Chain News by Thebittimes.Com

Ethereum co-founder Vitalik Buterin published a blog post this week outlining his views on incorporating various ancillary protocols directly into the blockchain’s base layer code.  In the post, Buterin specifically discussed account abstraction, zero-knowledge EVM engines, private transaction pools, code precompiles, and liquid staking. He favored tightly integrating some protocols, like ERC-4337 account abstraction, but adopting others, like mempools, requires more discretion. Buterin noted that each integration proposal involves balancing centralization risks, development flexibility, and performance advantages. He concluded that protocol changes must evaluate these factors on a case-by-case basis as priorities shift over time. Also read: Paradigm Accuses SEC of “Circumventing Rulemaking” in Binance Case Vitalik Buterin raised concerns about liquid staking concentration The co-founder also expressed concerns about the concentration of liquid staking in ...

In a startling turn of events, Su Zhu, the co-founder of Three Arrows Capital (3AC), found himself in custody at Singapore Changi Airport as he attempted to leave the country, following a committal order issued by the Singaporean courts. This unfolding drama has been brought to light by Cointelegraph, with insights provided by Teneo, the joint liquidator tasked with managing the affairs of the defunct hedge fund. Teneo, in an official statement, disclosed that Su Zhu was apprehended at Changi Airport while trying to exit Singapore, precisely after the courts had granted a committal order against him. This type of order, for the uninitiated, is employed to incarcerate individuals for contempt of court. Notably, on September 25th, Teneo successfully obtained this committal request, citing Zhu’s alleged failure to comply with a court directive. The investigation revolves around the arduous quest to recover assets on behalf of 3AC’s creditors. This $10 billion hedge fund met i...

On September 28, the U.S. Securities and Exchange Commission (SEC) filed critical documents related to pending spot Bitcoin exchange-traded funds (ETFs). These filings serve as formal orders initiating proceedings to determine whether proposed rule changes should be approved or rejected. If these rule changes receive approval, it could open the door for spot Bitcoin ETFs to be traded on commodities exchanges, marking a significant development in the cryptocurrency market. The SEC is now inviting public comments on various aspects of these pending Bitcoin ETFs through these filings. In the first SEC tion, the SEC seeks opinions on whether the proposed spot Bitcoin ETFs are susceptible to fraud and market manipulation or have mechanisms to prevent such issues. In another SEC tion, the SEC solicits input on specific characteristics of Bitcoin, including its geographically distributed trading activity, relatively slower transaction speed, and the amount of capital required for subst...

Ripple has pulled out of the Fortress Trust acquisition bid. The crypto community speculates about Fortress Trust’s financial health. Some suggest that Fortress Trust may be filing for bankruptcy. The crypto community is speculating about the fate of the Web3 financial service firm Fortress Trust as Ripple proclaimed its decision to no longer pursue an outright acquisition of the business.  In a recent tweet, Ripple CEO Brad Garlinghouse revealed that Ripple had changed its plans regarding acquiring Fortress Trust. Garlinghouse stated while Ripple had signed a letter of intent to acquire Fortress Trust on September 9, it has since decided to cancel the acquisition bid. A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in @Fortress_io. — Brad Garlinghouse (@bgarlinghouse) September 28, 2023 Mean...

Crypto currency , the digital revolution in the financial world, continues to gain momentum. As one of the leading players in the industry, JP Morgan has been closely monitoring the developments and exploring opportunities in the crypto space. In this article, we will delve into JP Morgan ’s involvement in cryptocurrencies and its potential impact on the financial sector. THE RISE OF CRYPTOCURRENCIES Cryptocurrencies, such as Bitcoin and Ethereum, have disrupted traditional financial systems, offering decentralization, security, and transparency. They leverage blockchain technology, a distributed ledger system that eliminates the need for intermediaries and enables instant and secure transactions. JP MORGAN’S INITIAL SKEPTICISM Historically, JP Morgan’s CEO, Jamie Dimon, was known for his skepticism towards cryptocurrencies. In 2017, he famously referred to Bitcoin as a “fraud.” However, the financial giant has come a long way since then, recognizing the potential benefits that cr...

As most assets in the cryptocurrency market are back in the sideways trading mode, XRP has been no exception, but a certain technical analysis (TA) chart pattern has emerged that suggests the period of stagnation for this cryptocurrency could be over in the near future. Specifically, the pseudonymous crypto expert CoinsKid has shared a teammate’s analysis, in which he observed that XRP had formed a head and shoulders pattern, which typically indicates a bearish reversal, as explained in a video streamed on September 28. Bearish scenario In this case, the analyst has suggested that if the XRP token breaks down from this head and shoulders pattern , which consists of three peaks – a higher peak (head) between two lower peaks (shoulders) – it could lead to a significant price decline, roughly towards $0.46419, as the crypto expert pointed out. XRP price action analysis and prediction. Source: CoinsKid Indeed, this chart pattern concludes when the price breaks below th...

Two jobless brothers managed to convert a $7,900 investment in Shiba Inu into millions. Tommy, 38, and James, 42, from New York City, stepped into the SHIB market during its initial days in 2020. The brothers had lost their jobs during the COVID period. Nevertheless, this did not stop them from becoming millionaires . Also Read: You Need Only $7 to Become a Shiba Inu Millionaire: True or False? How Did the SHIB Investors Become Millionaires? A report from CNN Business revealed that a friend of the duo told them about Shiba Inu, highlighting that it was a spinoff version of Dogecoin. Since SHIB was trading at multiple zeros at that time, it was quite cheap and affordable. The brothers decided to invest $200 each, i.e., $400 in total. Their investment’s worth rose to $1,200 within a week, despite the macro uncertainty. Surprised by the 300% profits, the brothers then asked their mother and sister to lend money to buy additional SHIB tokens. Source: The Coin Republic ...

In Q3 2023, the crypto industry lost $889.3 million to hacks, scams, and rug pulls, more than cumulative losses in H1. Beosin experts say that $540.16 million were lost in 43 cyber attacks; $282.96 million and $66.15 million were lost in 81 rug pulls and phishing scams. In total, 29 attacks targeted decentralized finance (defi) protocols, which made up 67.4% of all exploits. The largest loss was from the Mixin Network hack, where $200 million was lost. Curve, CoinEx, Alphapo, and Stake also suffered significant losses. As for rug pulls, Multichain, Bald, and Pepe were the most affected, with losses ranging from $15.5 million to $210 million. You might also like: Fantom’s DEX, SpiritSwap, folding after Multichain hack In recent attacks, hackers have caused significant damage to Ethereum and BNB Chain protocols, losing $227 million and $37.4 million, respectively.  Only 10% of the stolen assets have been recovered. Crypto ransomware attacks increased...

Chainlink Cross-Chain Interoperability Protocol (CCIP) went live on Coinbase’s Layer 2 Base today. LINK, Chainlink’s native token, gained more than 7% following the latest development. Chainlink CCIP integrated with DeFi exchange Sushi earlier this month. Chainlink Cross-Chain Interoperability Protocol (CCIP) went live on Base earlier today. Folks Finance, a multi-chain decentralized finance platform, reportedly integrated Chainlink CCIP on Base testnet to improve cross-chain lending capabilities. Folks Finance was joined by several other crypto projects, including the NFT collection, Polychain Monsters. According to a press release by Chainlink earlier today, the CCIP has gone live on Base, the layer 2 protocol incubated by American crypto exchange Coinbase. Base is secured by Ethereum and has gained significant popularity in the crypto community online. Chainlink’s native token, LINK, gained over 7% following the latest developments. “The scalability an...

The JPEX scandal has grown to become one of the largest fraud case in the country with over 2300 victims and losses estimated over $175 million. Hong Kong security chief Chris Tang Ping-keung has vowed to bring justice to people who fell victim to the JPEX crypto exchange fraud, local media has reported. The security chief's office on Wednesday said that the police are actively looking for the key operators behind the JPEX crypto exchange that orchestrated the country’s largest digital asset fraud. During a press conference on Sept. 27 Chris Tang revealed that the police have made 12 arrests in the case so far and seized more than $1 million (8 million Hong Kong dollars) in cash, as well as assets worth $9.8 million (77 million HK dollars), including real estate and virtual currency, according to a report  by the South China Morning Post. Tang added that the police are actively looking for the ringleaders in the case and called their capture a major factor in solving the ca...

The commission gave itself an additional 60 days to consider the listing of ARK 21Shares’ investment vehicle on the Cboe BZX Exchange, with a final deadline set for Jan. 10. The United States Securities and Exchange Commission (SEC) is taking the maximum time allowed for the regulator to reach a decision on a spot Bitcoin (BTC) exchange-traded fund, or ETF, offering from ARK 21Shares.  In a Sept. 26 notice, the SEC said it would designate a longer period on whether to approve or disapprove of a proposed rule change that would allow ARK 21Shares’ spot BTC ETF on the Cboe BZX Exchange. The commission’s previous delay on Aug. 11 gave the regulator until Nov. 11 to decide whether to approve, disapprove, or again defer on a decision. It’s unclear why the SEC chose to designate a longer period to determine the fate of the spot Bitcoin ETF 45 days ahead of the deadline . The regulator has usually waited until a few days before any deadline to file a delay. With the additional 60 days to con...

Lawyers of disgraced FTX founder Sam Bankman-Fried have once again sent a letter to Judge Lewis Kaplan, requesting their client be released from jail before his upcoming trial — only this time, they’ve come up with a plan they hope will satisfy authorities. In the letter submitted on Monday, lawyers said that they are finding it “exceedingly difficult” to prepare for the complex case. “This is not a point we make lightly but it is the reality of the nature of this case,” the document reads. “We appreciate the efforts the Government has made to provide our client access to the case materials and his counsel, but we respectfully submit that, in practice, they are not workable.” Bankman-Fried’s lawyers are concerned by the overwhelming amount of information that the case requires the defense to process and prepare for. The letter explains that prosecutors have submitted: over 50 potential witnesses, more than 3,500 pages of mat...

Ben “BitBoy” Armstrong, a prominent influencer in the cryptocurrency space, has been apprehended subsequent to a live broadcast conducted in close proximity to the residence of Carlos Diaz, a former business partner. Armstrong was arrested while live stream ing outside the residence of his former business associate, who he claims has his Lamborghini. Before the YouTube live stream , he announced that he would shortly be “going live soon from a very special location.” I’ll be going live soon from a very special location on YouTube so get ready this is going to be good — Ben Armstrong (@BenArmstrongsX) September 25, 2023 A little over an hour later, Armstrong was broadcasting himself at the home of Carlos Diaz, a consultant and investor in NFTs who is said to be affiliated with the Hit Network. The entire insane 37-minute #bitboy stream starting from Carlo's driveway (him on his property) to him ending the stream . @HitNetwork_ @NickDimondi Insane! #crypto ...

The strength in the United States dollar index could keep Bitcoin and select altcoins under pressure in the near term. Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016. If they can pull it off, it will be a major sentiment booster as October generally favors the buyers. According to CoinGlass data, Bitcoin has seen a negative monthly close in October only on two occasions, in 2014 and 2018. However, Bitcoin bulls will find it difficult to maintain the momentum if macroeconomic headwinds persist. Daily cryptocurrency market performance. Source: Coin360 Another risk to the cryptocurrency recovery may come from the strength in the greenback, which has risen for ten straight weeks, its longest winning streak since 2014. The United States dollar inde...

Blockchain analysts have discovered several transactions worth millions of dollars from a wallet associated with an Ethereum co -founder , Vitalik Buterin. A total of 400 ether (ETH) worth about $632,000 was transferred from Buterin’s wallet to the Coinbase cryptocurrency exchange in the early hours on Sept. 25. Over the past ten days, Vitalik’s wallet has systematically transferred ethers to multiple centralized exchanges. A total of 2,421 ETH worth almost $4 million have been deposited on Coinbase since Sept. 15. @VitalikButerin deposited 400 $ETH to #Coinbase at $1,579 ($632K) 2hrs ago. Notably, Ethereum’s co -founder has deposited a total of 2,421 $ETH to multiple CEXs at 1,628 on average ($3.94M) via two addresses over the past 10 days. More details: https://t.co/tiJwn0omkk… https://t.co/C3BqRmsUau pic.twitter.com/8v1jmadwaM — Spot On Chain (@spotonchain) September 25, 2023 According to an on-chain data platform, Spot On Chain, the source of the 2000 ETH transaction ...

Bitcoin’s tight range trading points to a potential range expansion and that could trigger a trending move in LINK, MKR, ARB, and THETA. Bitcoin (BTC) has been trading in a tight range for the past three days even as the S&P 500 fell for the last four days of the week. This is a positive sign as it shows that cryptocurrency traders are not panicking and rushing to the exit.  Bitcoin’s supply seems to be gradually shifting to stronger hands. Analyst CryptoCon said citing Glassnode data that Bitcoin’s short-term holders (STHs), investors who have held their coins for 155 days or less, hold the least amount of Bitcoin supply in more than a decade. Crypto market data daily view. Source: Coin360 In the short term, the uncertainty regarding Bitcoin’s next directional move may have kept traders at bay. That could be one of the reasons for the subdued price action in several large altcoins. But it is not all negative across the board. Several altcoins are showing signs of a recovery in ...

Sep 23, 2023 at 09:51 // Price Author Coin Idol The latest price Analysis by Coinidol.com report, the price of Quant (QNT) has continued to fall as the bears break the current price range. Quant long term price forecast: bearish QNT is now trading between $90 and $94 in the current price range. The bears have broken through the current price range and reached the $89 price level. After the recent decline, the bulls bought the dips. The cryptocurrency value has risen above the $90 support level. In other words, altcoin has returned to its current pric...

ETH is now facing inflationary pressures that could influence its market value, according to industry analysts. The Ethereum network has experienced a significant drop in network activity. In particular, network fees plummeted by over 9% within a single week. It reached a nine-month low at $22.1 million, as reported by blockchain analytics firm IntoTheBlock. The consequence of this decline in network fees is the inflationary trend seen in the supply of ETH . This change is attributed to the fact that fewer ETH tokens are burned to verify transactions compared to the number being created. Data from Ultrasound.money underscores this shift. Layer 2 Networks impacted Ethereum One of the key drivers behind the drop in network fees is the increasing adoption of Layer 2 networks. These solutions aim to improve the scalability and efficiency of Ethereum by processing a significant portion of transactions off the main blockchain. According to Lucas Outumuro, the research head at IntoTheBl...