Bybit’s Notcoin listing debacle, China firm’s profits up 1100% after crypto buy: Asia Express
Bybit to compensate users after Notcoin listing debacle, China gaming firm’s profits up 1100% after $200M crypto buy, and more: Asia Express.
Our weekly roundup of news from East Asia curates the industrys most important developments.
Cryptocurrency exchange Bybit hasbeenembroiledin controversyover the initial listing of Notcoin (NOT), a play-to-earn game and token integrated as a Telegram Mini App and built on The Open Network.
Essentially, not all users received their airdrop before the market opened, leaving them at a disadvantage to those who had. The trading price was subsequently much lower than some other exchanges.
‘Crypto King’ Aiden Pleterski faces fraud, money laundering charges
Pleterski and an associate were arrested months after multiple investor complaints and months of police investigation.
Canadian police are charging self-declared “crypto king” and social media personality Aiden Pleterski with one count of fraud over $5,000 Canadian dollars ($3,666) and money laundering after a lengthy investigation. His associate Colin Murphy was also charged with fraud, police and the Ontario Securities Commission (OSC) have announced.
Pleterski was arrested on May 14 and freed on the same day on C$100,000 bail provided by his parents. Colin Murphy faces the charge against him for soliciting investments and falsely claiming to receive “large weekly profits through savvy investments.” Murphy was released on a promise to appear in court.
Related: Canadian police warn crypto investors on growing home robbery trend
Andrew Tate Plans to Invest Big in Bitcoin, Leaving Fiat Completely
Andrew Tate, a British-American social media personality and former professional kickboxer, has announced a plan to invest significantly in bitcoin, expressing frustration with banks and their scams. “I’m about to leave fiat completely,” he stressed. “I’m done with the banks. I’m done with their money. Done with the scams.” Andrew Tate Plans to Shift ‘100M’ […]Solana Meme Coin Marketplace Pump.fun Suffers $80 Million Exploit
Pump.fun, a Solana-based marketplace and deployment tool for meme coins, has acknowledged suffering an exploit dealing with the bonding curve contracts in its platform. While the protocol is still investigating the matter, it reported that “the TVL in the protocol right now is safe,” as it has upgraded the contracts to deal with the attack […]$9,100 Drained From US Veteran’s Bank Account – Bank Rejects Responsibility, Demands Victim Pay $2,800 Negative Balance: Report
A customer at a US bank says $9,100 was mysteriously drained from his account even after he notified the lender about suspicious activity. Military veteran Roberto Rangel says USAA then refused to reimburse his account – and demanded he pay a negative balance of $2,800 that was triggered by the theft, reports the Fox-affiliated news […]
The post $9,100 Drained From US Veteran’s Bank Account – Bank Rejects Responsibility, Demands Victim Pay $2,800 Negative Balance: Report appeared first on The Daily Hodl.
Foundation for Next Altcoin Hype Cycle Now Setting Up, Says Crypto Trader – Here’s His Timeline
A closely followed crypto analyst says that altcoins are setting the stage for a massive breakout by July. Pseudonymous analyst Rekt Capital tells his 467,200 followers on the social media platform X that an alt “hype cycle” is likely coming in the second quarter of the year as the market consolidates. “Still time left before […]
The post Foundation for Next Altcoin Hype Cycle Now Setting Up, Says Crypto Trader – Here’s His Timeline appeared first on The Daily Hodl.
Gone in 12 Seconds: Two MIT-Educated Brothers Arrested for Alleged Lightning-Fast $25,000,000 Crypto Exploit
Two US brothers who attended the Massachusetts Institute of Technology (MIT) have been arrested for allegedly partaking in a high-speed multimillion-dollar crypto heist. According to a new press release by the U.S. Department of Justice (DOJ), the brothers – Anton Peraire-Bueno, 24, of Boston, and James Pepaire-Bueno, 28, of New York – have been attained […]
The post Gone in 12 Seconds: Two MIT-Educated Brothers Arrested for Alleged Lightning-Fast $25,000,000 Crypto Exploit appeared first on The Daily Hodl.
Bitcoin moves toward range highs but derivatives traders watch from the sidelines
Bitcoin price showed strength near its medium-term range high but multiple factors are preventing derivatives traders from opening new positions.
Bitcoin (BTC) gained 8.4% between May 15 and May 16, peaking at $66,750, which was the highest level in three weeks. Even though Bitcoin stabilized near $65,000, this price change marks a turnaround after BTC retested the $57,000 support on May 1. However, these gains were not enough to instill bullishness according to Bitcoin derivatives metrics.
Part of Bitcoin investors’ disappointment can be attributed to the strong performance of traditional assets. The S&P 500 index soared to an all-time high on May 16, with a total gain of 6% over 15 days. Meanwhile, gold gained 4% in the same period and is currently trading at $2,375, less than 1% away from its highest closing price ever.
Bitcoin needs to rally another 12% to reclaim its highest closing price of $73,084. This feat seems unlikely given that the primary driver of price, namely spot Bitcoin exchange-traded funds (ETFs) inflows, has faded. These ETFs captured $12.1 billion in investments since their launch in January but have stagnated for the past two months.
VC Roundup: Web3 infrastructure, ‘tokenization of everything’ drawing investors
Funding for crypto startups rose to over $1 billion in April, with investors focusing on tokenization, Web3 infrastructure, and institutional demand amid the bull market.
Venture funding for crypto startups peaked at $1 billion in April, marking the second consecutive month above that pivotal mark this year with 161 investment rounds, indicating investors’ renewed interest amid the bull market.
Key trends catching venture firms’ attention include decentralized infrastructure, solutions for institutional adoption, and the ‘tokenization of everything,’ aa told by Xiao Xiao, partner at HashKey Capital. In written comments to Cointelegraph, Xiao discussed HashKey’s investment priorities at the moment:
Another area of attention for HashKey is the convergence of artificial intelligence and blockchain technology. “Enhanced data analytics powered by AI are offering deeper market insights, superior fraud detection, and optimized trading strategies, leading to greater operational efficiency and security,” said Xiao.
Big miners pose a growing existential threat to Bitcoin
As of May, AntPool and Foundry USA controlled more than 50% of Bitcoin’s hash rate. That could become a problem for Bitcoin users in the near future.
Bitcoin (BTC) mining is now in the hands of the few. Well-known mining pools have seized overwhelming power, which poses an existential threat to the world’s first digital asset. It’s the logical outcome of a design flaw by Satoshi Nakamoto.
Unfortunately, Bitcoin mining has always tended towards centralization. Bitcoin miners could once mine blocks with CPUs on personal computers due to fewer miners and therefore a lower overall hash rate. That evolved into GPUs around 2010 and into application-specific integrated circuit (ASIC) miners in 2012. ASICs ultimately gave rise to massive mining companies that filled warehouses with hundreds or thousands of rigs.
Miners who control a greater percentage of Bitcoin’s network hash rate are more likely to mine blocks and collect the Bitcoin block reward — the financial incentive for verifying and adding transactions to the Bitcoin blockchain. That’s why small-scale miners often join a mining pool along with others running their own ASICs. These miners earn in proportion to the amount of computing power they contribute to a mining pool’s network.
Bitwise CIO says BTC ETFs are huge success and 13F filings make him ‘incredibly bullish’
Bitwise CIO Matt Hougan says this week’s 13F filings prove that the spot Bitcoin ETFs were a “huge success.”
This week’s 13F filing revealed who is buying the spot Bitcoin ETFs and what their position size is, and while Bitwise Chief Investment Office Matt Hougan celebrated the success of the ETFs, he says there is a significant point that the media might miss that makes him even more bullish on the BTC ETFs.
Hougan said that 563 professional investment firms have reported owning a combined $3.5 billion worth of Bitcoin ETFs. Hougan anticipates that these numbers could eventually surpass 700 firms with total assets under management nearing $5 billion.
Hougan’s guess was spot on, with the latest data from K33 Research revealing that more than 900 firms disclosed their spot Bitcoin ETF holdings.
US Senate Votes to Overturn SEC’s Controversial Crypto Rules — Biden’s Veto Threat Looms
The U.S. Senate has voted to overturn the Securities and Exchange Commission (SEC)’s controversial SAB 121, which imposes regulatory burdens on digital asset custodians. The resolution also passed in the House and now faces a veto threat from President Joe Biden. Last week, the White House issued a statement: “If the President were presented with […]Global Liquidity Cycle Set To Push Crypto Into Next Massive Bull Market, According to Macro Guru Raoul Pal
Former Goldman Sachs executive Raoul Pal thinks the global liquidity cycle will drive crypto prices higher. In a new YouTube video, Pal tells his 703,000 subscribers that there are currently macroeconomic sources of liquidity “everywhere,” including upcoming monetary policy choices from the U.S. Federal Reserve. The Real Vision chief executive also notes that global liquidity […]
The post Global Liquidity Cycle Set To Push Crypto Into Next Massive Bull Market, According to Macro Guru Raoul Pal appeared first on The Daily Hodl.
Crypto Analyst Looks Ahead for Bitcoin After BTC Breaks Downtrend
One widely followed crypto analyst says Bitcoin’s latest rally is turning an old BTC resistance into new support. Pseudonymous crypto trader Rekt Capital tells his 468,200 followers on the social media platform X that BTC’s 2% leap in the last 24 hours could be the end of a downtrend. “BTC is breaking its Daily Downtrend” According to the analyst, the […]
The post Crypto Analyst Looks Ahead for Bitcoin After BTC Breaks Downtrend appeared first on The Daily Hodl.
French regulator warns investors Bybit provided services ‘illegally’
The Autorité des Marchés Financiers reported Bybit has been blacklisted since May 2022 “for non-compliance with current French regulations.”
The Autorité des Marchés Financiers (AMF), the securities regulator in France, has reiterated a warning to crypto investors that Bybit is blacklisted in the country.
In a May 16 notice, the AMF reminded the French public that Bybit was an unregistered crypto platform operating illegally in the country, offering digital asset services on behalf of third parties. The regulator warned it had the authority to block Bybit’s website “providing its services illegally in France.”
“Unregistered platforms providing these services in France are illegal under French law,” said the AMF. “BYBIT is not registered as a [digital asset service provider].”
Bitcoin ETFs attract 937 professional firms in Q1: K33 Research
937 firms have invested in US Bitcoin ETFs, marking a shift in professional asset allocation towards digital assets.
The post Bitcoin ETFs attract 937 professional firms in Q1: K33 Research appeared first on Crypto Briefing.
Harvard built hacker-proof quantum network in Boston using existing fiber cable
According to the scientists, the 22-mile distance between nodes is the longest quantum fiber network to date.
Physicists at Harvard University have built what they believe is the world’s longest secure quantum communications network using 22 miles of currently existing fiber-optic cables.
The experiment, published in the scientific journal Nature, connected two functional quantum computer nodes to each other through a strange physical phenomenon called “entanglement.” This allowed them to share data across the 22-mile distance in a paradigm that, according to the laws of physics, is unhackable.
The world is currently embroiled in a technological race to shore up global computer security ahead of “Q Day,” a hypothetical point in the near future when bad actors will have access to quantum computers powerful enough to shred current encryption methods.
As TRUMP Coin Surges Over 100% in a Month, Trump’s Crypto Wallet Swells in Value
Over the past week, the meme coin known as maga (TRUMP) has increased by more than 45% against the U.S. dollar, and over the past day, the TRUMP token has climbed more than 7%. Statistics reveal that this rise in value has boosted former U.S. President Donald Trump’s cryptocurrency holdings, with his stash of TRUMP […]DTCC’s pilot project with Chainlink drives blockchain data to expand fund tokenization
DTCC and Chainlink completed a pilot with major US banks to accelerate fund tokenization using blockchain technology.
The post DTCC’s pilot project with Chainlink drives blockchain data to expand fund tokenization appeared first on Crypto Briefing.
SEC’s crypto rule overturned by US Senate decision
The US Senate passes a resolution against the SEC’s rule requiring banks to list digital assets, signaling bipartisan support for crypto innovation.
The post SEC’s crypto rule overturned by US Senate decision appeared first on Crypto Briefing.
Bitcoin Magazine CEO: A Trump Victory Will Trigger a Bitcoin ‘Space Race’
David Bailey, CEO of Bitcoin Magazine and crypto aide for the Trump campaign, believes that Trump’s victory in the upcoming election could trigger a bitcoin ‘space race,’ as countries rush to accommodate their policies to align with the U.S. Bailey also stated that they have secured several 7-figure commitments for Trump’s pro-crypto $100 million war […]$1,700,000,000 Hedge Fund Hacked for Unspecified Amount in Crypto Assets, Perpetrators Not Arrested: Report
A major crypto investment firm is reportedly the latest victim of a security breach in the digital asset industry. Bloomberg reports that hackers have compromised and partially drained the main hedge fund of BlockTower Capital. The institutional investment firm with $1.7 billion in assets under management (AUM) has made investments in several Web3 firms, including […]
The post $1,700,000,000 Hedge Fund Hacked for Unspecified Amount in Crypto Assets, Perpetrators Not Arrested: Report appeared first on The Daily Hodl.
Wall Street Giant Morgan Stanley Holds Over $269,000,000 in Spot Bitcoin ETFs, According to New SEC Filing
New documents reveal that financial services giant Morgan Stanley is holding hundreds of millions of dollars worth of spot market Bitcoin (BTC) exchange-traded funds (ETFs). According to data from market insights firm Fintel, the Wall Street giant recently disclosed its holdings to the regulatory agency, revealing that on May 15th, it purchased 4.27 million shares […]
The post Wall Street Giant Morgan Stanley Holds Over $269,000,000 in Spot Bitcoin ETFs, According to New SEC Filing appeared first on The Daily Hodl.
Pump.fun hit by exploit, nearly 2,000 SOL stolen
Pump.fun exploit leads to a loss of 2,000 SOL from Solana’s meme coin marketplace, with the attacker leveraging flash loans.
The post Pump.fun hit by exploit, nearly 2,000 SOL stolen appeared first on Crypto Briefing.
Cryptocurrency Exchange Kucoin Suspends P2P Services for Nigerian Naira
Kucoin, a global cryptocurrency exchange platform, announced on May 15 that it has temporarily suspended its peer-to-peer (P2P) services for the Nigerian naira, as well as the Fast Buy service via naira cards. The crypto exchange stated that during this period, it will focus on ensuring compliance and creating a more robust and secure environment […]
Appetite for Bitcoin ramps up after positive inflation results, shows options data
Bitcoin options indicate a bullish investor outlook with rising demand for longer-dated calls post-cooler inflation.
The post Appetite for Bitcoin ramps up after positive inflation results, shows options data appeared first on Crypto Briefing.
Three Reasons Why Solana’s (SOL) Price Soared Past $160 (What Happens Next?)
➡️ Use Code DC10 to get 10% off Arculus Wallet – https://rb.gy/gpk5wv ➡️ NordVPN is the best way to stay safe online – https://nordvpn.com/discovercrypto ➡️Join this channel to get access to perks: https://www.youtube.com/channel/UCjemQfjaXAzA-95RKoy9n_g/join ➡️Come trade with us on Blofin, where whales are made: https://partner.blofin.com/d/DiscoverCrypto 📲 Follow the OFFICIAL Discover Crypto Socials: Twitter (X): https://twitter.com/DiscoverCrypto_ Tik […]
Crypto Analyst Says Ethereum Competitor To Rip Higher, Predicts Outlook on Dogecoin and One More ETH Rival
A closely followed crypto analyst predicts one Ethereum (ETH) competitor is about to have a massive breakout against Bitcoin (BTC). Pseudonymous trader Kaleo tells his 638,000 followers on the social media platform X that the smart contract platform Avalanche (AVAX) could soar against BTC by more than 84% from its current value. “AVAX/BTC: I might […]
The post Crypto Analyst Says Ethereum Competitor To Rip Higher, Predicts Outlook on Dogecoin and One More ETH Rival appeared first on The Daily Hodl.
Bitcoin Lightning Payments Service Provider, Ibex Pay, to Suspend US Operations
Ibex Pay, a payment rail that accepts Bitcoin payments via the Lightning Network, announced on May 15 that it will cease operations in the U.S. The payment firm stated that the suspension of services for the U.S. market will take effect on May 31, but did not provide reasons for the decision. The company is […]Subsquid SQD Token Lists on Multiple Global Crypto Exchanges After Funding Announcement
May 16, 2024 – Zug, Switzerland Web 3.0 data access layer Subsquid has confirmed that its SQD token is to list on several tier-one crypto exchanges. The native Subsquid token will be simultaneously listed on Gate.io, Bybit, KuCoin, CoinList and MEXC Global on May 17, 2024. Markets for trading SQD will open at 1:00 a.m. […]
The post Subsquid SQD Token Lists on Multiple Global Crypto Exchanges After Funding Announcement appeared first on The Daily Hodl.