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🚨 Livestream Alert!! 🚨
It’s time for another weekly crypto review!
Today we cover:
- FTX Repayments Incoming
- GameFi Going Mainstream
- Feds’ Shitcoin Psyop
- What’s Next for Ethereum?
- Bitcoin Adoption Continuing
- Top Gainers in Crypto
Join us LIVE!
🔔 MARKET MOVING NEWS! (14/10/24)
1️⃣ Off The Grid Nabs #1 Slot On Epic Games Store 🎮
Off The Grid, a cyberpunk-themed battle royale video game on an Avalanche Subnet has reportedly managed to rank as the #1 free-to-play game on the popular Epic Games Store. It overtook popular titles such as Fortnite and Genshin Impact to nab the spot. according to analytics site TwitchTracker, the game currently ranks #32 in popularity among all games being streamed on Twitch.
The game, available on PC, PlayStation, and Xbox consoles, was co-created by Neil Blomkamp, the filmmaker behind sci-fi hits such as District 9 and Elysium. It rose in popularity partly through a partnership with the popular Twitch streamer Tyler "Ninja" Blevins and a feature from controversial streamer Dr. Disrespect. While the game will grant players “complete ownership" over their in-game items, the crypto features have yet to fully launch. The token currently only functions as an in-game currency.
Source
2️⃣ Avalanche Foundation To Buy Back Nearly 2M AVAX Sold To Terra In 2022 ‼️
The Avalanche Foundation has reportedly negotiated a deal to repurchase the 1.97 million AVAX tokens it sold to the Luna Foundation Guard (LFG) in April 2022. Notably, the purchase was made a month before the Terra blockchain ecosystem collapsed. The Avalanche Foundation will repurchase the 1.97 million AVAX tokens for $45.5 million – this is a 44% decrease from the $100 million LFG paid to buy the tokens back in 2022. The repurchase agreement and settlement have been filed in a Delaware Bankruptcy Court and are now pending court approval. Terraform Labs claimed the settlement would reduce litigation costs and deplete fewer assets from those available to distribute to creditors.
Source
3️⃣ Monochrome to Launch ‘World First’ Ethereum ETF on Cboe Australia ⚡️
Monochrome Asset Management is reportedly preparing to launch Australia’s first spot Ethereum ETF (IETH) on Cboe Australia. The ETF is set to begin trading on Monday (Tuesday 10 AM AEDT).
Notably, IETH is the country’s first Ether exchange-traded fund to hold the asset directly. The fund is positioning itself as the world’s first to offer in-kind Ethereum subscriptions and redemptions. CEO Jeff Yew claims the feature could allow for greater tax efficiencies as the dual-access bare trust structure is designed to prevent a capital gains tax event. For context, a ‘bare trust’ means that your investment in the ETF may be treated as if you directly own the Ethereum. This allows long-term crypto participants to transfer Ethereum into the corresponding Monochrome ETF without triggering a change of legal and beneficial title.
Source
4️⃣ Samara Asset Group Plans up to $32.8M Bond to Expand Bitcoin Holdings 💸
Publicly-listed asset management firm Samara Asset Group (SRAG) is reportedly set to issue an up to 30 million euro ($32.78 million) bond to buy more BTC, which serves as Samara's primary treasury reserve asset. The bond would be a senior secured Nordic bond and the proceeds will be used to expand Samara's diversified portfolio, which includes buying additional stakes in alternative investment funds and increasing its bitcoin holdings. Samara has mandated Pareto Securities as the sole manager to arrange multiple fixed-income investor meetings. The bond will be listed on the Oslo and Frankfurt stock exchanges, with a minimum subscription requirement of 100,000 euros.
Source
5️⃣ Uniswap Labs, UNI Holders Could Make $468M A Year From New L2: DeFi Report 💰
🔔 MARKET MOVING NEWS! (13/10/24)
1️⃣ Former FTX Executive Ryan Salame Begins His Seven And A Half Year Prison Sentence ▶️
Former FTX executive Ryan Salame has reportedly begun serving his seven-and-a-half-year prison sentence at FCI Cumberland in Maryland. According to the Federal Bureau of Prisons website, the prison is a "medium security federal correctional institution with an adjacent minimum security satellite camp" that houses over 1000 inmates. Salame was seen sharing a post on LinkedIn, seemingly poking fun at his situation. The post reads: "I'm happy to share that I'm starting a new position as Inmate at FCI Cumberland."
Source
2️⃣ Arbitrum DAO Member Proposes $120 Million Recall From Gaming Fund That Missed Deadlines ‼️
Joseph Schiarizzi, an Arbitrum DAO member and DeFi founder, has posted a proposal to recall 220 million ARB tokens (worth $188 million) allotted to Arbitrum's Gaming Catalyst Program (GCP). For context, the GCP was created via a governance proposal in June to "catalyse gaming ecosystem growth" on the network.
However, Schiarizzi noted that the GCP has seemingly missed several of the deadlines laid out in the original proposal. It has also apparently failed to create a website, issue RFPs, or consider grants, and it's unclear whether permanent council members have been elected. Notably, the cadence of publicly published updates has fallen short of the two-week timeline given in the proposal. The missed deadlines have prompted Schiarizzi to propose recalling a majority of the GCP's funding.
Source
3️⃣ British Man Sues Council For $647M Over Lost Bitcoin In Landfill ❓
James Howells, the IT engineer from Newport who accidentally discarded a hard drive containing 8000 BTC in 2013, is reportedly suing the Newport City Council in the United Kingdom for 495 million British pounds (around $647 million) in damages. Howells has attempted to recover the lost hard drive for over a decade after mistakenly placing it in a bin liner, which ended up in a recycling centre. The lawsuit comes after the council repeatedly denied his requests to excavate the site and retrieve the drive. Howells has assembled a team of legal experts to file the court claim, which is set to be heard in December.
Source
4️⃣ Crypto Companies Paid $19B In Settlements To US Regulators In 2024 💰
Crypto companies have reportedly paid over $19 billion in lawsuit settlements to United States regulators in 2024. This represents almost two-thirds of all settlements to date. A recent CoinGecko report shows that the bankrupt crypto exchange FTX and affiliated trading firm Alameda are responsible for most of the funds, with $12.7 billion paid to the Commodity and Futures Trading Commission (CFTC) in an August settlement. The total settlement amounts included forfeiture, disgorgement, civil penalties, settlement and prejudgment interest, but not individual lawsuits against executives.
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5️⃣ Scroll Lists On Binance, Sparking Debate Over Centralisation Concerns 🧐
Ethereum layer-2 network Scroll’s recent Binance listing has sparked concerns about the project potentially compromising on its decentralisation principles. One X user described Scroll’s decision to list on Binance as “kneeling” to a centralised exchange (CEX).
Scroll co-founder Ye Zhang responded to the post, stating,
I don’t think partnering with Binance is “kneeling to a CEX for listing” - it’s way more than that, it’s a strategic decision to build a partnership for growth and broader support. However, it is indeed a tough decision.
Next Week In Crypto: Key Events To Watch (Oct 14th-20th, 2024) 🗓
Another action-packed week ahead! From major token unlocks to critical economic data and potential big news from Avalanche, these are the dates you need to keep on your radar. Let’s dive into what’s coming and how it might impact the crypto markets.
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🔐 October 15 – Eigenlayer (EIGEN) Token Unlock
EigenLayer is set to unlock 11.31 million EIGEN tokens, valued at approximately $42 million, representing 6.01% of its circulating supply.
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🔐 October 16 – Arbitrum (ARB) Token Unlock
Arbitrum will release 92.65 million ARB tokens, worth roughly $49 million, accounting for 2.56% of the circulating spply.
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🚀 October 16-18 – Avalanche Summit LATAM
The Avalanche Summit in Buenos Aires is expected to bring major announcements, including the unveiling of Avalanche 9000, the most significant upgrade since its mainnet launch. If you hold AVAX, this is definitely worth keeping an eye on.
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📊 October 17 – U.S. and China Economic Data Releases
On October 17, two major economic data releases will take place:
▶️ U.S. Retail Sales & Initial Jobless Claims
Strong retail sales would suggest ongoing economic strength, while lower jobless claims indicate a resilient job market.
However, with this week’s higher-than-expected inflation data (CPI and PPI), there are concerns that the Fed might have been premature in cutting rates by 50bps. If retail sales and jobless claims suggest the economy remains robust, the Fed may delay further rate cuts to prevent fueling inflation, which could be bearish for all markets, including crypto.
▶️ China’s Q3 GDP Data
China’s Q3 GDP data will provide crucial insights into the strength of the global economy. Strong growth could ignite risk appetite among investors, boosting confidence across markets. Conversely, weaker-than-expected data might spark caution and risk-off behavior, potentially putting downward pressure on crypto markets.
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That’s your overview for the week ahead! Stay informed, stay prepared, and we’ll be back with more insights in the next weekly update.
🚨 New Video Alert!! 🚨
BTC has become one of the biggest assets in the world, and the same TradFi types who once dismissed it are now accumulating as much as they can.
But just how did BTC become so valuable, and what persuaded the haters to FOMO in?
If you think the answer is ‘pure speculation’ or ‘number go up’, then this video is for you. Today, we’re unpacking a report from BlackRock that explains exactly what is driving the price of BTC up, and why it’s becoming a staple for TradFi portfolios.
This is a video you don’t want to miss.
🔥 Rally Report 🔥
ETHENA
The price of ENA has rallied by 21% in the past 24 hours.
WHY?!
💰 The rally follows synthetic dollar protocol Ethena's decision to invest its $46 million reserve fund in a number of tokenised assets.
☄️ Specifically, the investment will be allocated to BlackRock BUIDL, Mountain's USDM, Superstate's USTB, and Sky's USDS
If you want to buy or trade ENA, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🔔 MARKET MOVING NEWS! (11/10/24)
1️⃣ Ripple Plans 'Cross-Appeal' in SEC Case ‼️
Ripple Labs is reportedly planning to file a cross-appeal in its ongoing case against the U.S. Securities and Exchange Commission. The move is part of the company’s effort to maintain its legal defences as the SEC has filed its own appeal in the case.
The SEC's appeal follows a July 2023 decision by District Judge Analisa Torres, which stated that Ripple's XRP sales did not violate federal securities laws. Ripple's Chief Legal Officer emphasized the importance of ensuring all arguments are considered, especially the argument that there cannot be an investment contract without there being the essential rights and obligations found in a contract.
Source
2️⃣ SEC Sues Crypto Trading Firm Cumberland, Alleges Solana and Polygon Are Securities (Again) ❓
The U.S. Securities and Exchange Commission has reportedly charged Chicago-based crypto trading firm Cumberland DRW with various securities charges. The SEC alleged that Cumberland operated as an unregistered dealer in handling more than $2 billion worth of cryptocurrencies. The complaint specifically mentions five assets that the regulator considers to be securities - Solana, Polygon, Cosmos, Algorand, and Filecoin. It also notes that it is a “non-exhaustive” list of such assets.
Source
3️⃣ Tron Founder Justin Sun Elected As Prime Minister Of Liberland 🔍
Tron founder Justin Sun has reportedly been elected as prime minister of Liberland, a self-proclaimed micronation wedged between Croatia and Serbia. According to a previous statement from the sovereign state, Liberland was established in 2015 by Czech politician Vít Jedlička and was the "first country to adopt BTC as its official currency.” Entrepreneur Evan Luthra and journalist Jillian Godsil were also elected to serve as a member of Congress. For the recent elections, Liberland used a "blockchain-based election system."
A statement released by Liberland reads,
Justin Sun and Evan Luthra are newcomers to Liberland but have consistently proven themselves as accomplished entrepreneurs in the crypto space. Their track records as genuine 'doers' will be instrumental in advancing our blockchain projects, and their skill and dedication promise to benefit Liberland as a whole.
After years of building and scaling DeFi products, we’ve seen where blockchains need improvement and what’s required to continue advancing Ethereum’s roadmap. Unichain will deliver the speed and cost savings already enabled by L2s, but with better access to liquidity across chains and more decentralisation.
We chose Aave because it’s the best-in-class lending & borrowing protocol with top-notch security practices and a strong track record. Partnering with Aave enables us to deliver a reliable platform our users need.
According to British multinational bank Standard Chartered, SOL is projected to outperform ETH and BTC in 2025. Specifically, Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, predicts a fivefold increase in SOL’s price, a fourfold increase in ETH’s price, and a threefold increase in BTC’s price if Donald Trump wins the U.S. presidential election. However, the outlook changes under the Kamala Harris administration. He claims that he expects BTC to outperform ETH and ETH to outperform SOL in 2025 if Harris wins. Explaining the logic, Kendrick states that he views a Trump administration as being more supportive of the broader crypto ecosystem (including Solana) compared to a Harris administration. He also expects Bitcoin to hit $200,000 by the end of 2025, irrespective of who wins the election.
Source
6️⃣ FTX Says Caroline Ellison To Give Up ‘All Of Her Assets’ In Settlement 💰
Caroline Ellison, the former co-CEO of Alameda Research, has reportedly agreed to turn over the bulk of her assets to FTX debtors in an effort to settle a lawsuit filed against her by the FTX bankruptcy estate. Specifically, Ellison has agreed to transfer any assets not forfeited to the government in her criminal case or used for legal fees to FTX creditors. The motion for approval, filed on Oct. 7, claims that “Ellison will have no remaining assets other than certain physical personal property,” once she complies with the settlement agreement. However, it did not specify the value of the assets she would forfeit. A hearing on the proposed settlement is scheduled for Nov. 20.
Source
According to a recent press release, the crypto-friendly neobank Revolut has blocked up to $13.5 million worth of “potentially fraudulent crypto transfers” over the past three months. It stated that the company’s “proactive approach” has led to an increase in the amount of potential customer losses it has prevented from such fraudulent crypto transfers. Woody Malouf, the company’s head of financial crime and fraud estimated that the platform saved customers more than $590 million in potentially fraudulent transactions in 2023. He stated that such potential fraud cases include schemes like celebrity endorsement scams, deepfakes and artificial intelligence-generated scams.
Source
🔥 Rally Report 🔥
EIGENLAYER
The price of EIGEN has rallied by 9% in the past 24 hours.
WHY?!
🕯 Likely a recovery rally following the drop in price due to recent FUD surrounding the “unauthorised selling of locked tokens.”
🧐 Sentiment for the token also appears to be recovering as some speculate the token may be undervalued relative to other similarly positioned projects in the market.
If you want to buy or trade EIGEN, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
According to a recent X post by DeFi Report founder Michael Nadeau, Uniswap’s new layer 2 blockchain Unichain could potentially earn Uniswap Labs and UNI holders close to $500 million a year from fees that would’ve otherwise been paid to the Ethereum network. Nadeau also noted that Uniswap Labs would be able to capture all Maximum Extractable Value (MEV) on Unchain because it owns all of the validators on the network. In the last year, Uniswap has generated over $1.3 billion in trading and settlement fees across five primary chains, including Ethereum, Optimism, BNB Chain, Base, and Polygon.
Source
🔥 Rally Report 🔥
ETHENA
The price of ENA has rallied by 15% in the past 24 hours.
WHY?!
🧐 Ethena Labs, the entity behind USDe, has proposed onboarding SOL as part of the synthetic dollar's collateral mix that forms its treasury.
‼️ If Ethena's Risk Committee approves the proposal, an initial allocation target of $100-200 million in SOL positions will be gradually integrated as collateral for USDe. This initial allocation would represent roughly 5-10% of SOL's open interest.
If you want to buy or trade ENA, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Ever since Sui started pumping, everyone has been wondering whether it’s the next Solana. The short answer is yes, which is why we decided to compare and contrast these two promising crypto projects.
At first glance, it looks like Sui could outperform Solana. Upon closer inspection, however, you realise that there are factors which could result in similar returns, albeit with varying degrees of risk.
The catch is that Sui leverages technology which could someday become the standard in crypto, while Solana seems to be a favorite among institutions. Which will win in the end?
Stay tuned to find out!
🔥 Rally Report 🔥
APTOS
The price of APT has rallied by 20% in the past 24 hours.
WHY?!
👀 The rally likely comes from traders expecting APT to follow SUI in its recent bullish move.
📈 Notably, SUI recently achieved its all-time high of $2.28.
If you want to buy or trade APT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🔔 MARKET MOVING NEWS! (12/10/24)
1️⃣ FTX Creditor Says Hedge Fund Owes Him for Claim It Bought at '42% Discount' ▶️
Former FTX customer Alexander Nikolas Gierczyk has reportedly sued Olympus Peak, a hedge fund that purchased his claim in the bankrupt cryptocurrency exchange. Gierczyk sold his $1.59 million claim to the hedge fund last year at what he says was a 42% discount. The lawsuit alleges that Olympus Peak underpaid him and can gain more than $1 million from their agreement. According to the complaint, Gierczyk negotiated an explicit right to additional recovery in his agreement with Olympus Peak. He now contends that Olympus Peak owes him a larger payout and claims the fund has refused to honour this provision.
Source
2️⃣ Binance Exec Tigran Gambaryan Again Denied Bail In Nigeria ‼️
On Friday, Binance executive Tigran Gambaryan was reportedly denied bail again by a Nigerian judge. His family claims this move comes despite "clear evidence of medical requirement." The court has instead instructed the prison to refer him to a hospital for treatment.
Tigran's wife Yuki Gamabryan stated,
It is completely unjust to deny someone in Tigran’s condition the opportunity to seek appropriate medical help and I just pray that when he is finally released that the damage he is suffering is not permanent. I am exhausted and deeply disappointed, but I will continue fighting for my husband’s rightful freedom.
The fresh lawsuit is being assisted by the Washington, DC, think tank Coin Center. Specifically, the lawsuit argues that the staking rewards received by the Jarretts should be treated as property and taxable only upon their sale, not before.
Source
🔥 Rally Report 🔥
DOGWIFHAT
The price of WIF has rallied by 11% in the past 24 hours.
WHY?!
📈 Part of a larger rally seen among memecoins.
❓ The rally is led by recent bullishness surrounding a potential ‘memecoin super cycle.’
If you want to buy or trade WIF, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Are we in a memecoin supercycle?
Memescoins are the best performing cryptos of 2024, and they are showing no signs of slowing. Fans of dog, frog, cat and now hippo coins are calling it a memecoin supercycle.
But how did crypto end up like this? Is it sustainable? And should we give up on ‘serious’ altcoins and rotate into the zoo meta?
Today, we have all the answers.
🔔 MARKET MOVING NEWS! (10/10/24)
1️⃣ Only Bitfinex May Get Restitution In 2016 Hack, Per Government Filing ▶️
According to a filing in the case against Bitfinex hackers Ilya Lichtenstein and his wife Heather Morgan, only the crypto exchange might qualify as a victim under the CVRA [Crime Victims' Rights Act] or for restitution under the MVRA [Mandatory Victim Restitution Act]. It stated that the United States government is unaware of any other parties that qualify. Lichtenstein and Morgan, as well as Bitfinex parent company iFinex, have asserted that the crypto trading platform is the sole victim. For context, this claim comes after Bitfinex spread the loss from the hack across its customer base and reimbursed them itself in 2016.
Source
2️⃣ VanEck to Invest in Early Stage Ventures Including Crypto With New $30M Fund 💰
Global investment management firm VanEck has announced the launch of its new venture capital unit, VanEck Ventures. The investment giant stated the new venture fund will focus on fintech, digital asset or artificial intelligence (AI) companies in pre-seed or seed stages. It is raising $30 million for its first fund. The fund will be led by former Circle Ventures leaders Wyatt Lonergan and Juan Lopez, who aim to make between 25 and 35 investments with check sizes ranging from $500,000 to $1 million. It has already invested in four different projects.
VanEck CEO Jan van Eck stated,
From pioneering an approach to gold investing in 1968 to recognizing the disruptive potential of Bitcoin in 2017, embracing a long-term view on transformative opportunities has always been part of our investment philosophy. This fund extends that vision into the early-stage venture space. We look forward to supporting the founders of what we believe are some of the most disruptive companies in fintech – those building the future of finance.
🚨 New Video Alert!! 🚨
Back in November 2022, Sam Bankman-Fried’s empire crumbled as FTX collapsed, sending the market into disarray. If you cast your mind back to that rather bleak period in crypto’s history, you might recall that Silvergate bank (which collapsed as a result) was accused of co-conspiring with FTX in its shady business dealings.
But, here’s the thing. What if Silvergate wasn't even at fault? And more to the point, what if Sivergate was actually just another one of SBF’s many victims? Heck, what if Silvergate’s downfall was actually an orchestrated attack as part of Operation Chokepoint 2.0? Sounds crazy right?
Well, not according to insights from Nic Carter, a well-respected crypto journalist. After doing some deep digging, Nic believes that we might not have the whole story. So, follow us down the rabbit hole as we break Nic’s findings down and tell you why things aren’t as they seem.
🔔 MARKET MOVING NEWS! (09/10/24)
1️⃣ Former Bitcoin Dev Peter Todd Denies He's Satoshi Hours Before HBO Documentary Airs 💸
The new HBO documentary "Money Electric: The Bitcoin Mystery" suggested the true identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is an early Bitcoin developer named Peter Todd. However, Todd denied the assertions and stated that filmmaker Cullen Hoback was "grasping at straws" if he's identifying Todd as Satoshi.
In an emailed statement to CoinDesk, Todd stated,
Of course, I'm not Satoshi. It's ironic that a director who is also known for a documentary on QAnon has resorted to QAnon style coincidence-based conspiracy thinking here too.
Our decision to sue the SEC follows our receipt of a Wells notice from the Commission staff, illustrating that the SEC’s unauthorised and unjust regulation by enforcement campaign continues despite bipartisan indications that the next Administration will take a more constructive and effective approach to advancing crypto in the U.S.
🚨 New Video Alert!! 🚨
There are lots of EVM chains out there, but only a few have been innovating on Ethereum’s technology. One of these is Sei, which is technically the first blockchain with a parallelized EVM.
Sei is relatively new crypto, so it’s come with its own share of FOMO and FUD. It seems the fundamentals only started entering the picture a few months ago, and it’s looking very bullish.
That’s why today we do a deep-ish dive into this next generation Ethereum killer, and reveal just how high its native coin could go during this crypto bull market.
This is a video you can’t miss!
🔔 MARKET MOVING NEWS! (08/10/24)
1️⃣ Robinhood Chief Legal Officer Dan Gallagher In Running To Lead SEC If Trump Wins Presidency ⚡️
According to a Politico report, Robinhood Chief Legal Officer Dan Gallagher could be the next U.S. Securities and Exchange Commission chair if former President Donald Trump wins the presidential election in November. The report cited “a dozen former top regulators, lobbyists and securities lawyers” as its source.
Gallagher has had a long career. He served as a Republican SEC commissioner from 2011 to 2015. Before that, he was counsel to SEC Commissioner Paul Atkins and also worked on issues involving the SEC's enforcement division and trading division. He became the CLO at Robinhood in 2020.
Source
2️⃣ Vitalik Buterin Donates $182K To Help Fight Airborne Diseases After Receiving Billions Of Moo Deng Memecoin Tokens 💰
Ethereum co-founder Vitalik Buterin has reportedly donated $182,000 worth of ETH to the biotech charity Kanro. The donation funds come from Buterin selling billions of the Moo Deng memecoin tokens that people sent him. Notably, Buterin recently stated that any memecoins sent to him would go to charity. He added that users should either send the tokens to charity directly or create a DAO so that people can have a better say in where their money goes.
Source
3️⃣ Bitget Will Repay Traders After Ethereum Token Plunges 52% in Flash Crash 🔽
Crypto exchange Bitget’s Ethereum-based BGB token lost more than half its value on Sunday in a sudden "flash crash." The token plunged roughly 52% to $0.54 from $1.14 at around 10:30 pm ET on Sunday before recovering most of its value within an hour. Bitget attributed the flash crash to “unexpected volatility” in the crypto market. It has promised to compensate holders who suffered losses during the flash crash. It will reportedly issue a repayment plan to BGB holders in 24 hours, completing the compensation process in 72 hours.
Source
4️⃣ Over $5 Million In Crypto Stolen From Coinbase Users In Alleged Recent Social Engineering Scheme: ZachXBT ▶️
Blockchain sleuth ZachXBT has reportedly helped recover about $275,000 worth of cryptocurrencies for a Coinbase customer who was a victim of a social engineering scheme. ZachXBT also claimed to have found evidence of $5 million in additional stolen Bitcoin and Ether tokens related to the same alleged scam while investigating this fraud. While it is not yet clear how the stolen funds were frozen, ZachXBT stated that the Coinbase customer, an elderly person, held funds on a Ledger hardware device and was convinced to move them after scammers said their exchange account was compromised.
Source
5️⃣ Delaware Judge Approves FTX Estate’s Bankruptcy Plan ✔️
United States Bankruptcy Judge John Dorsey reportedly approved FTX’s bankruptcy plan on Monday. The plan will see the majority of the crypto exchange’s customers get the equivalent of their 2022 losses, and then some.
Lawyers for the estate claim that customers can expect to receive cash repayments worth an average of 118% of the value of their holdings at the time FTX filed for bankruptcy in November of 2022, though some could get up to 140%. While this is more than what creditors expected to receive two years ago, the funds will not match the gains BTC and other cryptocurrencies saw during FTX's bankruptcy.
Source
6️⃣ Revolut Prevents $13.5M Of ‘Potential Fraud Transactions’ In Crypto 🔍