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Stablecoin Issuer Tether Won’t Freeze Tornado Cash Addresses, Says Premature Freezing Could Jeopardize Investigations

Bitcoin.com
Stablecoin Issuer Tether Won’t Freeze Tornado Cash Addresses, Says Premature Freezing Could Jeopardize Investigations
bitcoin.com
Stablecoin Issuer Tether Won’t Freeze Tornado Cash Addresses, Says Premature Freezing Could Jeopardize InvestigationsWhile the crypto community is still talking about the U.S. government banning the ethereum mixing platform Tornado Cash, the stablecoin issuer Tether Holdings Limited revealed on Wednesday that the company would not “freeze Tornado Cash addresses.” Tether’s recently published blog post about the subject says the company is waiting for instructions from law enforcement. Tether […]
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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Trading Bot Known for Beating Crypto Markets Allocates to Solana (SOL), Cardano (ADA), and One More ETH Rival

The Daily Hodl
Trading Bot Known for Beating Crypto Markets Allocates to Solana (SOL), Cardano (ADA), and One More ETH Rival
ada
Trading Bot Known for Beating Crypto Markets Allocates to Solana (SOL), Cardano (ADA), and One More ETH Rival

A trading robot that’s garnered a reputation for outperforming the markets is unveiling its newest portfolio allocations as most cryptocurrencies try to recover from a week-long slump. Every week the Real Vision Bot conducts surveys while compiling algorithmic portfolio assessments that generate a “hive mind” consensus. The bot’s latest data reveals that traders’ risk appetite […]

The post Trading Bot Known for Beating Crypto Markets Allocates to Solana (SOL), Cardano (ADA), and One More ETH Rival appeared first on The Daily Hodl.

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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Morgan Stanley Analyst Says Crypto Economy’s Liquidity Improved, but There’s ‘No Huge Demand to Re-Leverage’

Bitcoin.com
Morgan Stanley Analyst Says Crypto Economy’s Liquidity Improved, but There’s ‘No Huge Demand to Re-Leverage’
bitcoin.com
Morgan Stanley Analyst Says Crypto Economy’s Liquidity Improved, but There’s ‘No Huge Demand to Re-Leverage’An analyst at the New York-based financial services and investment management company Morgan Stanley detailed on Monday that crypto liquidity seems to be recovering. Morgan Stanley’s Sheena Shah highlighted in a note to investors that the stablecoin market capitalization is seeing fewer redemptions for the first time since April. Morgan Stanley Investors’ Note Says Crypto […]
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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

USDC whale holdings percentage lowest in almost two years

Coin Telegraph
USDC whale holdings percentage lowest in almost two years
Circle

USDC tokens held by the largest addresses have dropped to a two-year low as Circle freezes Tornado Cash-related assets.

The percentage of USD Circle (USDC) stablecoins held by major wallet addresses dropped to its lowest point in almost two years as the cryptocurrency market downturn continues.

Cryptocurrency analytics firm Glassnode has released the latest data on USDC metrics, reflecting a recent sell-off of the second biggest U.S. dollar-backed stablecoin by market capitalization.

As Cointelegraph previously reported, sanctions imposed on cryptocurrency mixer Tornado Cash by the U.S. Treasury Department had a marked effect on the capitalization of both USDC and its biggest competitor, Tether (USDT).

While USDT markets saw growth of almost $2 billion in the days following the sanctions, USDC’s market cap shrunk after its issuer Circle decided to freeze some 75,000 USDC tokens held by addresses linked to Tornado Cash.

Related: Independent Tether attestation reveals 58% decrease in commercial paper holdings

Various commentators have suggested that some users shifted funds from USDC to USDT, given the correlation in the decline and growth of the respective stablecoins’ market cap. Data from Glassnode shows that the percent of USDC held by the top 1% of addresses reached a 22-month low of 87.667%.

While on-chain data shows that there has been a sell-off of USDC over the past fortnight, metrics released by Glassnode on Aug. 22 showed that the seven-day moving average of USDC exchange deposits also reached its lowest point since March 2021.

While the market cap of USDC might be down, the stablecoin reached a three year high in terms of weekly mean transaction volume, surpassing the previous high registered in June 2022.

USDC had been touted to contend with USDT as the top stablecoin of 2022 by market capitalization in July 2022, edging to within $11 billion of Tether's market cap. This percentage has eroded since the Tornado Cash debacle.

Tether remains mute on whether it would blacklist or freeze USDT tokens linked to the sanctioned mixer. Cointelegraph has reached out to the stablecoin operator to ascertain whether it will follow Circle's lead in freezing assets linked to Tornado Cash addresses, given the potential legal ramifications.

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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Tether Hires BDO Italia for Monthly Assurance Reports, USDT’s Quarterly Attestation Shows a 58% Decrease in Commercial Paper

Bitcoin.com
Tether Hires BDO Italia for Monthly Assurance Reports, USDT’s Quarterly Attestation Shows a 58% Decrease in Commercial Paper
Altcoins
Tether Hires BDO Italia for Monthly Assurance Reports, USDT’s Quarterly Attestation Shows a 58% Decrease in Commercial PaperThis week, the stablecoin issuer Tether Holdings Limited revealed an update to its assurance and attestation process and detailed that the company has been working with accounting firm BDO Italia. The accounting firm will conduct monthly tether assurance reports based on the stablecoin issuer’s reserves. The following day, Tether published its quarterly assurance opinion completed […]
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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Celsius Approved to Sell Mined Bitcoin, Customer That Lost 50,000 USDC Insists Her Regulated Stablecoins Should Be Treated Differently

Bitcoin.com
Celsius Approved to Sell Mined Bitcoin, Customer That Lost 50,000 USDC Insists Her Regulated Stablecoins Should Be Treated Differently
50000 USDC
Celsius Approved to Sell Mined Bitcoin, Customer That Lost 50,000 USDC Insists Her Regulated Stablecoins Should Be Treated DifferentlyOn August 16, the crypto lender Celsius Network has been approved by a bankruptcy court judge to sell bitcoin the company previously mined to continue funding specific operations. The following day, the company’s attorney detailed that Celsius has been offered cash injections, but the lawyer did not disclose who offered the funds and how much […]
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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Coinbase Says This Crypto Asset Will Be the Foundation of New Era of Financial Services

The Daily Hodl
Coinbase Says This Crypto Asset Will Be the Foundation of New Era of Financial Services
Altcoins
Coinbase Says This Crypto Asset Will Be the Foundation of New Era of Financial Services

The leading US-based cryptocurrency exchange says that one dollar-pegged stablecoin will play an important role within the transforming financial landscape. In a new blog post, Coinbase says US Dollar Coin (USDC) will be a key component of the broader revolutionary changes as adoption of digital currencies expands. USDC was co-created by Coinbase and Circle as […]

The post Coinbase Says This Crypto Asset Will Be the Foundation of New Era of Financial Services appeared first on The Daily Hodl.

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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Ethereum Whale Suddenly Makes Massive $104,000,000 Purchase of Two Altcoins: On-Chain Data

The Daily Hodl
Ethereum Whale Suddenly Makes Massive 4,000,000 Purchase of Two Altcoins: On-Chain Data
Altcoins
Ethereum Whale Suddenly Makes Massive 4,000,000 Purchase of Two Altcoins: On-Chain Data

A wealthy investor is wheeling and dealing a pair of crypto assets to the tune over of $100 million. According to blockchain tracking service WhaleStats, the Ethereum (ETH) wallet known as BlueWhale0208 made massive purchases of two altcoins within a matter of seconds just days ago. The whale first spent $11,992,500 to acquire 11,250,000 of […]

The post Ethereum Whale Suddenly Makes Massive $104,000,000 Purchase of Two Altcoins: On-Chain Data appeared first on The Daily Hodl.

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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

USDT market cap up by $2 billion following Tornado Cash debacle

Coin Telegraph
USDT market cap up by billion following Tornado Cash debacle
Coin Telegraph

Tether's market capitalization has reversed a three-month downtrend while USDC sees a drop in value after the U.S. imposed sanctions against Tornado Cash.

The market capitalization of Tether (USDT) tokens has increased by nearly $2 billion since the U.S. Treasury Department imposed sanctions on cryptocurrency mixer Tornado Cash.

The Office of Foreign Asset Control essentially barred Americans from using Tornado Cash on Aug. 8, blacklisting 44 USD Coin (USDC) and Ether (ETH) addresses connected to the service to a list of Specially Designated Nationals and Blocked Persons (SDN).

OFAC alleges that Tornado Cash was used by individuals and criminal organizations to launder over $7 billion worth of cryptocurrency since 2019. Funds linked to North Korean Lazarus Group hackers are also believed to have been mixed through Tornado Cash.

Circle, the issuer of stablecoin USDC, went as far as freezing assets linked to the 44 addresses flagged by OFAC. The move by Circle was warranted given the potential ramifications for continuing to interact with the addresses.

Penalties for noncompliance range from fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment. Circle froze 75,000 USDC worth of funds linked to the accounts in question in an effort to be fully compliant with the Treasury ruling.

Interestingly, the market cap of USDC has declined by some $2 billion from highs of around $55 billion over the past month to its current capitalization of around $53 billion. The USDC decline has been noted by various cryptocurrency market participants on social media, with a correlation being drawn between the decline of the USDC market cap and the increase in the capitalization of USDT.

One user on Twitter suggested that users transferred around $1.6 billion worth of USDC to USDT following the Tornado Cash sanctions:

Paolo Ardoino, CTO of Tether and cryptocurrency exchange Bitfinex, also teased the ‘flipping’ of USDC-USDT on Twitter. Both USDC and USDT have the ability to freeze funds through Ethereum smart contract functionality - yet the former was the only issuer to announce asset freezes on the blacklisted addresses.

Cointelegraph has reached out to Tether to ascertain whether it intends or is expected to freeze USDT held by the blacklisted addresses linked to Tornado Cash. 

Both Circle and Tether have also assuaged the wider cryptocurrency community that both stablecoin platforms would support Ethereum's upcoming 'Merge' to its proof-of-stake Beacon Chain which is touted to take place in September.

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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Biggest Ethereum Whale Makes Nearly $1,000,000,000 in Less Than a Month As ETH Cracks $2,000

The Daily Hodl
Biggest Ethereum Whale Makes Nearly ,000,000,000 in Less Than a Month As ETH Cracks ,000
Aave USDC
Biggest Ethereum Whale Makes Nearly ,000,000,000 in Less Than a Month As ETH Cracks ,000

The richest wallet on the Ethereum (ETH) network increased in value by almost a billion dollars over the past 30 days on the back of strong ETH rallies. According to blockchain tracking service Whalestats, the whale known as Naruto went from a balance of just over $1.98 billion on July 15th to more than $2.96 […]

The post Biggest Ethereum Whale Makes Nearly $1,000,000,000 in Less Than a Month As ETH Cracks $2,000 appeared first on The Daily Hodl.

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Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

Rapid Response and Transparency Key to Building Trust in Digital Assets, Says Kucoin MD

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