DeFi & Ethereum News

2022-08-26 10:34:02 Ethereum staking deposits decline with over 70% stakers in loss

Market Analysts have tied the cause of the decline to the speculations of an Ethereum fork and fears about the Merge. With the Merge all but confirmed to happen before Sep. 20, the amount of new value staked Ethereum (ETH) on the beacon chain is at its lowest levels, with around 230 ETH deposited daily.

According to Glassnode data, the volume of Ethereum staked daily declined significantly in July and has yet to recover. The decline coincided with ETH’s price recovering from the record market crash in the second quarter following the collapse of Terra LUNA. The slowdown in ETH 2.0 stakes is even more evident in August, with the current weekly deposit at 162 ETH — the lowest to date. Glassnode data also showed that the number of new unique addresses depositing on ETH 2.0 was relatively low and muted.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-08-25 07:50:01 SudoRare developers reap $815,000 from rug pulling project

Adding to the growing list of exploits, SudoRare developers have shut down operations after withdrawing $815,000 (519 ETH) from the AMM protocol. A Twitter user Sungjae flagged the rug pull after 173 ETH was transferred to 3 wallet addresses each. In a follow-up tweet, security firm PeckShield confirmed the rug pull and highlighted that the team had deleted all communications channels.

The developers withdrew over 1 million LOOKS from the LooksRare liquidity pool and swapped them for 154 ETHand 60,000 USDC. SudoRare attracted as much as $815,000 in its liquidity pool given it offered investors high-yield opportunity. Users who took the bait, could not reap their yield as the protocol disappeared in just six days of launch. Its been an unfortunate precedent for the crypto market, as each week records another rug pull using similar tactics.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-08-24 08:50:03 IMF Sees Significant Increase in Correlations Between Bitcoin and Asian Equity Markets

Officials at the International Monetary Fund (IMF) say that the correlation between the performance of the Asian equity markets and crypto assets such as bitcoin and ethereum has increased significantly. The International Monetary Fund (IMF) published a blog post on Monday on cryptocurrency regulation and how crypto is now “more in step with Asia’s equities.”

Anne-Marie Gulde-Wolf, deputy director of IMF’s Asia and Pacific Department, Nada Choueiri, the mission chief for India, and Tara Iyer, an economist in the global financial stability analysis division of the IMF’s Monetary and Financial Markets Department, authored the post. The IMF officials noted that for example, “the return correlations of bitcoin and Indian stock markets have increased by 10-fold over the pandemic, suggesting limited risk diversification benefits of crypto.” In addition.

Source

https://t.me/DeFi_Ethereum Open / Comment

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Check out the article Open / Comment

2022-08-23 09:40:01 Chief strategist: The Merge is a ‘buy the rumor sell the news situation’

The cryptocurrency sector is gearing up for the Merge upgrade that will transition Ethereum (ETH) to a Proof-of-Stake (PoS) protocol, with the event viewed as bullish for the asset. However, a section of market analysts believes that the network upgrade might not entirely benefit the second-ranked crypto by market capitalization. In particular, Meltem Demirors, the chief strategy officer of crypto asset management company CoinShares.

Overall, the announcement about the Merge contributed to the short-term market rally of the crypto market in July. If successful, the September 15 event will make Ethereum a deflationary asset and potentially drive the crypto’s price up. After the Merge, Ethereum will abandon the Proof-of-Work (PoW) protocol that has come under scrutiny for excessive energy consumption. Notably, several jurisdictions like New York have enacted new laws curbing the PoW.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-08-22 05:34:02 75% of Laundered ETH Lands on Tornado Cash

Tornado Cash has become a common money laundering platform with rapidly growing incidents across Ethereum and Binance Smart Chain on a consistent uptrend. A substantial magnitude of the illicit funds has lost their trail after going through the mixer.

According to a new report by blockchain security platform SlowMist, 74.6% of stolen funds (or nearly 300,160 ETH) on the Ethereum network were transferred to the controversial cryptocurrency tumbler during the first half of 2022. The US Treasury revealed that Lazarus Group was behind some of the biggest hacks in the crypto space, including the Ronin bridge hack, as announced by the United States Federal Bureau of Investigation (FBI). Tornado Cash came under fire, as a result, for enabling billions of dollars worth of funds to be laundered through its platform.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-08-21 09:36:02 Long Liquidations Hit $562M in 24 Hours

Most of these losses were in the BTC and ETH markets. However, total long liquidations in other altcoins reached as much as $144 million. The reason is the collapse of Bitcoin’s upward price structure and its sharp decline.

Support was provided by the lower line of the rising parallel channel, which had already been validated (green circles). An additional area of support turned out to be the horizontal level (red line), which had already acted as resistance and support. Thus, Bitcoin’s price structure retains the pattern of a rising parallel channel but has lost its median, which has served as support since the end of July.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-08-20 10:05:05 Indian police seek BitConnect founder in probe involving almost $5 million in Bitcoin

Indian authorities are looking for the founder of crypto investment protocol BitConnect Satish Kumbhani over a scam involving Bitcoin (BTC). Kumbhani is being sought after a complaint was lodged against him for defrauding a man of almost 220 Bitcoins ($4.7 milion) in the sprawling city of Pune, Indian Express reported on August 18.

A Pune-based lawyer filed the First Information Report (FIR) with the police claiming that the accused defrauded him of his original investment of 54 Bitcoins. It is worth mentioning that authorities prepare the filing under the First Information Report after initial verification that the complaint lodged meets the basic requirements for an official investigation. The lawyer who sought anonymity accused Kumbhani and six others of also defrauding him of the returns of 166 BTC that he reinvested into different platforms between 2016 and 2021.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-08-19 09:27:02 Bitcoin advocate claims Vitalik Buterin does not understand PoW

Swan Bitcoin founder Brandon Quittem said that Ethereum (ETH) co-founder Vitalik Buterin does not “deeply” understand the Proof-of-Work (PoW) consensus mechanism. In an August 15 Twitter thread, Quittem cited instances he believes prove Buterin’s lack of understanding of the mechanism.

Quittem pointed out that 11 regulated providers already control 67% of Ethereum staking, showing that it is at the risk of centralization and government sanctions. Quittem continued that Buterin’s logic that exchanges will not stake their customers’ holdings without their consent is wrong. The Bitcoin (BTC) advocate said the risks highlighted by Buterin are a “major reason to outsource staking. Incentivizes exchanges/providers to gobble up supply.”

Source

https://t.me/DeFi_Ethereum Open / Comment