DeFi & Ethereum News

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.

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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.

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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.

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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.”

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

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2022-08-18 09:05:02 Total amount of staked ETH almost doubles in a year as Merge approaches

As the Merge upgrade of the Ethereum (ETH) blockchain inches closer, the total amount of its staked native token has recorded a new all-time high, almost doubling across the previous year. Specifically, the amount of ETH staked reached 13.29 million on August 16, which is nearly double compared to one year before, despite its price declining by 43% during the same period.

Defi Pulse’s chart also shows that, since the start of the Ethereum 2.0 upgrade, the amount of staked ETH has been steadily growing after the community staked more than 1 million Ethereum within the first week of December to support the upgrade. In April 2021, the value of staked ETH reached $10 billion, with 3.9 million ETH staked and the price standing at $2,582, as Finbold reported at the time. Considering that, at press time, Ethereum was trading at $1,865, this means that the total cumulative amount.

Source

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

2022-08-17 10:45:03 Alleged Tornado Cash Dev Suspected of ‘Facilitating Money Laundering

The Dutch financial crimes agency that last week arrested a 29-year-old developer in connection with cryptocurrency mixer Tornado Cash said that “he is suspected of involvement in concealing criminal financial flows and facilitating money laundering.”.The DeFi Education Fund, a policy nonprofit that advocates for decentralized finance, published the responses.

Tornado Cash is an app that obscures Ethereum transactions, which has made it popular with traders who want to maintain their privacy. But the U.S. government has said that the project “repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors,” and the Office of Financial Assets Control (OFAC) added dozens of crypto wallet addresses to its sanctions list on August 8.

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

2022-08-16 10:05:02 Revolut gets regulatory approval to offer crypto services to its 17 million European customers

After announcing plans to grow its cryptocurrency workforce with, among others, employees in Europe, challenger bank Revolut has received regulatory approval to offer crypto services to millions of its users in Europe. Indeed, the Cyprus Securities and Exchange Commission (CYSEC) has made the United Kingdom-based neobanking platform Revolut its crypto-asset service provider (CASP), the bank said on August 12, CoinDesk reported.

This way, the bank can now set up its European hub in Cyprus and offer additional crypto services, and exposure to crypto assets like Bitcoin (BTC) to its 17 million customers in the European Economic Area (EEA) after the Markets in Crypto Assets (MiCA) bill is enforced. Meanwhile, Revolut is planning to increase its crypto workforce by 20%, with employees in Europe, the United Kingdom, and the United States over the next six months.

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

2022-08-15 09:34:02 FTX and Paradigm Join Forces to Unveil Crypto Futures Spread Trading

Crypto exchange FTX has partnered with digital asset investment firm, Paradigm. The aim of the collaboration is to launch spread trading, which will essentially enable users to benefit from pricing dislocations with “cash-and-carry” plays. Spread Trading can be referred to as the purchase of one security and sale of a related security, called legs, as a unit.

According to the official blog post, the partnership will help users to leverage “single-click” trading with “no leg perpetual risk.” Paradigm explained that users will be able to trade the spread between spot, perpetual, and fixed maturity futures on eight crypto-assets – Bitcoin (BTC), Ether (ETH), Solana (SOL), Avalanche (AVAX), ApeCoin (APE), Dogecoin (DOGE), Chainlink (LINK) and Litecoin (LTC). FTX, on the other hand, is tasked with offering “guaranteed atomic execution and clearing of both legs” for the trades.

Source

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

2022-08-14 08:04:02 Ethereum hits 8-month highs in BTC as money heads for 'riskier' altcoins

Liquidity is strong on alt markets as Bitcoin gives way to Ethereum after a battle which has raged throughout 2022. Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins.Data from Cointelegraph Markets Pro and TradingView confirms that ETH/BTC has cleared key resistance to pass 0.08 BTC on Aug. 13.

The move is impressive for largest altcoin Ethereum, as the area around 0.075 represented a troublesome sell zone which had previously kept bulls in check for since January. At the time of writing, ETH/BTC is working to retain the newly-won level, as traders query how long its strength might last. Noting a trend to pile into altcoins developing, on-chain analytics firm Glassnode eyed a desire among investors to heighten risk exposure in the current atmosphere.

Source

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