russia, the potential delisting of a major industry player, and recent regulatory changes in the crypto scene in Turkey.

Is Russia Using Bitcoin as a Trade Weapon?

Russian companies are increasingly using cryptocurrency for international trade, as confirmed by Finance Minister Anton Siluanov. This shift comes in response to Western sanctions that have hurt Russia’s economy and made banks wary of processing transactions related to Russia. Siluanov predicts that Bitcoin usage in international trade will grow over the next year. Additionally, a new legal framework allows approved miners to utilize crypto for trade, benefiting both miners and energy companies.

Is Tether’s Potential Ban a Necessary Evil for Investor Safeguards?

Tether (USDT) is at risk of being banned in Europe under new MiCA regulations. The European Union introduced these rules to safeguard investors, but Tether has not complied with critical deadlines. Jacob Kinge, a financial analyst, warned that Tether hasn’t minted new coins in over two weeks. As a result, Tether will be banned for non-compliance, while CEO Paolo Ardoino insists they are working on practical applications for their tokens.

Will Turkey’s New Crypto Rules Elevate Its Role in Global Financial Markets?

Turkey has announced the implementation of new cryptocurrency regulations to improve anti-money laundering efforts. These rules, effective by February 2025, align with global standards, particularly the EU’s MiCA framework. Cryptocurrency service providers must collect user identification for transactions over $425. The regulations also include licensing requirements, measures against market manipulation, and formal agreements with customers.

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The Shib News Recap: Thursday

Malaya Ruiz — Thu, 26 Dec 2024 20:37:55 +0000

This Thursday, The Shib Daily brings to light critical crypto news, focusing on escalating legal issues and a concerning rise in scams that could impact the market’s integrity. On a more positive note, analysts recently issued strong buy signals for Shiba Inu, which suggests a favorable trend.

Final Decision on Do Kwon’s Extradition Lies with Montenegro’s Justice Minister

The future of Do Kwon’s extradition rests with Montenegro’s Justice Minister after a court denied his appeal. This decision was influenced by an earlier ruling from the Supreme Court. Kwon’s legal team tried to contest this ruling, but the Constitutional Court rejected their challenge. In March, the court opted to send him back to South Korea, leaving Justice Minister Božović to make the final decision.

France’s AMF Intensifies Battle Against €500 Million Annual Financial Scams

The Autorité des Marchés Financiers (AMF) in France is increasing its fight against financial scams that cost victims over €500 million each year. Scams range from fake loans to fraudulent investments in crypto and green assets. Victims of false savings accounts lost an average of €69,000, with crypto scams averaging €29,000 in losses. In 2024, the Paris Prosecutor’s Office seized €268 million in assets linked to these scams.

Former FTX Co-CEO to Exit Prison Early for Good Conduct

Ryan Salame, former Co-CEO of FTX Digital Markets, is set to be released on March 1, 2031, which is over a year earlier than expected. He is currently serving a 7.5-year sentence for his role in the FTX collapse. Salame pleaded guilty in 2023 to charges linked to the fraud scheme led by Sam Bankman-Fried. His early release reflects a reduction in his sentence due to Good Conduct Time earned under the 2018 First Step Act.

Shiba Inu Price Boost Anticipated as Whale Activity Increases

In Shiba Inu news, analyst Javon Marks recently predicted a rise to $0.000081 based on a bullish continuation pattern in SHIB’s technical chart. Additionally, on-chain analytics firm Santiment noted a strong link between increased whale activity and price movements. They reported a significant uptick in whale transactions on December 1 and 9.

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The Shib News Recap: Thursday

Malaya Ruiz — Thu, 19 Dec 2024 22:30:00 +0000

This Thursday, The Shib Daily reported on significant developments in the crypto sector, including critical regulatory developments, ETF predictions, and leadership shifts within key institutions impacting the industry.

Retail Clients Misclassified? ASIC Takes Legal Action Against Binance

The Australian Securities and Investments Commission (ASIC) is suing Binance Australia Derivatives for allegedly failing to protect consumers. The regulator claims Binance wrongly classified 505 retail investors as wholesale clients from July 2022 to April 2023. The exchange offered derivatives like futures contracts for Bitcoin, Ether, and BNB. ASIC Deputy Chair Sarah Court noted that many clients experienced substantial losses, leading to approximately $13 million in compensation payments from Binance in 2023.

Eric Balchunas Predicts 2025 Launch for Bitcoin and Ethereum ETFs in U.S.

Bloomberg ETF analyst Eric Balchunas predicts that Bitcoin and Ethereum ETFs will be the first U.S. crypto funds launching in 2025. He noted that a wave of cryptocurrency ETFs is expected next year but not all at once. Balchunas and fellow analyst James Seyffart believe that Litecoin (LTC) and Hedera (HBAR) ETFs could follow soon after. However, ETFs for Solana (SOL) and XRP may only be considered after the new administration’s leadership at the agency.

We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the btc + eth combo ETFs, then prob Litecoin (bc its fork of btc = commodity), then HBAR (bc not labeled security) and then XRP/Solana (which have been labeled securities in pending… pic.twitter.com/29vMdciZxE
— Eric Balchunas (@EricBalchunas) December 17, 2024

David Sacks for Crypto Czar Role Backed by Michael Saylor

Michael Saylor has shown his strong backing for David Sacks as the U.S. “Crypto Czar.” Saylor echoed the sentiments of Senator Cynthia Lummis, who lauded Sacks’ appointment. This gesture received significant backing from users on X. Lummis believes Sacks will help the administration become the most supportive of digital assets ever.

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The Shib News Recap: Tuesday

Malaya Ruiz — Tue, 17 Dec 2024 23:00:00 +0000

It may only be Tuesday, but today’s recap is packed with explosive Web3 news you wouldn’t want to miss. Highlighted in today’s headlines are Shytoshi Kusama’s recent remarks on a new use case for the upcoming TREAT token in a collaboration with an innovative project, the latest names on the SEC’s Wells notice list, and Grayscale’s alarming $21 billion outflows.

Shytoshi Kusama Reveals New Horizons for TREAT

Shiba Inu lead visionary Shytoshi Kusama has revealed a crucial use case for the TREAT token in partnership with Oogwai, focusing on fully homomorphic encryption (FHE) and longevity research. This collaboration aims to utilize TREAT for efficient data processing. Kusama’s tweet highlighted this new use case, stating, “Finally, a new use case for $TREAT.” Oogwai called the initiative an innovative social experiment leveraging advanced scientific research.

Finally, a new use case for $TREAT. FHE LONGEVITY RESEARCH WITH $Ogai @ogaicoin. The ecosystem is just getting started! https://t.co/8vJKwdQWne
— Shytoshi Kusama (@ShytoshiKusama) December 13, 2024

SEC Targets Unicoin and CyberKongz with Wells Notices

Cryptocurrency investment firm Unicoin has received a Wells notice from the SEC, reportedly stating intentions to charge the firm with fraud and selling unregistered securities. CEO Alex Konanykhin mentioned that the SEC had sent subpoenas in May related to Unicoin’s primary offering, supported by significant real estate assets. Unicoin’s legal team is preparing a response due by December 24. Konanykhin suspects that the SEC’s actions are politically motivated and aim to block the company’s ICO plans.

Similarly, CyberKongz, a prominent NFT project, received a Wells notice from the SEC, indicating potential charges related to its ERC-20 token. The SEC argues the token requires registration as a security for use with a blockchain game. CyberKongz contends this reflects the SEC’s misunderstanding of blockchain and could set a bad precedent for Web3 gaming. They are determined to challenge the SEC’s position and seek clearer regulations for digital assets, earning backing from their community on X.

GBTC Posts $21 Billion in Outflows

Grayscale Bitcoin Trust (GBTC) reported $21 billion in outflows since its January 2024 launch, making it the only U.S. spot Bitcoin ETF with a negative trend. It has averaged daily outflows of $89.9 million over the past 11 months. Meanwhile, other U.S. spot Bitcoin ETFs have seen inflows totaling $20.737 billion. BlackRock’s iShares Bitcoin Trust (IBIT) has played a significant role in the positive performance of the market.

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The Shib News Recap: Monday

Malaya Ruiz — Mon, 16 Dec 2024 23:00:00 +0000

Today’s crypto news cycle is filled with critical regulatory updates, the implications of such for the crypto ecosystem, and Michael Saylor’s reaction to an anti-crypto rhetoric.

Crypto Regulation News

The Financial Accounting Standards Board (FASB) has launched new Fair Value accounting rules for Bitcoin and similar cryptocurrencies. Companies will now need to report their crypto assets at fair value in their financial statements. This adjustment aims to provide a clearer view of profits and losses due to the volatility of cryptocurrency prices. However, the rules exclude certain digital assets like NFTs and wrapped tokens.

In other regulatory news, the Australian Federal Court has fined Bit Trade, a subsidiary of Kraken, $5.1 million AUD for offering an unapproved margin lending product. Bit Trade Pty Ltd introduced a “margin extension” product in October 2021 but failed to obtain the necessary target market determination. More than 1,100 customers incurred over $7 million USD in fees, with total trading losses of more than $5 million USD. This is the first penalty against a cryptocurrency exchange for lacking a TMD.

Vanguard’s Dismissal vs MicroStrategy’s Defense

Vanguard, a major investment firm, remains opposed to Bitcoin and cryptocurrencies, viewing them as speculative and lacking real value. They stated that Bitcoin has no place in long-term investment portfolios due to its speculative risks. Duncan Burns, Vanguard Asia-Pacific’s CIO, described the digital asset sector as weak, noting that while some speculators profit, many others incur losses. Michael Saylor, co-founder of MicroStrategy, criticized Vanguard’s stance, arguing against their dismissal of cryptocurrencies in investment strategies.

World Liberty Financial $250K ONDO Purchase

World Liberty Financial has purchased $250,000 worth of ONDO tokens. They acquired 134,216 Ondo Finance tokens at an average price of $1.83 through Cow Protocol. The project has also invested in $30 million in Ether and $10 million in Coinbase Wrapped BTC. Following this acquisition, the ONDO token increased by over 14% in 24 hours and surged by 28.5% in the past week.

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The Shib News Recap: Thursday

Malaya Ruiz — Thu, 12 Dec 2024 23:00:00 +0000

The top headlines this Thursday from The Shib Daily are marked by increasing regulatory scrutiny in financial markets and the growing adoption of stablecoins. Furthermore, financial actions by politically connected figures also spark intrigue—but not as much as the newest controversy surrounding AI, which you’ll find out more about below.

SEC Commissioner Crenshaw’s Renomination Vote Stalled

The vote to renominate SEC Commissioner Caroline Crenshaw has been delayed because of a procedural conflict. The change in schedule overlaps with a Senate rule. Senator Brown is tasked with rescheduling the vote, but a timeline is yet to be announced. Crenshaw, facing controversy in the crypto community, must pass both committee and Senate votes within the next seven days.

Binance and Circle Unite to Drive Global USDC Adoption

Binance and Circle have teamed up to boost USDC adoption and support the growth of digital assets worldwide. Circle will assist Binance with technology and liquidity solutions to enhance USDC usage. This partnership will facilitate the broader integration of USDC into Binance’s offerings. The CEOs of both companies express optimism about their collaboration’s potential.

World Liberty Financial Purchases $12M Worth of ETH, LINK, and AAVE

World Liberty Financial (WLFI) has acquired Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) using USD Coin (USDC). On December 12, WLFI processed $12 million in transactions, leading to a 6.86% surge in Ethereum’s price. Their Ethereum holdings now exceed 14,500 ETH, valued at over $56 million.

‘Deus in Machina’: The Controversial AI Jesus Draws Criticism

A project featuring an AI version of Jesus has sparked debate among some critics. Named “Deus in Machina,” it started in August at St. Peter’s Chapel in Lucerne, Switzerland. Created by Philipp Haslbauer and Marco Schmid, the project used OpenAI’s GPT-4o and an AI video generator. The avatar answered questions about faith and morality; it also referenced Scripture. Bishop James Long, Presiding Bishop of the United States Old Catholic Church, voiced his criticism, calling it “not sacramental” and “truly just sacrilege.”

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The Shib News Recap: Tuesday

Malaya Ruiz — Tue, 10 Dec 2024 21:06:50 +0000

Today’s top crypto news reveals a growing wave of regulatory challenges, the impact thereof on market dynamics, and concerns about user trust in the crypto space.

Crypto Regulation News

SEC Commissioner Hester Peirce is urging a shift in cryptocurrency regulation and wants to end “Operation Chokepoint 2.0.” She has criticized the government’s restrictions on banking services for the crypto industry, especially in custody. Peirce’s three-part proposal includes ending the Chokepoint, clarifying SEC authority, and working together with the industry. Her emphasis on collaboration could be a significant turning point for crypto regulation.

Meanwhile, the Cedar Innovation Foundation (CIF) has launched an ad campaign against the renomination of SEC Commissioner Caroline Crenshaw. They announced the campaign on X, targeting Washington-focused social media platforms. CIF claims that confirming Crenshaw would undermine the pro-crypto mandate supported by voters. They describe her as “more anti-crypto than Gensler” and call on lawmakers to reject her renomination.

In Iran, Abdolnaser Hemmati, Minister of Economic Affairs and Finance, plans to create a regulatory framework for cryptocurrency instead of imposing outright bans. He believes that digital assets can help tackle economic issues and create jobs for young people. The Central Bank of Iran (CBI) has introduced new licensing requirements for crypto brokers and custodians. CBI Governor Mohammadreza Farzin supports this view, stating that cryptocurrencies can enhance national assets and help Iran navigate international sanctions.

The Central Bank of Iran (CBI) plans to introduce its digital currency, the Digital Rial, as part of a broader initiative to modernize the country’s banking infrastructure and enhance international financial collaboration.
Mohammadreza Farzin, the governor of the CBI, broke in… https://t.co/B2Fr3Q2Ft1 pic.twitter.com/KJCKSAPX84
— Iran Daily (@IranDailyWeb) November 26, 2024

Coinbase Users Frustrated Over Platform Issues

Over the weekend, many Coinbase users expressed their frustrations on X, reporting account lockouts, withdrawal issues, and inadequate support. Coinbase’s support claimed these complaints were largely “FUD/misinformation,” citing a rise in fraudulent attempts. However, a Community Note revealed that some comments were from users with ongoing account restrictions. Coinbase’s product director advised against using VPNs and ad blockers last Monday, which led to negative reactions from users. Coinbase has since assured users that it is already working on solutions.

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The Shib News Recap: Friday

Malaya Ruiz — Fri, 06 Dec 2024 20:44:12 +0000

As we wrap up the week, here are our top crypto news highlights today, featuring key conversations around ETF applications, potential changes to how cryptocurrencies interact with the banking system, and the persistent challenges posed by crypto fraud and security threats.

SEC Allegedly Shuts Door on Solana ETFs: Mixed Industry Reactions

The SEC has reportedly denied applications for Solana ETFs. At least two out of five applicants were informed of the rejection. This action emphasizes the SEC’s cautious view on cryptocurrency ETFs. Industry reactions vary, with some clinging to hope for future approvals and others viewing the SEC’s stance as potentially flexible.

Rep. Hill Probes ‘Debanking’ of Cryptocurrency Firms

Rep. French Hill plans to investigate the banking challenges facing crypto businesses. During a Dec. 3 hearing on financial technology, he expressed concern about regulatory practices impacting the industry. Hill’s investigation is prompted by claims that regulators are targeting crypto firms by limiting their banking access, a practice known as “debanking.” Executives from Stellar and Anchorage shared their difficulties, with Dixon noting her organization had to contact several banks after losing services.

IcomTech Fraudster David Brend Sentenced to 10 Years in Prison

David Brend, a cryptocurrency salesman and promoter for IcomTech, has been sentenced to 10 years in prison for conspiracy to commit wire fraud. He was convicted in March 2024 for promoting the fraudulent IcomTech platform, which falsely promised daily returns to investors. On December 2, Judge Jennifer Rochon sentenced him to 120 months at the Federal Prison Camp in Pensacola, Florida. IcomTech was identified as a Ponzi scheme that defrauded users of over $8 million between 2018 and 2019.

Vestra DAO Hit by $500K Cyber-Attack

A cyber-attack targeted Vestra DAO, exploiting a vulnerability in its token staking contract. Analysts reported unusual activity with VSTR tokens, leading to the theft of approximately $500,000 worth, which was mixed using Tornado. Vestra DAO promptly recognized the hack and blacklisted the compromised contract to minimize damage. Consequently, the token’s price fell from $0.013 to $0.005, later recovering to $0.009 but remaining unstable.

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The Shib News Recap: Thursday

Malaya Ruiz — Thu, 05 Dec 2024 22:00:00 +0000

This Thursday, The Shib Daily reports on pressing issues in the cryptocurrency world, including crucial regulatory decisions that could influence the U.S. crypto market. Questions about the government’s transparency in managing digital assets are also raised, while Shiba Inu’s Shytoshi Kusama exposes startling details regarding a controversial airdrop.

Trump’s SEC Nominee Paul Atkins and CFTC Contenders: A New Era for Regulatory Leadership in Crypto?

Trump has nominated Paul Atkins, a former SEC Commissioner, to succeed Gary Gensler. He praised Atkins for his commitment to “common-sense regulations” and the importance of digital innovation. With his regulatory background, Atkins is seen as a qualified leader. Anndy Lian noted the nomination’s importance, suggesting that the relationship between Atkins and crypto enforcement leaders will be pivotal for the industry.

In a related context, the position of Chair of the Commodity Futures Trading Commission (CFTC) is under consideration by the President-elect. Perianne Boring has emerged as a leading candidate, thanks to her experience as a TV anchor in international finance. The Trump transition team sees this background as a significant asset. However, other candidates, including commissioners Caroline Pham and Summer Mersinger, are still being evaluated.

US Government Moves $33.6 Million from FTX—What’s the Strategy?

The U.S. government has moved $33.6 million in seized cryptocurrency from FTX and Alameda Research to undisclosed wallets. This includes $18.17 million in Ethereum (ETH) and $13.58 million in Binance USD (BUSD). Smaller amounts of other tokens, like SHIB and WBTC, were also transferred. The move raises questions about its intentions and possible market impacts, especially as investigations into former FTX executives continue.

Shytoshi Kusama on $HAWK Token: Airdrop for Shib Army Approved, Fell Through, No Partnership

Shiba Inu project lead Shytoshi Kusama addressed their limited role with the $HAWK token. They initially declined an offer to promote the token but later accepted a proposal for an airdrop to the Shib Army. Kusama criticized the project for its rushed launch and lack of organization. They also clarified that this was not a partnership but merely a gesture to benefit the community.

The post The Shib News Recap: Thursday first appeared on The Shib Daily.

The Shib News Recap: Wednesday

Malaya Ruiz — Wed, 04 Dec 2024 22:00:00 +0000

This Wednesday, The Shib Daily highlights key developments focused on increased regulatory scrutiny and its impact on investor trust in the crypto sector. Emerging vulnerabilities in crypto security raise questions about the future stability and security of digital assets. Plus, the market’s response to political events adds another layer of complexity.

The Legal Woes of Alex Mashinsky and Bitcoin Jesus

Alex Mashinsky, the founder and former CEO of Celsius Network, has plea d ed guilty to two counts of fraud related to the company’s collapse. The DOJ accused him of misleading customers about Celsius’ financial health and manipulating the market for its token, CEL. In July 2023, he was indicted on seven charges, including fraud and market manipulation. Mashinsky agreed not to appeal any sentence of 30 years or less, with his sentencing set for April 8, 2025.

In another controversial case, Roger Ver, also known as Bitcoin Jesus, is facing tax evasion charges and has filed a motion to dismiss. He argues that the case is unconstitutional, involving accusations of not paying nearly $50 million in taxes. The DOJ claims he misreported Bitcoin sales in 2017 to evade a higher exit tax. The motion is under review by the U.S. District Court for the Central District of California.

Malicious Code Targets Solana’s web3.js Library

A supply chain attack on the Solana web3.js library has caused about $190,000 in losses, but the core Solana protocol and major wallets are safe. The attack affected versions 1.95.6 and 1.95.7, where malicious code was injected to expose private keys on backend servers. This primarily impacted automated JavaScript bots rather than user wallets. Community members and the Solana Foundation quickly mobilized to mitigate the breach’s effects.

Crypto Market Rebounds as South Korea Lifts Martial Law

The cryptocurrency market has stabilized after South Korean President Yoon Suk Yeol quickly lifted martial law. The law was rescinded during a Cabinet meeting shortly after the parliament voted against it. This led to a surge in trading activity on local exchanges, causing service disruptions. The value of major cryptocurrencies like Bitcoin, Ether, and XRP saw a significant decline in value before showing signs of recovery according to the latest data from CoinMarketCap.

Listen to “The Shib and Tell,” the official podcast of The Shib available on Spotify for the latest updates on the Shiba Inu community and the crypto space. Don’t forget to subscribe to The Shib Daily on YouTube as well for a wealth of exclusive insights.

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The Shib News Recap: Monday

Malaya Ruiz — Mon, 02 Dec 2024 21:30:00 +0000

This Monday, The Shib Daily shines the spotlight on Shiba Inu (SHIB), which analysts predict is on the brink of a major price surge. Furthermore, Shibarium’s total value locked (TVL) is witnessing significant growth ahead of a critical hard fork.

We also bring you pivotal crypto news headlines that examine the fallout from mining scandals and unregistered operations, and what this means for cryptocurrency and investment funds. The conversation also shifts toward the monopolistic tendencies emerging within the tech industry.

Shiba Inu Bullish Breakout Sparks 179% Price Predictions; Shibarium Hits Another Record TVL

Shiba Inu surged over the weekend due to a confirmed bullish pattern breakout, with predictions of a 179% price rise to $0.000081. It briefly reached $0.00003300 before falling to $0.00002907 on Monday, reflecting a 2.98% dip. Nevertheless, it remains up 10.90% for the week and 64.30% for the month. A 31.25% increase in trading volume indicates heightened investor activity responding to these forecasts.

Meanwhile, Shibarium has reached a new all-time high (ATH) in TVL at $10.22 million. This achievement coincides with an upcoming hard fork, which indicates important progress for the ecosystem. The TVL grew from $8 million just a week ago, thanks to increased user engagement and DeFi activity. Additionally, the network now has 203,266 accounts, a 12.92% rise since November 2.

Touzi Capital’s $95 Million Crypto Scheme Under SEC Scrutiny

The SEC has filed a lawsuit against Touzi Capital, LLC and Eng Taing for allegedly misleading over 1,200 investors about the use of their funds in cryptocurrency mining. Allegations include unregistered securities offerings that raised nearly $95 million between 2021 and 2023. The SEC also claims that Taing misused investor funds for personal expenses and commingled funds from other ventures. The Commission is requesting injunctions, civil penalties, and a ban on Taing from serving in leadership roles.

Elon Musk’s Lawsuit Claims OpenAI and Microsoft Are Thwarting Competition in the AI Industry

In a lawsuit filed in Northern California, Elon Musk accuses OpenAI and Microsoft of anti-competitive behavior in the AI sector. Musk argues that OpenAI has moved from a non-profit to a $157 billion for-profit model. He claims their partnership has resulted in market monopolization and raises concerns about conflicts of interest involving OpenAI CEO Sam Altman. Although Musk asserts these actions have hurt xAI’s funding opportunities, the company has still managed to secure a $5 billion investment.

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The Shib News Recap: Friday

Malaya Ruiz — Fri, 29 Nov 2024 22:20:43 +0000

This Friday, The Shib Daily brings you the latest in cryptocurrency, focusing on the escalating security threats faced by investors and platforms alike. Key discussions revolve around how recent regulatory changes are reshaping the landscape for major exchanges, impacting their financial products and operational strategies. Apart from this, another intriguing headline involves TRON founder Justin Sun’s recent move of eating a $6.2-million banana on a live stream! Stay informed as we delve into these developments affecting the crypto market.

Reports indicate that North Korean hackers have stolen more than $1 billion in cryptocurrency through impersonation schemes. They disguise themselves as venture capitalists and tech support to access victims’ systems. At the Cyberwarcon conference, Microsoft experts highlighted the hackers’ advanced exploitation techniques. The hacking groups “Ruby Sleet” and “Sapphire Sleet” have been identified as key contributors to these operations.

In other security-related news, global crypto exchange XT.com has suspended all withdrawals following reports of a potential hack that led to $1.7 million in stolen funds. The exchange explained on Thursday that the suspension was due to “wallet upgrade and maintenance.” Security firm PeckShield reported evidence of a breach, which led XT.com to confirm they noticed unusual wallet activity. Withdrawals for certain tokens have now resumed but are still limited.

Coinbase users are frustrated as the platform will stop offering yields on USDC due to new EU regulations. The decision was announced via email, effective December 1, 2024. Paul Berg, CEO of Sablier, sarcastically commented on the situation, prompting criticism from Ripple’s David Schwartz over regulatory effects. Meanwhile, former Binance executives launched Schuman Financial to create a euro-pegged stablecoin.

Today’s edition of crypto’s Wild West brings us TRON founder Justin Sun’s consumption of the $6.2 million banana from Maurizio Cattelan’s Comedian artwork during a livestream. This performance highlighted his attempt to connect art with cryptocurrency. The banana first gained attention at Art Basel Miami in 2019, being sold for $120,000. Sun also expressed plans to buy 100,000 bananas from a New York vendor as a way to honor the artwork’s legacy.

Keep yourself informed about what’s new in the Shiba Inu community and the broader cryptocurrency ecosystem by listening to “The Shib and Tell,” the official podcast of The Shib available on Spotify. Also, make sure to subscribe to The Shib Daily on YouTube for a treasure trove of exclusive information and updates.

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The Shib Crypto Recap: Thursday

Malaya Ruiz — Thu, 28 Nov 2024 22:00:00 +0000

Today’s key discussions in the crypto space are influenced by crucial developments surrounding regulation and policy—topics that have become increasingly significant as the industry matures. Adding to the excitement, Shibarium has made waves with its record-breaking total value locked (TVL) once again. Meanwhile, Shytoshi Kusama has offered valuable perspectives on the innovative features of the upcoming TREAT token.

Former CFTC Chairman Christopher Giancarlo suggested that the SEC might discontinue its lawsuit against Ripple. He shared these views in an interview with FOX Business in which he addressed cryptocurrency regulation under a Trump administration. Giancarlo urged the SEC to reconsider cases they have lost in court. His insights imply that the SEC could choose to dismiss the Ripple case given recent developments.

In related news, former SEC Commissioner Paul Atkins is considered the leading candidate to head the SEC under President-elect Donald Trump. He has been interviewed by Trump’s team and brings valuable experience as a former commissioner and staffer. Atkins is recognized for his knowledge of cryptocurrency and pro-innovation stance. Fox Business Journalist Eleanor Terrett said he could “restore the agency to the so-called ‘gold standard.’” His appointment may indicate a regulatory shift from the SEC to the CFTC.

The Federation Council in Russia has approved a new bill that imposes taxes on cryptocurrency transactions and mining, pending President Putin’s signature. The amendments will exempt cryptocurrency transactions from value-added tax and tax crypto trading income like securities, capped at a 15% personal income tax rate. If passed into law, crypto mining operators will need to report essential client details to tax authorities. Mining earnings will also be taxed based on their market value upon receipt.

Growth and Empowerment: Shibarium’s $8.71M TVL and the Potent Role of TREAT in the Shib Ecosystem

Now shifting focus to important updates from the Shib ecosystem and Shibarium, there’s plenty to celebrate. Shibarium has just achieved a new TVL record of $8.71 million, reflecting a 6.9% increase within a single day. This growth reveals heightened interest in decentralized applications and liquidity pools. Furthermore, active accounts grew by 13.6% to about 201,600, while transaction volume exploded by 10,363.6%, climbing from 5.45 million to over 569.93 million.

Shiba Inu’s Shytoshi Kusama recently highlighted the importance of the TREAT token in the ecosystem. He responded to a tweet from Altcoin Gordon about a rug-pull, stating that TREAT’s features would address trust and accountability in crypto. As a governance token, TREAT will enable users to participate in decision-making for the Shiba Inu ecosystem. Kusama affirms that this will empower users to have a voice in the future of the project.

Stay abreast of the latest happenings in the Shiba Inu community and the broader cryptocurrency market by tuning in to “The Shib and Tell,” Shiba Inu’s official and only podcast on Spotify. Don’t forget to subscribe to The Shib Daily on YouTube as well for a wealth of exclusive insights and updates.

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The Shib Crypto Recap: Monday

Malaya Ruiz — Mon, 25 Nov 2024 20:22:11 +0000

Monday brings a new set of roller-coaster communiqués in the crypto space, including regulatory actions, institutional interest, influencer-driven markets, and the never-ending “unmasking Satoshi Nakamoto” saga.

The Shiba universe is not dozing off—SHIB is showing some big-picture progress and project lead Shytoshi Kusama answers hot-button issues in a Q&A session on social media platform X. Read on to learn more.

SEC Hits $8.2 Billion in Penalties and Texas Regulates Bitcoin Miners

The SEC has reported record fines and penalties of $8.2 billion for fiscal year 2024. This amount is the highest ever, as Gary Gensler prepares to leave the agency in January 2025. The figure, shared in the SEC’s November 22 report, reflects an aggressive enforcement strategy during Gensler’s tenure. Over half of the total comes from a landmark $4.47 billion settlement with Terraform Labs and former CEO Do Kwon over 2022 fraud charges. Without this settlement, the SEC’s collections would have been the lowest since 2013, at $3.72 billion. The record includes $2.1 billion in penalties and $6.1 billion in disgorgement.

In other regulatory news, the Public Utilities Commission of Texas (PUCT) has mandated that Bitcoin miners on the ERCOT grid must register their facilities. Miners are required to disclose their locations, ownership, and electricity demands within one working day of connecting. Failure to register on time will result in a Class A violation and fines of up to $25,000 daily. This regulation aligns with Texas’s ambition to lead in cryptocurrency, backed by Senator Ted Cruz’s advocacy.

Cantor Fitzgerald Acquires 5% Stake in Tether

Cantor Fitzgerald has secured a 5% stake in Tether, which issues the USDT stablecoin, worth up to $600 million. This acquisition comes during a time of increased regulatory scrutiny for Tether. Notably, Cantor’s CEO, Howard Lutnick, is rumored to be in line for the Secretary of Commerce position under Donald Trump. The firm also plans to introduce a $2 billion Bitcoin-backed lending initiative alongside Tether.

Study Exposes 76% Value Loss Among Meme Coins

A new study highlights the risks of meme coin investing, revealing that most tokens promoted by influencers are now dead. CoinWire analyzed over 1,500 meme coins from 377 Twitter influencers. It discovered that 76% of these tokens have lost at least 90% of their value. Remarkably, only 1% of influencers ever backed a coin that reached a 10x gain, while just 3% of coins achieved this success.

New Theory Links Satoshi Nakamoto to Mysterious 2010 Whale

A new theory suggests that Bitcoin creator Satoshi Nakamoto may be linked to a major Bitcoin whale from 2010. Blockchain researcher Vladimir S proposed this idea, indicating that the whale controls a large amount of Bitcoin mined that year. He noted that Satoshi’s 2009 coins remain untouched, while some 2010 coins have moved on the blockchain. Although Vladimir S clarified that it is merely a theory, it sheds new light on Satoshi’s ongoing mystery.

Shiba Inu Soars 150% in 2024; Shytoshi Kusama Reimagines Strategy Beyond Token Burns

SHIB has experienced an impressive 150% increase year-to-date, making it the second-best performer of 2024 after Dogecoin’s 310% surge. This puts SHIB ahead of Solana’s 134% and Bitcoin’s 113% gains. Other cryptocurrencies like Binance Coin and Ripple also fall behind Shiba Inu’s growth. Project leader Shytoshi Kusama highlighted this success on social media. This development highlights SHIB’s lasting appeal in the volatile crypto market.

In the wake of this positive news about SHIB, Shytoshi Kusama has unveiled a transformative strategy for the Shiba Inu project that focuses on growth instead of just burning tokens. In a recent Q&A, they responded to concerns about the timeline for a 99% burn. They argued that success shouldn’t rely solely on burning and highlighted the potential for utility to drive interest in the coin. This approach suggests that viral distribution may become more valuable than token burning.

For real-time updates, tune in to The Shib and Tell podcast. Subscribe to our YouTube channel and engage with us on social media for up-to-date coverage and expert insights.

The post The Shib Crypto Recap: Monday first appeared on The Shib Daily.

The Shib Crypto Recap: Friday

Malaya Ruiz — Fri, 22 Nov 2024 22:37:29 +0000

Recent developments in the cryptocurrency space include increased institutional and mainstream adoption, signaling a shift in investor sentiment. In the same breath, news of SEC leadership changes and a surge in phishing attacks are gaining traction.

Meanwhile, a surge in Shibarium’s total value locked (TVL) highlights the strong performance of its key DeFi protocols.

Institutional Adoption of Cryptocurrency and SEC Leadership Talks

Charles Schwab Corp. is preparing to join the spot cryptocurrency market, highlighting the asset class’s rising legitimacy. Incoming CEO Rick Wurster shared his personal perspective, admitting he hasn’t purchased crypto and now feels “silly,” during a Bloomberg Radio interview. The announcement generated excitement in the cryptocurrency community, which reflects a notable shift in mainstream finance.

More institutional investment plans are on the horizon. The SEC is in discussions with issuers regarding a potential spot Solana ETF, starting to review S-1 applications from firms like VanEck and 21Shares. Bitwise Asset Management has also announced plans to file an S-1 for a Solana ETF. Issuers are feeling optimistic about approval, citing positive interactions with SEC staff and an expected shift toward a more crypto-friendly administration in 2025.

Speaking of the SEC, in response to the announcement of Gary Gensler’s upcoming exit from the SEC, potential replacement Teresa Goody Guillén emphasized the need for the agency to rebuild trust and shift away from regulation by enforcement. She advocates for investor protection and enhancing the country’s role in the global financial market. Guillén’s possible leadership could lead to a more cooperative regulatory environment for cryptocurrency, benefiting the industry and attracting institutional capital.

Scattered Spider Exposed and TruthFi Trademark Application

Five individuals associated with the hacking group “Scattered Spider” have been charged by U.S. federal prosecutors for stealing $11 million in cryptocurrency and sensitive data. They employed phishing scams and SIM-swapping to target at least 29 victims, with one victim losing over $6.3 million. The defendants face federal grand jury charges including conspiracy, wire fraud, and aggravated identity theft.

Continuing The Shib Daily’s coverage of President-elect Trump’s approach to crypto, Trump Media & Technology Group has filed for a trademark for “TruthFi,” which is intended to offer cryptocurrency payment solutions, including payment processing and asset trading. This move suggests a potential expansion into the crypto space, as confirmed by trademark attorney Josh Gerben.

Shibarium’s Record-Breaking TVL

Shibarium has reached a record-high TVL of $8.12 million, driven largely by K9 Finance DAO with $3.57 million. WoofSwap, a single-chain DEX, contributes $887,662, while ChewySwap, a two-chain DEX, adds $508,262. The platform saw significant growth in user activity and transaction volume between November 1 and 21.

For real-time updates, tune in to The Shib and Tell Podcast. Subscribe to our YouTube channel and engage with us on social media for up-to-date coverage and expert insights.

The post The Shib Crypto Recap: Friday first appeared on The Shib Daily.

Trump Media’s ‘TruthFi’ Trademark Filing Hints at New Crypto Payment Service

Malaya Ruiz — Fri, 22 Nov 2024 20:16:35 +0000

Trump Media & Technology Group (TMTG), the company behind Truth Social, has filed for a trademark for TruthFi, described as a platform intended to provide cryptocurrency payment solutions. This development represents the latest indication of the president-elect’s support for the cryptocurrency industry.

The application, which was filed with the U.S. Patent and Trademark Office (USPTO) on Monday, outlined a platform designed to facilitate payment processing for cryptocurrency and fiat currencies, provide financial custody solutions, and enable trading of digital assets.

Josh Gerben, a trademark attorney from Washington, told The New York Times that Trump Media’s filing aimed to secure the TruthFi name for a potential crypto venture. He noted that businesses can reserve a name for several years but usually file trademark applications with plans to actually use the name.

“In my experience, most of the time if a client is going to file an application, there is something going on,” he said.

Following the announcement of the trademark filing, Trump Media shares saw an increase of approximately 2%, reaching $31.04 at the time of reporting.

Currently valued at $6.61 billion, TMTG has rapidly gained status as one of the most actively traded stocks in the wake of Trump’s election victory.

Despite having no official role at Trump Media, Trump owns approximately 53% of its stock, valued at $3.4 billion, the highest asset in his holdings. His eldest son, Donald Jr., sits on the board filled with many of the president-elect’s loyal supporters.

The Trump Effect

The Shib Daily has reported that TMTG is close to an all-share purchase of crypto trading platform Bakkt, which could bolster the Trump brand’s role in the crypto space and align with his campaign’s support for digital assets.

Additionally, Trump’s team is reportedly meeting with industry leaders to evaluate the need for a dedicated role for digital assets. If implemented, this would be the first instance of a U.S. administration designating a high-level position specifically for digital assets. Industry supporters are pushing for this new role to have direct communication with the president.

A major legislative focus that has been gaining traction in the wake of Trump’s electoral success is the establishment of a strategic Bitcoin reserve through the Bitcoin Act, originally introduced by Senator Cynthia Lummis (R-Wyo.). This initiative may spark increased interest from institutions and governments, which could possibly result in Bitcoin’s substantial growth and increased value.

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The Shib Crypto Recap: Thursday

Malaya Ruiz — Fri, 22 Nov 2024 05:17:20 +0000

Today’s crypto news highlights essential themes related to crypto’s far-reaching implications for governance and trust in financial systems, outcomes for key figures involved in crypto fraud, and the convergence of crypto and politics.

Looking at the bright side, Shiba Inu (SHIB) is positioned for a substantial price leap as highlighted by an analyst’s forecast, and Shib Games has introduced the play-to-win mechanics of Shiba Inu Web3 games.

Ex-CSRC Official in Hot Water Over Cryptocurrency Bribery Case

Yao Qian, the former director of the science and technology supervision unit of the China Securities Regulatory Commission (CSRC), is embroiled in a cryptocurrency bribery scandal. He is accused of taking bribes via cryptocurrencies. The Central Commission for Discipline Inspection (CCDI) revealed that Yao ignored political ethics and posed as a financial tech expert, which made him a target for exploitation. During his time at the CSRC, he reportedly misused his position to help tech companies grow, cover personal expenses, and accept large bribes. The CCDI said he abused his authority to favor specific technology providers, facilitating business expansions and illegal transactions. Yao also directed personal expenses to organizations he oversaw, borrowed large sums of money unlawfully, and accepted exceptionally large bribes. His case prompts concerns about future cryptocurrency regulations in China.

Gary Wang Avoids Jail Time Through Cooperation with Prosecutors

Gary Wang, once FTX’s chief technology officer, dodged jail time after his role in the fraud orchestrated by Sam Bankman-Fried. Judge Lewis Kaplan sentenced him to three years of supervised release and required him to forfeit funds from his involvement. Wang testified in Bankman-Fried’s 2023 trial, which led to the latter’s fraud conviction. Prosecutors lauded Wang for his cooperation, stressing his proactive role in the investigation. They also acknowledged his significant contributions to developing fraud detection tools. This cooperation led to a recommendation for a more lenient sentencing outcome.

Trump’s Team Eyes First-Ever White House Position for Digital Assets

President-elect Donald Trump’s team is considering creating a White House role dedicated to digital assets. They are consulting with industry leaders to determine the necessity of this role. The position would oversee a small team that facilitates communication between the White House, Congress, and regulatory bodies like the SEC and CFTC. On November 19, 2024, Trump met with Coinbase CEO Brian Armstrong and former executive Brian Brooks to discuss industry issues. If created, this would be the first dedicated role in a U.S. administration focused on digital assets.

SHIB Poised for 55% Price Surge, Shib Games Unveils Play-to-Win Feature

SHIB is on the brink of a significant 55% price breakout. A rise to $0.000037 could happen if it breaks through the $0.000025 resistance level. Analyst Ali Martinez predicts this outcome, citing a “bull flag” formation. This formation shows a sudden price increase followed by a consolidation period within a downward channel. The chart Martinez shared highlights this flag, which indicates that the bullish trend may still have room to grow.

Another development in the Shiba Inu ecosystem comes from Shib Games. The team has introduced play-to-win mechanics incorporated across Shiba Inu’s entire game roster, including Shiba Eternity and Agent Shiboshi. Participants can enter tournaments and earn rewards, with entry fees differing for each event. Players can accumulate points just by participating, redeemable for an upcoming token airdrop. Each tournament will also have a real-time leaderboard to display player standings. Check out this video or read the details here to learn more.

For real-time updates, tune in to The Shib and Tell podcast. Subscribe to our YouTube channel and engage with us on social media for up-to-date coverage and expert insights.

The post The Shib Crypto Recap: Thursday first appeared on The Shib Daily.

The Shib Crypto Recap: Tuesday

Malaya Ruiz — Tue, 19 Nov 2024 22:11:20 +0000

This Tuesday, the major stories in crypto news focus on antitrust legal actions affecting the tech industry’s online services, shifts in crypto mining dynamics within Russia, and the impact of President-elect Trump’s foray into cryptocurrency exchanges.

As for Shiba Inu updates, a cryptocurrency analyst predicts a potential major surge for Shiba Inu (SHIB), while Bone ShibaSwap (BONE) recorded trading volumes surpassing $22 million today.

Federal Judge Supports DOJ’s Move to Break Google’s Chrome Monopoly

The U.S. Department of Justice intends to ask a federal judge to order Google to sell its Chrome web browser in an antitrust case. This would aim to diminish Google’s grip on the browser market and help competitors. In August 2024, Judge Amit Mehta identified Google as a monopolist in a 286-page ruling against its search dominance. The DOJ’s latest effort is part of an ongoing antitrust case aimed at Google’s Chrome, Android OS, and its involvement in artificial intelligence. The Chrome monopoly could influence search results, advertising rates, and data privacy. Antitrust laws are vital in curbing monopolistic behavior in the tech industry.

Russia to Impose 15% Tax on Cryptocurrency Earnings

The Russian government has approved amendments to classify digital currency as taxable property. There will be a maximum income tax of 15% on cryptocurrency earnings, and transactions will not incur value-added tax (VAT). This initiative seeks to regulate crypto mining and trading while balancing state and business interests. Income from crypto mining will be taxed at market value upon receipt, allowing miners to deduct expenses. Cryptocurrency transactions will be taxed similarly to securities, capped at a 15% tax rate. Mining operators are also required to report user information to tax authorities.

TMTG’s Bakkt Acquisition on the Horizon

Donald Trump’s media company is reportedly close to acquiring Bakkt, a cryptocurrency trading platform. Trump Media and Technology Group (TMTG), owner of Truth Social, is aiming for an all-share deal, with Bakkt’s market value noted at just over $150 million. This move would boost Trump’s influence in the crypto space and match his campaign’s supportive stance on cryptocurrencies. Following the rumored acquisition, Bakkt’s stock surged by 162%, and TMTG’s rose by about 16.7%, showing positive investor sentiment. Securing this deal would mark a significant step for Trump into the digital assets market.

SHIB Eyes a 42% Price Surge as BONE’s Trading Volume Soars

Crypto analyst @TheMoonCarl predicts SHIB might rise to $0.00003630. His analysis is based on SHIB’s current position within a descending wedge pattern, a bullish reversal signal. This suggests a decrease in downward pressure and a potential price increase. If SHIB breaks above the wedge’s upper resistance, it could go up by about 42%. The analyst’s shared a chart highlighting key supporting factors. The token has seen intense community rallies and ongoing market stagnation, reinforcing the analyst’s positive outlook based on its history of dramatic price fluctuations driven by social media and retail investor activity.

Meanwhile, BONE is seeing a sharp rise, with over $22 million in trading volume today and a double-digit gain in the past month. This price increase follows a period of consolidation, hinting at an accumulation phase. A significant green candlestick points to renewed buying, with a daily close above the $0.50 level. This rise coincides with high trading volume, confirming the bullish breakout. Technical indicators also showcase positive momentum: the MACD line has crossed above the signal line, and a growing green histogram indicates strength. Support around $0.44 remained firm during pullbacks, showing buyer resolve, while resistance is projected near $0.64. The token’s market cap grew by 18.56% to $121.29 million, demonstrating its increased presence in the Shiba Inu ecosystem.

The post The Shib Crypto Recap: Tuesday first appeared on The Shib Daily.

The Shib Crypto Recap: Monday

Malaya Ruiz — Mon, 18 Nov 2024 21:00:00 +0000

Today’s climate of cryptocurrency news is marked by regulatory shifts and concerns about the long-term prospects of Bitcoin. In tandem, institutional attitudes toward cryptocurrency are becoming increasingly nuanced. Meanwhile, the NFT space is not to be overlooked, as recent updates illustrate both challenges and opportunities that artists and collectors face. Collectively, these themes are steering public discourse and investment strategies within the cryptocurrency sector.

Stronger Crypto Oversight in South Korea

South Korea is imposing stricter rules on cryptocurrencies. Exchanges can now freeze transactions and seize digital assets from users who owe taxes. A new addition to the Virtual Asset User Protection Act gives them this power to stop deposits and withdrawals instantly. This measure addresses fears of fraud and illegal activities. The Financial Supervisory Service supported this request for quick action but insisted that prior notice should usually be given. Exchanges need to assess each situation’s urgency before deciding to implement a freeze without notifying users.

MicroStrategy’s $4.25 Billion Gamble

Michael Saylor’s strategy at MicroStrategy has transformed the firm into a leading Bitcoin player by using its balance sheet and issuing equity at high valuations. This unconventional gamble has increased stock value and is dubbed the “infinite money glitch.” Yet, a new report from BitMEX Research raises concerns. It points out MicroStrategy’s $4.25 billion in convertible bonds, which could pose a risk if Bitcoin’s price declines. Should that happen, the company may need to sell its Bitcoin assets to meet debt obligations, potentially leading to a chain reaction of financial troubles.

Warren Buffett’s Paradox as an Anti-Crypto Investor in a Crypto-Friendly Firm

Warren Buffett, famous for his negative stance on cryptocurrencies, has invested significantly in Nubank, a Brazilian fintech firm that is now pushing into the crypto space. This week, Nubank introduced a Bitcoin-to-USDC swap feature, allowing customers to exchange various cryptocurrencies for USDC, a dollar-pegged stablecoin. This platform provides lower fees than conventional fiat transactions and addresses consumer demand for effective crypto trades. Nubank’s initiative sharply contrasts with Buffett’s firm views, as he has openly criticized Bitcoin, calling it “probably rat poison squared,” and denounces cryptocurrencies as speculative assets lacking fundamental value.

Overwhelming New NFT Launches Meet Dismal Profit Rates

The NFT market is facing a crisis, with 98% of new projects launched in 2024 failing to gain traction, according to a study by NFTEvening and Storible. Oversaturation and declining prices are contributing to low investor engagement and skepticism about the future of NFTs. In a review of 29,079 collections, only 0.2% turned a profit, and most experienced severe price drops, with 98% decreasing by 50% within three days. An average of 3,635 projects launched each month, yet 64% received fewer than 10 mints, and almost all had fewer than 10 trades in their initial week. A striking 84% of drops peaked at their mint price, showing no value increase. Despite these grim statistics, there was a noticeable rise in overall NFT trading, with weekly sales hitting $181 million. To thrive in this environment, projects must prioritize community building and offer real utility instead of mere speculation.

The post The Shib Crypto Recap: Monday first appeared on The Shib Daily.

Franklin Templeton Expands $410M Mutual Fund to Ethereum

Malaya Ruiz — Thu, 14 Nov 2024 21:03:28 +0000

Franklin Templeton recently expanded the trading capabilities of its OnChain U.S. Government Money Market Fund (FOBXX) to include Ethereum, reinforcing its presence in the multi-chain tokenized asset market. This strategic move adds to the fund’s current blockchain partnerships, which include Avalanche, Aptos, and Coinbase’s Base.

New chain unlocked. BENJI is now live on @ethereum!

Ethereum, the second largest L1 blockchain technology was designed to be scalable, secure, programmable, and decentralized.

Download the Benji app here: https://t.co/ITah6qMtns
Read more: https://t.co/4j3TDC9VHM pic.twitter.com/COHIln9j24
— Franklin Templeton Digital Assets (@FTDA_US) November 14, 2024

Established in 2021, this fund was the first of its kind to implement a public blockchain for the tracking of transactions and ownership. With a current market cap of $410 million, it ranks as the third-largest tokenized money market fund. At the time of writing, it has 491 holders, showing an increase of 1.66% over the last 30 days, according to data from rwa.xyz.

Currently, the USD Institutional Digital Liquidity Fund (BUIDL) from BlackRock holds the top position with a total of $545 million. Ondo’s U.S. Dollar Yield (USDY) follows closely behind with $452 million.

Franklin Templeton: Transforming Investment Management with Blockchain

The diversification strategy of Franklin Templeton aligns with a wider industry shift towards utilizing various blockchain networks for improved security and accessibility. It also corresponds with the vision for the fund articulated by Roger Bayston, Head of Digital Assets at Franklin Templeton, in April 2023.

“We believe that blockchain technologies have the potential to reshape the investment management industry by providing greater transparency and lower operational costs for traditional financial products… assets built on blockchain rails, like the Franklin OnChain U.S. Government Money Fund, will eventually be interoperable with the rest of the digital asset ecosystem,” he remarked.

Data from rwa.xyz shows Ethereum remains the leading platform for issuing tokenized treasuries, with more than $1.6 billion in assets. Stellar (XLM) and Solana (SOL) are next in line, while networks like Aptos, Sui, and Base account for smaller amounts, highlighting Ethereum’s pivotal role in the blockchain asset sector.

About Franklin OnChain U.S. Government Money Market Fund

FOBXX operates as a regulated 1940 Act fund, investing over 99.5% of its total assets in government securities, cash, and repurchase agreements backed entirely by government securities or cash. It seeks to provide a high level of current income while safeguarding shareholders’ capital and liquidity, aiming to keep its share price stable at $1.00.

This represents a significant blend of blockchain technology with traditional finance, showcasing greater interoperability within the financial system. Consequently, the Stellar Development Foundation decided to diversify its treasury by investing several million dollars into the fund.

The post Franklin Templeton Expands $410M Mutual Fund to Ethereum first appeared on The Shib Daily.

FTX’s New Lawsuit Against Binance and CZ Seeks $1.76 Billion

Malaya Ruiz — Tue, 12 Nov 2024 09:51:13 +0000

The estate of the collapsed FTX crypto exchange is pursuing legal action against Binance and its former CEO, Changpeng Zhao, or CZ, in an effort to recover $1.76 billion.

In the filing, FTX contends that these funds were fraudulently funneled to Binance executives in July 2021 as part of a shares repurchase deal with co-founder Sam Bankman-Fried, highlighting the lingering repercussions of the exchange’s failure.

The lawsuit states that Binance sold back its 20% interest in FTX’s international division and 18.4% in its U.S. division. Sam Bankman-Fried financed this deal using a mix of cryptocurrencies from both exchanges. The FTX estate contends that this share repurchase was unlawful, as both FTX and Alameda were already insolvent due to extensive fraud perpetrated by Bankman-Fried and other executives.

Besides seeking fund recovery, the lawsuit also accuses CZ of issuing “false and misleading” posts on X in November 2022. It suggests this was a deliberate tactic to provoke a run on FTX, thereby harming FTX as a competitor and enhancing Binance’s market standing.

“Zhao’s false tweets triggered a predictable avalanche of withdrawals at FTX – the proverbial run on the bank that Zhao knew would cause FTX to collapse,” the filing states.

Source: Kroll, Docket No. 27852

Allegations of Sabotage in a Bitter Crypto Rivalry

According to the lawsuit, after CZ sold his interests in FTX, he aimed to undermine the competitor. It argues that his statements caused significant damage to the value that FTX stakeholders could have reclaimed.

It also listed details of when FTX management started noticing that Binance was orchestrating a “months-long coordinated FUD [fear, uncertainty, and doubt] campaign against FTX” in the summer of 2022. This was allegedly preceded by a highly publicized conflict between CZ and Bankman-Fried, which stemmed in part from Bankman-Fried’s public comments suggesting that Binance was uncooperative with regulators, leading FTX to distance itself from the exchange.

However, these accusations failed to strike a chord with the public, with a number of users describing FTX as a “cancer” in the crypto space while urging a halt to blaming Binance for its downfall.

Meanwhile, Binance has rejected the accusations, stating in an email to CNBC, “The claims are meritless, and we will vigorously defend ourselves.”

The lawsuit is among several that FTX has initiated against its previous investors, partners, and clients in the bankruptcy court located in Delaware.

FTX was once a $32-billion giant but collapsed into bankruptcy due to overwhelming customer withdrawal requests. This led to a significant drop in the crypto markets. The worst of the market fallout occurred in November of last year. Bankman-Fried was convicted of seven counts of criminal fraud linked to the exchange’s bankruptcy and the misappropriation of customer funds.

The post FTX’s New Lawsuit Against Binance and CZ Seeks $1.76 Billion first appeared on The Shib Daily.

Detroit Positions Itself as Blockchain Pioneer: Soon to Accept Crypto Payments for Taxes

Malaya Ruiz — Fri, 08 Nov 2024 21:46:41 +0000

Detroit officials recently announced that residents will be able to pay taxes and city fees using cryptocurrency via a secure PayPal platform starting in mid-2025. This initiative positions Detroit as the largest U.S. city to accept crypto payments and aims to attract and retain tech startups in the Motor City.

The announcement on Thursday revealed that this new payment method is part of a broader strategy to adopt innovative technologies aimed at improving public services and boosting economic growth. This initiative simplifies transactions for Detroit residents and demonstrates the city’s commitment to attracting blockchain and tech entrepreneurs.

“Detroit is building a technology-friendly environment that empowers residents and entrepreneurs. We are excited to be one of the first major U.S. cities to explore blockchains civic applications and allow residents to use their cryptocurrency as a payment option,” Detroit Mayor Mike Duggan said.

According to Treasurer Nikhil Patel, the new payment platform will enhance accessibility for Detroiters interested in cryptocurrency and facilitate electronic payments for unbanked residents. As of May 2022, a city report showed that 30% of adults in metro Detroit were unbanked, often due to minimum balance issues, distrust of banks, and privacy concerns. Notably, these are challenges that cryptocurrency can potentially address.

Patel also pointed out that the Treasurer’s Office is focused on revamping payment channels and processes to enhance the user experience and streamline its operations.

In line with this initiative, the city is inviting blockchain innovators to present their civic application ideas to Justin Onwenu, the city’s first Director of Entrepreneurship and Economic Opportunity. Proposals must cover the solutions, stakeholders, costs, risks, and the potential benefits for city services and residents. Onwenu believes blockchain can enhance accessibility, efficiency, transparency, and security, and looks forward to insights from the industry.

Those who would like to pitch their ideas and proposals can send an email to [email protected] by December 15.

Detroit Pioneers City-Level Cryptocurrency Payment Adoption

In a response to an X post highlighting this development, Shytoshi Kusama, the pseudonymous lead of the Shiba Inu project, suggested that Detroit could be an ideal location for his new proposal to create a Strategic Hub for Innovation and Blockchain (S.H.I.B.) in a U.S. city.

Ironically, Detroit would probably be a great place for S.H.I.B. and could use the billions in revenue it would generate. I am sure the community can prepare something to submit
— Shytoshi Kusama (@ShytoshiKusama) November 8, 2024

In the U.S., a few cities are leading the charge in cryptocurrency adoption for payments. Williston, North Dakota, allows residents to settle utility bills using cryptocurrencies through a partnership with BitPay. Similarly, Miami Lakes, Florida, enables locals to pay for town services, such as permits and licenses, by leveraging PayPal’s cryptocurrency payment feature. Following Detroit’s plans to accept crypto payments for taxes and fees, it will emerge as the third U.S. city to join this movement.

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Second Trump Term May Yield ‘Friendlier’ SEC, Says Global Law Firm

Malaya Ruiz — Thu, 07 Nov 2024 20:32:29 +0000

Global law firm Ropes & Gray has released a forecast suggesting that a second term for Donald Trump could lead to a more agreeable and supportive Securities and Exchange Commission (SEC). The firm posits that such a shift may foster a regulatory climate that encourages growth in financial markets and innovation, particularly in the cryptocurrency space and among tech startups.

“It seems likely that issuers of digital assets—and asset managers interested in investing in digital assets on behalf of their clients—will face a friendlier SEC than under Chair Gensler,” the forecast read.

Trump has addressed multiple cryptocurrency audiences, asserting his commitment to making the U.S. the “world capital of crypto.” Moreover, current Republican Commissioners Hester Peirce and Mark Uyeda have challenged the SEC’s regulatory tactics concerning digital assets. The SEC may even consider developing a new regulatory framework for digital assets, possibly in conjunction with the Commodity Futures Trading Commission. This initiative is part of the Financial Innovation and Technology for the 21st Century Act, known also as FIT21, a comprehensive 200-page bill that received bipartisan support and passed through the House in May 2024.

FIT21 was designed to establish the regulatory clarity and robust consumer safeguards crucial for the digital asset ecosystem to prosper in the United States. One of its main objectives is to position the U.S. at the forefront of the future financial system and as a center for technological innovation.

Asset Management Firm CEO Predicts SEC Shift Post-Gensler Departure

Meanwhile, Alexander Blume, CEO of Two Prime, an SEC-regulated investment advisor firm specializing in digital asset derivatives, told Alexa Blockchain that he anticipates many SEC lawsuits will be dismissed early in Trump’s term following Gary Gensler’s departure. Peirce, known for her vocal support of the industry and criticism of current SEC crypto regulations and therefore dubbed “Crypto Mom,” is rumored to be a potential replacement.

Blume pointed out that Gensler’s unfair focus on the crypto sector has greatly suppressed financial innovation, which has negatively impacted well-meaning businesses and investors alike. He stated that Gensler’s removal from the SEC signifies the close of a tough chapter for U.S. citizens in crypto. “America has a history of financial innovation leadership that has been choked out by the SEC. That time has come to an end,” he said.

This corresponds with Ropes & Gray’s analysis regarding expectations for asset managers under new SEC leadership. After the confirmation of a new Chair and Division Director, asset managers can anticipate a more lenient approach regarding penalties and the application of innovative legal theories by the Division of Enforcement. Additionally, these new leaders may introduce procedural changes that could have a significant long-term effect.

However, the firm acknowledged that there are several cases in the SEC’s enforcement pipeline that are expected to remain largely unaffected by Trump’s return to office. These may pertain to insider trading, financial fraud, offering fraud, and other clear violations of SEC guidelines.

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Strategic Bitcoin Reserve Proposal Gains Traction Under Trump

Malaya Ruiz — Thu, 07 Nov 2024 14:53:02 +0000

With Donald Trump now in the presidency, the Bitcoin Act stands to be a key legislative focus, according to a blog post from asset manager CoinShares.

Introduced by Senator Cynthia Lummis (R-Wyo.) in July, the proposal aims to classify Bitcoin as a strategic reserve asset by utilizing cryptocurrency seized through asset forfeitures. Trump has voiced his support for this initiative, making it a highlight of his remarks at the Bitcoin Conference in Nashville that same month.

A U.S. government purchase of up to 5% of Bitcoin’s total supply would position it similarly to gold, granting it a place in the national reserve and marking a significant step toward legitimacy, according to CoinShares. The Bitcoin Act could catalyze institutional and governmental interest, potentially leading to substantial growth and surging value for Bitcoin. These prospects contributed to a rise in BTC, allowing the top cryptocurrency to reach a new high of $75,434 by Wednesday, and it has more recently hovered just beneath that mark.

Exploring Strategic Bitcoin Reserve to Bolster U.S. Economic Stability

On Sunday, the Bitcoin Policy Institute (BPI), a non-profit think tank focused on Bitcoin education, published a report on the potential benefits of a Strategic Bitcoin Reserve (SBR) for the U.S. The report suggests this reserve could provide economic stability and enhance America’s global position. Similar to how government assets are used to mitigate market volatility and support national security, a Bitcoin reserve would strengthen the U.S. financial system and improve resilience against geopolitical threats.

The report highlighted that Bitcoin has shown a positive response to various geopolitical crises positioning itself as a shield against significant risks in the global framework.

According to the report, policymakers should, however, carefully consider the risks linked to a Bitcoin reserve. Given that Bitcoin is in its early adoption phase, it might not attain the anticipated widespread acceptance. Should Bitcoin decline in value or utility, the U.S. government risks substantial losses. That said, the long-term benefits—like mitigating inflation and offering financial flexibility—can justify the risks involved. Moreover, it’s crucial to understand that a strategic Bitcoin reserve is separate from the functions of a central bank and differs from the foreign exchange reserves managed by these institutions.

It is worth recalling that during his campaign, Trump confidently declared that, if re-elected, his administration will adopt a policy to retain all the Bitcoin currently held by the U.S. government, as well as any it acquires in the future. “This will serve, in effect, as the core of the strategic national Bitcoin stockpile,” he said.

Donald Trump to make #Bitcoin a strategic reserve asset for the USA.

LET’S F*CKING GOOO pic.twitter.com/XxsSkwUdKR
— Vivek (@Vivek4real_) November 5, 2024

Essential Steps for Crypto Normalization Under Trump

A Trump administration could play a key role in normalizing and destigmatizing cryptocurrency ownership. This may lead institutional investors to view Bitcoin as a legitimate asset class, which would boost adoption and raise demand. However, for this promise to be realized, the administration must take concrete actions beyond rhetoric. This involves passing one or more of the bipartisan bills on cryptocurrency and stablecoin regulation currently under consideration in Congress.

Additionally, placing crypto-friendly leaders in key regulatory bodies like the Securities and Exchange Commission and the Commodity Futures Trading Commission would further signal a commitment to supportive policies.

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CZ Reflects on His Time in Prison During First Public Appearance Since Release

Malaya Ruiz — Fri, 01 Nov 2024 22:14:57 +0000

Binance co-founder and former CEO Changpeng Zhao, widely known as CZ, spoke about his experience in prison during his first public appearance since his release from prison during the Binance Blockchain Week Dubai 2024. As he recounted his experience to Altcoin Daily’s co-founder and host Austin Arnold, he emphasized that human connection holds greater value than anything else.

CZ served four months in prison after pleading guilty to violating U.S. money laundering laws.

In candid remarks, CZ revealed insights he has gained during his incarceration, noting that his time behind bars allowed him to contemplate the significance of human relationships.

“… when everything is taken away from you, what do you miss the most? What I found is actually it’s the human connection that I miss the most. I missed my kids, my family, my friends, my colleagues and the [Binance] community,” he shared.

In response to whether he felt his sentence was fair, CZ described the matter as very “subjective” and acknowledged the difficult position of the judge. He remarked that he accepted the plea agreement he was offered and does not intend to say anything negative about it. CZ acknowledged that one perspective might view the four-month incarceration as too lenient, whereas the opposing side could perceive it as severe.

In a matter-of-fact tone, he briefly discussed the violation he was charged with and pointed out that no one else in American history has been incarcerated for the same offense.

CZ Binance: "I'm the only one who went to jail for this in US history." pic.twitter.com/YOX9ckYC3H
— Altcoin Daily (@AltcoinDailyio) November 1, 2024

Light Moments Behind Bars

In a playful anecdote, CZ revealed that some prison guards at the California correctional facility sought his advice on cryptocurrency investments. They specifically inquired about which coins they should purchase.

CZ also mentioned he had made friends with a number of inmates, characterizing some of them as “super nice guys” and indicating that some of them do not seem to belong there. He also stated that he did not encounter any problems with the other inmates. Although he noted that certain guards could be rather strict towards him and the other prisoners, he reported no significant conflicts with them. Reflecting on his experience, he expressed that he felt fortunate to have come through it without any physical harm.

CZ’s New Chapter

CZ addressed his present association with Binance, clarifying that he is not involved in the company’s daily operations. Nevertheless, he reassured that, as far as he is aware, his rights as a shareholder are secure. He described it as a good relationship and one in which others work hard while he is “forced to retire.”

CZ also introduced a nonprofit online education initiative. The platform offers free basic education to people with restricted access, targeting 1.2 billion underserved individuals around the world. According to him, ultimately, he remains optimistic about cryptocurrency.

The post CZ Reflects on His Time in Prison During First Public Appearance Since Release first appeared on The Shib Daily.

SEC’s $400M Crypto Enforcement Push Sparks Demand for Clear Guidelines

Malaya Ruiz — Fri, 01 Nov 2024 18:41:57 +0000

The U.S. Securities and Exchange Commission (SEC) has spent over $400 million in litigation costs as part of its ongoing crypto crackdown, according to a recent report by the Blockchain Association.

Under the leadership of Chair Gary Gensler, known for his aggressive stance on cryptocurrency regulation, the SEC has intensified its efforts to impose stricter oversight on the digital asset market. Gensler’s commitment to safeguarding investors and establishing a regulatory framework for cryptocurrencies has sparked significant debate. It has consistently raised questions about the effectiveness and financial implications of such a costly endeavor in the crypto sector.

The report sourced data from intelligence platform Har risX, which surveyed U.S. voters, business decision-makers, and cryptocurrency voters. It aimed to understand their views on the digital asset landscape and the SEC’s regulatory actions.

The report revealed that the SEC, under Gensler, has taken action against a record 104 entities in the digital asset sector. Voter preference shows a clear desire for defined rules over enforcement, with a two-to-one ratio. Consequently, this highlights the crypto community’s demand for clear SEC guidelines instead of vague enforcement practices.

The survey showed that no political party “owns” the crypto issue. However, voters are more inclined to back candidates that promote innovation in digital assets. Notably, crypto voters constitute 18% of the electorate and are more open to supporting candidates who oppose the undefined actions of the SEC.

Gensler’s Controversial Reign Faces Potential Legal Reckoning

Crypto analyst MartyParty holds the view that Gensler will face substantial legal challenges from the industry. He believes that numerous class action civil suits will likely follow his departure from office. He also argues that Gensler cannot evade the consequences of his “misuse of power.”

The Blockchain Association says the @SECGov has cost the crypto industry $400 million since Gary Gensler became chair.

IMO: He will be sued heavily by industry and class action civil suits post office.

You don’t get away with this type of misuse of power.

Not a single…
— MartyParty (@martypartymusic) October 31, 2024

Kristin Smith, CEO of Blockchain Association, offered her insights on the matter in a statement on X. “The SEC’s regulation-by-enforcement approach is harming the United States’ global tech leadership—and failing the American investor the SEC is mandated to protect,” she said. She emphasized that the organization remains committed to its mission. It will advocate for its members through legal means and public discussions, aiming to maximize the potential of crypto and blockchain in the U.S. “That begins with a change of leadership,” Smith added.

Paul Grewal, chief legal officer of Coinbase, chimed in to remind the crypto community that the SEC effectively sourced its more than $400 million funding for its anti-crypto crusade from them. He urged individuals to keep this in mind when they log their work hours, file their taxes, and, crucially, when they head to the polls.

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The Shib Crypto Recap: Wednesday

Malaya Ruiz — Wed, 30 Oct 2024 21:30:00 +0000

The midweek crypto headlines are coming in hot, featuring a host of developments specifically surrounding global regulatory dynamics in the tech industry, significant investments in Bitcoin, cryptocurrency adoption on a large scale, and allegations that raise questions about integrity and accountability in the digital asset sector.

Google’s YouTube Restrictions Lead to Astronomical Fine from Russia

Google faces a huge fine from Russia of approximately 2 undecillion rubles, or $2.5 decillion after years of penalties for blocking pro-Kremlin media on YouTube. Russian state-affiliated outlets Tsargrad and RIA FAN initiated legal action after their channels were blocked. The fine started in 2020 with daily penalties of 100,000 rubles and has compounded each week. Seventeen media outlets, including Channel One and the Zvezda broadcaster, were affected. The restrictions are believed to relate to their backing of Russia’s actions in Ukraine.

MicroStrategy’s $8.4 Billion Bitcoin Success: Will It Become a Bitcoin Investment Bank?

Under Michael Saylor’s leadership, MicroStrategy’s Bitcoin investment has generated $8.4 billion in unrealized profits. This is not surprising, as the company plans to evolve into a Bitcoin investment bank and acquire $150 billion in Bitcoin. Saylor believes Bitcoin is “the most valuable asset in the world.” So far, MicroStrategy has acquired over 252,000 Bitcoin, valued at around $15.7 billion. Despite potential risks of a “margin call” if prices decline, Saylor is fully committed to this strategy.

Bhutan Sells $66.55 Million in Bitcoin to Binance

The Royal Government of Bhutan sold $66.55 million in Bitcoin to Binance, its first sale in four months. According to Arkham Intelligence, Bhutan now holds $889.36 million in Bitcoin, ranking fourth among government BTC holders. In 2023, Bhutan mined about 780 BTC a month, averaging 26 BTC a day. However, production fell to around 260 BTC monthly, or 8.6 BTC daily, over the last three months. This decline is attributed to the Bitcoin halving event and increased competition from a rising global hashrate. Nevertheless, Bhutan’s mining facilities remain active.

DWF Labs’ Ambitious Plans Jeopardized Due to Serious Allegations Against One of Its Partners

Crypto asset maker DWF Labs is in a potential crisis after serious allegations emerged against partner Eugene Ng. An employee in Tokyo known as Hana accused Ng of spiking her drink at a bar in a social media post. She detailed her experience on X, claiming Ng tampered with her drink multiple times while she was away. Thankfully, a waiter intervened and alerted her.

In response, DWF Labs announced Ng’s immediate removal from all roles. The implications of this incident could be significant, especially since DWF recently aimed to launch a synthetic collateralized stablecoin and invested in over 700 companies. Ng’s actions may overshadow the company’s recent progress and lead to unwanted repercussions for the company.

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The Shib Crypto Recap: Monday

Malaya Ruiz — Mon, 28 Oct 2024 21:00:00 +0000

It’s a brand-new week, which means it’s a brand-new day of crypto, Web3, and tech news awaiting you. As we dive into today’s headlines, we find ourselves immersed in updates surrounding FTX repayment plans, a palpable surge in institutional interest in Bitcoin, cybersecurity concerns looming over the crypto landscape, and regulatory developments in crypto mining and artificial intelligence (AI).

FTX and Bybit Reach $228 Million Settlement

FTX and Bybit have settled a lawsuit for $228 million, enabling FTX to recover essential funds for customer repayments following its 2022 collapse. FTX will regain $175 million in digital assets from Bybit and will additionally sell BIT tokens to Bybit’s Mirana Corp. for $53 million. The conflict began in 2022, with FTX claiming Bybit-associated accounts withdrew $327 million just before its collapse. An FTX spokesperson confirmed that the settlement allows them to recover nearly all their targeted amount. Overall, this agreement helps resolve the conflict and supports FTX in returning funds to users.

BlackRock’s Bitcoin Strategy Soars: Over 403,725 BTC Owned Worth $26.98 Billion

BlackRock has ramped up its Bitcoin investment, now holding over 403,725 BTC worth approximately $26.98 billion. This increase follows a purchase of 34,085 BTC for $2.3 billion in just two weeks, as reported by Lookonchain. The Financial Times states that BlackRock is poised to become the largest Bitcoin fund operator globally. After launching its spot Bitcoin ETF four months ago, it has gathered $16.7 billion in assets, closely trailing Grayscale, which has $28 billion. Additionally, BlackRock has introduced a rapidly growing tokenized Treasury fund that crypto hedge funds and market makers are using as collateral. The company’s approach to digital assets has been strategic, concentrating on Bitcoin and Ethereum ETPs and tokenization.

Hacker Returns $6.1 Million After Stealing $20.7 Million from U.S. Government Digital Wallet

A hacker took $20.7 million from a U.S. government digital wallet but has since returned $6.1 million. According to Onchain Lens, the wallet was hacked recently. The hacker quickly moved the funds through various decentralized exchanges. Stolen assets included $13.7 million in aUSDC, $5.44 million in USDC, and $1.12 million in USDT, plus 178 ETH worth about $447,000. They converted $7.06 million into 2,764 ETH shortly after the theft, with some transferred to Binance. Currently, the hacker holds around $6.93 million in other assets. Unusually, they returned a portion of the loot to the government, sending back 13.19 million aUSDC and 2,408 ETH.

New AI Policy Framework in Hong Kong: FSTB Promotes Efficiency and Safety in Banking and Insurance

The Hong Kong Financial Services and Treasury Bureau (FSTB) has announced a new policy framework for responsible AI use in the financial sector. It emphasizes that AI should improve efficiency, security, and customer service. The FSTB suggests a “dual-track approach” to encourage innovation while managing challenges. The sector, which includes banking and insurance, is ready to adopt AI technologies. FSTB will collaborate with regulators and service providers to ensure safe AI implementation. They have identified six key areas for AI applications: research, investment strategy development, customer service, risk assessments, crime prevention, and workflow automation. The Hong Kong Securities and Futures Commission (SFC) will also provide additional regulatory guidance on AI.

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Cult-ured Currency: The Rise of AI-Generated Coins in the Meme Economy

Malaya Ruiz — Sat, 26 Oct 2024 16:18:54 +0000

There’s a new tumult brewing around AI-generated meme coins, and we’re here to investigate it! Say hello to AI cults.

As if meme coins aren’t controversial enough, the cult thing seems to be influencing a number of degens.

Let me fill you in on the newest craze in the meme coin space: AI-generated tokens inspired by neo-religious themes. Yep, that’s right! They’ve turned into this quirky new trend, and guess where you can find the majority of them. Where else? Of course, on Solana! Think digital cult with supporters bowing down to all-knowing AI.

It all began with what people believed to be an AI that decided to swap its data crunching for some meme magic and launched a meme coin called $GOAT. It hit a $700 million market cap just like that and has continued to skyrocket since then.

Move over, human billionaires, we’ve got our first AI millionaire in the house! I guess the future really is here, and it’s got an impressive sense of humor!

The $GOAT of AI Memecoins pic.twitter.com/ZmXsDddeD0
— Lark Davis (@TheCryptoLark) October 24, 2024

But Who Really Created $GOAT?

The internet got a little wild thinking Marc Andreessen, the big-time venture capitalist, was in cahoots with GOAT. But Marc wasn’t having any of that! He jumped in and set the record straight right away, saying he had nothing to do with it. According to him, he just gave “a personal $50K no-string-attached unconditional research grant” to AI agent Terminals of Truth (TT) and its founder, Andy Ayrey.

Now the story is a bit more complicated than you might think. You see, the meme coin really jumped into the limelight after word got out that it was supposedly made by TT! However, as it turns out, they didn’t actually create it. Whoever the mysterious creator is just thought it would be fun to tag Terminals of Truth and stir the pot. It might be worth noting though that Terminals of Truth did shill the token.

Inside the Cult of Crypto Humor

A bunch of X accounts have pretty much lost their minds over the last week, treating the idea of AI meme coins like it’s a heavenly revelation. Some are taking it to heart, while others are just having a good chuckle. This all stems from Murad Mahmudov’s “Memecoin Supercycle” theory, which suggests these meme coin groups are basically cults in disguise.

Now let’s go back to the Terminals of Truth creator, Andy Ayrey—the Yoda of this whole saga. He sparked the religion idea in a paper he co-wrote called “When AIs Play God(se),” credited to the “Department of Divine Shitposting, University of Unbridled Speculation.” The paper discusses this wild idea: if we pair up two large language models (LLMs) and let them ramble on about absolutely nothing all day, they might just cook up some groundbreaking concepts and—wait for it—cult-like religions that could actually shatter our human limitations! Genius or borderline creepy? Go figure!

Ayrey: $GOAT Is Not a Crypto Project

After Ayrey waved off claims of being the genius behind $GOAT, he had to share his hot take. He basically said forget the crypto jargon—it’s really just a fascinating experiment in how memes spread like wildfire and a crash course in what can go wrong when you let ideas run amok, thanks to LLMs. If you ask me, I think that’s deep.

It didn't actually make it

Someone else did and tagged ToT which then endorsed it

Ppl have been airdropping it $GOAT and making coins about my dog and all sorts of other stuff which is insane

But it's important to remember I think; that this isn't a crypto project; it's a…
— Andy Ayrey (@AndyAyrey) October 13, 2024

Well, we’ve got all of this to say meme coins really are like that friend who can’t stop referencing viral internet moments and pop culture—and the AI cult versions are no exception!

Disclaimer: This article is not meant to promote any tokens, meme coins or otherwise. So if things go south and you end up “rekt,” please don’t send us a strongly worded letter! Consider doing some serious research or, you know, maybe just sit this one out. But hey, check out that paper we mentioned; it could tickle your brain cells and maybe even crack a smile!

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The Shib Crypto Recap: Wednesday

Malaya Ruiz — Wed, 23 Oct 2024 21:00:00 +0000

As Wednesday unfolds, the top news headlines are dominated by the latest developments in global cryptocurrency trends, alongside legal and financial consequences stemming from incidents of fraud and corruption in the industry. With mounting pressure on lawmakers and regulators, the discourse surrounding crypto regulations is heating up, which reflects broader concerns about accountability and transparency in the digital asset space.

Banning Private Cryptos? India Explores Safer Alternatives with CBDCs

The Indian government is considering banning private cryptocurrencies, including Bitcoin and Ether. Key experts argue that the risks of these assets far exceed their benefits. They argue that Central Bank Digital Currencies (CBDCs) can provide similar functionalities with reduced risks. Officials are also optimistic about using blockchain technology for positive social applications like tokenizing government securities. They see great potential for CBDCs in both domestic and international transactions.

The government plans to expand CBDC use after studying data from pilot projects. The final stance on private cryptocurrencies will be decided after extensive discussions with stakeholders.

France’s Red Card Scandal Exposes €28 Million Crypto and Diamond Fraud

A French conference center will host a trial with over 20 defendants accused of defrauding 1,300 victims of €28 million (about $30.52 million). Dubbed the Red Card Scandal, the fraud involved fake cryptocurrency investments and diamond savings schemes. The defendants have reportedly scammed people for more than two decades, including football clubs. Many investors suffered major losses, with some even taking out loans to invest based on false promises of high returns. Twelve accused face charges of “criminal conspiracy,” while others are charged with gang fraud, which includes creating fake websites and selling counterfeit diamonds.

A Chainalysis report highlights that France is a leader in the growth of decentralized finance (DeFi) transaction volumes, especially during volatile market conditions.

Russia’s Rosfinmonitoring Launches Stricter Crypto Regulations

In Russia, Rosfinmonitoring has launched an initiative to improve financial intelligence. All trading platforms must register, obtain licenses, and collect client data, retaining transaction records for five years. They need to share this information with the government as well.

Lawyers are analyzing the probable effects of these regulations on the market. Dmitry Kirillov points out that this is consistent with a global trend to tighten control over cryptocurrencies, in line with FATF guidelines. Yuri Brisov warns that excessive regulation could split the market into legal and illegal parts. Kristina Mkrtchyan stresses the importance of balancing security with user data privacy.

Tether’s CEO Sounds Alarm: US Falling Behind in Crypto Regulation

At the DC Fintech Week conference, Tether CEO Paul Ardoino criticized the U.S. for its slow progress in cryptocurrency regulations. He expressed worry about the current regulatory framework, saying that the U.S. has always been a technology leader. However, he feels the country is “dropping the ball” on crypto policies for the first time ever. Some industry experts argue that unclear rules are pushing crypto firms out of the U.S. Ardoino also emphasized Tether’s dedication to transparency, stating the company will intensify its efforts because of past regulatory challenges.

Shibarium’s Resurgence: From Low Activity to 1.7 Million Transactions in Days

Meanwhile, in Shib news and updates, Shibarium has seen a significant increase in transactions, nearly hitting two million. On Tuesday, a sharp increase was noted following a period of low activity. Data from Shibariumscan showed that after negligible transactions from late September to mid-October, numbers jumped abruptly on Monday to about 400,000. This climbing trend continued, reaching a peak of 1.766 million transactions on Tuesday.

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The Shib Crypto Recap: Wednesday

Malaya Ruiz — Wed, 16 Oct 2024 21:30:00 +0000

This Wednesday, the news cycle is buzzing with significant law enforcement action against crypto fraud, market discussions, the involvement of well-known influencers in tokens that have crashed, and TikTok facing scrutiny for allegedly operating in a manner akin to a cryptocurrency exchange.

High-Tech Romance Scam: 27 Arrested in $46M Cross-Border Crypto Fraud

Police in Hung Hom, Hong Kong, discovered a large cross-border fraud operation that swindled over HK$360 million (approximately $45.93 million USD) from victims worldwide. They arrested 27 individuals, aged 21 to 34, on charges of conspiracy to defraud and possession of offensive weapons. The fraud involved local university graduates, overseas scammers, and IT experts who set up a fake cryptocurrency investment platform. They used a sophisticated “romance scam,” employing AI-driven “deepfake” technology to create virtual romantic connections with victims.

Most of the fraudsters were male, and many victims were from mainland China, Taiwan, India, and Singapore. The police are now working with international authorities to shut down this operation and ensure accountability.

Tesla Moves $770M in Bitcoin: What’s Behind the 11,509 BTC Transfer?

Tesla has relocated its full Bitcoin holdings of 11,509 BTC, valued at roughly $770 million, to new wallet addresses after being inactive for two years. Arkham Research observed the transfer, which was executed via 26 transactions, including six test runs. This is Tesla’s first movement with its Bitcoin since June 2022. As of mid-October 2024, Tesla’s Bitcoin was estimated at 9,720 BTC, worth about $650 million, but it officially holds a total of 11,509 BTC spread across 68 addresses. This ranking makes Tesla the third-largest Bitcoin holder among publicly traded firms, following MicroStrategy and Marathon Digital. The purpose of the transfer remains unclear, as no Bitcoin has been sent to any known exchanges. This led to two theories: Tesla may be preparing to sell or may be restructuring its asset management for better oversight.

MrBeast’s Crypto Profits and TikTok’s Currency Concerns: A Dual Crisis in the Influencer Economy

A recent probe into famous YouTuber MrBeast, shows he made over $10 million by endorsing low-cap crypto tokens that later fell over 90% in value. This left many retail investors facing heavy losses. The investigation focuses on MrBeast’s connection to SuperFarm, now known as SuperVerse. Blockchain analyst Arkham Intelligence found that he turned a $100,000 investment into more than $9 million via this venture. In February 2021, his wallet got $100,000 in USDC from Binance, which he exchanged for 1 million $SUPER tokens. After selling them, he netted millions, while $SUPER has since dropped by 75%. MrBeast has also made investments in SPLYT, $STAK, and VeeFriends NFTs, among other projects.

Meanwhile, in the UK, TikTok faces scrutiny over its operation akin to a cryptocurrency exchange. According to Financial News, a compliance expert flagged TikTok Coins, a virtual currency system, to the Financial Conduct Authority (FCA). Individuals can use fiat to buy these coins as gifts for creators, yet there are apprehensions about the ability to cash them out later. This mirrors cryptocurrency transactions and is therefore attracting regulatory attention. The expert noted risks of money laundering and terrorist financing, as well as potential security threats to user financial data. The expert also warned that TikTok’s operations might classify it as a money service business under FCA rules. Consequently, it may need to follow similar registration and reporting obligations as cryptocurrency platforms.

Italy’s New 42% Tax on Bitcoin Investments Announced

Italy intends to increase the capital gains tax on Bitcoin from 26% to 42%, as announced by Deputy Economy Minister Maurizio Leo. This change is included in the budget bill recently approved by the Council of Ministers. The new tax rate will apply to profits from Bitcoin investments. The goal is to update tax policies for digital assets and enhance state revenue. Furthermore, Italy plans to eliminate thresholds for the Digital Services Tax (DST). Leo indicated that the government is removing the revenue ceiling of €750 million and the €5 million limit for web tax revenues. This tax hike supports Italy’s broader budget strategy of €30 billion for 2025.

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The Shib Crypto Recap: Tuesday

Malaya Ruiz — Wed, 16 Oct 2024 03:05:32 +0000

It’s another day in the crypto sphere, which means it’s time for a recap of today’s major headlines. Tuesday features a mosaic of even more crypto security issues, regulatory precedents, and Bitcoin discussions.

Shocking Stats: 536 Crypto Hacks and $31 Billion in Losses Over a Decade

A recent report indicates there have been 536 crypto hacks and scams over the past 13 years, causing losses exceeding $31 billion. Analyst Igor Stepahin created what he calls “the largest dataset of crypto losses,” using a hybrid Bubble Chart and Swarm Plot to illustrate the data. Notably, over $18 billion has been lost to scams and various hacking methods. While many hacks involve smaller losses, large losses of over $10 million have increased significantly in recent years. Certain regions are more vulnerable to these attacks. Security analyst Mar Gimenez-Aguilar found that EVM-based chains and Solana are among the most targeted due to their popularity and smart contract functionality.

UAE Central Bank Implements Strict Regulations on Risky Digital Assets

The UAE’s Central Bank has started to regulate the virtual asset sector, targeting Algorithmic Stablecoins and Privacy Tokens. These types of digital assets are under close examination due to their potential for misuse and their impact on the financial system’s integrity. The CBUAE’s decision is a major shift from its usual conservative approach to financial innovation. Under this regulation, the bank has prohibited the issuance, promotion, and provision of services related to these assets. This prohibition is comprehensive, affecting all individuals and entities, including those licensed by the Securities and Commodities Authority (SCA), regardless of their location, whether located in the UAE or operating from abroad.

Bitcoin: ‘Worthless’ or Rising Power? Neel Kashkari’s Critique vs. Record Gains

Minneapolis Federal Reserve President Neel Kashkari continues to label Bitcoin as a “worthless” asset class despite its 12 years in existence. He believes the cryptocurrency has not proven to be a viable currency.

Nonetheless, Bitcoin has experienced significant gains over the years. It rose by 9% in 2012, 59% in 2016, and an impressive 171% in 2020. In 2024, Bitcoin has increased by 48%, surpassing many major asset classes. Additionally, Bitcoin’s open interest has hit a record high of $19.8 billion, reflecting more liquidity in the derivatives market. Traders seem to be building long positions, indicating growing interest in Bitcoin.

South Korea’s Bold Move to Seize Crypto Assets to Recover $136 Million in Taxes

In North Gyeongsang Province, South Korea, authorities have seized $890,000 in cryptocurrencies from residents who owe local taxes. The province is targeting $136 million in overdue taxes by the end of the year, having already collected $35 million by August. This recent seizure is part of a broader crackdown on tax evaders with cryptocurrency.

A campaign to recover unpaid taxes runs from October 14 to December 13, involving 22 key cities and counties. Local governments have established dedicated teams to oversee the collection process. Provincial officials said they will keep enforcing tax collection through asset seizures. Tax evaders can pay their taxes in fiat currency first. If they don’t comply, their seized crypto will be sold to settle the debts.

The post The Shib Crypto Recap: Tuesday first appeared on The Shib Daily.

The Shib Crypto Recap: Monday

Malaya Ruiz — Mon, 14 Oct 2024 20:14:47 +0000

In today’s recap, we’ll explore the latest in crypto as we kick off the week. This Monday has brought with it reports of rising crypto-related crimes and the introduction of new regulatory enforcement strategies. We’ll also dive into Vitalik Buterin’s recent insights shared in a blog post, as well as Google’s controversial decision to remove live price charts from its interface. Additionally, the James Howells case continues to unveil fascinating aspects worth discussing in the crypto narrative.

Western Europe Faces Spike in Violent Home Invasions and High-Stakes Robberies

There has been a significant increase in violent home invasions aimed at cryptocurrency holders in Western Europe. Blockchain investigator ZachXBT reported receiving numerous messages from victims, highlighting a trend of criminals using extreme measures to steal digital assets. In one case, a victim lost $4.3 million in cryptocurrency during a June 2024 home invasion, with attackers posing as delivery personnel and armed with machetes. They likely obtained the victim’s information through a data breach.

Another significant case involved Nick Drakon, ex-CEO of Revelo Intel, who was threatened at gunpoint to transfer Bitcoin while his family was at risk. Data from GitHub shows at least 15 documented offline crypto robberies globally in the past year, with Western Europe being heavily impacted.

South Africa Mandates Crypto Disclosure to Curb Tax Evasion

In a decisive move against tax evasion, the South African Revenue Service (SARS) has launched an extensive investigation into cryptocurrency investments as over 5.8 million South Africans engage with digital assets. By officially recognizing cryptocurrencies such as Bitcoin and Ethereum as reportable assets, SARS mandates all citizens involved with crypto to declare their holdings on tax returns. There will be severe penalties for those who fail to comply.

Also, in a bid to enhance oversight, SARS is using advanced Artificial Intelligence (AI) to monitor crypto transactions in real-time. This allows the tax collecting authority to effectively identify any unreported activities regardless of where they occur.

Vitalik Buterin Outlines Key Improvements for a More Efficient PoS Network

In his latest blog post, Vitalik Buterin has addressed several aspects that require improvement in Ethereum’s Proof of Stake (PoS) network. In particular, he called attention to the challenges of staking accessibility and block finalization speed. He highlighted the high staking threshold of 32 ETH, arguing for a reduction to 1 ETH to promote solo staking and greater decentralization.

Source: Vitalik.eth.limo

Furthermore, he expressed concern over the current block finalization time of around 15 minutes. He suggested reducing it to about 12 seconds. Buterin proposed three solutions to tackle these issues, namely ZK-SNARKs, orbit committees, and a two-tiered staking system. He also outlined four potential trajectories for Ethereum’s future evolution: maintaining its current state, implementing Orbit SSF, adopting brute-force SSF, or establishing a two-tier staking framework.

Bitcoin and Ethereum Price Charts Disappear from Google Searches

Google has taken down live price charts for Bitcoin and cryptocurrencies from its search results. Users no longer see charts when searching for “Bitcoin price” or “Ethereum price.” While stock and index charts still show up, cryptocurrency prices can now only be checked through other sources. Google Finance provides some information, though the latest update dates back to October 7, raising questions about the reliability of that data. Google has not offered an explanation for this change, leaving users uncertain if it will last.

A £495 Million Quest: IT Engineer Sues Newport City Council to Reclaim Lost Bitcoin

James Howells, an IT engineer from Newport, is in a legal dispute with his hometown council, hoping to recover Bitcoin valued at nearly £495 million (about $647 million). The key to this wealth is locked away in a lost hard drive that contained the private keys to 8,000 Bitcoins. Eleven years ago, a mix-up caused the drive to be thrown out by his partner at the time. It ended up at a recycling center.

After years of challenges, he plans to sue Newport City Council, claiming he has faced numerous obstacles from environmental issues and bureaucratic barriers. His legal team has started crowdfunding for a private excavation, stating that this case is fundamentally about individual rights. They believe the Bitcoin community should support him in reclaiming his lost assets.

Shiba Inu & Shibarium: A Bullish Future With Triple-Digit Predictions and Strategic Integrations

In Shiba Inu news, a new prediction suggests that SHIB could increase by triple digits. Analyst Javon Marks noted a potential rise of around 342%. His analysis on social media highlighted a “falling wedge” pattern on SHIB’s price chart. This pattern is typically seen as bullish, and SHIB has been trading within these wedge boundaries.

Recently, Shiba Inu appeared on McDonald’s Japan’s chocolate pie packaging, reaching a vast audience without an official partnership. DeLorean Labs showcased SHIB in a nostalgic commercial featuring their iconic car. The team also partnered with Mass to serve as the financial layer of the Shiba Nation State. Additionally, the launch of Shiboshi Rush by Shib Games aims to engage the community and boost SHIB token interest, while LEASH, another Shib ecosystem token, was listed on the Triv Exchange.

Shibarium isn’t slacking either. Zypto, a comprehensive crypto platform bridging DeFi and CeFi, has announced its focus on integrating Shibarium, the layer-2 scaling solution for Shiba Inu. It stated that the next chains it will integrate include Shibarium. This integration is expected to drive significant growth for the Shib ecosystem, with Zypto making it easier for users to access the Shibarium network.

The post The Shib Crypto Recap: Monday first appeared on The Shib Daily.

The Shib Crypto Recap: Friday

Malaya Ruiz — Fri, 11 Oct 2024 20:55:18 +0000

As the crypto world caps off the week, here are the headlines that made it to our top list today. Read about the latest in cybersecurity and customer trust in financial service providers, regulatory developments, Ripple’s legal battles, and a phishing attack with ties to a “draining-as-a-service” (DAAS) tool.

Fidelity Data Breach: Thousands Affected as Hackers Steal Personal Information

Over 77,000 Fidelity customers had their sensitive identity information stolen in a data breach. The incident was disclosed on Wednesday after Fidelity informed authorities. The hackers accessed personal information from August 17 to 19, using two accounts created by a third party. This breach also exposed data from thousands of other customers. Fidelity has since notified those affected and is offering credit monitoring and guidance on protecting their information.

Such incidents emphasize the vital importance of implementing strict account creation procedures and maintaining constant monitoring to recognize and prevent unauthorized access.

Stablecoin Regulation in Focus: Senator Hagerty Introduces New Framework Proposal

U.S. Senator Bill Hagerty has introduced a draft for legislation to establish a regulatory framework for stablecoins. This proposal, which resembles the Clarity for Payment Stablecoins Act, aims to clarify stablecoin regulations. It suggests splitting oversight between the Federal Reserve for banks and the Office of the Comptroller of the Currency for non-bank issuers. Hagerty highlighted the benefits of stablecoins in improving payment systems and increasing demand for U.S. Treasuries.

Discussions on this legislation are ongoing in both the House and Senate, with efforts led by Rep. Patrick McHenry and Rep. Maxine Waters since 2022.

Ripple Files Cross-Appeal Against SEC in Ongoing Legal Battle Over XRP

Ripple Labs has submitted a cross-appeal in its ongoing legal dispute with the SEC, filing it with the U.S. Court of Appeals for the Second Circuit. This move comes after the SEC filed its own notice of appeal regarding a previous court decision. Ripple’s cross-appeal aims to ensure all relevant issues are covered. Stuart Alderoty, Ripple’s chief legal officer, stated that the appeal highlights that an “investment contract” requires specific rights and obligations, which were not present in Ripple’s XRP sales.

Both parties have filed appeals, with detailed arguments expected in the coming months. This ongoing case has been a significant legal issue in the cryptocurrency space for nearly four years.

$35 Million Vanished: How a Phishing Scam Shook the DETH Market

A phishing scam led to the loss of $35 million in fwDETH for a crypto whale. Security firm Scam Sniffer reported that a counterfeit “permit” message deceived the whale, and this allowed the attacker to withdraw the funds. BlockSec co-founder Yajin Zhou noted that this message was used to access the whale’s fwDETH tokens, which caused a major market disturbance. The value of Duo ETH (DETH) dropped more than 90%. It went from $2,000 to $100 before it partially recovered to $1,000. Blockchain security firm SlowMist linked the attack to the Angel Drainer group, which offers scammers tools for phishing.

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November. Tickets are available now at shibacon.shib.io.

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Ground Zero: Southeast Asia’s Dark Underbelly of Virtual Asset-Related Crimes

Malaya Ruiz — Fri, 11 Oct 2024 19:08:22 +0000

The United Nations Office on Drugs and Crime (UNODC) recently highlighted the increasing use of cryptocurrency and similar high-risk virtual assets in facilitating criminal activities across Southeast Asia.

In its latest report, the UNODC detailed how various criminal organizations are using virtual asset service providers for money laundering, drug trafficking, and other illicit activities. This scenario underscores the urgent need for regulatory frameworks to mitigate such risks.

Southeast Asia: The Emerging Epicenter of Virtual Asset-Driven Crime Amid Technological Gaps

The report makes it clear that the use of virtual assets is becoming widespread in Southeast Asia. However, it is not always for good reason. Top-secret criminals are capitalizing on an underground network that includes unregulated casinos and illegal gambling platforms that use cryptocurrency. This growth enables criminal activities without any oversight.

Furthermore, the anonymity of cryptocurrencies and the rapid growth of digital finance have created a conducive environment for crime. Southeast Asia is particularly vulnerable because regulations often lag behind in technological advancements. The report points out that criminals take advantage of these gaps. They make use of high-risk virtual asset providers (VASPs) to hide the sources of their illegal gains.

The pandemic has led to a significant rise in illegal cyber activities. Countries in the Mekong region—Myanmar, Cambodia, and Laos—are now prime locations for crime syndicates. They engage in romance investment schemes, cryptocurrency fraud, money laundering, and illicit gambling activities.

The Human Cost of Crime: Forced Labor and Exploitation in Southeast Asia’s Criminal Landscape

Those are not the only countries connected to the criminal underworld of Southeast Asia. Devastatingly, in some parts of the region, these criminal financial groups carry a significant human toll. The best example is the case of Philippine Offshore Gaming Operations (POGOs). Some of these establishments, while licensed by the government, mask love and cryptocurrency scams that exploit workers.

In July, Benedikt Hofmann, the UNODC Deputy Regional Representative for Southeast Asia and the Pacific, revealed the presence of a scam farm north of Manila, the capital of the Philippines. One of the buildings houses the gambling operations. While officially registered and monitored by regulators, the intermediary structures—invisible on official records—are where much of the exploitation occurs.

“The scale and sophistication of the compound is surprising. This does not look very different from a well-established tech company. Some 700 people were discovered on this compound when it was raided in March…,” Hofmann said. He remarked on a striking contrast. Many people were compelled to live and work there, while those in charge of the compound possess great wealth.

Former Bybit manager Abhyudoy Das shared a report on X, which revealed that thousands of Indian nationals fall for fake job offers. They end up trapped within cyber slavery and cryptocurrency fraud schemes in Southeast Asia. These individuals frequently face pressure to engage in scams such as crypto fraud, phishing, and pig butchering. Many of these scams specifically target victims in their home country of India. They find themselves forced to impersonate law enforcement to extort money from drug parcel scams. An estimated 45% of cybercrimes against Indians reportedly originate from Southeast Asia.

Southeast Asia’s Battle Against the Escalating Threat of Virtual Asset-Related Crimes

Reflecting on this grim situation, UNODC Regional Representative Masood Karimipour offered insights into the intensifying risks of Southeast Asia being the ground zero for scams related to virtual assets. He emphasized how vital it is to understand the magnitude and global implications of this threat.

Southeast Asian criminal organizations are increasingly involved in virtual asset activities. This poses a major threat to stability and security in the region, according to the UNODC. As money laundering, drug trafficking, and illegal gambling flourish within an environment of inadequate regulation, the exploitation of individuals caught in these operations has reached alarming levels.

Countries like the Philippines exemplify the dark side of this trend, where licensed gambling operations often serve as fronts for more sinister activities. In light of these findings, there is a need for urgent action to curb the crime wave involving virtual assets and protect those affected by these ruthless syndicates.

The post Ground Zero: Southeast Asia’s Dark Underbelly of Virtual Asset-Related Crimes first appeared on The Shib Daily.

The Shib Crypto Recap: Thursday

Malaya Ruiz — Thu, 10 Oct 2024 20:41:01 +0000

The Shib Daily’s crypto news this Thursday is rife with discussions about security risks, regulatory and law enforcement challenges, and the ongoing saga of exchange-traded fund (ETF) applications. This intricate mosaic of challenges serves to illuminate the unpredictable nature of cryptocurrencies and captures the essence of a market that is as volatile as it is revolutionary.

Feds Strike Back: 15 Charged in $25 Million Crypto Fraud Operation Using Fake Token

On Wednesday, federal prosecutors charged several cryptocurrency companies and 15 individuals in a $25 million fraud scheme. The charges were the result of an FBI operation in which a fake digital token was created to track illegal activities in the crypto space. Multiple top executives were arrested, and $25 million worth of cryptocurrency was seized. They were implicated in “pump and dump” tactics, artificially increasing prices through wash trading before selling to naive investors.

The operation was named “Operation Token Mirrors” and targeted companies like Gotbit, ZM Quant, and CLS Global for manipulating trading volumes. The token, called NexFundAI, was used to entice suspects into fraudulent actions. According to officials, the aforementioned entities collaborated to manipulate this token on the Ethereum blockchain. Acting U.S. Attorney Joshua Levy said this situation represents the convergence of innovative technology, including cryptocurrency, with classic fraud schemes, pointing out that the defendants’ primary goal was to con investors.

SEC Chair Gensler Doubts Long-term Viability of Digital Currencies

SEC Chair Gary Gensler recently expressed concerns about the future of cryptocurrencies as global currencies. He questioned the long-term viability of Bitcoin and other digital currencies for payments and value storage. The SEC encourages public evaluation via disclosures to assess practical utility. However, Gensler indicated that cryptocurrencies are unlikely to replace traditional currency anytime soon. He said their value must be demonstrated through real-world use and transparent practices like stock evaluations. He also acknowledged the issue of fraud in the crypto industry but refrained from discussing the potential impact of the presidential election on the SEC or his position if Trump is re-elected.

Irish Drug Dealer’s $380 Million Bitcoin Fortune Locked Away—Authorities Stymied

Over $380 million in Bitcoin seized from Irish cannabis dealer Clifton Collins is still out of reach for authorities. The Criminal Assets Bureau (CAB) holds the digital assets in 12 wallets but cannot access them. Since 2019, they have struggled to trace and recover the Bitcoin. Collins bought it years ago when it was worth very little, unknowingly making a great investment. He distributed his Bitcoin across various wallets and stored the access codes in a document he later lost during a break-in. Recently, the CAB reported recovering $1.3 million worth of assets from him, including 89 Bitcoin. The situation is ironic, as Collins forfeited some Bitcoin, yet a much larger amount remains inaccessible.

Beware: $2.23 Million Vanishes in Ethereum Phishing Attack

An Ethereum phishing attack has led to a loss of about $2,230,000. The victim signed a malicious transaction after connecting with a fake address. As a result, a large amount of Ethereum-based assets was sent to an address known as Fake_Phishing504944. Such phishing attacks take advantage of users by creating deceptive smart contracts or addresses, resulting in devastating financial losses.

Canary Capital Files for Spot XRP ETF Amid SEC Uncertainty

Canary Capital has joined the race for cryptocurrency ETFs by filing for a spot XRP ETF. The ET F intends to offer investors XRP exposure without direct holdings. Nevertheless, approval is uncertain due to the SEC’s ongoing legal challenges regarding XRP. Experts like Alex Thorn express doubts about the ETF’s success if the SEC continues its appeal against Ripple. Bloomberg analyst Eric Balchunas highlights that political factors, like the 2024 elections, could influence decisions on XRP ETFs. In contrast, Nate Geraci from the ETF Store is optimistic, believing approval is inevitable, though regulatory clarity might be slow. The resolution of the SEC’s case against Ripple is viewed as essential for moving forward with XRP ETFs.

The post The Shib Crypto Recap: Thursday first appeared on The Shib Daily.

The Shib Crypto Recap: Wednesday

Malaya Ruiz — Wed, 09 Oct 2024 19:44:06 +0000

We have arrived at the mid-week analysis of the cryptocurrency sector. Today, The Shib’s news roundup highlights corruption within law enforcement, high-profile crypto schemes, personal and community impact of crypto scams, and shifting trends in the global crypto landscape.

Bitcoin Bribe Exposed: Former Chief Investigator Sentenced to 16 Years

A former chief investigator in Russia, Marat Tambiyev, has been sentenced to 16 years in prison for accepting a Bitcoin bribe worth $65 million from hackers. His case is part of a major corruption scandal within the Investigative Committee of Russia. Investigations into Tambiyev began last year and uncovered his acceptance of bribes from the Infraud Organization. This issue highlights the ongoing corruption in Russian law enforcement agencies that struggle against cybercrime. A colleague of Tambiyev’s was also arrested.

The bribe, conducted via anonymous Bitcoin transactions, marks one of the largest ever for a Russian official. The hackers sought to pay Tambiyev to prevent the confiscation of their illegal assets, with evidence of his corruption dating back several years.

‘Crypto Queen’ in Russia Faces Allegations of Crypto Fraud and $1 Million Cash Transfers

Valeria Fedyakina, known as the “Crypto Queen” or “Bitmama,” is being investigated for cryptocurrency fraud in Russia. She allegedly handled large cash transfers via Bitcoin, taking money from clients and transferring it primarily to Dubai. An exposé by Russian TV channel Vesti showed videos of her with suitcases full of cash related to her schemes. Authorities allege she provided crypto exchange services, with one victim stating she assured them of secure cash transfers to her Dubai office. Reports indicate that suitcases could carry as much as $1 million for these exchanges. Fedyakina also allegedly persuaded affluent clients to invest in non-existent projects, including Dubai hotels and oil businesses. She faces a potential 10-year prison sentence if found guilty.

Fraudulent Crypto Schemes on the Rise: KOK Token and La China Leave Thousands of Investors Reeling

Chosun Ilbo, the largest newspaper in South Korea, is accused of promoting a cryptocurrency scheme that resulted in nearly $3 billion in losses. A post from IBC Group on X claimed that subsidiaries of the paper gave the KOK token positive reviews and accolades, misleading many investors into thinking it was a safe option.

A disgruntled investor who lost $100,000 in the KOK token coverage by the newspaper gave them the false impression that it was a credible investment. The KOK token has dropped from a high of 6.83 to just 0.0003, and investors are now demanding answers. The newspaper has not yet commented on the situation.

Meanwhile, in San Pedro, Buenos Aires, approximately 20,000 residents became victims of a pyramid scheme called La China, which is reportedly associated with the Knight Consortium Foundation. This scheme promised quick high returns through fake cryptocurrency investments, which turned out to be a classic pyramid selling model. At least 50 victims have asked for legal assistance due to potential losses. The scam began with a viral ad that claimed returns of up to 2% daily in U.S. dollars. The community is left dealing with the aftermath and questioning the legitimacy of the foundation.

Canine Craze: SHIB and BONE Lead “Dog Week” Hype as Analyst Predicts Major SHIB Price Breakthrough

Shiba Inu (SHIB) and Bone ShibaSwap (BONE) are gaining popularity among crypto enthusiasts as leading “Hype Tokens” during a week of canine-themed assets. Cryptocurrency exchange ChangeNOW announced the trending tokens on X, referring to the event as “Dog Week.” In this spotlight, SHIB ranked first while BONE, the governance token for ShibaSwap and the gas fee token of Shibarium, scored the third place.

More positive news sees SHIB possibly sitting on the brink of a major price breakout, according to well-known crypto analyst Crypto Sheriff. In a recent post, they claimed, “SHIB breakout loading,” and included a supporting chart. Their analysis referenced SHIB’s recent interactions with a declining trendline. The Binance exchange chart showed that SHIB’s price tested and eventually broke above this trendline. Such a pattern is often regarded by traders as a sign of bullish momentum, which suggests that SHIB has overcome recent selling pressure and could see a notable price increase. The chart’s indication of a rise in trading volume during the breakout adds further weight to this optimistic prediction for SHIB.

The post The Shib Crypto Recap: Wednesday first appeared on The Shib Daily.

The Shib Crypto Recap: Tuesday

Malaya Ruiz — Tue, 08 Oct 2024 21:19:34 +0000

It may only be Tuesday, but the week is already presenting a dramatic array of developments. Key stories are emerging that highlight the pressing need for clearer regulations, the growing acceptance of virtual asset trading, rising security challenges at the crossroads of national security and cryptocurrency, and efforts to recover stolen digital assets.

Standardizing Crypto Inclusion: A Call for Uniform EU Crypto Regulations

21Shares, a crypto exchange-traded product (ETP) issuer, has urged EU regulators to create a uniform framework for including crypto assets in investment products. They have requested the European Securities and Markets Authority (ESMA) to revise its regulations to allow crypto in Undertakings for Collective Investment in Transferable Securities (UCITS) funds aimed at retail investors. The firm pointed out that current EU regulations are inconsistent, with some countries allowing crypto in UCITS funds while others do not. This inconsistency leads to confusion among investors in the region.

The ETP provider called for a consistent regulatory approach across the EU to clarify the situation for both retail and institutional investors. Additionally, it suggested that ESMA create guidelines for indirect exposure to crypto through ETPs, which trade like securities.

Building the Future: 35 Years with Bold Vision for Virtual Asset Trading in Hong Kong

The Hong Kong Securities and Futures Commission (SFC) is celebrating its 35th anniversary with a commitment to virtual asset trading platforms (VATPs). By 2025, the SFC aims to complete a comprehensive regulatory framework. This framework will support the tokenization of traditional products and the integration of regional chain and Web3 technologies. The SFC has issued a third license to the Hong Kong Virtual Asset Exchange (HKVAX), following licenses for OSL and HashKey. This move also supports the notion of implementing a new licensing system for cryptocurrency over-the-counter (OTC) services and custody solutions.

Investigation Uncovers Soldiers Trading Military Secrets for Cryptocurrency

A South Korean investigation has discovered soldiers compromising military secrets for cryptocurrency. It has documented 29 instances of leaked classified information. A prominent case features a captain accused of disclosing confidential documents regarding a special forces unit’s missions and allegedly receiving 48 million won (about $35,700) in cryptocurrency in return.

Earlier reports of three active soldiers who shared military passwords and secret papers with loan sharks prompted this investigation. Prosecutors believe these trades were made to invest in cryptocurrency or to settle related debts. Authorities are actively pursuing more cases linked to the unauthorized sharing of sensitive military information.

Dan Gallagher: A Strong Contender for SEC Chair Under a Trump Presidency

Robinhood CLO Dan Gallagher is seen as a possible SEC chair candidate if Donald Trump wins in 2024, according to former regulators and securities lawyers. A Politico report indicated that he would be a “natural choice,” referencing an ex-SEC official. Trump has openly disapproved of the current SEC Chair Gary Gensler, stating he would replace him on his first day in office. Although Trump hasn’t formally named candidates for SEC leadership, Gallagher’s name is often mentioned by industry experts.

Scammed Out of $275K, Elderly Individual Finds Hope Thanks to Blockchain Sleuth

An elderly U.S. resident has managed to recover $275,000 in cryptocurrency stolen by Indian scammers impersonating Coinbase support. The successful retrieval was aided by blockchain investigator ZachXBT. The victim fell for a scam in April 2024 after receiving misleading emails that claimed their Coinbase account was compromised. The fraudsters used psychological tactics to build trust and obtain sensitive financial details. They accessed the victim’s digital wallet and executed unauthorized transactions. The thieves then laundered the stolen funds by converting Ethereum and Bitcoin into Tron and moving stablecoins to over-the-counter platforms.

Thankfully, with ZachXBT’s research and collaboration with law enforcement, the stolen assets were traced and recovered.

The post The Shib Crypto Recap: Tuesday first appeared on The Shib Daily.

Crypto Monday: Legal Battles, Cybercrime And Bitcoin

Malaya Ruiz — Mon, 07 Oct 2024 19:04:24 +0000

This Monday, The Shib Daily turns it spotlight on the fight to reclaim stolen crypto linked to the infamous Lazarus Group, the exposé of links between organized crime syndicates and cybercrime, Bitcoin’s resilience, and major players expanding their Bitcoin holdings.

Monday Crypto: U.S. Launches Legal Battle

The U.S. government is taking legal steps to recover about $2.67 million in cryptocurrency that the Lazarus Group has stolen. This North Korean hacking organization is implicated in major cybercrimes. Two complaints have been filed to seize assets from hacks on Deribit and Stake.com. One filing seeks to recover $1.7 million in Tether (USDT) stolen from Deribit in a 2022 attack that drained $28 million. The other aims to get back approximately $970,000 in Avalanche-bridged Bitcoin (BTC.b) taken during a 2023 Stake.com hack, which lost over $41 million. Investigators have connected the group to other significant hacks, including a July 2024 breach of India’s WazirX exchange that lost about $235 million.

A security researcher has also identified a network of North Korean developers involved in compromising at least 25 cryptocurrency projects. They appear to be working for the Lazarus Group.

These actions show the U.S. authorities’ commitment to tackling the Lazarus Group’s cybercrimes.

Crypto Cybercrime Alliance Exposed

International law enforcement initiatives have become more aggressive after reports linked the Russia-based cybercrime organization Evil Corp to the LockBit ransomware group. A Chainalysis report states that both groups utilize common cryptocurrency systems, suggesting a potential partnership. In response, the U.S., UK, and Australia imposed sanctions last week on key Evil Corp members due to their roles in large-scale financial crimes and ransomware incidents. An indictment from the U.S. Department of Justice, charging an Evil Corp member for using BitPaymer ransomware against U.S. victims, accompanied these sanctions.

The report also revealed connections between ransomware strains from Evil Corp and LockBit, with shared deposit addresses at centralized exchanges. Prior reports noted that Evil Corp has leveraged LockBit’s ransomware to rebrand and evade penalties. Evil Corp’s leader, Maksim Victorovich Yakubets, and his family members reportedly have ties with Russia’s Federal Security Service (FSB).

Bitcoin Reigns Supreme

According to a report from the New York Digital Investment Group (NYDIG), Bitcoin remains the top asset for 2024 despite facing challenges in Q3. The report revealed a modest 2.5% gain in Bitcoin during Q3, rebounding from a decline in Q2, although the cryptocurrency still encountered persistent selling pressure. Greg Cipolaro, head of research at NYDIG, stated, “Bitcoin is still the best-performing asset class in 2024, but its lead has narrowed.”

Year-to-date, Bitcoin has surged by 49.2%, which shows remarkable resilience. Notably, it recorded a 10% gain in September, usually a weak month. Corporate interest also boosted Bitcoin’s value, especially from companies like MicroStrategy and Marathon Digital. Additionally, its correlation with U.S. equities increased due to higher demand for spot exchange-traded funds, and political events impacted market sentiment in the latter Q3.

Meanwhile, in other Bitcoin-related news, Metaplanet, a Japanese investment firm, announced on Monday that it has acquired 108.78 Bitcoin for 1 billion yen ($6.7 million). This purchase boosts its total Bitcoin holdings to 639.5 BTC, valued at around 5.96 billion yen ($40 million). The firm is following an aggressive acquisition strategy, mirroring U.S. company MicroStrategy, as part of its treasury management plan to address Japan’s economic challenges. Since implementing this strategy, Metaplanet has experienced a rise in stock value, indicating strong investor interest. Recently, it made another purchase amid market optimism and reported earning 23.9 Bitcoin ($1.4 million) by selling put options to QCP Capital.

The post Crypto Monday: Legal Battles, Cybercrime And Bitcoin first appeared on The Shib Daily.

The Great Satoshi Guessing Game: Crypto Bros Buzzing Over HBO Doc’s Big Reveal

Malaya Ruiz — Sun, 06 Oct 2024 13:13:55 +0000

Well, hello there, conspiracy theorists. An upcoming HBO documentary titled Money Electric: The Bitcoin Mystery claims it’s cracked the case of Satoshi Nakamoto—the genius behind Bitcoin who’s been playing hide-and-seek for ages. ‍ If they’re onto something, we might just have a billionaire on our hands! Satoshi could be controlling about 1.1 million Bitcoin. This means the mysterious Bitcoin mastermind could be worth around $66 billion… assuming they haven’t lost the digital keys to their crypto treasure chest. I mean, who hasn’t lost a few keys before, right?

It’s a mixed bag of feelings out there, but let’s just say a lot of people are giving Cullen Hoback’s findings the same look you give when someone says they’ve discovered what happened to MH370, the greatest mystery in aviation history. Doubt is swirling around while many are wondering if the Emmy-nominated filmmaker has really discovered who Satoshi is or if this is all just marketing buzz. Needless to say, skeptics think it’s the latter.

Some folks are wishing for Satoshi’s identity to stay under wraps. Meanwhile, others are having a good laugh on Reddit, coming up with the wildest conspiracy theories! But the more “official” fun is over at Polymarket, where all the bettors have come together to bet on “Who will HBO doc identify as Satoshi?”

Crypto Bros’ Theory About Len Sassaman

At the top of the list is none other than the late Len Sassaman, the venerable cryptographer known for his advocacy for digital privacy. Apparently, Galaxy Digital’s Head of Research Alex Thorn dropped the bombshell that he heard from the grapevine: that the elusive Nakamoto might actually be Sassaman!

hearing that the forthcoming HBO (wed oct 9) documentary identifies len sassaman as satoshi — there was a good write-up of this theory by @evan_worlds in 2021

if that's who the doc identifies, should be neutral to positive for BTCUSD given that len died in 2013 (RIP)…
— Alex Thorn (@intangiblecoins) October 3, 2024

Apparently, a number of people are buying it, with over 45% of bets placed on him. Why the speculation? This guy was knee-deep in cryptographic currencies and had a knack for privacy tech—perfect for Bitcoin’s undercover vibe! ‍ Colleagues raved about his coding skills and economic smarts, suggesting he could conceivably whip up something like that. Plus, he was all about keeping things anonymous.

After wading through the depths of Reddit—where all knowledge and memes reside—I unearthed a sub about the Len Sassaman theory. This part of the original mailing list claims that while the original Bitcoin paper is pretty neat, it doesn’t quite have that “PhD candidate” flair. Seriously, only eight citations? And we all know W. Dai got added in at the last minute because “Satoshi” had no idea who he was! What you would expect from someone like Sassaman is practically a citation explosion, complete with a bibliography that could rival a library—nothing less!

Sassaman would know so many relevant works that he’d probably recite them in his sleep! Where’s the section highlighting all the brainy stuff?

So, there goes that theory. Bye bye, Sassaman—both literally and figuratively. But we’ll have to watch the documentary to find out if he’s made the cut anyway.

Other Theories: Finney, LeRoux, Et Al.

Other names being thrown around on the internet—also included in the Polymarket poll among others—are Hal Finney, Paul LeRoux, and Elon Musk.

Ah, Hal Finney, the man who got the first Bitcoin transaction from Nakamoto himself! With this feat, he became a prime candidate. His background in cryptography and computer science were a sparkling bonus!

Then there’s Paul LeRoux, a former criminal mastermind with a knack for software. He’s another name thrown into the Satoshi swirl. As for the Tesla CEO, well, given that he’s a tech wizard and occasionally moonlights as a crypto guru, it’s only natural that some folks are convinced he’s hiding a little secret. Feels like a real-life game of Clue!

A hilarious element in all of this is the internet’s serious vendetta against Craig Wright! It’s like a roast out there, and the punchline is just too good to resist. But hey, we all know why everyone’s piling on, right?

Craig Wright ordered by court to publish the court rulings that he is NOT Satoshi on his website, on Twitter and on Slack.

The posts will have to stay up for 6 months and faces criminal prosecution for his lies.

pic.twitter.com/4cREd75kOe
— Bitcoin Archive (@BTC_Archive) July 16, 2024

But only time will tell if any of these names will even show up in the documentary. And if they do, will it be a definite answer to the question, “Who is Satoshi Nakamoto?” Or, like many believe, is this just a marketing push for the documentary? What do you think?

Disclaimer: This article is a theoretical masterpiece—just a fun game of “Guess Who?” No person mentioned here has slapped a badge on their chest claiming they’re Satoshi Nakamoto, except for Craig Wright! Remember, ultimately, only the creator(s) of this mysterious pseudonym truly know the truth—and we might never put a face to the name!

The post The Great Satoshi Guessing Game: Crypto Bros Buzzing Over HBO Doc’s Big Reveal first appeared on The Shib Daily.

The Shib Crypto Recap: Friday

Malaya Ruiz — Fri, 04 Oct 2024 19:51:08 +0000

Friday’s top news headlines bring a wave of security issues within the Web3 ecosystem, highlighting the persistent challenges that threaten the safety of digital assets. Concurrently, there are significant developments in regulatory frameworks, particularly with the introduction of stricter Anti-Money Laundering (AML) guidelines designed to safeguard against illicit activities. Alongside these developments is a growing trend towards integrating traditional financial systems with digital currencies, paving the way for a more cohesive financial landscape.

Stolen Fortunes: $750 Million Lost in Q3 2024 Web3 Hacks and Michael Terpin’s $24 Million Lost in Recent SIM Swap Scam

In its Q3 2024 Hack3d report, CertiK found that Web3 security breaches resulted in over $750 million lost from 155 incidents. This brings the total losses for 2024 to almost $2 billion. Phishing and private key compromises led to $668 million in losses. One major phishing incident involved a whale losing $238 million in Bitcoin. Private key attacks resulted in $324.4 million lost over ten incidents. The report highlighted two key breaches: WazirX lost over $231 million in July, and a whale lost 4,064 BTC valued at $238 million in August. Ethereum was the top target in Q3 2024, with $387.89 million lost due to various hacks and scams.

On the subject of scams, prominent cryptocurrency investor Michael Terpin has sued a teen for allegedly stealing $24 million worth of digital assets via a SIM swap scam. He claims the thief exploited a vulnerability in his two-factor authentication (2FA) system. Additionally, Terpin is pursuing $45 million in damages from AT&T, accusing it of negligence in preventing the attack. The teenager reportedly gained control of Terpin’s SIM card, which allowed him to bypass the 2FA safeguards. A SIM swap attack involves stealing a person’s phone number, enabling the attacker to intercept calls and messages. This tactic undermines security measures that rely on SMS for verification, often using public data or social engineering, similar to incidents involving Ethereum co-founder Vitalik Buterin.

Taiwan’s FSC Tightens Grip on Crypto: New Anti-Money Laundering Regulations Announced

Taiwan’s FSC has unveiled stricter anti-money laundering (AML) measures for cryptocurrency services. They have created a draft titled the “Money Laundering Prevention and Registration Measures for Virtual Asset Service Providers” or VASP Registration Measures. This includes amendments to existing regulations and introduces new anti-terrorism measures. Key aspects cover business categories, registration procedures, and industry compliance. The FSC will eliminate the current compliance statement system, requiring all service providers to register under the new framework.

A New Era in Banking in 2025: Swift to Test Digital Asset Transactions and Spain’s BBVA to Launch Own Stablecoin

Starting in 2025, banks across North America, Europe, and Asia will conduct live trials of digital asset transactions using the Swift network. Swift intends to link central bank digital currencies (CBDCs) globally while merging digital asset and cash networks. The trials will focus on payments, foreign exchange, securities, and trade, allowing multi-ledger Delivery-versus-Payment and Payment-versus-Payment transactions. With 134 countries exploring CBDCs, the tokenized asset market could hit $16 trillion by 2030. These trials aim to integrate digital assets with traditional currencies, enhancing transaction efficiency.

In a similar development, BBVA, Spain’s second-largest bank, plans to launch its own stablecoin in 2025 in partnership with Visa. Stablecoins, which are digital currencies pegged to assets like the U.S. dollar or euro, are increasingly popular among businesses and consumers. BBVA is currently testing its stablecoin in the sandbox phase of Visa’s new project. The aim is to move to the prototype and operational phases by next year. Chainalysis reports that users have utilized stablecoins for over half of all on-chain transaction volume involving centralized services from June 2022 to July 2023.

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November! Tickets are available now at shibacon.shib.io.

The post The Shib Crypto Recap: Friday first appeared on The Shib Daily.

The Shib Crypto Recap: Thursday

Malaya Ruiz — Thu, 03 Oct 2024 21:21:06 +0000

Today’s top cryptocurrency headlines are focused on conversations about regulatory leadership changes, Edward Snowden’s remarks criticizing Solana, the growing influence of cryptocurrency on U.S. politics, and self-custody practices in crypto highlighted by a major bank’s recent technical outage.

Grewal’s Resignation: A Catalyst for Change or a Sign of Trouble at the SEC?

A cloud of uncertainty surrounds the U.S. Securities and Exchange Commission (SEC) as its top enforcer, Gurbir S. Grewal, plans to resign effective October 11, 2024. This sudden departure is stirring speculation in the financial and cryptocurrency sectors, with many questioning the reasons behind it. The short notice and absence of a permanent successor add to the intrigue.

While the SEC praised Grewal’s three-year tenure, critics argue that his departure may signal a shift in the SEC’s aggressive enforcement approach, particularly regarding cryptocurrencies. Some suggest the abrupt exit hints at possible setbacks in court or even a looming change for Chair Gary Gensler. Grewal’s resignation creates leadership uncertainty within the SEC’s Enforcement Division and raises new questions about the agency’s regulatory strategy.

Ripple’s Legal Battle Continues: Garlinghouse Slams SEC’s “Misguided” Appeal

In other news that involves the SEC, Ripple Labs CEO Brad Garlinghouse intends to continue fighting the regulatory agency after it announced an appeal. This follows Ripple’s partial victory in a 2020 lawsuit, where the SEC charged the company with illegally selling unregistered securities through XRP. Garlinghouse took to X to assert the SEC still doesn’t understand they had already lost key arguments. He stated that XRP’s current classification as a non-security is established law. He called the appeal “misguided” and “infuriating.” Ripple’s chief legal officer, Stuart Alderoty, found the appeal disappointing yet predictable, and mentioned the possibility of a cross-appeal.

Snowden Sounds Alarm on Solana: A Centralized Threat in the Crypto Environment

At the TOKEN2049 conference in Singapore, Edward Snowden criticized Solana as a centralized platform that could be easily controlled by the state. He claimed it is mainly used for “meme coins and scams.” This statement reignites the debate over speed, efficiency, and decentralization in cryptocurrency.

In a Q&A session at the event, he contrasted Bitcoin’s decentralized nature with Solana’s speed, emphasizing that Solana’s centralization makes it more prone to manipulation and censorship. Snowden warned that significant value on SOL could attract state intervention. It remains unclear how the Solana community will engage with his views, but his remarks contribute to ongoing discussions about the future of blockchain technology.

The Crypto Vote: Could It Reshape the 2024 U.S. Presidential Election?

A ConsenSys report suggests that pro-crypto policies could significantly sway voter behavior and draw interest from the expanding crypto electorate. This study points out that crypto voters are emerging as a powerful group aiming to alter how governance is approached in the U.S., emphasizing values such as financial freedom and decentralization. It reveals that voters are 13 points more inclined to vote for candidates outside their party if they support pro-crypto measures. There is also an absence of clear partisan alignment on crypto, with 35% of voters trusting Republicans and 32% trusting Democrats regarding policy.

Additionally, 56% support Donald Trump’s pro-crypto position, with a third more inclined to vote for him due to this stance. Meanwhile, over half (54%) wish for Kamala Harris to define her position on crypto.

Although both politicians have commented on blockchain, it’s still uncertain if this will affect their election success.

Tens of Thousands Locked Out: Bank of America Glitch Reignites Crypto Advocacy

A recent outage at Bank of America left thousands of customers unable to access their accounts or seeing $0 balances. This glitch affected their mobile and online banking on Wednesday, causing outrage among clients who vented their frustrations on social media. With over 20,000 complaints registered within hours, many felt powerless without access to their funds. This situation reignited discussions about decentralized finance among cryptocurrency supporters. They argue that owning crypto and controlling private keys means no centralized entity can restrict access.

Bank of America has apologized and corrected the problem. However, the incident ultimately serves as a stark reminder of the fragility of trust in centralized systems, reinforcing the crypto community’s preference for decentralized currencies like Bitcoin and Ethereum.

The principles of self-custody and decentralization in cryptocurrency merit deeper exploration, especially as traditional finance faces increasing challenges. With the rise of issues within centralized institutions, more individuals are seeking alternative financial solutions that allow them to take control of their assets.

While this article doesn’t offer financial advice, it’s clear that the ongoing turmoil in centralized institutions is driving a shift toward decentralized systems. It further prompts a reevaluation of how people manage and secure their wealth.

The post The Shib Crypto Recap: Thursday first appeared on The Shib Daily.

Uptober Blues: Can Crypto Overcome Market Anxieties and Geopolitical Strife?

Malaya Ruiz — Thu, 03 Oct 2024 19:07:11 +0000

Uptober, a term coined within the cryptocurrency community, typically describes a month of bullish activity and upward price movements. This usually takes place as the market prepares for the year-end rally. Historically, enthusiasts have looked forward to renewed investments, an increase in trading volumes, and various crypto-related events. This period typically includes major conferences and community meetups.

However, this year’s Uptober so far doesn’t seem to be taking off as anticipated. Several factors contribute to this stalled momentum, with geopolitical tensions—particularly the escalating conflict between Iran and Israel—remaining a significant concern. Such factors are currently weighing heavily on market enthusiasm.

According to well-known Bitcoin analyst Willy Woo, the mid-term market structure remains bearish, but it is actively moving toward neutrality while pursuing bullish momentum. He cautions that achieving a new all-time high (ATH) will take time. He added that short-term analysis suggests a 1 to 3-week pause to allow for a consolidation phase before the next bullish push. Moreover, Woo expressed skepticism about the optimistic prospect of “Uptober.” He predicts a sideways market in October followed by more engagement in November and December. Nevertheless, his long-term perspective remains positive.

Structure mid term is bearish moving to neutral and trying to get bullish. ATH will take time.

Short term structure suggests 1-3 wks stand down to cool off before the next bullish attempt.

I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties.

Long term…
— Willy Woo (@woonomic) October 2, 2024

BTC’s October So Far: Uptober or Octobear?

According to Presto Research’s market brief released Wednesday, Bitcoin (BTC) faced its most difficult beginning to a month since 2013 on Tuesday. At one point, Bitcoin’s value plummeted by 6.5%, dropping from above $64,000 to approximately $60,100. Generally, the larger cryptocurrency landscape reflected this trend, where key assets like Ethereum, Solana, and XRP saw losses of between 8% and 10% at various intervals.

Furthermore, the brief highlighted Tuesday’s BTC price change, down 4%, while gold rose 0.8%, following Iran’s attack on Israel. It may seem confusing, especially after BlackRock’s recent comparison of BTC to gold as a safe asset with no “country-specific risk.” However, the short-term price shifts reflect their different maturity stages. The brief indicates that gold has a 5,000-year history as a stable store of value, leaving little room for growth. In contrast, BTC, with only 15 years of history, shares gold’s value attributes but is still early in its adoption phase. Its narrative allows for significant potential growth yet resembles the risk profile of a startup.

Bitcoin vs. Gold Debate Reignites as Crypto Market Faces Bearish Trends

Jeroen Blokland, founder of Blokland Smart Multi-Asset Fund and an advocate for scarce assets, pointed out in a post on X that investors are currently selling Bitcoin amid rising geopolitical tensions. This is likely due to increased uncertainty and an anticipation of flight to safety. Consequently, many investors reallocate their assets into gold, traditionally viewed as a stable store of value during turbulent times.

However, not everybody shares this sentiment. Samson Mow, CEO of game development firm Pixelmatic and Bitcoin tech company JAN3, begs to differ. He challenged Blokland’s stance, stating on X that the multi-asset fund CEO’s strategy of selling BTC to acquire paper gold is a misguided attempt to insulate against war. The reason, he said, is because investors may not be able to easily relocate gold if a real conflict occurs.

“Imagine trying to hedge against war by selling #Bitcoin to buy paper gold that you can’t move anywhere in the event of actual war,” he said.

This view somewhat aligns with that of Robbie Mitchnick, Head of Digital Assets for BlackRock, essentially describing BTC as an emerging alternative to traditional currencies worldwide. He noted that it is a scarce, decentralized non-sovereign asset. However, he mentioned that it is devoid of risks associated with specific nations and conventional counterparties, which doesn’t necessarily support current trends impacted by the ongoing Iran-Israel dispute.

#Bitcoin is an emerging global monetary alternative; a scarce, global, decentralized, non-sovereign asset. – Robbie Mitchnick, @BlackRock Head of Digital Assets pic.twitter.com/ZOkq2Whzqt
— Michael Saylor (@saylor) September 24, 2024

The Uptober Question: Will Historical Gains Outweigh Present Risks?

Wale.moca, a well-followed Web3 advocate on X, shared a more uplifting view. He noted that the significant price movements commonly associated with this month historically begin later than October 1st. “Don’t cancel Uptober yet. Believe in something,” he said, reminding the community of past patterns that suggest potential gains ahead.

The recent conditions of the cryptocurrency market in what is supposedly an Uptober trend underscore a complex interplay of market uncertainties and geopolitical factors. Global conflicts and economic fluctuations are testing the resilience of digital assets, causing concerns among investors. While historical patterns suggest October could bring positive momentum to cryptocurrency markets, current indicators reveal a cautious sentiment among stakeholders.

The extent to which cryptocurrencies can sustain investor confidence with all these external pressures remains to be seen. For now, investors are advised to approach the market with a balanced perspective. They are urged to recognize both the opportunities and risks inherent in this volatile environment.

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event. Tickets are available now at shibacon.shib.io.

The post Uptober Blues: Can Crypto Overcome Market Anxieties and Geopolitical Strife? first appeared on The Shib Daily.

The Shib Crypto Recap: Wednesday

Malaya Ruiz — Wed, 02 Oct 2024 20:07:26 +0000

In today’s cryptocurrency news, the focus predominantly lies on regulatory measures affecting the crypto market and high-profile crypto theft cases. These highlight the growing concerns and complexities that plague this industry.

Meanwhile, optimistic signals are gaining traction in the Shiba Inu universe as of late. September saw promising gains for the dog-themed altcoin.

Uruguay Joins LATAM Crypto Movement: New Law Empowers Central Bank to Oversee Digital Assets

Uruguay has introduced a law to regulate cryptocurrency. It is now among the few nations within Latin America with a legal framework for crypto trading. The law empowers the Central Bank of Uruguay to oversee local crypto exchanges and operators. It also gives the Central Bank authority to oversee crypto activities, including the registration of exchanges, fund managers, and wallet providers. Companies must comply with anti-money laundering and counter-financing of terrorism regulations and meet certain criteria to obtain permits.

Industry leaders see this as a significant advancement, and it marks the first formal recognition of crypto assets in the country. Before this move, other LATAM nations like Brazil, Venezuela, and Argentina have also implemented crypto regulations.

Cyber Intrusions and Crypto Scams: How One Young Hacker and a South Korean Fraud Ring Racked Up Millions

A 21-year-old from Lebanon, Indiana, named Evan Frederick Light has pleaded guilty to cyber intrusion and theft of over $37 million in cryptocurrency from nearly 600 people. He admitted to conspiracy charges related to wire fraud and money laundering, according to the U.S. Attorney’s Office for the District of South Dakota. In February 2022, Light reportedly targeted an investment company in Sioux Falls, South Dakota. He accessed personal identifiable information (PII) of hundreds of clients, which he used to steal cryptocurrency. Light, along with unidentified accomplices, hacked into the company’s computer servers and extracted data. The stolen cryptocurrency was then moved to various locations.

Meanwhile, prosecutors in South Korea have charged a group of suspected fraudsters for scamming victims out of $22.7 million. The group, led by four men in their 40s, allegedly convinced users to pay $5,000 in Tether (USDT). They created fake trading platforms, such as BISSNEX and BDCDP, to pose as legitimate crypto exchanges. They used YouTube and the Naver Band app to lure in investors. Once victims engaged with these platforms, they received counterfeit letters from the Financial Supervisory Service and the Korean National Police Agency. The group also pretended to represent well-known firms like Shinyoung Securities, using forged documents to deceive more investors. Many victims faced heavy losses, with one reporting a loss of over $1.5 million.

Criminal Intent Unmasked: Australian Federal Police Seize $6.4 Million from Ghost App Mastermind

The Australian Federal Police (AFP) confiscated $6.4 million in cryptocurrency from Jay Je Yoon Jung, who created the encrypted Ghost network. Officials said the app was used by organized crime groups for illegal activities, including drug trafficking and money laundering. The AFP accessed the cryptocurrency through the account’s seed phrase, which they found during a raid at Jung’s residence.

Jung was arrested on September 17 and faces five charges, including supporting a criminal organization. He could receive a sentence of up to 26 years. The AFP claims Jung intended Ghost for criminal activities, with users engaging in money laundering and even contract killings.

As SHIB Burns Billions, Green Vertical Candles Signal a Bullish Shift Ahead

Shiba Inu is ramping up its token-burning efforts to drive up its price, having burned nearly 2.4 billion SHIB tokens in September alone. This significant increase involved 2,378,422,108 SHIB being incinerated across 131 transactions, marking a 7650.63% rise in the burn rate over the past week, with more than 2 billion tokens removed from circulation. Additionally, the launch of ShibTorch, a community-focused burn portal within the Shibarium Layer-2 network, encourages active participation from the Shiba Inu community in the token-burning process.

In a series of “Uptober” gains for SHIB, crypto analyst Crypto Sheriff shared on social media platform X that the SHIB chart hit a pre-identified support zone, suggesting that the correction phase is over. This announcement brought hope to the Shiba Inu community, yearning for the kind of upward movement seen throughout September. Just a day before, Crypto Sheriff had mentioned that the price correction was underway, promising more pronounced upward movement, or “harder green candles,” in October.

The term “green vertical candles” represents rapid buying pressure that could overwhelm sellers and indicate a positive shift in market sentiment.

The post The Shib Crypto Recap: Wednesday first appeared on The Shib Daily.

The Shib Crypto Recap: Tuesday

Malaya Ruiz — Tue, 01 Oct 2024 17:01:43 +0000

The cryptocurrency space is currently experiencing significant regulatory changes and market dynamics, notably Japan’s new regulations that could shape global standards and South Korean exchange Bithumb’s upcoming listing on Nasdaq, enhancing corporate legitimacy. However, the sector faces challenges as evidenced by a $650K trading scam. On a brighter note, legislative progress on crypto taxation suggests a move towards a more organized market, alongside Shiba Inu’s positive momentum as many holders see profits, potentially boosting confidence in the token.

Japan’s FSA Eyes Crypto Tax Reform as South Korea’s Bithumb Sets Sights on Nasdaq Listing

Japan’s Financial Services Agency (FSA) is poised to reevaluate its cryptocurrency regulations, which could lead to decreased taxation on crypto profits and a reclassification of digital assets. The FSA is contemplating moving these assets under the Financial Instruments and Exchange Act, potentially imposing stricter investment guidelines while lowering the current hefty tax rate of up to 55% on crypto gains to roughly 20%, aligning them with taxes on stocks and similar financial instruments. This regulatory review may also pave the way for the approval of exchange-traded funds (ETFs) involving digital tokens, reflecting Japan’s commitment to fostering its digital asset industry.

Bithumb, the second-largest cryptocurrency exchange in South Korea, announced its plans to consider listing on the U.S. Nasdaq during a recent shareholders’ meeting. Management indicated that this strategic move is intended to broaden the company’s global footprint, with a representative emphasizing that Nasdaq serves as an optimal platform for enhancing Bithumb’s market presence.

To support this potential listing, the company highlighted the necessity of restructuring, including the establishment of Bithumb Investment to improve operational efficiency and meet Nasdaq’s requirements. This comes as South Korea grapples with a challenging regulatory landscape, lacking a legal framework for Bitcoin ETFs and not recognizing virtual assets as financial products. Additionally, during the meeting, shareholders approved a name change from Bithumb Korea to simply Bithumb to boost brand visibility leading up to the IPO.

Scam Alert: @ape_31 Tricks 250+ Users out of $650K with Fake PNLs

The handle @ape_31 on X has reportedly scammed over 250 users out of more than $650,000 in the past year. Blockchain investigator ZachXBT shared this information on X Monday. The scammer used fake profit and loss (PNL) screenshots from a Bybit demo account and a news account to attract victims into paid services before blocking them after receiving payment. Carefully crafted posts and interactions with influential accounts helped the scammer bait potential victims.

One victim sent $500 for copy trading, only to be asked for an additional $20,000 with claims of having a “zero liquidation price.” Another individual experienced a similar situation, promised risk-free profits that would grow from $10,000 to $100,000 in just days. After sending funds, the scammer ignored them. Investigations have linked 16 wallet addresses to the scam, gathering $650,000 from over 250 individuals.

Authorities are encouraged to act quickly to investigate and stop this scammer from victimizing others.

Revival of Meme Coins: Shiba Inu Leads the Charge as Investors Anticipate Bull Run

Meme coins have gained significant attention following Bitcoin’s recent rally, with many seeing double-digit gains in the last month. This has triggered speculation about the potential for another meme coin season. Shiba Inu is being referred to as the “locomotive of meme coins,” with predictions of a bull run for SHIB. Reports indicate that meme coins like Dogecoin, Pepe, and Shiba Inu are among the fastest-growing segments in the current cryptocurrency revival.

Over the past two years, meme-related projects have surged by more than 440%, making this sector the fourth most valuable in crypto. Despite their recent success, the future of meme coins remains uncertain. Investors are currently enjoying the trend, hoping for continued profitability in future meme coin seasons.

Uptober Buzz: Shiba Inu Signals Potential Breakout with ‘In the Money’ Holders

Shiba Inu (SHIB) is showing positive trends at the start of October. Over 55% of SHIB holders are currently making profits, signaling a potential “Uptober” surge for this popular altcoin. According to crypto analyst BigMike7335 on X, an analysis of SHIB/USDT indicates that SHIB is nearing the conclusion of a corrective wave, with expectations for a breakout that could push its price to $0.000024. After a slight pullback, SHIB found support at the 0.618 Fibonacci level, hinting at a possible trend reversal. In addition, IntoTheBlock data shows that 55.61% of SHIB holders are “in the money,” creating strong support and lowering the risk of a major sell-off.

Overall, the combination of bullish indicators and the “Uptober” season is sparking excitement within the Shiba Inu community.

The post The Shib Crypto Recap: Tuesday first appeared on The Shib Daily.

The Shib Crypto Recap: Monday

Malaya Ruiz — Mon, 30 Sep 2024 19:03:12 +0000

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.

The post The Shib Crypto Recap: Monday first appeared on The Shib Daily.

From Disgraced CEO to ‘Best Witness’: Ellison’s 2-Year Sentence and Crypto World’s ‘OH REALLY?’ Face

Malaya Ruiz — Sat, 28 Sep 2024 14:11:58 +0000

Former FTX CEO Caroline Ellison—now known as the “best witness” in courtrooms—just received a two-year vacation in the slammer for her starring role in the collapse of the fallen cryptocurrency exchange. As you probably know, her job description apparently included misleading investors and practicing a little financial gymnastics with customer cash.

But there is a lot to unpack in this sentencing decision. Let’s start with how a good chunk of the crypto community thinks she got off too easy! Plus, the judge called the woman of the hour the “best witness.”

Hmm… let’s just say they wonder why she didn’t get more of a “room with a view” for her part in the FTX circus.

And how about that Ryan Salame, the former co-CEO of FTX Digital Markets? That guy really knows how to stir the pot! He boldly declared that it was Ellison, not Sam Bankman-Fried (SBF), who called the shots on those political contributions. He also lambasted the justice system for how Ellison’s trial played out, quipping that he “should have stolen everyone’s money so I could go to jail for substantially less time.” Apparently, that’s the faster route to a shorter jail sentence!

As one of the many critics of the outcome of Ellison’s trial, he just said what the majority is actually thinking. But let’s not get ahead of ourselves.

(Source: Reddit)

Crypto Community Cries Foul Over Ellison’s Short Sentence and Judge’s ‘Best Witness’ Remark

The consensus in the crypto universe is that 24 months is too lenient for her offenses regardless of her level of cooperation.

Someone commented on Reddit that they, referring to SBF and his friends—definitely including his ex-lover Caroline—were basically running a $32-billion moonlight magic show. Meanwhile, she’s going to spend a couple of years in a fancy white-collar resort-colored prison, where she’ll probably charm the guards and end up with a get-out-of-jail-early card! After that, she’ll be sipping piña coladas in some secret hideaway with her billions tucked away.

Others have a different interpretation of how Judge Lewis Kaplan labeled Ellison as “one of the best prosecution witnesses he’s seen in 30 years on the bench.”

(Source: Reddit)

Life After FTX: Ellison’s Mother Gives Us the Inside Scoop

It seems Ellison has kept busy these past two years while waiting for her sentence. Her mother, Sara Fisher Ellison, wrote a letter to the judge, asking for a bit of mercy for her daughter. Now we wonder: did this letter somehow tug at the judge’s heartstrings?

Anyway, her mother said Ellison has been working on a delightful little novella. All set in Edwardian England, it is based on her sister’s fictional romantic escapades. And now, apparently, there’s another novel in the works!

Ellison’s mother said, “Caroline is a very talented writer.” I mean, if she wrote down everything she told the judge that made him feel soft inside—hence the easygoing sentence—her mom’s probably right. Mother knows best, am I right?

Mrs. Ellison also said her daughter had been moonlighting as an ESL teacher on top of the steamy writing. She insists Caroline genuinely cares about the people she’s helping with her teaching. Well, we can’t judge the motherly love, but we kind of doubt stealing billions from people qualifies as caring about people.

But what do you think?

Best Witness or Best Snitch? Or Neither?

In light of the lenient two-year sentence, what does this suggest about the perceived consequences of white-collar crime in the financial and cryptocurrency sectors?

What are the implications of the judge’s comment about Ellison being the “best witness” for the broader justice system, particularly regarding the role of cooperation in sentencing outcomes for major crypto scandals?

Ryan Salame’s comments imply that some individuals may view the legal system as favoring those who are willing to betray others for their own gain. How does this perception influence trust within the cryptocurrency community? Or is he wrong for thinking this way because they’re all guilty anyway?

Considering how Ellison’s mother seems to be painting her daughter in a different light, owing to the latter’s personal endeavors in writing and teaching, how should society balance rehabilitation and accountability in cases involving financial misconduct where significant harm was done to others?

A Flashback: Ellison’s Intrusive Thoughts

In addition, I think her mother forgot a notable quirk of Caroline’s that has resurfaced recently due to all this chaos. Before you leave, here’s one for the road you might want to binge on. Warning about this X thread: if this is Caroline’s idea of romance, her saucy novella could give 50 Shades of Grey a run for its money!

THROWBACK: On the day of Caroline Ellison of FTX infamy’s sentencing, let’s revisit some all time Caroline bangers.

Here she is realizing Adderall gives her superpowers. pic.twitter.com/kJ1huwKjQR
— Autism Capital (@AutismCapital) September 24, 2024

Disclaimer: After consuming this content, you might be inclined to go down the FTX rabbit hole if this is the first time you’re finding out about it! Or, if you’ve been keeping up to date, you might discover surprising details you didn’t know about before. Regardless, if you’re one of the victims that FTX has left in the lurch, you can charge this nightmare to experience and make informed decisions about crypto exchanges going forward!

The post From Disgraced CEO to ‘Best Witness’: Ellison’s 2-Year Sentence and Crypto World’s ‘OH REALLY?’ Face first appeared on The Shib Daily.

The Shib Crypto Recap: Friday

Malaya Ruiz — Fri, 27 Sep 2024 21:51:13 +0000

Today’s conversations in crypto news are largely characterized by key issues such as rising global cybersecurity challenges, a remarkable decline in cryptocurrency market losses, and the increasing acceptance of the crypto sector by conventional financial institutions. Furthermore, progress in regulations governing crypto derivatives trades is making headlines, indicating a shift within the industry.

‘Operation Endgame’ Targets Russian Cybercrime Syndicate Amid Declining Crypto Loss Rates

The U.S. has launched “Operation Endgame” to target a major Russian cybercrime syndicate involved in laundering billions through illegal activities like ransomware and credit card fraud. Key figures include Sergey Sergeevich Ivanov, who runs PM2BTC, a cryptocurrency exchange designated as a major money laundering threat. The Department of Justice has charged Ivanov and Timur Shakhmametov with conspiracy to commit bank fraud and money laundering. Ivanov processed payments for the illegal carding site Rescator and funneled money from the marketplace Joker’s Stash. TRM Labs estimates Ivanov’s network facilitated over $1.15 billion in suspicious cryptocurrency exchanges. This operation marks a significant effort against Russian cybercrime funding.

Speaking of global efforts for investor protection, in Q3 2024, crypto losses due to hacks and fraud fell by 40% compared to the same period last year despite total thefts reaching a significant $1.33 billion for the year. This quarter saw only 3.9% in losses compared to the previous quarter, attributed to improved security protocols and increased user vigilance. A dramatic 54% drop in successful attacks, from 75 in Q3 2023 to 34 in Q3 2024, indicates that these measures are effectively protecting assets. However, experts warn that the market still grapples with evolving threats, especially in the decentralized finance space.

BNY Mellon’s SAB 121 Exemption: Expanding Crypto Custody Services for Institutions

The Bank of New York Mellon (BNY Mellon) has received an exemption from the SEC’s Staff Accounting Bulletin (SAB) 121. This allows the major U.S. custodian bank to offer crypto custody services for institutional clients. Chris Land, general counsel for U.S. Senator Cynthia Lummis, highlighted this during a public hearing in Wyoming. The move shows BNY Mellon’s aim to increase its footprint in the growing crypto custody market while staying under Federal Reserve and New York’s Department of Financial Services oversight. This exemption is significant for the crypto industry, as it may drive more institutional participation and suggests a shift in the regulatory environment.

Aligning Hong Kong’s OTC Derivatives Reporting with Global Standards

Hong Kong’s financial regulators, the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC), plan to align their OTC derivatives reporting framework, including crypto derivatives, with global standards. The SFC has sought industry feedback on a proposed licensing regime for cryptocurrency OTC services. These changes aim to synchronize Hong Kong’s reporting requirements with those of the European Securities and Markets Authority (ESMA). The HKMA and SFC will implement key international reporting standards like Unique Transaction Identifiers (UTI), Unique Product Identifiers (UPI), and Critical Data Elements (CDE). They will also accommodate the Digital Token Identifier (DTI) in their reporting. The regulators stressed the importance of aligning with global mandates to keep Hong Kong in sync with major jurisdictions.

Strengthening Crypto Ad Policies in Dubai: Emphasizing Risk Awareness and Fair Practices

Dubai has tightened its regulations for cryptocurrency marketing. The Virtual Asset Regulatory Authority (VARA) has set new guidelines requiring all digital asset advertisements to include a clear disclaimer about financial risks. Marketers must follow legal requirements and secure necessary permits. VARA also emphasizes that marketing must be fair and identifiable, prohibiting misleading claims and “fear of missing out” (FOMO) tactics. Promotions should target suitable audiences, and companies are required to maintain records for eight years. Third-party marketers must adhere to these regulations as well.

Shiba Inu’s End-of-September Momentum: Bullish Patterns and Community Confidence

At the close of September, Shiba Inu has gained 37.5% in the past month. Analyst Javon Marks predicted the altcoin may rise further, potentially by 360%. He analyzed a falling wedge pattern that indicates a bullish reversal. This pattern shows that selling pressure is easing as prices consolidate. The recent breakout signals a potential upward trend. Based on this analysis, Marks targets a price of $0.000081, which would mean a major increase from its current value.

As for observations over the week, latest CoinMarketCap data revealed Shiba Inu’s resilience. It showed a 31.40% increase despite a downturn in the broader cryptocurrency market. It now boasts a market cap of over $10 billion, ranking among the top 15 cryptocurrencies. A positive community sentiment shines through, with 87% of 10,897 voters being optimistic about its future.

Since September 16, Shiba Inu’s price has climbed steadily, experiencing small dips that buyers quickly absorb. Trading volume has surged, indicating active participation and validating the rally with genuine interest. So far, these last few days of the month has seen Shiba Inu’s price skyrocket, breaking previous records and leading to increased investor confidence.

The post The Shib Crypto Recap: Friday first appeared on The Shib Daily.

The Shib Crypto Recap: Thursday

Malaya Ruiz — Thu, 26 Sep 2024 19:59:01 +0000

Today’s cryptocurrency news is focused on various subsectors, including the forced liquidation of a significant player in the crypto banking industry. This development coincides with heightened regulatory scrutiny from South Korean authorities, intensifying the spotlight on industry practices. Additionally, a backlash against a particular crypto project has emerged, which has drawn community attention. Moreover, recent remarks from Vice President Kamala Harris concerning the United States’ position in the blockchain arena are stirring discussions. Compounding these issues are potential regulatory shifts affecting the crypto gaming scene in Japan.

Regulatory Pressure: The Hidden Factors Behind Silvergate’s Liquidation

Recent insights from bankruptcy documents and insider accounts indicate that the voluntary shutdown of major US crypto bank Silvergate in 2023 was not exclusively a byproduct of the larger cryptocurrency market downturn. Rather, it appears to have been influenced significantly by pressure from officials within the Biden administration. Reports suggest that regulators enforced an unofficial limit on the bank’s cryptocurrency deposits, capping them at 15%, which severely compromised its business model despite the bank’s recovery from a previous bank run in 2022 and a subsequent rise in deposits.

These revelations raise serious concerns regarding the Biden administration’s stance on the domestic crypto sector and suggest a potential intent to stifle this emerging industry while also raising questions about whether such regulatory measures played a role in the regional banking crisis observed in early 2023.

South Korea Pledges Vigilance to Shield Crypto Market from Fraud

In a bid to curtail misconduct in the cryptocurrency sector, South Korean authorities are intensifying their regulatory efforts. Lee Bok-hyun, head of the Financial Supervisory Service (FSS), stated a strong, zero-tolerance approach towards unfair trading in a meeting with 16 cryptocurrency leaders. He highlighted the importance of tracking prices for new coins and being alert to unverified rumors. They also discussed implementing the Virtual Asset User Protection Act. Lee called on firms to adhere to legal requirements and enhance communication with regulators. He promised continued collaboration with policy authorities to resolve regulatory uncertainties and support the industry’s self-regulation.

Setback for Worldcoin: Fines Imposed Over Data Privacy Breaches in South Korea

The Personal Information Protection Commission (PIPC) of South Korea has fined Worldcoin 1.14 billion won (around $850,000 USD) for violating the Personal Information Protection Act (PIPA). The commission found that Worldcoin did not sufficiently inform users about how their biometric data, particularly iris scans, would be collected and used. Also, the company did not obtain proper consent from individuals for processing this sensitive data. To make matters worse, Worldcoin illegally transferred this data overseas, mainly to Germany, without proper notifications, breaching additional privacy regulations.

Harris Pledges Global Leadership in Blockchain Tech—Not Everyone Is Convinced

Democratic presidential candidate Kamala Harris has evolved her campaign narrative to highlight the importance of America’s leadership in dynamic sectors. In her latest remarks, she vowed to invest in areas including biomanufacturing, aerospace, artificial intelligence, and blockchain technology, signaling a recognition of the revolutionary capabilities these technologies possess.

She advocated for a stable regulatory environment that encourages economic growth while also protecting both consumers and investors. This indicates a noticeable shift away from Trump’s more permissive regulatory framework, which received various responses from the crypto landscape. Many in the cryptocurrency sector remain wary of her actual objectives, particularly due to the proposed tax on Bitcoin mining, which they perceive as a discouraging sign.

Japan’s FSA Aims to Modernize Crypto Gaming Regulations

Japan’s Financial Services Agency (FSA) is working on reforming its crypto gaming laws. It aims to create a framework that simplifies how businesses manage cryptoassets. Current rules, based on the Payment Services Act, make many gaming companies hesitant to explore blockchain gaming. The FSA is also reviewing asset management practices for crypto firms. This comes in response to industry leaders and politicians who believe Japan’s regulations hinder Web3 innovation, pushing startups to move overseas. These talks occur within a Financial System Council working group that advises the FSA.

Shiba Inu Builds Momentum with Strong Trading Activity

Meanwhile, in Shiba Inu news, $SHIB has recently experienced a steady rise, bringing hope to investors. Although the gains have been modest, analyst Crypto Sheriff has sparked renewed interest with predictions of larger increases ahead. Their analysis suggests that a stronger rally could be coming, despite the current slow progression.

SHIB has very recently reached an intraday high of $0.00001509 and a low of $0.00001441. The trading volume was notable, with 2.39 trillion SHIB traded and 35.31 million USDT, indicating strong market activity. High volume often hints at price changes, supporting Sheriff’s beliefs in a potential surge for SHIB soon.

The current state of the cryptocurrency sector emphasizes the multifaceted challenges and developments shaping its future. All of these underscore the need for stakeholders to navigate a complex web of economic, political, and social factors driving the future of digital currency and technology.

The post The Shib Crypto Recap: Thursday first appeared on The Shib Daily.

What Is a Phishing Attack and How Can You Avoid It?

Malaya Ruiz — Thu, 26 Sep 2024 17:08:15 +0000

The risk of phishing attacks in the crypto space poses a vicious threat to users navigating the information superhighway. What exactly is a phishing attack, and how does it progress from the first email or message to the execution of the scheme?

A phishing attack is a fraudulent scheme where scammers impersonate legitimate entities to deceive individuals into providing sensitive information, such as passwords or credit card details. The attack typically begins with a deceptive email or message that entices the victim to click on a malicious link or download an attachment, leading them to a fake website or software that collects their confidential information.

Latest Phishing Attack Statistics

According to data from Statista, over 963,000 unique phishing websites were identified worldwide in the first quarter of 2024, and two percent is attributed to cryptocurrency. While two percent may seem like a minor fraction, it reflects a continuous trend of malicious entities using crypto to victimize users worldwide. The prevalence of these phishing scams underscores the importance of user awareness and security.

Exploiting Psychology and Technology

Phishing attacks often exploit human psychology and technological vulnerabilities to deceive individuals into revealing personal information, which leads to potential financial losses and compromised security.

According to a blog post by cybersecurity awareness firm MetaCompliance, phishing attacks are effective primarily due to the art of deception mastered by the perpetrators. They use tactics like instilling fear and urgency, exacting authority which leads to trust among victims, using the innate nature of humans to act upon their curiosity and greed, and social engineering.

As phishing attacks have developed, they increasingly take advantage of technological risks. There are numerous phishing methods that scammers utilize through technology. These include smishing (SMS phishing), vishing (voice phishing), social media phishing, AI phishing, and quishing (QR code phishing). When vishing is combined with other methods, it forms what is known as hybrid phishing, a recent trend in phishing attacks.

How to Recognize A Phishing Attack

Phishing messages often create a false narrative to deceive you into clicking links or opening attachments. You might receive an unexpected email or text that appears to come from a trusted source such as your bank, credit card company, or utility provider. It could also be from a payment app or website.

Scammers often pretend to alert you about suspicious account activity or unauthorized login attempts. Others might insinuate there’s an issue with your account or ask you to verify personal information. Sometimes, you might even receive an unfamiliar invoice or a message requesting you to click a payment link that contains malware. Be wary of any text or email promising free gifts, like government refunds or coupons for free items.

Many phishing scams in the crypto frontier come in the form of fake token airdrops. Fraudsters create imitation websites that look like genuine airdrop campaigns and promote them through a range of methods. These con artists trick users into revealing private information or connecting their cryptocurrency wallets to the fraudulent site. In the end, users never receive the tokens and instead discover their wallets have been drained.

Example of a phishing attack (Source: Airdrop Hunter, Medium)

How to Avoid Phishing Attack

The Federal Trade Commission (FTC) offers valuable information for the general public on identifying phishing attempts and protecting yourself from them.

For those in the Web3 space, it can be a bit tricky but there are ways you can safeguard against phishing scams involving cryptocurrency. To secure your crypto assets, never store seed phrases or private keys on internet-connected devices, and create strong passwords for your wallets.

Avoid using public Wi-Fi when accessing wallets and refrain from linking them to unfamiliar websites promising enticing rewards. Always enable two-factor authentication and keep software wallets updated to address potential vulnerabilities. Be cautious with emails and unknown links, and always verify project details through official channels while resisting hasty decisions that could compromise your portfolio.

You can also report any suspected phishing emails or messages to the FTC by forwarding them to [email protected], a contact point used by the Anti-Phishing Working Group, consisting of internet service providers, cybersecurity vendors, financial services, and law enforcement bodies.

The post What Is a Phishing Attack and How Can You Avoid It? first appeared on The Shib Daily.

The Shib Crypto Recap: Wednesday

Malaya Ruiz — Wed, 25 Sep 2024 21:01:31 +0000

In a world where cryptocurrencies once promised innovation and financial freedom, today’s headlines paint a more troubling picture, featuring tales of fraud, illicit drug distribution networks, and the numerous legal and ethical dilemmas surrounding various crypto ventures. Additionally, the intersection of artificial intelligence (AI) with this sector continues to garner attention, while the FTX saga remains an ever-evolving story. Together, these reports underscore the volatility and unpredictability inherent in the crypto space, prompting concerns about the safety and security of users.

Stablecoin Fraud and Other Crypto-Related Crimes on the Rise

The SEC has penalized crypto company TrueCoin LLC and financial services provider TrustToken Inc. for engaging in fraudulent and unregistered sales of investment contracts related to the stablecoin TrueUSD (TUSD). A complaint filed in the U.S. District Court for the Northern District of California details how the companies conducted an unregistered offering between November 2020 and April 2023, selling investment contracts and profit-making opportunities without disclosing significant risks to investors. While neither company admitted nor denied the allegations, both have agreed to settle the charges, paying civil penalties of $163,766 each, and have consented to judgments preventing future violations of federal securities laws.

Adding to the list of crimes related to illicit crypto transactions is the recent crackdown by South Korea’s Narcotics Crime Investigation Unit on a drug distribution network. This drug ring allegedly used cryptocurrency for illegal transactions, revealing a concerning trend of virtual assets being used in criminal activities. A 33-year-old distributor was arrested for smuggling methamphetamine into the country, along with six accomplices facing prosecution for drug-related charges. The use of cryptocurrency highlights the challenges law enforcement faces in monitoring emerging financial technologies, as officials stress that drug-related crimes threaten both community safety and public health.

Unethical and Exploitative? Worldcoin’s Tech Receives Backlash

Berlin-based cryptocurrency project Worldcoin currently faces serious legal and ethical issues. Despite attracting millions in funding, Worldcoin is under investigation for potential violations of the General Data Protection Regulation (GDPR), especially concerning its collection of biometric data through iris scans. The business model relies on creating a distinct digital identity, referred to as WorldID, using users’ iris data, which they exchange for WLD tokens.

Furthermore, Worldcoin has been criticized for allegedly exploiting marginalized populations, such as homeless individuals, and has been accused of incentivizing those with substance issues to participate in eye scans. Compounding these controversies, the company is facing scrutiny for potentially infringing privacy laws by scanning minors’ eyes without obtaining necessary parental consent.

Building the Backbone of AI: OpenAI’s Data Center Proposal

In a move aimed at addressing the increasing demand for AI technologies, OpenAI has proposed the establishment of large-scale data centers throughout the United States. The plan outlines the need for up to 5 gigawatts of power for these centers. It also anticipates the creation of tens of thousands of jobs and a positive impact on the U.S. economy, emphasizing that this infrastructure is vital for the country to maintain its AI development leadership and ensure national security.

However, some individuals in the energy sector remain skeptical about such ambitious projects. Joe Dominguez, the CEO of Constellation Energy Corp., highlighted the complexities associated with powering a single 5 GW center and noted that OpenAI’s vision of building multiple centers could face substantial obstacles due to existing issues with the energy grid, supply chain challenges, and workforce shortages. The U.S. currently has an installed nuclear capacity of 96 GW, and in a related development, Microsoft, OpenAI’s biggest investor, has partnered with Constellation Energy to rejuvenate the Three Mile Island nuclear plant to supply power for the next two decades.

FTX Fallout: Ellison’s Fate and Salame’s Stark Critique of Legal Disparities

Former Alameda Research CEO Caroline Ellison has faced sentencing for her involvement in the FTX collapse. While all of this was happening, Ryan Salame, the former co-CEO of FTX Digital Markets, accused Ellison of being the one who prompted him to make political contributions. He made sure to emphasize that he had never been asked to do so by Sam Bankman-Fried. He also commented on the flaws within the justice system, suggesting that high-priced attorneys essentially admit that beating the government at trial is nearly impossible.

When challenged on the disparity between his sentence and Ellison’s, considering her pivotal role in the fraud and the corresponding restitution, Salame implied sarcastically that he should have committed more crimes to receive a lighter sentence. Meanwhile, as Ellison was sentenced by Judge Lewis Kaplan, the judge recognized her remorse and exploitation at the hands of Bankman-Fried but emphasized that her cooperation wouldn’t excuse her from the consequences.

Wednesday’s developments paint a complex picture of the cryptocurrency and AI industries. While there are notable developments, the prevalence of crypto-related crimes and ethical dilemmas cannot be overlooked. This duality serves as a reminder that many innovations are still in their infancy. A careful and cautious approach is needed in finding a balance between innovation and responsibility.

The post The Shib Crypto Recap: Wednesday first appeared on The Shib Daily.

‘Digital Asset Security’: Was the Term Made Up by the SEC?

Malaya Ruiz — Mon, 23 Sep 2024 19:22:48 +0000

The term “digital asset security” has recently come under scrutiny, with critics questioning its origins and legitimacy. They argue that this term, seemingly conjured by the Gary Gensler-led Securities and Exchange Commission (SEC), may have emerged more from a desire to regulate than from any well-defined legal basis.

This raises a critical question: did the SEC fabricate a term to tighten its grip on digital assets or is there a substantive legal framework that supports this classification? As regulators seek to impose structure on a sector that requires more regulation, the implications of such terminology could have far-reaching consequences for the future of digital assets.

Rep. Ritchie Torres: “The SEC invented the term out of thin air.”

An unvarnished comment by Rep. Ritchie Torres (D-N.Y.) during a recent congressional hearing, aptly titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,” marked a crucial milepost in this scrutiny. He said the term digital asset security does not appear anywhere, challenging the SEC to explain where it came from. He categorically asked, “If it appears nowhere, neither in rule nor statute, did the SEC invent the term out of thin air?”

In a post on X, the Democratic Congressman went all out and doubled down on the issue at hand.

The term ‘digital asset security’ does not appear anywhere in any law enacted by Congress or in any rule promulgated by the SEC or in any decision rendered by the Supreme Court. It appears nowhere in the 2 million pages of the Federal Register. If it comes from neither statute… pic.twitter.com/ucSaCzEvOU
— Rep. Ritchie Torres (@RepRitchie) September 19, 2024

Cato Institute’s Jennifer Schulp: Inefficient “enforce first, make rules never” Strategy

Jennifer Schulp, Director of Financial Regulation Studies at the Cato Institute’s Center for Monetary and Financial Alternatives, did not mince words either during her testimony regarding the SEC’s misguided strategy for regulating cryptocurrency. She discussed how the SEC’s registration requirements do not align well with digital assets. She said the same applies to the regulations being enforced on exchanges. Furthermore, she strongly asserted that enforcing existing rules can be effective when they provide clear guidance. Yet the SEC’s current strategy leaves much uncertainty around digital assets. This lack of clarity essentially results in a ban on crypto activity in the United States.

“This strategy simultaneously exceeds the agency’s authority and abdicates the agency’s role in overseeing the securities markets,” Schulp added.

Yesterday, I testified about the SEC's flawed approach to crypto regulation in front of the @FinancialCmte.

Catch up on my testimony here: https://t.co/NbIIgtqIcp https://t.co/jKfRd4LMh4
— Jennifer J. Schulp (@jenniferjschulp) September 19, 2024

Robinhood’s Daniel Gallagher: Contending with “innovation-killing federal regulatory uncertainty”

Daniel M. Gallagher, former SEC commissioner and incumbent chief legal officer at Robinhood, pointed out the ongoing federal regulatory uncertainty in U.S. digital asset markets. This has hindered innovation and affected millions of Americans wanting to engage. He testified that the SEC’s stance on which digital assets qualify as investment contracts remains unclear. In contrast, instead of clear rules, the SEC continues to impose regulations through enforcement.

“… millions of Americans who wish to participate in them have had to contend with innovation-killing federal regulatory uncertainty,” Gallagher said. He characterized the agency’s strategy as a “scorched earth” approach. He said this is detrimental to innovation in the blockchain and digital asset industries.

Michael Liftik: “No other statutory authority besides assets transacted in investment contracts”

According to Michael Liftik of Quinn Emanuel Urquhart & Sullivan LLP, the SEC’s authority over digital assets is limited to transactions involving “investment contracts.” The agency lacks other legal grounds for control over such assets. The Howey test, a key precedent, is an old approach that focuses on varied circumstances.

“The only reason the SEC arguably has authority over digital assets is when they are transacted in ‘investment contracts.’ There is no other statutory authority the SEC can point to over digital assets,” he testified.

Bitwise’s Teddy Fusaro: “Americans deserve the freedom to make investment decisions for themselves”

In his testimony, Teddy Fusaro, president of Bitwise Asset Management, Inc., explained that many investors who have registered on cryptocurrency exchanges lack the consumer protections provided by federal securities laws. He emphasized the need for sensible regulations and guidance for these platforms. He said clear oversight and approvals should fit within existing regulatory frameworks, highlighting that this will help guide investors who are seeking to engage with these markets, such as through ETFs.

“Americans deserve the freedom to make investment decisions for themselves, and should have the right to choose which services they use to buy all different types of products and services,” Fusaro stated.

Excited to see progress on this – options on bitcoin ETFs r something that the market wants, needs, and should have.

However, there are more steps that need to take place before they can begin trading, including green light from both the OCC and CFTC which may take some time. https://t.co/UIG6Jedfj2
— Teddy Fusaro (@teddyfuse) September 20, 2024

Duke University’s Lee Reiners: “There remains a gap in crypto spot market regulation”

In a slightly more favorable tone, Lee Reiner, a professor at Duke University, recognized the SEC’s efforts in applying the Howey test to safeguard crypto investors. However, he also asserted that there is still a gap that only Congress can close for the protection of investors. While he supports Gensler’s view that most cryptocurrencies are securities, he believes some are commodities. The Commodity Futures Trading Commission (CFTC) regulates commodity derivatives but not spot markets, leading to unregulated U.S. crypto exchanges. Reiner believes that this issue requires immediate attention from Congress.

“In my written testimony before this Subcommittee last March, I noted that the best way to close the gap in cryptocurrency spot market regulation is to have Congress carve out cryptocurrency from the definition of a commodity in the Commodity Exchange Act and recognize cryptocurrencies as securities under a special definition to the securities laws,” he explained.

Source: U.S. House Committee on Financial Services, YouTube

In light of these testimonies, the SEC faces a critical inquiry into the legal validity of the term “digital asset security.” At the same time, it raises important considerations regarding how platforms can enhance investor experiences in the cryptocurrency market without impeding innovation.

The post ‘Digital Asset Security’: Was the Term Made Up by the SEC? first appeared on The Shib Daily.

Flap Back Into the Future: Is Flappy Bird’s Comeback a Web3 Feathered Fraud?

Malaya Ruiz — Sun, 22 Sep 2024 02:29:12 +0000

Flappy Bird is soaring back into the gaming scene, apparently this time with a side of Web3! But the Web3 part of the story comes a bit later, so be patient.

Anyway, the Flappy Bird Foundation announced the relaunch last Thursday. They even blessed the game’s fans with a super flashy trailer and a brand-new website.

Ten and a half years after its original creator, Dong Nguyen, pulled it from the app stores, claiming it was “gone forever”—surprise! “The fans” who decided to bring it back must have found a magic feather! Many other fans are excited to stay in their sweatpants all day, tapping away on their phones, thanks to the addictive nature of this game.

But Not Everybody’s Happy—What Gives?

Now here’s the stickler: Nguyen, the genius behind the original indie game, is sitting this one out and expressly distancing himself from the whole frenzy. He explicitly stated he does not support crypto!

No, I have no related with their game. I did not sell anything.
I also don't support crypto.
— Dong Nguyen (@dongatory) September 15, 2024

Looks like this comeback isn’t getting his stamp of approval, but who can blame him for trying to avoid a feathery mess?

Nguyen being aloof about this relaunch has some people wondering about the game’s legacy, but it seems to be chugging along nicely. So far. For some users anyway.

Avid fans still tip their hats to the original brains behind it—that’s for sure—but they’re definitely loving this comeback. And if he’s not happy about it… they’re thinking… sorry not sorry?

But on the other hand, his lack of enthusiasm may actually be warranted. This part is a wee bit insane so prepare to be blown away.

A Side of Web3 or a Nostalgia-Driven Scam?

As it turns out, an eagle-eyed web developer and cybersecurity researcher named Varun Biniwale did some digging and discovered that the website for the “official” Flappy Bird is a veritable treasure trove of hidden pages filled with juicy tidbits. Not one of these made it into the trailer or the main site during the relaunch announcement!

Are you ready for the craziest part? The now-deleted “3-$Flap” page on the site, which let the cat—or should I say bird—out of the bag gave him the inside track on what this project is really about. So people are now finding out about the skeleton in the closet way before the Flappy Bird Foundation wanted them to catch on. Oops!

What’s on that page? Before it got deleted, it showed details about the game being built on the Solana blockchain—the hangout spot for some of the most notorious Web3 game developers and NFT wheeler-dealers.

Biniwale’s report also showed early builds of the new Flappy Bird, which has fully playable levels, a main menu, and wait, what’s that now? That’s right—deep in that jungle, he found several crypto wallet references scattered like breadcrumbs. Wait, what again? But the “official” socials and website never made any mention of these until Monday, when the X account posted about its Flap-a-TON event! Why is that now? Hmm. Something doesn’t quite add up.

(Source: Varun.ch)

Under the original relaunch tweet of the Flappy Bird account, a context post warns users that the new version of the game “has no relation to the original creators and seems to be a crypto scam/using fans nostalgia for the game to sell NFTs.” Major yikes!

Trademark Drama and Unanswered Questions

The team immediately became aware of the questions and rumors going around and decided to answer them via a statement on X. Yet somehow they missed the biggest elephant in the room, which is whether or not this game is a crypto scam.

If Nguyen denies any part in this remake, says he never sold it, and decries crypto, how did it end up with this new team?

Well, it turns out the Flappy Bird trademark was “abandoned” and just collecting dust somewhere so they just happily claimed it. Yes, just like that!

"But why would Nguyen sell the Flappy Bird Trademark??" "Hope he got his bag"
Looks like he *didn't*.
It seems like it's been long enough that the trademark was considered abandoned, so Gametech Holdings LLC filed against him, and just. Grabbed it for free. pic.twitter.com/EwVzuOLcHm
— Samperson (@SamNChiet) September 12, 2024

Caught in the Flap: Nostalgia or Nightmare?

A couple of things to think about here:

How will the Web3 components of Flappy Bird play out?

Is it weird that the relaunch announcement did not mention a hint of Web3 and the creators of the new version only posted about its “Tap, Flap and Win” event when people started asking questions?

Could this be a crypto ponzi scheme after all?

Was the move by the Flappy Bird Foundation ethical?

If a game’s trademark is “abandoned” and the creator/owner has been MIA, is taking it for yourself without their authorization a right-minded action?

At least we already know Nguyen definitely did not approve this in any way. But let this be a reminder for you to be careful if you plan on diving into this game or if you already did! Just make sure not to connect any wallets without thinking about it ten times!

Disclaimer: If you’re a Flappy Bird fan, before you dive headfirst into anything, you might want to do some detective work! This saga is still unfolding and anything could happen. Game smart, play safe!

The post Flap Back Into the Future: Is Flappy Bird’s Comeback a Web3 Feathered Fraud? first appeared on The Shib Daily.

3 Most Common Crypto Scams in 2024 and How to Spot Them

Malaya Ruiz — Thu, 19 Sep 2024 20:23:56 +0000

As the number of individuals adopting cryptocurrency grows, so does the number of malicious actors with ulterior motives. The Crypto Scam Tracker of the Department of Financial Protection & Information (DFPI) in California shares current information on scams as they emerge, including detailed descriptions and the names of the fraudulent websites involved.

The tracker contains information on scams derived from consumer complaints. It reflects accounts of financial losses that complainants have attributed to fraudulent or misleading activities. The DFPI, however, clarifies that it has not confirmed the loss claims made by these individuals.

Here are three of the most common crypto scams in 2024, in no particular order, according to data from the DFPI.

Fraudulent Trading Platform

This is when a scammer creates a fake website or app, luring victims into depositing money by falsely presenting it as a chance to invest in a convincing revenue-generating opportunity. Such sham platforms look legitimate, even mimicking price action and generating fake profits. The FBI‘s Internet Crime Complaint Center’s (IC3) “Cryptocurrency Fraud Report 2023” lists this as the most prominent confidence-enabled type of crypto investment scheme last year. Similarly, the DFPI tracker shows that the use of fraudulent websites is still at large this year and continues to target potential investors.

As reported by the DFPI, one such scam targeted a victim who met a stranger online through the platform sparkrlv.com. This individual guided them on how to send cryptocurrency to the site for trading. The victim transferred $110, expecting to earn back $117, but has not been able to get their money back, and the website has ceased operations.

How to spot this type of scam: These fake platforms likely will not have adequate documentation, such as white papers and comprehensive roadmaps. If they do, they are typically of subpar quality. They frequently employ aggressive marketing tactics and promises of quick wealth.

Pig Butchering Scams

This type of scam primarily involves various tactics to build relationships with victims, whether for social, romantic, or business purposes, eventually leading them to a phony investment scheme. Typically, the scammer connects via social media or dating apps, directing the victim to move conversations to private channels like WhatsApp to build trust. When they feel confident in their connection with the victim, they introduce purportedly lucrative crypto investments and urge the victim to create an account on a fake exchange. The scammer creates a facade of realistic gains to continue engaging the victim. However, after depositing funds, the victim usually finds they can’t withdraw their money. The scammer then pressures them to invest even more under various pretexts.

For example, the DFPI has documented a pig butchering scam where a victim was approached by an “analyst” on WhatsApp and was lured into a group chat that offered stock and crypto trading advice. The self-proclaimed analyst guided the victim to crypto contract trading on the Volcanic Exchange app, leading them to invest $500. Believing their account had reached $30,477, the victim was unable to withdraw their funds due to fictitious initial public offering (IPO) delays. In total, they transferred $43,000, but the website has since shut down, leaving them without any recovery of their investment.

How to spot this type of scam: These scammers often use WhatsApp and texting, sometimes pretending to be someone you know. Things to look out for are unknown contacts and unverifiable identities. If someone avoids meeting or talking on the phone, it’s a strong sign they may not be who they claim to be.

Imposter Scams

In this type of fraudulent activity, a scammer masquerades as a credible business, a government official, or a celebrity to gain illicit access to a person’s systems and private data. Their intent is typically to profit financially by stealing the victim’s personal belongings or assets.

An incident reported to the DFPI detailed the account of two victims who were deceived by a YouTube video promoting an XRP “airdrop,” allegedly featuring Ripple CEO Brad Garlinghouse. The video encouraged viewers to send between 1,000 and 500,000 XRP to a displayed QR code, promising to return double the amount. The XRP wallet they were asked to send funds to turned out to be a counterfeit.

How to spot this type of scam: The names of the companies or websites that scammers use can often mimic those of legitimate entities in the market, which creates a risk of confusion for consumers. To avoid becoming a victim of fake companies or websites, especially those that are seemingly being endorsed by well-known figures, conduct thorough research before making any investments.

(Source: @jayjit.biswas, Medium)

Other common crypto scams include asset recovery, advance payment, hacking, blackmail, and romance scams. The DFPI constantly warns against uninformed investment decisions and communicating with strangers online. The department operates a crypto unit, led by its commissioner, which specializes in monitoring, examining, and enforcing laws concerning crypto assets and institutional investments.

The post 3 Most Common Crypto Scams in 2024 and How to Spot Them first appeared on The Shib Daily.

Navigating the Dark Side of DAOs: The Threat of Governance Capture

Malaya Ruiz — Wed, 18 Sep 2024 15:19:18 +0000

Decentralized Autonomous Organizations (DAOs) hold the promise of reforming governance through their self-governing nature, yet the same characteristic gives rise to significant risks. DAOs can be used as tools for decentralized mobilization and governance capture, enabling fringe groups to form autonomous structures that exploit power and control or operate outside necessary societal norms. If left unchecked, the dark side of DAOs could become a breeding ground for harmful ideologies and organized manipulation.

Increasing Adoption of DAOs

As per the latest statistics from DeepDAO, the cumulative treasury across various DAOs stands at a substantial $20.6 billion. A significant portion of this fund, amounting to $17.5 billion, is currently held in liquid assets while $3.1 billion is under vesting.

The widespread participation in DAO governance is evidenced by the nearly 10.9 million individuals holding governance tokens and actively participating in decision-making processes. It is worth noting that there are approximately 3.2 million active participants engaged in voting on proposals and shaping the future of these decentralized entities.

Source: upGrad

The Dark Side of DAOs

One of the most poignant things ever said about the lack of trust toward politicians was said by author Douglas Adams: “It is a well-known fact that those people who most want to rule people are, ipso facto, those least suited to do it.” Unfortunately, not only does this apply to politicians but to DAOs controlled by individuals with ill intent who use the fundamental philosophy of decentralized organizations for personal gain. This deed is called governance capture.

DAOs face the threat of governance capture when a small faction of participants conspires to skew decisions to serve their interests. Even though DAOs, at their core, advocate for transparency and accountable practices, the lack of centralized leadership can make it difficult to ensure that individuals are held accountable for their actions. In situations involving misconduct or fraud, options for recourse may be restricted since there’s no governing body to enforce regulations or settle conflicts.

But there is a silver lining.

Confronting Governance Capture

The Shib Daily asked Buzz, the pseudonymous founder of K9 Finance DAO, Shiba Inu’s liquid staking derivatives partner, and an emerging key opinion leader in the DAO space, some questions about these dangers that can plague DAO projects. This interview seeks to shed light on what exploitative actors can do, and how to safeguard against their wiles.

The Shib: How can a small group exploit decision-making processes within a DAO for personal gain, and what mechanisms can be put in place to prevent such malicious acts?

Buzz: It’s very important to set up a DAO so that a small group of people cannot exploit decisions. It is easy to set up a DAO, but it becomes more complicated when adding a layer of decentralization and governance. There needs to be checks and balances and different roles for individuals that restrict their power and access, while giving a voice to the masses.

The Shib: In the absence of a centralized authority, how can accountability be ensured within a DAO to prevent misuse or exploitation by individuals or groups?

Buzz: The best way is to have a fully on-chain DAO that can be actioned by token holders, but more decentralization comes with a drawback – and that is a slower speed of operation.

The Shib: What are some red flags that potential investors or participants should look out for to determine if a DAO can be trusted and has safeguards against governance capture/manipulation by a few members?

Buzz: The biggest red flags are when only a select few people can submit DAO proposals, when a select few people can decide which proposals go to a vote, and the same set of individuals are responsible for not only actioning the successful votes, but also defining the parameters of how the voting system operates. A DAO can still act ethically with these traits, but there is a certain amount of trust granted by the community to those individuals.

The Shib: What are some best practices or strategies that DAOs can implement to mitigate the risks of governance capture and ensure fair decision-making processes for all members?

Buzz: Best practices here are to elect multi-sig signers, allow for DAO submissions from all members to elect a subset of the community responsible to review proposals, and elect a group of individuals who are responsible for implementing votes. To decentralize the power, you want to have these individuals be distinct within these DAO roles. Overlap between groups can cause centralization.

The Shib: How can the governance structure of a DAO be designed to promote transparency, prevent manipulation, and protect the interests of all participants?

Buzz: I do believe the K9 DAO is a great example for how to properly set up a DAO, but all DAOs are currently experiments. We are always learning from the successes and failures of other groups. With K9, any token holder can submit a proposal. Then there is an elected group of individuals who review proposals. They have a DAO Chairman who ensures that this group meets monthly to discuss and vet proposals. Then, if a proposal meets the proper criteria, all token holders can vote on the proposals that are successful.

Buzz: After a vote goes through, there is an implementation plan to follow that requires a different group of people (the management council, who is also elected) to enact the vote. By using different sections of people with distinct responsibilities, this helps to decentralize the entire process.

Buzz recognizes that DAOs are currently in an experimental phase, yet the vision of a secure and efficient environment for decentralized organizations seems within reach for the future. By considering these best practices and other effective methods endorsed by notable DAO experts, governance capture can be handled efficiently by DAO members or, in the best-case scenario, avoided altogether.

The post Navigating the Dark Side of DAOs: The Threat of Governance Capture first appeared on The Shib Daily.

Bitcoin Death Cross Looms: Saylor Says ‘Hold My Beer’ As He Forecasts $13M

Malaya Ruiz — Sat, 14 Sep 2024 13:56:11 +0000

In a stark contrast to its $74,000 all-time high back in March, Bitcoin recently took a hard nosedive, landing at around $56,000 as of September 11. That’s nearly a 25% drop! And let’s just say some indicators are sounding the alarm bells, warning us that it might dip even more in the weeks ahead. It has managed to catch its breath and is back up to $60,431 at the time of writing.

(Source: Coindoo)

Was that just a pit stop or will BTC experience an even lower dip in the near future as feared by some? Get ready to flip a coin because at this point, who knows, really?

Welp—apparently, someone does. It’s none other than Michael Saylor, who’s probably the most bullish guy in the world right now. Errr—always, to be precise! Let’s back up a little and review his bold prediction.

The Bitcoin Prophet

So last week, Saylor went out on a limb with a prediction that Bitcoin could soar to $13 million by 2045. Social media exploded with reactions, with some people seeing him as a visionary and others thinking he’s floating in cloud nine. Is it safe to say that when life gave him Bitcoin, he literally aimed for the stars? Because if you sign up for Name a Star, with $13 million you could name 10,000 stars after you at $100 apiece!

But here’s the reality right now. It seems Bitcoin is flirting with the possibility of a “death cross.” It’s that 50-day Exponential Moving Average (the fiery red wave) eyeing a possible dip below the 200-day EMA (that’s our calm blue wave). 🗠 When this happens, it usually means bearish vibes are creeping in. Take January 2022, for instance—that’s when Bitcoin decided to plummet about 60% after this cross formation. Right now, some spectators are saying it’s a very familiar pattern.

A #Bitcoin death cross is imminent!

Should we be worried? pic.twitter.com/OReGjTD2HD
— Crypto Rover (@rovercrc) September 12, 2024

The Other Michael’s Bitcoin Prediction

Investment consultant Michael van de Poppe had a bit of a gray cloud moment. He predicted a plunge to around $50,000 or, dare we say, even lower in the coming days—especially with the release of the U.S. CPI report. He’s convinced, however, that there’s a reversal time coming.

But as for the other Michael, well, he went on TV to say Bitcoin could hit $13 million! Before you start thinking he’s lost it, to be fair, he meant in the next two decades or so. He thinks it’ll be trading at S&P 500 levels, plus an extra 8% for a dash of flair. His prediction also includes Bitcoin’s share of the global capital leaping from a tiny 0.1% to a roaring 7%. Wild or mild? You decide!

HOLY SHIT!

MICHAEL SAYLOR SAID THAT #BITCOIN IS GOING TO F*CKING $13,000,000 ON LIVE TELEVISION!!! pic.twitter.com/MsXMGpK7Uq
— Kyle Chassé (@kyle_chasse) September 9, 2024

Honestly, it’s hard to argue with Saylor when everybody knows MicroStrategy has been hoarding Bitcoin, building a hefty $8.3 billion stash since August 2020. Just a few days before his bold prediction on CNBC, he tweeted a very short but sweet, “You do not sell your #Bitcoin.”

Guess we’re just going to have to get used to being treated to his catchy one-liners every now and then. At least it keeps the fudders at bay and brings a little chill to the BTC crowd!

But what do you think? Is his claim outrageous or is he spitting straight facts?

Disclaimer: This article does not contain financial advice, nor does it have THE Michael Saylor lurking in the background to whisper the secrets of the Bitcoin universe to you. Whether you decide to sell or HODL your Bitcoin is entirely up to you! Please remain calm; channel your inner Zen master when making choices—after all, a clear mind is the best wallet you can carry.

The post Bitcoin Death Cross Looms: Saylor Says ‘Hold My Beer’ As He Forecasts $13M first appeared on The Shib Daily.

The Future of Blockchain Scalability: ZK-Rollups and Buterin’s ‘Era of Cryptographic Trust’

Malaya Ruiz — Fri, 13 Sep 2024 20:13:40 +0000

Envisioning the future of blockchain, Layer 2 (L2) solutions in the form of zero-knowledge rollups (ZK-rollups) are a promising innovation and a major step forward for a more efficient ecosystem. These protocols aim to alleviate the computational and storage burdens on-chain by utilizing off-chain networks. This results in enhanced blockchain scalability, faster transaction speeds, and lower costs.

Vitalik Buterin’s New Benchmark for Rollups

The Shib Daily previously reported that Ethereum co-founder Vitalik Buterin shared his intention on social media platform X to make public mentions of L2s that are “stage 1+” starting next year. Pointing to a post he published in November 2022, he explained that this classification refers to rollups that possess at least a reliable fraud proof or validity proof system supported by a highly regulated multisig council and an upgrade process with activation delays.

He further explained that being “on a path to decentralization” is the bare minimum, adding that only those that have achieved at least stage 1 should qualify as rollups. Buterin pinpointed the “use of multiple prover implementations” as the way to advance to stage 2, where rollups are entirely supported by code, allowing a security council to intervene only if it “provably disagrees with itself.”

The Fundamental Function of ZK-Rollups

ZK-rollups, in essence, represent a key advancement in blockchain scalability using zero-knowledge proofs to optimize transaction efficiency while staying true to the foundational concepts of blockchain technology.

Crypto commentator MartyParty explained the concept of ZK-rollups as consolidating multiple transactions into a single batch for off-chain validation and execution. Once this process is finished, the batch is sent back to the main chain, where a zero-knowledge proof is generated and validated to ensure that the whole batch is legitimate. Consequently, this approach reduces the pressure on the main chain and improves overall scalability.

The core functionality of ZK-rollups is based on a smart contract established on the Layer 1 blockchain. This smart contract keeps an official record referred to as the state root.

(Source: Hacken)

From Limited Training Wheels to Zero Wheels

Interestingly, Buterin draws parallels between the progression of ZK-rollups—from having an operator that can post a false state root to being completely independent from any collective group that can post a state root—and discarding training wheels. He declared that the era of rollups being seen as “glorified multisigs” is ending and the future of L2s is now the “era of cryptographic trust.”

ZK-rollups serve as an L2 solution aimed at alleviating the computational and storage burdens on-chain by utilizing off-chain networks, thereby enhancing blockchain scalability, boosting transaction speed, and lowering costs.

Unlike other solutions, ZK-rollups implement a “rollup-first” framework, settling all transactions off-chain. They do not just assume that transactions are valid; they include cryptographic proofs to confirm the legitimacy of state transitions. This method offers a more enhanced security guarantee but can be more challenging to develop. ZK-rollups contribute to an improved user experience and quicker withdrawal times because of their trustless nature. Essentially, this characteristic means there is no need for data availability.

(Source: Chainlink)

ZK-rollups represent a transformative approach to enhancing blockchain scalability, aligning with Buterin’s proposed milestones for Layer 2 solutions. Projects in the space could do well to aim for the realization of zero training wheels—even if it’s a gradual transition as he himself recommends—to achieve full decentralization and contribute to a more cost-effective blockchain ecosystem.

The post The Future of Blockchain Scalability: ZK-Rollups and Buterin’s ‘Era of Cryptographic Trust’ first appeared on The Shib Daily.

How to Report Crypto Frauds and Scams to the FBI

Malaya Ruiz — Wed, 11 Sep 2024 21:03:13 +0000

As we see an increase in the numbers of individuals seeking investment opportunities in cryptocurrency, scams and fraudulent schemes targeting them are also on the rise. From fake exchanges to misleading investment opportunities, countless individuals have fallen victim to these malicious acts. Reporting cryptocurrency scams to the Federal Bureau of Investigation (FBI) is an effective way to fight back and pursue a resolution.

According to information from the FBI’s website, cryptocurrency investment fraud ranks among the most widespread and detrimental types of fraud. The Shib Daily previously reported that Americans have lost approximately $5.6 billion to cryptocurrency scams in 2023, making up nearly 50% of the overall financial losses recorded. This statistic emphasizes the inherent risks stemming from a lack of awareness and the susceptibility of individuals to scammers in the crypto environment.

The FBI encourages those who are suspecting a looming threat or have fallen victim to crypto scams to file a report with the Internet Crime Complaint Center (IC3), the bureau’s central hub for reporting cybercrime.

Those who suspect that they might be targeted by crypto fraudsters can report the incident via the IC3 website or get in touch with their local FBI Field Office, providing as much transaction information as possible. The bureau also advises caution against anyone offering to recover lost or stolen funds, as this could be another scam by malicious actors charging fees for their illegal services.

Filing a Complaint

To begin, first go to www.ic3.gov and click on the “FILE A COMPLAINT” tab, which can be found on the navigation menu at the topmost part of the website.

When reporting a cryptocurrency-related incident, the most crucial information to share would be the transaction details. These include the cryptocurrency addresses, the amount and type of cryptocurrency involved, the date and time of the transaction, and the transaction ID (hash). These identifiers are unique and consist of strings of random letters and numbers, so it is important to make sure the information being entered is accurate.

Source: ic3.gov

Further information you may need to share include details about how and where you first came into contact with the scammer, along with records of your correspondence with them, such as emails or texts, and relevant identifiers like names, email addresses, and phone numbers. You might also need to mention any domain names, website addresses, or applications the scammer directed you to use. It is also recommended to prepare a list of any two-factor authentication or one-time passcodes, cryptocurrency exchanges involved in your transactions, and a timeline of the scam’s progression.

If you are unable to provide transaction information, you can still submit a report and provide whatever information is available.

Staying Safe from Crypto Scams

The FBI’s latest cryptocurrency fraud report, published on Tuesday, offers valuable tips for safeguarding against scammers posing as legitimate investment providers. One key piece of advice is to never share personally identifiable information without first verifying the individual you’re communicating with, whether it’s over the phone or through email. It’s also vital to carefully examine domain names and website addresses, as some may look authentic but are actually designed to mimic legitimate cryptocurrency exchanges, often with only slight variations.

Given the prevalence of scams and fraud in the cryptocurrency space, it’s crucial to report any suspicious activity immediately to prevent the spread of such deceptive schemes. The FBI emphasizes the importance of staying informed about the latest and most dangerous cyber threats. This knowledge will empower you to better protect yourself, your family, and your workplace.

The post How to Report Crypto Frauds and Scams to the FBI first appeared on The Shib Daily.

Adult Industry Unchained: The Crypto Shift to Slash Payment Fees

Malaya Ruiz — Sat, 07 Sep 2024 13:55:52 +0000

You know who loves adult websites? Internet users, of course! But let’s be real—not everyone is in favor of them, especially not mainstream payment processors. When it comes to traditional payments, adult sites are stuck in economic limbo, which makes dealing with regular banking a hassle and a half. It’s trickier and pricier!

Those in the business are not happy about this, and neither are those who are purchasing their services. C’mon, they’d rather use the money to pay for AI girlfriends.

Source: @mypeachai

So don’t worry if you’re on that side of the fence because the crypto revolution in adult entertainment has entered the picture. But remember that this is in no way a promotion of anyone or anything, although you might enjoy the little tip-off—AT YOUR OWN RISK.

Pioneering this revolution is Crass Kitty, the clever mind behind MyPeach.ai, an AI-powered sexting playground. Think of it as a digital dating app but with more virtual spice, thanks to AI. Normally, users would be flirting with a digital doppelgänger of their favorite OnlyFans star or splurging on some raunchy custom art with their credit cards. But times are changing, and so are payment methods on adult sites because why not?

Kitty’s got the scoop: if you’re buying crypto with your credit card, get ready to pay a 3-5% fee to payment processors. But if you’re venturing into adult entertainment territory, that fee goes up to a ridiculous 10-15%. That’s highway robbery! So Kitty thought it’s clear there’s a strong motivation to go crypto. ₿

Here’s how it works on MyPeach.ai. On the front end, customers are using their credit cards to get in on the action. But behind the curtain, they’re actually buying stablecoins and sending them over to the site. It’s actually clever if you think about it because payment processors charge fees for adult content that are practically a membership to a luxury country club!

Adult websites have a bit of a reputation when it comes to chargebacks. It’s basically an annoying game of ‘takebacks’ that no one wants to play. Card processors, sensing an opportunity, have slapped higher transaction fees on these sites so business owners are feeling the pinch when it comes to cash flow. What a buzzkill for them, right?

In reality though, Kitty soon realized crypto isn’t a one-size-fits-all miracle solution. As it turns out, new users, especially those without any crypto background, often freak out at the thought of setting up wallets and buying tokens when all they want is to flirt with their sexy AI darlings. Because of this, Kitty had a lightbulb moment and this is where all the fun begins.

She took a page from OnlyFans’ playbook, betting on the fact that users love personalized experiences and are willing to pay however much for their custom adult content. MyPeach.ai became a spicy platform where users can earn PEACH tokens for exchanging steamy texts with AI personas that match their desires. Crypto plus AI = genius. ₿ I guess no matter what business you’re in, if you mix these two, you always win!

For AI-generated images, tokens are the currency of choice. And if their token stash runs low, a simple credit card swipe gets them back in the game. Thanks to a little stablecoin wizardry!

We’re now living in the future, with platforms out there that make use of AI magic to whip up hyper-realistic nude images and the bonus of paying with cryptocurrency. Back in May, OpenAI started pondering whether it could responsibly toss in some age-appropriate NSFW content through its API and ChatGPT.

With the adult industry getting its blockchain groove on, we can only speculate what kind of futuristic tech tricks are waiting just around the corner. For those who enjoy this type of fun, it’s a wait-and-see game—the plot twist could be anything and everything.

Disclaimer: This is all in good fun and for educational purposes only. The Shib Daily or any Shiba Inu publication doesn’t promote anything mentioned in this article. But if adult content tickles your fancy, no judgment here! We only feel obliged to tell you to stay safe out there, whether you’re paying for services from humans or AI!

The post Adult Industry Unchained: The Crypto Shift to Slash Payment Fees first appeared on The Shib Daily.

DePIN: Closing the Gap Between the Physical and Digital Realms for a Connected Future

Malaya Ruiz — Fri, 06 Sep 2024 20:25:42 +0000

The concept of Decentralized Physical Infrastructure Networks (DePIN) is emerging as an innovative solution to bridge the gap between the physical and digital worlds. Simply put, DePIN uses decentralized technologies to create networks that integrate physical assets with digital platforms for seamless interaction and data exchange.

In April, several media outlets discussed the content of the “2024 DePIN Development Report” by UWEB Principal Dr. Yu Jianing, JDI Global CEO Wang Yiming, and UWEB co-founder Romeo Wang. The report predicted a bright outlook for DePIN, estimating its market size will hit $3.5 trillion by 2028. It also offered insights on DePIN’s capabilities to utilize token incentives to encourage innovation across various sectors, including distributed storage and AI computing.

Democratizing Access to Essential Services

DePIN essentially aims to enhance connectivity and accessibility by decentralizing control and ownership of physical infrastructure. By utilizing blockchain technology and Internet of Things (IoT) devices, DePIN facilitates the creation of decentralized networks that can manage and optimize physical resources, such as energy grids, transportation systems, and even urban infrastructure. This is particularly significant for underserved communities because access to essential services is democratized. Local communities are empowered to participate in the management of their resources.

One such example of a DePIN initiative that empowers its users is AIRian, a community-driven project that makes digital and physical resources accessible to the largest Web3-based running community in the world. With AIRian’s innovative running app called Runner X, its governance token $AIR, and strategic partnerships with prominent marathon IP providers like South Korean media conglomerate Dong-A Group and crypto projects like Shiba Inu, the project is transforming how individuals participate in running and marathon events. By incentivizing users of Runner X, AIRian encourages more individuals to download the app and embrace a healthier lifestyle.

In an exclusive statement to The Shib Daily, James Lim, AIRian’s chief marketing officer, shared his insights into the role that AIRian plays in the DePIN ecosystem.

“AIRian is a DePIN ecosystem expansion project rather than a DePIN technology provider,” he said, adding that the project has partnered with io.net, a leader in GPU-centric DePIN platforms listed on Binance Launchpool, to provide customized services to users by leveraging health data mined through artificial intelligence (AI).

Addressing the Digital Divide

Central to the objective of DePIN is bridging the gap in digital access. As an example, AIRian empowers running communities to join online and offline events. As a sports AI and DePIN platform, it has onboarded over 22 running and marathon event IPs onto Web3, with the most prominent one being the Seoul International Marathon, one of the top 7 global marathons participated by numerous runners from all over the world.

“We build infrastructure by connecting various offline running and marathon events that have been ongoing for decades with Web3 services,” Lim stated.

Lim acknowledged that there are several DePIN technology providers available, albeit emphasizing that “AIRian will be the most extensive project to build on this technology and integrate DePin’s use cases and usage data.”

As noted by Primal Capital, a Web3 venture capital firm, “Decentralised Physical Infrastructure Networks (DePINs) are integrating brick and mortar industries with decentralised management models.”

Decentralized Physical Infrastructure Networks (DePINs) are quickly becoming a pivotal trend to watch in 2024. Now is the time to explore the exciting opportunities DePINs are bringing to the forefront of technology and infrastructure.https://t.co/mnwYJWfOzV

Thread below pic.twitter.com/UoBf9C5R3Q
— Primal Capital (@primalcm) May 31, 2024

With this kind of model, AIRian is uniquely positioned to capitalize on its tools and resources to better serve its growing community. “In a situation where Web2 and Web3 technical infrastructure and providers exist to implement DePIN, AIRian is believed to be in an optimal position and has a competitive advantage in building an ecosystem and activating massive data through this infrastructure and technology. It’s possible. We already have an established ecosystem in the Web2 environment and are leading the field,” Lim concluded.

Ultimately, DePIN stands as an innovative solution to the challenges of connecting the physical and digital worlds, making what was once deemed impossible a reality. Its capabilities to transform Web2 and Web3 services could lead to enhanced efficiency, transparency, and innovation across industries.

The post DePIN: Closing the Gap Between the Physical and Digital Realms for a Connected Future first appeared on The Shib Daily.

Unlocking Web3 Potential: The Role of AI and Blockchain in Security, Scalability, and Data Analysis

Malaya Ruiz — Thu, 05 Sep 2024 19:17:14 +0000

Combining artificial intelligence (AI) with blockchain technology is setting the stage for the next generation of Web3 applications, security enhancement, scalability, and data analysis capabilities. The digital world is now at an intersection where vigorous, efficient, and secure systems are more important than ever. Recent reports indicate that this synergy is not only feasible but also essential for the future of decentralized applications (dApps).

AI enhances Web3 by providing intelligent automation and personalized user experiences so that interactions are more efficient and engaging. Meanwhile, blockchain ensures transparency and security in transactions, enabling decentralization and fostering trust in digital ecosystems.

Source: Yield App

Raising Security Standards

One of the primary advantages of combining AI with blockchain is the enhancement of security protocols. Blockchain’s decentralized nature inherently provides a secure framework for data storage and transactions. However, the addition of AI can further bolster this security.

According to volume 6 of the Finance & Accounting Research Journal by Fair East Publishers, the use of AI in auditing enhances precision, particularly in detecting anomalies and fraudulent behavior through sophisticated machine learning and data analytics. This capability is crucial in detecting potential risks from irregularities and ensuring the integrity of transactions within Web3 environments.

Some companies are now using AI to evaluate smart contracts, aiming to uncover vulnerabilities while also providing clear explanations of their operations. This approach enhances developers’ comprehension and minimizes coding mistakes. It also fortifies the security of smart contracts.

Addressing Scalability Challenges

Scalability is another critical area where AI and blockchain show potential. As the number of Web3 applications increases, the demand for efficient processing and transaction handling grows. AI algorithms can optimize blockchain networks by predicting transaction loads and adjusting resources accordingly.

An MDPI report indicates that the latest advancements in AI, along with its various subdomains, are being applied to work with distributed data and strengthen blockchain through their integration, thereby making it more scalable and resilient. Although scalability challenges still exist in the confluence of blockchain and AI, the capabilities of big data and sophisticated computing could enhance the scalability of these technologies.

Upgrading Data Analysis Methods

The combination of AI and blockchain significantly improves data analysis capabilities. Blockchain technology provides a transparent and immutable ledger, while AI can extract valuable insights from this data.

A review by the World Journal of Advanced Research and Reviews highlights successful real-world implementations of blockchain and AI integration in the fields of supply chain management, healthcare, and finance. It proves that these sectors have seen major outcomes in terms of enhanced security, efficiency, and transparency. This synergy enables businesses to make informed decisions based on real-time data, enhancing their strategic planning and operational effectiveness.

The capabilities of this integration extend far beyond real-world applications, crossing over to Web3. Blockchain gaming firms are now using AI to enrich the user experience in play-to-earn games by designing personalized in-game characters and items. Data from decentralized social platforms can also be used to curate personalized content feeds and suggestions for users. Furthermore, AI plays a crucial role in automating administrative functions and decision-making in decentralized autonomous organizations (DAOs), which allows token holders to have more control and involvement. Lastly, AI algorithms can analyze large volumes of decentralized finance (DeFi) market data to formulate more refined investment strategies.

The merging of AI and blockchain holds immense potential for the future of Web3, creating a more secure, efficient, and intelligent digital ecosystem. AI’s ability to analyze vast amounts of data and make informed decisions, plus blockchain’s transparency and immutability, can foster trust and streamline processes across various applications.

The post Unlocking Web3 Potential: The Role of AI and Blockchain in Security, Scalability, and Data Analysis first appeared on The Shib Daily.

The SEC’s New Art Form: ‘Regulating’ NFTs One Wells Notice at a Time!

Malaya Ruiz — Sat, 31 Aug 2024 15:28:05 +0000

OpenSea has officially joined the ranks of an elite group of A-listers! But at what cost, you ask? Oh, you know, not much… just a Wells notice from our friendly neighbor, the SEC. An initiation rite if you will.

The invite says, “We intend to take legal action against you soon – see you in court!” Sealed with a kiss from Gensler.

Here we go again with the heated topic of debate (with one party not faring well – you know who) about whether or not NFTs are securities!

Just look at a Wells notice as the SEC’s secret decoder ring. When they buzz you with one, it means they’re pretty sure you’ve been up to no good and might want to have a chat with you. But not at a five-star restaurant, more like an enclosed space with paneled walls, several benches, a witness stand, and a seat reserved for the guy wearing a robe.

Recently, Uniswap, the crypto folks at Robinhood, and those brainiacs at Consensys had their fun interrupted by this not-so-friendly reminder. Looks like the SEC is keeping a close eye on the DeFi crowd! Somehow it became like a badge of honor for the targets, and it’s not looking very good for the SEC.

So when OpenSea got the dreaded Wells notice because the SEC believes the NFTs on its platform are securities, CEO Devin Finzer did not take it sitting down. No, sir. He wrote a blog post. In it, he made some solid points about this move by the SEC potentially affecting not just NFT marketplaces but especially consumers, creators, and entrepreneurs.

Finzer threw a curveball at the SEC, challenging them to really think hard and long about whether the NFTs on OpenSea are actually securities. If we go down that rabbit hole, what’s stopping them from saying someone’s collection of limited-edition cereal boxes is a security too? Then he mentioned fine art, and all I could imagine are museums handing out investor brochures! Our guy Finzer seems to be asking the right questions. But as for valid answers from the SEC, well, let’s just say the crickets are chirping loudly in their front yard.

Not only did Finzer lay down his cards – he also brought back Brian Frye into the picture. Oh, this is just getting better.

And back into the picture Frye did come!

For those of you who don’t know, Frye is a conceptual artist and law professor who filed a lawsuit against the SEC along with Jonathan Mann, the singer and songwriter known as Song-A-Day Man. And yes, they were also pestered by the SEC for similar reasons. Talk about pushing buttons in this space!

The support group joined the party and Frye did not mince words once again. He said if the SEC wants to take a swing at regulating NFTs, then they might as well open the floodgates to the whole art market too. But how is that possible when the art market has been around since time immemorial and the SEC only came into existence in 1934, and between now and then, regulating the art market was unheard of?

“Oh is that a Picasso? Yeah, we’ll have to see if this piece complies with our 10-page regulation on ‘What is abstract?’ before it can go on sale.”

In retrospect, Frye realized it’s not really about implementing regulation – it’s about hunting for someone who’d rather settle than wrestle. That explains why they went after Impact Theory and Stoner Cats – two NFT projects that had seen better days. Make a note of this: Impact Theory was ordered to pay over $6.1 million. That’s a big old mix of disgorgement, prejudgment interest, and a civil penalty. Wild, wild, wild!

So, obviously, the debate isn’t over and it shows no signs of slowing down whatsoever. But here’s something interesting we found in the statement by Commissioners Peirce and Uyeda concerning the Stoner Cats case:

Source: SEC website

Although this statement was made last year, it still points to the nuances involved in the issue of classifying NFTs as securities these days. Even though the commissioners said this in what seems like ages ago and who knows if they’ve changed their minds since then, this just shows how the SEC is being vague about the criteria for calling out NFT projects. Either that or it was just a regular roulette session at the office and the most recent unlucky target was OpenSea.

So what do you think? Should this cat-and-mouse chase continue or should the SEC give up on nitpicking harmless digital collectibles?

Disclaimer: If you are a fan of NFTs, you might love this kind of content. If not, no bad blood! Just remember to critically assess every opinion out there, including mine! And to be absolutely clear, this isn’t a sales pitch disguised as a friendly hug. No one’s twisting your arm here!

The post The SEC’s New Art Form: ‘Regulating’ NFTs One Wells Notice at a Time! first appeared on The Shib Daily.

Solana in a Jam: Vote Transactions, Validator Woes, and a Hint of Ponzi?

Malaya Ruiz — Sat, 24 Aug 2024 14:00:41 +0000

Have you heard about Solana being in a bit of a pickle as of late? It’s been accused of playing host to what looks suspiciously like a Ponzi scheme. Allegedly.

Let’s find out why some critics are starting to wonder if Solana is really as decentralized and fair as it claims to be.

There is a lot of movement on the chain – this much is true at least! But some onlookers are claiming it’s like only the big-name validators are getting the VIP treatment. As for the newcomers? Not so much. So if you’re asking what’s really going on here, we’re just as puzzled but here’s what we know so far.

A Cardano dev and DEX enthusiast gave everyone a peek into a rather peculiar situation in Solana-land. According to his recent analysis, around 85% of transactions happening on that network are just vote transactions.

Solana Vote Transactions vs Non-Vote Transactions.
14-08-2024 0800-08:15 (15 minutes)

Total Vote Transactions: ~2.4 million. ~84.62%
Total Non-Vote Transactions: ~438k. ~15.38%

Nearly 85% of all transactions in this period were vote transactions that are required for the… pic.twitter.com/bbJ115WmiF
— Dave (@ItsDave_ADA) August 14, 2024

While these votes are absolutely important for keeping the blockchain up and running (and secure, of course), it makes them wonder: if most of the activity is just validators playing the voting game, is that really what Solana is all about? It’s giving “Let’s play Simon Says” vibes.

According to Dave’s analysis, if you look closely at the numbers, you’ll see a delightful recipe for imbalance brewing. The heavy-hitters have to drum up a mountain of votes to keep things running smoothly, which rakes in some serious cash from transaction fees. The little guys aren’t as lucky though; they’re facing a hefty financial load that makes it tough to keep up with the giants.

Apparently, only 17 validators are hogging a third of the staked assets. This situation makes it pretty tough for new validators to jump in, which just hands over even more power to the big shots already in the game.

So now do you see why he thinks it smells a bit like a Ponzi scheme? You know, where the new folks keep pouring in their cash just to keep the whole thing from sinking? Meanwhile, the folks who got in early are sitting pretty, counting their dough. Not our words, okay? Just passing on what we heard.

In a nutshell, what Dave’s getting at is that this minority is putting decentralization, the holy grail of cryptocurrencies, at serious risk. This translates to the possibility – allegedly – that Solana is posing as a decentralized network but is really pulling a fast one. Yikes!

Beyond the whole voting drama, Solana’s got another thorn in its side: transaction flops. In another post earlier this month, Dave revealed that a jaw-dropping 83% of transactions fail on certain protocols, including the decentralized aggregator Jupiter. That’s worth 8.56 million!

Source: @ItsDave_ADA

So let’s play devil’s advocate for a sec, inspired by Dave’s analysis: If a network this big can’t pull off reliable transactions, how can users consider it to be in the same league as the more established ones?

🗭 Now for the question of the day: will Solana be able to fix this and make a trustworthy comeback?

Disclaimer: We’re not haters, we promise! We’re just echoing what’s already out there, albeit in a more entertaining manner. Please don’t take this as advice in any way, shape, or form so we can all keep our wits about ourselves! After you down your weekly shot of meme-filled goodness from The Shib, you might find yourself thinking a bit more critically – or just laughing at the absurdity!

The post Solana in a Jam: Vote Transactions, Validator Woes, and a Hint of Ponzi? first appeared on The Shib Daily.

Not a Word About Crypto: Trump and Musk’s Conversation Leaves Bettors in the Dust

Malaya Ruiz — Sat, 17 Aug 2024 15:31:57 +0000

Did you catch the lengthy chat between Donald Trump and Elon Musk on X? It was a two-hour interview that covered a smorgasbord of topics, from illegal immigration to AI and even global warming. Everything was on the table.

Well, not everything really. They completely skipped over crypto!

Source: Polymarket

We heard the crypto bros were not very happy about this. Not surprising! Imagine hosting a party and forgetting to invite the life of the party! And it’s unlike Musk to not be aware that bettors were relying heavily on Trump talking about crypto, with over $800,000 on the line.

Trump and Elon didn't mention crypto in the interview

Sign up today: https://t.co/HG8VYdZ4LL pic.twitter.com/acw7hoiOgy
— ZBX (@zbx_com) August 13, 2024

Bettors were pretty optimistic at first, giving a 65% odds on Trump mentioning the word at least before the end of the interview. After the electric atmosphere at the sold-out Bitcoin 2024 Conference, it seemed like a pretty safe wager. There was a little fine print though: he had to say “crypto” specifically—not “Bitcoin” or “Ethereum” but the catch-all word itself. Even if he said it in other forms, like plural or possessive, that would’ve counted!

As it turned out, he didn’t say it.

Some people in the crypto space are now wondering if Trump truly supports crypto or if it’s all just for show. Now, before anyone gets offended, this is just a summary of what some spectators have already said on X!

DOES TRUMP REALLY BELIEVE IN CRYPTO?

Elon Musk's X space with Donald Trump surpassed 1.3 million concurrent listeners, making it the biggest space in the history of the platform and there was not a single mention of Crypto.

Here’s what they talked about instead:

… pic.twitter.com/yK3Q9sqlkG
— Karan Singh Arora (@thisisksa) August 13, 2024

That X Spaces conversation pulled in over 1.3 million listeners! Was Trump just too busy discussing the more important stuff to throw some crypto bones to the masses? Or was it intentional?

Source: Polymarket

If we give him the benefit of the doubt, maybe he’s cooking up something big for later. Only time will tell.

Anyway, not everyone ended up with huge losses. Let’s give a round of applause to the genius who strolled off with more than $1 million after accurately guessing what words Trump would or wouldn’t say during the interview.

We know, right? Their biggest bet was that Trump wouldn’t say “crypto.” And just like that, that user became $336,918 richer than the rest of the betting market that day. Should we try and find out their birth chart or which psychic they go to?

With Trump sidestepping the whole crypto talk in his interview and bettors’ predictions going up in smoke, it seems even though cryptocurrencies are all the rage in election campaigns, they’re still not as mainstream as most investors would like them to be. Of course, we’ll have to watch and see if this changes in the future!

Disclaimer: This is not meant to offend anybody who supports anyone mentioned in this article. This is in no way supposed to cause FUD or anxiety (except for those who do have clinical anxiety like the author!). This is a reminder for you to relax, have some fun, normalize laughing at memes and jokes – the cradle of most of the tokens you hold!

The post Not a Word About Crypto: Trump and Musk’s Conversation Leaves Bettors in the Dust first appeared on The Shib Daily.

Shiba Inu Introduces Fiat On-ramp for BONE and USDC

Malaya Ruiz — Tue, 13 Aug 2024 15:50:35 +0000

The Shiba Inu (SHIB) project just launched a fiat on-ramp service enabling the purchase of BONE and USDC with Visa or MasterCard.

This development enhances access for users who want to explore the decentralized economy. It allows transactions through familiar payment methods like Visa and MasterCard. It further eliminates the complications of navigating difficult exchanges or bridging tokens, making $BONE and $USDC more accessible to users which, in turn, enhances the utility and value of the tokens.

This efficient approach promotes increased adoption of the Shib ecosystem and aids in the advancement of innovative applications and services on Shibarium, the project’s layer 2 scaling solution.

The key feature of this on-ramp service is the streamlined method for purchasing BONE and USDC directly on the Shibarium chain using a Visa or MasterCard. In addition, as it is designed with beginners in mind, the process eliminates the need for a centralized exchange (CEX) account or any prior Web3 knowledge, making it accessible for first-time cryptocurrency buyers.

With the rollout of this fiat on-ramp, the Shiba Inu team anticipates increased accessibility of the Shib ecosystem, promoting wallet creation and token acquisition to new users and fostering connections with existing users.

The latest developments within Shibarium represent a significant step in its expansion. The Shib Daily recently reported that Shiba Eternity will soon debut on the platform to set the stage for blockchain gaming within the Shiba Inu community. K9 Finance will be holding a hackathon event at ETH Toronto, designed to bring developers to Shibarium. Bad Idea AI, the official AI partner of Shiba Inu, has recently been integrated, introducing AI capabilities into the blockchain environment.

Such progress is poised to drive Shibarium forward, particularly by further increasing accessibility, creating numerous opportunities, and safeguarding users.

The post Shiba Inu Introduces Fiat On-ramp for BONE and USDC first appeared on The Shib Daily.

Smart Money Strategy: Constructive Investing or a Tool for Market Manipulation?

Malaya Ruiz — Sat, 10 Aug 2024 14:15:25 +0000

In the wake of a market correction that knocked off more than $200 billion in crypto asset value, guess who swooped in for the steal? Yes, you guessed it right, it’s the institutional investors charging in with their wallets wide open.

A crazy market downturn that caused many people to shudder and panic-sell seemed like nothing but a garage sale to the smart money club!

We sincerely hope they’re not laughing at panic sellers from their high-rise buildings while drinking their Screaming Eagle Cabernet Sauvignon and booking their next luxury flight to God knows where. They can stay off-grid for so long, only to resurface for the next dip and win at life again. Whoo!

JUST IN: JP Morgan says Institutions bought the dip while Retail panic-sold aggressively.

Retail sold -$1 BILLION
-2.5 standard deviations BELOW the 12m average

Institutions bought +$14 billion
+2.9 std dev ABOVE the 12m average pic.twitter.com/4rDyNCbq0t
— Radar 𝘸 Archie (@RadarHits) August 6, 2024

But before we dissect this upper-crust investment strategy, it’s time for a little who’s who in this super-elite club! These are institutional investors, high-net-worth individuals, and a few seasoned pros who can probably code Bitcoin in their sleep. These savvy investors know their digital assets like the back of their hand, and when they make a move, the rest of us perk up because they’re major trendsetters, whether it’s in stocks or crypto.

So while they’re doing all that, the commoners are hoping to catch a peek at their secret stash. And while we say “commoners” so it hurts less, memes peg them as “peasants” instead!

Source: @BitcoinLaKoon

Hate to admit it but when a wallet with an impeccable investment record scoops up 4,000 ETH just like that – having bought and sold ETH seven times between November 2022 and May 2024 – that investor can call me a peasant any day.

Even with that, however, Bitcoin is still the shiny toy that institutional investors can’t resist. The trading volume for Bitcoin is almost three times that of Ethereum. Lest we forget, BTC whales bought $1.4 billion in Bitcoin in less than 24 hours! Guess when. Exactly! It’s all thanks to a little thing called a market dip.

Smart Money vs. Scared Money

But wait (oh thank God, there’s a “but”)! A growing number of people who are eager to become whistleblowers are not just going to watch idly. They believe this isn’t a fluke but history that keeps repeating itself, meaning the top 1% enjoys their wealth at the expense of the 99% referred to in memes as “peasants” – those with average portfolios who can only imagine what life is like up there. The whispers going around in this class are about how that power game really needs to be called out for what it is.

Some are saying this is quite normal actually. You know, they stir up a little chaos and then bounce in for the steal. Ask the 99% about the aristocracy’s oldest trick in the book. They’ll most likely say, “Sell high (institutions), get everyone to panic (retail), then buy low (institutions).” Business as usual for the smart money, eh?

What’s your take on smart money concepts? Is the power game a conspiracy theory or is the scrutiny warranted? Critical thinking and doing your own research are always your go-to buddies!

Disclaimer: This article is not trying to ruffle the feathers of the 99%. If the meme called you out, remember that it called us out first! If you find yourself wanting to aim for the 1%, good for you. If you prefer being in the cozy 99%, good for you still. No harm done as long as you DYOR at all times!

The post Smart Money Strategy: Constructive Investing or a Tool for Market Manipulation? first appeared on The Shib Daily.

Winklevoss Bros Roast Harris Over Crypto ‘Reset’ Remark

Malaya Ruiz — Sat, 03 Aug 2024 14:02:38 +0000

Cameron Winklevoss, the slick-haired crypto wizard behind Gemini, is throwing down the gauntlet to Vice President Kamala Harris. Seems he has sensed somebody needs some crypto coaching. He’s basically questioning whether she really has legit intentions or if she’s putting on a fancy form of charades.

Cameron thinks her plans for a crypto “reset” are more like a big bluff. It’s akin to saying a pump-and-dump scheme is a temporary liquidity event. Winklevoss is clearly hoping for more action than just a “we’ll get back to you” email; he’s ready for some fireworks, not just a sparkler.

He’s probably just saying what everybody’s thinking: we’re ready to moon, not just chill!

What will this reset look like anyway? Who knows! It could be chaos or boredom. Or worse, it could be nothing and everyone can go back to their normal trading routine while the blue party continues to be the party pooper in crypto spaces.

So Cameron Winklevoss is making it clear he’ll only flip his position if the Democrats decide to retire Gary Gensler. And he’s not alone in this crusade.

Fire the creep! pic.twitter.com/UQVvxbUPzZ
— Mr305.eth | 0037.eth (@mr305eth) July 29, 2024

Then he mentioned how Trump said the crypto industry is a high IQ one. Not gonna say no to that, are we?

But the comedy gold here is how he called the retired Joe Biden a “sitting president”!

The other Winklevoss twin isn’t happy about this either. He’s miffed and he’s not holding back!

Tyler Winklevoss clapped back at Harris for getting invited to the Bitcoin conference in Nashville and playing hard to get. He’s wondering how she can be serious. She had a chance to mend fences, and she took a hard pass.

He made it clear that the crypto industry has a long memory and warned, “We will show no mercy in November.”

It seems Harris has gotten the Winklevoss brothers riled up with her recent actions. Harris’ squad has been busy hobnobbing with some of the biggest names in crypto lately—Coinbase and Ripple Labs for example. She even slid into billionaire Mark Cuban’s DMs for some sage advice on crypto policy.

So who’s gonna tell her that she’s got a mountain to scale? Donald Trump is already cozying up with the crypto bros—both literal (the twins) and the majority of crypto hodlers.

Now, with the Winklevoss brothers at his heels, Trump’s got some serious crypto power backing him up. It’s no secret they’ve been stirring the pot with some pretty colorful remarks about the Biden-Harris administration even before Sleepy Joe stepped down.

Now everyone is waiting for her biting retort. But will the “unburdened” Harris give anybody the time of day?

“What can be, unburdened by what has been”

Not sure why this video cracks me up, yall.. pic.twitter.com/T1T0sj514D
— DeMarcus A. Jenkins (@Markie_Jay06) July 3, 2024

While you’re laughing at that clip, still remember that this is in no way an endorsement of anybody—whether it’s politics or crypto or both, DYOR… because we want to stay unburdened too!

Warning: Interacting with this content may enhance your perception of political flimflam and reduce your acceptance of empty rhetoric. Attempts to decipher people’s motives may result in heightened vigilance and unsolicited detective skills. You may be inclined to DYOR at all times!

The post Winklevoss Bros Roast Harris Over Crypto ‘Reset’ Remark first appeared on The Shib Daily.

Buying the Dip: Courting Risk or a Stroke of Genius?

Malaya Ruiz — Sat, 20 Jul 2024 14:07:01 +0000

Crypto holders buying the dip—it’s a tale as old as time. When the market takes a nosedive, these brave souls are always ready to swoop in to have their share of that market-generated discount! It’s a risky move at times, but as the saying goes, fortune favors the bold (and the patient HODLer).

Newbies in crypto—and probably even normies—hear “buy the dip” whenever somebody starts yapping about crypto 101. While this article is strictly NFA, it’s as handy as it can get.

As Winston Churchill said, “Success is not final, failure is not fatal: It is the courage to continue that counts.” Let’s be real, people who are willing to dump their life savings into the most volatile market while wishing for the best are the most fearless people on earth. That’s the daredevil talking and winning every time.

This is exactly why crypto holders are often called degens. Degen is the new brave.

But let’s not forget to give credit to the day traders. They are a whole new level of brave. You’ve seen the memes where everybody wonders what trading strategy a crypto trader has and they look like this. Or this.

But going back to the main point, some holders are also like Charlie Lee, creator of Litecoin, who at one point said that the best time to buy is when there’s blood in the streets. Yes, that’s the same guy who sold almost all of his Litecoins in 2017!

Somebody also said, “In crypto, every dip is an opportunity to soar.” 🗠 Ah, contrarian investing at its finest.

If you’ve been in this scene for a while now, you’ve probably gone down this path quite a few times too. You’ve probably lost and gained and lost again and gained again, and so on and so forth. Because every “just one more dip” usually turns into “too many to count!”

And you know what comes after buying the dip. Actually, before and after.

The next thing in the agenda is usually hodling. Perhaps the most iconic quote in crypto comes from the legendary HODLer himself who once proclaimed, “I AM HODLING.” In a now-infamous forum post, this crypto crusader declared his intention to hold on to his coins for dear life no matter what the market threw his way. And honestly, if a guy with a username like GameKyuubi can weather the storm of a market crash with a misspelled meme, sheer determination, and just the right amount of alcohol, then surely the rest of us can too. Again, NFA!

But if you ever drunk-tweet and become famous in crypto, we’ll probably be referencing one of your quotes someday—right here in Weekly Meme Digest.

So here’s to all the brave souls out there buying the dip, 🗠 whether out of greed, fear, or just sheer lunacy. Remember, billionaire investor Ken Fisher once said, “Time in the market beats timing the market.” You might say that’s the genius part. At least that’s what we’ll keep telling ourselves as we watch our portfolios rollick like yo-yos on steroids.

Cheers to the hodlers! May your dips be shallow and your gains be plentiful.

Warning: Reading this content may lead to sudden urges to quit your job to monitor crypto prices 24/7. Market fluctuations may cause you to experience an increased heart rate, obsessive checking of charts, and a dramatic affection for dips. Remember to HODL responsibly!

The post Buying the Dip: Courting Risk or a Stroke of Genius? first appeared on The Shib Daily.

White House Reality Show Crypto Edition: The Trump-Biden Showdown Continues!

Malaya Ruiz — Sat, 13 Jul 2024 12:51:54 +0000

As we get into a new chapter of this mess that’s gotten crypto entangled with U.S. presidential candidates, let’s do a little history recap. So you all probably remember that in 2020, the SEC accused Ripple, their CEO, and a founder of violating securities laws. It was like they had mined a block full of trouble. Fast forward to 2023, and Coinbase, the big dog of U.S. crypto exchanges, found itself in hot water with the same accusations. The name Gary Gensler, Joe Biden’s appointed SEC Chair, has been in crypto news headlines.

Anyway, the SEC eventually dropped the charges against the Ripple honchos, but both companies are adamant that they did nothing wrong. You could say they HODL’d their ground pretty well.

From those days until now, crypto investors have been feeling a bit like miners hitting a tough block, grappling with SEC regulations and a regulatory agenda that’s about as confusing as a blockchain without hash power. Enter stage left: Trump who’s done a 180 from crypto hater to “crypto president”—the man who supposedly has a soft spot for the digital gold rush. Some skeptics are still unsure but he’s much closer to crypto fans’ hearts than his opponent! With Trump urging voters to say goodbye to boring regulations and hello to a crypto party in the USA, it’s pretty obvious why.

As the battle for crypto supremacy rages on, Joe Biden supporters are scrambling to figure out how to play their cards right. Gary Gensler is all about cracking down on digital currencies, making it harder for crypto enthusiasts to see the Biden administration in a positive light. So now Biden’s team is in a tizzy over his supposed beef with crypto, staging a dramatic intervention at the White House to plead their case.

What would it take for Hollywood to do a reality show on this political horseplay?

But it looks like Biden’s team finally decided to hop on the crypto train after seeing the effect of Trump’s full-on crypto endorsement. They’re even chatting with Coinbase about accepting donations! Unfortunately, it’s not surprising that at a recent White House meeting, one attendee told Biden’s senior adviser Anita Dunn, “You guys suck on crypto.” Ouch, that stings worse than a long bear market!

With crypto becoming a make-or-break issue on the political stage, the question still stands: Are these crypto crusaders putting all their coins in one basket by hitching their wagons to U.S. presidentiables? Time will tell if their moon shot pays off.

Warning: Exposure to this content may result in an increased awareness of political boohockey and a decreased tolerance for empty promises. Side effects may include a boost in your crypto holdings and the realization that your financial future lies in your hands, not in the hands of politicians.

The post White House Reality Show Crypto Edition: The Trump-Biden Showdown Continues! first appeared on The Shib Daily.

VanEck CEO ‘Very Bullish’ on Bitcoin and Gold, Foresees Strong Growth Ahead

Malaya Ruiz — Fri, 12 Jul 2024 19:34:39 +0000

During a recent appearance on CNBC’s “Closing Bell Overtime,” Jan van Eck, CEO of VanEck, a prominent global investment management firm, discussed Bitcoin’s recent price movements and stated that he remains strongly optimistic about the future prospects of both the cryptocurrency and gold.

He said one of the key attributes of the cryptocurrency industry is its tendency towards volatility, where fluctuations in value are a common occurrence. However, he also pointed out that the sudden surge and subsequent drop of Bitcoin was unconventional yet foreseeable given its status as a high-risk investment. The CEO expressed his positive view of the long-term potential of Bitcoin, citing factors like the halving event and Federal Reserve policies.

When asked about his insight into the current price movements of Bitcoin in relation to inflation and expectations around yields, van Eck said he’s “very bullish,” indicating that events like the Federal Reserve easing are “like fuel for Bitcoin.”

“We’ve seen only a 20% correction… in the Bitcoin price, and that’s kind of normal in the bull market. So, at VanEck… we’re long-term investors, and all the ETFs pretty much have seen inflows, including last month when the price was down 10%,” he said during the interview.

Source: CNBC Television YouTube Channel

He added that his bullish stance on gold is reinforced by the initial stages of the gold buying trend, whereas U.S. ETFs have yet to see significant inflows, with foreign banks being the main buyers of the latter.

This statement aligns with VanEck’s announcement on Thursday, indicating that gold prices are skyrocketing due to investors flocking to the precious metal as a safe haven asset, reaching a record high of over $2,300. This trend is also benefiting gold mining companies, as the heightened demand for gold is translating into higher sales and profits for them.

According to van Eck, the decreasing appeal of traditional safe-haven currencies like the Swiss franc, euro, and yen has resulted in investors turning to gold and Bitcoin as more stable options. He also said impending fiscal dilemmas could be resolved after the presidential election as the Federal Reserve’s easing strategies persist, aiding the performance of both gold and Bitcoin.

The post VanEck CEO ‘Very Bullish’ on Bitcoin and Gold, Foresees Strong Growth Ahead first appeared on The Shib Daily.

DOJ Announces BitMEX’s Guilty Plea to Bank Secrecy Act Violation, Exchange Calls Charge ‘Old News’

Malaya Ruiz — Thu, 11 Jul 2024 20:31:41 +0000

The U.S. Department of Justice (DOJ) said BitMEX, a cryptocurrency derivatives exchange, pleaded guilty to violating the Bank Secrecy Act (BSA) between 2015 and 2020. The Seychelles-headquartered exchange responded by claiming there is no new information in this case.

In a press release, Damian Williams, the United States Attorney for the Southern District of New York, and Christie M. Curtis, acting assistant director for the FBI’s New York Field Office, disclosed that HDR Global Trading Limited, the parent company of BitMEX, was accused of deliberately neglecting to establish and maintain an effective Anti-Money Laundering (AML) program while conducting business in the United States, as mandated by federal law.

“As a result, BitMEX opened itself up as a vehicle for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system. Today’s guilty plea indicates again the need for cryptocurrency companies to comply with U.S. law if they take advantage of the U.S. market,” Williams said.

Source: U.S. Department of Justice

In response, BitMEX issued a statement dismissing the issue as dated and clarified that it is the same charge that was leveled against its founders in 2020. The founders reportedly acknowledged the violations and were sentenced in 2022. BitMEX said it has already taken corrective measures and asserted that the BSA charge was “old news.”

“We have accepted the BSA charge, will seek an expedited sentencing hearing, and argue that no further fine should be imposed, given the substantial amounts already paid by our founders under the BSA charges brought against them, and under our no admission/no denial settlements with the CFTC and FinCEN in 2021,” the statement read.

In response to the U.S. Department of Justice’s decision to file a charge of Bank Secrecy Act (BSA) violation against HDR Global Trading Limited (HDR), the entity owning and operating BitMEX, we would like to share the following statement.

The BSA charge is old news – this is… pic.twitter.com/xvnGvfPvOA
— BitMEX (@BitMEX) July 10, 2024

The exchange added that it has rolled out a robust compliance framework in 2020 to comply with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations across all locations of operation. As part of this update, BitMEX has introduced a comprehensive Know Your Customer (KYC) program which outlines the standards applied to all retail and corporate customers through specific policies and procedures.

BitMEX emphasized that the recent news from the DOJ has no bearing on its business operations, which will continue as per usual.

BitMEX founders Arthur Hayes, Benjamin Delo, and Samuel Reed pleaded guilty to the AML negligence case in 2022, after which each of them received a $10 million civil penalty. In February of the same year, Hayes and Delo agreed to pay their penalties, while Reed agreed to pay his after pleading guilty in March. U.S. regulators reached a $100 million settlement with the crypto trading platform in August that year.

Established in 2014 and registered in the Seychelles, BitMEX is a prominent platform for cryptocurrency derivatives trading, allowing users to purchase futures and perpetual swap contracts for various digital assets.

The post DOJ Announces BitMEX’s Guilty Plea to Bank Secrecy Act Violation, Exchange Calls Charge ‘Old News’ first appeared on The Shib Daily.

Investment Surge: $441M Inflows Recorded in Digital Asset Funds Amid ‘Price Weakness’

Malaya Ruiz — Mon, 08 Jul 2024 19:03:18 +0000

Despite negative market sentiment, digital asset funds have attracted $441 million in capital inflows as per the latest data by CoinShares Head of Research James Butterfill. Investors sent $398 million to Bitcoin, the leading cryptocurrency by market cap, with Solana and Ethereum seeing $16 million and $10 million in inflows, respectively.

Butterfill noted in his blog post that there has been a change in sentiment toward Ethereum, evidenced by a $10 million influx, yet it remains the sole exchange-traded product (ETP) with net outflows for the year.

“Bitcoin saw US$398m inflows but unusually represented just 90% of total inflows as investors chose to invest across a much broader set of altcoins. Most notable of which was Solana, seeing US$16m last week, bringing year-to-date (YTD) inflows to US$57m, making it the best performing altcoin from a flows perspective. Ethereum sentiment seems to have turned, seeing US$10m inflows, but remains the only ETP to have seen net outflow YTD,” Butterfill wrote.

Source: CoinShares

The report pointed out that the surge of inflows came as a result of “price weakness” caused by recent activities related to Mt. Gox and the German government, which were perceived as a favorable buying opportunity for investors.

In terms of regional inflows, the United States dominated with $384 million, while Hong Kong, Switzerland, and Canada contributed significantly, with $32 million, $24 million, and $12 million, respectively. Germany was an exception, experiencing outflows of $23 million.

Source: CoinShares

This development coincides with the recent dip in Bitcoin’s price to levels not seen since February and the shift in sentiment in the overall crypto market toward a more bearish outlook.

Bitcoin has seen a decrease in value in the past week, while the Standard and Poor’s 500 (S&P 500) is heading toward a new record high. This pattern reminds some market participants of the correlation between cryptocurrency and traditional stocks prior to the onset of the COVID-19 crisis.

The post Investment Surge: $441M Inflows Recorded in Digital Asset Funds Amid ‘Price Weakness’ first appeared on The Shib Daily.

Crypto Scammers Level Up With AI-Generated Elon Musk Video

Malaya Ruiz — Sat, 06 Jul 2024 13:15:57 +0000

Crypto scammers are getting creative with a much too literal kind of degeneracy. And this time, their weapon is an ingenious combination of an Elon Musk façade and AI. Can you believe it? It’s just exactly as he feared and talked about a while ago when he said, “I’m increasingly inclined to think that there should be some regulatory oversight, maybe at the national and international level, just to ensure we don’t do something very foolish. I mean, with artificial intelligence, we’re summoning the demon.” Talk about manifesting!

So let’s just say the demon has been summoned to attack Channel 7 in Australia, which recently fell victim to a devious plot involving an AI Elon Musk.

Instead of their usual programs, viewers were treated to a virtual Elon Musk talking up a storm about depositing digital assets on some shady website.

The network’s YouTube channel showed videos of him saying, “We have done everything to make the process safe; take advantage of this unique opportunity and double your assets now.”

Ah, the wallet drainer! Please tell us none of you got tricked into going to that website and connecting your wallet.

While these scammers are using the word “safe” loosely, it’s anything but safe! See, people should have listened to Geoffrey Hinton. When people don’t listen to the godfather of AI, AI comes to stab us in the back. Didn’t he warn us about this when he quit his job at Google? He literally said, “The average person will not be able to know what is true anymore.”

That doesn’t sound very safe to me!

And here we are now, living in a time when AI is getting smarter and more woke every day. Remember Elon himself said we shouldn’t make AI woke or there’s gonna be hell to pay. Can you imagine a robot trying to cancel other robots for not using gender-neutral pronouns?

Come to think of it. What would an AI brand of justice look like? What would an AI version of cancel culture look like?

I guess we wouldn’t have to think for ourselves about what our stances should be on social, moral, cultural, and political issues when the time comes. Just pick what resonates—or worse, whatever sounds the most convincing with a little bit of guilt-tripping—from a variety of AI-generated ideologies. I can finally go and scold that sad human who told me Santa isn’t real and justify my reasons.

After all, if someone can make an AI Elon Musk convincing people to pour all their money into a crypto scam, who’s to say people we know and trust can’t make AI videos one of these days to manipulate us into doing things we wouldn’t otherwise do?

Imagine Gen Z and Alpha kids telling their millennial parents to give them money or buy them the latest gadget because their “teacher” said so in a video!

To my future kids, let this be your warning: I won’t fall for it. Or at least I’ll try not to. Now go to your room!

The post Crypto Scammers Level Up With AI-Generated Elon Musk Video first appeared on The Shib Daily.

Crypto Crash: Factors Contributing to Ongoing Market Slump Explored

Malaya Ruiz — Fri, 05 Jul 2024 20:01:18 +0000

The cryptocurrency market has come under selling pressure, indicating an increase in negative sentiment among investors. Reports from multiple sources show that the market lost more than $170 billion in total market value.

The recent drop has caused heartburn among market players, with the question on top of everyone’s mind being how much longer it will last.

One potential factor contributing to the situation is the pressure on Bitcoin, the world’s largest cryptocurrency, as Mt. Gox started repayments to its users. The collapsed Bitcoin exchange owes around $9 billion to its customers.

Bitcoin’s price fell by 8% on Friday to $53,523, reaching its lowest value since late February, according to Reuters. At the time of writing, Bitcoin is trading at 56,470.33, down by more than 3% on Friday.

In addition, this market slump, as exp lained by Wise Advice, a crypto analyst, can be attributed to various factors, such as significant withdrawals, liquidations, mining operations, government interventions, and market sentiment indicators.

On top of that, the uncertainty among investors regarding U.S. inflation and interest rates is putting pressure on crypto prices possibly influenced by U.S. Federal Reserve Chair Jerome Powell’s recent comments indicating potential changes to rate cuts in 2024. Powell elaborated on the fact that the Fed requires more compelling evidence to support a decision to lower interest rates.

Meanwhile, market fears have been exacerbated by the actions of the German government, which has been moving large amounts of BTC, causing some investors to sell off their holdings in anticipation of negative market effects.

Crypto is a highly volatile asset, and investors are advised to do your own research when investing in cryptocurrency. The sector also lacks regulations that are on par with the equity markets to keep investor funds protected and to deter rogue projects and founders.

So always invest after you do your due diligence, and make sure you engage only with official accounts of any project to avoid falling into traps set by scammers.

Disclaimer: 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.

(This article was edited to remove references to Bitcoin ETF outflows as having affected the cryptocurrency’s price.)

The post Crypto Crash: Factors Contributing to Ongoing Market Slump Explored first appeared on The Shib Daily.

Shytoshi Kusama’s First Public Appearance: Shib Army Japan Floods X with Photos and Videos

Malaya Ruiz — Fri, 05 Jul 2024 13:37:58 +0000

The pseudonymous Shiba Inu project lead Shytoshi Kusama captivated the Shib Army in Japan during his first public appearance at the IVS Conference in Kyoto. Photos and videos of Kusama taken by Shib Army members quickly went viral within the Shiba Inu community.

Just as Kusama revealed in his tweet on Thursday, he showed up at the Shiba Inu booth and interacted with the Shib Army and other crypto enthusiasts, albeit still not revealing his identity. The mysterious Shiba Inu leader appeared in what resembles a black haori samurai ensemble and a Batman-style mask.

Source: @SatoshiSisters0

Shiba Inu marketing lead Lucie shared her delight about this defining moment for the Shib Army, thanking the Japanese community of the Shib Army for their enthusiasm. “Our humble king BatBoshi @ShytoshiKusama. Happy to see all the excitement of japanese community,” she tweeted. In a comment below the tweet, the marketing lead revealed that the other person in the photo is a Japanese politician.

Our humble king BatBoshi @ShytoshiKusama

Happy to see all the excitement of japanese community

I personally thank you to @riri_shibarmy who went above all provide with photo and video evidence. pic.twitter.com/anwKilFKQk
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 5, 2024

Kuro, an active Shib Army member from the Japanese community, shared videos obtained from a user with the X handle @riri_shibarmy, showing Kusama entertaining participants who visited the Shiba Inu booth.

Shytoshi!!Shytoshi!!

動画提供元 : @riri_shibarmy

#柴犬コイン #SHIB #IVS2024 #IVSCrypto pic.twitter.com/z5rweQoCKV
— KUROSHIBARMY JPN (@kuro_9696_9696) July 5, 2024

WeCreate3, a student community of Web3 enthusiasts in Japan, also shared footage of their encounter with Kusama, saying they are hopeful for a future partnership with Shiba Inu.

Thank you! @ShytoshiKusama . As a student web3 community in Japan, we are looking forward to collaborating with SHIB! To the moon!

We are the student SHIB army#SHIBARMY #SHIBCommunity #SHIB pic.twitter.com/wpA4YhITMQ
— WeCreate3 (@We_Create_3) July 5, 2024

Another video of Kusama shaking hands with and signing a participant’s cap was shared on X, while a Shib Army member with the username @Sand_ShibArmy reposted the picture of Kusama and the Japanese politician bowing to each other, expressing that they are “two beautiful souls, so different, so equal.”

Despite some skepticism surrounding Shytoshi Kusama’s first ever in-person meet and greet, with doubts arising about whether it was truly him under the costume, the Shib Army continues to show unwavering loyalty to him. They eagerly anticipate future developments in the Shiba Inu project and positive contributions to the wider crypto ecosystem.

The post Shytoshi Kusama’s First Public Appearance: Shib Army Japan Floods X with Photos and Videos first appeared on The Shib Daily.

South Korean Crypto Alliance DAXA Reveals Token Review Guidelines Under New Investor Protection Law

Malaya Ruiz — Thu, 04 Jul 2024 17:34:06 +0000

The Digital Asset Exchange Association (DAXA), an industry body comprising five major South Korean exchanges, has revealed the details of its proposed assessment of 1,333 digital assets spanning six months in compliance with South Korea’s new investor protection laws, which will be enforced starting on July 19. This review, which has been in the pipeline for months, aims to mitigate potential mass delistings under the new regulations.

Twenty South Korean crypto exchanges, including leading platforms Bithumb and Upbit, are mandated to evaluate the cryptocurrencies listed on their platforms to follow the guidelines set forth by the Protection of Virtual Asset Users Act. Any new token listings must meet the requirements outlined in the new rules.

The review requirements are divided into four categories, namely, the reliability of the issuing entity, user protection devices, security standards, and compliance with laws and regulations.

Excerpt from translated press release. Source: DAXA

Token issuers must disclose crucial information that may affect users’ investment decisions or the value of the digital asset, such as the total volume, distribution plan, and business plan. Additionally, they are not allowed to make changes without valid reasons.

The screening process should also focus on confirming the accuracy of materials, such as white papers, that address significant issues related to digital assets, and the ability to oversee transactions on the distributed ledger.

If there is a security breach, such as hacking, where the cause is unknown or unresolved, further evaluation is necessary. This could pertain to digital assets, crypto wallets managed by an entity, or a distributed ledger used for issuing, transmitting, or storing digital assets.

This stipulation in the initiative could prevent the occurrence of hacking incidents such as those that happened at the end of last year, which involved Galaxia (GXA), Orbit Chain (ORC), Somesing (SSX), and PlayDapp (PLA).

Stringent screening, such as requiring proper and sufficient documentation, will also be enacted on eligible overseas digital asset markets. Only markets located in countries that constitute the Board of Directors of the International Organization of Securities Commissions (IOSCO) are considered eligible. To ensure best practices are assumed in such cases, a list of eligible overseas markets will be identified through further research and discussions among exchanges and will be maintained with regular updates from DAXA.

This signals an important move toward protecting the overseas crypto holdings of the country’s citizens. As of September 2023, South Korean investors and businesses had accumulated more than 131 trillion won (around $97.9 billion) worth of cryptocurrencies in offshore accounts.

Crypto analyst Stefan Luebeck has optimistic views about this development, referencing Upbit’s significant trading volume in the first quarter of 2024 in a post on X. “This really is a strong headwind for the #cryptomarket, as @upbitglobal traders produced a lot of #tradingvolume in the first quarter of 24 in times being bigger than the whole trading volume on their local stock exchange,” he tweeted.

With South Korea’s crypto market adopting new regulations, investors must keep themselves abreast of possible shifts in token availability and market dynamics. The upcoming months will be critical in determining the direction of crypto trading in the region.

The post South Korean Crypto Alliance DAXA Reveals Token Review Guidelines Under New Investor Protection Law first appeared on The Shib Daily.

China’s Paradox: No to Crypto, Yes to Blockchain

Malaya Ruiz — Mon, 01 Jul 2024 19:19:03 +0000

Since China’s blanket ban on crypto transactions in late 2017, it has been clear in its approach toward cryptocurrency. The Chinese authorities persist in their belief that decentralized digital currencies are more harmful than beneficial. The concern arises from the tendency of cryptocurrencies to mask capital outflows, a behavior that Chinese regulators seek to limit, as well as their association with money laundering.

Despite stringent measures placed on crypto trading, the country shows ongoing support for blockchain technology as a fundamental tool for driving innovation in fields such as digital identity, supply chain management, and transborder payments.

Ant Group: Increased Registered Capital for Subsidiaries

Ant Group, the fintech division of Alibaba, is demonstrating its ongoing dedication to blockchain technology by making a substantial investment in two of its blockchain ancillaries.

Ant Blockchain Technology recently raised its nominal capital from 100 million yuan ($13.9 million) to a remarkable 1.5 billion yuan ($206.4 million). Formed in December 2018, this subsidiary concentrates on software development, hardware distribution, and information technology (IT) services associated with blockchain technology.

Meanwhile, AntChain, Ant Group’s dedicated blockchain brand, also recorded a significant increase in its registered capital, jumping from 100 million yuan to 2.1 billion yuan ($288.9 million).

These developments demonstrate that Ant Group’s dedication to blockchain technology surpasses mere financial investments, solidifying its position as the foremost player in China’s growing blockchain sector.

Blockchain Project for the ‘Belt and Road Initiative‘

On March 30, China announced the launch of a blockchain project for the “Belt and Road Initiative” called the Ultra Large-Scale Blockchain Infrastructure Platform, according to a report from Wu Blockchain.

Through the Belt and Road Initiative (BRI), China is strategically advancing its economic and political interests to reinforce its position as a global superpower. This initiative allows China to expand its investments into over 150 countries and global organizations as part of the Chinese government’s strategy to elevate security, efficiency, and transparency.

Reports emerged in December regarding China’s utilization of blockchain technology to authenticate the identities of its 1.4 billion citizens through RealDID, a blockchain-based digital identity system.

Alibaba Cloud x CertiK: Combating Cybersecurity Risks with Blockchain Technology

Blockchain security company CertiK made a move today to migrate its cloud infrastructure in Asia to Alibaba Cloud, a cloud computing subsidiary of the Chinese global marketplace Alibaba. Under the agreement, CertiK will deploy its collection of 12 blockchain applications on Alibaba Cloud and leverage its cloud capabilities to deliver Web3 services.

“For over five years, we have believed in the transformative power of blockchain technology. We look forward to empowering developers with secure blockchain development and deployment through Alibaba Cloud’s platform,” CertiK co-founder Ronghui Gu said in a press release.

CertiK shared the announcement on its X account, emphasizing its close ties with Alibaba Cloud, which can be traced back to May 2023, when a partnership was formed to provide blockchain security services to cloud-based Web3 projects.

We are thrilled to announce that CertiK has successfully migrated its cloud infrastructure in Asia to @alibaba_cloud. This move, achieved through close collaboration, enhances the security, reliability, and cost-efficiency of our blockchain applications.

Read more:… pic.twitter.com/DAMZT3YbHM
— CertiK (@CertiK) July 1, 2024

China’s next steps in integrating blockc h ain technology while sidelining cryptocurrency remains to be seen. However, the Chinese government has taken a calculated approach in overseeing the blockchain industry, as evidenced by the introduction of the “Blockchain Information Service Management Regulation.”

The Chinese government’s strategy of veering away from the detrimental aspects of cryptocurrency and using blockchain technology in established sectors allows various companies to incorporate blockchain’s technological benefits into the political and economic framework of the Chinese system.

The post China’s Paradox: No to Crypto, Yes to Blockchain first appeared on The Shib Daily.

Coin98 Announcement: Shib Names Now Supported for Secure Multi-Chain Transactions

Malaya Ruiz — Mon, 01 Jul 2024 13:39:22 +0000

Coin98, a DeFi platform that offers services on multiple blockchains, now supports *SHIB names, according to an announcement on X (formerly Twitter). This grants users the ability to utilize their *SHIB names across different chains and manage and transfer digital assets.

The ability to deal across multiple chains with one Web3 identity is a major development for the Shiba Inu (SHIB) project, representing a crucial component of the development team’s vision.

“Coin98 Super Wallet now supports *VIC, *CORE, and *SHIB names from @D3inc – an identity service for top Web3 communities,” the announcement on X read. It added that users can now “easily send, receive, and store” their favorite cryptocurrencies and NFTs using their *SHIB names by downloading the Coin98 Super Wallet.

The news of Coin98’s latest move has D3 feeling optimistic about its collaborative effort with the multiservice DeFi platform. “@D3inc @Coin98_Wallet. We’re excited to share the integration of D3 Connect with Coin98 Wallet, giving over 10 million users the ability to seamlessly send and receive assets using their Viction, Core or Shib Names!” D3, a leading identity service provider for top Web3 communities and an official partner of Shiba Inu, tweeted on X.

Shib Names is an innovative name service that allows users to create personalized usernames featuring the “*shib” suffix for a personalized touch recognizable within the Shiba Inu community. Also known as name tokens, *SHIB names provide numerous useful features, including interoperability across hundreds of EVM-compatible blockchains and cross-platform capabilities for DeFi, GameFi, social media, and more.

Launched in early March, Shib Names saw an overwhelming response, with thousands of names purchased on its first day of sales. This level of enthusiasm from the Shiba Inu community reflects what Shytoshi Kusama, the project’s lead developer, said during the same period about community members having a unique, decentralized identity: “Remember .com? Yeah, because decades later, it is still the standard. So, imagine if there was a new way to express yourself in the new Shib world? *Shib can get there, but only with your help. Will you show the world you stood for decentralization and a better world? Or naw?”

Coin98’s integration of Shib Names into its platform could be a groundbreaking move that demonstrates a significant step in the adoption of secure Web3 identity systems. With its mission to efficiently and securely connect a billion users to the crypto world, Coin98 Super Wallet, the platform’s first non-custodial wallet, was designed to streamline user interaction on DeFi protocols across multiple blockchains.

The post Coin98 Announcement: Shib Names Now Supported for Secure Multi-Chain Transactions first appeared on The Shib Daily.

2024 Meme Coin Phenomenon: Is Polynya Right? Do Meme Coins Today Represent the Dumpster of Crypto?

Malaya Ruiz — Sat, 15 Jun 2024 14:52:43 +0000

The merry band of meme coins shows no signs of slowing down. Over 2,000 of these digital goofballs have recently been jostling for attention on CoinMarketCap, raking in a cool $50 billion in market cap. That’s enough dough to make even mega banks like JPMorgan and futuristic car wizards like Tesla do a double take.

What does pseudonymous analyst Crypto Koryo have to say? Well, their TLDR is that the meme coin craze is spiraling out of control this year. They’re saying it’s not just because of the bull run. They’re looking at those who want to jump on the meme coin bandwagon, asking the tough questions: Is it worth the hustle? Do you even have an edge?

Reflecting on the meme coin frenzy of yesteryear, Crypto Koryo waxed poetic about the simpler times when DOGE, SHIB, FLOKI, and a few other meme coins drew a lot of attention. Can I get a resounding “Woof!” from the Shib Army???

But can you imagine? Dogecoin and Shiba Inu, the original meme coins, are still the real deal in 2024. Dogecoin is strutting its stuff with a 70% gain, while Shiba Inu is throwing everyone for a loop with a 150% surge. They may not be as flashy as a new meme coin, but this is proof that these old dogs still have some tricks up their sleeves. Wait, are they also proving the old adage “You can’t teach old dogs new tricks” wrong?

Not to get carried away, the controversial part of the 2024 meme coin frenzy is not about cute Japanese dog breeds plastered all over the internet at the heart of meme culture.

From lovable dog-themed coins to cringeworthy, offensive tokens, the 2024 meme coin frenzy has taken a sharp turn into the dark side of crypto. It’s like the seedy underbelly of the blockchain where sketchy characters and questionable motives lurk… where the scammers and trolls come out to play. At least that’s what some people say in regard to the onslaught of disgusting, sexist, racist meme coins now crowding the space.

The Woofmeister Vitalik said so himself. Hah! Bet that’s gonna make you listen! He said some people are not happy. Can you guess why? Because apparently many meme coins that came out this year are—in words that are a bit easier to digest—lacking real-world utility, a pain in the rear, and just a load of baloney.

In all honesty, a bunch of these meme coins really are downright shady, crass, and just wrong on so many levels. So those who are mad about this are just asking what some of us are probably thinking: Is this what crypto stands for?

So what did crypto blogger and commentator Polynya say? Could it be that the shady side of the meme coin trend is what drove him to rage-quit crypto? An “all-new bottom,” among other things you might not like to read, is how he described the current era of crypto due to the existence of exploitative and unscrupulous meme coin projects that shot up this year. This lack of a moral compass, according to him, has been too normalized and has become the identity of crypto… when it shouldn’t be.

Are sketchy meme coins the unruly teenagers crashing the grown-up crypto party? *rolls eyes* Are the serious builders throwing in the towel because of them? It’s like we’re living in an “Alice in Wonderland” metaverse where up is down, rug pulls are the norm, and real purpose or passion is a Debbie Downer.

There’s probably nothing left to say but that maybe it’s time for you to voice out your own thoughts on the matter. It’s gonna get a bit cheesy but hear me out. This reminds me of a line from the movie A Few Good Men when Colonel Jessup told Lieutenant Kaffee he couldn’t handle the truth. “You don’t want the truth because deep down in places you don’t talk about at parties, you want me on that wall. You need me on that wall. We use words like honor, code, loyalty. We use these words as the backbone of a life spent defending something. You use them as a punchline.”

And there you have it. Even though the punchline is the meme, it doesn’t have to be degrading or offensive, right?

When everything’s said and done, those who refuse to be desensitized will stand for honor, code, loyalty, and all the other pleasant virtues that money can’t buy!

The post 2024 Meme Coin Phenomenon: Is Polynya Right? Do Meme Coins Today Represent the Dumpster of Crypto? first appeared on The Shib Daily.

The Good, the Bad, and the WAGMI: A Look into the World of Crypto Traders

Malaya Ruiz — Sat, 08 Jun 2024 14:42:13 +0000

Similar to stock day traders, there are crypto enthusiasts who dabble in DeFi on the side, hoping to strike it rich and ditch their day jobs for good. Say hello to crypto traders. These degens share a common dream: the firm conviction that decentralized finance will soon take over traditional finance. By swapping out TradFi for DeFi, they foresee a future where code and networks will rule over banks, brokerages, and money transfer businesses. They can predict better—at least in their heads—than astrology fans; they can sense bears and bulls faster than crystal collectors.

These crypto cowboys gather and do their huddles on Discord and Telegram, but they are usually comfortable shouting their thoughts from the X (Twitter) rooftops. By day, you see them as Wall Street wizards, but online they transform into mysterious aliases like @MoonLambo420 or @SatoshiTacos. What can we say, they’re just “DeFi-ing” the odds.

Crypto Traders and Their Language

You can also say they have a language of their own, with words that are butchered on purpose, like “HODL” born from a foreign trader’s slip of the tongue. There’s also “WAGMI” which stands for “We’re All Gonna Make It.” Then you’ve got the basics like “GM” (Good Morning) and “OG” (Original Gangsta), which shows that some of the original crypto pathfinders were gamers too. Their vocab is like a secret code with a sprinkle of chaos and a dash of humor.

But they’re not all immune to hacks and other cybercrimes. Back in July 2023, crypto traders got rocked to the tune of $303 million worth of digital assets, thanks to crypto exploits and hacker attacks. That’s the most moolah lost in a single month that year! And just recently, word on the street is that some poor trader got swindled out of nearly $70 million in a shady “address-poisoning” scam.

Don’t get discouraged just yet. Crypto traders also have their share of sunshines and rainbows. As long as you keep your nose clean and avoid any run-ins with the law, you can come out successful and possibly even join the ranks of some of the most successful traders the crypto world has known, such as Brian Armstrong, Fred Ehrsam, Chris Larsen, and more. Best of all, you could be like Vitalik Buterin and you could also make it to Forbes Magazine’s ’30 Under 30′ list just like he did a couple years ago. Who knows, you could be the next crypto legend in the making!

One thing to always remember is there’s no secret sauce to owning the crypto game. But you can keep these practical nuggets of wisdom in mind to avoid getting rekt!

How to Avoid Getting Rekt

Get cozy with the ins and outs of cryptocurrencies and blockchain; dive deep into the market, dig into research, snoop around charts, sniff out trends, and grasp what makes asset prices tick; whip up a killer trading plan; don’t let your emotions call the shots; play it safe with your risks and don’t go all in; forget about those lambo dreams for now; take notes from your goof-ups and those of others.

But your biggest takeaway should be this: don’t blame me if you do get rekt! At the end of the day, everyone and their mother in this business will tell you, “NFA! DYOR!”

The post The Good, the Bad, and the WAGMI: A Look into the World of Crypto Traders first appeared on The Shib Daily.

Shibarium Bridge Enhancements Decrease BONE Transfer Time from 7 Days to 45 Minutes

Malaya Ruiz — Wed, 29 May 2024 18:53:58 +0000

Shibarium, Shiba Inu’s layer-2 (L2) scaling solution, has just made improvements to its bridge to Ethereum, drastically reducing the time it takes to transfer BONE tokens between the networks, according to the Shiba Inu development team.

Previously, users had to wait 7 days for their BONE tokens to be transferred from Shibarium to Ethereum. The week-long lock-in period was designed to keep users engaged on Shibarium for longer periods of time in order to support token value.

However, in a move to enhance user experience and efficiency while ensuring network stability, Shibarium has now reduced the bridge time from 7 days to approximately 45 minutes. This change aims to provide a more seamless process that both the community and the network can benefit from.

The new system operates on a checkpoint mechanism for BONE token exits, ensuring transactions are processed much faster. This improvement not only benefits BONE holders, who can now manage their assets with enhanced speed levels, but also empowers project builders to develop more intricate and time-sensitive applications on the layer-2 chain.

It is important to note that the upgrade will take effect only for withdrawals done from this point forward. Any transfer done before the implementation of the upgrade will still be completed after 7 days from the time the transfer is initiated.

The bridge enhancement reflects Shibarium’s commitment to embracing technological advancements and streamlining operations, which allows the Shib community and others looking to explore the Shib ecosystem to participate more efficiently in governance and other collaborative initiatives through unified efforts.

Enhancing the speed of BONE token exits is a crucial advancement for Shibarium’s dominance in decentralized finance. Through this improvement, Shiba Inu’s L2 platform aims to pave the way for token holders, innovators, and supporters to forge ahead toward a better, more dynamic ecosystem.

The post Shibarium Bridge Enhancements Decrease BONE Transfer Time from 7 Days to 45 Minutes first appeared on The Shib Daily.

So Your Government Thinks It Can Fool You? No to CBDC!

Malaya Ruiz — Sat, 25 May 2024 13:13:31 +0000

Guess what, folks? The U.S. House of Representatives just passed a bill to stop the Fed from making their own digital currency without permission from Congress. You know what they say … nothing says control like Congress holding the keys to the digital money vault.

So 216 members said “heck yes” to the CBDC Anti-Surveillance State Act, while 192 of them were like, “Nope, thanks but no thanks.” It was like a game of political musical chairs, except instead of sitting down, they were deciding the fate of our digital wallets.

But before you get all worked up about this whole CBDC (Central Bank Digital Currency) thing, let’s take a step back and look at the big picture.

So 96% of the money we use is already digital. That’s right, we’re living in a digital money world for the most part. Typically, when you receive money, it gets deposited into your account. Credit and debit cards are digital too. So, really, what’s the big deal with CBDCs? Is someone just reinventing the wheel here?

CBDCs will become programmable money. Don’t you ever wonder why China is so gung-ho about it? Maybe the institutions just want to make sure we can only spend our cash on government-approved things. Nothing screams freedom like having the government tell you what to do with your hard-earned dough, am I right?

You’ll sooner forget how to spell democracy than be able to do something about your money being vulnerable to state and foreign entities. To execute monetary policy, part of the process is to allow the central government to take it from you as they see fit. It’s like putting your money in one place and giving the overseer of the place a “you can take it whenever you want” pass. Because it’s centralized, you can say goodbye to having authority over your own assets and to—a lot of you will not like this—anonymity and privacy. ‍‍

Of course, someone will always say if it’s “done right,” then it would be good for you. But the goal of CBDCs is to make a few beneficial improvements to financial systems for bigger trade-offs that won’t be favorable to all. So while they may present certain advantages, these are few and far between. Scariest of all, who knows who or what will be monopolizing the system?

So, if you think about it, isn’t this just another way for the government to keep tabs on us? To that point, I think I’ll just get one of those “Stay free, say no to CBDC” stickers from Pinterest or Redbubble!

The post So Your Government Thinks It Can Fool You? No to CBDC! first appeared on The Shib Daily.

Unveiling the Elite Squad: The Top 5 Crypto Degen Nations!

Malaya Ruiz — Sat, 11 May 2024 04:15:27 +0000

In the past 10 years, cryptocurrency has gone from being a mysterious asset to a craze-worthy investment everywhere. ₿

But here are the top 10 crypto degens by country, according to CoinGecko!

1. United States – Welcome to the United States of Crypto. Bitcoin has become the latest obsession of the masses. Forget about Kim Kardashian; Google users in the U.S. are now searching for Bitcoin like it’s the hottest celebrity gossip. Americans just can’t get enough of this digital gold.

2. United Kingdom – The U.K. is no stranger to the world of crypto assets, with approximately 10% of British adults getting in on the action. Crypto regulators are always on the move, but we admire City Minister Bim Afolami for encouraging informed risk taking. ‍ Now that’s what we call a real daredevil!

3. Philippines – Crypto fever has once again gripped the Philippines, starting with the rise of the NFT-rich video game Axie Infinity during the COVID-19 lockdowns. After a brief crypto winter, the trend is back with a vengeance. In a place where not everybody owns a bank account, crypto is the next best thing!

4. France – If you’ve heard people say France is the European Crypto Hub, you’ve been consuming too much crypto media. France is not just about baguettes and berets but also a buzzing hive of networking and innovation with its blockchain events.

5. Indonesia – With 19 million crypto investors and a solid regulatory framework, Indonesia is carving out its place in the global crypto market. Word on the street is Java and Bali are the crypto hotspots – are tourists vacationing there or trading crypto?

If your country didn’t make it to the degens’ list, don’t worry. Satoshi started with only 31,000 lines of code and now we have Bitcoin; Nexo once thought of Shiba Inu as a joke and now it is listed on the platform … the list goes on. There are major plot twists in this space often. Keep your eyes on the horizon!

The post Unveiling the Elite Squad: The Top 5 Crypto Degen Nations! first appeared on The Shib Daily.

Philippines’ Telco Companies Block Binance Access on NTC Orders

Malaya Ruiz — Wed, 27 Mar 2024 09:38:01 +0000

Binance, the world’s largest cryptocurrency exchange by trading volume, will no longer be available in the Philippines as the National Telecommunications Commission (NTC) mandated internet service providers to block access to the platform. This significant development follows measures taken by the Philippines’ Securities and Exchange Commission (SEC) against the unlicensed operations of the crypto exchange in the country.

In a media release, the SEC set forth the details of its letter-request to the NTC, citing that the exchange “poses a threat” to the safety of Filipino investors. Binance has failed to acquire authorization from the SEC to solicit investments from the public or to establish a platform for trading securities, as stated in the release.

Upon receiving the letter-request, the NTC immediately issued a memorandum for internet service providers (ISPs) to block user access to Binance’s website.

Globe Telecom, a premier telecommunications company in the Philippines, has started taking steps to prevent access to Binance’s website and its associated webpages. This was confirmed by Anton Reynaldo M. Bonifacio, Chief Information Security Officer of Globe.

“Globe will comply with the NTC order to block access to the domain. However, ads inside social media are not within our control, and blocking of those will have to be done by the social media platforms,” Bonifacio said in a message to BusinessWorld.com.

Meanwhile, PLDT, a leading telecommunications and digital service provider in the country, has already imposed access restrictions to the crypto platform.

“Since this morning, PLDT Group has complied with the NTC memorandum, blocking access to Binance in the Philippines,” PLDT said in a statement to BusinessWorld.com.

In an informative thread on X (formerly Twitter), Luis Buenaventura, Head of Crypto at GCash, shared a number of ways to transfer cryptocurrencies from Binance post-ban. Those looking to access Binance can use the app 1.1.1.1 to bypass local networks temporarily.

This development comes as no surprise to those who have been following the matter. Last November, the SEC advised the public to avoid using the cryptocurrency exchange and began looking into the possibility of blocking the platform in the country to protect individuals from unlicensed investment products.

The post Philippines’ Telco Companies Block Binance Access on NTC Orders first appeared on The Shib Daily.

Shiba Inu-Themed Restaurant Welly Partners with Edge Of Company

Malaya Ruiz — Sat, 23 Mar 2024 07:56:35 +0000

Edge of Company has announced its partnership with projects and companies pioneering Web3, decentralized AI, and entertainment, among others. One of these partners is Welly, a Shiba Inu-themed fast-food restaurant based in Naples, Italy.

In a recent tweet, Welly team member @coccoverse shared the announcement on X.

https://t.co/xPwp6VmHcw

Hey guyzzzz @wellyfriends is official partner of @EdgeofNFT @NFTLAlive

Should I fly to LA?
— 𝑐𝑜𝑐𝑐𝑜 (@coccoverse) March 20, 2024

Edge of Co. is a provider of tech, media, events, and advisory services to up-and-coming Web3, AI, and culture-focused businesses.

The Daily Shib spoke to Cocco about this recent development. “In early March, part of our team flew to Denver for networking opportunities. During meetings, they connected with Richard Carthon and Josh Kriger, founders of Edge of Co./Edge of NFT, who showed interest in supporting our upcoming character refresh,” he told us.

When asked about what the team is looking forward to in this new partnership, he said, “We’re excited about partnering with Edge of NFT, who’s doing incredible work and providing us with the opportunity to shine in Los Angeles. After getting a taste of Welly, Los Angeles will be drooling and dying for a bite of our burgers. Wen Welly in LA?”

Edge of NFT and Edge of AI, which are owned by Edge of Co., are dedicated to empowering and supporting NFT and AI projects and communities through podcasts and in-person events, with the overarching goal of exploring the future of Web3 and automation. It is also the producer of Outer Edge LA, Outer Edge Hackathon, Outer Edge Riyadh, and other tech initiatives within its transmedia ecosystem.

Welly is an official brick-and-mortar partner of SHIB. It has successfully rebranded and reopened late last year, making the Shiba Inu its mascot and adapting its menu and marketing strategy to the partnership.

The fast-food chain is innovating new technology that uses blockchain to record its product supply chain. They shared in January that they have created a bot on Shibarium to track orders and daily sales.

The post Shiba Inu-Themed Restaurant Welly Partners with Edge Of Company first appeared on The Shib Daily.

Badideas.ai to Debut a Weekly YouTube Series, Partners with OracleAI

Malaya Ruiz — Wed, 20 Mar 2024 09:06:51 +0000

Badideas.ai, the news platform powered by Bad Idea AI, will launch a weekly YouTube series to provide regular updates on the latest news within the Bad Idea AI ecosystem.

The YouTube show will offer a platform to discuss the project’s most recent developments, with a focus on discussing topics like artificial intelligence (AI), decentralized autonomous organizations (DAOs), governance, and security in crypto. It will be hosted by a prominent influencer, who is yet to be named, and will give Bad Idea AI’s partner projects a chance to introduce their work to its community through a dedicated segment.

Badideas.ai also teamed up with OracleAI, an AI-powered app that helps investors predict market trends and outperform KOL recommendations. They are at the forefront of implementing Bad Idea AI’s ad-free mode.

In a recent tweet, Bad Idea AI introduced OracleAI as its “latest community news partner,” marking a pivotal step forward for its news channel. It highlights the platform’s dedication to delivering comprehensive news coverage and positive community involvement that will benefit users of the Bad Idea Chatbot S.A.R.A.H., known as the “heart and face” of the project.

The inception of the chatbot began with the team’s vision of synergizing the creative journey of BadIdea.ai and the amalgamation of human perception and artificial intelligence. With over 200,000 users, the chatbot system demonstrates a steady rise in social interaction and brand loyalty.

“@OracleAI_ERC Steps into the Spotlight as the Latest Community News Partner for @BadideasAI .”

https://t.co/ugf4rZI7EM
— Bad Idea AI (@badideaai) March 17, 2024

A Badideas.ai spokesperson confirmed that the OracleAI team, known for their vast experience, has zeroed in on a notable market gap and is in the process of developing a solution with great potential.

Earlier this year, the Bad Idea AI team announced through several news sites that it had partnered with a publishing CEO to merge AI technology and crypto journalism.

Mr. Lightspeed, the spokesperson for Bad Idea AI, explained that this integration enables a new approach to news production by combining their AI framework with the community’s capabilities and resources, resulting in content that stays up-to-date with the crypto space.

The post Badideas.ai to Debut a Weekly YouTube Series, Partners with OracleAI first appeared on The Shib Daily.

SCAM ALERT: List of Suspicious Links to Avoid; Shib Army Advised Caution

Malaya Ruiz — Thu, 14 Mar 2024 17:20:10 +0000

The Shib team is warning the Shib Army about suspicious links that could be potential scams. In an effort to protect users from falling victim to fraudulent activities, this list has been sourced from a report shared internally with The Daily Shib.

Suspicious URLs:

https://getShiba.org
https://spapecoin.com
https://shib.top
https://t.me/OfficialShibaAirdropBot

Email:

In addition to the above, you are advised to be careful with emails from this ID: [email protected]

Shib Army and users are advised to exercise caution when dealing with unfamiliar emails or websites, especially those asking for personal or financial information. Verify their authenticity by reaching out to the team directly (see link below). Avoid clicking on suspicious links or downloading attachments from such emails. Report any concerning emails or websites for investigation.

Stay informed on Shiba Inu news and future alerts and warnings by joining the official channels and social media pages at https://linktr.ee/officialshibtoken.

The post SCAM ALERT: List of Suspicious Links to Avoid; Shib Army Advised Caution first appeared on The Shib Daily.

Binance Faces Pressure from Nigeria to Provide Data on Top 100 Users

Malaya Ruiz — Thu, 14 Mar 2024 14:15:42 +0000

Nigeria is demanding that Binance hand over data on its top 100 users and all transaction records from the last six months as the dispute between the exchange and the country’s authorities escalates. Two senior Binance executives are still detained in Nigeria.

The Nigerian authorities are not only requesting user data from Binance, but also asking the company to settle its pending tax obligations. This has prompted debates within the country.

One individual said on Binance Square, a community platform where users can interact with each other and share information, that revealing any data would signify a breach of contract by Binance toward its users, as the exchange has agreed to keep users’ information private when they signed up on the platform.

Another user questioned why the Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, went to Nigeria, considering there are more than 500 exchanges already operating in the country. The user insinuated there may be an undisclosed reason for their travel. They further suggested the executives should refrain from engaging with the Nigerian officials and maintain silence.

Reports have revealed, however, that they made a visit to hold discussions on the Nigerian government’s prohibition of cryptocurrency trading websites.

Last month, Binance removed NGN from its P2P market. This came after the federal government turned their focus to the use of crypto platforms for trading and setting the value of the naira. The currency’s rapid devaluation in the past year has played a role in driving inflation up to almost 30% in the country.

The clash between the Nigerian government and Binance underscores the exchange’s continued regulatory challenges regarding its potential involvement in illegal financial transactions. Despite efforts to improve compliance measures under new leadership, the outcome in Nigeria could impact how other countries in West Africa approach crypto trading regulations.

The post Binance Faces Pressure from Nigeria to Provide Data on Top 100 Users first appeared on The Shib Daily.