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📣 THORChain Introduces Streaming Swaps For Optimal Price Execution
In a recent official announcement, the decentralized cross-chain transaction protocol THORChain unveiled a groundbreaking feature called “Streaming Swaps.” This new functionality aims to provide users with improved price execution for large transactions by breaking them into sub-swaps executed over a specific period of time. By doing so, THORChain seeks to address the needs of patient swappers and enhance capital efficiency without altering the Total Value Locked (TVL) of the pools. Streaming Swaps offer users the flexibility to choose between two types of swaps: time-optimized or price-optimized. The feature operates on a Time-Weighted Average Price (TWAP) trade model but with a crucial limitation of 24 hours, ensuring economic security for Layer 1 assets (e.g., BTC, ETH) transactions. The key concept behind Streaming Swaps is the ability to access the time domain when swapping. Unlike conventional swaps, where liquidity needs must be met instantly, streaming swaps allow liquidity requirements to be expanded across multiple moments in time. Arbitrage opportunities can then correct the price during the swap, resulting in significantly better price execution for users.
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📣 Starknet Foundry 0.2.0 Revolutionizes Contract Development!
StarkWare has announced the much-anticipated release of Starknet Foundry 0.2.0. This latest version comes with crucial updates and improvements, focusing on fixing import usage issues in test files and refining the logic of the test collection process. As a result, all tests in the package must now be imported into lib.cairo or the middle submodule, streamlining the development of Starknet contracts. The Starknet Foundry project was unveiled by StarkWare co-founder, Eli Ben-Sasson, during the EthCC conference held in Paris. The open-source toolkit is designed to revolutionize the landscape of Starknet contract development, offering developers a powerful set of tools to build and deploy decentralized applications on the StarkNet network. The 0.2.0 release addresses key concerns and bottlenecks faced by developers during the testing phase. The import usage issues in test files have been thoroughly resolved, ensuring smoother integration and compatibility with the broader ecosystem. Additionally, the logic of the test collection process has been overhauled, simplifying the workflow and making it more efficient for developers to manage their tests effectively. By mandating the import of all tests into lib.cairo or the middle submodule, Starknet Foundry 0.2.0 fosters a more organized and structured approach to contract development.
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🇸🇬 Singapore court declares crypto as property in case involving Bybit
Singapore's High Court has deemed crypto as property in a case involving crypto exchange Bybit and a contractor. A court judgement published Tuesday declared crypto assets are property capable of being held on trust. Judge Philip Jeyaretnam also ruled crypto assets were things in action; an intangible property type, like a cash balance at a bank or money due on a bond. Specific to the case, the court determined USDT is property capable of being held on trust. Monetary Authority of Singapore's (MAS) consultation paper on proposed amendments to the payment services from early July. He stated the MAS proposals showed “it is possible in practice to identify and segregate such digital assets." This supported his view that “it should be legally possible to hold crypto assets on trust.". The judgement involved Seychelles-based exchange Bybit and contractor Ho Kai Xin. Bybit brought a case against Ho in October 2023, claiming that she breached her employment contract to transfer over 4.2 million USDT to addresses owned and controlled by her. After receiving the funds it was claimed that Ms Ho went on a spending spree.
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🇩🇪 Binance withdraws crypto license application in Germany
Crypto exchange Binance has withdrawn its application for a license from German financial regulator BaFin, marking its latest European regulatory move. "Binance confirms that it has proactively withdrawn its BaFin application," a Binance spokesperson told The Block. "The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes." The statement comes a month after German publication FinanceFwd reported that BaFin had decided not to grant Binance a crypto custody license. Binance told the news outlet at the time that conversations were still ongoing. Binance is grappling with mounting regulatory challenges, not just in Europe but across the globe. In recent weeks and months, Binance has exited the Netherlands, reregistered entities in Cyprus and the U.K., withdrawn its license application in Austria, was ordered to stop operating in Belgium and is reportedly facing an investigation in France for alleged money laundering. Binance and its CEO, Changpeng Zhao, also face lawsuits from U.S. regulators.
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🟠 Binance boss plans to seek dismissal of CFTC complaint, filing shows
Binance Holdings and its founder are seeking to dismiss a complaint filed in March by the United States Commodity Futures Trading Commission. A Monday court filing shows that Binance entities and Changpeng Zhao, founder and chief executive officer of Binance, plan to submit a motion to dismiss the complaint filed by the CFTC in a Chicago federal court. They are accused of numerous violations including operating an illegal digital asset derivatives exchange in the U.S. As things stand, Binance, Zhao and Lim have until July 27 to submit their responses to the CFTC complaint. They also requested an expansion of the page limit of their memoranda of law, "given the complexity of the CFTC’s Complaint and the number of arguments Defendants anticipate making in support of their Motions to Dismiss," according to the filing. In March, the CFTC sued Binance and Zhao for allegedly breaking derivatives rules and unregistered trading activities in the U.S. The agency said in its complaint that Binance had “taken a calculated, phased approach to increase its United States presence despite publicly stating its purported intent to ‘block’ or ‘restrict’ customers located in the United States from accessing its platform.”
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🇯🇵 Binance Unveils Compliant Japan New Platform Amidst Global Expansion
In an announcement made via video at a conference in Tokyo on Tuesday, Binance CEO Changpeng Zhao (CZ) revealed that the cryptocurrency exchange giant is all set to introduce its comprehensive services on a new platform tailored specifically for Japan. The launch is scheduled for August this year, Bloomberg reported. This development follows Binance’s acquisition of Sakura Exchange BitCoin (SEBC), a cryptocurrency exchange service provider based in Japan, in November of the previous year. The acquisition was a strategic move to establish its presence in the Japanese market while adhering to the regulations set forth by the Japan Financial Services Agency (JFSA). However, the terms of the deal were not publicly disclosed. In line with the company’s commitment to compliance, the exchange officially stated in May that it was developing a platform specifically designed to cater to the Japanese market while ensuring full adherence to local rules and regulations. As part of this initiative, it announced that it would discontinue its existing global platform’s services for Japanese residents, effective from November 30. Users currently operating on the global platform will be given the option to transition to the new local platform.
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🔻 Worldcoin Migrates to Optimism
Worldcoin, the biometric decentralized identity and wallet protocol, has announced it has completed the migration process to switch its operations from Polygon to Optimism, an Ethereum L2 scaling layer. In February, the protocol decided to migrate its World App and World ID apps to Optimism, stating it was “committed to realizing a scalable, inclusive future that unlocks the full potential of crypto and furthers the evolution of identity on the blockchain.”. This migration comprehends the creation of bridges for the World ID protocol from Ethereum to Polygon and Optimism. Also, most World App users’ accounts have been migrated to Optimism. The few remaining will be invited to migrate at the start of the app, a process that will take 90 seconds on average. Worldcoin already has registered more than 2 million signups, coming principally from countries like Barcelona, Berlin, Buenos Aires, New York, Seoul, and Tokyo, which have set up several Orbs, the biometric devices needed to include users by reading their irises and registering their information in the protocol.
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📣 Vitalik Buterin Critiques Worldcoin’s Iris-Scanning Proof-of-Personhood Solution
Worldcoin, a project co-founded by OpenAI CEO Sam Altman, made headlines today as it launched its WLD token, accompanied by an innovative iris-scanning identity verification solution. However, Vitalik Buterin, the co-founder of Ethereum, has outlined several potential pitfalls associated with Worldcoin’s Proof-of-Personhood (PoP) system in a recent blog post. Buterin emphasized that while the concept behind Worldcoin’s PoP system is intriguing. Worldcoin users are required to install a dedicated app and undergo iris scanning using the “Orb” device. The Orb validates the user’s humanity and uniqueness of their iris pattern, generating an iris hash that results in a distinct World ID for each individual. This process ensures privacy and security by not revealing explicit personal details. Addressing the privacy aspect, Buterin expressed apprehension over the inherent risks of iris scanning. Despite Worldcoin’s current practice of storing only hashed iris scans rather than actual images, Buterin pointed out that there remains a potential for identity-related information misuse or leakage. He suggested that even with the present measures, the scanned iris could still reveal unintended information if mishandled.
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🆘 Coinlist Twitter Hacked! Protect Yourself from Phishing Scam!
The official Twitter account of Coinlist, a popular cryptocurrency platform, is suspected of being hacked today. Users reported that the account has been posting suspicious messages related to a token gifting scam. The fraudulent tweets claim to offer free tokens of the native Coinlist token, LIST, as a giveaway. However, authorities and Coinlist officials have confirmed that this is a phishing scam, and users are advised not to click on any links or engage with the fraudulent messages. The hacking incident has caused concern among the crypto community, as scams and phishing attempts have become more prevalent in recent times. Social media platforms like Twitter have been prime targets for cybercriminals seeking to exploit the reputation of legitimate crypto companies for their malicious purposes. Upon discovering the suspicious activity, Coinlist immediately took action to secure their account and alerted Twitter about the hacking incident. Coinlist representatives have emphasized that they never conduct token giveaways in this manner, and users should exercise caution when encountering such messages on social media. Phishing scams typically involve deceiving users into clicking on malicious links, leading to the theft of sensitive information or funds.
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🆘 Alphapo Loses $23 Million In Multi-Platform Attack!
Crypto payment service provider Alphapo fell victim to a devastating hack, resulting in the theft of more than $23 million in funds across multiple blockchain networks. According to monitoring by ZachXBT, the hot wallets of Alphapo on Ethereum (ETH), Tron (TRX), and Bitcoin (BTC) were compromised, leading to the loss of significant digital assets. The attackers orchestrated a sophisticated attack on Alphapo‘s hot wallets, enabling them to gain unauthorized access to user funds across different blockchains. The stolen funds were subsequently converted to Ethereum and then bridged to the Avalanche network and Bitcoin, making it challenging to trace the transactions. Alphapo plays a crucial role in facilitating payments for various gambling services, including HypeDrop, Bovada, and Ignition. The hack has had severe consequences for users of these platforms, with Ignition being forced to suspend all withdrawals as a precautionary measure. The incident has raised concerns within the crypto community about the security measures employed by payment service providers and the risks associated with storing large sums of digital assets in hot wallets. The incident serves as a stark reminder of the importance of robust security protocols in the crypto space.
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🏦 Crypto Couple’s Dramatic Plea Deal: Bitfinex Hack And Money Laundering Scandal
In a significant development, an American couple has entered into a plea agreement with U.S. authorities over allegations of laundering billions of dollars worth of cryptocurrency stolen from the notorious 2016 hack of the virtual currency exchange Bitfinex, Reuters reported. The couple, Heather Morgan and her husband Ilya Lichtenstein, were initially arrested in February 2022 and are scheduled to appear for a plea hearing on August 3 before Senior Judge Colleen Kollar-Kotelly in Washington, according to court records. Heather Morgan, also known as “Razzlekhan” in the hip-hop community where she promoted her music, and Ilya Lichtenstein are accused of conspiring to launder over 100,000 bitcoin stolen in the hack of Bitfinex. At the time of the hack, the stolen bitcoin was valued at $71 million, but its value had appreciated to more than $4.5 billion by the time of their arrest. Prosecutors are seeking the forfeiture of assets worth approximately $3 billion, including various cryptocurrencies and cash from bank accounts, according to the charging document and current spot prices of cryptocurrencies. The couple, who had active public profiles, are facing charges of money laundering conspiracy, with Morgan facing an additional count of conspiracy to defraud the United States, as per an updated charging document filed recently.
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💰 Global X ETFs And CoinDesk Team Up For Groundbreaking New Bitcoin ETF
Global X ETFs, a prominent provider of exchange-traded funds, has joined forces with CoinDesk to seek regulatory approval for a groundbreaking financial product – the Global X Bitcoin Trend Strategy ETF. Unlike traditional spot-based Bitcoin ETFs, this innovative ETF will track BTC futures contracts and the CoinDesk BTC Trend Indicator Index, which gauges the strength and direction of BTC’s price movements based on a proprietary signal. The application for the Global X Bitcoin Trend Strategy ETF comes amidst a surge in interest from various financial entities seeking to introduce Bitcoin ETFs to the market. As per Bloomberg ETF analyst James Seyffart, this particular application is expected to be accepted, considering it is not a spot-based ETF proposal. Seyffart believes that the approval process should follow a similar path to that of previously approved Bitcoin futures ETFs. The likelihood of approval appears high, with Seyffart noting that the only possible hindrance would be the SEC’s unprecedented decision to force the delisting of all previously approved Bitcoin futures ETFs.
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🟠 Binance’s H1 2023 Report Reveals Crypto Market Resilience And Promising Developments
Binance, a leading cryptocurrency exchange, has released its H1 2023 report, highlighting the crypto market’s resilience despite challenges. The crypto market capitalization ended the period on a positive note, showing signs of recovery. Bitcoin’s dominance reached its highest level since April 2021, with an impressive year-to-date price performance of over 87%, outperforming many traditional financial investments. The emergence of Ordinals and Inscriptions has energized the Bitcoin ecosystem, promising continued development and innovation in the coming months. The first half saw significant developments in Layer 1 networks, with Ethereum’s liquid staking reaching new heights, giving rise to LSTfi. BNB Chain focused on scalability, while Solana and Tron made notable strides in their respective ecosystems. Avalanche and Cosmos also advanced through subnets, partnerships, and shared economic security models. In the Layer 2 space, optimistic rollups remained dominant, while ZK rollups achieved new heights with the launch of fully functional zkEVMs. The industry witnessed a convergence of major players around the concept of networks of blockchains, such as L3s, Superchains, and Hyperchains. However, DeFi’s dominance experienced a slight decline compared to the overall crypto market.
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🇺🇸 US Prosecutors Accuse Bankman-Fried Of Attempting To Discredit Witness In Trial
US prosecutors have accused Samuel Bankman-Fried (SBF), the co-founder of crypto exchange FTX, of using private documents to discredit his ex-girlfriend and potential witness, Caroline Ellison, in an ongoing criminal fraud trial. According to Bloomberg News, prosecutors allege that Bankman-Fried selectively shared certain private documents with The New York Times, portraying Ellison as a jilted lover responsible for the alleged FTX crimes. The purpose behind this action was to undermine Ellison’s credibility. The New York Times published a story based on writings by Ellison found in Google Docs and personal journals. These writings appeared to reveal her ambivalence about her role at FTX and her relationship with Bankman-Fried. Prosecutors argued that the documents excerpted in the article did not come from materials provided to Bankman-Fried during pretrial information sharing. They suspect the documents were sourced from his personal Google Drive account. The government contends that Bankman-Fried’s defense strategy aims to cast Ellison as the sole perpetrator of the alleged FTX crimes, despite overwhelming evidence suggesting otherwise. Prosecutors view these attempts to malign Ellison’s credibility in advance of trial as prejudicial and improper.
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🔵 Arbitrum Foundation Grants Phase 1 Targets Apps and Infrastructure
Arbitrum has recently revealed its ambitious plans for the first phase of its foundation funding. The primary focus of the first phase is to bolster the growth and potential of DApps running on Arbitrum, while also enhancing the underlying infrastructure to ensure a seamless and efficient experience for users. With the backing of the foundation grants, developers and innovators within the crypto community can expect to access resources and support to create more powerful and user-friendly technologies. The grants also carry the objective of fostering sustainable and thriving communities within the ecosystem. By providing financial backing to projects that contribute to the growth of the ARB network, the foundation aims to nurture a vibrant and dynamic community that collaborates to push the boundaries of blockchain scalability and usability. Crucially, the foundation has clarified that the grant program will progress in different phases, with each phase having specific goals and objectives. However, unlike traditional grant programs, there is no fixed “end date” for these stages. Instead, the program will continue until the Arbitrum Foundation determines that the phase objectives have been adequately met.
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🟠 Binance Pool Launches Bitcoin Cash Mining Service
Binance Mining Pool has declared the official launch of its Bitcoin Cash (BCH) mining service. The mining service will utilize the Full Pay Per Share (FPPS) settlement method, offering users a seamless and efficient mining experience. With this new service, users can now participate in the BCH mining process and reap daily rewards automatically deposited into their fund wallets. The FPPS settlement method ensures that miners receive a fixed payout for each valid share submitted, regardless of whether the block is eventually found or not. Changpeng Zhao expressed his excitement about the new venture, stating:“We are thrilled to expand our mining offerings to include Bitcoin Cash. Binance Mining Pool has always been committed to providing our users with top-notch services and opportunities to participate in the blockchain ecosystem. With the addition of BCH mining using the FPPS settlement method, we believe it will further strengthen the mining community and the overall crypto landscape.”. One of the key highlights of this new mining service is the automated reward distribution. Starting from 10:00 (UTC) daily, mining rewards earned by participants will be automatically deposited into their respective fund wallets.
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💰 Sui Foundation Cuts Ties With MovEx Team For Flouting Contractual Rules Amidst Controversy
The Sui Foundation made a significant announcement regarding its termination of the partnership with the MovEx team. The decision came after MovEx was found to have violated contractual lock-up regulations associated with the SUI tokens it received as compensation for its work on DeepBook. As per the terms of the agreement, MovEx was subject to a lock-up period during which it was not allowed to initiate transactions involving the received SUI tokens. Reports indicate that MovEx received a total of 2.5 million SUI tokens from the Sui Foundation in exchange for its contributions to the DeepBook project. However, instead of adhering to the contractual lock-up conditions, MovEx made three separate transactions, each involving 625,000 SUI tokens, to three different wallets. Notably, the final 625,000 SUI tokens from the initial transfer still remain in the original wallet. The breach of contract raised serious concerns as MovEx failed to inform the Sui Foundation about the transactions that violated the lock-up regulations, and the Sui Foundation did not provide consent for such actions. As a consequence of these actions, the Sui Foundation decided to terminate its association with the MovEx team.
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💰 Ripple runs CBDC pilot with Pacific island nation of Palau
Ripple partnered with the Republic of Palau on a U.S. dollar-backed stablecoin pilot. The stablecoin will be minted on the XRP Ledger and will be distributed first to Palau government employees. "Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access," Palau President Surangel Whipps Jr said, according to a press release. Palau's pilot project involves an initial distribution of the U.S. Dollar-backed Palau Stablecoin (PSC) to government employees. The PSC has been nicknamed 'Kluk' and will be deployed on the XRP Ledger (XRPL), using Ripple's Central Bank Digital Currency (CBDC) Platform. "The Republic of Palau Stablecoin (PSC) aka 'Kluk' is a prototype digitization of the US Dollar under development in partnership with Ripple, using the XRPL blockchain. If successful, the PSC limited and controlled pilot could revolutionize the way goods and services are paid for in Palau," Palau ministry of finance Jay Hunter Anson said on Tuesday. Ripple Labs and the Republic of Palau are scheduled to issue a joint press release about the pilot on Thursday, 9:00 a.m. Palau Time (PWT).
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🇺🇸 SEC charges Quantstamp over $28 million ICO
A blockchain security company will have to pay about $3.4 million to settle Securities and Exchange Commission charges for conducting an unregistered initial coin offering. The firm released a white paper in 2017 describing its plans to create a protocol on the Ethereum blockchain to “provide automated security audits of smart contracts,” the agency said on July 21 in a statement. Quantstamp raised close to $28.35 million in ether and stablecoin USD through the sale of its QSP token to more than 5,000 investors back in 2019, the SEC said. The SEC referenced the Howey Test, which it often cites when determining whether a cryptocurrency is a security and subject to securities laws. The test stems from a 1946 US Supreme Court case involving orange groves and decided what qualifies as an investment contract. The test has four prongs, including whether there is an expectation of profits that is derived from the efforts of others, a common enterprise or an investment of money. Quantstamp settled without admitting or denying the SEC’s charges. The SEC also established a fair fund to return money paid by Quantstamp back to investors. Quantstamp emphasized the large market potential for the smart contract security auditing product it planned to develop.
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🇯🇵 Japanese Prime Minister Fumio Kishida Embraces Web3’s Game-Changing Potential at WebX Conference
Japanese Prime Minister Fumio Kishida took center stage at Asia’s largest global conference, “WebX,” hosted and organized by CoinPost Corporation. Web3 carries immense potential to reshape the traditional framework of the Internet and instigate far-reaching societal changes. Recognizing the power of this emerging technology, Prime Minister Kishida and his administration are committed to fostering an enabling environment that propels the promotion of Web3 and its myriad possibilities. Prime Minister Kishida expressed his earnest hope that major Japanese corporations would seize the opportunity presented by the WebX conference to unveil ambitious projects aimed at establishing a valuable economic zone within a diverse space. Such endeavors hold the promise of not only driving economic growth but also amplifying Japan’s global presence in the ever-evolving digital realm. Web3 industry stands poised to reclaim its position at the forefront of innovation and capture renewed attention and vitality. As the Japanese government actively endeavors to facilitate the growth of this groundbreaking sector, the stage is set for an array of novel and ambitious projects to come to fruition.
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🆘 Alphapo Hot Wallet Losses Surge to $60M, ZachXBT Reports
ZachXBT has recently tweeted about the Alphapo hot wallet heist, disclosing that an additional $37 million worth of TRON and BTC has been found to be stolen due to this cyberattack. The total amount pilfered from Alphapo has now surged to a staggering $60 million, making it a high-profile attack in the cryptocurrency world. The heist has raised concerns over security and highlighted potential vulnerabilities within the crypto ecosystem. ZachXBT’s monitoring, it was initially reported that the Alphapo hot wallet had been breached. The investigation into the theft has unveiled an intricate web of transactions, revealing a sophisticated and well-coordinated operation. The stolen funds were first moved to the Ethereum network, presumably in an attempt to obfuscate the source and origin of the funds. Subsequently, they were cross-linked to the Avalanche network and Bitcoin (BTC), creating multiple layers of complexity to mask the hacker’s tracks. Attributing the hack to a group with potential links to Lazarus, a notorious cybercriminal organization known for conducting large-scale attacks, has further fueled concerns about the rising threats posed by such sophisticated hacking entities in the cryptocurrency space.
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📣 Worldcoin Token Launch Led By OpenAI CEO Sam Altman
On Monday, the release of Worldcoin tokens will take place, which will be overseen by the CEO of OpenAi. The cryptocurrency community is buzzing with anticipation as Worldcoin, a new token co-founded by none other than Sam Altman, the CEO of OpenAI, is all set to make its debut on Monday. According to insiders familiar with the matter, the Worldcoin token is generating a lot of interest and excitement ahead of its official launch. These contract addresses reveal a total supply of 10 billion tokens, indicating that the project has ambitious goals from the get-go. It is worth noting that the token’s creation is a relatively recent development, having been brought into existence just six days ago. Despite its young age, the Worldcoin token has already garnered significant attention, with 22 held addresses and 161 transfers recorded so far. This rapid activity points to a high level of interest and engagement from the cryptocurrency community. However, the exact details of the token and its use cases are still eagerly awaited. The Worldcoin project has managed to maintain an air of mystery, adding to the excitement surrounding its upcoming launch. As it promises to be led by a prominent figure like Sam Altman, investors and traders alike are keen to learn more about the potential impact of this new token on the cryptocurrency landscape.
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🥇 Bitcoin HODLers Reach 75% Of Circulating Supply As Glassnode Reports New ATH
Glassnode reported a new all-time high of 14.52M BTC in long-term holder supply, suggesting HODLing is preferred. Tighter 30-day price range, the potential for volatile movement, and a recent price drop of -1.11M BTC to $29K. Bitcoin block 800,000 just mined. Recently, Glassnode, an on-chain analysis platform, reported that the Bitcoin Long-Term Holder Supply has reached a new all-time high of 14.52 million BTC, which is equivalent to 75% of the circulating supply. In addition, only 484 out of 114,055 trading hours (0.42%) have recorded a tighter Bitcoin 30-day price range. This suggests that the likelihood of severe volatile price movement is enhanced. The recent BTC spot price movement from $30,263 to $29,201 has sent -1.11 million BTC (-5.9%) into an underwater position. This places the current percent supply in profit at 70.4% (13.45 million BTC). At the time of writing, Bitcoin has witnessed a significant drop to $29K, about 5% over the last 24 hours. According to Santiment, Bitcoin has rebounded above $30k last weekend, and it’s recommended to keep an eye on the number of large addresses as summer progresses. If the 100+ $BTC wallet line begins rising again, another breakout greatly increases in probability.
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🔵 USDC Witnesses $1.6 Billion Decrease in Circulation in 30 Days, USDT Sees 0.8% Increase
Data from Coingecko reveals significant changes in the circulation of stablecoins in the past 30 days, with USDC experiencing a notable decline while USDT sees a slight increase in circulation. The USDC (USD Coin) has seen a decrease of $1.6 billion in circulation over the past month, representing a substantial 5.6% drop. As of July 23, the total circulation of USDC stands at $26.867 billion. USDT (Tether) has witnessed an increase in circulation, with a rise of $660 million, marking a modest 0.8% growth. Stablecoins have become an essential part of the cryptocurrency ecosystem, providing stability and pegging their value to fiat currencies like the US Dollar. These digital assets offer traders and investors a means to mitigate the high volatility often associated with other cryptocurrencies. The recent fluctuations in the circulation of stablecoins may be influenced by various factors, including market demand, user preferences, and regulatory developments. The decrease in USDC circulation could be attributed to investors moving funds to other assets or platforms as market conditions evolve. As stablecoins aim to maintain a 1:1 peg with the US Dollar, the decrease may indicate a shift in investor sentiment or market dynamics.
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🏴 Aptos Active Accounts Surge to 182,000 Following Integration with Chingari Social Media App
Aptos, a blockchain-based platform, experienced a remarkable surge in active accounts, reaching a record-high of 182,000 since the APT airdrop. The integration with Chingari, a popular social media app in India, has added virtual gifting capabilities within the Aptos ecosystem, incentivizing active participation and driving interest in the crypto community. Virtual gifting has emerged as a powerful and rewarding method for content creators and influencers to monetize their online presence. The surge in users coincides with the recent integration of Chingari, a popular social media app in India, which now offers exciting new functionalities like virtual gifting within the Aptos ecosystem. The integration with Chingari has been a game-changer for Aptos, attracting a staggering number of new users in the past two days, with over 94,000 new accounts created. The addition of virtual gifting capabilities within the platform has added a novel and engaging dimension to the user experience, incentivizing active participation and driving interest in the crypto community. Chingari, known for its unique features and widespread popularity in the Indian social media landscape, has significantly contributed to Aptos’ recent growth.
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💰 Celsius Hits Important Deal, Users Can Get Compensation Later This Year
According to the Wall Street Journal citing court documents, bankrupt crypto lender Celsius Network has reached an important settlement that could clear the way for Celsius to get court approval to return assets to customers and end the bankruptcy process. Reportedly, since the opening of the inquiry portal, a total of 30,000 customer complaints have been resolved, with a claim value of US$78 billion. The court will approve the settlement at an August 10 hearing. The Wall Street Journal added that a confirmation hearing on Celsius’s restructuring is scheduled for October and that customers could start receiving crypto and other assets later this year. While Celsius’ lawyers argue that Celsius owes customers no more than their deposits, some users have filed claims for misconduct by former management. Earlier this month, the US Securities and Exchange Commission (SEC) filed a lawsuit in federal court against Celsius and its former CEO, Alex Mashinsky, accusing it of raising billions of dollars through fraudulent and unregistered sales, defrauding investors, and manipulating the price of its native token. The company recently announced a $4.7 billion settlement with US government regulators over allegations of fraud.
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💰 Whale Alert Detects $420 Million Bitcoin Transfer Amidst Binance Wallet Concerns
Whale Alert reported a massive transaction involving 14,159 Bitcoins (BTC) valued at approximately $420 million. What makes this transaction even more intriguing is the involvement of a previously identified address linked to Binance, one of the world’s largest cryptocurrency exchanges. According to Whale Alert, the address that received the 14,159 BTC is the same one that had previously received 4,451 BTC before transferring them to Binance. The nature of the transaction, involving such a substantial amount of cryptocurrency, has raised eyebrows within the crypto community. Whale Alert’s monitoring capabilities have made it possible to track large movements of digital assets across various blockchains, providing real-time updates to the public and authorities. The nature of the transaction, involving such a substantial amount of cryptocurrency, has raised eyebrows within the crypto community. Whale Alert’s monitoring capabilities have made it possible to track large movements of digital assets across various blockchains, providing real-time updates to the public and authorities.
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🇮🇩 Indonesia Unleashes A Thriving Crypto Ecosystem With National Exchange Launch
The government of Indonesia has taken a significant step in the cryptocurrency space by announcing the launch of a national cryptocurrency exchange. This move aims to provide regulators with transparent transaction records and offer better protection to crypto investors in the country. The Commodity Futures Trading Regulatory Agency (Bappebti) revealed that the launch of the exchange and clearing house also seeks to strengthen monitoring of the rapidly growing sector during a transition in regulatory oversight. The national cryptocurrency exchange, which was unveiled a week ago, has now commenced operations, as per a statement from the Commodity Futures Trading Supervisory Agency. This exchange will be the sole platform in Indonesia allowed for the legal exchange of digital assets. Bappebti confirmed the opening of the exchange on July 20 and introduced a Futures Clearing House along with the exchange to act as a mediator between buyers and sellers, ensuring smooth transactions. It was previously reported that cryptocurrency sales in Indonesia would be restricted to local transactions while aligning with international market developments. Licensed traders have been given one month to join the exchange.
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🥇 Trending Bitcoin Spot ETFs Could Drive $30 Billion In New Demand: Report
According to a recent research report by crypto exchange NYDIG, the Bitcoin Spot ETFs registration craze could generate $30 billion in new demand for the crypto market. Bitcoin is often referred to as digital gold, so it will inevitably be compared to the gold ETFs listed in the early 2000s. Currently, gold ETFs hold only 1.6% of the total global gold supply, the NYDIG pointed out, compared with 17.1% of central banks, while bitcoin funds hold 4.9% of the total bitcoin supply. Currently, NYDIG has modeled that there are $28.8 billion in bitcoin assets under management with $27.6 billion in spot-like products. The NYDIG’s conclusion that the real potential of a Bitcoin ETF lies in a convergence of factors: the launch of an ETF, a weaker US dollar, the Federal Reserve’s shift to quantitative easing, and a generational transfer of assets to younger individuals who are more likely to invest in cryptocurrencies. In a twist on July 19, the US Securities and Exchange Commission (SEC) accepted applications to create a spot bitcoin exchange-traded fund from six companies, including BlackRock (BLK.N), for consideration, the first step in the agency’s process to decide whether or not to approve the latest round of proposals.
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💰 Mainnet Sui Upgraded To New V1.5.0 Version
According to the official announcement, the Sui mainnet has been upgraded to the new V1.5.0 version with many notable updates. The minimum budget for gas fees has been changed to the minimum fee. With the current changes, only transactions whose budget includes the minimum fee will be accepted. It should be noted that there will be no change in gas fees for any previous successful transactions. In other words, the scope of this change is limited to specific transactions. Sui is an L1 public chain redesigned and built on first principles that aims to provide creators and developers with a development platform capable of carrying billions of users further. follow in Web3. Applications on Sui are based on the Move smart contract language and are horizontally scalable, allowing developers to support a wide variety of application development quickly and at low cost. This Layer 1 hit 1 million active addresses less than two months after the mainnet’s launch, according to a July 14 press release. Despite widespread adoption and network usage, Sui’s price has met significant difficulty, trading at less than $1 since the beginning of June.
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