Marathon Digital, a prominent Bitcoin mining firm, recently acknowledged mining an invalid Bitcoin block worth $26,378 as part of an internal “experiment” to optimize its operational processes. The incident raised eyebrows in the cryptocurrency community but was swiftly rectified by the company.

In a statement released on September 27, Marathon clarified that these experiments involve only a small fraction of the company’s hashrate and are not intended to manipulate the Bitcoin network in any way. They emphasized, “In no way was this experiment an attempt to alter Bitcoin Core in any way.” The error was promptly corrected once it was identified.

Marathon clarified that the bug responsible for the invalid block originated from the firm’s internal development environment. It had no connection to Marathon’s Bitcoin production pool or Bitcoin Core, the primary software for connecting to the Bitcoin network and running a node.

The incident occurred on September 26 at 9:42 pm UTC, specifically on block 809478, as reported by mempool.space. According to various Bitcoin developers and BitMEX Research, the invalid block resulted from a “transaction ordering issue.” One Bitcoin developer known as “mononaut” suggested that Marathon’s mistake occurred when they reordered transactions based on ascending absolute fees.

Critics, including Bitcoin analyst Dylan LeClair, argued that Marathon should have conducted such experiments on a testnet environment rather than the live Bitcoin mainnet to avoid such issues.

Marathon, upon reflection, acknowledged that Bitcoin “functioned exactly as designed” by excluding the invalid block from its blockchain. This incident inadvertently highlighted the robust security of the Bitcoin network, which swiftly rejected and rectified the anomaly.

Despite the hiccup, according to data from Google Finance, Marathon Digital’s share price (MARA) faced a slight dip of 2.91% during the opening hours of trading on September 27. While the incident may have raised concerns, it also demonstrated the Bitcoin network’s resilience in unexpected challenges, reinforcing its reputation as a secure and reliable decentralized system.

 

The post Marathon Digital’s Experiment Yields Invalid Bitcoin Block, Firm Addresses Issue Swiftly appeared first on BitcoinWorld.

Cryptocurrency investment products have faced six consecutive weeks of outflows, totaling $9 million in the past week. However, amidst this trend, products offering exposure to Litecoin ($LTC), Solana ($SOL), and $XRP have witnessed significant inflows, marking a noteworthy development in the cryptocurrency market.

According to CoinShares’ recently released Digital Asset Fund Flows report, the past week saw relatively modest trading volumes, totaling $820 million for these products, falling short of the $1.3 billion average. While Bitcoin investment products experienced outflows of $5.9 million and Ethereum investment products saw $2.2 million of outflows, some altcoin-focused products bucked the trend.

Products focusing on a diverse range of cryptocurrencies experienced $400,000 in outflows. In contrast, products offering investors exposure to $XRP saw a substantial $700,000 inflows. Similarly, Solana-focused products attracted $300,000 in inflows, and Litecoin-focused products saw $500,000 in inflows.

Year-to-date statistics reveal that Ethereum-focused products have witnessed outflows exceeding $115 million, while Solana-focused products have garnered $26 million in inflows. XRP products have been particularly resilient, with $14 million in inflows, culminating in assets under management totaling $60 million.

These escalating outflows in the cryptocurrency market coincide with a pivotal moment when major financial institutions, collectively overseeing a staggering $27 trillion in assets, are making their presence felt in Bitcoin and cryptocurrencies. This surge in institutional interest comes after a race to list the first Bitcoin exchange-traded fund (ETF) in the United States.

Meltem Demirors, Chief Strategy Officer at CoinShares, highlighted the active participation of eight financial giants, including BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America, in providing access to Bitcoin and other cryptocurrencies.

It’s essential to note that the $27 trillion figure represents the cumulative assets under management across these esteemed financial institutions. While institutional involvement is rising, only a fraction of this colossal sum is expected to flow into cryptocurrency investments, underscoring the digital asset landscape’s nascent but rapidly evolving nature.

In conclusion, while cryptocurrency investment products have experienced consistent outflows, the emergence of substantial inflows in Litecoin, Solana, and XRP-focused products demonstrates ongoing interest and investment opportunities in the cryptocurrency space. Simultaneously, the influx of institutional players further underscores the market’s maturation, heralding a potentially transformative phase for cryptocurrencies in the financial world.

 

The post Cryptocurrency Outflows Continue Amidst Influx of Institutional Interest appeared first on BitcoinWorld.

Curve Has Enjoyed A Sharp Rally Over The Past Week

Curve DAO token (CRV) has defied market trends by experiencing a remarkable surge of over 20% in the past week. This impressive performance stands out in an industry where major players like Bitcoin and Ethereum have faced challenges. CRV has risen above the $0.52 mark, marking a significant uptick in its price.

A Glimpse at CRV’s Recent Performance

The following chart can visualize CRV’s performance over the last month. In the midst of several cryptocurrencies trading in the red, CRV’s ascent has caught the attention of investors.

Can CRV Sustain Its Rally?

With CRV’s recent surge, investors are pondering whether this momentum can be maintained. The asset briefly breached the $0.56 level during a sharp surge a few days ago but retraced to its current position. Over the past few days, CRV has exhibited sideways movement, indicating a potential slowdown in buying pressure.

Whale Alert: A Significant CRV Transfer

Recent data from the cryptocurrency transaction tracking service Whale Alert, has revealed a substantial CRV transfer on the Ethereum blockchain. Approximately 33.3 million CRVs, valued at roughly $17.3 million at the time of the transfer, were involved in this transaction.

The scale of this transfer strongly suggests the involvement of a whale, a significant holder of CRV. However, the exact motive behind this massive transfer remains mysterious, pending further details.

Whale’s Move to Binance

Notably, the sending address in this transaction is linked to an unknown wallet, indicating that it is not associated with any known centralized platform. It likely represents the whale’s personal, self-custodial wallet. The destination of this transfer was the Binance exchange, a platform frequently used for selling purposes. This prompts speculation that the deposit was made to sell, possibly suggesting impatience on the part of the whale.

Potential Implications for CRV

If this signifies the whale’s desire to capitalize on profits at the current price level, CRV could face a temporary pullback in the coming days. Investors will watch how this whale’s move impacts CRV’s price dynamics. Amidst uncertainty, CRV’s recent rally faces the challenge of sustaining its upward trajectory.

In conclusion, CRV’s recent surge has defied market trends, but the presence of a whale and a significant transfer to Binance introduces an element of uncertainty. Investors are now left to speculate whether this rally can continue or if a temporary setback is on the horizon. Market participants will closely monitor CRV’s journey in the coming days.

The post CRV’s Recent Rally Faces Potential Reversal Amidst Whale Activity appeared first on BitcoinWorld.

“Challenging the SEC’s request for his interrogation within the United States, Terraform Labs co-founder, Do Kwon, and his legal counsel have approached a federal court. They vehemently seek the rejection of the United States Securities and Exchange Commission’s (SEC) petition to interrogate Mr. Kwon on American soil, pertaining to the Terra ecosystem’s dramatic collapse. In a legal submission dated September 27th, Mr. Kwon’s legal team asserted that the SEC’s plea for his U.S.-based interrogation before October 13th is an unattainable endeavor. This impossibility stems from Mr. Kwon’s current detention in Montenegro, where no predetermined release or extradition date exists. Furthermore, the legal representation for Mr. Kwon contended that supplying a written testimony as a response to the SEC’s inquiries would fundamentally clash with his rights to due process under U.S. law. In their words, ‘A mandate compelling the unattainable serves no pragmatic purpose and carries the risk of undermining the very foundations of judicial authority.’

It is noteworthy that Mr. Kwon’s legal representatives do not categorically oppose a deposition. However, they emphasize that any such proceeding should be held in Montenegro, where the esteemed founder of Terra currently resides on bail. The legal document stipulates that the deadline for discovery in the SEC’s case against Mr. Kwon and Terraform Labs stands at October 13th. Additionally, Mr. Kwon’s legal team has inserted an intriguing detail—they allude to an ‘informal’ indication from a Montenegrin court, suggesting the possibility of a hearing either on October 13th or October 26th, where Mr. Kwon would field the SEC’s inquiries. Nonetheless, the SEC has hinted that it may perceive this process as ‘inadequate’ and may seek an alternative deposition of Mr. Kwon post the discovery cut-off date.

The SEC initiated legal action against Terraform Labs and Mr. Kwon on February 16th, alleging their involvement in a ‘multi-billion dollar crypto asset securities fraud.’ Within the confines of this lawsuit, the SEC posits that Terraform and Mr. Kwon ‘promoted and advertised’ their Anchor Protocol, which, at one juncture, purportedly offered a 20% interest rate on TerraUSD (UST) deposits. Furthermore, it is alleged that Terraform and Mr. Kwon disseminated misleading information to investors regarding the stability of Terra’s stablecoin.

The saga continues, as Mr. Kwon and Terraform Labs’ Chief Financial Officer, Mr. Han Chang-Joon, found themselves under arrest in Montenegro in March 2023. The grounds for their apprehension revolve around purportedly employing false travel documents while attempting to depart the country. Notably, their original passports were confiscated in South Korea in October 2022.”

The post Do Kwon claims the SEC’s request for extradition is impossible. appeared first on BitcoinWorld.

An imminent U.S. government shutdown appears to be expediting the launch of Ether futures ETFs, a notion posited by market analysts. In the United States, it’s plausible that trading in Ether futures exchange-traded funds (ETFs) could commence as early as the upcoming week. Insights from Bloomberg analysts suggest this possibility. On the 28th of September, James Seyffart, an analyst with Bloomberg Intelligence, made a noteworthy observation in a post, stating that it seems highly probable that the SEC (Securities and Exchange Commission) will greenlight a multitude of Ethereum futures ETFs in the coming week. This commentary was prompted by remarks from fellow ETF analyst Eric Balchunas, who alluded to indications that the U.S. Securities and Exchange Commission is keen on “expediting the launch of Ether futures ETFs.” Balchunas further noted that he had received information indicating that various filers were diligently updating their documents, with an eye on initiating trading as early as the following Tuesday, should the U.S. government indeed shut down at 12:01 am ET on October 1, due to a failure in congressional funding agreement for the new fiscal year. Such an event is expected to impact various federal agencies, including financial regulators. It’s worth noting that neither analyst disclosed the sources of their latest insights into the extensive lineup of pending crypto ETFs. According to analysts’ notes dated September 27, there are currently 15 Ether futures ETFs proposed by nine different issuers awaiting regulatory approval. Noteworthy among the companies proposing Ether futures or hybrid ETF products are VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill. The analysts assigned a 90% likelihood to the launch of Ether futures ETFs in October, with Valkyrie’s Bitcoin futures product positioned to be the first to incorporate Ether exposure as of October 3. However, the analysts tempered their optimism by stating, “We do not anticipate the simultaneous launch of all these ETFs.” Back in August, Cointelegraph reported the possibility of Ether futures ETF approval in October, leading to an 11% surge in ETH prices at the time. As of the moment of writing, ETH prices have shown a more modest 1% increase and currently hover just above $1,600. It’s important to note that crypto futures products do not generate the same level of anticipation as their spot-based counterparts. The United States has already seen the introduction of Bitcoin futures ETFs since 2021.

The post Bloomberg analyst: Ethereum futures ETFs could begin trading the following week. appeared first on BitcoinWorld.

Ethereum’s $10 Billion Revenue Milestone Outpaces Tech Giants;

Ethereum, the cryptocurrency runner-up by market capitalization, recently celebrated a groundbreaking achievement: surpassing $10 billion in protocol revenue. In doing so, it raced ahead of tech behemoths Microsoft and Adobe.

Caleb & Brown, a noted cryptocurrency brokerage, highlighted Ethereum’s impressive acceleration. It took Ethereum a mere 7.5 years to hit this revenue landmark, outpacing Microsoft and Adobe, which took 19 and 20 years, respectively. This revenue boon arose primarily from fees on transactional activities, encompassing decentralized finance (DeFi) app usage, ERC-20 token creation and trading, NFT dealings, and more.

However, it wasn’t all rosy for Ethereum. Despite its accelerated growth, Ethereum’s annual revenue dipped over 77% from last year, reflecting the broader cryptocurrency market downturn. As per Token Terminal, a crypto analytics entity, Ethereum’s 2023 earnings stand at $1.7 billion.

Yet, future projections remain optimistic. A VanEck assessment predicts Ethereum’s yearly revenue might soar from $2.6 billion to $51 billion by 2030, provided it consistently expands its user cohort. Conversely, a recent JPMorgan analysis paints a less rosy picture, pointing out Ethereum’s underperformance post the Shanghai upgrade and its inability to magnetize institutional interest.

Moreover, crucial performance metrics for Ethereum, including daily dealings, active user addresses, and value locked in DeFi, all display a dip, revealing an unimpressive surge in network engagement. Despite a 50% jump in Ether staking post the Shanghai upgrade, this hasn’t translated into a spike in network activity. Recent mishaps in the crypto realm, like the downfall of Terra and crypto exchange FTX, have further dampened enthusiasm.

Etherscan’s recent data provides further insights. On September 24, 2023, Ethereum oversaw over 883,000 transactions, marking a descent from 1.93 million transactions observed on December 9. Currently, the average transaction fee stands at approximately $0.74.

In conclusion, while Ethereum’s rapid revenue growth is noteworthy, its future trajectory is tinged with both optimism and caution. Stakeholders eagerly await Ethereum’s next moves in an ever-evolving crypto landscape.

The post Ethereum’s $10 Billion Revenue Milestone Outpaces Tech Giants appeared first on BitcoinWorld.

The innovative AI assistant, known as Meta AI, is set to launch initially on September 27th, targeting a select group of users in the United States.

Meta’s CEO, Mark Zuckerberg, introduced the company’s latest creation: a cutting-edge artificial intelligence (AI) assistant named Meta AI. This represents Meta’s response to OpenAI’s ChatGPT, with plans for integration into Instagram, Facebook, WhatsApp, and, in the future, Meta’s mixed reality devices.

Speaking at the Meta Connect event on September 27th, Zuckerberg elucidated that Meta AI harnesses the power of the company’s extensive language model, Llama 2, and has been developed in collaboration with Microsoft Bing, enabling users to access real-time internet information.

“Meta AI serves as your essential assistant, engaging in conversation much like a human.”

Highlighting Meta AI’s primary differentiator from its rival, ChatGPT, Zuckerberg articulated that Meta’s overarching strategy entails tailoring distinct AI products for specific use cases.

As an illustrative example, he showcased how Meta AI’s functionality would differ across the company’s suite of social media applications. He demonstrated its utility within group chats on Facebook Messenger, where it adeptly assists with itinerary planning.

Zuckerberg emphasized that Meta’s chatbots aren’t solely purposed for dispensing useful information; they are also engineered to engage users in conversation and provide entertainment.

In a display of its entertainment-centric AI offerings, Meta unveiled an array of chatbots modeled after approximately 30 celebrities, including Paris Hilton, Snoop Dogg, and former NFL player Tom Brady.

According to Meta’s announcement, the new AI assistant will debut on September 27th, initially catering to a select group of users based in the United States, accessible via Facebook Messenger, Instagram, and WhatsApp.

Furthermore, Meta AI will extend its availability to users of the company’s upcoming smart glasses, slated for release on October 17th for U.S. consumers, as well as its new Quest 3 VR device.

Coinciding with Meta’s Connect event, OpenAI made a significant revelation, declaring that its chatbot ChatGPT would no longer be constrained by pre-2021 data.

This update is immediately accessible to Plus and Enterprise users who employ the GPT-4 model, as conveyed in a September 27th post on X. Prior to this development, ChatGPT grappled with an ever-widening knowledge gap. Given the nature of AI model training, such as generative pre-trained transformers (GPT), ChatGPT’s knowledge previously terminated in 2021, presumably when it was finalized for production.

The post Meta AI, Mark Zuckerberg’s response to ChatGPT, is a chatbot appeared first on BitcoinWorld.

Bitcoin and the wider cryptocurrency market face another turbulence wave, hinting at greater uncertainty. Recent crackdowns in the US and FED actions already rattled Bitcoin prices. A leak by Forbes reveals that US President Joe Biden may soon issue an executive order on artificial intelligence (AI), potentially shaking the crypto world further.

Alexander Grieve, a key figure at Paradigm—a Bitcoin and crypto-focused investment firm—voiced concerns regarding the imminent executive order on AI from the White House. According to Grieve, the crypto sector might soon hear “alarm bells” ringing louder.

Sources cited by Semafor indicate that the executive order could compel tech giants like Microsoft, Google, and Amazon to divulge information when customer processing power purchases exceed set thresholds. Grieve draws attention to a notable section of the leaked report that labels computing power as a pivotal “national resource.” Activities spanning Bitcoin mining, video game development, and AI model operations, such as ChatGPT, hinge on substantial computing prowess.

The backbone of the Bitcoin network lies in its miners, who employ robust computers to authenticate transactions and are rewarded with newly minted BTC. Annually, the energy consumed by this system rivals the consumption of several smaller nations.

Elaborating on the report’s implications, Grieve speculates that Bitcoin mining could soon be viewed as “stealing electricity from families.” There’s also a rising notion that channeling resources into the crypto arena might divert developer expertise from more meaningful endeavors.

As details continue to unravel, one thing is clear: the upcoming executive order on AI can potentially send shockwaves throughout the cryptocurrency landscape. Stakeholders await the full scope of its implications, but the initial outlook spells heightened caution.

The post New Executive Order Poses Fresh Concerns for Bitcoin and Cryptocurrency Markets appeared first on BitcoinWorld.

The potential for a Bitcoin Exchange-Trust Fund (ETF) getting the green light this year took a hit with revelations that the U.S. Securities and Exchange Commission (SEC) might abstain from such endorsements. In a recent post, Bloomberg’s seasoned analyst, James Seffyat, shed light on this. He emphasized that recent SEC activities hint at no forthcoming ETF approvals 2023.

Particularly concerning to observers was the SEC’s decision to bypass pending second deadlines and postpone the ARK 21Shares ETF filing. This move, Seffyat speculates, signals the likelihood of the SEC stalling all forthcoming filings. Major ETF filings from BlackRock, Bitwise, VanEck, Invesco, Wisdomtree, Fidelity, and Valkyrie are slated for October deliberation.

Pondering the reasoning behind the SEC’s early delay, Seffyat posits two possibilities. The impending U.S. Federal Government shutdown might prompt the SEC to clear its slate. With an anticipated furlough affecting 90% of the SEC workforce, operations are set to pause come October 1. Secondly, Seffyat alludes to a recent congressional letter to the SEC, urging the regulator to eschew biased stances against Bitcoin ETFs.

The crypto community has been abuzz with anticipation for ETF approvals. Many contend that such an endorsement could catalyze a resurgence in the crypto sector. Additionally, they argue that ETFs could be a bridge for traditional investors, granting them exposure to crypto assets.

However, the sentiments shared by Seffyat resonate with a broader analyst consensus in the cryptocurrency realm. Even as Grayscale’s triumph over the SEC fanned the flames of hope for a Bitcoin ETF’s 2023 debut, SEC’s subsequent moves suggest otherwise.

Moreover, while the mounting ETF filings from traditional finance behemoths signaled potential approval, the SEC has maintained its stringent stance. Whether this cautious approach will see a shift remains to be seen, but for now, the mood remains cautiously pessimistic.

 

The post SEC’s Reluctance on Bitcoin ETFs Dims Hope for 2023 Approval appeared first on BitcoinWorld.

Ripple’s General Counsel, Stuart Alderoty, has raised concerns and strong objections regarding the upcoming Congressional testimony of SEC Chairman Gary Gensler, particularly regarding Gensler’s characterization of cryptocurrencies as securities. The advanced disclosure of Chairman Gensler’s statements has painted crypto assets primarily as securities, a view that Alderoty vehemently opposes, accusing Gensler of having ulterior motives in presenting his case to Congress.

Alderoty’s argument draws from a notable July decision in the Ripple case, where secondary sales of XRP were not classified as investments. This legal precedent contradicts Gensler’s assertion.

Gensler’s testimony outlines a firm stance, suggesting that most crypto assets meet the criteria of an “investment contract” under securities law. He emphasizes that investors and issuers involved in crypto asset securities markets should be entitled to the protections provided by securities laws. This stance implies a need for comprehensive compliance with these laws by intermediaries operating in the crypto space.

However, Gensler has avoided commenting on ongoing litigation, instead focusing on the applicability of existing regulations and proposing enhancements to ensure the safety of trading platforms and investment advisories dealing with crypto assets. While Gensler’s testimony implies a broad application of securities laws to crypto tokens, he refrained from making explicit judgments about individual tokens.

Stuart Alderoty has been a vocal critic of Gensler’s views in the past, even likening the SEC Chairman to a “flat-earther” for what he perceives as a fundamental misunderstanding of the cryptocurrency industry. Additionally, Alderoty has accused Gensler of lacking a comprehensive understanding of the law, highlighting instances where Gensler made statements before the U.S. Senate Banking Committee that appeared to misrepresent the criteria used by the Supreme Court to determine whether a token qualifies as an unregistered security.

The clash of perspectives between Ripple’s legal team and the SEC Chairman underscores the ongoing debate and legal battles surrounding the regulatory classification of cryptocurrencies and their respective implications for the industry. As the crypto space continues to evolve, these disputes will likely shape the future of crypto regulation in the United States.

 

The post Ripple’s Legal Battle: General Counsel Takes on SEC Chairman Over Cryptocurrency Classification appeared first on BitcoinWorld.

BlockFi, the cryptocurrency lending platform that filed for bankruptcy, has received approval to initiate the repayment process for its customers as part of a revised liquidation plan. This development follows conditional authorization granted earlier, allowing the company to reimburse customers before proceeding with the winding-down process.

United States Bankruptcy Court’s Approval

The United States Bankruptcy Court of New Jersey has approved BlockFi’s third amended Chapter 11 bankruptcy plan. The plan received support from BlockFi’s chief restructuring officer, Mark Renzi, and resolved some objections raised, notably those from FTX Debtors.

SEC’s Partial Objection

However, the United States Securities and Exchange Commission (SEC) has only partially resolved its “limited objection” to the plan, indicating that some issues still need further clarification.

Pending Technical Modifications

The filing mentions that certain technical modifications to the amended plan still need to be solved. The next step in the plan involves the debtors compiling a registry that includes a consolidated list of all creditors, along with the top 50 unsecured creditors. Additionally, the debtors intend to redact the personally identifiable information of individual creditors.

Varied Payouts for Unsecured Creditors

A recent report suggests that unsecured creditors of BlockFi may receive varying payouts, ranging from 35% to 63% of their owed amounts. Furthermore, some creditors are slated to receive partial payments in Bitcoin or Ethereum.

Controversial Allegations Against BlockFi CEO

BlockFi has attributed its liquidity crisis, which led to bankruptcy, to the now-defunct crypto exchange FTX. However, creditors of FTX have alleged that BlockFi CEO Zac Prince was aware of FTX’s financial troubles before its collapse in November 2022.

Calls for New Management Oversight

In response to these allegations, BlockFi creditors have strongly urged the court to appoint a new management firm to oversee BlockFi’s bankruptcy plan. They claim funds were misallocated, particularly citing the November decision to liquidate crypto assets.

Market Value Fluctuation

The creditors allege that BlockFi’s sale of $240 million in crypto assets post-bankruptcy resulted in a loss of over $100 million during the subsequent market upswing. This claim is significant, considering that Bitcoin’s price has surged from $16,441 in November 2022 to approximately $26,241 at publication, marking a substantial increase.

Maximizing Recovery for Customers

Mark Renzi emphasized maximizing recovery for BlockFi customers during the proceedings. He expressed confidence in BlockFi’s plan as the best path to return cryptocurrencies to clients efficiently and encouraged clients to vote in favor.

In summary, while BlockFi progresses toward repaying its customers, the bankruptcy proceedings remain complex, with unresolved objections and legal challenges. The outcome will significantly impact creditors, BlockFi’s future, and the broader cryptocurrency lending industry.

 

The post Bankrupt Crypto Lender BlockFi Moves Closer to Customer Repayment appeared first on BitcoinWorld.

Two former employees of Coinone, a prominent South Korean cryptocurrency exchange, have been handed prison sentences for their involvement in a bribery scheme aimed at influencing the listing of specific cryptocurrencies on the platform. This scandal, which spanned over two years from 2020, highlighted corruption in the crypto industry.

Jeon, the former head of crypto listing at Coinone, received a four-year prison sentence and was ordered to repay 1.93 billion Korean won (approximately US$1.43 million) in unlawfully acquired profits. He was initially arrested on March 22, 2023, on bribery and breach of trust charges. His accomplice, Kim, who worked alongside Jeon, was sentenced to 42 months in prison and faced a penalty of 883 million won (about US$654,000) for the same charges.

The case also involved two brokers, Koh and Hwang, who were accused of facilitating the bribery scheme. They received sentences of 18 months and 30 months in prison, respectively.

According to Seoul Southern District Court judge Kim Jung-gi, the crime was “a collusion between multiple conspirators, including crypto exchange listing staff, brokers, token issuers, and market-making companies to share profits from issuing new coins and manipulating market prices.” The prosecution had alleged that some of the tokens involved were linked to companies hired to manipulate cryptocurrency prices, including Pica Coin and Puriever.

This scandal sheds light on questionable practices within the cryptocurrency exchange industry. Hwang Suk-jin, a Seoul-based information security and financial crime expert, commented that while some exchanges practice transparency in token listings, many exchange employees engage in such behavior as a common practice.

The Bank of Korea estimated South Korea’s cryptocurrency market value at 19 trillion won (approximately US$14.1 billion) at the end of the previous year, making it one of the largest cryptocurrency markets globally.

Coinone, the affected exchange, has not yet responded to requests for further comments regarding the sentencing. This case serves as a stark reminder of the need for regulatory oversight and transparency within the cryptocurrency industry to maintain trust and integrity in the market.

 

The post Coinone Employees Sentenced for Accepting Bribes in Cryptocurrency Listing Scandal appeared first on BitcoinWorld.

This year, Bitcoin ordinals and inscriptions have significantly impacted block space utilization, bolstering miner revenue through increased transaction fees. However, miners face challenges on the horizon as the impending halving event approaches.

Since their introduction in February 2023, inscriptions have actively participated in the cryptocurrency ecosystem, buying up block space and filling the mempool. They have primarily occupied the remaining space after higher-value monetary transfers.

Despite their contribution to transaction fees, analytics provider Glassnode reported that the number of pending transactions in its mempool has notably increased since May. Most of these unconfirmed transactions have a minimal data footprint. Inscriptions are sensitive to absolute fee amounts and can be displaced by more urgent monetary transfers.

Glassnode pointed out that the surge in text-based inscriptions aligns with the rise in pending transactions, confirming that these compact inscriptions have become a significant driver of demand for block space.

However, the picture could be clearer for miners. Despite the increased fees generated by these inscriptions, their overall income remains relatively low. The hash price, measured in dollars per terahash per second per day, has hit an all-time low, currently at just $0.059, according to the Hashrate Index. This marks a 50% drop from the Bitcoin ordinals surge in May and an 85% decrease from the bull market’s peak at $0.40.

Miners are now set to earn only 2.26 BTC per Exahash active on the network, putting them under income stress and unprofitability unless the price of BTC experiences a significant surge. The halving event scheduled for April or May of the coming year will further reduce their block rewards to 3.125 BTC.

Glassnode underscored the fierce competition in the mining industry, emphasizing that the relentless decline in hash prices demonstrates its cut-throat and unforgiving nature.

In conclusion, while inscriptions have brought additional demand for block space, the looming halving event and intense miner competition cast uncertainty on miners’ profitability. Their fate will largely depend on the future trajectory of BTC prices, which currently stand at $26,236 during the Wednesday morning Asian trading session.

 

The post Bitcoin Ordinals and Inscriptions Impact on Miner Revenue as Halving Nears appeared first on BitcoinWorld.

Prominent crypto influencer Ben Armstrong, formerly known as ‘BitBoy,’ found himself in a legal predicament following a conspicuous arrest. The incident unfolded on September 25th when Armstrong was taken into custody while livestreaming outside the house of a former associate. He spent just over 8 hours in custody, as confirmed by the Gwinnett County, Georgia, Sheriff’s Office.

Armstrong has now been released on bail but faces two charges: “loitering/prowling” and “simple assault by placing another in fear.” His bond has been set at $2,600 and $40 in fees.

In Georgia, loitering or prowling is described as being in a place at a time or in a manner not typical for law-abiding individuals under circumstances that provoke justifiable and reasonable alarm or immediate concern for the safety of people or property in the vicinity, according to the Georgia-based law firm Lawson & Berry. Consequences for this misdemeanor can include a fine of up to $1,000, jail time of up to one year, or both.

Simple assault, on the other hand, involves attempting to cause a violent injury to another person or committing an act that instills reasonable apprehension of imminent harm. It is generally treated as a misdemeanor in Georgia, though it can be escalated in some situations.

Following his release, Armstrong seemingly made light of the situation, sarcastically stating, “My name is Ben, and I’m a loiterer. I did eight whole hours in the prison.” He later announced a week-long break from social media, downplaying the influence of memes in his decision.

The incident that led to Armstrong’s arrest occurred when he visited the residence of his former associate, Carlos Diaz, whom he accused of possessing his Lamborghini. The livestream and ranting continued for approximately 19 minutes before local law enforcement arrived and took Armstrong into custody.

Crypto trader “EmperorBTC” shared his thoughts with his 360,000 followers, emphasizing that Armstrong’s arrest should be a lesson for everyone.

This legal episode is part of an ongoing dispute between Ben Armstrong and the Hit Network, which controls the “BitBoy Crypto” brand. The firm and its executives severed ties with Armstrong in August, citing concerns about substance abuse and employee financial harm.

 

The post Ben Armstrong charges revealed: Could face fines or prison if convicted. appeared first on BitcoinWorld.

In a remarkable departure from the digital realm of cryptocurrencies, Pudgy Penguins, a standout NFT project during the bear market, is set to introduce 26 unique toys into the inventory of 2,000 Walmart stores. This audacious move has sparked an immediate surge in the floor price of the Pudgy Penguins collection, soaring by over 11% to reach 5.2 ETH, all thanks to the announcement that the world’s largest retailer, with a colossal $600 billion revenue in 2022, is endorsing these crypto-inspired toys.

As a consequence of this groundbreaking partnership, daily trading volume experienced an astonishing spike, surging by over 270% to a staggering 849 ETH, equivalent to $1.3 million, firmly positioning it as the second-highest in that time frame, just behind the renowned Bored Ape Yacht Club, according to CoinGecko.

Walmart’s decision to champion a crypto-native project marks a much-needed revival for the NFT space, grappling with a substantial downturn following an extravagant bull market. Pudgy Penguins’ innovative approach to business development may serve as a blueprint for other projects moving forward. Their onboarding process involves creating a crypto wallet and enabling NFT trading, two typically challenging aspects in introducing newcomers to Web3.

Each Pudgy Toy is accompanied by a ‘birth certificate,’ granting the owner the ability to unlock and trade unique attributes for their ‘Forever Pudgy’ avatar within Pudgy World, the project’s virtual universe.

This announcement also coincides with recent skepticism in mainstream media regarding NFTs. Rolling Stone, which once featured a Bored Ape on its cover, declared NFTs “worthless” just last week.

However, it’s important to note that the presence of these toys on Walmart’s shelves doesn’t guarantee their immediate success. Unlike many popular toys, Pudgy Penguins lacks the support of a feature film, video game, or other accompanying media to drive sales.

A remarkable turnaround story lies behind Pudgy Penguins. Entrepreneur Luca Netz assumed the CEO role in April 2022, acquiring the company responsible for the NFTs for 750 ETH, equivalent to approximately $2.2 million. The project had previously faced controversy before Netz’s acquisition.

The unveiling of Pudgy Penguins’ toys in May 2023, following nearly a year of teasing, initially involved direct sales through Amazon, with an impressive $500,000 in sales during the first two days, as per Netz.

Netz believes that the success of online sales convinced Walmart of the toys’ potential market, emphasizing the value that a broader community of holders can bring to Pudgy Penguins. He says, “Leveraging the hive mind that is the group, that is the community, that’s what it means to be a Web3 company.”

 

The post Pudgy Penguins Partners with Walmart, Reviving NFT Enthusiasm appeared first on BitcoinWorld.

The BONE token, part of the Shiba Inu cryptocurrency ecosystem, has witnessed a remarkable 10% gain in just 24 hours. This rise sets it apart from other notable cryptocurrencies, including Dogecoin and Pepe Coin, which have been experiencing declines.

Key Points:

BONE Outperforms: Currently trading at $0.90, BONE’s performance outstripped Dogecoin (down 0.97%) and SHIB and PEPE, which have declined 1.23%.

 

BONE Contract Renouncement: A significant advancement has been made towards renouncing Bone ShibaSwap’s gas token, BONE. BONE is the official token of Shibarium. The Shiba Inu development team announced that minting the remaining BONE supply is almost complete.

 

Introduction of Calcium Token: Shiba Inu introduced a temporary token named Calcium to aid in the renouncement of BONE. It’s worth noting that Calcium is not meant for trading due to its inherent lack of liquidity.

 

Developer Insights: Shiba Inu developer Kaal Dhariya confirmed that BONE has been renounced via the TopDog contract. He emphasized the team’s commitment to fostering decentralized and permissionless systems for the community’s betterment.

 

BONE Token Metrics: According to data from Coinmarketcap, BONE’s circulating supply is pegged at 229,923,351 tokens, translating to a market valuation of around $181.6 million. To achieve the anticipated total supply of 230 million, an additional 76.649 million BONE tokens were minted.

 

Shift to TREAT Token: Once the minting of BONE concludes, the rewards linked to BONE on the ShibaSwap platform will be terminated. These rewards will transition to a newly announced token named “TREAT.” Shytoshi Kusama, the lead developer of Shiba Inu, shared this update, but more specific information about TREAT’s role and functionality within the Shiba Inu ecosystem is yet to be disclosed.

This development in the Shiba Inu ecosystem reflects the dynamic nature of the cryptocurrency world. Investors and enthusiasts are closely monitoring the Shiba Inu’s progress, particularly given the recent heightened attention and traction that tokens like SHIB and BONE have garnered.

 

The post BONE Token Surges as Developments in the Shiba Inu Ecosystem Progress appeared first on BitcoinWorld.

Ethereum is showing promising signs of a potential bounce-back after staying rooted above the $1,565 support level. Following Bitcoin’s lead, Ethereum is moving cautiously, building momentum towards breaking crucial resistance points.

Recent developments saw Ethereum ascend past the $1,580 and $1,590 marks. Significantly, the price surpassed the 23.6% Fib retracement level stemming from a drop between the highs of $1,669 and lows of $1,565. Moreover, Ethereum broke free from a significant bearish trend line, encountering resistance near $1,590 on the ETH/USD hourly chart.

Currently, Ethereum is trading north of the $1,590 mark and remains buoyed by the 100-hourly Simple Moving Average. As we look upwards, immediate resistance lurks at the $1,600 bracket.

A more substantial barrier awaits at $1,620, aligning with the recent slide’s 50% Fib retracement level from $1,669 to $1,565. If Ethereum pours through the $1,620 resistance, the cryptocurrency might set its sights higher, moving toward the $1,650 and $1,660 zones. A triumphant surge past $1,660 could pave the way for Ethereum to target the $1,720 region, potentially reaching the $1,800 mark.

Possible Setbacks for Ethereum

However, if Ethereum struggles to clear the $1,620 hurdle, the cryptocurrency might be prone to a downward slide. In such a scenario, Ethereum could find initial support at $1,580. A further decline might retest the $1,565 support. Should this foundation give way, Ethereum could plummet to $1,540. A sustained move below this could spell significant trouble, propelling Ethereum into a deeper dive, potentially touching the $1,440 region.

Technical indicators

Hourly MACD: Ethereum’s MACD is currently seeing a reduced bearish momentum.

Hourly RSI: The RSI for Ethereum has climbed, now sitting above the 50 mark.

Key Support Level: $1,565

Key Resistance Level: $1,620

Ethereum’s immediate future rests on its ability to break and maintain above these pivotal resistance points. Traders and investors will be eagerly watching.

 

The post Ethereum Price Stages Recovery, But Can It Overcome This Key Hurdle? appeared first on BitcoinWorld.

Chainlink (LINK) has recently showcased encouraging signs, especially with its price staying robust above the $7.25 benchmark against the US dollar. Moreover, trading above the critical $7.30 threshold and the notable 100 simple moving average (4 hours) underscores this bullish momentum. A significant bullish trend line has been spotted, offering support near the $7.25 zone on the LINK/USD pair’s 4-hour chart, as data from Kraken illustrates.

LINK Outpaces Bitcoin and Ethereum

Our previous LINK price evaluation highlighted the potential for further elevation beyond the $7.00 mark against the US dollar. Consequently, the currency didn’t just hold its ground but also surged past the $7.25 boundary. Significantly, Chainlink continued. It surpassed the $7.50 mark, reaching a commendable $7.56 high, outclassing giants like Bitcoin and Ethereum in its ascent. However, a slight downward correction took the price below $7.40, nudging it to test the 23.6% Fib retracement level. This was from its rise from the $6.60 low to its $7.56 peak.

Additionally, LINK maintains its position above the $6.50 mark and the vital 100 simple moving average (4 hours). LINK’s potential is evident with the ongoing formation of a bullish trend line that finds support around the $7.25 mark. However, if LINK sees a further surge, it might encounter resistance close to the $7.45 mark. The primary resistance, though, lies near the $7.50 zone. Breaking past this zone could open the gates for a consistent climb aiming for the $8.00 to $8.20 regions. Moreover, moving past the $8.50 resistance might propel LINK to challenge the $8.80 mark.

Assessing Downside Risks

It might face a downside stretch if Chainlink struggles to soar past the $7.50 resistance. Initial support in this scenario hovers around the $7.25 mark. The next substantial support lies close to the $6.95 level or the 61.8% Fib retracement level, traced from its rise from $6.60 to $7.56. Failing this, LINK could aim for the $6.80 mark. Any further decline could then redirect LINK towards the imminent $6.60 region.

Key Technical Data at a Glance

Four hours MACD: The LINK/USD MACD hints at waning bullish momentum.

Four hours RSI: LINK/USD’s RSI is above 50.

Principal Support Zones: $7.25 & $6.95.

Major Resistance Zones: $7.50 & $8.50.

 

The post Chainlink’s Bullish Trajectory: A Close Analysis of LINK’s Price Momentum appeared first on BitcoinWorld.

Worldcoin’s native token, WLD, has grabbed the attention of the cryptocurrency community, registering an impressive 80% increase in value over the past fortnight. This surge has piqued the interest of everyday crypto users and caught the eye of industry experts.

Riyad Carey, a distinguished crypto analyst, recently highlighted a surge in WLD buying on Binance within 24 hours. Drawing on data from Kaiko, a leading cryptocurrency data provider, Carey pinpointed an influx of roughly $1 million into WLD on Binance in a mere six-hour window. This substantial buying spree propelled WLD’s value, culminating in a 5% boost for the Worldcoin token. Moreover, the analysis suggests that a phase of WLD accumulation could be on the horizon.

Carey’s insights don’t stop at Binance. A pattern emerges by examining WLD’s volume across various cryptocurrency exchanges, including giants like Uniswap, Bithumb, Bybit, Kucoin, OKX, and Binance. Only Binance, as of September 25, exhibited a remarkable uptick in the cumulative volume. Intriguingly, Binance had also witnessed the most significant drop in WLD’s cumulative volume over the previous week.

Launched in July 2023, Worldcoin swiftly climbed the crypto ranks after its debut on multiple exchanges. The fresh token’s introduction led to a soaring price, peaking at a staggering $5.290 before closing at $2.161 on its inaugural trading day. Such volatility, while noteworthy, is par for the course in the crypto sphere, especially for new, much-anticipated projects.

In the subsequent months, WLD’s trajectory remained stable, oscillating between $2.525 and $0.972. However, the token’s recent upswing has set a mid-term resistance pegged at $1.724, based on figures from TradingView. Currently hovering at $1.726, all eyes are on WLD as it endeavors to breach this resistance, potentially setting the stage for even loftier valuations.

 

The post Worldcoin’s WLD Token Makes Waves in Crypto Market appeared first on BitcoinWorld.

Chase, the digital bank subsidiary of JPMorgan Chase in the UK, is set to implement a ban on cryptocurrency-related payments and outgoing bank transfers for its UK clients, effective October 16. This decision responds to the escalating number of crypto scams targeting UK consumers.

A spokesperson for Chase stated, “We’ve seen an increase in the number of crypto scams targeting U.K. consumers, so we have decided to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account.”

Chase, which introduced its app-based banking service in the UK in 2021, has garnered over 1.6 million clients. JPMorgan Chase, its parent company, is the largest bank in the United States, boasting total assets worth over US$3 trillion.

This move by Chase follows in the footsteps of NatWest Bank, which, in March, limited its customers’ payments to crypto exchanges to £1,000 (approximately US$1,214) per day to protect against crypto theft. NatWest disclosed that UK consumers lost £329 million (around US$400 million) to crypto scams in the preceding year.

Despite these restrictions, the UK has been actively fostering its blockchain and cryptocurrency sector, with Prime Minister Rishi Sunak publicly endorsing the industry. In June, the UK passed the Financial Services and Markets Act 2023, a reform bill that empowered its financial authorities to classify crypto as a regulated financial instrument. While these regulations aimed to provide more clarity, they also raised concerns among some crypto advocates in the UK due to the restrictions imposed on marketing campaigns.

In conclusion, Chase UK’s ban on crypto-related transactions highlights the growing concerns surrounding crypto scams in the country. While the UK has made significant strides in regulating the cryptocurrency industry, financial institutions proactively protect their customers from potential fraud and theft. These developments underscore the delicate balance between fostering innovation and safeguarding consumers in the evolving world of cryptocurrency.

 

The post Chase UK to Ban Crypto Transactions Amid Rising Scams appeared first on BitcoinWorld.