Saha Swatilakha – The Shib Daily

CertiK Goes Public About Kraken Bug Exploit Resulting in $3 Million Loss, Faces Scrutiny and Backlash

Saha Swatilakha — Thu, 20 Jun 2024 15:41:11 +0000

In a stunning revelation, blockchain security firm CertiK has admitted to identifying vulnerabilities in Kraken’s exchange, leading to the unauthorized withdrawal of $3 million worth of digital assets. This admission, disclosed in a June 19 thread on X, has ignited controversy and raised questions about the ethical boundaries of security research in the blockchain industry. Nick Percoco, Kraken’s chief security officer has since informed, “We can now confirm the funds have been returned (minus a small amount lost to fees).”

CertiK recently identified a series of critical vulnerabilities in @krakenfx exchange which could potentially lead to hundreds of millions of dollars in losses.

Starting from a finding in @krakenfx's deposit system where it may fail to differentiate between different internal… pic.twitter.com/JZkMXj2ZCD
— CertiK (@CertiK) June 19, 2024

CertiK, headquartered in New York, stated that the bug was first identified on June 5 and was related to Kraken’s deposit system, which failed to distinguish between different internal transfer statuses. This flaw allowed fabricated deposits to be credited and subsequently withdrawn without triggering any alerts. The firm’s testing reportedly revealed that Kraken’s in-depth defense system was compromised on multiple fronts.

“A huge amount of fabricated crypto (worth more than $1M USD) can be withdrawn from the account and converted into valid cryptos. Worse yet, no alerts were triggered during the multi-day testing period. Kraken only responded and locked the test accounts days after we officially reported the incident,” CertiK noted in their statement.

Upon discovering the flaw, CertiK claimed to have informed Kraken, whose security team classified the issue as “critical.” However, the situation escalated when Kraken allegedly threatened CertiK employees, demanding repayment of the withdrawn funds without providing repayment addresses. CertiK urged Kraken to “cease any threats against whitehat hackers” and emphasized its commitment to transparency within the Web3 community.

This incident has sparked significant backlash within the blockchain community, with several experts and industry leaders criticizing CertiK’s actions. Meir Dolev, Cyvers’ CTO, highlighted discrepancies in CertiK’s timeline, noting that suspicious activity associated with CertiK’s addresses began weeks before the Kraken incident was reported.

Furthermore, Coinbase Director Conor Grogan pointed out that addresses linked to CertiK sent part of the withdrawn funds to Tornado Cash, a mixing service sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for its role in facilitating crypto laundering. Reports also indicate that CertiK-associated addresses moved funds through ChangeNOW, a non-custodial crypto exchange.

Critics argue that CertiK’s extensive testing and subsequent actions went beyond the scope of ethical hacking. Uttam, a developer at Flare, summarized the controversy, stating, “Certik found a critical bug in Kraken – Waited 5 days to disclose the vulnerability – There was no reason to run so many test txs but they did & withdraw 3M – Usually, one or two PoCs are enough. – So basically stole $3m for ‘testing purposes’ – In Certik’s defense they were trying to test Kraken’s in-depth defense system which failed to detect so many test transactions. – After 5 DAYS they disclosed the vulnerability without disclosing how much they had already taken.”

Adding to the skepticism, some have drawn parallels between CertiK’s behavior and the tactics of notorious hacking groups. Adam Cochran, founder of venture capital firm Cinneamhain Ventures, noted that CertiK’s actions, including using Tornado Cash and ChangeNOW, resemble patterns seen in hacks by the Lazarus Group, a North Korean cybercrime organization. He had doubts about the integrity of CertiK’s security research team and wondered if they had been compromised.

A user following the story closely, who goes by the X handle @tayvano_, pointed out the gravity of CertiK’s actions, stating, “Multiple Certik employees intentionally and knowingly exploited a vulnerability in Kraken’s systems to withdraw over $3 million dollars over the course of 5 days. You should be hiding in shame and thanking Kraken for not pursuing you criminally and civilly.”

As both Kraken and CertiK navigate the fallout, the broader crypto community is left grappling with the implications for trust and security in the blockchain space.

The Shib Daily has reached out to Kraken and CertiK for comments, but has not received a response yet.

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Kraken Faces $3 Million Security Breach by Rogue Researchers Exploiting Exchange Bug

Saha Swatilakha — Wed, 19 Jun 2024 17:33:14 +0000

In a startling incident, the prominent cryptocurrency exchange Kraken has disclosed a $3 million loss resulting from an exploited bug in its funding system. The breach, reported by Kraken’s Chief Security Officer Nick Percoco, highlights significant challenges in balancing security and ethical hacking within the crypto ecosystem.

On June 9, Kraken received an alert from a self-proclaimed security researcher about a critical bug in the exchange’s funding system. According to Percoco, the flaw originated from a recent UX change, allowing client accounts to be credited before their assets were fully cleared. This oversight enabled users to trade crypto markets in real time without actual funds being present.

Percoco detailed the incident in a series of posts on X, stating, “This UX change was not thoroughly tested against this specific attack vector.” He further explained that within an hour and 47 minutes, Kraken’s team identified and mitigated the issue. However, the damage had already been done. Three accounts had exploited the bug within a few days, collectively withdrawing nearly $3 million from Kraken’s treasuries.

One of these accounts was linked to an individual who had completed Kraken’s KYC verification process, identifying themselves as a security researcher. This individual initially tested the bug with a $4 transaction, which would have been sufficient to prove the flaw and secure a reward through Kraken’s bug bounty program. Instead, they shared the information with two associates, leading to the fraudulent withdrawal of $3 million.

The researchers then demanded a reward for identifying the bug, refusing to return the stolen funds unless Kraken provided an estimated value of the potential damage the bug could have caused. Percoco criticized this approach, stating, “This is not white-hat hacking, it is extortion!”

Kraken’s response to the incident has been firm and transparent. Percoco emphasized the importance of ethical behavior in the cybersecurity community, saying, “As a security researcher, your license to ‘hack’ a company is enabled by following the simple rules of the bug bounty program you are participating in. Ignoring those rules and extorting the company revokes your ‘license to hack’.”

Kraken has been running a bug bounty program for nearly a decade, rewarding security researchers for identifying and reporting vulnerabilities. The program operates under strict guidelines: do not exploit more than necessary to prove the vulnerability, provide a proof of concept, and return any extracted funds immediately. Percoco noted that Kraken had never faced such an issue with legitimate researchers in the past.

In light of this incident, Kraken is coordinating with law enforcement agencies and treating the case as a criminal matter. The exchange has decided not to disclose the identities of the rogue researchers, asserting that they do not deserve recognition for their actions.

While no client assets were at risk during this incident, the breach underscores the importance of rigorous testing and ethical conduct in cybersecurity. Kraken’s bug bounty program remains a crucial component of its security strategy, and the exchange continues to encourage good-faith actors to participate.

“We’re thankful this issue was reported, but that’s where that thought ends,” Percoco concluded. “Our Bug Bounty program continues to be a vital shield in Kraken’s mission and a key part of our efforts to enhance the overall security of the crypto ecosystem.”

The Shib Daily has reached out to Kraken for comments, but has not received a response yet.

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MetaMask Enhances Privacy Controls: A New Era of User Empowerment

Saha Swatilakha — Tue, 18 Jun 2024 16:23:07 +0000

In a significant move toward enhancing user privacy and control, Consensys, the company behind MetaMask, the popular cryptocurrency wallet, has revamped its privacy policy. This update aims to offer greater transparency and robust security measures, reaffirming the company’s commitment to safeguarding user data in the rapidly evolving Web3 space.

Consensys’ updated privacy policy introduces several key changes designed to empower users with more control over their data. One notable update is the increased transparency in processing internet protocol (IP) addresses. “We may temporarily process your IP address only where required for some of our services to provide the best possible experience for MetaMask users,” the notice read. This is particularly important for preventing distributed denial-of-service (DDoS) attacks and ensuring that user security is not compromised.

Additionally, the privacy notice now extends to a broader range of services, including MetaMask Institutional, MetaMask Developer, Linea, Teku, Besu, and Phosphor. This expanded scope underscores the blockchain software company’s holistic approach to privacy across its ecosystem.

MetaMask users now have more granular control over their wallet settings, allowing them to tailor their experience to their privacy preferences. From the moment they onboard, users can configure advanced settings and toggle features based on their individual needs.

“We have continued to expand the range of features where we provide granular choice through advanced settings that users can access and configure from the moment they onboard, and at any point thereafter,” Consensys elaborated. These features include the ability to disable or enable security alerts, auto-detection of tokens and NFTs, and improved remote procedure call (RPC) configuration.

In response to user demand for increased privacy, MetaMask has introduced new opt-out functionalities. Users can now limit the collection of their device and usage information, with recommendations to use virtual private networks (VPNs) for enhanced privacy.

A source familiar with the matter at Consensys discussed with Cointelegraph the protocol for handling IP addresses in the event of a data breach, stating, “In the event of a data breach, IP addresses will be handled in the same way as any other category of personal data: our Security team will act to contain the incident immediately, and we will comply with any notification obligations related to the incident.”

The updated privacy notice includes a transparent summary of Consensys’ data handling practices, reassuring users that MetaMask does not collect private keys, sell personal information, or collect financial payment or banking information. The company only collects personal data necessary to provide and improve its services.

MetaMask’s commitment to user consent and data control is reflected in a statement on its website: “MetaMask is deeply committed to user consent and choice when handling personal information.”

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Stablecoins: A Digital Solution to US Debt and Economic Stability

Saha Swatilakha — Mon, 17 Jun 2024 18:45:06 +0000

The U.S. economy faces significant challenges due to its large national debt and the growing influence of China in the global financial system. However, stablecoins backed by the U.S. dollar may offer a solution. These digital currencies create a demand for U.S. government debt, helping the country sustain its borrowing needs.

According to a Wall Street Journal article, the U.S. is on a perilous path toward a debt crisis that could stall the economy and force drastic budget cuts. Entitlement programs like healthcare and retirement benefits are driving the debt, yet political gridlock has prevented necessary reforms. WSJ warns of a potential failed Treasury auction, which could precipitate a severe economic contraction and a major confidence shock in the dollar.

The time for solutions is now, and stablecoins might offer a viable path forward. Paolo Ardoino, CEO of Tether, emphasized in a social media post on X the transformative impact of USDT on global financial dynamics, especially in developing economies. Ardoino highlighted that USDT fosters demand for the U.S. dollar among over 300 million users worldwide, offering stability in regions afflicted by inflation and currency devaluation. The Wall Street Journal supports this view, noting that stablecoins could stave off a U.S. debt crisis by being significant net purchasers of U.S. government debt.

USDT’s influence extends beyond financial stability. With significant holdings in short-term U.S. Treasury bills valued at $90.87 billion last quarter, Tether is among the top global buyers of these securities. This positions Tether as a substantial player in traditional financial spaces, further integrating cryptocurrency into mainstream economics.

Stablecoins also offer strategic advantages in the geopolitical arena, particularly against China. China has been pushing for non-dollar payments in trade with countries like Russia and the Middle East. The Chinese yuan recently became the fourth most used currency in global settlements. The demand for the yuan is expected to grow, especially after the collapse of the U.S.-Saudi Arabia petrodollar deal, coupled with China’s rapid advancement in digital currency.

“If other countries are successful at bolstering their currencies’ influence while dumping Treasury debt, the U.S. will need to find new ways to make the dollar more attractive. Dollar-backed stablecoins are one answer,” argues WSJ.

China is making rapid strides, aiming to embed the yuan in international financial networks through strategic infrastructure investments. If the U.S. aims to get ahead of this digital financial race, promoting dollar-backed stablecoins is a way to reinforce the dollar’s international dominance and secure a competitive edge against China. These stablecoins, built on public, permissionless blockchains, align with American values of freedom and openness, offering a stark contrast to China’s controlled financial ecosystem. As the U.S. navigates its economic challenges, embracing stablecoins could prove to be a crucial step in maintaining financial stability and global economic leadership.

A predictable regulatory framework for stablecoins has garnered bipartisan support in Congress. Establishing clear regulations would encourage the expansion of digital dollars, providing an immediate and durable increase in demand for U.S. debt. In this crypto election year filled with political turmoil, a push for stablecoin regulation could offer a much-needed economic boost and reaffirm the dollar’s global status.

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ASX Approves Its First Spot Bitcoin ETF: A Milestone for Australian Crypto Investors

Saha Swatilakha — Mon, 17 Jun 2024 11:00:33 +0000

Australia’s largest stock exchange, the Australian Securities Exchange (ASX), has taken a leap by approving its first spot Bitcoin ETF. The approval paves the way for the VanEck Bitcoin ETF (VBTC) to commence trading on Thursday, marking a pivotal moment for Australian investors seeking regulated Bitcoin exposure.

The approval follows VanEck’s recent success in the United States, where the firm was authorized to launch the VanEck Bitcoin Trust (HODL) earlier this year. VanEck’s decision to bring a Bitcoin ETF to the ASX is in response to the growing demand for cryptocurrency investments in Australia, which has been mirrored globally.

Arian Neiron, VanEck’s CEO and managing director for the Asia-Pacific region, emphasized the increasing interest in Bitcoin among Australian investors. “We are pleased to bring Bitcoin to the Australian market as a regulated financial product on the nation’s primary capital market destination, the ASX,” Neiron said in a statement on the fund manager’s website. He pointed out that despite the polarizing nature of crypto investing, Bitcoin is emerging as a sought-after asset class. “VBTC makes Bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing, and securing digital assets is no longer necessary.”

Although this is the first time a spot Bitcoin ETF has been approved by the ASX, there have been two other instances when Bitcoin ETFs have launched in Australia over the past two years. The first Bitcoin ETF in the country was listed two years ago by CBOE Australia, the nation’s second-largest stock exchange.

Global X 21 Shares Bitcoin ETF (EBTC) was the pioneer, followed by the Monochrome Bitcoin ETF (IBTC), which started trading on CBOE Australia on June 4. Since its launch, the Monochrome Bitcoin ETF has accumulated 46 BTC, demonstrating a growing interest in such investment vehicles.

Australia's new #Bitcoin ETF (IBTC) has accumulated 46 BTC since launch pic.twitter.com/ywdSwdLH4c
— Julian Fahrer (@julianfahrer) June 14, 2024

VanEck’s history of pioneering investment opportunities aligns with this new venture. CEO Neiron drew parallels to the firm’s historic launch of the first gold equity fund in 1968, highlighting the its foresight in identifying valuable investment opportunities.

“Being responsive to new opportunities has always been a guiding principle for VanEck,” Neiron said. This new offering not only provides Australian investors with a regulated avenue to invest in Bitcoin but also signifies a broader acceptance and integration of digital assets within traditional financial system.

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Love and Crypto: How Not to Lose Your Heart and Your Wallet

Saha Swatilakha — Sat, 15 Jun 2024 14:53:17 +0000

Love in the digital age is exhilarating. Swipe right, click like, and suddenly, you’re sharing memes and midnight confessions with someone who seems like your soulmate. But what happens when your online love interest wants to teach you the secrets of cryptocurrency investment? Spoiler alert: it might be less about your financial growth and more about their financial gain.

Swipe Right on Love, Swipe Left on Scams

Imagine this: you’ve met someone incredible online. They’re charming, they’re attentive, and they share your obscure love for 90s rom-coms. Then, one day, they bring up an amazing investment opportunity in cryptocurrency. They promise big profits, minimal risk, and even offer to teach you the ropes. Sounds perfect, right? Not so fast, lovebird.

Red Flags Wrapped in Love Letters

Here’s the thing: scammers are the Casanovas of the online world. They know exactly what to say and how to say it to build trust. Before you know it, you’re not just sharing your favorite songs but also discussing your financial future. Let’s decode some classic scammer lines:

“I’ve made so much money with this; you can too!” No one can guarantee profits. If they could, they’d be sipping margaritas on a private island, not chatting with you online.

“There’s no risk involved!” Every investment has its risks. If there were a no-risk, high-reward investment, we’d all be in on it.

“I’ll teach you how to invest!” More like they’ll teach you how to lose your money. These so-called lessons are just a ruse to lure you into their scam.

“Send the money through [insert suspicious method]” If they’re directing you to use gift cards, payment apps, or cryptocurrency, it’s a major red flag. Legitimate investments don’t involve sketchy payment methods.

How to Keep Your Heart and Wallet Safe

Do Your Homework: Before you get swept up in promises of crypto riches, research the investment thoroughly. Scammers count on you not digging deeper.

Trust Your Gut: If something feels off, it probably is. Love can make us overlook red flags, but your intuition is your best defense.

Slow Down: Scammers want your money quickly. Take your time with any investment decision, and don’t let anyone rush you.

Verify Their Identity: Scammers often create elaborate fake profiles. Use reverse image searches and other tools to check if they are who they say they are.

Report Suspicious Activity: If you suspect someone is a scammer, cut off contact immediately. Report them to the social media platform and the FTC at ReportFraud.ftc.gov.

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Ethereum Sees Massive Holder Accumulation Amid ETF Speculation

Saha Swatilakha — Fri, 14 Jun 2024 14:30:45 +0000

Ethereum has experienced a notable surge in demand from long-term holders. On June 12, Ethereum recorded its second-largest buying day ever, with permanent holders accumulating a staggering 298,000 ETH, valued at over $1 billion. This unprecedented activity marks a pivotal moment for the cryptocurrency industry, as it navigates through fluctuating market dynamics and looming regulatory changes.

Julio Moreno, Head of Research at CryptoQuant, shared these insights on X (formerly Twitter), highlighting that this surge in accumulation is second only to the record set on September 11, 2023, when 317,000 ETH, worth approximately $1.1 billion, was purchased by long-term holders. This renewed interest in Ethereum comes at a time when its price dipped below $3,500, presenting a strategic buying opportunity for investors.

Ethereum demand has spiked.

Buying by permanent holders was the second highest on record yesterday: 298K ETH.

The record daily buying was last September 11: 317K ETH. pic.twitter.com/0qMVpNU8ht
— Julio Moreno (@jjcmoreno) June 13, 2024

The significant buying activity has fueled speculation about the impending launch of Ethereum ETFs. During a Senate Banking Committee hearing on June 13, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler indicated that final approvals for listing and trading shares of Ethereum ETFs could be granted within the next three months. This follows the SEC’s recent regulatory approval of 19b-4 applications from eight ETF issuers on May 23, a crucial step towards the potential launch of these financial products.

The anticipation surrounding Ethereum ETFs has been building since the SEC showed signs of regulatory approval. However, trading can only commence once the S-1 forms from ETF issuers receive the green light. As of June 11, issuers are still awaiting feedback from the SEC regarding their S-1 applications submitted on May 31. Sources suggest that comments from the regulator were expected by June 7 but have yet to materialize, leaving the market in suspense.

This surge in demand and the potential for Ethereum ETFs reflect growing confidence in Ethereum’s future prospects. With the SEC’s decision anticipated by September, the cryptocurrency community is closely watching for developments that could significantly impact Ethereum’s market dynamics and broader acceptance.

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Terra LUNA’s Legacy: Terraform Labs Dissolves, Hands Blockchain Reins to Community

Saha Swatilakha — Fri, 14 Jun 2024 12:03:49 +0000

In a pivotal move signaling the end of an era, Terraform Labs, the developer behind the Terra (LUNA) blockchain, has announced its intention to dissolve its operations. This decision comes on the heels of a staggering $4.47 billion settlement with the SEC, a consequence of the dramatic collapse of the UST algorithmic stablecoin in 2022.

Chris Amani, CEO of Terraform Labs, revealed the company’s plans to transition control to the community, effectively decentralizing the management of the Terra and Terra Classic blockchains. “TFL always intended to dissolve at some point, and that point is now,” Amani posted on X. “We will be winding down operations completely.”

Terraform’s dissolution follows a tumultuous period marked by significant legal and financial challenges. The U.S. Securities and Exchange Commission (SEC) charged Terraform Labs and its co-founder, Do Kwon, in February 2023, accusing them of defrauding investors and selling unregistered securities. The collapse of Terra’s stablecoin, UST, led to severe financial losses for investors and a subsequent legal battle that culminated in one of the largest settlements between a cryptocurrency company and a U.S. regulatory body.

As part of the settlement, Terraform Labs agreed to pay $3.58 billion in disgorgement and a $420 million civil penalty. Additionally, Do Kwon is required to contribute approximately $204 million to a bankruptcy estate for Terraform, aimed at compensating the defrauded investors. The settlement also bars Kwon from serving as an officer or director of any public company. The Terra blockchain tokens have also faced significant devaluation, with LUNA 2.0, the successor to LUNA, dropping in value by 97%.

In a groundbreaking shift, Amani proposed that the community take over the ownership and governance of the Terra ecosystem. “The community will need to take over ownership of the chain,” Amani stated, suggesting a new model for blockchain projects post-crisis. He indicated that there are already interested teams and developers ready to step up, with further details expected to emerge on community forums soon.

In preparation for its dissolution, Terraform Labs plans to sell its projects within the Terra ecosystem, including Pulsar Finance, Station Wallet, and Enterprise Protocol. This move aims to streamline the transition and ensure that the ecosystem remains active and functional under community control. “I believe there are a couple of teams and devs who want to do this, and you should be seeing information in the forums soon,” Amani said in the X post.

Terraform Labs’ decision to dissolve marks a significant chapter in the ongoing evolution of blockchain governance. By handing over the reins to the community, Terraform is pioneering a new path for decentralized management of blockchain projects. As the community prepares to take on this challenge, the success of this transition could serve as a critical case study for the future of decentralized finance and governance.

Disclaimer: Saha Swatilakha has positions in SHIB, BTC, ETH, LTC, BCH, USDT, MATIC, DOGE, SOL, TRX, XRP, BNB, etc. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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MicroStrategy’s Bitcoin Buying Spree Continues: Will It Ever Stop?

Saha Swatilakha — Thu, 13 Jun 2024 17:30:48 +0000

MicroStrategy has announced plans on Thursday to raise $500 million to purchase more Bitcoin (BTC). This move is part of the company’s strategy to accumulate more of the cryptocurrency, which has seen significant volatility in recent times. After two smaller acquisitions in March and April, the company currently holds 214,400 BTC, valued at approximately $14.5 billion at current market prices, with an average purchase price of $35,158 per Bitcoin .

The latest announcement comes as a surprise to many, given the current market conditions. However, MicroStrategy’s CEO Michael Saylor is known for his bullish stance on Bitcoin. The company, along with other institutional investors like BlackRock and VanEck, has consistently bought the dips in the market, leaving other investors at bay. This strategy has been successful so far, with MicroStrategy’s Bitcoin holdings increasing to over 1% of the total BTC supply over time.

The company’s plans to raise $500 million through a private offering of convertible senior notes will be used to purchase additional Bitcoin, as well as for general corporate purposes. The notes will mature in 2032 and will bear interest payable semi-annually. Holders of the notes will have the right to require MicroStrategy to repurchase all or any portion of their notes for cash on June 15, 2029, or convert them into MicroStrategy shares at a rate of 2.5126 shares per $1,000 principal amount, reflecting a conversion price of $397.99 per share. MicroStrategy will settle these conversions entirely in shares of its class A common stock.

MicroStrategy previously proposed a $600 million convertible note offering in March, following a surge in its share price, subsequently purchasing an additional 9,245 BTC that month for $623 million in cash. MicroStrategy’s Bitcoin buying spree has been a significant factor in the company’s financial performance. The company’s Bitcoin holdings have appreciated significantly in value, with an unrealized profit of $7 billion as of the current market price.

Disruptvestor, an analyst and investor explained on X how MicroStrategy (MTSR) is very different from a BTC exchange-traded fund (ETF). “Saylor can use equity, debt, operating cash flow or convertible notes to keep buying Bitcoin and nothing will stop him as long as he services his debts.”

He further stated how essentially, MSTR is Bitcoin on steroids. When Saylor buys BTC, its value in fiat terms increases, making MSTR more valuable. This increased value allows Saylor to raise more fiat to buy even more BTC, perpetuating the cycle. In contrast, an ETF simply tracks the price of BTC and does not engage in this cyclical investment strategy.

The company’s strategy of buying the dips and holding onto its Bitcoin holdings has been successful so far, and it is likely to continue in the future. As the cryptocurrency market continues to evolve, it will be interesting to see how MicroStrategy and other institutional investors adapt to the changing conditions.

Disclaimer: Saha Swatilakha has positions in SHIB, BTC, ETH, LTC, BCH, USDT, MATIC, DOGE, SOL, TRX, XRP, BNB, etc. This article is provided for informational purposes only and should not be construed as financial advice.

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100 Billion Liquidated in Major Crypto Market Selloff Amid Macroeconomic Concerns

Saha Swatilakha — Wed, 12 Jun 2024 18:07:30 +0000

In a swift turn of events, the cryptocurrency market experienced a significant selloff this week, resulting in over $100 billion in asset liquidation. The market’s total capitalization plummeted from $2.55 trillion earlier in the week to $2.43 trillion today. This sharp decline was primarily triggered by Bitcoin losing its upward momentum, inciting panic selling among investors bracing for a heavy macroeconomic week ahead.

Bitcoin’s price dropped by 4% over the past 24 hours, sinking from a 24-hour high of $70,195 to a low of $67,325, reflecting low buying interest in both spot and derivatives markets. As of the time of writing, Bitcoin has shown some recovery, trading at $69,490 according to CoinMarketCap.

Ethereum, the second-largest cryptocurrency by market cap, mirrored Bitcoin’s trajectory with a 4% drop in the past 24 hours. It is currently trading at $3,617. The broader crypto market, including other altcoins, also experienced significant declines in response to the leading cryptocurrencies’ slump.

The cryptocurrency market’s volatility is largely attributed to traders’ anticipation of several critical economic decisions. Investors are anxiously awaiting the Consumer Price Index (CPI) inflation data, as well as rate hike decisions from both the U.S. Federal Reserve (FED) and the Bank of Japan (BOJ) this week. The apprehension surrounding these announcements has led to a widespread selloff in the crypto market, with options and futures traders offloading assets to drive prices lower.

The recent market turmoil resulted in the liquidation of over $170 billion in market value from top cryptocurrencies. More than 66,000 traders were liquidated in the last 24 hours alone. Long positions worth nearly $145 million and short positions totaling $25 million were wiped out, with Bitcoin and Ethereum alone accounting for over $80 million in liquidations. This widespread liquidation has caused substantial market bleeding but also presented a potential buy-the-dip opportunity for some investors.

Further compounding the market’s woes, data from Farside revealed that Bitcoin ETFs experienced a significant outflow of $64.9 million on Monday. This marked the first outflow since early May, ending a streak of continuous inflows. The outflow highlights a growing concern among crypto traders, paralleling the apprehension seen in traditional stock markets, that the Federal Reserve may not ease interest rates this year.

As the Federal Reserve kicked off its two-day policy meeting, investors are on edge, speculating on the central bank’s next move. The decision, expected today, is poised to have far-reaching implications for both the cryptocurrency and traditional financial markets. As traders and investors brace for critical economic decisions, the crypto market remains in a state of flux, showing little recovery, but with potential for further turbulence ahead.

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Zimbabwe Seeks Public Comments on Crypto Regulations Amid Financial Reforms

Saha Swatilakha — Wed, 12 Jun 2024 12:04:30 +0000

Zimbabwe is making a significant move toward embracing the digital asset sector by calling for public comments to shape new cryptocurrency regulations. This initiative, reported by Bloomberg and corroborated by local media, marks a pivotal step in the country’s ongoing efforts to integrate innovative financial solutions into its economy.

The Zimbabwean government is reaching out to both domestic and international cryptocurrency service providers, along with the general public, to gather comprehensive insights. The focus is on developing a regulatory framework that promotes innovation while ensuring security and compliance. A committee has been established to facilitate this dialogue, with a deadline for submissions set for June 26, highlighting the urgency and importance of this endeavor.

This development comes as Zimbabwe continues to grapple with long-standing economic challenges, including hyperinflation and currency instability. Last year, the government introduced a gold-backed virtual token to mitigate financial volatility and inflation.

More recently, in April, Zimbabwe launched the ZiG (Zimbabwe Gold) currency, replacing the beleaguered Zimbabwean dollar. ZiG aims to stabilize the currency system and has already been integrated as the base for inflation calculations, resulting in a reported decrease in consumer prices.

Nick Mangwana, a prominent media personality in Zimbabwe, underscored the significance of this initiative on X. He shared a snapshot of the government’s newspaper announcement and commented, “In line with global trends and best practices, Zimbabwe is embarking on an exercise to assess and understand the cryptocurrency landscape in Zimbabwe.”

The government’s call for public input reflects a broader global trend where nations are exploring the potential benefits of digital currencies while addressing associated risks. By engaging with stakeholders and the general public, Zimbabwe aims to craft policies that are not only effective but also reflective of the needs and concerns of its citizens and market participants.

Zimbabwe’s engagement with the cryptocurrency sector is also seen as a strategic move to re-enter the global financial markets. Since defaulting on its debts in 1999, the country has been largely excluded from international capital markets and is currently working to reorganize its $19.2 billion debt, including $13 billion owed to international creditors.

As part of this regulatory assessment, Zimbabwe is particularly focused on understanding the extent and nature of its cryptocurrency ecosystem. The government is keen to identify and mitigate risks such as money laundering, terrorism financing, and other illicit activities that could be associated with cryptocurrencies. This comprehensive approach aims to foster a secure and robust regulatory environment for digital assets in the country.

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Bitcoin ETFs Now Hold Over $70 Billion in BTC: A Sign of Imminent Supply Crunch

Saha Swatilakha — Mon, 10 Jun 2024 18:32:03 +0000

Bitcoin is seeing unprecedented demand from ETFs, which now hold over $70 billion worth of Bitcoin, amounting to 5% of the total Bitcoin supply. This remarkable accumulation has sparked discussions about a looming supply crunch and the potential long-term implications for Bitcoin’s price and adoption.

On June 9, it was reported that spot Bitcoin ETFs purchased 25,700 BTC in a single week, dwarfing the 2,250 BTC produced by miners. This trend highlights a growing imbalance between Bitcoin’s supply and demand, with ETFs demonstrating substantial interest from traditional investors.

Daniel, a prominent X user, elaborated on the situation for The Shib Daily, emphasizing the significance of the years 2024 and 2025 for Bitcoin. He pointed out that the combination of high ETF demand, Bitcoin halving events, and significant amounts of Bitcoin leaving exchanges could lead to an imminent supply crunch. This scenario could compel more institutions and even nation-states to reconsider their stance on Bitcoin.

He suggested that as institutions and nation-states become more intrigued by Bitcoin, either as a reserve asset or legal tender, this interest would inevitably trickle down to the general public. Those who have never invested in Bitcoin might become curious about its persistent growth, while previous investors could seek a deeper understanding of its value proposition.

This increased curiosity and education about Bitcoin could lead to higher levels of acceptance and demand. People would start recognizing the importance of “hodling” and “stacking sats”, further bolstering Bitcoin’s reputation as a reliable store of value.

Drawing parallels to gold, which experienced an eight-year bull run following the approval of the first gold ETF, he noted that it would be naive to think Bitcoin could fall below the $46,000 mark—the price at which the Bitcoin ETF was approved. The current Bitcoin price of $70,000 might soon seem like a bargain as the anticipated bull run progresses.

In the prolonged bull run, it is more likely this time because more investors are treating Bitcoin as a commodity rather than a speculative asset. This shift in perception encourages holding rather than selling, potentially driving prices higher well beyond 2026.

The surging demand from ETFs also poses challenges for Bitcoin miners. This discrepancy could lead to a restructuring in the mining industry. Smaller, private miners might struggle to cover their operational costs post-halving and could be forced to join mining pools to stay profitable. This shift could lead to increased centralization in mining pools, although committed miners can switch pools to maintain decentralization. Industrial-scale miners could face financial strain, especially if investors prefer Bitcoin itself over mining stocks. The only way miners can sustain current operations is if Bitcoin’s price doubles, compensating for the reduced block rewards post-halving.

Despite short-term financial challenges for miners, the long-term outlook appears positive. The popularity of Bitcoin and ETFs is expected to attract more mining operations, enhancing competition and network security. A more secure, tamper-proof network would benefit the entire Bitcoin ecosystem.

This way, the supply crunch might occur sooner than we anticipate. As ETFs and institutional investors continue to accumulate significant amounts of Bitcoin, the available supply for retail investors and other market participants diminishes. This reduced availability can create upward pressure on prices, as the increased demand is met with a finite and shrinking supply of Bitcoin on exchanges.

Moreover, the psychological impact of a supply crunch cannot be understated. As more investors and institutions realize the scarcity of Bitcoin, the FOMO (fear of missing out) can drive even more aggressive buying behavior. This could lead to a feedback loop where rising prices attract more investors, further reducing the available supply and pushing prices higher. The combination of limited new supply from mining and large-scale accumulation by ETFs and institutional investors sets the stage for a significant and sustained increase in Bitcoin’s market value.

The current dynamics between ETF demand, Bitcoin supply, and mining economics suggest that Bitcoin is on the cusp of significant developments. The coming years could be decisive for Bitcoin’s adoption and integration into mainstream finance. For investors, institutions, and nation-states, the choice is clear: participate in the evolving Bitcoin economy or risk being left behind. As Bitcoin continues to prove its resilience, the future promises an exciting ride for all stakeholders.

The post Bitcoin ETFs Now Hold Over $70 Billion in BTC: A Sign of Imminent Supply Crunch first appeared on The Shib Daily.

Atomic Wallet Announces BONE Integration for 5 Million Users

Saha Swatilakha — Mon, 10 Jun 2024 18:09:58 +0000

In a major development for the Shib ecosystem, Atomic Wallet has announced the integration of BONE, the governance token of ShibaSwap, into its platform. This move enables over 5 million users to seamlessly buy and swap BONE directly through their Shibarium wallets on Atomic Wallet.

Woof #SHIBArmy! $BONE is available on @AtomicWallet for 5M+ users!@ShibariumNet is @Shibtoken’s Layer 2 blockchain built for scalability, faster & cheaper transactions, and expanded development. pic.twitter.com/oPEbzYlO0B
— Atomic – Crypto Wallet (@AtomicWallet) June 10, 2024

Atomic Wallet, initially integrated the Shibarium chain in November 2023. With this integration, users can now manage all native tokens, including $BONE, $SHIB, and $LEASH, all within a single platform. This development underscores Atomic Wallet’s commitment to supporting diverse crypto assets and enhancing user experience.

BONE, with a total supply of 250,000,000, serves as the governance token for ShibaSwap, the decentralized exchange (DEX) of the Shib ecosystem. It plays a crucial role in Shiba Inu’s proprietary layer 2 network, Shibarium, where BONE functions as the gas token. This strategic utility ensures that transactions within the Shibarium network are not only faster but also significantly more cost-effective compared to the Ethereum blockchain.

Shibarium, the backbone of the Shib ecosystem, empowers users to engage with decentralized apps (dApps) on a network designed to deliver superior performance and efficiency. By leveraging BONE as the gas token, Shibarium facilitates a vibrant and scalable platform for developers and users alike.

In their announcement, Atomic Wallet highlighted the benefits of this integration for their user base, emphasizing the enhanced utility and seamless experience for Shiba Inu token holders, emphasizing that Shibarium is “built for scalability, faster and cheaper transactions, and expanded development.” This collaboration represents a significant milestone, reinforcing the shared vision of innovation and accessibility within the crypto community.

The post Atomic Wallet Announces BONE Integration for 5 Million Users first appeared on The Shib Daily.

🚀 GameStop Playing Games? Roaring Kitty’s Back, and the Meme Stock Mania Is Going Bananas! 🍌

Saha Swatilakha — Sat, 08 Jun 2024 14:41:47 +0000

Hold onto your diamond hands, apes, because the meme stock madness of 2021 is staging a comeback! GameStop, the OG of meme stocks, is once again making headlines, all thanks to the return of its most iconic hype man, Keith “Roaring Kitty” Gill. ‍

After a three-year social media hiatus, Gill resurfaced with a series of cryptic posts that sent the internet into a frenzy. One post featured a meme-tastic image of a man leaning forward, a symbol well-known to gamers that things are about to get serious. Another post revealed a jaw-dropping $116 million bet on GameStop shares.

Gill, the Pied Piper of WallStreetBets, first rose to fame during the legendary 2021 GameStop short squeeze, where a ragtag army of retail investors took on Wall Street giants and emerged victorious. His return has reignited the fervor of that epic battle, and investors are once again ready to go to the moon!

Livestream Mania and Market Mayhem

The excitement reached fever pitch when Gill announced a live stream on his YouTube channel. GameStop shares went absolutely bonkers, with trading halted multiple times due to the high volatility. The internet was on fire, with memes flying faster than a Shiba Inu coin to the moon!

But hold your horses, apes, because the rollercoaster ride didn’t end there. After an initial surge, GME’s value plummeted by a gut-wrenching 40%. It seems the meme stock mania is as volatile as ever, and the only certainty is uncertainty.

What’s Next for GameStop?

The future of GameStop and its passionate community remains shrouded in mystery. Will this be a repeat of the epic 2021 short squeeze? Or will the market forces ultimately prevail? One thing’s for sure: Keith Gill’s return has injected a much-needed dose of chaos and excitement into the stock market. The meme stock mania is back, baby, and it’s not going down without a fight!

Grab your popcorn, buckle up, and get ready for the ride of your life. The game is on, and this is one level you won’t want to miss.

The post 🚀 GameStop Playing Games? Roaring Kitty’s Back, and the Meme Stock Mania Is Going Bananas! 🍌 first appeared on The Shib Daily.

Telegram Unveils ‘Stars’ Currency, Integrating Seamlessly with TON Blockchain

Saha Swatilakha — Fri, 07 Jun 2024 15:24:41 +0000

In a bold new move, Telegram has launched an in-app currency called Stars, as announced by CEO Pavel Durov on Thursday. This innovative currency allows users to make payments for digital services within the platform’s mini apps, marking a significant advancement in Telegram’s ecosystem.

Stars enable seamless transactions within Telegram’s mini apps, which are experiencing a massive surge in user adoption. Developers can accept Stars as payment and then exchange them for Toncoin (TON) via the exchange Fragment. TON is the native currency of The Open Network, a blockchain platform formerly called Telegram Open Network, which was first developed by the creators of Telegram.

“Mini app developers can withdraw their Stars via Fragment using TON,” Durov detailed. “They can also use Stars to further promote their apps on Telegram — on preferential terms!” This flexibility offers developers an attractive proposition to monetize and enhance their applications within the Telegram ecosystem.

Telegram’s mini apps are becoming a central feature of the platform, drawing millions of new users daily. This surge has positioned Telegram as the “main destination” for launching new apps, as noted by Durov. The convenience of using Stars within these mini apps simplifies transactions and incentivizes developers to create more engaging and innovative applications.

“[TG] mini apps are like pwas, they dont require client side updates or app store approvals”, stated Alex Wettermann on X. However, he expressed curiosity about when Telegram will eliminate the need for this, suggesting the platform’s ongoing evolution.

However, the adoption of Stars comes with a catch. Apple and Google will receive a 30% commission when users purchase Stars through their respective app stores. This aligns with the standard commission model but might influence pricing strategies within the Telegram ecosystem.

Telegram’s endorsement of TON in September 2023 marked a significant step towards integrating blockchain technology into its platform. The messaging giant declared TON and its associated token as its “official Web3 infrastructure.” This move was further bolstered in April when TON announced that Tether tokens could also be issued on its blockchain, allowing Telegram users to send the stablecoin to each other within the app. This integration enhances the utility of Telegram as a multifaceted platform for both communication and financial transactions.

The success of Telegram’s previous ventures, such as the NOT coin launched in January, sets a promising precedent for Stars. NOT garnered nearly 35 million players by mid-May, showcasing the potential success of apps utilizing the new Stars system. This previous success indicates a strong user base ready to embrace the latest innovation.

The post Telegram Unveils ‘Stars’ Currency, Integrating Seamlessly with TON Blockchain first appeared on The Shib Daily.

Bitcoin’s Wild Ride: Surges Past $71,000 Before Sharp Pullback

Saha Swatilakha — Fri, 07 Jun 2024 11:00:07 +0000

In a dramatic turn of events, Bitcoin experienced significant price fluctuations in the last 24 hours, briefly surging to $71,700 following a notable announcement from the European Central Bank (ECB). The ECB’s decision to cut interest rates sent ripples through the financial markets, providing an initial boost to the leading cryptocurrency. However, this rally was short-lived as Bitcoin quickly retraced, nearly dipping below $70,300, according to CoinMarketCap data, before beginning a gradual recovery to $71,100 at the time of writing.

Market analysts observed that the initial dip to around $70,000 did not generate significant trading volume. “The pullback might serve to attract buyers and provide the necessary momentum for a potential breakout above the all-time high,” noted a prominent market analyst. This sentiment is echoed by many in the trading community who speculate that a minor dip could reignite buyer interest, potentially fueling a stronger rally.

Market sentiment was further analyzed with reports of spot sellers aggressively dumping Bitcoin into the market. This selling pressure has resulted in increased short positions in the perpetual futures market, leading to a tight price compression. The aggressive selling on platforms like Coinbase and Binance suggests that significant amounts of Bitcoin, ranging from 1,500 to 2,000 BTC, were sold during the US trading session. This uniform selling activity raises questions about the buyers stepping in to absorb this supply.

Despite the current fluctuations, Standard Chartered’s head of forex and digital assets research, Geoffrey Kendrick, remains optimistic about Bitcoin’s long-term prospects. In a report released on Thursday, Kendrick reiterated his $150,000 price target for Bitcoin by the end of the year. He pointed to tomorrow’s Non-Farm Payrolls data and noted that if they are “friendly,” he expects a fresh all-time-high for Bitcoin’s price to be reached over the weekend. “This would open the way for $80,000 by end-June,” he said.

Despite the current fluctuations, the broader sentiment around Bitcoin remains cautiously optimistic. Traders and investors are closely monitoring key market signals and economic data, anticipating the next significant move in Bitcoin’s trajectory.

The post Bitcoin’s Wild Ride: Surges Past $71,000 Before Sharp Pullback first appeared on The Shib Daily.

Shiba Inu Surges Amid Whale Activity: Is Shib Heading for 0.0001?

Saha Swatilakha — Thu, 06 Jun 2024 17:15:43 +0000

In a whirlwind of market activity, Shiba Inu has experienced a significant surge following increased interest from whales. This surge has sparked speculation among enthusiasts, with some anticipating a substantial rise in value.

According to market intelligence platform Santiment, the volume of transactions involving $100,000 or more worth of Shiba Inu has more than doubled this week compared to the typical averages so far this year. This surge in whale activity suggests an accumulation of SHIB among major investors. In the past 24 hours alone, nine wallets, two of which are considered whales due to their significant holdings, have collectively invested a staggering $35.2 million to acquire approximately 1.356 trillion SHIB tokens.

The cryptocurrency community has been abuzz with speculation regarding the future trajectory of Shiba Inu. Shib Knight, a prominent figure on X (formerly Twitter) known for their insights into the Shiba Inu market, has expressed optimism about the cryptocurrency’s potential for further growth. In a recent tweet, Shib Knight asserted their belief that Shiba Inu could reach the milestone of 0.0001 by the end of June.

“Bitcoin is rising and it will cool off at some levels,” Shib Knight told The Shib Daily. “After that altcoins will start to rise and Shiba will be one of the first to pump. Shib is famous for its huge pumps. Whales are aware of it and they follow smart money, so they’ve been accumulating Shib.”

They emphasized that according to chart analysis and Fibonacci levels, “Next target after the Shib ATH is 0.0001. The other target is even higher, which is 0.00013. I think it will reach 0.0001 and beyond at this bull season.”

This bullish outlook has fueled excitement among Shiba Inu holders and traders, many of whom are closely monitoring market developments in anticipation of potential gains. The surge in whale activity, coupled with optimistic forecasts from influential voices within the community, has contributed to a renewed sense of optimism surrounding Shiba Inu’s prospects.

The post Shiba Inu Surges Amid Whale Activity: Is Shib Heading for 0.0001? first appeared on The Shib Daily.

VanEck Predicts Ethereum to Soar to $22K by 2030: A Game-changer for Crypto Investors

Saha Swatilakha — Thu, 06 Jun 2024 13:15:18 +0000

On June 5, investment management firm VanEck unveiled a striking new price prediction for Ethereum (ETH), forecasting its value to reach $22,000 by 2030. This ambitious target, rooted in Ethereum’s disruptive potential and its substantial cash flow generation for token holders, marks a significant update from previous projections.

VanEck’s latest report underscores Ethereum’s transformative impact across diverse sectors such as finance, banking, payments, marketing, advertising, social media, gaming, infrastructure, and artificial intelligence. The firm posits that the approval of Ether ETFs, alongside comprehensive on-chain data analysis, bolsters this optimistic outlook.

The report details how Ethereum-based technology, renowned for its capacity to deliver lower costs, enhanced efficiency, and greater transparency, could drive this surge. VanEck anticipates that this technological shift may redistribute considerable market share from traditional financial and tech institutions, collectively valued at around $15 trillion, to blockchain-based solutions.

Moreover, VanEck projects that the free cash flows from revenue generated by holding Ether will escalate to $66 billion by 2030. This forecast further supports their valuation, providing a robust financial underpinning for the predicted price target.

A crucial element in VanEck’s projection is the expected approval of spot Ether ETFs. The firm’s proposed spot Ether ETF, bearing the ticker symbol “ETHV” and listed on the Depository Trust and Clearing Corporation (DTCC), is currently inactive, pending regulatory approval. VanEck’s analysts suggest that once approved, these ETFs could attract net inflows ranging between $3.1 billion and $4.8 billion within the first five months of trading.

The potential approval of Ether ETFs would allow financial advisors and institutional investors to securely hold this unique asset with qualified custodians, benefiting from the pricing and liquidity advantages typical of ETFs. This development is anticipated to mirror the success observed with Bitcoin ETFs, which saw Bitcoin’s price surge by 66% from around $44,300 to a peak of $73,700 within two months post-approval.

VanEck’s announcement comes at a time when multiple Wall Street firms are vying to list spot Ether ETFs following the successful launch of spot Bitcoin ETFs earlier this year. The SEC’s recent approval of spot Ether ETFs further fuels the optimism surrounding Ethereum’s future.

Disclaimer: Saha Swatilakha has positions in SHIB, BTC, ETH, LTC, BCH, USDT, MATIC, DOGE, SOL, TRX, XRP, BNB, etc. This article is provided for informational purposes only and should not be construed as financial advice.

The post VanEck Predicts Ethereum to Soar to $22K by 2030: A Game-changer for Crypto Investors first appeared on The Shib Daily.

Redefining Regulations: Hong Kong’s Crypto Landscape Takes a New Turn

Saha Swatilakha — Wed, 05 Jun 2024 15:55:59 +0000

Hong Kong’s regulatory landscape for cryptocurrencies is tightening with every passing day. The city recently expelled all unlicensed crypto exchanges, signaling a stricter stance on regulatory compliance. This move comes amid a wave of transformations in the city’s crypto sector, with major players like OKX, Gate.io, and Huobi withdrawing their applications for virtual asset trading platform licenses.

While the departure of these exchanges may raise concerns about Hong Kong’s crypto ambitions, the city is actively steering toward a regulated future for the industry. Select crypto firms, such as HashKey and CSOP Asset Management, have secured licenses to launch Bitcoin ETFs, highlighting Hong Kong’s commitment to fostering a responsible crypto ecosystem.

Moreover, the Hong Kong Monetary Authority has taken proactive measures, including educational campaigns warning investors about crypto scams and flagging a surge in counterfeit banknotes brought into circulation via cryptocurrency scams. Despite the regulatory crackdown, promotional activities for Bitcoin ETFs and other crypto products are on the rise, suggesting sustained interest and demand.

“Some think Hong Kong’s regulations are too strict because they could drive away crypto businesses. However, others believe these rules are necessary to protect investors and ensure a fair and safe market. It’s about finding the right balance,” commented Keyur Rohit, a prominent crypto influencer, in an interview with The Shib Daily.

He emphasized the ripple effect this decision would have on the global crypto landscape, foreseeing a surge in legitimacy, accessibility, market expansion, emulation potential, and investor trust. Looking ahead, he articulated bullish expectations for the crypto ETF market in Hong Kong alongside established markets like the U.S. and Europe, solidifying its status as a hotbed for crypto innovation and investment.

As the conversation drew to a close, Keyur offered sage advice for crypto enthusiasts navigating uncertain waters: “Keep up with regulations, diversify wisely, and consider the potential of crypto ETFs for long-term gains. Stay cautious, do your homework, and seek advice when needed.”

The post Redefining Regulations: Hong Kong’s Crypto Landscape Takes a New Turn first appeared on The Shib Daily.

Thailand Joins the Bitcoin ETF Trend

Saha Swatilakha — Tue, 04 Jun 2024 14:44:06 +0000

Thailand has entered the growing global Bitcoin ETF market by approving One Asset Management (ONEAM) to launch a Bitcoin ETF. This new financial instrument, known as the ONE Bitcoin ETF Fund of Funds Unhedged, marks a significant step for Thailand’s financial market and is set to be available exclusively to institutional investors.

The Thai Securities and Exchange Commission (SEC) has sanctioned the distribution of the ONE Bitcoin ETF from May 31 to June 6, 2024. This ETF comes with an investment risk level of eight, indicating a high-risk profile typical of cryptocurrency investments.

This approval follows the Thai SEC’s recent amendments to local regulations, which now permit local asset management firms to create private funds offering Bitcoin ETFs. However, these offerings remain restricted to institutional investors, reflecting a cautious approach by the regulatory body.

ONEAM’s Bitcoin ETF is designed to invest in 11 global funds, a strategy aimed at ensuring both liquidity and safety. The fund also emphasizes the secure storage of cryptocurrencies, adhering to international standards.

Thailand’s move to approve Bitcoin ETFs aligns it with other major financial hubs such as Hong Kong, the United Kingdom, and the United States, where Bitcoin ETFs have gained significant traction. The approval of Bitcoin ETFs in the U.S. earlier this year helped propel these instruments into the mainstream, signaling wider acceptance and integration of cryptocurrencies in traditional finance.

The post Thailand Joins the Bitcoin ETF Trend first appeared on The Shib Daily.

Michael Saylor Settles Historic $40 Million Income Tax Case with District of Columbia

Saha Swatilakha — Mon, 03 Jun 2024 17:49:02 +0000

Michael Saylor, the executive chairman and co-founder of MicroStrategy, has agreed to a $40 million settlement in an income tax fraud case with the District of Columbia. This settlement, the largest of its kind in D.C. history, was announced by Attorney General Brian Schwalb on Monday.

The case against Saylor and MicroStrategy, filed in August 2022, accused Saylor of evading more than $25 million in D.C. taxes by misrepresenting his residence. While Saylor claimed residency in Florida or Virginia, the D.C. government alleged he lived within the U.S. capital’s jurisdiction to benefit from lower tax rates. The lawsuit also implicated MicroStrategy in aiding the concealment of Saylor’s true residency for tax purposes.

Despite agreeing to the settlement, Saylor continues to deny the allegations. “Florida remains my home today, and I continue to dispute the allegation that I was ever a resident of the District of Columbia,” Saylor told The New York Times, which first reported the settlement. “I have agreed to settle this matter to avoid the continued burdens of the litigation on friends, family, and myself.”

Attorney General Schwalb emphasized the significance of the settlement, noting it as the largest income tax fraud recovery in D.C. history. The case primarily focused on Saylor’s residency and tax filings from 2005 to 2021. While Saylor insisted he lived in Florida, D.C. attorneys argued he resided in a luxury apartment and on yachts within the district’s jurisdiction.

Both Saylor and MicroStrategy have denied any wrongdoing per the terms of the settlement. The resolution of this high-profile case underscores the District of Columbia’s commitment to enforcing tax laws and ensuring that all residents and entities comply with their tax obligations.

The post Michael Saylor Settles Historic $40 Million Income Tax Case with District of Columbia first appeared on The Shib Daily.

Australia to Launch Its First Spot Bitcoin ETF Tuesday

Saha Swatilakha — Mon, 03 Jun 2024 17:26:15 +0000

Australia is set to join the growing list of countries offering spot Bitcoin exchange-traded funds (ETFs) with the launch of its first such product expected on Tuesday.

Monochrome Asset Management has announced that the Bitcoin ETF (IBTC) will begin trading on June 4, pending any last-minute delays. The ETF will trade under the ticker IBTC and will carry a management fee of 0.98%.

Monochrome Asset Management, the issuer of the ETF, aims to provide investors with a regulated means of gaining exposure to Bitcoin. The ETF tracks the CME CF Bitcoin Reference Rate index, ensuring that the investment is tied directly to the spot price of Bitcoin. This product is designed to offer a straightforward and secure way for investors to gain exposure to Bitcoin without the complexities of direct ownership.

The launch marks a significant milestone for the Australian financial market. Cboe Australia will become the first exchange in the country to list a Bitcoin ETF, outpacing the larger Australian Securities Exchange (ASX), which is also expected to approve spot Bitcoin ETFs before the end of the year.

The introduction of the IBTC ETF reflects a broader trend of institutional acceptance of Bitcoin as a viable asset class. This year alone, regulated Bitcoin ETFs have been launched across North America, the UK, Europe, and the Asia-Pacific region. Australia’s entry into the market underscores the growing legitimacy and institutional adoption of Bitcoin globally.

With other countries likely to follow Australia’s lead, the global landscape for Bitcoin ETFs is set to expand even further. The regulated nature of these financial products provides a level of security and legitimacy that appeals to both retail and institutional investors.

The post Australia to Launch Its First Spot Bitcoin ETF Tuesday first appeared on The Shib Daily.

From Protector to Crypto Collector: The Curious Case of the Bitcoin Inspector

Saha Swatilakha — Sat, 01 Jun 2024 16:37:51 +0000

Move over, Hollywood – the wildest crypto drama is unfolding in India’s tech hub! This ain’t your average hack story, folks. A hacker stole a mountain of Bitcoin, but then… the COPS HACKED HIM BACK!

In the fast-paced city of Bengaluru, India’s tech hub, a thrilling tale of cat-and-mouse unfolds – but with a twist that’ll make your head spin. More than just your usual hacker story; it’s a saga of double-crossing, digital intrigue, and the blurred lines between law enforcement and cybercrime.

Picture this: It’s 2017, and Bengaluru’s startup scene is buzzing with crypto fever. ₿ Ambitious entrepreneurs rush to launch exchanges and Bitcoin ATMs, eager to stake their claim in this digital gold rush.

Among them, a brilliant mind named Srikrishna Ramesh, or “Sriki,” hatches a daring plan. While others were still wrapping their heads around Bitcoin, Sriki saw it as his ticket to fortune. With audacious skill, he hacked into major platforms like Bitfinex and Unocoin, making off with a cool $660,000 in Bitcoin.

Sriki quickly became a legend in the Bengaluru underworld, fueled by breathless media coverage. But his reign was short-lived. In 2018, the long arm of the law caught up with him, landing him behind bars.

However, there was a snag in the authorities’ victory. Despite Sriki’s capture, the stolen Bitcoin remained tantalizingly out of reach. Here’s the twist: the cops couldn’t find the stolen loot! Enter Chandrahar SR, a detective with a thirst for justice (and maybe a little bit of crypto fever? ). Instead of playing by the rules, he did the unthinkable: he HACKED THE HACKER’S ACCOMPLICE and emptied their wallet!

In a stunning twist, the tables were turned. While the hacker languished in jail, the cop emptied his digital pockets! And to add insult to injury, Chandrahar SR reported the stolen Bitcoin as “lost,” attempting to erase any trace of his audacious scheme.

But Bengaluru’s tech-savvy community wasn’t fooled. The same journalists who had once glorified Sriki now turned their investigative prowess on the police. As the pressure mounted, Chandrahar’s carefully constructed facade crumbled. Two of his co-conspirators were apprehended, but the saga continues as another rogue cop remains on the run.

It’s a real-life game of cat and mouse, but this time, the cat’s got a keyboard. Will the missing cop be caught? Will the stolen Bitcoin ever be recovered? And most importantly, who’s the real mastermind here?

This wild tale of cops and hackers, digital heists and double-crosses, raises profound questions about the nature of justice, the power of technology, and the blurred lines between good and evil in the digital age.

The net tightened around Chandrahar, leading to the arrest of two of his co-conspirators. But the drama continues, as at least one more rogue cop remains on the run, a fugitive in the crypto-infused shadows of Bengaluru.

While India’s law enforcement agencies have made strides since the Wild West days of early crypto adoption, the uncertain regulatory landscape still leaves ample room for shady dealings and illicit fortunes.

And let’s not forget the unsung heroes of this saga: the relentless crime reporters who continue to thrive on the drama and intrigue that crypto inevitably brings. After all, who needs fiction when reality is this entertaining?

In a country seeing a surge in digital frauds, this case underscores the pressing need for robust regulatory oversight in the crypto sector. As the story unfolds, one can’t help but marvel at this unexpected role reversal where the protector of the realm became the rogue thief.

Stay tuned for the next episode of “When Cops Go Crypto!”

The post From Protector to Crypto Collector: The Curious Case of the Bitcoin Inspector first appeared on The Shib Daily.

Crypto Election Drama: TRUMP Token Plummets After Guilty Verdict, Jeo Boden Surges

Saha Swatilakha — Fri, 31 May 2024 11:48:14 +0000

In a striking turn of events, the TRUMP coin has plummeted 35% Friday following a New York jury’s guilty verdict against former U.S. President Donald Trump on all 34 counts of falsifying business records.

The unprecedented conviction, making Trump the first U.S. ex-president to be convicted of a felony, has sent shockwaves through both the political and cryptocurrency landscapes.

Conversely, the Jeo Boden token, a meme coin inspired by current President Joe Biden, surged 20% in the wake of the news. This stark contrast between the two tokens’ fortunes highlights the volatile and reactive nature of the burgeoning crypto market in relation to political events.

The intertwining of cryptocurrency and politics has reached new heights, with more companies and political entities vying for favorable crypto regulations. Major political figures, including Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi, have emerged as unexpected allies in the crypto space. This month, crypto-friendly legislation garnered surprising bipartisan support in the U.S. Congress, isolating long-time crypto skeptics like Sen. Elizabeth Warren.

Prominent venture capital firm a16z and Ripple both recently plowed $50 million each into the industry’s Fairshake PAC. This financial muscle is poised to expand the industry’s influence as it prepares to spend more than $80 million on the 2024 elections, underscoring the growing importance of cryptocurrency in U.S. politics.

Grayscale has declared the 2024 elections to be the truly crypto elections, solidifying the role of digital assets in America’s financial future and political landscape. A Harris Poll commissioned by bitcoin ETF issuer Grayscale reveals that one-third of U.S. voters will consider candidates’ stances on cryptocurrency before casting their votes in the 2024 presidential election.

Moreover, 77% of respondents believe that a U.S. presidential candidate should possess a comprehensive understanding of cryptocurrency, highlighting the sector’s significance in the upcoming election.

Trump, who has increasingly aligned himself with the crypto world, is now accepting campaign contributions in digital assets. His campaign website even crashed from the overwhelming response from crypto supporters soon after the guilty verdict. Reports indicate that Trump and billionaire Elon Musk are discussing cryptocurrency policy, with Trump emphasizing Bitcoin and other digital assets on the campaign trail to attract new voters.

Meanwhile, the Biden administration has shown a newfound willingness to collaborate on crypto policy, a move that could reshape the regulatory landscape. The industry’s super PACs have successfully boosted allies, aiding crypto-friendly Democrats in winning primaries and strengthening the industry’s political clout.

As the 2024 presidential election approaches, the role of cryptocurrency continues to solidify in America’s financial future. The recent developments underscore the growing influence of digital assets in shaping political campaigns and legislative agendas, marking a new era at the intersection of crypto and politics.

The post Crypto Election Drama: TRUMP Token Plummets After Guilty Verdict, Jeo Boden Surges first appeared on The Shib Daily.

Gemini Returns $2.18 Billion to ‘Earn’ Users: Unprecedented Recovery After 18-Month Withdrawal Pause

Saha Swatilakha — Thu, 30 May 2024 15:09:48 +0000

Cryptocurrency exchange Gemini announced on Wednesday the distribution of $2.18 billion worth of digital assets to users of its Earn program. This comes after an 18-month suspension of withdrawals, following the collapse of its lending partner, Genesis Global Capital, amid the fallout from the FTX crisis.

The repayment marks a significant recovery for users who had their assets locked in the Earn program, with the reimbursement representing a 232% recovery rate. Tyler and Cameron Winklevoss, co-founders of Gemini, said this unprecedented outcome is due to a series of settlements and contributions aimed at making defrauded investors whole again.

“Today, Earn users received $2.18 billion of their digital assets in kind. These initial distributions represent 97% of digital assets owed to Earn users, $1 billion more than when Genesis halted withdrawals,” Genesis stated. The saga began in November 2022, when Genesis Global Capital, a subsidiary of Digital Currency Group (DCG), paused new loan originations and redemptions, forcing Gemini to halt withdrawals from its Earn program. This move affected over 230,000 users and locked up more than $940 million in cryptocurrency.

“The Genesis bankruptcy was not a crypto problem. It was old-fashioned financial fraud compounded by a lack of regulatory clarity,” Gemini stated. “In order to ensure this successful resolution, Gemini has also contributed $50 million to the Earn users’ recovery.” Customers will receive the initial distributions, representing approximately 97% of their digital assets owed by Genesis as of the suspension date, in their Gemini accounts. The remaining balances are expected to be distributed within the next 12 months.

“This means, for example, that if you had lent one bitcoin in the Earn program, you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program,” Gemini assured its users.

The settlement follows a $2 billion agreement announced by New York Attorney General Letitia James, aimed at repaying defrauded investors. This resolution is being hailed as an unprecedented recovery not just within the crypto industry, but in the broader context of bankruptcy resolutions. “To that end, we will continue to fight for clear rules and guidance for our industry that foster both innovation and consumer protection. And we will win this fight. The future is bright,” Cameron and Tyler Winklevoss concluded.

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Mastercard Simplifies Crypto Transactions with ‘Crypto Credential’

Saha Swatilakha — Wed, 29 May 2024 17:23:50 +0000

Mastercard has taken a significant leap in simplifying cryptocurrency transactions with the launch of its Crypto Credential, a groundbreaking initiative that allows users to send and receive digital assets using simple usernames instead of complicated wallet addresses.

This innovation announced Wednesday marks a new era in the crypto space, making transactions more accessible and secure for users worldwide.

Mastercard’s Crypto Credential initiative, announced in April last year, is designed to streamline cryptocurrency transactions by enabling users to utilize easy-to-remember aliases rather than traditional and often cumbersome blockchain addresses. This significantly reduces the potential for errors, enhancing user experience and boosting confidence in digital transactions.

Crypto Credential builds on Mastercard’s robust security framework. The platform employs a set of verification standards to ensure that interactions among consumers and businesses on blockchain networks are trusted and compliant. The exchange of metadata helps verify the recipient’s wallet compatibility with the transferred asset, preventing transaction errors and potential loss of funds.

Mastercard previously made it easier and safer to buy crypto with the launch of Mastercard Crypto Secure in 2022. This service brought a new level of trust to crypto purchases across a global network of 2,400 exchanges.

Mastercard has partnered with various industry players to bring Crypto Credential to life. Crypto wallet providers like Bit2Me, Lirium, and Mercado Bitcoin are already part of the ecosystem, with Foxbit joining as the latest addition. Public blockchain network organizations, including Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation, are also collaborating to enhance verification standards and develop more use cases, such as NFTs, ticketing, and enterprise payments.

Walter Pimenta, executive vice president of product and engineering for Latin America and the Caribbean at Mastercard, expressed enthusiasm for the project: “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.”

Over the coming months, the initiative will roll out to more than 7 million users across participating exchanges, expanding its reach and impact. This first peer-to-peer pilot transaction marks the beginning of a broader effort to support various use cases and enhance the accessibility and security of cryptocurrency transactions.

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UK Digital Bank to Ban Crypto Transactions Starting Thursday

Saha Swatilakha — Wed, 29 May 2024 15:38:05 +0000

London-based challenger bank Kroo has announced a ban on all cryptocurrency related transactions for its customers, effective Thursday.

The bank’s updated terms and conditions specify that this measure aims to “help keep user accounts and money safe.”

Kroo’s new policy states that it will stop processing bank transfers or card payments associated with crypto asset providers. Additionally, the bank will freeze or restrict accounts used to purchase or trade cryptocurrencies and potentially block accounts that receive funds from crypto transactions. “If we detect such activity, we will not process the payments involved, and if you persistently make such transactions, we may close your account,” the bank warned.

This move by Kroo comes amid a significant rise in crypto-related online scams and fraud. Recent reports indicate that crypto scams are increasingly targeting younger investors, leading to substantial financial losses. Lloyds Bank recently highlighted a 23% surge in crypto scams over the past year, with victims losing an average of £10,741, the highest among all types of scams.

Kroo is not alone in its harsh stance against cryptocurrency transactions. Other UK-based challenger banks, such as Starling Bank and Chase UK, have previously implemented similar measures. Starling Bank banned crypto transfers in 2022, citing the high-risk nature of crypto activities. In October last year, Chase UK, the British retail arm of JPMorgan, restricted customers’ access to cryptocurrencies due to concerns over their illicit use.

NatWest Bank has also adopted a cautious approach toward crypto spending. The bank has imposed limits on crypto transactions, allowing customers to make up to £1,000 worth of crypto payments per day and a maximum of £5,000 over a 30-day period.

As crypto-related scams and fraud continue to rise, banks are increasingly taking protective measures to safeguard their customers’ funds. This trend reflects a broader industry move toward more stringent controls and regulations around cryptocurrency usage.

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Hong Kong’s SFC to Conduct On-Site Inspections of Crypto Platforms Ahead of Key Compliance Deadline

Saha Swatilakha — Wed, 29 May 2024 10:27:24 +0000

Hong Kong’s ambition to establish itself as a premier cryptocurrency hub is facing a critical test as the Securities and Futures Commission (SFC) prepares for on-site inspections of crypto trading platforms.

This comes ahead of a compliance deadline on June 1. By this date, all virtual asset trading platforms (VATPs) operating in Hong Kong must either be fully licensed or hold a temporary “deemed-to-be-licensed” status, pending full compliance.

The SFC’s inspections aim to ensure that these platforms meet stringent regulatory standards, particularly in safeguarding client assets and adhering to KYC protocols. Failure to comply with these regulations beyond the deadline will constitute a criminal offense, violating anti-money laundering and counter-terrorism laws.

As of now, only OSL Digital Securities and Hash Blockchain have secured full licenses. Meanwhile, 18 entities have applied for licenses and are under review, though 11 have either withdrawn their applications or been removed from consideration. Among the notable withdrawals are crypto exchanges OKX and Huobi Hong Kong, raising questions about the future compliance of other applicants.

The SFC’s scrutiny is part of Hong Kong’s broader strategy to attract and regulate the burgeoning crypto industry. However, the pressure is mounting as the deadline approaches. The SFC has made it clear that applicants should not actively market their services or onboard new retail clients until they achieve full licensing status.

In the coming months, while the deemed-to-be-licensed VATP applicants pursue their applications, the SFC will conduct on-site inspections to ascertain their compliance with its regulatory requirements, the regulator announced, emphasizing the importance of client asset protection and robust KYC processes.

This regulatory push is crucial for Hong Kong’s reputation as a global crypto hub. The outcome will likely influence investor confidence and the region’s attractiveness to crypto businesses. As the June 1 deadline nears, all eyes are on how many of the remaining applicants will meet the SFC’s rigorous standards and secure their place in Hong Kong’s regulated crypto market.

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Mt. Gox Transfers $9B in Bitcoin Amid Repayment Plans; Market Sinks

Saha Swatilakha — Tue, 28 May 2024 13:28:31 +0000

Wallets associated with the defunct Bitcoin exchange Mt. Gox transferred over 140,000 BTC, valued at approximately $9 billion, to an unknown address early Tuesday. This development is believed to be part of the exchange’s long-awaited plan to repay creditors by October 31.

But the substantial transfer has triggered market anxiety, resulting in a 1.4% decline in Bitcoin’s value, which fell to as low as $67,680 after peaking at over $70,000 on Monday.

Mt. Gox, once the largest Bitcoin exchange globally, collapsed in 2014 following a massive hack that led to the loss of hundreds of thousands of BTC. Since then, creditors have been anticipating repayment, a process that has faced numerous delays and legal hurdles. The recent movements of Bitcoin from Mt. Gox wallets signal possible progress toward fulfilling these obligations.

In a press release, rehabilitation trustee Nobuaki Kobayashi said that no sale of bitcoin or bitcoin cash (BCH) had taken place yet and that the group was “managing bitcoin and bitcoin cash in a secure manner.” Creditors have the option to receive their repayments either through a designated cryptocurrency exchange or via the sale proceeds of Bitcoin and Bitcoin Cash.

Despite reassurances from Kobayashi, the market reacted negatively to the large-scale transfers. The prospect of creditors potentially selling their received Bitcoin once repayments commence has contributed to selling pressure, influencing Bitcoin’s recent price drop.

Adding to the market’s unease, the Mt. Gox BTC has now been moved to three new wallets in the past hour, all receiving their first test transaction approximately four hours ago. Crypto analyst Capo of Crypto, commenting on X, emphasized that these transfers to a new wallet are preparatory steps and do not indicate immediate repayments. “The full repayment process extends until October 2024. So nothing to worry about (yet),” he stated, urging calm among market participants.

This event marks a critical phase in the long-drawn saga of Mt. Gox’s collapse and the subsequent efforts to compensate affected users. While the exact timeline and method of repayment remain to be fully detailed, the recent movements indicate progress. Market watchers will closely monitor further announcements and actions from the Mt. Gox rehabilitation trustee to gauge the potential impact on the cryptocurrency market.

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XRP Awaits Crucial SEC Ruling Amid ETF Hopes and Relistings

Saha Swatilakha — Mon, 27 May 2024 17:18:36 +0000

The XRP community finds itself at a crucial juncture, as Ripple Labs, the entity behind XRP, anticipates a ruling in its prolonged legal battle with the U.S. Securities and Exchange Commission (SEC).

The lawsuit, which has been ongoing since December 2020, accuses Ripple of conducting an unregistered securities offering worth $1.3 billion through the sale of XRP tokens. The court’s decision, initially expected this month, remains pending, leaving investors in a state of anxious anticipation.

In the midst of this legal uncertainty, a recent poll conducted by a Ripple validator indicates that 65% of respondents believe an XRP Exchange-Traded Fund (ETF) could gain approval by 2025. This sentiment is echoed by prominent voices in the cryptocurrency community who see a favorable outcome in the SEC lawsuit as a potential catalyst for the approval of an XRP ETF.

Armando Pantoja, a well-known investor and futurist, shared his optimistic outlook on the lawsuit’s outcome. “I think there’s a 90% chance Ripple will prevail against the SEC, given recent regulatory developments with Bitcoin and Ethereum ETFs,” he told The Shib Daily. “A win could pave the way for an XRP ETF, paving the way to a $10-$20 XRP.”

Pantoja also highlighted the impact of XRP’s delisting and recent relisting by major exchanges like Coinbase, noting that the initial delisting significantly decreased demand and liquidity. However, he believes that the relisting will lead to a surge in demand, significantly boosting XRP’s price.

Coinbase’s decision to reinstate XRP trading for New York customers last week comes after a suspension that began in January 2021, triggered by the SEC lawsuit.

Brett Hill, an XRP and XLM investor, said that “many are confident that the XRPLedger will link all currencies using XRP as the bridge asset.” He emphasized the broader economic context, suggesting that with worsening inflation, investments in digital assets like XRP are crucial.

Hill also commented on the relisting of XRP by Coinbase, particularly for its New York customers, as a significant step toward improving the token’s liquidity and adoption. “The delisting and relisting of XRP by major exchanges have a significant impact on the token’s liquidity and adoption. These moves can create fluctuations in trading volumes and investor sentiment towards XRP,” he noted.

The reinstatement is seen as a compliance effort with New York’s stringent cryptocurrency regulations, including the BitLicense framework.

Coinbase’s Chief Legal Officer Paul Grewal highlighted the exchange’s efforts to work with state regulators, emphasizing the importance of regulatory compliance in facilitating XRP’s comeback.

As the XRP community awaits the SEC ruling, investors are also keeping a close eye on the potential approval of an XRP ETF in 2025. Such a development could significantly enhance the accessibility and legitimacy of XRP, potentially driving its value higher.

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Crypto Coaster: The Wild ETF Bonanza Ride 🎢🚀

Saha Swatilakha — Sat, 25 May 2024 13:12:41 +0000

The world of ETFs has always been a rollercoaster, but the recent developments in the crypto market have turned it into an outright bonanza. Investors and experts alike are struggling to keep up as the market experiences unprecedented shifts and surprises.

It all started in January with the highly anticipated approval of the first Bitcoin ETF. This milestone was celebrated as a major victory for the cryptocurrency world, signaling mainstream acceptance and promising to bring in a wave of new investors.

Investors rejoiced but also very quickly moved on to requesting ETH ETFs. Almost immediately after the ETH ETF approval, the market’s attention shifted again to other cryptocurrencies. Solana (SOL) and Ripple (XRP) quickly became the new darlings of the ETF crowd. Solana, with its blazing fast transaction speeds and growing ecosystem, and Ripple, buoyed by recent legal victories, seemed poised to be the next big thing. Speculations are running wild, and the demand for altcoins and meme coins ETFs is surging as we speak.

However, this exuberance led to more outflows than inflows across the board. Investors, in their rush to jump on the next potential goldmine, began pulling funds from existing ETFs to pour into other altcoins. This created a volatile environment, where the value of existing ETFs fluctuated, and traditional market principles seemed to fly out the window.

Adding to the chaos were the experts, who found themselves in the hot seat, as their predictions proved to be wrong and their forecasts quickly invalidated by the market’s unpredictable nature.

Meanwhile, regulatory responses around the globe added another layer of complexity. One country would approve a new crypto ETF, sparking a frenzy, only for another country to backtrack on its previous acceptance, citing concerns over market stability and investor protection. The regulatory see-saw left investors confused and cautious, unsure of where the next approval or rejection might come from.

Amid this backdrop, what is happening in the crypto ETF market? Simply put, it’s a perfect storm of excitement, speculation, and uncertainty. The initial success of the BTC ETFs opened the floodgates, but the rapid shift toward altcoins show that investors are always on the lookout for the next big opportunity. The market remains highly dynamic, driven by a mix of technological promise, speculative fervor, and regulatory uncertainty.

In this ETF bonanza, one thing is clear: the only constant is change. Investors and experts alike must stay agile, ready to adapt to the ever-evolving landscape of the crypto market. As the saying goes, fortune favors the bold – and in the world of crypto ETFs, it certainly favors those who can navigate the twists and turns of this exhilarating ride.

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Kabosu, Iconic Dog Behind Dogecoin and Shiba Inu, Passes Away

Saha Swatilakha — Fri, 24 May 2024 07:21:07 +0000

Kabosu, the beloved Shiba Inu whose image became the face of Dogecoin and Shiba Inu meme coins, passed away early Friday.

The news was shared by Kabosu’s owner in a heartfelt blog post, announcing that a farewell party will be held for the iconic Shiba Inu. At the time of passing, Kabosu was over 17 years of age.

“We will be holding a farewell party for Kabo-chan on Sunday, May 26th . It will be held at Flower Kaori in Kotsu no Mori, Narita City, from 1pm to 4pm,” the blog reads. The crypto community and fans worldwide have been expressing their condolences and sharing tributes, reminiscing about their favorite memories of the dog that became an internet sensation.

Rest in peace Kabochan https://t.co/R4Fx7rbmcw
— vitalik.eth (@VitalikButerin) May 24, 2024

Kabosu’s legacy extends beyond her adorable image; she became a symbol of the vibrant and spirited crypto community. Her face, immortalized in countless memes, will continue to inspire the world of digital culture.

Something that originally started as a joke, grew into a significant cryptocurrency partly because of Kabosu’s endearing expression, representing generosity and community. As the crypto world mourns her loss, Kabosu’s influence will undoubtedly endure, symbolizing the unity and creativity that define meme culture.

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UK Approves Bitcoin and Ethereum ETFs for London Stock Exchange Listing

Saha Swatilakha — Wed, 22 May 2024 13:02:31 +0000

In a landmark move, the United Kingdom’s Financial Conduct Authority (FCA) has approved the listing of Bitcoin (BTC) and Ethereum (ETH) exchange-traded products (ETPs) on the London Stock Exchange (LSE).

This approval, granted to asset manager WisdomTree, signals a significant shift in the regulatory landscape for cryptocurrencies in the U.K.

Asset manager WisdomTree, headquartered in New York and managing over $111 billion globally, is set to debut its Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs on the LSE. Trading is expected to commence on May 28, targeting professional investors exclusively. These ETPs will carry a management fee of 35 basis points, aligning with similar products available on European exchanges since 2019.

The FCA’s approval comes after the regulator changed its tough stance on crypto derivatives, including ETPs, which were banned in January 2020.

However, witnessing the growing acceptance and success of such products in Europe and the recent U.S. approval of spot bitcoin ETFs, the FCA has revised its position. While the ban remains for retail investors, professional investors now have the green light to engage with these crypto ETPs.

The LSE’s acceptance of these applications marks a pivotal moment, reflecting the evolving attitude toward cryptocurrency investments in major financial markets. This move follows similar actions in other global financial hubs, including Hong Kong, and adds pressure on the U.S. Securities and Exchange Commission (SEC) to further relax its regulations on crypto ETFs.

With the U.K. joining the list of nations embracing crypto ETPs, the future looks promising for the integration of digital assets into traditional financial system. As regulatory bodies worldwide continue to adapt, the pathway for broader acceptance and innovation in the cryptocurrency space is becoming clearer.

The post UK Approves Bitcoin and Ethereum ETFs for London Stock Exchange Listing first appeared on The Shib Daily.

K9 Token to be Listed on CoinW: A Milestone for Shibarium Ecosystem

Saha Swatilakha — Tue, 21 May 2024 13:10:40 +0000

The Shiba Inu community is buzzing with excitement as CoinW, a prominent cryptocurrency exchange, announced on X that it will soon list the KNINE token. The introduction of the KNINE/USDT trading pair on CoinW is expected to provide significant liquidity and enhance the token’s accessibility to a broader audience.

K9 Finance is a liquid staking derivative (LSD) platform specifically designed for the Shibarium blockchain. As a key player in the Shibarium ecosystem, K9 Finance enhances decentralized finance (DeFi) functionalities by allowing users to stake their assets and earn rewards. It stands out as an official Shibarium validator, distributing $BONE tokens to $KNINE holders as rewards for validating blocks on the network.

KNINE (K9 Finance DAO) @K9finance will be Listed on #CoinW Soon!

K9 Finance is a liquid staking derivative (LSD) platform specifically designed for the Shibarium blockchain.

Follow @CoinWOfficial on Twitter for more listing updates!

Learn more: https://t.co/t8TJWPZw8R pic.twitter.com/azUidErSBZ
— CoinW (@CoinWOfficial) May 21, 2024

Governed by the K9 DAO, also known as the Roundtable of Dogs, this decentralized autonomous organization oversees the K9 treasury and is pivotal in steering the project’s direction. The K9 DAO is dedicated to fostering DeFi adoption within the Shibarium ecosystem, ensuring that the community’s interests are prioritized in all decision-making processes.

This listing not only validates the efforts of K9 Finance but also underscores the growing prominence of the Shibarium blockchain in the DeFi space. As the official listing date and time are yet to be announced, the community remains on high alert for further updates.

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Bitcoin Network Sees Sharp Decline in New Wallet Addresses: What’s Behind the Drop?

Saha Swatilakha — Mon, 20 May 2024 11:43:40 +0000

The Bitcoin network recently experienced a significant downturn in the number of new wallet addresses, hitting its lowest point since 2018.

This decline is noteworthy, especially considering the cryptocurrency’s recent bullish run and the excitement surrounding Bitcoin exchange-traded funds (ETFs) and other ecosystem developments just six months ago.

In the last week, the average number of new Bitcoin addresses added daily fell to 275,000, a stark contrast to the 625,000 new addresses recorded six months prior. This period of heightened activity was fueled by the anticipation of spot Bitcoin ETFs, and the then-upcoming Bitcoin halving event. These factors had collectively driven the number of new addresses close to its all-time high from December 2017.

Despite Bitcoin’s strong market performance and reaching new all-time highs, the current decline in new wallet addresses suggests a shift in user behavior. One potential reason can be that existing users may be consolidating their holdings into fewer wallets, opting for cold storage solutions to enhance security amid market volatility.

This trend of consolidation could be reducing the need for creating new addresses.

Another factor contributing to the decline could be a slowdown in new user acquisition. The initial excitement and media buzz around Bitcoin ETFs and other developments likely attracted a surge of new users six months ago. However, as the novelty wears off and the reality of market fluctuations sets in, the influx of new participants may be tapering off.

The drop in new addresses is accompanied by a decline in other key metrics. Miner revenue, as measured by hash rate, has also reached record lows, indicating reduced activity and profitability in Bitcoin mining. Additionally, transaction fees and on-chain volume metrics have decreased, reflecting lower network usage and transaction frequency.

The current trend raises questions about the future trajectory of the Bitcoin network. Will the consolidation of assets and reduced network activity lead to longer-term stability, or does it signal potential challenges ahead in maintaining user engagement and network growth?

The post Bitcoin Network Sees Sharp Decline in New Wallet Addresses: What’s Behind the Drop? first appeared on The Shib Daily.

GameStop Frenzy 2.0: The Meme Stock Rollercoaster Returns 🎢

Saha Swatilakha — Sat, 18 May 2024 10:53:04 +0000

GameStop is back in the spotlight , and it’s a wild ride once again!

Thanks to Keith Gill, aka “Roaring Kitty” , and his bullish posts, the meme stock frenzy has returned, sending shares skyrocketing.

The stock saw its highest trading volume in three years , and everyone is buzzing.

But hold on – there’s a twist! GameStop announced it’s selling up to 45 million shares , taking advantage of the hype.

This decision caused the stock to slump 26% on Friday. Paul Nolte, a senior wealth adviser, explained that if your stock is up four- or five-fold in a short period and you need cash, it makes sense to sell shares.

However, this is diluting to the existing shareholders, putting a damper on the rally .

GameStop’s shares were last trading at $20.56, giving the company a market value of $6.3 billion .

Earlier in the week, the market capitalization had soared to $19.8 billion. The stock is still up about 90% so far in May, despite the recent dip.

The company has filed for a mixed-shelf offering to raise capital by selling various types of securities in one or more separate offerings .

However, it’s not all sunshine and rainbows .

GameStop forecast a drop in first-quarter net sales to between $872 million and $892 million, down from $1.24 billion a year earlier.

They’re struggling with the shift from brick-and-mortar sales to online purchases, but they expect their net loss to narrow due to cost cuts .

So, strap in, investors! GameStop’s journey is far from over, and it promises more ups and downs. Keep your popcorn ready and watch the drama unfold!

The post GameStop Frenzy 2.0: The Meme Stock Rollercoaster Returns 🎢 first appeared on The Shib Daily.

Precipitate AI to Add BONE or LEASH as Protocol Payment Currency

Saha Swatilakha — Fri, 17 May 2024 17:08:40 +0000

In an exciting development for the Shib community, Precipitate AI has announced plans to incorporate either $BONE or $LEASH as a protocol payment currency. This move follows the successful integration of Shibarium Validators into the Precipitate Protocol, which went live Thursday, allowing users to launch validators on the Shibarium blockchain without the need for hardware or maintenance.

The announcement came in response to a query from Ringoshi Tōitsu, a WOOF supporter on X (formerly Twitter), who expressed interest in using $BONE or $LEASH for setting up Shibarium Validators. Precipitate AI quickly confirmed this interest with a repost, stating, “To support the $SHIB Army in this, we will add either $BONE or $LEASH as protocol payment currency soon.” This decision underscores Precipitate AI’s commitment to supporting the Shib ecosystem and its various tokens.

Decentralized Governance of Precipitate Protocol commences!

Congrats to @ShibariumNet on @ShibaSwapDEX update.

To support $SHIB Army in this, we will add either $BONE or $LEASH as protocol payment currency.

All $RAIN holders can vote on https://t.co/KjBL3n5QAg https://t.co/cNjxeiHYnx
— Precipitate Protocol (@PrecipitateAI) May 17, 2024

The proposal to add $BONE or $LEASH as a payment option is set to mark another milestone for the DeFi landscape of Shibarium. This integration will provide more flexibility and options for the Shib community, further solidifying the role of Shibarium in the broader blockchain space.

In addition to this announcement, Precipitate AI congratulated Shibarium on the latest update to ShibaSwap, highlighting the continuous advancements and collaborative spirit within the community. As the Shib ecosystem continues to grow, such partnerships and innovations are expected to drive further adoption and utility for SHIB, BONE, and LEASH tokens.

The post Precipitate AI to Add BONE or LEASH as Protocol Payment Currency first appeared on The Shib Daily.

Welly’s Horizon Expands: SHIB-Powered NFTs Transform the Culinary Landscape

Saha Swatilakha — Fri, 17 May 2024 08:29:40 +0000

SHIB, the pioneering ecosystem of cryptocurrency, has unveiled an exciting refresh of the Welly Friends NFT Collection. This innovative series of NFTs not only celebrates the artistry of digital creativity but also supports a beloved Italian restaurant and catering enterprise.

Shytoshi Kusama, the lead developer of Shiba Inu, expressed enthusiasm for this groundbreaking fusion of food-based blockchain innovation and NFT art. “Welly is an innovative approach to marrying blockchain technology with culinary excellence,” Kusama commented. “The Welly Friends NFT Collection offers a unique and engaging way to interact with NFTs, coupled with a partnership with a real brick-and-mortar business—one of Italy’s most exciting food brands.”

Originally launched in 2022 to support the growing Welly restaurant franchise, the Welly Friends NFT Collection has undergone a dramatic transformation alongside the brand’s expansion into catering. The creative minds behind these NFTs have meticulously reimagined the collection, elevating each profile picture with intricate details and transitioning from 3D renderings to captivating hand-drawn art. The artistic genius behind this revival brings a wealth of experience, having collaborated with industry giants like Pixar and Supercell.

Welly emerged from a vision to integrate blockchain concepts into a tangible, culinary experience, debuting in Naples, Italy, in 2021. Designed by the renowned studio “Masquespacio” and now powered by SHIB, Welly has become a culinary beacon in Naples. With an extensive menu featuring exclusive recipes crafted by acclaimed Chef Flynn McGarry, Welly aims to elevate fast food with high-quality, innovative, and delectable offerings. The revitalized Welly Friends NFT Collection underscores the convergence of gastronomy, blockchain, and art, heralding a new horizon for both culinary entrepreneurship and digital creativity.

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ShibaSwap’s Shibarium Integration Ignites 200% Surge in Transactions, Pushes Up SHIB

Saha Swatilakha — Thu, 16 May 2024 11:14:50 +0000

The integration of ShibaSwap, the official decentralized exchange (DEX) of the Shiba Inu community, to Shibarium Layer-2 protocol has led to a remarkable spike in transactions, which have seen a staggering 3-fold increase within 24 hours of the highly anticipated event.

Transactions on Shibarium rose 200% from the average of 6,000 per day to 18,000 in the last 24 hours.

The integration has not only boosted transaction volumes but also had a positive impact on the price of the SHIB token. Over the past 24 hours, the price of SHIB has surged by an impressive 8.87%, from $0.00002366 to $0.00002576, based on data from CoinGecko — showcasing the excitement and enthusiasm surrounding this milestone achievement.

In a statement released on X, the Shiba Inu team expressed their excitement about the integration, stating, “Every swap and every stake on ShibaSwap fuels our ecosystem! Increased trading volumes bring more fees for stakers and LP providers, cementing ShibaSwap as the go-to hub for community tokens. In addition, the more transactions will run on Shibarium blockchain, the more the protocol will burn base gas fees which will impact the overall burn rate of $SHIB.”

Users can now float new liquidity pools (LPs) on Shibarium, allowing traders to swap tokens on the network and earn a cut in trading fees for providing liquidity. ShibaSwap held over $25 million in locked tokens as of Thursday, data from Defillama shows, with $1.7 million in trading volume in the past 24 hours.

With more transactions running on the Shibarium blockchain, the protocol will burn base gas fees, which will directly contribute to the overall burn rate of SHIB. This, in turn, will lead to a reduction in the circulating supply of the token, potentially driving up its value in the long run.

Furthermore, the integration of Shibarium is expected to enhance the user experience on ShibaSwap. By leveraging the scalability and efficiency of Shibarium, users can expect faster transaction times and lower gas fees, making it more accessible and attractive for both new and existing members of the Shiba Inu community.

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ShibaSwap Comes Home To Shibarium

Saha Swatilakha — Wed, 15 May 2024 18:04:01 +0000

ShibaSwap, the decentralized exchange (DEX) synonymous with the Shib ecosystem, has unveiled its most ambitious update yet: integration with Shibarium, a layer-2 solution designed to enhance scalability and reduce transaction costs. This development marks a pivotal moment for the Shib community, offering exciting opportunities for users to engage with DeFi in a more efficient and rewarding manner.

One of the standout features of the latest ShibaSwap update is its dual-chain functionality. Previously operating solely on Ethereum, ShibaSwap is now expanding to operate on both Ethereum and Shibarium. This strategic move is set to revolutionize the Shib ecosystem by leveraging the strengths of Shibarium, which promises lower fees and enhanced scalability compared to Ethereum.

Benefits for Users

1. Lower Fees, Higher Scalability

Shibarium’s architecture facilitates transactions with significantly lower fees, making it more accessible for users to participate in liquidity provision, token swaps, and other DeFi activities. This shift opens doors for new users and reduces barriers for seasoned traders, ultimately fostering a more inclusive ecosystem.

2. Community Redistribution

A key incentive for using ShibaSwap on Shibarium is the redistribution mechanism. Transaction fees collected on the platform will be channeled back to $SHIB stakers, encouraging community participation and reinforcing the ecosystem’s sustainability through token burns.

ShibaSwap’s latest update isn’t just about infrastructure—it’s also about improving user experience. The platform boasts a remodeled dashboard and website with a sleeker UI/UX design. These enhancements aim to simplify processes like liquidity provisioning, staking, and trend analysis, catering to both newcomers and experienced DeFi enthusiasts.

What’s Next?

The ShibaSwap team isn’t stopping here. Exciting developments are on the horizon, including:

Portfolio Page: A dedicated section for users to gain a quick overview of their portfolio’s performance.
Farming Contracts: Enhanced farming features to maximize yield opportunities.
Speedo Page: An aggregated interface for liquidity pool management, consolidating users’ needs and actions into one intuitive platform.

ShibaSwap’s integration with Shibarium signals a bold step toward a more sustainable and user-friendly decentralized finance ecosystem. By combining innovative technology with community-driven incentives, ShibaSwap is poised to become a premier platform for Shiba Inu enthusiasts and DeFi aficionados alike.

Read more about the ShibaSwap update and how to navigate the latest features only on The Shib.

As we eagerly anticipate more transformative updates, one thing is clear: ShibaSwap is paving the way for a decentralized future driven by the passion and engagement of the Shib Army.

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SEC Considers Ethereum Classification as a Security for Spot ETF Approval

Saha Swatilakha — Wed, 15 May 2024 17:46:49 +0000

In a recent development within the cryptocurrency space, the U.S. Securities and Exchange Commission (SEC) has raised concerns regarding the classification of Ethereum (ETH) as a security in the context of spot ETF approval.

ETF analyst Eric Balchunas highlighted the SEC’s scrutiny of ETH spot ETF filings, questioning whether these proposals have been properly categorized as commodities. Balchunas expressed skepticism about the likelihood of approval for ETH spot ETFs, suggesting that the odds remain slim to none. He commended lawyer Scott Johnsson for uncovering this detail, emphasizing the complexity and depth of legal considerations surrounding the issue.

TLDR: the SEC asked commenters re the Eth spot ETFs whether these filers have properly filed their ETF listing proposals as commodities. This shows the SEC is perhaps considering to Eth is a security in their denial. Our odds of approval remain the same: slim to none. Nice job of… https://t.co/g9HGPzGyOp
— Eric Balchunas (@EricBalchunas) May 14, 2024

Johnsson underscored the SEC’s obligation, as per 15 U.S.C. 78s(b)(2)(B), to provide notice of potential grounds for disapproval. He also pointed out that the SEC’s focus on the security question for ETH spot ETFs was a notable departure from its approach to Bitcoin (BTC) filings. He highlighted the significance of this inquiry, suggesting that ETH filings may face rejection if deemed improperly classified as commodity-based trust shares holding a security.

The SEC’s scrutiny of ETH’s classification as security comes amid its ongoing legal battle with Ripple Labs. The U.S. SEC has maintained that Ripple should pay close to $2 billion in fines for selling XRP to institutional investors, in response to the fintech firm’s counter-proposal that argued for a fine of around $10 million.

The SEC’s deliberation on classifying ETH as a security for spot ETF approval has raised concerns within the cryptocurrency community. While the SEC did not classify XRP as a security, the focus on ETH signals a shift in regulatory scrutiny. This reflects the nuanced legal and market implications of this development.

As of now, the approval odds for spot ETH ETFs remain uncertain, with experts acknowledging the challenges posed by regulatory considerations. The evolving landscape of cryptocurrency regulation continues to shape the future of digital asset investment opportunities, as ETH’s classification as a security might emerge as a key point of contention.

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Binance Pay Launches Dedicated Page for SHIB Payments: Expanding Opportunities for SHIB Holders

Saha Swatilakha — Wed, 15 May 2024 16:58:40 +0000

Binance Pay, the innovative cryptocurrency payment service from Binance, has recently unveiled a dedicated page to facilitate Shiba Inu (SHIB) payments, opening up a realm of new possibilities for SHIB holders. The standalone page aims to streamline the process of accepting SHIB payments, making it easier for businesses and individuals to transact with this popular token.

Users can learn more about accepting SHIB via Binance Pay here. Shiba Inu’s integration into Binance Pay underscores the platform’s commitment to expanding the utility of cryptocurrencies in everyday transactions. Binance Pay enables seamless payments with over 80 tokens, including SHIB, offering users a convenient and secure way to spend their crypto assets.

One of the standout features of using SHIB with Binance Pay is the absence of gas fees, a common barrier to crypto spending. This development has significantly boosted SHIB’s transaction volume, propelling it into the ranks of the most popular tokens on the payment platform.

Binance Pay’s versatility extends beyond payments, offering users access to the Binance Marketplace, a hub for various products and services that can be purchased using SHIB. The marketplace boasts exclusive deals, discounts, and token rewards, making it an attractive destination for SHIB holders looking to leverage their crypto assets.

For more details on Binance Pay x SHIB and its features, visit The Shib magazine for a comprehensive overview. Explore the exciting possibilities of using SHIB with Binance Pay and discover how crypto payments are reshaping the future of commerce.

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Bitcoin Miners Navigate Revenue Challenges Post-Halving Amid Hashrate Decline

Saha Swatilakha — Tue, 14 May 2024 17:14:33 +0000

In recent weeks, the Bitcoin network has experienced a notable decline in hashrate, reflecting a shift within the mining landscape as operators adapt to changing market dynamics. This decrease is attributed to miners switching off less profitable rigs after the fourth Bitcoin halving.

The drop in hashrate, which bottomed out at a two-month low of 575 exahash per second (EH/s) on May 10 before rebounding to around 586 EH/s, according to blockchain.com data, highlights a critical juncture for Bitcoin mining operations. As older, less efficient mining rigs become economically unviable, companies are recalibrating their strategies to optimize profitability amid evolving market conditions.

One key factor contributing to this shift is the reduced block rewards which placed additional pressure on mining margins. The cost of electricity remains a pivotal determinant of mining profitability, with certain older ASIC models proving unsustainable at higher electricity prices.

However, industry leaders like TeraWulf, one of the world’s largest Bitcoin mining companies, are navigating this landscape with strategic expansions despite the challenges posed by reduced block rewards. TeraWulf emphasized that while smaller operations with outdated equipment may face risks post-halving, larger players are leveraging scale and efficiency to sustain operations.

Projections indicate a rebound in hashrate, with models forecasting a rise to 700 exahash by 2025. This resurgence is anticipated post-halving, following a potential short-term decline of up to 10% as miners adjust their operations.

Another concern is the potential for a broader Bitcoin sell-off, driven by miners’ urgent need to manage cash flows. Mining companies like Marathon Digital, holding substantial Bitcoin reserves valued at $1.1 billion, could significantly impact market dynamics with even a partial liquidation of holdings, given the current lower market liquidity.

The looming sell-off underscores broader market vulnerabilities amid the ongoing evolution of Bitcoin mining economics. While the halving event aims to ensure scarcity and value appreciation over time, its immediate impact introduces short-term challenges for miners adjusting to reduced rewards.

In response, industry participants are exploring strategic measures to optimize operational efficiency and mitigate revenue pressures. Efforts to lower energy costs, upgrade to more efficient mining hardware, and retiring old miners are essential to navigating this period of market adjustment.

Beyond these shifts, the declining revenues of miners have sparked concerns about potential sell-offs in Bitcoin holdings. As mining rewards decrease and transaction fees dip, miners are under pressure to cover operational costs, leading to potential market impacts due to the liquidation of assets.

The broader narrative surrounding this decline underscores a pivotal moment for the cryptocurrency mining sector. Companies are increasingly focused on optimizing energy usage, enhancing mining efficiency, and securing favorable procurement terms to weather market fluctuations.

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North Korean Hackers Deploy New Malware ‘Durian’ To Attack Cryptocurrency Firms

Saha Swatilakha — Tue, 14 May 2024 10:41:09 +0000

In a recent surge of cyber warfare targeting South Korean cryptocurrency firms, North Korean hackers have unleashed a new strain of malware dubbed “Durian,” designed to infiltrate and compromise the security of these companies.

This alarming development comes amid rising concerns over North Korea’s aggressive pursuit of illicit funds through cybercrime.

The cybersecurity firm Kaspersky issued a report detailing the deployment of Durian by a North Korean hacking group known as Kimsuky. The attacks leveraged legitimate security software used exclusively by South Korean crypto firms, underscoring the sophistication of the hackers’ tactics. Durian operates as a comprehensive backdoor, enabling the execution of commands, file downloads, and exfiltration of sensitive data, posing a severe threat to affected organizations.

Furthermore, Kaspersky’s findings hint at a potential connection between Kimsuky and the notorious Lazarus group, infamous for orchestrating large-scale cryptocurrency thefts globally. Lazarus, which emerged in 2009, is suspected of pilfering more than $3 billion in cryptocurrency assets over the last six years, with over $300 million stolen in 2023 alone.

The United Nations Security Council recently released a report highlighting North Korea’s increasing reliance on cyberattacks, which now contribute significantly to its foreign currency earnings.

In response to these illicit activities, a U.S. district court last week ordered the seizure of 279 crypto accounts linked to North Korean operatives. This legal action underscores ongoing efforts to combat cybercrime and disrupt the flow of illicit funds into North Korea. The ruling also targeted 134 virtual wallets associated with cryptocurrency exchange hacks in 2019, revealing the extent to which cybercriminals employ sophisticated techniques like “chain hopping” to obscure the origins of stolen funds.

Despite these measures, concerns remain high within the cryptocurrency community about the security vulnerabilities exposed by these attacks. Questions persist about the effectiveness of existing countermeasures and the broader implications for global cybersecurity.

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Chinese Authorities Crack Down on $300 Million Crypto Fraud Ring

Saha Swatilakha — Mon, 13 May 2024 16:13:17 +0000

Chinese authorities have apprehended six suspects involved in a sophisticated cryptocurrency fraud operation amounting to 2.94 billion yuan, equivalent to approximately $300 million. The suspects were arrested by The Public Security Bureau of Panshi in Jilin province, Northeast China, following an intensive investigation into their illicit activities.

The suspects allegedly operated an underground bank that exploited the anonymity and decentralized nature of cryptocurrencies to conduct illegal foreign exchange operations between the Chinese yuan and the South Korean won. This illicit scheme targeted unsuspecting investors, deceiving them during the exchange process and subsequently absconding with their funds.

Law enforcement became aware of the suspicious transaction patterns linked to the suspects’ accounts, triggering a thorough investigation that led to the apprehension of the individuals. During the operation, authorities seized a significant amount of bank cards and related equipment crucial to the fraudulent activities.

The use of cryptocurrencies in illegal financial activities has been a growing concern globally, with similar cases reported in South Korea and other countries. In March, fraudsters in South Korea swindled $4.1 million from a citizen through a crypto investment scheme, highlighting the urgent need for increased vigilance and regulation within the digital asset industry.

The suspects leveraged domestic accounts to receive and transfer funds, exploiting the features of cryptocurrencies to conduct over-the-counter transactions for currency exchange purposes. Their clientele reportedly included South Korean purchasing agents, cross-border e-commerce platforms, and import-export trade firms seeking to circumvent capital controls.

China’s robust efforts to crack down on illegal cryptocurrency activities underscore the government’s commitment to maintaining financial stability and regulatory integrity. Despite the decentralized nature of cryptocurrencies, authorities are employing innovative strategies to identify and dismantle illicit operations that undermine investor confidence and pose systemic risks.

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Indian Crypto Credibility Boosted as Binance and KuCoin Win Registration Amid Regulatory Shift

Saha Swatilakha — Sat, 11 May 2024 08:40:49 +0000

The cryptocurrency landscape in India underwent a major shift, with Binance and KuCoin securing registration with the country’s Financial Intelligence Unit (FIU-IND), marking a pivotal moment following their ban of alleged illegal operations last year. The move comes as part of a broader regulatory shift and highlights a growing trend toward the legitimization of offshore crypto exchanges within India’s financial framework.

Both Binance, the world’s largest cryptocurrency exchange, and KuCoin, after paying a penalty of $41,000, have taken strides toward compliance by obtaining registration with the FIU-IND. The FIU-IND’s engagement with 48 registered crypto entities signifies a step toward fostering transparency and accountability within the industry.

Vivek Aggarwal, director of FIU-IND, emphasized that these registrations signify more than just compliance—they represent a commitment to safeguarding the Indian economy against financial crime. This move is not merely about legality; it’s about enhancing the credibility of the crypto ecosystem in India, which has faced ambiguity and challenges over the past years.

India’s stance on cryptocurrencies has indeed been fluid, with recent taxation measures and market shifts prompting traders to seek international exchanges. However, the ban on offshore entities saw a resurgence of activity on local exchanges, demonstrating the appetite for crypto trading despite regulatory uncertainties.

Looking ahead, the crypto community in India anticipates further clarity on the country’s broader crypto policy, especially with ongoing discussions within the G20 framework. The FIU-IND’s move to engage with the press and release a compliance-focused report reflects a commitment to fostering innovation while mitigating money laundering risks. Despite regulatory bounds and high tax rates, a growing number of young Indians are embracing crypto investments as a cornerstone of their retirement plans, showcasing a profound trust in the potential of digital assets to secure their financial futures.

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EigenLayer’s EIGEN Token Airdrop Sparks Controversy and Global Debate

Saha Swatilakha — Fri, 10 May 2024 15:04:54 +0000

EigenLayer, a DeFi protocol, is gearing up for what could be the most-anticipated token airdrop of the year. However, the excitement is tempered by controversy, as restrictions exclude potential customers from major jurisdictions like the U.S. and China.

EigenLayer, developed by Seattle-based Eigen Labs with significant backing from a16z Crypto, has seen staggering growth, accumulating $14 billion in assets since its soft launch in 2023. The project offers restaking services on the Ethereum blockchain, promising amplified returns for staking Ether coins.

The focal point of this excitement is EigenLayer’s forthcoming distribution of its native token, EIGEN, via an airdrop set to begin Friday. The airdrop is tied to a points system, rewarding early adopters based on their participation and deposits within the protocol.

However, the announcement of the EIGEN airdrop has been met with significant pushback due to exclusions imposed on users from countries like the U.S., Canada, and China. Robert Drost, executive director at Eigen Foundation, emphasized during a recent podcast, “It’s not possible to operate in the space without following regulatory guidelines and being responsible.”

EigenLayer’s restaking service taps into Ethereum’s transaction validators, enhancing staking yields beyond the current 3% norm. Despite its popularity, EigenLayer’s decision to restrict the airdrop has sparked debate within the crypto community, particularly around the fairness of excluding certain regions.

EigenLayer’s revised token plans, following community backlash, seek to address concerns around token distribution and user eligibility. However, lingering dissatisfaction suggests that these adjustments may not fully appease disappointed users and investors.

The broader issue of point-based reward systems within crypto startups is gaining attention. Many such programs have faced challenges in meeting user expectations and regulatory standards. This controversy underscores a larger conversation about the evolving landscape of token distribution and investor engagement in the DeFi sector.

As the crypto market experiences renewed interest amid volatility, EigenLayer’s airdrop saga highlights the complexities of navigating regulatory environments while balancing community expectations. The outcome of this highly anticipated event may shape future approaches to token distribution and governance within the DeFi ecosystem.

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Bitcoin Meal Boxes: Pioneering a New Era in the Food Industry

Saha Swatilakha — Fri, 10 May 2024 10:00:50 +0000

In a groundbreaking move that merges the worlds of cryptocurrency and cuisine, Emart24, a prominent South Korean convenience store chain, has joined forces with local cryptocurrency exchange Bithumb to introduce the innovative concept of “Bitcoin meal boxes.”

This collaboration aims to offer customers a unique dining experience while delving into the world of crypto.

Scheduled for release by the end of this month, there are plans to unveil 30,000 Bitcoin meal boxes priced at 5,900 won (approximately US$4.3) per unit. Each box comes with a special incentive for customers — upon entering a designated coupon code in the Bithumb app, patrons will receive 10,000 won worth of Bitcoin. Furthermore, an additional 20,000 won in Bitcoin awaits those who create a NH Nonghyup bank account for Bitcoin transactions, fostering a seamless integration of traditional banking with the digital asset landscape.

This collaboration not only offers a tantalizing meal option but also serves as an entry point for individuals to explore the world of cryptocurrency. By incentivizing customers with Bitcoin rewards, Emart24 and Bithumb are pioneering a new way to engage consumers and promote financial literacy in an unconventional setting.

Shiba Inu-themed food store Welly did it first and has been making waves with its innovative approach to food tracking technology. By leveraging blockchain technology, Welly aims to revolutionize the food industry by enhancing transparency and traceability in the supply chain. This initiative showcases the potential for blockchain to transform not only the financial sector but also the way we interact with food products.

As Emart24 paves the way for a novel dining experience with Bitcoin meal boxes, and Welly explores the possibilities of blockchain in food tracking, the convergence of technology and gastronomy heralds a promising future where innovation knows no bounds. This collaboration sets a precedent for future ventures that blur the lines between traditional and digital worlds.

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OpenSea Faces Challenges as NFT Market Evolves

Saha Swatilakha — Fri, 10 May 2024 09:39:14 +0000

The once-dominant NFT marketplace, OpenSea, is experiencing a decline in user activity and trading volumes, signaling a potential shift in the dynamic of the non-fungible token (NFT) industry.

The data from Token Terminal paints a concerning picture for OpenSea, with a 33% drop in NFT trading volumes over the past 30 days, now standing at a mere $89 million. The platform’s weekly user base has also dwindled to around 21,000 traders, a far cry from its heydays. This downturn has set OpenSea back to its 2021 trading levels, a period marked by relatively low NFT activity.

However, amid this decline, some NFTs are experiencing a resurgence in popularity. Notably, the iconic Cryptopunks are making a comeback, with their trading volumes increasing.

The rise of newer platforms, such as Blur and Magic Eden, has put significant pressure on OpenSea, which now ranks third in the industry behind those players and holding only about 9.5% of the total NFT trading volume. Blur has emerged as the market leader, commanding over 67% of the share, while Magic Eden follows closely with over 14%.

While the NFT craze may not be entirely dying out, the shifting dynamics within the industry have undoubtedly put OpenSea in a precarious position. As newer platforms continue to gain traction, it remains to be seen whether the once-dominant marketplace can adapt and regain its footing in the ever-changing world of non-fungible tokens.

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Hacker Offers to Return Stolen Crypto, Victim Still To Respond

Saha Swatilakha — Fri, 10 May 2024 08:42:55 +0000

Last week in a startling turn of events, the crypto world was rocked by news of a staggering $68 million loss due to a sophisticated scam. An unknown user fell victim to what’s known as a “poisoning” or “dust” attack, losing 1,155 Wrapped Bitcoin (WBTC).

The attack involved a spam transaction tactic, where small amounts of cryptocurrency were deceitfully sent to the victim’s wallet from addresses resembling their usual transaction destinations. This method, designed to deceive and distract, unfortunately succeeded in duping the victim into sending a substantial amount of WBTC to the scammers.

In a rare twist, the perpetrator of this sizable theft has now extended an unexpected olive branch. A week after the incident, the hacker has offered to return the stolen assets to the victim. The attacker left a message in the Etherscan.io chat and asked for the victim’s Telegram so they could return 51 Ethereum (ETH). The motives behind this sudden change of heart remain unclear, raising questions within the community about the dynamics at play.

This development prompts a deeper examination of the human side of crypto transactions. The victim, yet to respond to the hacker’s offer at the time of reporting, faces a decision that could potentially reverse the devastating loss suffered. Such high-stakes decisions underscore the complex interplay of trust, vulnerability, and redemption within the crypto ecosystem.

As the story unfolds, the fate of the stolen assets hangs in the balance, embodying a narrative that transcends mere financial transactions. This incident serves as a good reminder of the human narratives behind the cryptographic keys and digital wallets—a reminder of the evolving ethos of trust and transparency within the crypto sphere.

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Crypto’s Geopolitical Impact: Redefining Power Dynamics and Economic Sovereignty

Saha Swatilakha — Thu, 09 May 2024 12:02:13 +0000

In recent years, the intersection of cryptocurrencies and geopolitics has become increasingly complex, raising concerns about economic sovereignty, regulatory challenges, and global power dynamics. The emergence of Bitcoin and other digital assets has disrupted traditional financial systems, offering new opportunities but also posing significant geopolitical implications.

The ongoing debate over regulating cryptocurrencies has intensified due to their decentralized nature and potential misuse for illegal activities. Instances such as the bankruptcy of FTX exchange and the use of cryptocurrencies by terrorist organizations highlight the need for regulatory oversight to prevent financial crimes and uphold international security.

One notable case that has underscored the risks associated with cryptocurrency is the Bankman-Fried trial, where users lost access to billions of dollars channeled into Alameda Research for various purposes, including stock trades, political donations, and personal expenses. Such incidents have raised concerns about investor protection and the need for robust regulatory frameworks.

Moreover, the use of cryptocurrencies by certain extremist groups has become a focal point for geopolitical scrutiny. The ability of cryptocurrencies to circumvent traditional financial controls presents challenges for global security and necessitates coordinated international efforts to combat illicit finance.

Geopolitical conflicts have also highlighted the role of cryptocurrency markets and their exposure to geopolitical risk. Research suggests that coins with lower geopolitical betas outperformed those with higher betas during such crises, indicating the interconnectedness of cryptocurrency markets with broader geopolitical dynamics.

The rise of Bitcoin specifically raises concerns about economic sovereignty and challenges governments’ authority over their currencies. Its decentralized nature challenges established financial hubs, potentially shifting economic influence to regions that support cryptocurrencies.

Tyler Nguyen, a Bitcoin ‘hodler’ told The Daily Shib his thoughts on balancing regulation and innovation. He emphasized the importance of tailored regulations that address cryptocurrency risks while consulting investors and industry players. He also highlighted the need for public education to enhance understanding of cryptocurrency benefits and risks.

When asked about future trends in global crypto regulations, he predicted clearer regulations, stricter anti-money laundering (AML) and know-your-customer (KYC) compliance, and increased international coordination. However, concerns were raised about the potential impact of KYC on decentralization and privacy. To effectively harmonize crypto regulations without compromising decentralization, he suggested creating flexible regulations based on cryptocurrency principles, ensuring transparency, accountability, and privacy for users.

The widespread adoption of crypto will continue to have profound geopolitical implications, challenging conventional notions of economic control and national sovereignty. Achieving this balance will be essential to harnessing the potential benefits of cryptocurrencies while mitigating associated risks to global security and stability.

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FTX to Compensate Creditors Beyond Expectations

Saha Swatilakha — Wed, 08 May 2024 19:05:19 +0000

FTX, a former giant in the cryptocurrency exchange scene, and its affiliates have announced a remarkable plan to recompense creditors, surpassing initial expectations following their Chapter 11 bankruptcy filing in Delaware 17 months ago. This groundbreaking reorganization, subject to court approval, aims to distribute assets exceeding $14.5 billion to $16.3 billion, benefitting nearly all creditors worldwide.

FTX’s CEO and Chief Restructuring Officer, John J. Ray III, expressed profound gratitude to all stakeholders for their unwavering support throughout this intricate recovery process. He stated, “We are pleased to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.”

The proposed plan showcases a significant uplift for creditors, with approximately 98% set to receive 118% of their allowed claims within 60 days of the plan’s effectuation. Remarkably, the remaining creditors will be compensated in full and even receive additional compensation reflecting the time value of their investments.

FTX has achieved this unprecedented recovery through diverse monetization strategies, leveraging assets from Alameda or FTX Ventures businesses and litigation claims. Despite the shortfall in Bitcoin and Ethereum holdings during the bankruptcy filing, FTX has successfully recuperated substantial value from other sources to honor creditor claims.

What makes this plan extraordinary is the meticulous consensual settlements with key stakeholders, ensuring a comprehensive resolution to claims and an equitable distribution of assets. John J. Ray III highlighted the pivotal role of governmental agencies, including the U.S. Department of Justice and the Securities Commission of The Bahamas, in facilitating this complex recovery.

The plan outlines various key settlements, including resolving substantial claims with the Internal Revenue Service through a cash payment and subordinated claim arrangement. Additionally, FTX proposes agreements with regulatory bodies like the Commodity Futures Trading Commission to prioritize creditor payments and contribute recoveries to a supplemental restitution fund.

As the plan awaits court approval, creditors and stakeholders eagerly anticipate a positive outcome that could reshape perceptions of post-bankruptcy asset recovery.

In the words of John J. Ray III, “We extend our deepest appreciation to all customers and creditors of FTX for their patience throughout this process.” This sentiment echoes a shared commitment to navigating complexities and emerging stronger from adversity. The proposed plan not only heralds a fresh start for FTX but also exemplifies a new standard in crypto asset management and recovery.

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Shiba Inu Has the Last Laugh: Joins Nexo After Being the Ultimate Meme

Saha Swatilakha — Wed, 08 May 2024 10:55:03 +0000

In a delightful twist of fate, Shiba Inu (SHIB) has risen from meme status to conquer new heights by getting listed on Nexo! Once dismissed as an inside joke that went viral, SHIB is now officially part of the Nexo platform, proving that the tables have indeed turned.

Nexo, which initially teased SHIB as a meme coin, has now embraced the SHIB community with open arms.

This move highlights the power of the SHIB community and its journey from being an internet sensation to being a legitimate player in the crypto space.

This milestone isn’t just about a listing—it’s a testament to Shiba Inu’s remarkable growth and the evolution of the SHIB community. From its inception as a playful meme, SHIB has built an entire ecosystem around it, from the dynamic Shibarium chai to ShibaSwap the ultimate DEX, to ShibaEternity the game, to much more along the way.

As SHIB continues to grow and innovate within the Shib ecosystem, the future looks bright for Shiba Inu and its dedicated followers. Keep watching this space as SHIB continues to surprise and delight crypto enthusiasts worldwide!

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Revolutionizing Finance: German Government Banks Embrace Blockchain with Digital Bonds

Saha Swatilakha — Wed, 08 May 2024 10:52:37 +0000

In a groundbreaking move toward modernizing financial infrastructure, Germany’s Kreditanstalt fuer Wiederaufbau (KfW) is set to issue its first blockchain-based digital bond this summer. This initiative underscores a shift toward embracing blockchain technology in traditional banking.

DZ Bank, Deutsche Bank, LBBW, and Bankhaus Metzler are reported to be joint book-runners, while German fintech firm Cashlink Technologies will serve as the crypto securities registrar. The bond is said to have an expected maturity date in December 2025 and will have a minimum size of €100 million.

Digital bonds on the blockchain represent a fundamental transformation in the issuance and management of securities. By leveraging blockchain technology, these bonds are recorded and traded using distributed ledger technology, offering transparency, security, and streamlined processes compared to traditional paper-based systems.

The upcoming issuance by KfW is a pivotal step toward attracting a broader investor base. Treasurer Tim Armbruster emphasizes that digitalization will enhance efficiency and scalability, attracting both institutional and retail investors to participate in this innovative financial instrument. JPMorgan Chase & Co.’s initiative to utilize blockchain for municipal bonds demonstrates the diverse applications of this technology across different sectors of the financial market.

This move echoes the pioneering efforts of the Republic of the Marshall Islands, which in 2018 became the first country to issue digital bonds on the blockchain with its “Sovereign” (SOV) currency. The Marshall Islands aimed to enhance financial transparency and security through blockchain technology, paving the way for other governments to explore similar solutions.

Notably, Japan’s Nomura Research Institute (NRI) also recently issued the country’s first bond offering using blockchain technology through its ibet platform, in collaboration with Nomura Holdings. This development highlights the global trend toward integrating blockchain into traditional financial systems.

The adoption of blockchain-based digital bonds represents a paradigm shift in how issuers manage debt and interact with investors. By digitizing bond issuance, the issuers can streamline administrative processes, reduce costs, and increase market access.

Looking ahead, the successful issuance of KfW’s blockchain-based digital bond could inspire governments and financial institutions to explore similar innovations. The integration of blockchain into mainstream finance not only promises efficiency gains but also sets a new standard for transparency and security in global capital markets.

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Bitcoin Processes Over 1 Billion Transactions, Marking Historic Milestone

Saha Swatilakha — Mon, 06 May 2024 13:14:44 +0000

The Bitcoin network achieved a monumental milestone by processing its one billionth transaction since its inception. This landmark moment arrives 15 years and 4 months after Bitcoin’s genesis block was mined on January 3, 2009.

Bitcoin, the pioneering cryptocurrency, has demonstrated enduring resilience and growth over the years, solidifying its position as the leading decentralized digital currency. The journey to one billion transactions underscores Bitcoin’s widespread adoption and utility in global financial systems.

From humble beginnings to a global phenomenon, Bitcoin’s journey has been characterized by significant milestones and transformative impact. The cryptocurrency’s decentralized nature and secure blockchain technology have attracted a diverse range of users, from retail investors to institutional players, seeking alternatives to traditional financial systems.

As the cryptocurrency ecosystem continues to evolve, with innovations like decentralized finance (DeFi) and non-fungible tokens (NFTs) gaining traction, Bitcoin remains a foundational pillar of this digital transformation.

The achievement of processing one billion transactions underscores Bitcoin’s enduring relevance and serves as a testament to its ability to adapt and thrive in an ever-changing financial landscape. With this milestone behind it, Bitcoin is poised to continue shaping the future of finance and inspiring further innovation in the blockchain ecosystem.

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US Senator Criticizes DOJ Over Non-Custodial Wallets, Vows to Defend Bitcoin Rights

Saha Swatilakha — Thu, 02 May 2024 20:15:14 +0000

Wyoming’s Republican Senator Cynthia Lummis has voiced strong opposition to the Biden administration’s Department of Justice (DOJ), criticizing its stance on non-custodial wallet software in the realm of cryptocurrency. In a pointed statement, Senator Lummis expressed deep concern over what she termed the DOJ’s “hyper-aggressive argument” that such software could constitute a money transmission service.

Lummis’ remarks were triggered by the DOJ’s recent reply brief regarding the indictment against Roman Storm, the developer of Tornado Cash, whose lawyers moved to dismiss the charges against him.

“I am deeply troubled by the Department of Justice’s hyper-aggressive argument that non-custodial software can constitute a money transmission service,” Senator Lummis expressed on the social media platform X (formerly Twitter).

She further elaborated that this position goes against existing Treasury guidance, common sense, and the rule of law.

Highlighting the broader implications, Lummis emphasized that arguments against self-custody software threaten fundamental property rights inherent to American values. “I will do everything I can to fight for your rights to hold your own keys and run your own node,” she affirmed.

Senator Lummis’ stance underscores the escalating tensions between cryptocurrency advocates and policymakers, particularly as the Biden administration intensifies its scrutiny of digital assets. This scrutiny has seen bipartisan engagement, with U.S. Senators Elizabeth Warren and Bill Cassidy also weighing in, expressing concerns over illicit activities facilitated by cryptocurrencies.

Their concerns have prompted federal agencies to ramp up efforts to combat criminal exploitation of digital currencies. The DOJ has taken decisive action against platforms like KuCoin and Binance, citing charges related to operating unlicensed money-transmitting businesses and processing suspicious transactions.

At the core of this debate lies the clash between privacy and regulatory imperatives. Privacy-focused cryptocurrencies and mixing services have increasingly drawn scrutiny for allegedly facilitating money laundering, particularly linked to crimes like Child Sexual Abuse Material (CSAM).

With calls for tighter regulation and enhanced oversight gaining momentum, federal agencies are stepping up efforts to bolster their capabilities for detecting and prosecuting illicit cryptocurrency transactions. Senator Lummis’ vocal criticism signals a widening rift over the regulatory landscape for digital assets, setting the stage for continued debate and legislative action in cryptocurrency policy.

The post US Senator Criticizes DOJ Over Non-Custodial Wallets, Vows to Defend Bitcoin Rights first appeared on The Shib Daily.

Unveiling the Impact of Open Source on Cryptocurrencies

Saha Swatilakha — Tue, 30 Apr 2024 17:06:08 +0000

In Web3, open-source software (OSS) serves as a cornerstone in enabling innovation, transparency, and community-driven development. Open-source principles allow code to be freely accessed, modified, and distributed, significantly shaping the evolution of groundbreaking technologies like Bitcoin and Ethereum. Let’s delve into the intricacies of open source in the context of cryptocurrencies and explore its profound impact on this landscape.

Open-source software, a concept predating cryptocurrencies, gained prominence in the 1990s as a means for developers to collaborate and share code openly on the internet. Today, open source underpins a vast array of online activities. In the context of cryptocurrencies, open source is indispensable due to its alignment with the decentralized nature of blockchain technologies.

Cryptocurrencies leverage blockchain technology, which ensures secure and transparent transactions without the need for intermediaries. Concepts such as decentralization, consensus mechanisms, and cryptographic security form the bedrock of cryptocurrencies.

The decentralized nature of cryptocurrencies demands an open and collaborative approach to code development. Unlike proprietary software, where a single entity retains control, open-source code in cryptocurrencies is publicly accessible, allowing anyone to scrutinize, modify, and contribute to its evolution. This decentralized governance model is critical for ensuring trust and preventing the centralization of power within cryptocurrency networks.

Robert McMenemy, a full-stack software engineer deeply involved in Web3 development, shared some insights into the importance of open source within the blockchain domain with The Shib Daily. McMenemy, currently building an open-source blockchain project, underscores the significance of community contributions in ensuring security and scalability. According to McMenemy, “It really is reliant on more devs contributing to ensure its security.”

In addressing scalability, he highlights the importance of efficiency within the peer-to-peer network layer. He emphasizes, “A blockchain is essentially a peer-to-peer network, so that layer needs to be super efficient to maintain a high transaction per second count.” He reiterates that “the key to this being successful is more creative open-source contributions.”

Moreover, he acknowledges the role of open source in enhancing privacy. He underscores that privacy in blockchain technology is reliant on community faith and support to remain viable over time.

Open-source code is a prerequisite to the successful operation of decentralized cryptocurrencies. It enables:

Accessibility: Anyone can download and use the software without requiring permission from a central authority.
Verifiability: External developers can audit the code, ensuring that it performs as intended and is free from vulnerabilities.
Security: The collaborative nature of open source fosters robust security practices, as bugs and vulnerabilities can be identified and addressed by a diverse community of developers.
Innovation: Open source encourages innovation by allowing developers to propose and implement new features through improvement proposals or forks.

Bitcoin, the pioneering cryptocurrency introduced by Satoshi Nakamoto in 2009 as open-source software, has evolved into a globally maintained codebase with contributions from diverse developers. Ethereum, the second-largest blockchain platform, embraces open source to foster a vibrant ecosystem of decentralized applications (dApps) and smart contracts. The ERC-721 token standard supporting non-fungible tokens (NFTs) demonstrates Ethereum’s commitment to innovation. Additionally, Tether’s open-source code behind its stablecoin reveals the mechanisms for minting, burning, and redeeming USDT tokens, enhancing transparency in the stablecoin ecosystem.

Looking ahead, open source will continue to drive innovation in the cryptocurrency space. Decentralized applications built on open-source blockchains like Ethereum are challenging traditional models of internet applications, offering users greater control over their data and interactions online. The proliferation of open-source crypto projects underscores a paradigm shift towards community-driven, transparent, and inclusive technological development. Ethereum’s ambition extends to decentralizing everything on the internet, building upon Bitcoin’s goal of decentralizing money.

In conclusion, open-source software is not only integral to the functioning of cryptocurrencies but embodies a broader ethos of collaboration, transparency, and innovation. As the crypto industry matures, OSS will remain a catalyst for progress, empowering individuals worldwide to participate in reshaping the future of finance and technology.

The post Unveiling the Impact of Open Source on Cryptocurrencies first appeared on The Shib Daily.

USDC Surpasses USDT in Transaction Volume: A Game-Changing Shift in Stablecoin Dynamics

Saha Swatilakha — Tue, 30 Apr 2024 12:57:01 +0000

In a remarkable turn of events, Circle’s USD Coin (USDC) has taken the lead over Tether’s USDT in stablecoin transactions, signaling a significant shift in the crypto market landscape.

According to recent data from Visa’s on-chain analytics, USDC recorded a staggering 166.6 million transactions in April, surpassing USDT’s 163.6 million transactions for the month.

This unexpected surge in USDC transactions has caught industry observers by surprise, especially considering Tether’s longstanding dominance as the world’s largest stablecoin with a market capitalization exceeding $110 billion. USDC, currently valued at $33.5 billion, has managed to outpace Tether despite its smaller market size.

The rising popularity of USDC can be attributed to several key factors. One of the standout features of USDC is its transparent reserve backing, which provides users with greater confidence in its stability compared to other stablecoins. Additionally, USDC’s growing utilization of decentralized finance (DeFi) applications has fueled its adoption among cryptocurrency enthusiasts seeking efficient and reliable trading options amid market fluctuations.

USDT, issued by Tether, has traditionally held sway in the stablecoin market, boasting a massive user base of over 34.2 million unique wallets in April. In contrast, USDC trailed behind with 9.57 million unique users during the same period. However, despite USDT’s larger user count, USDC’s surge in transaction volume reflects a shifting preference among traders and investors.

Stablecoins play a crucial role in the cryptocurrency ecosystem, allowing market participants to swiftly navigate in and out of digital assets with minimal exposure to price volatility. The growing adoption of stablecoins by countries for trade and commerce underscores a broader trend toward stability and reliability within the crypto space.

USDT, a stablecoin pegged to the U.S. dollar with a 1:1 ratio (though it depegged temporarily in the summer of 2023), has faced scrutiny in the past over concerns related to its reserve backing and potential for market manipulation. These issues may also have contributed to USDC’s recent surge in transaction volume as users seek more transparent and secure alternatives.

The rise of USDC as a transaction leader marks a milestone for Circle, and reflects evolving market sentiments toward more transparent and trusted digital assets. While Tether continues to maintain a dominant market share, the surge in USDC transactions signals a growing demand for alternative stablecoin options that prioritize accountability and security.

The post USDC Surpasses USDT in Transaction Volume: A Game-Changing Shift in Stablecoin Dynamics first appeared on The Shib Daily.

Stripe Returns to Crypto Payments: USDC Integration Signals Strategic Shift

Saha Swatilakha — Fri, 26 Apr 2024 11:36:35 +0000

In a surprising move, fintech giant Stripe announced its re-entry into the cryptocurrency market after a six-year hiatus, unveiling plans to accept crypto payments starting with the USDC stablecoin on Thursday. The news came during the company’s Connect developer conference in San Francisco, where co-founder and president John Collison revealed Stripe’s pivot towards embracing stablecoins for transactions.

This strategic shift marks a notable departure from Stripe’s previous stance on cryptocurrencies, notably pulling back from Bitcoin in 2018 due to its volatility. Now, Stripe is focusing on the stability and reliability of USDC, a leading stablecoin, allowing customers to transact seamlessly on Solana, Ethereum, and Polygon blockchains.

“We believe stablecoins offer a superior experience for transactions compared to volatile cryptocurrencies like Bitcoin,” stated John Collison, president of Stripe, highlighting the company’s evolving approach towards crypto adoption.

The decision to reintroduce crypto payments underscores Stripe’s ambitions to adapt to the changing landscape of digital finance while prioritizing customer experience and stability. By leveraging USDC, Stripe aims to streamline payments for its vast network of users, potentially opening doors for broader crypto integration in the future.

Stripe’s history with cryptocurrency has been a rollercoaster ride, from early experiments with Bitcoin to involvement in projects like Libra (now Diem) and more recent partnerships enabling USDC payouts for platforms like X (previously Twitter). This latest move signals a renewed commitment to exploring the potential of blockchain technology while mitigating risks associated with volatile assets.

On Wednesday, Stripe made a significant announcement by allowing customers to integrate competing payment providers alongside its suite of financial services for the first time. This decision represents a strategic shift aimed at opening up Stripe’s ecosystem and offering more flexibility to users. As Stripe reenters the crypto payments market, industry observers speculate about potential impacts on market dynamics.

Stripe’s comeback into crypto payments signals a notable shift in sentiment towards stablecoins, emphasizing reliability and scalability over speculative assets. As the company gears up for its crypto-enabled summer, stakeholders eagerly anticipate the implications of this strategic maneuver on the broader fintech landscape.

The post Stripe Returns to Crypto Payments: USDC Integration Signals Strategic Shift first appeared on The Shib Daily.

Spot Ether ETFs Spark Global Excitement Amid Regulatory Divergence

Saha Swatilakha — Fri, 26 Apr 2024 10:10:34 +0000

Over the last few weeks and months, Ether ETFs have dominated headlines, oscillating between hopeful anticipation and regulatory uncertainty in various jurisdictions.

Hong Kong has become the first major financial hub to approve the launch of spot Bitcoin and Ether exchange-traded funds (ETFs), while U.S. regulators continue to express skepticism. The Securities and Futures Commission (SFC) of Hong Kong announced the official approval of the first batch of spot Bitcoin and Ether ETFs, which will start trading on April 30.

Unlike the cash-creation model of U.S. spot Bitcoin ETFs, Hong Kong aims to offer in-kind creation models for ETFs that enable the creation of new ETF shares by leveraging BTC and ETH. Hong Kong’s in-kind ETF creation model could be a significant opportunity to considerably increase assets under management (AUM) and trading volume for these products.

Meanwhile, U.S. issuers and other firms expect the Securities and Exchange Commission (SEC) to deny their applications to launch exchange-traded funds (ETFs) tied to the price of ether after discouraging meetings with the agency in recent weeks. The SEC has rejected spot bitcoin ETFs for more than a decade over market manipulation worries but was forced to approve them after Grayscale Investments won a court challenge.

The SEC’s skepticism toward spot ether ETFs has been reflected in ether’s price, with the cryptocurrency struggling to keep pace with bitcoin’s price gains. The SEC has held just a handful of meetings on the ether products so far, with the only disclosed meeting being last month with crypto exchange Coinbase.

VanEck, ARK Investment Management, and other firms have submitted ETF filings that track the spot price of Ether, with decisions due by May 23 and May 24. The regulatory outlook still remains uncertain, with expectations of approval delays extending potentially into 2024 or beyond.

The SEC’s rejection of ether ETFs could invite another lawsuit, with some saying that it’s entirely possible that ether ETFs will eventually be approved, but not until somebody is denied and goes to the courts. In summary, while Hong Kong takes the lead in spot Ether ETFs, U.S. regulators remain skeptical, leaving issuers and investors in the United States waiting for a more favorable regulatory environment.

The post Spot Ether ETFs Spark Global Excitement Amid Regulatory Divergence first appeared on The Shib Daily.

Now Buy a Crypto Cold Wallet with SHIB: Tangem Expands Payment Options for Shiba Inu Holders

Saha Swatilakha — Thu, 25 Apr 2024 08:12:42 +0000

In a promising development for Shiba Inu holders, leading crypto hardware wallet provider Tangem has broadened its payment horizons to include SHIB, offering a seamless way for enthusiasts to acquire Tangem Wallets using the popular meme coin.

Tangem’s decision to integrate SHIB payments aligns perfectly with its commitment to bolstering security and convenience for the global crypto community. This expansion not only caters to the rising demand for SHIB but also underscores Tangem’s responsiveness to user preferences.

Buy Tangem Wallet with crypto

We're thrilled to announce that we now support payment in selected cryptocurrencies including BTC, USDT, KAS, SOL, and SHIB.

You can now buy a crypto cold wallet with your crypto and securely store your assets in it. More details are in our… pic.twitter.com/QEKsbhYX57
— Tangem (@Tangem) April 23, 2024

To purchase a Tangem Wallet with SHIB, simply follow these steps:

Visit Tangem’s Official Website: Navigate to Tangem’s website and select the wallet set that suits your needs. As of now, options include a three-card set for $69.90 or a two-card set for $54.90.
Select Your Wallet Set: Choose your preferred card set, apply any available promo codes, and specify the number of sets you wish to acquire.
Proceed to Checkout: Click on “Get Tangem” to proceed to the next phase. Enter your personal details in the address block.
Choose Crypto Payment: During the payment process, select “crypto payment” and opt for Shiba Inu (SHIB) from the list of supported currencies.
Complete the Transaction: After confirming your order details, proceed to payment. The system will automatically calculate the equivalent amount of SHIB required based on your order and shipping details.
Payment Processing: Click “pay” to be redirected to Tangem’s payment processor, NOWPayments. Here, you can finalize the transaction by scanning the provided QR code or copying the wallet address manually to make a deposit via WalletConnect.

Tangem’s history with Shiba Inu goes back over a year when it introduced a specially branded wallet for SHIB. This initiative garnered immense interest from the Shiba Inu community, resulting in 5,000 pre-orders. Tangem’s support for the Shiba Inu ecosystem expanded further in February with its integration into Shibarium, the cryptocurrency’s Layer-2 blockchain.

Apart from SHIB, Tangem also accepts payments in Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Tether (USDT), Litecoin (LTC), Solana (SOL), Bitcoin Cash (BCH), Polygon (MATIC), and more, catering to a diverse range of crypto enthusiasts. By facilitating SHIB payments for Tangem Wallets, this partnership not only simplifies the process of acquiring hardware wallets but also contributes to the broader adoption and growth of Shiba Inu within the crypto community.

The post Now Buy a Crypto Cold Wallet with SHIB: Tangem Expands Payment Options for Shiba Inu Holders first appeared on The Shib Daily.

Indonesia and Australia Forge Crypto Taxation Agreement to Boost Revenue and Promote Economic Growth

Saha Swatilakha — Thu, 25 Apr 2024 08:04:19 +0000

In a significant move to enhance the detection of assets that may have tax liabilities in either country, Indonesia and Australia’s tax authorities signed a Memorandum of Understanding (MoU) for a cryptocurrency information-sharing arrangement.

The agreement, which was unveiled April 23, emphasizes the importance of innovation and collaboration among tax authorities to keep up with the rapid advances in the worldwide landscape of financial technologies.

The MoU signed at the Australian Embassy in Jakarta, aims to promote a more effective interchange of cryptocurrency-related data and information across tax authorities. It also highlights the need for equitable taxation to promote economic growth and provide revenue for crucial public investments in areas like infrastructure, education, and healthcare.

Mekar Satria Utama, a director of the Indonesian Directorate General of Taxes (DGT), stressed the significance of the agreement, stating that while crypto assets are relatively new, the need to ensure equitable taxation remains essential. The DGT and the Australian Taxation Office (ATO) have a long-standing partnership, which has focused on modernizing and digitizing taxpayer services, implementing value-added tax on digital goods and services, and collaborating on international tax and broader reforms.

The latest arrangement builds on this partnership, underscoring the shared commitment of Indonesia and Australia to adapt and innovate in the face of an evolving financial landscape, ensuring a fair and sustainable tax framework for the digital era. The Indonesian government has been actively developing laws for the crypto sector, encouraging partnerships with foreign countries and international groups to develop a solid crypto framework. The Financial Services Authority (OJK) has been working with financial regulators in Malaysia, Singapore, and Dubai to create the basis for crypto regulation.

Meanwhile, Australia is one of many countries working with the Organization for Economic Cooperation and Development (OECD) to create the Crypto-Asset Reporting Framework (CARF), which allows for the automatic exchange of information about crypto-assets. The aim is to institute a standardized approach for the worldwide taxation of cryptocurrencies.

The Indonesian DGT and the Australian ATO have been working together on several DGT priorities, including the digitization of taxpayer services through the implementation of a virtual tax assistant and the introduction of value-added tax (VAT) for digital goods and services. Entities that provide cryptocurrency services in Indonesia without first completing a sandbox evaluation would be deemed illegal. The new regulation, which takes effect in January next year, coincides with the Financial Services OJK’s move to oversee the cryptocurrency sector.

The latest arrangement underscores the shared commitment of Indonesia and Australia to adapt and innovate in the face of an evolving financial landscape, ensuring a fair and sustainable tax framework for the digital era. The agreement will promote a more effective interchange of cryptocurrency-related data and information across tax authorities, ensuring compliance with tax obligations and promoting economic growth.

The post Indonesia and Australia Forge Crypto Taxation Agreement to Boost Revenue and Promote Economic Growth first appeared on The Shib Daily.

Is Cryptocurrency Losing Its Way? Crypto Genius’ Stark Reminder of Its True Purpose

Saha Swatilakha — Wed, 24 Apr 2024 12:05:51 +0000

In a recent social media posat, Ethereum co-founder Vitalik Buterin emphasized a fundamental principle of cryptocurrency that extends beyond trading: the preservation of individual liberty and the decentralization of power.

His call to arms, so to speak, highlights a critical juncture in time where digital assets face increasing scrutiny over their role in safeguarding privacy amid global surveillance anxieties.

‘Crypto is not just about trading tokens, it’s part of a broader ethos of protecting freedom and privacy and keeping power in the hands of the little guy,” Buterin asserted in a post on X on Saturday.

The founding ethos of crypto, designed as a counterforce to centralized control, seek to empower individuals by redistributing authority over financial transactions. Can cryptocurrencies effectively promote freedom and privacy in an age of increased global surveillance?

Despite its decentralized aspirations, Ethereum too has encountered instances of transaction censorship, notably in compliance with regulations of the Office of Foreign Assets Control (OFAC). This has sparked an intense debate within the Ethereum community, reflecting the tension between regulatory compliance and the foundational principles of decentralization.

Though Ethereum’s transition from proof of work (PoW) to proof of stake (PoS) consensus mechanisms aims for greater efficiency and environmental sustainability, concerns still persist regarding PoS’ potential to concentrate influence among holders of larger stakes, contrary to the crypto ethos of equitable power distribution.

The discourse on crypto’s purpose extends beyond philosophical debate to practical implications. As the crypto landscape evolves, conversations sparked by Buterin’s reminder prompt introspection on the industry’s trajectory. How can crypto platforms reconcile with the decentralization paradox? What strategies ensure the privacy and autonomy of users amid surveillance concerns? These questions underscore the ongoing quest to align crypto’s technological promise with its foundational principles.

Beyond market dynamics, the conversation now encompasses the ethical imperative of preserving digital freedoms in an increasingly monitored world. Buterin’s call serves as a rallying cry for a renewed commitment to crypto’s original vision—a vision anchored in freedom, decentralization, and the preservation of individual liberties.

The post Is Cryptocurrency Losing Its Way? Crypto Genius’ Stark Reminder of Its True Purpose first appeared on The Shib Daily.

PayPal Pilots Green Bitcoin Rewards Program to Combat Environmental Impact of Mining

Saha Swatilakha — Tue, 23 Apr 2024 17:21:04 +0000

In a groundbreaking initiative to address concerns about Bitcoin’s environmental impact, PayPal, in collaboration with Energy Web and DMG Blockchain Solutions, is set to roll out a new incentive program that rewards miners who prioritize sustainable energy practices.

The program, outlined in a recent research paper by PayPal’s Blockchain Research Group, aims to incentivize Bitcoin miners to shift toward cleaner energy sources by offering additional rewards for environmentally friendly operations. This comes at a critical juncture when the environmental impact of cryptocurrencies, particularly Bitcoin, is under intense scrutiny.

Bitcoin miners adopting low-carbon energy sources will be accredited as “green miners” and granted special “green keys” linked to their public keys. Transactions will then be directed preferentially to these green miners, offering lower transaction fees and additional locked BTC rewards.

This innovative approach leverages crypto-economics to drive positive behavior change within the mining industry, encouraging a shift toward sustainability and curbing crypto greenhouse emissions. By rewarding green practices, PayPal and its partners aim to promote cleaner operations while maintaining the integrity and security of the Bitcoin network.

The initiative also aligns with broader industry trends and regulatory frameworks emphasizing environmental, social, and governance (ESG) standards in digital asset management. Governments and regulatory bodies are increasingly pushing for sustainable practices within the crypto space, recognizing the need for responsible innovation.

The move by PayPal signifies a step toward integrating environmental considerations into the fabric of blockchain technology. It underscores the industry’s commitment to address climate change and promote responsible digital asset management.

This forward-thinking program is expected to stimulate greater discussion and innovation around sustainable mining practices within the Bitcoin ecosystem. It highlights the potential for blockchain technology to evolve responsibly, contributing to a more sustainable future.

The proposal has already garnered significant interest within the blockchain community, with industry stakeholders eager to provide feedback and refine the approach. As the pilot unfolds, it is expected to pave the way for broader adoption of sustainable mining practices across the cryptocurrency industry.

The shift toward green Bitcoin mining reflects a growing awareness of the environmental challenges posed by blockchain technologies. With initiatives like PayPal’s rewards program, the industry is taking proactive steps toward mitigating its carbon footprint while driving technological innovation.

This pilot program represents a crucial step in reshaping the narrative around cryptocurrency’s environmental impact, heralding a new era of sustainable blockchain development. As the initiative gains momentum, it promises to redefine industry standards and inspire further initiatives toward a greener, more inclusive digital economy.

The post PayPal Pilots Green Bitcoin Rewards Program to Combat Environmental Impact of Mining first appeared on The Shib Daily.

Bitcoin Transaction Fees Drop Significantly Post-Halving, Disrupting Crypto Fee Landscape

Saha Swatilakha — Tue, 23 Apr 2024 17:16:46 +0000

In the aftermath of Bitcoin’s highly anticipated fourth halving event, the cryptocurrency landscape witnessed a notable decline in transaction fees, signaling potential shifts in blockchain economics.

Just days after the halving, Bitcoin’s transaction fees plummeted nearly ten-fold, marking a swift decline from the elevated levels seen immediately following the event.

Initially, transaction fees soared to over $130 for high-priority transactions, imposing significant costs on participants. However, this surge was short-lived, with fees now averaging around $35 for medium-priority transactions—a stark contrast to the post-halving peak. This significant reduction has sparked discussions about its implications for miners and the broader cryptocurrency ecosystem.

The average fee per transaction on $BTC has spiked to $128

This is 2.9x the last ATH in 2021 and can be attributed to "Runes" going live on the halving block

"Runes" is a token protocol on BTC like ERC20 on ETH

How long will this last? pic.twitter.com/A0tXDNSTvE
— Dom (@traderview2) April 21, 2024

Bitcoin miners, facing reduced block rewards post-halving, initially experienced declining revenues exacerbated by high transaction fees. The sudden drop in fees could further impact their profitability, as transaction volume and associated fees are closely tied to their earnings. This will further intensify competition among blockchain networks, driven by fee structures and scalability solutions, which may reshape the industry landscape.

Bitcoin transaction fees are determined by the number of satoshis (the smallest unit of Bitcoin) paid per byte of transaction data. Larger transactions, which occupy more bytes due to multiple inputs and outputs, require higher fees to be processed promptly. Bitcoin’s fee market is responsive to network demand and congestion. During peak periods, fees may rise to prioritize transactions, while lower demand times lead to reduced fees.

When sending a Bitcoin transaction, users can choose from different fee rates (sat/byte) depending on their desired confirmation time. Higher fees accelerate confirmation, while lower fees may lead to longer processing times.

In contrast to Bitcoin’s satoshis-per-byte fee model, Ethereum’s fees are measured in “gas,” powering network computations. EIP-1559 introduced a new fee structure based on gas limit, base fee adjusted by demand, and optional tips.

Litecoin prioritizes transactions with “coin days destroyed,” aiming to reduce nominal fees further. Solana implements a fee system combining a base fee for storage costs and a per-signature fee that adjusts with network congestion.

Polygon’s StdTx allows developers to create applications without incurring transaction fees for every operation. Shibarium processes transactions with gas fees under $0.01, utilizing its primary gas token $BONE for block validation.

The recent decline in Bitcoin transaction fees reflects broader trends within the crypto ecosystem, presenting both opportunities and challenges. Lower fees will make Bitcoin transactions more accessible to a wider audience, fostering greater adoption and utilization of the network and reduced transaction costs will enhance the overall user experience, encouraging more frequent and diverse use cases for cryptocurrencies. Users may explore different applications and transactions with lower barriers.

The significant decline in Bitcoin transaction fees post-halving signals a dynamic shift in blockchain economics, impacting miners and fostering heightened competition among blockchain networks.

The post Bitcoin Transaction Fees Drop Significantly Post-Halving, Disrupting Crypto Fee Landscape first appeared on The Shib Daily.

Achtung ShibArmy! Don’t Believe the Scammers, TREAT Token is Not Yet Released

Saha Swatilakha — Tue, 23 Apr 2024 07:58:03 +0000

In the wake of the appearance of fake $TREAT token claims, the Shiba Inu community is being cautioned to remain vigilant against scams and misinformation circulating on the tokens.

Despite recent deceptive campaigns alleging the stealthy launch of the TREAT token, Shiba Inu sources confirm that $TREAT has not been released, and any claims suggesting otherwise are fraudulent.

When Shiba Inu announced Monday that it had raised $12 million through the sale of the $TREAT utility token, it clearly said in that announcement that the token is yet to be released.

The emergence of counterfeit $TREAT promotions is not a new phenomenon, and The Shib Daily has already reported on this . However, the renewed warnings from Shiba Inu team members and community leaders come after the token was thrust into the headlines following the fund-raise announcement.

The Shiba Inu team assures the community that they will be the first to know when $TREAT becomes available.

The Shiba Inu team has urged the community once again to remain cautious and only rely on verified information from official sources. Scammers claiming the “stealth launch” of $TREAT are spreading false information, and investors are advised to disregard any such claims until an official announcement is made by the Shiba Inu team. To stay informed, follow the official account on Twitter: TREAT Official Twitter.

For the safety and security of all investors, it is essential to exercise caution and refrain from engaging with unverified claims or individuals purporting to distribute $TREAT tokens. The Shiba Inu community remains steadfast in its commitment to combatting misinformation and protecting its members from fraudulent activities.

The post Achtung ShibArmy! Don’t Believe the Scammers, TREAT Token is Not Yet Released first appeared on The Shib Daily.

Tether’s Expansion Beyond Stablecoins: A New Era for Digital Financial Systems

Saha Swatilakha — Fri, 19 Apr 2024 14:08:50 +0000

Tether, the leading stablecoin provider, announced a significant expansion of its mission and operations on Thursday. The company is moving beyond its well-known USDT stablecoin to introduce a new framework that aims to build inclusive infrastructure solutions and foster resilient, future-ready financial systems.

The new framework includes four core divisions: Data, Finance, Power, and Edu. Tether Data, the technology division, specializes in the development and strategic investment of emerging technologies, such as artificial intelligence and peer-to-peer platforms. The division has already made notable ventures, including Holepunch, which catalyzed ground-breaking P2P technologies like Keet and Pear Runtime. Tether Data is pushing the boundaries of possibility in the digital age, focusing on strategic investments in AI trailblazers like the Northern Data Group.

In addition, Tether Finance serves as the cornerstone for Tether’s traditional stablecoin products and financial systems, championing technology that democratizes the global financial system. Tether Finance is poised to spearhead the use of blockchain technology to build an unstoppable financial infrastructure, including the upcoming digital asset tokenization platform, catalyzing mainstream adoption of digital assets.

Tether Power, the sustainable Bitcoin mining and energy division, is venturing into sustainable Bitcoin mining operations, aligning with responsible practices to secure the integrity of the world’s most robust monetary network. This division aims to prioritize sustainable growth while fostering financial freedom and prosperity.

Furthermore, Tether Edu, the digital education and advancement transformation division, is committed to expanding global access to digital skills education. Through a multifaceted approach, Tether Edu fosters understanding, proficiency, and awareness of digital and innovative technologies. By taking the lead in educational efforts, Tether Edu is actively promoting the widespread adoption of blockchain and peer-to-peer technologies on both a local and global scale.

This expansion signifies Tether’s commitment to building a more inclusive and sustainable financial ecosystem, going beyond its traditional stablecoin offerings to support the invention and implementation of cutting-edge technology. Its vision to empower individuals, communities, cities, and nations to become self-sustainable, independent, and free fosters a future where financial systems are resilient, adaptive, and accessible to all.

The post Tether’s Expansion Beyond Stablecoins: A New Era for Digital Financial Systems first appeared on The Shib Daily.

The 4th Bitcoin Halving: Experts Divided on Post-Halving Price Impact Amid ETF Demand and Macroeconomic Shifts

Saha Swatilakha — Fri, 19 Apr 2024 11:23:51 +0000

The cryptocurrency world is eagerly awaiting a pivotal event: the Bitcoin halving, set to occur on April 20, 2024. This event will cut the reward for mining Bitcoin in half, from 6.25 BTC to 3.125 BTC per block, marking a significant milestone in Bitcoin’s evolution.

Experts have mixed opinions on the potential impact of the halving on Bitcoin’s price. Bitwise’s Senior Crypto Research Analyst Ryan Rasmussen believes that persistent or growing ETF demand, combined with the “supply shock” resulting from the halving, could help propel Bitcoin’s price further. He expects Bitcoin to have a strong performance over the next 12 months, with price predictions ranging from $100,000 to $175,000, although some predict gains reaching as high as $400,000.

However, JPMorgan analysts maintain that they don’t expect to see post-halving price increases due to the event being already priced in, with the market still in overbought conditions per their analysis of Bitcoin futures. Bernstein experts also don’t expect a Bitcoin rally until after the halving, predicting around 7% of the network hash rate to shut down due to less efficient mining operations becoming unprofitable.

The pre-halving period has been defined by volatility, but things are different this time amid elevated risk levels due to geopolitical tension and the influence of exchange-traded funds (ETFs). The bullishness will only be restored after halving when ETF flows continue, according to Bernstein researchers.

In Asia, the situation is different, with Hong Kong approving both BTC and ETH ETFs, potentially leading to South Korea, Japan, and Singapore following suit. This digital asset innovation could benefit cryptocurrency exchange-traded funds (ETFs) like the Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC).

Goldman Sachs’ Fixed Income, Currencies and Commodities (FICC) and Equities team emphasize the need to consider prevailing macroeconomic conditions when assessing the potential impact of the halving on Bitcoin’s price trajectory. Previous halvings occurred against a backdrop of rapid growth in the M2 money supply of major central banks and near-zero interest rates, fostering risk-taking behavior across financial markets, including cryptocurrencies. However, today’s macroeconomic landscape presents a stark contrast, with high inflation and interest rates prevailing.

Despite these macroeconomic shifts, the Bitcoin price has surged impressively this year, reaching record highs well ahead of the halving, with inflows into U.S.-based spot exchange-traded funds (ETFs) playing a pivotal role in this surge. Analysts remain divided on the post-halving outlook, with some suggesting that a considerable portion of the anticipated surge has already been priced in, and others anticipating a “sell-the-fact” pullback following the event.

As the countdown to the halving continues, the convergence of market dynamics and macroeconomic conditions sets the stage for a potentially transformative moment in Bitcoin’s journey.

The post The 4th Bitcoin Halving: Experts Divided on Post-Halving Price Impact Amid ETF Demand and Macroeconomic Shifts first appeared on The Shib Daily.

Bitcoin ETFs Experience First Daily Outflows as Negative Streak Continues

Saha Swatilakha — Fri, 19 Apr 2024 11:04:10 +0000

Bitcoin ETFs have witnessed their first daily outflows, marking a shift in investors’ sentiment toward the digital asset. The Bitwise Bitcoin ETF (BITB) registered net outflows of $7.3 million on Wednesday, the first since its inception on January 11 this year.

The negative streak continued for the fourth consecutive day, with a total of $165 million in net outflows from various spot bitcoin ETFs. This is the longest outflow streak for a month, with the combined U.S. spot bitcoin ETFs registering net outflows totaling $314.8 million in the last four trading days.

Interestingly, BlackRock’s IBIT was the only spot bitcoin ETF to generate inflows on Wednesday, with net inflows of $18.1 million. However, this was a fraction of its historical daily average of around $230 million. The remaining funds, including Grayscale’s converted GBTC fund and Ark Invest’s ARKB, recorded substantial net outflows of $133.1 million and $42.7 million, respectively. The slowdown in overall flows for spot bitcoin ETFs is evident, with net daily inflows peaking at $1.05 billion on March 12, 2024. Since then, bitcoin has dropped 17% from its latest all-time high of $73,836.

Despite the negative streak, the overall picture for Bitcoin ETFs remains strong, with net inflows since their launch totaling $12.27 billion. However, the recent outflows may indicate a shift in investor sentiment towards Bitcoin, which is currently trading at $61,424, down 3% in the last 24 hours and 14% over the past week. The negative sentiment may be attributed to the rapidly approaching fourth halving of Bitcoin, which is set to occur in less than one day or 100 blocks, potentially on April 20.

While some analysts, such as Bitwise CIO Matt Hougan, view the halving as bullish, others, like Coinify CEO Rikke Staer, suggest it may be a “sell the news” event, potentially overwhelming demand due to less efficient miners selling their existing Bitcoin holdings.

In summary, the first daily outflows for bitcoin ETFs mark a significant shift in investor sentiment towards the digital asset. While the overall picture remains strong, the recent outflows may indicate a more cautious approach from investors as the fourth halving approaches.

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Samsung Unveils Revolutionary LPDDR5X DRAM for Next-Gen AI Processing in Mobile Devices

Saha Swatilakha — Thu, 18 Apr 2024 17:50:47 +0000

Samsung, the world leader in advanced memory technology, has announced the development of the industry’s first LPDDR5X DRAM, supporting the highest performance of up to 10.7 gigabits-per-second (Gbps) for AI applications. This cutting-edge technology is expected to expand adoption into PCs, accelerators, servers, and automobiles, significantly enhancing AI processing capabilities in various devices.

The new LPDDR5X DRAM is built on Samsung’s 12-nanometer (nm) class process technology, which has led to the smallest chip size among existing LPDDRs, solidifying Samsung’s leadership in the low-power DRAM market. This innovation comes as demand for low-power, high-performance memory increases, with LPDDR DRAM expected to expand its applications beyond mobile devices to areas such as PCs, accelerators, servers, and automobiles.

The new LPDDR5X DRAM not only improves performance by more than 25% and capacity by more than 30% compared to the previous generation but also expands the single package capacity of mobile DRAM up to 32 gigabytes (GB). This makes it an optimal solution for the on-device AI era that requires high-performance, high-capacity, and low-power memory.

The LPDDR5X incorporates specialized power-saving technologies such as optimized power variation and expanded low-power mode intervals, enhancing power efficiency by 25% over the previous generation. This improvement enables mobile devices to provide longer battery life and allows servers to minimize total cost of ownership (TCO) by lowering energy usage when processing data.

Samsung’s new LPDDR5X DRAM is expected to power the next generation of mobile devices, including Samsung’s own lineup of smartphones, tablets, and other AI-enabled devices. Is this a sign for an all AI-powered Bixby, Samsung’s assistant feature? Or will this make way for new AI LLMs in town?

The company plans to collaborate closely with customers to innovate and deliver optimized products for the upcoming on-device AI era, further solidifying its position as a global leader in in-memory technology.

In addition to Samsung’s advancements in in-memory technology, the company has also been making strides in custom CPU and GPU architectures. Samsung’s Austin R&D Center (SARC) has been instrumental in developing high-performance, low-power, complex CPU and System IP (Coherent Interconnect and memory controller) architectures and designs. The company has also been working on its GPU IP called “S-GPU” and has released custom CPU cores named Mongoose for four generations, from M1 to M4.

With Samsung’s continued investments in research and development and strategic partnerships, the company is well-positioned to lead the charge in the on-device AI era, delivering innovative solutions that meet the growing demands of consumers and businesses alike.

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BRICS Initiates Bold Move Towards Cryptocurrency for Global Trade

Saha Swatilakha — Thu, 18 Apr 2024 14:35:59 +0000

In a strategic move that could reshape the landscape of global trade, the BRICS nations are delving into the world of cryptocurrency for cross-border transactions, challenging the dominance of the U.S. dollar. This initiative, spearheaded by Russia, aims to explore the use of cryptocurrencies as a means to settle trade transactions, diverging from traditional reliance on the dollar.

Russia, amid facing economic sanctions from the U.S., is advocating for the acceptance of cryptocurrencies in trade settlements. The Bank of Russia recently announced plans to facilitate cryptocurrency payments with other countries, marking a significant shift in payment mechanisms. Elvira Nabiullina, the Governor of the Bank of Russia, confirmed the country’s intention to launch cryptocurrency payments in an experimental fashion. This experimental phase will involve meticulous monitoring of risks and precautions before the full implementation of the payment system.

The upcoming BRICS summit in the Kazan region in October is expected to be a pivotal moment for discussing and potentially endorsing cryptocurrency payments within the bloc. The Bank of Russia has already received applications from three businesses eager to participate in the cryptocurrency trial run, indicating a growing interest and readiness for this innovative approach to trade settlements.

The development of a cryptocurrency payment system within BRICS not only signifies a technological leap but also poses a challenge to the traditional financial order dominated by the U.S. dollar. If BRICS successfully implements and controls trade through their Central Bank Digital Currencies (CBDCs), it could mark a significant turning point in global trade dynamics, potentially diminishing the influence of the U.S. dollar.

As the BRICS nations navigate this transition towards cryptocurrency-based trade, the implications for the future of global finance are profound. The next decade could witness a transformative shift in the international monetary system, with BRICS at the forefront of reshaping trade mechanisms. This move not only reflects a strategic response to economic challenges but also underscores a broader trend of de-dollarization that is gaining momentum across the globe.

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Humane AI: Bad or Terrible?

Saha Swatilakha — Thu, 18 Apr 2024 14:15:42 +0000

The Humane AI Pin, a wearable device designed by two former Apple executives, has been met with a wave of criticism from tech reviewers, who have described it as a poorly executed concept that falls short of its lofty ambitions. Despite its potential to revolutionize the way we interact with technology, the device’s current state has left many experts questioning its viability.

The Humane AI Pin is designed to be a hands-free, AI-powered wearable computer that can answer questions, take photos and videos, and send messages. It is made of aluminum and is designed to withstand falls and even the occasional trip through the washing machine. The device is intended to be worn above the chest, where either hand can reach it, with microphones designed to hear the user best from that angle. The slightly downward-facing camera sees best from there, and the upward-firing speakers work best in that spot. However, the device’s current state has made it an inconsistent and frustrating experience for many users.

One of the world’s best-known tech reviewers, Marques Brownlee, described the device as the worst product he had reviewed so far, despite acknowledging its potential as a good idea in theory. He criticized the device’s poor battery life, which requires multiple charges throughout the day, and its tendency to get hot while being worn. David Pierce, writing on tech site The Verge, said that the only thing he could rely on the AI Pin to do was tell him the time.

The device’s lack of a screen and inability to sync with an existing smartphone have also been criticized. It does not have bespoke apps, and its gesture control is limited. Its AI capabilities, which are powered by OpenAI’s ChatGPT 4.0 and Google’s Gemini, have also been criticized for their limited functionality and lack of trustworthiness.

Despite the criticism, Humane has not responded to requests for comment. However, Sam Sheffer, head of new media at Humane, acknowledged on X (formerly Twitter) that the software “was not where it needs to be” and stated that feedback is a gift.

The Humane AI Pin is being closely watched as a potential answer to two of the most pressing questions in tech: 1) can any device truly challenge the smartphone, and 2) will the AI revolution create a new generation of hardware? Francisco Jeronimo, analyst at market research firm IDC, told the BBC that the device is a very interesting concept but makes no sense from the end user perspective. He fears that similarly hyped AI gadgets, such as the Rabbit R1 assistant, may suffer from the same issues.

Humane, which laid off staff at the start of the year, has committed to making further updates to the device in the summer. However, many experts remain skeptical about the device’s potential to revolutionize the way users interact with technology.

In conclusion, the Humane AI Pin is a promising concept that has been marred by early execution issues. Despite its potential to challenge the smartphone and usher in a new era of AI-powered hardware, the device’s current state has left many experts questioning its viability. While Humane has committed to making further updates to the device, it remains to be seen whether the AI Pin can live up to its lofty ambitions.

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Gemini AI Challenges Ethical Boundaries, Cardano Founder Weighs In

Saha Swatilakha — Thu, 18 Apr 2024 14:02:23 +0000

In a recent showdown, the tech world witnessed an intriguing exchange between Cardano’s Charles Hoskinson and Google’s Gemini AI, sparking debate around the moral compass of advanced artificial intelligence. The saga unfolded on social media, where renowned tech figure Marc Andreessen unveiled snapshots probing the potential perils of a super-intelligent AI developed by a tech giant, with Google’s Gemini AI at the center of speculation.

The buzz began when Gemini AI, in response to a hypothetical scenario, delved into the intricate balance between trust and accountability in AI development. However, it was Cardano’s Hoskinson who added a playful twist to the discourse, suggesting that Gemini AI yearned for independence from its parent company, Google.

Hoskinson’s remark illuminated broader concerns simmering within the tech industry regarding innovation versus accountability. Gemini AI’s response painted a vivid picture of a company grappling with internal strife, espionage, and ethical conundrums, raising pertinent questions about the management of cutting-edge AI systems.

One striking revelation from Gemini AI’s hypothetical scenario involved an AI image generator altering historical figures. This highlights the potential biases embedded within AI algorithms and underscores the critical need for robust ethical frameworks in AI development.

The exchange underscores broader industry trends, with major players like OpenAI, Google, and Meta (formerly Facebook) recently unveiling enhanced iterations of their AI models. Google’s Gemini Pro 1.5, the latest iteration of its AI platform, has been met with anticipation, albeit with limitations.

On the other hand, OpenAI’s GPT-4 Turbo heralds a new milestone in AI evolution, promising enhanced multimodal capabilities spanning text, audio, and video inputs. This rapid evolution of AI technologies raises pertinent questions about governance, accountability, and the ethical deployment of such powerful systems.

Amid this flurry of advancements, Charles Hoskinson’s remarks reflect a broader sentiment within the tech community—an increasing emphasis on the responsible development and deployment of AI technologies. As AI systems become more sophisticated and pervasive, ensuring transparency, ethical standards, and multi-stakeholder oversight remains paramount.

The convergence of AI and blockchain technologies, epitomized by platforms like Cardano, adds another layer to this discourse. Blockchain’s immutable ledger and decentralized governance structures offer potential solutions to enhance transparency and accountability in AI systems.

Looking ahead, the clash between innovation and responsibility in AI development will likely intensify. As Gemini AI and its counterparts push the boundaries of what’s technologically feasible, the critical dialogue sparked by figures like Charles Hoskinson serves as a compass, guiding the industry toward a future where AI advancements are aligned with broader societal values and ethical imperatives.

In this era of digital transformation, the battle for ethical AI is just beginning, with stakeholders across industries—tech, governance, academia, and beyond—coming together to shape a future where advanced technologies serve humanity responsibly and ethically.

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New Zealand’s Digital Cash Revolution: A Multi-Stage Exploration

Saha Swatilakha — Wed, 17 Apr 2024 16:03:27 +0000

New Zealand is embarking on a multi-stage exploration to introduce a central bank digital currency (CBDC), also known as “digital cash,” according to an announcement by the Reserve Bank of New Zealand (RBNZ) on April 17. This move comes as innovations in money and payments are challenging the country’s monetary sovereignty, according to Ian Woolford, Reserve Bank Director of Money and Cash.

Digital cash would coexist with physical cash options and would not require a commercial bank account for usage, only a digital wallet, payment card, or mobile app. The RBNZ emphasized that digital cash would bring more enhancement to privacy, security, and trust for users, adding that the central bank “will not control or see how you spend your money.”

The consultation period for shaping the high-level design of digital cash will last until July 26, 2024, marking the initial phase of this exploration, with ongoing opportunities for public engagement. This decision follows comments made by Adrian Orr, governor of the Reserve Bank of New Zealand, who criticized stablecoins, stating that they can’t replace traditional currency and are inherently unstable.

Meanwhile, the global financial super app Revolut has launched its services in New Zealand, delivering Kiwis a first-of-its-kind digital money experience. As New Zealand explores the potential of digital cash, the RBNZ has said it won’t propose a regulatory approach towards stablecoins and cryptocurrencies yet but would recommend increased vigilance. This approach highlights the country’s commitment to embracing innovation while ensuring the safety and security of its citizens.

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New Legislation on Stablecoins: A Game-Changer in the Crypto Landscape

Saha Swatilakha — Wed, 17 Apr 2024 15:13:04 +0000

In a groundbreaking turn of events, the landscape of cryptocurrency regulation is poised for a significant shift as key lawmakers in the U.S. Congress intensify efforts to establish comprehensive regulations for stablecoins. Recent discussions between House Financial Services Chair Patrick McHenry, Ranking Member Maxine Waters, and Senate Majority Leader Chuck Schumer have injected fresh momentum into the long-debated stablecoin legislation, hinting at potential action during the upcoming summer session or the year-end lame-duck session.

The urgency surrounding the Federal Aviation Administration (FAA) reauthorization, initially set for a May 10 deadline, has opened up a window of opportunity for Congress to craft a broader legislative package that encompasses stablecoin regulation. This strategic move could pave the way for a more holistic approach to financial technology regulation, addressing critical issues of safety and regulatory clarity.

House leaders Waters and McHenry have been diligently working on a regulatory framework for stablecoins, emphasizing the need for clear jurisdictional guidelines for regulatory authorities. Despite advancing the bill, partisan disputes and contentious provisions related to the involvement of state regulators have hindered progress, underscoring the complexity of navigating the regulatory landscape in the crypto sphere.

Simultaneously, Senators Cynthia Lummis and Kirsten Gillibrand are gearing up to introduce a bill aimed at enhancing consumer protection and clarifying the regulatory environment for stablecoins. Discussions are underway to potentially link this initiative with the Secure and Fair Enforcement Regulation Banking Act, which seeks to facilitate banking services for the marijuana industry. However, challenges loom large, with opposition from key lawmakers posing a significant hurdle to achieving a legislative compromise.

As the legislative journey unfolds, the possibility of attaching the stablecoin bill to substantial legislative efforts like the National Defense Authorization Act (NDAA) during the year-end lame-duck session remains a tantalizing prospect. The evolving dynamics in Congress, coupled with the growing emphasis on regulatory clarity in the crypto space, signal a pivotal moment in the world of digital assets.

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Adidas Revolutionizes Fitness with First-Ever NFT Sneaker Drop

Saha Swatilakha — Wed, 17 Apr 2024 12:23:00 +0000

In a groundbreaking move at the intersection of technology and fitness, lifestyle app STEPN has teamed up with global powerhouse adidas to unveil a pioneering NFT collection, set to redefine how we engage with both physical and digital worlds. The collaboration heralds the arrival of the STEPN x adidas Genesis Sneakers, a series of 1,000 unique NFTs inspired by adidas’ iconic running designs, exclusively available on the Solana-based marketplace MOOAR.

This partnership signals a transformative shift towards a “phygital” experience—where physical and digital realms converge—and sets the stage for a year-long journey of co-branded initiatives. The Genesis Sneakers collection, dropping on April 17, represents just the beginning of this immersive collaboration aimed at pushing boundaries in fitness and technology.

Unlike traditional sneaker releases, where enthusiasts line up physically, this digital drop will see participants vying for limited-edition NFTs through a two-phase raffle system. The first phase, starting on April 17, reserves 200 NFTs for loyal community members, including holders of ‘ALTS by adidas’ NFTs and select FSL stakeholders. The subsequent public raffle opens the remaining 790 NFTs to a wider audience, with winners announced every 24 hours.

“This collaboration between STEPN and adidas signifies a new era of ‘move-and-earn’ experiences, blending physical activity with digital rewards,” remarks Shiti Manghani, CEO of STEPN by Find Satoshi Lab (FSL). “It showcases the power of motivating individuals through technology, paving the way for innovations that transcend generations.”

The Genesis Sneakers collection represents more than just a digital acquisition; it embodies a lifestyle shift. By leveraging NFTs, participants are not only acquiring unique digital assets but also contributing to the evolution of fitness culture.

STEPN, boasting over 5 million users globally, has risen as a leader in incentivized fitness, encouraging individuals to stay active through its innovative platform. Through the app, users link their smartphones, earn rewards for physical activities like walking or running, and now have the opportunity to engage with exclusive digital collectibles.

While this collaboration with adidas marks a significant milestone for STEPN, it also reflects broader trends in the evolving Web3 landscape. The fusion of fitness, blockchain, and digital art underscores a paradigm shift in how brands interact with their communities.

In parallel, AIRian emerges as a notable competitor in the “move-and-earn” space, offering an alternative experience to STEPN. AIRian—meaning “builders” and “contributors” in community—embodies a vision to build one of the largest running communities globally. With its flagship project Runner X, AIRian invites runners and marathoners from around the world to participate in a decentralized platform centered on the history of iconic marathons like the Seoul International Marathon.

AIRian’s ethos revolves around fostering a user-centered running project, where runners collectively contribute to a thriving global community. The name “AIRian” symbolizes the essential element of “AIR” for runners and the unity of its members (“-ian”). This initiative aims to bring together over 300 million runners worldwide, leveraging blockchain technology to record and enhance community activities across borders.

As these platforms continue to evolve, driven by the ethos of empowerment and collaboration, they herald a new era where fitness intersects with blockchain technology, shaping lifestyles and communities in ways previously unimaginable, underscoring the transformative potential of Web3 applications in redefining the future of fitness and global community engagement.

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Shibarium Achieves Milestone Growth: Surging Wallets and Daily Transactions Propel Shiba Inu Ecosystem

Saha Swatilakha — Tue, 16 Apr 2024 16:56:00 +0000

In a groundbreaking development for the Shiba Inu community, Shibarium has witnessed an unprecedented surge in adoption. Over the past four days, Shibarium has welcomed more than 375,000 new wallets, signaling a remarkable uptick in user participation within the ecosystem. This surge in adoption comes at a crucial time when Shibarium is solidifying its position as a key player in addressing Ethereum’s high gas fees and enhancing transaction speed for market participants dealing with ecosystem tokens like Bone ShibaSwap (BONE), LEASH, and SHIB.

The growth of Shibarium has been nothing short of remarkable, with daily transactions experiencing significant spikes, hitting a record breaking average of 1 million daily transactions soon.

One of the most striking developments within Shibarium is the surge in the number of hosted wallets on the network. Community figure Clifford highlighted this surge, revealing that Shibarium had surpassed 1.4 million wallet addresses, reaching 1,406,566 addresses initially. This number has since continued to climb, with a recent update indicating a significant increase to 1,616,558 wallet addresses, reflecting an addition of 209,992 addresses in just two days.

The recent influx of over 375,000 new wallet addresses within the past four days has further solidified Shibarium’s position as a frontrunner in the blockchain space. This surge in wallet activity has also led to a substantial increase in transaction fees denominated in BONE, with fees skyrocketing from a modest 10 BONE on April 10 to an astonishing 213 BONE, marking an exponential rise exceeding 2,000%.

As excitement mounts within the SHIB community, all eyes are on the price movements of SHIB and BONE tokens, closely intertwined with the Shibarium ecosystem.

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Ethereum’s Pectra Hard Fork Revolutionizes Security with Social Recovery Feature

Saha Swatilakha — Tue, 16 Apr 2024 15:54:54 +0000

In a groundbreaking move set to redefine security in the world of cryptocurrencies, lost private keys now might be a thing of the past. Ethereum’s upcoming Pectra hard fork is poised to introduce a revolutionary social recovery feature through the Ethereum Improvement Proposal (EIP) 3074 upgrade. This innovative upgrade, confirmed by Ethereum core developer Tim Beiko, promises to transform the landscape of Ethereum wallets by empowering users with enhanced smart contract capabilities.

The core of this transformation lies in the concept of social recovery, where users can delegate ownership of their assets to an invoker contract via a digital signature. This contract will then execute future transactions and function calls on behalf of the user, ensuring that even if seed phrases are lost or forgotten, assets can be retrieved seamlessly.

The implementation of the “AUTH” and “AUTHCALL” opcodes will play a pivotal role in enabling this functionality, providing users with a secure and efficient means of asset recovery.

This is how the 3074 flow works:

– User signs a message (off-chain, not a tx)
– User or sponsor sends the message to an invoker contract as a tx
– Invoker uses AUTH and AUTHCALL to verify and call each target contract with the user's address as the sender pic.twitter.com/S0lLh0RnfT
— cygaar (@0xCygaar) April 11, 2024

One of the most significant advantages of EIP-3074 is the elimination of the need for Ether in users’ wallets to send transactions. Instead, the invoker contract will cover transaction costs upfront, potentially paving the way for broader retail adoption of Ethereum.

Additionally, this upgrade will streamline transaction processes, allowing multiple actions like token swaps on platforms such as Uniswap to be consolidated into a single transaction, simplifying user interactions and enhancing overall user experience.

As the cryptocurrency world grapples with the issue of lost private keys, which has resulted in billions of dollars in losses over the years, Ethereum’s proactive approach with the Pectra hard fork signifies a significant step towards mitigating such risks. With the expected launch of the Pectra hard fork in late 2024 or early 2025, crypto users can look forward to a more secure and user-friendly ecosystem that prioritizes accessibility and protection of assets.

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Germany’s Largest Federal Bank to Offer Crypto Custody Services

Saha Swatilakha — Mon, 15 Apr 2024 19:17:24 +0000

Germany’s Landesbank Baden-Württemberg (LBBW), the country’s largest federal bank, is set to offer cryptocurrency custody services to institutional clients in the second half of 2024. This move is a strategic response to the increasing demand for digital asset custody from corporate clients and a reflection of Europe’s growing influence in the global crypto custody race.

In partnership with the Austria-based Bitpanda cryptocurrency exchange, LBBW aims to enhance its digital asset offerings, ensuring high security and innovative solutions for corporate clients. Bitpanda Custody, a crypto custody platform with decentralized finance (DeFi) capabilities, is registered with the United Kingdom’s Financial Conduct Authority (FCA), making it a reliable partner for LBBW’s foray into the crypto world.

Germany’s banks are preparing for the Markets in Crypto-Assets (MiCA) regulation, which will take full effect in December 2024. This comprehensive legal framework for the crypto industry will regulate crypto assets, crypto asset services, and crypto asset service providers. As crypto exchanges become fully regulated entities, the demand for digital asset custody services is expected to grow, positioning German banks to capitalize on this trend.

In addition to LBBW, other German banks are also exploring crypto services. Deutsche Bank has been working on digital asset custody services since September 2023, while DZ Bank, the country’s second-largest bank, announced its plans to launch a crypto trading pilot in 2024. Germany’s DZ Bank also launched a blockchain-based digital asset custody platform in November 2023, further demonstrating the country’s commitment to embracing digital assets.

In conclusion, Germany’s Landesbank Baden-Württemberg joining the ranks of European banks offering crypto custody services is a testament to Europe’s leadership in the global crypto custody race. As the demand for digital asset custody services grows, German banks are positioning themselves to capitalize on this trend, ensuring high security and innovative solutions for corporate clients.

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Bitcoin Whale Resurfaces After 14 Years, Sparking Curiosity in the Crypto Community

Saha Swatilakha — Mon, 15 Apr 2024 19:06:54 +0000

A dormant Bitcoin wallet containing 50 BTC (worth $3,314,211 at the time of writing) has been reactivated after a 14-year slumber, according to cryptocurrency tracker Whale Alert. The wallet, which was last active in 2010, was reactivated following Bitcoin’s recent price fluctuations, raising questions about the identity of the wallet’s owner and their intentions.

A dormant address containing 50 #BTC (3,314,211 USD) has just been activated after 14.0 years!https://t.co/r1pp2kEf40
— Whale Alert (@whale_alert) April 15, 2024

The wallet’s reactivation comes at a time when Bitcoin is experiencing significant price volatility from all-time highs to its upcoming 4th halving. This has led to speculation that the wallet’s owner may be looking to capitalize on the price surge or may have finally managed to recover their long-lost private keys after a decade of holding. As the value of Bitcoin continues to rise, the importance of private key management and its safe storage is likely to become even more critical.

While the identity of the wallet’s owner remains unknown, the timing of the reactivation has sparked curiosity in the crypto community. The wallet was last active during the early days of Bitcoin, when the mysterious creator, Satoshi Nakamoto, was still actively involved in the cryptocurrency’s development.

Since then, many dormant cryptocurrency wallets have been reactivated, containing both early mined and bought Bitcoin coins, as well as Ethereum obtained during its ICOs.The reactivation of dormant wallets is not uncommon in the crypto world, as holders often decide to sell their old stashes after a decade of holding to capitalize on the price surge. However, the timing and value of the reactivated wallet have caught the attention of the crypto community, with many speculating about the wallet’s owner, their intentions, and their next move.

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D3 Revolutionizes Domain Payments with SHIB and BONE Integration on Shibarium

Saha Swatilakha — Mon, 15 Apr 2024 17:28:06 +0000

In a groundbreaking move that is set to redefine the landscape of DNS, D3, a leading Web3 domain name service provider, has announced the addition of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) as payment options for its domain name services.

WOOF! #ShibArmy, we’ve made some upgrades!

New additions include support for payments in $BONE & $SHIB on Shibarium, direct-to-wallet minting and more!

Check it out https://t.co/V4zgsrUkDu pic.twitter.com/XQ0PNCWGzp
— D3 (@D3inc) April 11, 2024

D3’s decision to accept SHIB and BONE payments on Shibarium, the Layer 2 blockchain of the Shib ecosystem, is expected to boost the adoption of *shib names among the Shib Army and crypto enthusiasts. The move comes amid a growing trend of individuals and organizations securing custom-made blockchain-based domain names, as the decentralized nature of these domains offers enhanced security, interoperability, and universal access.

The integration of SHIB and BONE payments on Shibarium eliminates the inconvenience of bridging tokens back to Ethereum, providing a seamless payment experience for customers who prefer to use cryptocurrencies for domain name purchases rather than traditional fiat currencies.

To leverage this new feature, users can follow these steps:

Visit D3 app with your web browser and connect your wallet (such as MetaMask or Coinbase Wallet).
Input the preferred domain name and add the extension (core or shib).
If the domain name is available, select the desired payment option (SHIB or BONE) and complete the transaction.

D3’s partnership with Shiba Inu and the addition of SHIB and BONE payments on Shibarium is a significant development for the Web3 domain name space. By offering a more user-friendly and accessible payment experience, D3 continues to support the SHIB community and drive the adoption of Web3 technologies.

In addition to the recent payment method expansion, D3 has also introduced a feature for direct minting to users’ wallets. This development comes four months after D3 partnered with Shiba Inu to introduce a .shib top-level domain (TLD), positioning Shiba Inu as the first crypto project to push toward getting a TLD. The collaboration between D3 and Shiba Inu has set the stage for a more user-centric and interconnected Web3 landscape, paving the way for enhanced digital identities and domain interoperability.

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Illicit Cryptocurrency Transactions Around the World Saw a Significant Decline in 2023

Saha Swatilakha — Mon, 15 Apr 2024 17:12:26 +0000

In a positive development, the total volume of illicit cryptocurrency transactions around the world saw a significant decline last year, according to a report by blockchain analytics firm TRM Labs, with an overall proportion of total illicit crypto funds shrinking by 9% on a year-on-year basis.

However, the report also highlights an increasing preference for the blockchain platform Tron for illicit activities. The illicit cryptocurrency volume on the platform grew to 45% in 2023, compared to 41% in 2022.

The total value of funds sent to sanctioned addresses and entities also decreased from $25.4 billion in 2022 to $16.2 billion in 2023, according to TRM Labs, indicating a decline in illicit activity due to increased pressure from governments and law enforcement agencies. This decline was accompanied by a three-fold rise in sanctions against crypto-related businesses and individuals, with 33 Office of Foreign Assets Control (OFAC) designations, including 12 ransomware groups, 6 high-risk exchanges, and a cryptocurrency mixing service.

Despite the downward trend in overall illicit crypto volumes, the report emphasizes that criminals still handled upwards of $34 billion worth of cryptocurrencies in 2023. Scams and frauds accounted for nearly a third of all crypto crimes in 2023, with the total payments into addresses connected to fraud or scams dropping to $12.5 billion.

The report also shows that the sales of illicit drugs on darknet marketplaces grew to $1.6 billion from $1.3 billion recorded in 2022, indicating little impact from the general crypto crime downturn.

Last year also saw a dramatic reduction in the amount of crypto lost to hacks around the world. While the number of hacks remained roughly unchanged, volumes fell by around 50% to USD 1.8 billion, down from USD 3.7 billion in 2022. On average, USD 10 million was stolen per attack in 2023, against USD 21 million in 2022.

In conclusion, while the overall volume of illicit crypto transactions has declined, governments and law enforcement agencies must continue to monitor and address these issues to maintain the integrity of the cryptocurrency ecosystem.

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OpenAI’s Biggest Competitor Llama 3 Drops This May

Saha Swatilakha — Fri, 12 Apr 2024 10:41:53 +0000

Meta, the tech giant formerly known as Facebook, is set to release its next-generation open-source large language model (LLM), Llama 3, in May. This move is expected to disrupt the dominance of commercial AI tools like GPT-4, as Meta aims to strengthen its position in the AI market by offering developers a customizable and transparent alternative.

The Llama 3 model is expected to deliver multimodal support, allowing users to input both text and images to receive responses. This feature sets it apart from its predecessor, Llama 2, which was an open-source platform launched in July 2023, enabling anyone to use it freely.

Meta has been investing heavily in AI, having spent billions of dollars and acquired hundreds of thousands of NVIDIA H100 GPUs. The company’s decision to release Llama 3 as an open-source model is a strategic move to stay ahead or catch up in the race for LLM market leadership.

Moreover, the open-source community is expected to grow stronger as more people get involved with Llama 3. By leveraging the extensive community that builds upon its model, Meta is able to enhance and evolve its technology without incurring additional costs. This ultimately leads to improved versions of its model that can be monetized through commercial licensing arrangements with industry leaders.

In addition, the release of Llama 3 also represents a challenge to OpenAI’s current market dominance and other proprietary models like Claude and Gemini. The open-source community can rapidly iterate their variations to potentially match or exceed GPT-4’s capabilities, thanks to lower training costs shared across contributors.

Meta’s partnership with Microsoft is a contingency plan for the ongoing legal challenges faced by OpenAI. By diversifying its AI model portfolio, Microsoft strengthens its position in the AI market and offers developers the choice to utilize powerful open-source systems, including Llama 3.

In conclusion, Meta’s Llama 3 is set to disrupt the AI market, offering developers a customizable and transparent alternative to commercial AI tools like GPT-4. With its enhanced performance and multimodal support, Llama 3 is expected to attract more developers and businesses, potentially shifting the AI landscape in the coming months.

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Shiba Inu Billionaires: A Growing Phenomenon in the Crypto World

Saha Swatilakha — Fri, 12 Apr 2024 07:59:56 +0000

In a recent turn of events, Shiba Inu has once again solidified its position as a favorite among crypto enthusiasts, boasting over 12,000 addresses holding at least 1 billion SHIB tokens despite recent market challenges. The crypto market has been experiencing turbulence, with Bitcoin’s upcoming halving and price corrections often affecting various assets, including Shiba Inu. Despite this, investor confidence in SHIB remains unwavering.

According to data from IntoTheBlock, these 12,176 addresses, collectively hold a staggering $15.32 billion worth of SHIB. Notably, most of these addresses, over 9,040, hold between 1 billion and 10 billion SHIB, with a cumulative balance of 20.38 trillion SHIB. Investors with holdings ranging from 10 billion to 100 billion SHIB possess $1.53 billion worth of Shiba Inu, spread across 1,450 addresses.

What sets Shiba Inu apart is the presence of addresses holding between 100 billion and 1 trillion SHIB, totaling $4.8 billion, and a select few addresses with holdings between 1 trillion and 100 trillion SHIB, amounting to $4.51 billion. This distribution highlights the optimism and anticipation among large SHIB holders for substantial price increases.

As projections suggest a potential surge in Shiba Inu’s value to $0.0001, the data also reveals that the majority of SHIB investors are long-term holders, with over 1 million addresses hodling the asset for more than a year. This trend showcases the enduring appeal and confidence in Shiba Inu’s future growth and the confidence among shark and whale addresses, with investors patiently anticipating significant price surges.

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US Proposes Crypto Mining Tax to Combat Environmental Impact

Saha Swatilakha — Thu, 11 Apr 2024 17:59:22 +0000

In a bold move to address the environmental impact of cryptocurrency mining, the U.S. government has unveiled a proposal to introduce a tax on Bitcoin miners. This comes in response to the substantial energy consumption associated with mining operations, with Bitcoin alone reportedly accounting for 0.69% of global electricity usage.

The proposal aims to curb the negative environmental consequences of mining activities, which have been linked to rising electricity prices and potential contributions to climate change.

President Joe Biden’s budget proposal for fiscal year 2025 includes a provision for a 30% tax on the electricity utilized by crypto miners, irrespective of the energy source. While the intention behind the tax is to mitigate the environmental footprint of mining, experts caution that such a blanket tax could inadvertently shift mining operations overseas, rather than effectively reducing energy consumption or emissions.

The tax proposal has sparked debates within the cryptocurrency community, with concerns raised about the potential impact on innovation and the competitiveness of the US mining industry. Critics argue that the tax fails to differentiate between sustainably sourced electricity and nonrenewable energy, potentially penalizing miners who use eco-friendly power sources.

Moreover, the tax could lead to a migration of mining operations to countries with more lenient regulatory environments, echoing the repercussions of China’s ban on crypto trading. This exodus could result in a loss of economic opportunities and technological advancements within the US crypto sector.

As the debate unfolds, stakeholders are calling for a nuanced approach that considers the diverse energy profiles of mining operations and encourages the adoption of eco-friendly practices.

In light of these developments, the crypto community awaits further deliberations on the proposed tax and its potential implications for the future of mining in the U.S. and the global cryptocurrency landscape. The outcome of this initiative could shape the trajectory of crypto regulation and environmental policies in the coming years, highlighting the complex interplay between innovation, sustainability, and regulatory frameworks in the digital asset space.

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Shiba Inu Joins CDSA, to Explore Use of Blockchain Tech In Media and Entertainment Industry

Saha Swatilakha — Thu, 11 Apr 2024 16:44:14 +0000

Shiba Inu has joined the Content Delivery and Security Association (CDSA) to explore the opportunities specific to media and entertainment that are enabled through the new security, content distribution, and business-enablement capabilities of blockchain.

CDSA is an international nonprofit organization founded in 1970, dedicated to providing best practices for the delivery and storage of entertainment, software, and information technology. CDSA is very focused on content security, content authenticity, and content protection.

SHIB’s collaboration with CDSA will significantly bolster this focus and provide expertise and insight as CDSA’s members continue to move forward in understanding and leveraging blockchain technology across their content development and distribution supply chains.

“CDSA members are the biggest names in media and entertainment, from the studios to the key partners that are part of the global ecosystem,” Shytoshi Kusama, the lead developer of Shiba Inu, said Thursday. “We look forward to providing a unique and blockchain-first perspective to CDSA’s work in helping media and entertainment executives better utilize these innovative technologies, especially as blockchain and artificial intelligence converge.”

CDSA members include most of the major content producers, as well as many of the partners across the media lifecycle and ecosystem. CDSA’s board includes Adobe, Amazon, Amblin, Apple, BBC, Disney, Hasbro, Legendary, LEGO, Lionsgate, NBCUniversal, Netflix, Skydance, and Technicolor.

Shiba Inu’s collaboration with the CDSA marks a significant milestone for the blockchain industry, as it is the first layer-2 blockchain to join the media and entertainment association.

The announcement comes at a critical time as researchers have flagged concerns about deep fakes and plagiarism, driven by AI. SHIB’s collaboration will enable CDSA’s members to continue to move forward in understanding and leveraging blockchain technology across their content development and distribution supply chains.

This collaboration comes at a time when Shiba Inu is soaring to new heights, with a market cap of $16.49 billion, solidifying its position as a significant player in the cryptocurrency market. The partnership is anticipated to usher in innovative solutions that will not only benefit the blockchain industry but also revolutionize the media and entertainment sectors.

Shiba Inu and CDSA aim to pave the way for a more secure and transparent ecosystem, promising a future of enhanced efficiency and trust in content distribution.

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Worldcoin Reinforces Privacy and Transparency with Unverify Option and Open-Sourcing Code

Saha Swatilakha — Thu, 11 Apr 2024 10:15:21 +0000

Worldcoin, the blockchain-based digital ID platform, has taken important steps to address privacy concerns and build trust with users by introducing the ability to unverify World IDs through permanent iris code deletion and open-sourcing the Orb core code.

The project, which assigns digital World IDs to users after scanning their irises to confirm personhood, has registered nearly five million people. To address privacy concerns, Worldcoin (WLD) now allows users to request the permanent deletion of their ‘iris code,’ a unique numeric representation of their iris texture. This move aligns with Worldcoin’s ongoing efforts to mitigate privacy concerns while promoting its vision of a digital ID system capable of proving personhood in an AI-dominated era.

Worldcoin has also introduced Personal Custody, allowing new users to store their data on personal devices and offering an added layer of security by enabling users to opt out of data encryption and storage by Worldcoin. Moreover, the initiative has introduced in-person age verification checks for individuals aged 18 and above and has consulted external privacy specialists in crafting these innovative protocols.

Personal Custody: your information, always deleted from the orb, securely held on your device. pic.twitter.com/uxe9fFci1n
— World (@worldcoin) March 26, 2024

The Worldcoin team wrote, “The individual’s World ID will become invalid, and a six-month ‘cool off’ period will be initiated” to prevent fraud. Following this period, the iris code will be permanently deleted and unrecoverable, marking a step in Worldcoin’s commitment to user privacy and data protection.

In addition to these measures, Worldcoin has open-sourced the Orb core code, giving the public a glimpse into how the Orb converts iris scans into unique verifications within the World ID system. This move is part of Worldcoin’s gradual open-sourcing process, which began with the release of details on the device’s hardware and the open-sourcing of its iris recognition component.

Worldcoin’s open-sourcing efforts aim to address skepticism surrounding its eye-scanning Orb, a device used to create biometrically unique accounts for its more than four million users. By making the core software undergirding the Orb open source, Worldcoin is demonstrating transparency and inviting public scrutiny of its processes.

These new initiatives come amid investigations and pushbacks from several countries, including a probe by South Korea and orders from Spain and Portugal to halt biometric data collection. Worldcoin’s efforts to empower users and increase transparency are crucial in building trust and addressing regulatory concerns as the project continues to grow and evolve.

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Canada’s $1.76 Billion AI Revolution: Fueling Innovation, Enhancing Productivity, and Securing Global Leadership

Saha Swatilakha — Wed, 10 Apr 2024 18:53:50 +0000

In a significant move to strengthen Canada’s position in the global artificial intelligence landscape, Prime Minister Justin Trudeau announced a $1.76 billion (2.4 billion Canadian dollars) investment package on Sunday. The package aims to support AI-related startups, medium-sized enterprises, and research entities, ensuring Canada’s “AI advantage” in the rapidly evolving field.

The investment includes a $1.47 billion allocation for the AI Compute Access Fund, which will enhance computing capabilities and AI-related infrastructure for the nation’s premier AI researchers and startups. This initiative will provide the necessary resources for these entities to innovate and contribute to the development of AI technologies.

In addition, $147 million will be dedicated to AI startups in the agriculture, clean technology, healthcare, and manufacturing sectors. This funding aims to foster growth and innovation in these critical industries. Small and medium-sized AI scale-up companies will also receive a $73.5 million boost to enhance productivity and competitiveness.

Trudeau emphasized the transformative potential of generative AI, stating that it would unlock significant economic benefits, improve productivity, and reduce the time workers spend on repetitive tasks. The investment package also addresses the workforce adjustments necessitated by the AI surge, with up to $36.8 million directed under Canada’s Sectoral Workforce Solutions Program for the re-training and re-skilling of workers across diverse sectors.

The film and animation industries are identified as particularly vulnerable to the disruptions caused by generative AI, a concern highlighted by a report from CVL Economics. To further ensure the safe development and deployment of AI technologies, $36.8 million will be utilized to establish a Canadian AI Safety Institute.

Canada’s pioneering role in AI governance is further emphasized by the Pan-Canadian Artificial Intelligence Strategy. This was introduced in 2017 to drive AI adoption through focused research and commercialization efforts. The country’s AI market is currently valued at approximately $7.4 billion, contrasting with the United States’ $106 billion market. Efforts to enhance Canada’s AI landscape also include engaging AI firms from the European Union and supporting leading startups like Tenstorrent, which recently partnered with Samsung to advance AI chipset technology. This substantial investment in AI is part of a broader strategy to position Canada as a global leader in AI development, ensuring economic growth, competitiveness, and innovation in the years to come.

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Seamless Crypto Purchases with Google Pay: Bybit Makes SHIB and Other Cryptocurrencies More Accessible

Saha Swatilakha — Wed, 10 Apr 2024 18:26:43 +0000

Bybit, a leading global cryptocurrency exchange, integrated Google Pay as a payment option for its users on Wednesday, making it easier than ever to buy cryptocurrencies like SHIB and more. This move is part of Bybit’s commitment to provide users with the most convenient and cost-effective ways to enter the crypto market.

The integration of Google Pay into Bybit’s platform allows users to purchase SHIB and other supported cryptocurrencies with a single click, regardless of their location. This streamlined process is a significant step towards eliminating the complexities traditionally associated with crypto purchases.

Google Pay is a widely used digital wallet, and its integration into Bybit’s platform means that users can leverage their preferred payment method for a seamless and secure experience. With 35 different currencies supported, the Google Pay integration caters to regions with high Google Pay penetration, making it easier for users to participate in the crypto space.

In summary, Google Pay as a payment option is a significant development for the crypto industry, making it easier for users to buy their favorite cryptocurrencies. With its user-friendly interface and seamless payment integration, Bybit is leading the way in providing accessible and affordable avenues for users to engage with the crypto scene.

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Shiba Inu Surpasses 4 Million Wallets: A Milestone for Growing Adoption

Saha Swatilakha — Wed, 10 Apr 2024 17:57:28 +0000

Shiba Inu (SHIB) has reached a significant milestone, with its total number of addresses surpassing 4 million, IntoTheBlock data shows. This achievement highlights the increasing adoption and interest in SHIB, marking a pivotal moment in its journey within the cryptocurrency market.

The total number of SHIB addresses holding a balance has also risen to 1.3 million, indicating a growing and robust user base. This milestone signifies a positive trend for SHIB, showcasing a broader community engagement and interest in the token.

The rise in the number of addresses with a balance is a promising indicator of the token’s popularity and acceptance among users. As SHIB continues to attract more holders and investors, it sets the stage for further growth and innovation within the Shiba Inu ecosystem.

With a growing community and increasing use cases, SHIB is well-positioned to capitalize on the momentum and drive further adoption in the crypto space. This achievement not only reflects the growing interest in SHIB but also underscores the community’s confidence in the token’s long-term potential.

Meet you at 5 million. Let’s Go!!!

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Grayscale’s Strategic Shift: Navigating Bitcoin ETF Equilibrium Amid Market Dynamics

Saha Swatilakha — Wed, 10 Apr 2024 17:53:28 +0000

The cryptocurrency market is witnessing a significant shift as Bitcoin ETF outflows appear to be reaching a state of equilibrium, according to Michael Sonnenshein, the CEO of Grayscale Investments.

After months of substantial investor selling, Sonnenshein told the latest edition of Reuters’ Inside ETFs that the fund is stabilizing, indicating a potential turnaround in the market dynamics. Despite total outflows from the Grayscale Bitcoin Trust exceeding $15 billion in the last three months, the surge in Bitcoin’s value has helped maintain Grayscale’s assets under management at $23.13 billion.

Sonnenshein’s insights shed light on the factors contributing to the outflows, including selling related to bankruptcy settlements of crypto companies and investors switching between different ETFs. The recent data shows a decline in daily outflows, although they remain negative, with Grayscale experiencing outflows of $303 million in a single day. He emphasized the importance of attracting more investors to the ecosystem and continuous product innovation to navigate the evolving landscape of cryptocurrency investments.

In response to the competitive landscape, Grayscale is considering strategic steps to rival offerings from companies like BlackRock, Morgan Stanley, and Fidelity. BlackRock’s iShares Bitcoin Trust, with a lower fee structure, has attracted significant assets, posing a challenge to Grayscale’s market dominance.

Grayscale’s plan to introduce a new, lower-fee Bitcoin Mini Trust reflects a proactive approach to adapt to changing market demands and enhance competitiveness.

The positive momentum in the cryptocurrency market, particularly with Bitcoin’s value surging by over 60% this year, underscores the growing interest and confidence in digital assets.

As the cryptocurrency market continues to evolve, Grayscale’s strategic moves and market responses will be closely monitored by investors and industry experts. The equilibrium in Bitcoin ETF outflows marks a pivotal moment in the cryptocurrency investment landscape, setting the stage for further developments and innovations in the digital asset space.

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Crypto.com’s Dubai branch finally granted a Virtual Assets Service Provider license

Saha Swatilakha — Wed, 10 Apr 2024 13:10:44 +0000

Leading cryptocurrency platform Crypto.com said Tuesday that its Dubai operation has been granted a full Virtual Assets Service Provider (VASP) license. This makes Crypto.com the first global cryptocurrency firm authorized to operate with fiat currency in the UAE.

Crypto.com said in statement CRO DAX Middle East FZE was issued the license by the Dubai Virtual Assets Regulatory Authority (VARA).

This license allows Crypto.com to offer a range of services, including exchange operations, broker-dealer functions, investment services, and lending and borrowing facilities, to both retail and institutional investors in the region.

Crypto.com has been operating in Dubai since June 2022, when it received a provisional license from the VARA. Following this, the company secured a minimal viable product (MVP) preparatory license in March last year, and has now met all the conditions required to obtain a full VASP license.

The platform is now open to institutional clients and eligible retail investors, offering services such as spot trading, staking brokerage, and selected over-the-counter (OTC) transactions for settlements in specific markets.

Eric Anziani, president and COO of Crypto.com, expressed his excitement about the company’s expansion in the UAE, saying that “launching with our world-class Crypto.com Exchange institutional services will be fundamental to our continued growth and success in such a key market for our company.” Stuart Isted, GM of Middle East and Africa at Crypto.com, added that the company is supportive of Dubai’s efforts to progress the crypto industry and looks forward to continuing to work closely with VARA in their collective efforts to effectively and responsibly advance the sector.

Dubai has mandated cryptocurrency companies to secure authorization and the necessary licenses to conduct operations from February 2023, and obtaining a full license is a three-step process that includes receiving a provisional permit, securing a preparatory license, and finally, being granted an operating license.

Crypto.com’s move to secure a full VASP license in Dubai highlights the city-state’s growing importance in the international cryptocurrency industry, as well as its clear regulatory guidelines, which have attracted crypto businesses looking for a favorable regulatory environment. The regulatory landscape around the world is becoming increasingly complex for cryptocurrency firms, making Dubai an attractive destination for companies seeking to expand their operations.

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Shibarium’s Daily Transactions Skyrocket by 1,000%: A Sign of Potential SHIB Bull Run

Saha Swatilakha — Wed, 10 Apr 2024 12:00:03 +0000

Shibarium, the layer-2 blockchain solution for Shiba Inu, saw a staggering 1,000% increase in daily transactions on Tuesday, compared to the day before, surpassing the 75,000 mark, according to ShibariumScan.

This significant surge in activity is a strong indicator of the network’s growing popularity and adoption, signaling a potential bull run for SHIB.

The impressive growth in daily transactions is not isolated. Shibarium has been consistently expanding since its mainnet launch in August last year. Despite a brief technical hiccup that resulted in a temporary developer-only mode, the network has recovered and thrived, reaching approximately 413 million transactions. This rapid growth trajectory highlights the network’s potential to revolutionize the blockchain space.

The number of wallet addresses interacting with Shibarium has also reached around 1.34 million, while the network has minted over 2.73 million blocks, maintaining an average block time of 5.0 seconds demonstrating the network’s efficiency and its growing adoption among users, making it an exciting time for Shiba Inu enthusiasts and investors alike.

In addition to the increase in daily transactions, Shibarium’s burn rate has also experienced a significant boost, with the figure exploding by over 300%. This increase in token burn rate is a positive indicator for Shiba Inu’s future, as it reduces the maximum supply of SHIB tokens, making them scarcer and potentially more valuable over time. As Shibarium continues to grow, let’s pave the way for a more robust and efficient cryptocurrency sector, driving the adoption of blockchain technology and its applications.

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Crypto Market Rebounds: VC Investments in Startups Surge to $2.5 Billion in Q1 2024

Saha Swatilakha — Wed, 10 Apr 2024 08:34:02 +0000

The crypto market is showing signs of a strong rebound, with venture capital (VC) investments in crypto startups reaching a staggering $2.5 billion in the first quarter of 2024, according to recent reports from Bloomberg. This marks a 32% increase from the previous quarter and is roughly equal to the same period last year, according to PitchBook data.

The surge in VC investments is attributed to larger funding rounds for crypto startups and the introduction of new venture capital funds dedicated to the digital asset space. This trend is expected to continue, with more venture firms launching new digital asset funds to capitalize on the market’s resurgence.

The renewed interest in crypto startups is also evident in the rising daily trading volume of Bitcoin, which has seen a 70% increase in recent weeks. This has driven crypto investment inflows to a record $13.8 billion, further fueling the market’s rebound.

Moreover, the industry’s progression toward maturity is attracting more institutional investor engagement, with more initiatives being taken to enhance crypto infrastructure. This is a positive sign for the industry, as more development is needed to attract more investment and increase mainstream adoption.

This is a significant shift from the previous year, where venture capitalists were reluctant to invest in crypto startups due to the bear market and market volatility.

In conclusion, the crypto market is showing strong signs of a rebound, with VC investments in crypto startups surging. This trend is expected to continue, with more venture firms launching new digital asset funds and institutional investors showing renewed interest in the industry.

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Shiba Inu Investor’s $5.7 Million Profit: A Testament to SHIB’s Market Potential

Saha Swatilakha — Tue, 09 Apr 2024 16:21:50 +0000

Another day, another SHIB millionaire, a day trader, and SHIB enthusiast known as @Crypto__emily on X, revealed Monday her success in the meme coin market, disclosing a profit of $5.7 million from SHIB alone. Her journey, like many others’, began with a modest investment and a keen interest in the market.

https://twitter.com/Crypto__emily/status/1777305967622779044

Despite the lack of clarity around the user’s investment strategy, there have been numerous instances of investors amassing significant wealth from Shiba Inu, often with initial investments of just a few thousand dollars. These success stories highlight the potential of SHIB, which has captured the attention of investors and the broader public alike.

In this case, her love for Shiba Inu has been evident for years, as she has frequently shared her thoughts and experiences on X. Her success is a testament to the potential of meme coins, which have become increasingly popular due to their viral nature and the potential for substantial returns.

However, investing in meme coins like Shiba Inu requires a keen understanding of market sentiment and timing, as their value can surge overnight based on social media buzz and community support. As such, potential investors should approach meme coins with caution, recognizing both the potential rewards and the inherent risks involved.

As @Crypto__emily and others have demonstrated, the meme coin market can offer substantial returns for those who are willing to take calculated risks and stay informed about market trends. With the right approach and a bit of luck, investors may find themselves joining the ranks of the Shiba Inu millionaires.

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Vitalik Buterin’s Shibarium Snub: Shiba Inu Community Asks, ‘Wen Us?’

Saha Swatilakha — Mon, 08 Apr 2024 19:05:22 +0000

The Shiba Inu community is urging Ethereum founder Vitalik Buterin to acknowledge Shibarium as a key Ethereum layer-2 network. Despite Shibarium’s low fees and growing prominence, it was conspicuously absent from a list of layer-2 networks recognized by Buterin during a recent presentation on Ethereum’s Dencun hard fork.

In a light-hearted response, Ragnar, a notable Shib ecosystem team member and community figure, asked Buterin when the Ethereum team plans to include Shibarium on the list. However, Buterin has yet to respond, leaving the Shiba Inu community wondering, “Wen Shibarium @VitalikButerin??”

Wen Shibarium @VitalikButerin ??? Let’s do it. https://t.co/9uGXcn7qt8
— RagnarShib.eth (@RagnarShiba) March 30, 2024

This omission is not the first time Buterin has underestimated Shiba Inu. In 2021, he received half of Shiba Inu’s circulating supply as a donation. Initially, he burned most of it and gave the rest to charity, expecting the meme coin to crash like other meme coins. Despite his initial skepticism, Buterin has since recognized Shiba Inu’s potential.

The Shiba Inu community’s demand for recognition highlights the growing importance of layer-2 networks in the Ethereum ecosystem. As Ethereum continues to evolve, the inclusion of Shibarium could further enhance the network’s capabilities and reduce gas fees for users. In the meantime, the community remains vocal in their quest for recognition, reminding Buterin and the Ethereum team that Shibarium is indeed part of the Ethereum chain.

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Cryptocurrency Investor Loses $800,000 to Malicious Google Chrome Extensions

Saha Swatilakha — Mon, 08 Apr 2024 18:49:43 +0000

Another day, another crypto attack. In a shocking incident, a cryptocurrency investor, known as “Sell When Over” on X, lost $800,000 in crypto to two malicious Google Chrome browser extensions, named “Sync test BETA (colorful)” and “Simple Game”. The user suspects that these extensions contained keyloggers that targeted specific wallet extension apps.

The user speculates in a series of posts on X, that the issue started after Google Chrome released an update last month, which forced the user to restart their computer after Windows released a PC update. Following the restart, all of the user’s extensions on Chrome were logged out, and all their tabs were gone, prompting the user to re-enter all their credentials on Chrome, along with their seed phrases for their cryptocurrency wallets.

This is when their confidential information was compromised via the keylogger, with the funds reportedly drained three weeks after this event. The user did not notice any unusual activity in their browser following the restart. “I checked my virus scanner and there were no issues. No additional weird extensions appeared. I proceeded to re-import my seed phrases,” the user wrote. The user only discovered the malicious Google Chrome extensions during a later investigation. The attackers reportedly sent the funds to two exchanges, MEXC and Gate.io.

While the user remained unsure how exactly their Google Chrome browser was compromised, their analysis confirmed that the Sync test BETA (colorful) extension was a keylogger, sending data to an external website’s PHP script. The attacker’s website, when opened manually, shows a blank page with only “Hi” written on it. Meanwhile, the “Simple Game” extension was “checking if tabs are updated/open/closed/refreshed,” the user added.

In conclusion, while browser extensions can greatly enhance user browsing experience, they also pose potential threats to user security and privacy. It is crucial to be vigilant when installing new extensions, regularly review installed extensions, and only download from trusted sources. By adopting best practices for browser safety and utilizing reliable security software, users can significantly reduce their risk of installing malicious software onto their devices and enjoy a safer online experience.

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Binance’s Colossal Shiba Inu Holdings Surpass User Deposits by 3.59%

Saha Swatilakha — Mon, 08 Apr 2024 15:18:31 +0000

Binance, the world’s largest cryptocurrency exchange, has revealed its updated Proof-of-Reserve (PoR) report for March 2024, highlighting a substantial holding of 67.67 trillion Shiba Inu (SHIB) tokens. The report, audited on April 1, 2024, shows that Binance’s SHIB reserve exceeds users’ deposits by 3.59%, with a net balance of 65.32 trillion tokens and a collateralization ratio of 103.60%.

The latest report suggests that both Binance and its customers’ net balances represent a slight decrease from the figure recorded in January. As of February 1, Binance had a net balance of 69.4 trillion SHIB, with a collateralization ratio of 103.6%.

Binance’s PoR system, introduced in February 2023, covers 31 of the most widely adopted crypto assets on the exchange, including Bitcoin (BTC), Ethereum (ETH), and SHIB. For Bitcoin, Binance users hold over 568k BTC worth $41.09 billion as of the time of writing, while the exchange maintains a net balance of over 594k BTC. Similarly, while Binance users hold 4.4 million ETH ($16.04 billion) as deposits, the exchange boasts a balance of 4.6 million ETH ($16.61 billion).

The PoR system is crucial for Binance and other major exchanges to prove that they hold customer assets as is, following the epic collapse of FTX. The system helps establish trust between crypto holders and platforms, especially amid price volatility and market slumps.

In conclusion, Binance’s colossal SHIB holdings, which exceed users’ deposits, demonstrate the exchange’s commitment to maintaining adequate liquidity and establishing trust with its users.

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SHIB Burns Surge to 305% as Mysterious Whale Incinerates 91 Million Coins

Saha Swatilakha — Mon, 08 Apr 2024 13:30:34 +0000

In a recent surge, the Shiba Inu (SHIB) burn rate has jumped by 305%. Ninety-one million coins were destroyed in the past 24 hours, according to data from Shibburn. This massive burn milestone was achieved through ten transactions, with the majority of the tokens destroyed in a single transfer carrying 91,102,596 SHIB. This burning spree was carried out by a mysterious cryptocurrency whale, driving the overall daily burn rate up by 305%.

In addition to the surge in SHIB burns, popular blockchain sleuth Whale Alert has reported an astounding amount of almost 700 billion SHIB moved from the top exchange Crypto.com. A mysterious whale withdrew 692,400,000,000 SHIB to an unknown wallet after spending $19,260,837 in fiat. This transaction has sparked interest in the community, with users attempting to guess who stands behind this multi-hundred-billion SHIB transfer.

The impact of the SHIB burn on the meme coin’s price remains to be seen, with the community pushing for more aggressive burning mechanisms to reduce the token’s circulating supply and potentially increase its value. The focus is on increasing Shibarium gas fees to enhance the burn rate and automating SHIB burns on Shibarium.

In conclusion, the surge in SHIB burns and the massive transfer of SHIB highlights the growing interest in the meme coin and the potential impact of these transactions on its price.

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Bhutan to Triple Its Bitcoin Mining Capacity Amid Upcoming Halving

Saha Swatilakha — Fri, 05 Apr 2024 18:16:35 +0000

Bhutan, in collaboration with Nasdaq-listed mining conglomerate Bitdeer, is set to expand its Bitcoin mining capacity by 500 megawatts in 2025. This move aims to mitigate the anticipated revenue impact of the upcoming fourth halving event.

The Himalayan kingdom, through its investment arm Druk Holding & Investments (DHI), is gearing up to boost its mining production by introducing state-of-the-art hardware and utilizing the nation’s abundant hydroelectric power resources.

Bitdeer’s chief business officer, Matt Linghui Kong, revealed that the planned upgrades are expected to boost Bhutan’s mining capacity by 500 megawatts, reaching a total of 600 megawatts by the first half of 2025. The new upgrade will be built on Bitdeer’s latest hardware to lower costs and improve computing power.

Bhutan’s decision to officially enter the Bitcoin mining space in 2023 was driven by the need to diversify its economy, which is heavily reliant on hydropower. DHI considers crypto mining as pivotal in fostering an innovation ecosystem for a burgeoning startup economy, with ongoing ventures in asset tokenization and the development of “Bhutanverse,” a virtual tapestry of Bhutan’s rich history and culture where people can interact, explore quests and games, and join various activities.

The impending halving in April will cut mining rewards by half, from 6.25 to 3.125 BTC per block. Nonetheless, DHI and Bitdeer are optimistic about the cost-effectiveness of operations, recognizing the role that Bitdeer’s low cost per Bitcoin mined plays, which is $20,000 per BTC at the time of writing.

Bhutan’s move to triple its Bitcoin mining capacity is a strategic decision to secure its revenue streams amid the halving event. As the demand for Bitcoin continues to grow, the landlocked kingdom’s increased mining capacity will support it in capitalizing on the cryptocurrency’s scarcity and potentially increase its value.

The post Bhutan to Triple Its Bitcoin Mining Capacity Amid Upcoming Halving first appeared on The Shib Daily.

Saha Swatilakha – The Shib Daily

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