Bitcoin Crypto Signals

2023-11-29 12:38:02 Solana MEV developer Jito launching governance token

Jito Foundation, the organization supporting a Solana based liquid staking protocol, is launching a governance token that will be used to help manage the Jito Network. Jito Labs builds infrastructure designed to mitigate negative impacts of maximum extractable value on Solana. By launching the token, Jito Foundation seeks to empower "community members to have a direct impact on the decision-making and direction of the Jito Network," the organization said in a statement.

Last month, Solana Foundation said nearly a third of stake is running through the Jito Labs client. In Monday's announcement, Jito Foundation said the Jito MEV network of validators is now being "utilized by over 40% of Solana network’s stake weight." A total of 1 billion JTO tokens have been created in an effort to organize how the network is managed, including setting fees for the JitoSOL staking pool and supervising revenue and the DAO treasury. Initially there will be 115 million JTO tokens circulating. About 34% of tokens are earmarked for community growth, with 25% for ecosystem development, 24.5% for core contributors and 16% for investors.

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2023-11-28 10:07:45 Cosmos founder to airdrop forked ATOM1 tokens to voters against reducing Hub inflation

Cosmos co-founder Jae Kwon is forking the Cosmos Hub ATOM, the central chain of the Cosmos network, after the community approved proposal 848. This proposal sets the maximum inflation of the Hub’s native token, Atom, at 10%. The fork will result in a new network, AtomOne, with the associated token, ATOM1. The launch plans include rewarding most of the genesis supply to those who opposed the proposal. Meanwhile those who voted yes to the proposal will be “slashed.”

Roughly 10% will be pre-mined for various purposes, as stated in a document by Kwon. The Interchain Foundation will not be included in the airdrop. The controversial proposal to limit Atom’s inflation rate passed narrowly yesterday with 41.1% support against 38.5% opposition, in the most popular vote in the Cosmos ecosystem’s history. Advocates argued that Atom’s inflation was higher than necessary for maintaining security and that validators could remain profitable with a 10% inflation rate. Unwilling to accept the vote’s outcome, he is now determined to split the Cosmos Hub despite many community members requesting him not to do so. The Hub serves as the central blockchain of the Cosmos ecosystem, with Atom being integral for staking, governance, and transaction fees.

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2023-11-26 20:20:14 Raiffeisenlandesbank to launch Bitcoin trading in early 2024

The Austrian subsidiary of European lender Raiffeisen Bank is preparing to allow its clients to trade cryptocurrencies like Bitcoin in the coming months. After initially announcing its crypto plans in April 2023, Raiffeisen Bank’s Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) is moving forward with a crypto rollout in collaboration with the Austrian crypto firm Bitpanda.

RLB NÖ-Wien expects to start rolling out crypto trading services in Vienna in the first quarter of 2024, a spokesperson for the bank told Cointelegraph. “Raiffeisenlandesbank NÖ-Wien has signed a cooperation agreement with Bitpanda. Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad previously told Cointelegraph that Raiffeisen’s crypto offering would support the full range of Bitpanda’s digital asset offerings, which feature more than 2,500 cryptocurrencies, including Bitcoin and Ether . The exec also said Raiffeisen was willing to make the crypto trading service available to all customer segments, including retail, private banking and corporate customers.

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2023-11-26 00:03:38 KyberSwap offers 10% bounty to hacker following $47 million exploit

Decentralized exchange protocol KyberSwap offered a 10% bounty to the hacker who executed an exploit leading to the loss of $47 million. The attack, which occurred earlier this week, targeted KyberSwap’s Elastic pools, compromising funds across multiple blockchains including Arbitrum, Optimism, Ethereum, Polygon, and Base. The perpetrator had previously left a message on the blockchain suggesting an interest in negotiating with the team.

The message stated: “Dear Kyberswap Developers, Employees, DAO members, and LPs, negotiations will start in a few hours when I am fully rested. Thank you.” Today, KyberSwap proposed a deal. In an on-chain message, the team offered an implied white hat bounty reward equal to 10% of the stolen funds (roughly $4.7 million) on the basis that the hacker returns the remaining 90% to a specified address by 6 am UTC on November 25. The bounty offer is part of KyberSwap’s efforts to mitigate the consequences of the incident and make liquidity providers whole. Security firm Beosin explained that the vulnerability that resulted in the attack was due to an issue with the tick interval boundaries on Kyber's liquidity pools.

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2023-11-24 10:11:16 US Seizes $9 Million in Tether Allegedly Linked to Pig Butchering Crypto Scams

The U.S. Department of Justice (DOJ) announced Tuesday “the seizure of nearly $9 million worth of tether, a cryptocurrency pegged to the U.S. dollar.” Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division explained that these scammers target regular investors through deceptive websites. “The truth is that these international criminal actors are simply stealing cryptocurrency and leaving victims with nothing,” she said.

The acting attorney general stressed: “The department hopes this recovery of assets will bring some closure and a sense of justice to the over 70 victims affected by this series of scams.” Court documents reveal that criminals collaborate to convince victims to deposit cryptocurrency by falsely portraying the transactions as investments with reputable firms and cryptocurrency exchanges. “In reality, the purported firms and cryptocurrency exchanges were non-existent trading platforms,” the DOJ noted. This week, Tether announced that it voluntarily froze $225 million in USDT in connection with a DOJ investigation relating to pig butchering crypto schemes. Tether called it “the largest-ever freeze of USDT in history.”

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2023-11-23 17:38:02 Binance saw $1 billion in net outflows over the last 24 hours

Binance, the world’s largest crypto exchange, saw a significant uptick in withdrawals during news that its founder pleaded guilty to criminal charges in the U.S. Data from DefiLlama showed that Binance’s 24-hour outflows topped $1 billion as of 3:30 p.m. Hong Kong time on Wednesday. The exchange's net outflows over 7 days amounted to $703.1 million. Of the total outflows experienced by Binance, $605.9 million.

The withdrawals come after Binance co-founder Changpeng Zhao pled guilty on Tuesday to violating the Bank Secrecy Act and stepped down as the company’s CEO. Binance has since appointed Richard Teng as CEO. As part of the plea deal, Zhao agreed to pay a $50 million fine. Binance will also pay a $4.3 billion fine after it pled guilty to several counts including money laundering, conspiracy to conduct an unlicensed money transmitting business, and sanctions violations. Meanwhile, OKX enjoyed net inflows of $152 million in the past 24 hours, giving it the largest daily inflow today, followed by Bybit’s $50.9 billion and Bitstamp’s $30.5 million, according to DefiLlama.

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2023-11-22 17:18:02 Ethereum Layer 2 Kinto migrates to the Arbitrum ecosystem

Ethereum Layer 2 Kinto has migrated to the Arbitrum ecosystem via the Arbitrum Nitro technology stack after previously launching its testnet using Optimism’s OP Stack in May. The migration follows a change in the structure of the Arbitrum Orbit ecosystem of chains that granted the Arbitrum Foundation greater autonomy in negotiating Layer 2 deployments, according to a statement. It also aims to reduce the risk of DeFi exploits, providing built-in insurance for all smart contracts.

The decision to migrate to Arbitrum was driven by a need to provide similar levels of security, reliability and regulatory compliance typical in traditional financial systems while reducing the costs and friction associated with traditional asset issuance. “Arbitrum’s ability to provide a credibly neutral, efficient and mature platform, with a strong understanding of decentralized finance, made it a perfect fit for the foundation of Kinto,” the team said. We seek to extend a bridge for TradFi into DeFi without alienating the principles and ethos of crypto and Arbitrum is the best place to do so.”.

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2023-09-21 08:51:39 South Korean Crypto Holdings Account For Over 70% Of Reported Overseas Assets

In a significant development, cryptocurrencies have emerged as the leading category of reported overseas assets in South Korea, according to the latest data released by the country’s tax authorities. The South Korean National Tax Service (NTS) made an official announcement on September 20, revealing that a total of 1,432 individuals and corporations disclosed holdings in cryptocurrency in the current year. The cumulative reported value of these cryptocurrency holdings stands at a staggering 130.8 trillion Korean won (KRW).

The official figures further highlight that a total of 5,419 entities reported their financial assets held abroad, which included cryptocurrencies, stocks, deposits, and savings. These assets had a combined worth of 186.4 trillion KRW. Although cryptocurrencies dominated in terms of reported asset value, deposits, and savings accounts took the lead when considering the number of reports. A total of 2,952 individuals and companies disclosed holdings in deposits and savings accounts, amounting to 22.9 trillion KRW. Additionally, 1,590 entities reported owning stocks with a total value of 23.4 trillion KRW. The NTS intends to utilize international information exchange data to rigorously verify non-compliant reports and impose penalties, including fines, notifications, and potential criminal charges.

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2023-09-19 14:27:29 Ant Group Shakes Up Crypto Landscape With $100 Million Withdrawal From Crypto Industry

According to Bloomberg, Ant Group, the parent company of the world’s largest mobile payment platform, Alipay, is reportedly preparing to withdraw its investment in cryptocurrency venture capital firm A&T Capital, a move that marks its departure from a $100 million investment in the digital asset sector. The decision to unwind this investment comes amidst an investigation into Jun’s workplace conduct, although it remains uncertain whether A&T Capital will continue to operate independently or seek new investors to sustain its operations. As of now, the company’s website displays a timed-out error message.

A&T Capital, founded in April 2021, had initially been a prominent player in the Chinese crypto investment landscape, with notable investments in companies like ConsenSys, the parent company of MetaMask. However, allegations of harassment against one of its partners added to the turbulence surrounding the firm. Meanwhile, Ant Group recently introduced its new sub-brand, ZAN, which is set to address challenges in the Web3 space. ZAN aims to facilitate the issuance and management of real-world assets (RWAs) while complying with local regulatory requirements. The sub-brand also includes technical products such as electronic Know Your Customer (KYC), Anti-Money Laundering, and Know Your Transaction checks, aligning with Ant Group’s commitment to innovation in the evolving digital landscape.

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2023-09-18 23:31:24 North Korean Hackers Use Russian-Based Exchanges to Launder Stolen Crypto, Report

Onchain data examined by crypto analytics company Chainalysis suggests that hackers associated with the Democratic People’s Republic of Korea (DPRK) are more and more often using cryptocurrency exchanges based in the Russian Federation to launder illicit digital assets. It also comes as U.N. sanctions monitors are drawing attention to Pyongyang’s changing tactics in cyberattacks against crypto and financial exchanges seeking to obtain funds for its nuclear weapons and missile programs.

Chainalysis provides an example with the recent transfer of cryptocurrency worth $21.9 million stolen from Harmony Protocol to a Russian exchange known for processing illicit transactions. The company also said it has evidence showing that North Korean entities have been using this platform and other services in Russia to launder money in the past couple of years. The authors of the report also pointed out that while the mainstream centralized exchanges previously used by DPRK hackers typically cooperate with international efforts, Russia’s cryptocurrency exchanges and law enforcement agencies “have a track record of non-compliance, significantly reducing the chance of asset recovery.”

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