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Dogecoin Rival BONK Surpasses Shiba Inu in Trading Volume As Price Leaps Over 40% in 24 Hours: CoinMarketCap

Dogecoin Rival BONK Surpasses Shiba Inu in Trading Volume As Price Leaps Over 40% in 24 Hours: CoinMarketCap

The Solana (SOL)-based dog-themed meme asset Bonk (BONK) has surpassed rival Shiba Inu (SHIB) in daily trading volume as its price jumps over 40% in just 24 hours. New data from crypto data aggregator CoinMarketCap reveals that the Dogecoin (DOGE) competitor has seen a staggering 71.8% increase in daily trading volume, bringing its total to about […]

The post Dogecoin Rival BONK Surpasses Shiba Inu in Trading Volume As Price Leaps Over 40% in 24 Hours: CoinMarketCap appeared first on The Daily Hodl.

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CoinMarketCap rival CoinGecko acquires NFT startup Zash

CoinGecko has acquired the NFT data infrastructure platform Zash as the firm remains bullish about the NFT market. The terms of the deal have not been disclosed.

Major cryptocurrency tracking website CoinGecko is scaling its data offering by acquiring the nonfungible token (NFT) data infrastructure platform Zash.

CoinGecko plans to integrate Zash’s NFT data into its Application Programming Interface (API) by the second quarter of 2024, the firm announced on Nov. 21, though the deal terms have not been disclosed.

“API users will be able to enjoy a unified crypto data offering, where they can access fungible and nonfungible token data seamlessly and enjoy enriched crypto market insights,” CoinGecko co-founder and chief operating officer Bobby Ong told Cointelegraph.

According to the exec, front-end users of CoinGecko’s web and mobile app will also be able to access the on-chain NFT data through the NFT floor price tracker next year.

CoinGecko didn’t disclose the cost of the Zash acquisition to Cointelegraph. Founded in 2021, Zash operates an enterprise-grade NFT indexer and API, allowing users to track NFT data across 87 unique marketplaces — or a total of 102 marketplaces — like the major NFT exchange OpenSea.

“Zash’s data also encompasses secondary sales, bundled trades, converts settlement in 12 currencies and encompass ERC-721 and ERC-1155 token standards,” Ong noted, adding that Zash’s coverage is “over four times more than alternatives.”

Related: Crypto exchange Bullish buys 100% stake in crypto media site CoinDesk: Report

CoinGecko’s latest move into the NFT market comes despite a significant decline in the NFT market, which is sometimes interpreted as a signal the NFT technology is maturing rather than a sign of distress. CoinGecko is bullish on the NFT industry despite the ongoing market decline, Ong said, stating:

“We hold the vision where any asset that can be tokenized, will be tokenized. We believe that NFTs will continue to innovate beyond PFPs, GameFi and unlock new opportunities and use cases worldwide. For that reason, we’re optimistic about the NFT market’s resurgence.”

After Binance acquired CoinGecko’s major competitor, CoinMarketCap, in 2020, CoinGecko was also open to acquisitions as of July 2022. However, the firm was considering potential acquisitions in the long term rather than in the short term.

“This will be our third crypto winter, and we are focused on improving CoinGecko to prepare for the eventual bull run that will come again,” CoinGecko’s Ong told Cointelegraph last year.

Magazine: Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers

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Crypto firm claiming $1.4B in trades on CMC flashes reportedly fake license data

A crypto exchange claiming $1.7 billion in daily trades and reporting $1.4 billion of daily trading volume on CoinMarketCap had reportedly displayed false license data until Estonian regulators checked it.

A number of cryptocurrency platforms reporting billions of dollars in daily trades on CoinMarketCap appear to have been misleading their customers about holding certain crypto licenses, an investigation by Cointelegraph has found.

Bitspay, a crypto exchange that reports a $1.4 billion daily trading volume on CoinMarketCap, claimed it held a license in Estonia, and is regulated under Estonian law. However, after Cointelegraph reached out with questions about this license, the company swiftly erased its reportedly fake license data.

At the time of writing, Bitspay is the fourth-largest crypto exchange by daily trading volume on CoinMarketCap, following platforms like Binance, BitForex and Topcredit International.

Top four crypto exchanges by daily trading volume. Source: CoinMarketCap

According to Bitspay’s page on CoinMarketCap, it is a centralized exchange (CEX) based in Estonia. The exchange was launched in 2020 and claims to be regulated under the Estonian “Anti Money Laundering Counter-Terrorism Financing Act 2019,” which appears to be referring to the country’s Money Laundering and Terrorist Financing Prevention Act.

Bitspay’s info on CoinMarketCap. Source: CoinMarketCap

Bitspay also claimed it was licensed and regulated by Estonia’s Financial Intelligence Unit (FIU). “Bitspay Limited registered with the registration number FVR000796, under the Laws of the Republic of Estonia,” the firm stated on one of its domains, Bitspay.io, until it erased the information immediately following Cointelegraph’s inquiries.

Bitspay claiming to have a license in Estonia on Bitspay.io. Source: Wayback Machine

Contacted by Cointelegraph, Estonia’s FIU reported that Bitspay didn’t hold any valid license in Estonia. “We took a look into it, and it seems that the license number which they have previously announced refers to an Estonian company, Globe Assets OÜ,” a spokesperson for the FIU said in a statement on Sept. 21. The license was also valid for less than a year, from March 2019 until January 2020, the representative noted.

The FIU didn’t respond to additional questions about Bitspay’s legal status in Estonia.

Bitspay was showing its website visitors information on the license mentioned above until at least Sept. 18, 2023. The firm subsequently rebranded its website from the briefly unavailable Bitspay.io to Bitspay.global on Sept. 21, removing all data about being registered or regulated in Estonia.

At the time of writing, Bitspay has not provided any information about its registration or license on its new website. The exchange also claims on its website that its daily trading volume amounts to 65,249 Bitcoin (BTC), or $1.7 billion. Despite reporting that much in trading, the exchange appears to have no more than around 400 subscribers on Twitter and some 16,000 members on its Telegram channel.

Kelly Nova, said to be the founder and CEO of Bitspay on its website, told Cointelegraph that the exchange is working on licenses in both Estonia and the United Kingdom. “We have some copyright issues and that’s why we closed the Bitspay.io domain,” he said. The exec didn’t respond to Cointelegraph’s request for further information about Bitspay founders or why the firm previously claimed to have a license in Estonia on its website.

Bitspay appears to be far from the only platform reporting massive trading volumes on CMC while little is known about its licenses, founders or background. Exchanges like Topcredit, which reports $1.8 billion in daily trades on CoinMarketCap, and Bika — reporting $1.2 billion — have been unwilling to talk to Cointelegraph about their background and founders as well.

“We have long been aware that self-reported data can be problematic but APIs are the only viable source for data collection,” a spokesperson for CoinMarketCap told Cointelegraph.

The representative also referred to the website’s scoring system, pointing out that platforms like Bitspay, Topcredit or Bika have a significantly lower score than major exchanges like Binance, which has owned CoinMarketCap since April 2020. “We always encourage our users to perform their own due diligence, especially with low scoring exchanges,” the spokesperson said, adding:

“We know our data isn't infallible. Our role is as an objective and comprehensive information aggregator, not a regulator. [...] In short, CMC numbers are as credible as they can be, using our industry leading experience, technology, verification methodology and feedback loops [...]”

The spokesperson cited the crypto adage “don't trust, verify” and said it embodies a foundational principle of cryptocurrencies and blockchain technology.

Related: Hong Kong to list ‘suspicious’ crypto platforms in wake of JPEX scandal

According to a public announcement, Bitspay was listed on CoinMarketCap in July 2023. CoinMarketCap’s major rival, CoinGecko, hasn’t listed this website, nor has it listed Topcredit or Bika. Despite this discrepancy, CoinGecko has significantly more spot exchanges than CoinMarketCap, does. At the time of writing, CoinGecko lists a total 784 exchanges, while CoinMarketCap lists only 225.

Websites like CoinMarketCap have frequently been criticized for providing inflated exchange trading volumes. In 2019, Bitwise Asset Management claimed that 95% of volumes on unregulated exchanges reported on CoinMarketCap were fake or non-economic wash trading in nature. Another investigation by the data analytics firm The Tie suggested in 2019 that more than 86% of reported crypto trading volume appeared suspicious.

Magazine: Big Questions: What’s with all the crypto deaths? 

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Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash

The collapse of FTX led to a similar exodus from centralized exchanges, as users worried they may lose access to funds during crises.

The collapse of Silicon Valley Bank saw investors loading their bags with USD Coin (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs).

Outflows from centralized exchanges often spike when the markets are in turmoil, blockchain analysis firm Chainalysis said in a March 16 blog post, as users are likely worried about losing access to their funds when exchanges go down.

Funds sent from CEXs to DEXs following SVB’s collapse. Source: Chainalysis.

The Chainalysis data shows that hourly outflows from CEXs to DEXs spiked to over $300 million on March 11, soon after SVB was shut down by a Californiaregulator.

A similar phenomenon was observed during the collapse of cryptocurrency exchange FTX last year, amid fears that the contagion could spread to other crypto firms.

However, data from the blockchain analytics platform Token Terminal suggests that the surge in daily trading volumes for large DEXs was short-lived in both cases.

Daily trading volumes for large DEXs from September to March. Source: Token Terminal

USDC was identified as one of the top assets being moved to DEXs, which Chainalysis said was unsurprising given that USDC depegged after stablecoin issuer Circle announced it had $3.3 billion in reserves stuck on SVB, prompting many CEXs like Coinbase to temporarily halt USDC trading.

Related: Circle clears ‘substantially all’ minting and redemption backlog for USDC

What was surprising, Chainalysis noted, was the surge in USDC acquisitions on large DEXs such as Curve3pool and Uniswap. “Several assets saw large spikes in user acquisition, but none more than USDC,” the blockchain analysis firm wrote.

Token acquisitions on Uniswap from March 7 to March 14. Source: Chainalysis

Chainalysis theorized that this was due to confidence in the stablecoin, with some crypto users loading up on USDC while it was relatively cheap and betting that it would regain its peg — which it did on March 13 according to CoinMarketCap.

USDC’s brief depeg from March 11 to March 13. Source: CoinMarketCap

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Vitalik dumps $700K worth of shitcoins that he never asked for

As Vitalik Buterin’s holdings represented a large portion of the circulating supply for some of the tokens, the sales resulted in huge price drops.

Ethereum co-founder Vitalik Buterin has gone on a shitcoin selling spree, exchanging nearly $700,000 worth of tokens previously airdropped to him for Ether (ETH).

According to Etherscan, a wallet belonging to Buterin on March 7 offloaded 500 trillion SHIKOKU (SHIK) for 380.3 ETH ($595,448), nearly 10 billion Cult DAO (CULT) for 58.1 ETH ($91,021), and 50 billion Mops (MOPS) for 1.25 ETH ($1,950).

A screenshot of token transactions from Vitalik’s wallet. Source: Etherscan

Due to the low liquidity of the tokens the sales had a huge effect on their prices. The largest price drop from the tokens was SHIK, which recorded an 86% drop following Buterin’s sale according to CoinMarketCap data.

The total circulating supply of SHIK is 1 quadrillion, with the 500 trillion previously held by Buterin representing 50% of the current supply.

In May 2021 the Ethereum co-founder initiated a similar offload selling tokens such as Shiba Inu (SHIB) and Dogelon Mars (ELON) that resulted in price drops of 40% and 90% respectively.

Related: Ethereum price action and derivatives data confirm bears are currently in control

While some within the cryptocurrency community shared their frustration at Buterin’s decision to sell considering the outsized effect it had on the tokens, others suggested it was motivated by the tax implications of receiving airdrops, which are subject to income tax in most countries.

Buterin confirmed he owned the wallet in a 2018 tweet after he was accused of hoarding 75% of the supply of Ether with fellow Ethereum co-founder Joe Lubin during the token's pre-mining sale.

Yala Unveils Vision to Revolutionize DeFi With Bitcoin

Bitcoin’s Crypto Market Action Holds the Upper Hand as Dominance Level Surpasses 40%

Bitcoin’s Crypto Market Action Holds the Upper Hand as Dominance Level Surpasses 40%On Jan. 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit at 5 a.m. Eastern Time on Saturday. The entire crypto-economy is now valued at $1.05 trillion after rising 7.2% against the U.S. dollar. Bitcoin’s price rise has led to the crypto asset’s dominance level surpassing the 40% region among […]

Yala Unveils Vision to Revolutionize DeFi With Bitcoin

Ethereum’s Dominance on the Rise: Market Share Increases by 3% Among Global Crypto Assets

Ethereum’s Dominance on the Rise: Market Share Increases by 3% Among Global Crypto AssetsSince Dec. 31, 2022, ethereum’s market dominance has increased by more than 3% among the thousands of crypto assets worldwide, valued at roughly $856 billion on Jan. 11, 2023. According to coinmarketcap.com, a popular coin market capitalization aggregation site, ethereum’s crypto market dominance jumped from 18.4% to its current 19% dominance rating. Ethereum’s Market Share […]

Yala Unveils Vision to Revolutionize DeFi With Bitcoin

‘Infected by fraud’ — Projects claim CoinMarketCap airdrops were gamed

A crypto project claims a promotional token airdrop campaign led by CoinMarketCap was riddled with "fraud" that left its token price crumbling.

Two crypto projects have cried foul play over promotional airdrops conducted by CoinMarketCap (CMC) on their behalf, which they allege was "gamed" for the benefit of a small group of exploiters.

These promotional airdrops — designed to be distributed to thousands of wallets to raise awareness of a crypto project — ended with the tokens funneling to just a handful of wallets, suggesting potential manipulation of the system.

SATT token drop

Blockchain advertising solution SaTT alleged to Cointelegraph that a promotional airdrop it paid CMC to conduct in Dec. 2022 ended with 84% of the airdropped tokens funneling to just 21 wallets.

The promotion was meant to see 25,000 winning wallets receive 4,000 SATT each, worth $6.30 at the time per CoinGecko data.

However, SaTT claimed that shortly after the airdrop was distributed, 20,953 wallets “automatically transferred the tokens to 21 wallet addresses” which then sold off their token holdings days later around Dec. 10, netting around $142,000 for those 21 wallet owners.

The sell-off plunged the price of SATT by 70% between the end of the airdrop on Dec. 1 to when the wallets sold their tokens on Dec. 10.

SaTT claims wallet 0x929… (pictured) has over 4,500 transactions of its token, the largest it found out of the 21. Blockchain data shows the wallet sold over 4.3 million tokens through PancakeSwap. BscScan

TokenBot token drop

A similar experience was shared by TokenBot co-founder Shaun Newsum, who told Cointelegraph that it did a similar CMC-led airdrop of its TKB token on Dec. 9.

Newsum said CMC provided its 30,000 airdrop winners but he chose to “stagger” the airdrop “just in case something happens.”

TokenBot sent out its tokens to a batch of 4,000 winners to start, but around 3,300 ended up sending the funds to one wallet, said Newsum.

Blockchain data shows thousands of TKB transactions flowing to wallet 0x5AF… before initiating a cross-chain swap and then selling its holdings. BscScan.

Newsum said around $20,000 was lost by TokenBot in the incident and the project had to deploy more liquidity from its treasury.

“Obviously some person figured out how to game CMC,” he added. “If we were to have bulk sent, the whole airdrop would’ve been a complete disaster.”

Newsum however said he has since received an apology from CMC and was told that it was investigating the airdrop and would return with an updated winners list for the project.

Cast your vote now!

In its investigation, SaTT claims to have found another 18 tokens or nonfungible tokens (NFTs) airdrops conducted by CMC since Jul. 2022 that were also allegedly “infected by fraud” to the tune of $6.6 million.

This included airdrops for projects including TopGoal, OwlDAO and AgeofGods.

SaTT theorized two possibilities of how the “fraud” occurred:

“Either a group of hackers injected tons of fake accounts [into the airdrop on CMC’s website] [...] or it was actually an inside job.”

CoinMarketCap responds

Speaking to Cointelegraph, a CMC spokesperson addressed some of these claims, arguing that at least four of the projects identified by SaTT have yet to distribute rewards, meaning it would be “impossible” for them to have faced “malicious” activity.

It also noted that while three projects, including SaTT, AgeOfGods and TokenBot have spoken to the CMC team about their concerns, it has not received any communications from other projects about the alleged issues.

The spokesperson however acknowledged that “bots are an issue that touches nearly every industry.”

“The industry has been facing this issue among airdrop programs for some time and the reality is that not a single industry has been able to solve the bot issue entirely.”

“We are continuously working to improve our systems and services to limit this issue and will work closely with these projects to find solutions and help resolve any current issues,” the spokesperson added.

Related: Crypto’s recovery requires more aggressive solutions to fraud

CMC added that any claims of bot participation in its airdrops are taken “very seriously” and itis “working on resolving each case individually.”

It also shared several features it has employed to deter bot participation, such as a CAPTCHA challenge and email verification requirements for participants. It’s also developing a two-factor authentication integration.

Cointelegraph contacted TopGoal and OwlDAO for comment but did not receive a response at the time of publicati. AgeofGods could not be reached for comment.

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How to avoid getting hooked by crypto ‘ice phishing’ scammers — CertiK

Ice phishing is a type of scam that exists only in Web3 and is a “considerable threat” to the crypto community, said the firm.

Blockchain security company CertiK has reminded the crypto community to stay alert over “ice phishing” scams — a unique type of phishing scam targeting Web3 users — first identified by Microsoft earlier this year. 

In a Dec. 20 analysis report, CertiK described ice phishing scams as an attack that tricks Web3 users into signing permissions which end up allowing a scammer to spend their tokens.

This differs from traditional phishing attacks which attempt to access confidential information such as private keys or passwords, such as the fake websites set up which claimed to help FTX investors recover funds lost on the exchange.

A Dec. 17 scam where 14 Bored Apes were stolen is an example of an elaborate ice phishing scam. An investor was convinced to sign a transaction request disguised as a film contract, which ultimately enabled the scammer to sell all of the user's apes to themselves for a negligible amount.

The firm noted that this type of scam was a “considerable threat” found only in the Web3 world, as investors are often required to sign permissions to decentralized finance (DeFi) protocols they interact with, which could be easily faked.

“The hacker just needs to make a user believe that the malicious address that they are granting approval to is legitimate. Once a user has approved permissions for the scammer to spend tokens, then the assets are at risk of being drained.”

Once a scammer has gained approval, they are able to transfer assets to an address of their choosing.

An example of how an ice phishing attack works on Etherscan. Source: Certik

To protect themselves from ice phishing, CertiK recommended that investors revoke permissions for addresses they don’t recognize on blockchain explorer sites such as Etherscan, using a token approval tool.

Related: $4B OneCoin scam co-founder pleads guilty, faces 60 years jail

Additionally, addresses that users are planning to interact with should be looked up on these blockchain explorers for suspicious activity. In its analysis, CertiK points to an address that was funded by Tornado Cash withdrawals as an example of suspicious activity.

CertiK also suggested that users should only interact with official sites they are able to verify, and to be particularly wary of social media sites like Twitter, highlighting a fake Optimism Twitter account as an example.

Fake Optimism Twitter account. Source: Certik

The firm also advised users to take a couple of minutes to check a trusted site such as CoinMarketCap or Coingecko, users would have been able to see that the linked URL was not a legitimate site and should be avoided.

Tech giant Microsoft was the first one to highlight this practice in a Feb. 16 blog post, saying at the time that while credential phishing is very predominant in the Web2 world, ice phishing gives individual scammers the ability to steal a chunk of the crypto industry while maintaining “almost complete anonymity.”

They recommended that Web3 projects and wallet providers increase the security of their services on the software level in order to prevent the burden of avoiding ice phishing attacks being placed solely on the end-user.

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CoinMarketCap launches proof-of-reserve tracker for crypto exchanges

The tool allows users to monitor exchanges’ reserves through displays of total assets and public wallet addresses, along with the balance and value of the wallets displayed.

CoinMarketCap, a leading market researcher and tracker in the crypto industry, announced the launch of a new feature on its platform which allows users updated financial insights on exchanges.

The proof of reserves (PoR) tracker audits active cryptocurrency exchanges in the industry for transparency on liquidity at a given moment. According to the announcement, the tracker details the total assets of the company, and its affiliated public wallet addresses, along with the balances, current price and values of the wallets.

CoinMarketCap reports the PoR trackers will update data every 5 minutes. On Nov. 22 the company tweeted a guide for users on how to navigate the tool.

In the 5-part Twitter thread, Binance was given as an initial example with over $65 billion listed in its combined wallet addresses. Additional exchanges with PoR information available include KuCoin, Bitfinex, OKX, Bybit, Crypto.com and Huobi.

Binance CEO and co-founder Changpeng “CZ” Zhao, retweeted the development from CoinMarketCap with a link to Binance’s page. Some in the crypto community on Twitter have called this feature a “great transparency addition”.

CZ was among the first to make a pledge for providing proof of reserves following the on-going FTX liquidity and bankruptcy crisis.

On Nov. 10 it published a proof-of-assets, which included wallet addresses and activity. CZ then tweeted that what is available now is only the first iteration of what will be available via Merkle Tree PoR in the near future.

Related: Binance tops up SAFU fund at $1 billion amid price fluctuations

Following Binance’s example, many other platforms in the space began releasing their financial reserve and liquidity information in an effort of transparency. Chainlink Labs, Bitfinex and ByBit were among some of the first to come forward with their own data.

However, the cryptocurrency investment product servicer Grayscale has withheld its on-chain PoR due to what it says are security concerns. It did release a letter from Coinbase Custody which verified that Grayscale’s crypto holdings are fully backed, yet withheld wallet addresses.

Yala Unveils Vision to Revolutionize DeFi With Bitcoin