Lykke, a UK-based crypto exchange has reportedly shut down its trading operation after a suspected hacking incident that led to the loss of more than $22 million. The incident which was first reported by on-chain sleuths’ on X (formerly Twitter) has sent shockwaves through the crypto community with brewing concerns about security and asset safety. Moreover, the situation underscores the need for the implementation of stringent security measures in cryptocurrency exchanges.

Lykke Cites “Security Breach”

On June 4, the on-chain investigator SomaXBT reported that Lykke had been breached and exploited for about $19.5 million worth of crypto (158 BTC and 2,161 ETH). At the time, he pointed out that the exchange team was still hiding the fact.

on June 4, @lykke CTX got exploited and lost $19.5 million worth crypto assets but team still trying to hide this fact BTC (158 btc)bc1qt64756h9aylujm9tpk826zndegpxtngmr6eqad ETH (2161 eth)0x9172a72f5009ca609833819763A2722e53806443 pic.twitter.com/bT4TaQLukY

— SomaXBT (@somaxbt) June 9, 2024

Subsequent digging uncovered that the hacker had already swapped all stolen Ethereum (ETH) coins to DAI, an algorithmic stablecoin issued by MakerDAO and the third-largest stablecoin by market cap, and transferred the BTC to multiple wallets. Furthermore, Taylor Monahan, a MetaMask developer disclosed that the amount of assets stolen from the platform has topped $22 million.

Lykke Assures Users of Funds Safety

While the exchange team was initially quiet about the incident, several users of the exchange voiced their complaints stating that they were unable to withdraw their assets from the platform. However, on June 10, the exchange officially put out a statement on X citing a “security breach.” According to its statement, Lykke UK and Lykke Corp AG suffered an attack on their system on June 4 which resulted in an immediate shutdown of the affected systems to limit damage. “The identified security breaches have been thoroughly examined and fully addressed,” the exchange said.

Lykke UK and Lykke Corp AG (Lykke) suffered an attack on their infrastructure on June 4. The affected systems were immediately shut down to limit damage. The identified security breaches have been thoroughly examined and fully addressed.

— Lykke Zero-fee crypto exchange (@lykke) June 10, 2024

Lykke further stressed that it maintains strong financial stability with its solid reserve and diverse portfolio. Furthermore, the exchange disclosed that it had uncovered the IP address of the perpetrator, adding that an external criminal investigation has started to bring the attacker to book. The statement closes by highlighting the need to shut down the exchange to prevent further loss while the investigation is ongoing. A look at the exchange website shows a warning that states that the exchange is under maintenance till further notice.

Source: Lykke Website

Lykke is the second cryptocurrency exchange to have been exploited in the past two weeks, following DMM Bitcoin whose platform saw $320 million taken on May 31. These sad occurrences highlight the urgent requirement for strengthened security protocols on all digital platforms.

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Ripple is expanding its collaboration with the National Bank of Georgia (NBG) to explore and implement digitalization strategies for the Georgian economy. 

Meanwhile, this partnership aims to leverage advanced financial technologies to enhance the country’s financial system’s efficiency, inclusivity, and transparency.

Crypto News Update: @Ripple Partners With National Bank of Georgia to Digitize Economy#VOC #VoiceOfCrypto #Bitcoin #BTC #Crypto #Blockchain #Ripple #XRP

— Voice of Crypto (@VoiceofCrypto2) June 10, 2024

Natia Turnava, currently serving as the acting governor of the NBG, and Varlam Ebanoidze, the head of the bank’s Financial and Supervisory Technology Development Department, have recently met with James Wallis of Ripple. The meeting considered possible areas of interaction in the field of financial technologies and digitalization. At this meeting, Wallis also presented Alistair Brown from EPAM Systems, Ripple partner and a firm that operates within the digital sphere.

Wallis expressed his enthusiasm, stating, 

“It was an honor to be back in Tbilisi and to introduce Alistair Brown from our partner EPAM Systems to NBG Acting Governor Natia Turnava.”

Building on Previous Collaborations

This new partnership is in a way an extension of the previous one between Ripple and NBG. Ripple was earlier chosen to be the technological provider for the NBG’s pilot CBDC called the digital lari. The pilot project that started in the last quarter of 2023 seeks to integrate CBDC in different segments, such as public services, commerce, and retail.

Thus, the partnership between Ripple and NBG is anticipated to help Georgia’s financial sector integrate with blockchain technology. The partnership also illustrates Georgia’s efforts in the process of economic modernization and the development of a new financial infrastructure that incorporates the latest developments in the field of fintech.

EPAM Systems’ Role in the Digital Transformation

EPAM Systems, headquartered in Newtown, Pennsylvania, brings extensive expertise in software engineering services, digital platform engineering, and digital product design. The inclusion of EPAM Systems in the partnership emphasizes the importance of integrating advanced fintech solutions to support Georgia’s digital transformation efforts.

During the meeting, Alistair Brown, representing EPAM Systems, was introduced to NBG officials, further solidifying the technological and operational collaboration between the parties. EPAM’s involvement is expected to provide valuable insights and support in the development and implementation of the digital lari initiative.

Ripple’s Global Involvement in CBDC Projects

Georgia is not the only country working with Ripple on CBDC development and related integrations. Ripple has been actively involved in CBDC pilots in several other nations, including Colombia, Bhutan, Palau, and Montenegro. Ripple’s ongoing commitment to supporting global CBDC initiatives was reinforced by a 23-page white paper published in late 2023. The paper emphasized the necessity of CBDCs to facilitate asset tokenization and the transformation of tangible assets into digital tokens stored on the blockchain.

While the development of CBDCs offers numerous potential benefits, such as increased financial inclusion and efficiency, some critics have expressed concerns about potential drawbacks, including privacy issues and government surveillance.

The partnership between Ripple and the NBG represents a strategic step towards modernizing Georgia’s financial sector. By leveraging Ripple’s expertise in blockchain technology and EPAM Systems’ proficiency in digital solutions, Georgia aims to create a more efficient and transparent financial system.

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Ripple, a major player in the cryptocurrency landscape, is further strengthening its collaboration with the Republic of Georgia through initiatives aimed at advancing the digitalization of the local economy. 

This partnership is facilitated through discussions with the National Bank of Georgia (NBG) and involves exploring avenues for leveraging financial technology to transform the Georgian economic landscape into a more digitized and efficient model.

High-Profile Meeting Marks Deepening Partnership

Recently, key figures including Natia Turnava, the acting governor of the NBG, and Varlam Ebanoidze, who heads the bank’s financial and supervisory technology development department, convened with Ripple’s vice president of central bank engagements, James Wallis. 

This meeting, which took place in Tbilisi, was officially announced by the Georgian central bank on June 8 via a LinkedIn post, highlighting its significance in the ongoing relationship between Ripple and the NBG.

During the meeting, James Wallis had the opportunity to introduce Alistair Brown, a representative from EPAM Systems, Ripple’s partner, to the Georgian officials.

EPAM Systems, based in Newtown, Pennsylvania, is renowned for its expertise in software engineering services, digital platform engineering, and digital product design. Its involvement underscores the technical depth Ripple is incorporating in its collaborations.

Ripple & EPAM Meet with National Bank of Georgia. Source: NBG

The discussions at this high-profile meeting revolved around potential collaborations for digitalizing Georgia’s economy. This builds on an already established relationship where Ripple has been instrumental as the technology partner for the NBG’s pilot project on the digital lari, a proposed central bank digital currency (CBDC). 

The pilot project was first announced by the NBG in September 2023 when it invited nine companies, including Ripple Labs, to participate. Ripple Labs was eventually chosen as the official technology partner to develop the digital lari, underscoring its pivotal role in this transformative endeavor. 

Ripple’s Global CBDC Initiatives and Vision 

Ripple’s engagement is not limited to Georgia. The company has been actively involved in similar CBDC initiatives across the globe, collaborating with central banks in countries such as Colombia, Bhutan, Palau, Montenegro, and others. 

Ripple’s commitment to supporting global CBDC development was further highlighted in a detailed 23-page white paper released on December 14, 2023. The document provides a comprehensive overview of CBDCs, discussing their benefits such as enhanced financial inclusion, streamlined cross-border payments, and strengthened monetary policy control.

Moreover, the white paper elaborates on the potential of asset tokenization, a process of converting tangible assets into digital tokens on the blockchain, which Ripple supports as a key aspect of CBDC development. 

However, Ripple also acknowledges challenges such as the lack of a uniform global regulatory framework, minimal consumer education, concerns about privacy and security, digital identity verification issues, interoperability problems among CBDCs, and the need for offline transaction capabilities. 

Despite these hurdles, Ripple maintains that these challenges are not insurmountable. While Ripple’s efforts are seen as pioneering in the realm of digital payments and CBDC development, there are critics who express concerns regarding potential drawbacks. 

These include fears about privacy and the possibility of increased government surveillance through such digital currencies. However, as Ripple continues to expand its footprint in the CBDC arena, its collaborations, like the one with Georgia, showcase a steadfast commitment to redefining financial technology and fostering a more inclusive and efficient global financial system.

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Shiba Inu, one of the top memecoin in the market has made headlines today after its burn rate surged by more than 68,000% in the last 24 hours. This development has ignited optimism for the future value of the coin with investors hopeful for a potential price jump. However, this might not be the case as fresh data from CoinMarketCap show that the value of the token has declined notably amid the burn rate hike.

Shiba Inu Community Sends 7.6 Million SHIB Tokens to Furnace

In a recent development that has shifted heads in the crypto market, the Shiba Inu community popularly known as the ‘SHIB Army,’ has succeded in destroying a significant portion of the SHIB in circulation, up to the tune of 7,611,370 (7.6 million) over the last day, consequently raising its burn rate to exactly 68,316.81% according to recent data from Shibburn, a dedicated Shiba Inu burn tracker.

According to the data provided, this total amount of SHIB was sent to the burn addresses through seven different transactions. Notably, one transaction moved 4,320,587 (4.3 million) SHIB tokens to a burn address which represents more than 50% of the entire tokens burned within the recorded time.

Source: Shibburn

Other significant transactions include one destroying 1.031 million SHIB about 8 hours ago from the time of writing and another moving 1.53 million at approximately 3 hours ago. The Shiba Inu community has relentlessly continued to reduce the total number of SHIB in circulation through the burning mechanism with hopes of creating scarcity and potentially driving up the price of the token.

At press time, about 410.7 trillion SHIB tokens have been destroyed leaving over 583 trillion tokens in circulation. Even though the circulating supply is still large, the community is committed to this initiative as tens of millions of coins are being removed from circulation monthly.

Shiba Inu Price Amid Burn Hike

Although the purpose of this burn mechanism is to help the price of SHIB, the current state of the coin tells a different story. According to data from CoinMarketCap, SHIB is currently down by 2.29% over the last 24 hours to trade at $0.00002307.

However, the market activities surrounding the token as observed in its trading volume have spiked by 6.95% to $505 million. What is more, Shiba Inu (SHIB) has traded between the lows and highs of $0.00002279 and $0.00002359 in the last 24 hours, signaling a 73.3% decline from its all-time high of $0.00008616 reached on October 2021.

The value of Shiba Inu will hopefully bow to the laws of demand and supply subsequently. As more coins are burned, the remaining in circulation become more attractive and valuable hence a potential surge to coveted levels.

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Australian rapper Iggy Azalea has announced that her newly launched MOTHER token will soon be usable for purchasing smartphones and cell plans through her telecommunications company. 

This innovative move aims to enhance the utility of the cryptocurrency, which was introduced on the Solana blockchain less than a month ago. 

MOTHER Token Gains Traction – A Burn Rate and Merchandise Store

The development is part of Azalea’s strategy to integrate the viral cryptocurrency into everyday transactions, following the token’s significant 18% increase in value over the past 24 hours, a stark contrast to the 0.3% decline in the broader crypto market.

Iggy Azalea announced plans to relaunch a telecommunications company she co-founded, with the innovative twist of allowing purchases of phones and monthly cell plans using the MOTHER token or Sol. 

This move adds tangible utility to the MOTHER token, which previously fueled a rally when a merchandise store was announced last week. 

The store offers items like shirts and hats, purchasable with MOTHER tokens. In response to criticisms and accusations of a potential rug pull, Azalea has committed to a burn rate for the token, aiming to reduce supply and potentially increase its value over time.

The telecommunications venture, Unreal Mobile, will feature a range of services priced between $20 and $80 a month, catering to various data usage and network spectrum needs. 

The company promises a selection of phones for purchase, supported by Sphere Labs for payment infrastructure, which notably does not offer a native token.

MOTHER on X

This initiative follows the success seen by phones sold on the Solana blockchain, such as the Saga model, which included an allocation of BONK tokens and sold out its flagship units in 2023 amid rising sentiment around Solana-based meme tokens. The enthusiasm was so significant that over 100,000 presale orders were placed for a second Saga phone by February 2024.

However, the launch of the MOTHER token was not without controversy. The crypto community was divided, with some viewing it as a celebrity cash grab and others as a step towards broader token adoption. 

The debate intensified following an incident in May, where a person named Sahil Arora created a cryptocurrency called IGGY, capitalizing on Azalea’s fame, which led to millions in thefts. Azalea quickly distanced herself from the IGGY coin, reinforcing her dedication to her own project.

Defying the Trend – MOTHER’s Growth and a Struggling Meme Market 

Despite these challenges, Azalea’s consistent support and the promises of long-term growth for the MOTHER token seem to have resonated with investors. 

The token’s market valuation soared from under $10 million to over $200 million, vindicating early believers in the project. Meanwhile, the overall meme token market experienced a downturn, with CoinMarketCap data indicating a 12.8% decrease in total trading volume to $5.46 billion over the last 24 hours.

Other popular meme tokens like Pepe (PEPE), Bonk (BONK), and Book of Meme (BOME) suffered double-digit losses over the past week.

Celebrity meme coins in general have faced a tough market, with most new launches trading in the red. Notable examples include the Caitlyn Jenner (JENNER) token, launched by American media personality Caitlyn Jenner, which is down over 75% from its peak on May 28. 

Similarly, the Timeless Davido (DAVIDO) token, launched by Nigerian singer David Adedeji Adeleke Oon, has plummeted 77% from its all-time high reached on May 30.

This trend of celebrity meme coins generally lacking intrinsic utility or underlying value often leads to their high volatility, primarily driven by social media hype and retail supply and demand dynamics.

Despite the broader market challenges, Azalea’s MOTHER token stands out as an exception, buoyed by her continuous efforts to provide real-world applications and reassure the crypto community of her long-term commitment to the project.

The post Buy Phones with MOTHER Token: Iggy Azalea Announces appeared first on Coinfomania.

In a strategic move to enhance its portfolio of on-chain experiences, Uniswap Labs announced today the acquisition of the blockchain-based interactive game “Crypto: The Game” (CTG). 

This decision comes on the heels of CTG’s second season, which saw its 800 slots sell out in just 13 minutes, highlighting the game’s immense popularity among both seasoned cryptocurrency enthusiasts and newcomers. 

Uniswap Labs Focuses on Making Blockchain More Engaging

Mary-Catherine Lader, Chief Operating Officer at Uniswap Labs, emphasized the company’s commitment to enhancing on-chain experiences to make them more engaging and enjoyable. She noted the significant excitement generated by CTG, a sentiment echoed by Dylan Abruscato, one of the game’s founders.

Abruscato, whose entertainment credentials include producing roles at “Saturday Night Live” and the development of the once-viral mobile game HQ Trivia, expressed optimism about leveraging Uniswap Labs’ resources to elevate the upcoming third season of CTG. 

The terms of the deal, involving a combination of cash, tokens, and equity, remain undisclosed. This acquisition underscores Uniswap Labs’ commitment to making blockchain interactions more engaging and accessible to a broader audience.

Crypto: The Game on X

CTG has been inspired by competitive TV shows such as “Survivor” and “Squid Game,” where contestants face off in various challenges. In the game’s format, participants buy in with 0.1 ETH (approximately $367) and are grouped into eight tribes of 10. 

Over a span of 10 days, they engage in daily challenges and vote each other out until a single winner emerges with the entire prize pot. The inaugural season saw a player from Japan clinch a grand prize of over $150,000, with the pot increasing to around $250,000 in the subsequent season.

Crypto: The Game – Gateway to DeFi for Newcomers 

The allure of CTG has extended beyond hardcore crypto circles to capture the imaginations of a broader audience, including venture capitalists and influential figures in the cryptocurrency sector such as 3LAU, Packy McCormick, Jesse Pollak, and Bored Elon. 

Approximately 10% to 15% of the game’s followers are newcomers to the crypto world, highlighting its potential as a gateway for introducing the uninitiated to decentralized finance.

During the game’s second season, Uniswap Labs had already dipped its toes into the CTG ecosystem by sponsoring a challenge. This sponsorship was part of a broader engagement with the game that included other notable partners such as Adidas, which provided players with branded tracksuits as non-fungible tokens, and Wormhole. 

This behind-the-scenes involvement offered Uniswap a unique insight into CTG’s successful strategies for attracting new users to the crypto domain.

“Crypto: The Game” – A Viral Phenomenon

The game has rapidly evolved into a cult phenomenon within the cryptocurrency landscape since its debut at the end of January, followed by a quick succession to a second season in April. Its popularity has spread across various platforms, including X, Farcaster, and a podcast by the Web3 and culture media outlet Boys’ Club. 

This podcast episode led to an anecdotal instance shared by Abruscato about his 68-year-old mother-in-law, who became so engrossed in the show that she inquired about a player’s strategy after being voted out.

Abruscato further noted that during the last season, the game attracted 50,000 unique visitors to its website over the course of 10 days. He described CTG as a 24/7 crypto reality show characterized by villain arcs, drama, and fan favorites, likening it to a spectacle within the crypto community.

With the founders of CTG, Dylan Abruscato, Tyler Cagle, and Bryan Lee joining Uniswap following the acquisition, the combined efforts of both entities are set to expand the horizon of interactive consumer crypto experiences.

Moreover, both companies have clarified that the game will continue to operate independently without becoming a mere promotional tool for Uniswap’s wallet or exchange services. This strategic acquisition promises to fuel further innovation and excitement as they gear up for the third season of CTG. 

The post Uniswap Labs Buys Popular Blockchain Game “Crypto: The Game” appeared first on Coinfomania.

Jellyverse, a community-driven DeFi platform, has officially launched its Jellyverse ecosystem and decentralized exchange (DEX) JellySwap, serving as Balancer’s official representative on the Sei blockchain. 

This comprehensive ecosystem integrates various DeFi tools, including JellySwap, a Balancer-friendly fork DEX, the JellyStake staking solution, and a synthetics protocol known as jAssets.The launch introduces a suite of DeFi 3.0 tools aimed at enhancing portfolio diversification within the crypto space and creating new investment opportunities.

Innovative Features of JellySwap DEX

The JellySwap DEX features innovative ‘WeightedPools’, supporting up to eight different tokens, and ‘composable stable pools’, which allow users to customize investment ratios with up to five tokens per pool. 

These features provide users with the flexibility to manage their portfolios according to their specific investment strategies and risk profiles. Additionally, the JellyStake staking protocol engages the community in governance by rewarding stakers with protocol revenues, thus promoting active participation and decision-making within the platform.

The jAssets synthetics protocol facilitates the creation of tokens that follow price feeds of real-world assets, including stocks and commodities, thereby bridging the gap between traditional finance and decentralized finance.

In celebration of Jellyverse’s launch, the platform is hosting its inaugural Pool Party event, a unique token offering that provides the community with an innovative method to acquire Jelly Tokens (JLY).

The event, which starts on June 11th at 12pm UTC and runs for 96 hours or until tokens are depleted, allows community members to purchase JLY with SEI tokens. These SEI tokens are then pooled with additional JLY to create initial pool liquidity, ensuring a stable and robust trading environment from the outset.

Jellyverse Announcement

Santiago Sabater, Co-Founder at Jelly Labs AG, emphasized the platform’s mission to redefine DeFi by connecting it with real-world assets. He stated that this approach ensures robust and sustainable growth regardless of market trends, positioning Jellyverse as a leader in the evolving DeFi landscape. 

Sabater highlighted the combination of JellySwap and jAssets as providing a new industry standard for enhanced portfolio diversification within the crypto space, offering users a secure and efficient way to manage their investments.

Balancer & The Rise of Friendly Forks 

Tritium, Balancer Maxi and Head of DevOps, commented on Balancer’s strategic decision to consider friendly fork proposals as a means to expand their technology within the rapidly growing chain-verse. 

He praised the proactive efforts of the Jellyverse team and their connections with the SEI Foundation, noting that these factors positioned them as the first to launch a friendly fork in this cycle. 

This collaboration underscores the potential for innovative cross-chain integrations and the expansion of DeFi solutions across multiple blockchain platforms.

The DeFi 3.0 tools introduced by Jellyverse are designed to pave a new path for portfolio diversification in the crypto market. The platform, governed by a decentralized autonomous organization (DAO), focuses on creating a sustainable, yield-oriented landscape that integrates protocols with real-world price feeds. 

This governance model ensures that the community has a direct say in the platform’s development and operations, promoting transparency and trust among users. All utilities within the ecosystem are governed by Jellyverse’s native token, JLY, which serves as the backbone of the platform’s financial infrastructure.

Jellyverse aims to meet a wide range of financial needs through its combination of decentralized exchange, staking, and synthetics protocol. By integrating traditional financial instruments with cutting-edge DeFi solutions, Jellyverse offers users a comprehensive and flexible platform for managing their investments. 

The launch of Jellyverse marks a significant milestone in the DeFi industry, highlighting the potential for innovative solutions and robust growth opportunities within the ever-evolving crypto landscape.

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Van Lagen predicts Solana’s price could plummet to as low as $13. In his analysis, he uses Elliott Wave Theory to explain the patterns in the market price that have reoccurring features.

Elliott Wave Analysis

Lagen has analyzed Solana’s price action, beginning in 2021, which he stated was the tip of a big Elliot wave. He stated that this time has resulted in the conclusion of an upward movement that can be divided into five individual waves, the last of which indicated that a shift in direction was imminent.

In 2022, van Lagen pinpointed the beginning of the A-wave bear market, which is the first step of a long bear market. This A-wave in five sub-waves indicates the bearish trend in accordance with the Elliott Wave Theory because of the market indicators.

According to van Lagen, in 2023, he saw the development of the B-wave, a corrective movement within the bear market. This B-wave can also be divided into five sub-waves, following the Elliott Wave pattern for correction. Identifying this B-wave is important because it means that the overall trend, which is the downtrend, is not over, which means that more downward movement is expected.

I'm short on $SOL –> ready for the next leg down. 2021: Finalized a clean Elliottwave up;2022: A-wave down of prolonged bear market <- 5 subwaves;2023: B-wave of prolonged bear market <- 3 subwaves;2024: Expectation is C-wave down.Bearish divergence on the weekly RSI. pic.twitter.com/nHwfFQGEIm

— Gert van Lagen (@GertvanLagen) June 3, 2024

Bearish Outlook for 2024

In 2024, van Lagen expects the C-wave to kick in, the last wave of a larger bear market cycle. This C-wave may be depicting the end of the bear market that Solana is experiencing.

Also, van Lagen points out that the weekly Relative Strength Index (RSI) shows a bearish divergence. This situation, where the price creates higher highs and the RSI does not, indicates a bullish momentum and trend shift.

A social media post from Van Lagen analyzing what he thinks is his short position on SOL shows that he is already positioning himself for the next drop. He further predicts that the perfect fifth wave was completed in 2021, and the year 2022 marked the beginning of the A-wave down, followed by the B-wave up in 2023 and the possibility of a C-wave down in 2024.

Risk and Market Sentiment

Despite being certain of his analysis, van Lagen understood the possible consequences of bearing a short position in Solana. It is what he terms as a 50/50 trade and bold. He emphasizes chart analysis as a way of making more rational decisions and not influenced by emotions. 

Moreover, while van Lagen uses the Elliott Wave Theory for his bearish forecast of Solana, he notes that the overall crypto market has often influenced the price of Bitcoin, hence, the concern for the correlation between Solana’s projected price drop and the possible increase in the price of Bitcoin.

As of this writing, Solana is at $159.17 with a 24-hour trading volume of $1,539,304,068, which shows a 0. 14% decrease within the last day, according to CoinMarketCap data.

The post Analyst Predicts Solana Plunge to $13 Using Elliott Wave Theory appeared first on Coinfomania.

Crypto custodian Bakkt is considering strategic measures such as sales or business divestiture to assess its future course of action. The firm that provides custody and trading services for institutions has hired a financial advisor to help with such decisions. Even with a 15% decline in trading volume, Bakkt generated $348 million in revenue for Q2 2023. With Bakkt still uncertain about its plans, those who wish to invest in a more stable cryptocurrency market should consider 5thScape (5SCAPE), the most prominent VR/AR crypto coin.

5thScape: The Stable Crypto Bet

5thScape (5SCAPE) is a VR/AR crypto coin that has been gaining attention for its innovative approach to integrating blockchain technology with virtual and augmented reality. 

Here are some key points ensuring its stability: 

Utility in Gaming: 5thScape is integrated with VR/AR gaming platforms, enhancing in-game transactions and player experiences.

Play-to-Earn Ecosystem: The platform rewards players with 5SCAPE for in-game achievements, creating sustainable income opportunities for gamers.

Staking Rewards: 5thScape offers attractive yields, encouraging long-term holding and network security.

>>Click Here To Visit 5thScape Presale Page  Market Trends and Adoption

5thScape has quickly become a star in the crypto world, crafting a niche among leading crypto tokens. It has raised $6.1 million in its first presale stage, signaling strong investor interest and confidence. As VR technology continues its rapid growth and its user base expands exponentially, 5thScape is poised to become a leader in the VR entertainment space.

Price Predictions and Growth Potential

Price predictions for 5thScape are optimistic. By the end of 2024, it’s predicted that 5thScape could reach a price of $0.10. By 2025, this could increase to $0.30; by 2030, the token could jump as high as $1.50. 

Bakkt News: Strategic Measures Amid Uncertainty

Bakkt, a crypto custodian, is considering strategic measures such as sales or business divestiture to assess its future course of action. Despite a 15% decline in trading volume, Bakkt generated $348 million in revenue for Q2 2023. The firm has hired a financial advisor to help with these decisions.

Investor Shift: From Bakkt to 5thScape

With Bakkt’s uncertain future, investors are turning to more stable options like 5thScape. Bakkt, launched by the NYSE’s parent company, is exploring strategic measures, including a potential sale or business divestiture, but final decisions have yet to be made. Despite reporting $348 million in Q2 2023 revenue and forming new partnerships, Bakkt faces financial instability, having reported a $21 million loss in the first quarter of this year.

In contrast, 5thScape attracts investors seeking stability and consistent growth. Integrated with VR/AR gaming platforms, 5thScape enhances in-game transactions and offers a robust play-to-earn ecosystem. Additionally, its attractive staking rewards promote long-term holding and network security. These features make 5thScape a secure and promising investment, appealing to those seeking stability amid the volatile crypto market.

Future Prospects: 5thScape’s Potential

5thScape is set for significant growth, driven by the increasing adoption of VR/AR in the gaming industry and continuous technological advancements. As the VR market is expected to grow by 104% by 2028, 5thScape’s strategic integration of its token, 5SCAPE, positions it well to capitalize on this trend. 

Beyond gaming, 5thScape has potential applications in education, healthcare, and enterprise, which could expand its user base. The project integrates advanced technologies like VR, AR, AI, and blockchain to create a unique and immersive gaming ecosystem, enhancing player engagement. 

With strong performance and optimistic price predictions, 5thScape is reinforcing its position as a leading stable cryptocurrency, benefiting from the overall growth of the crypto market and increased visibility from successes like Ethereum and spot Ether ETFs.

Final Words 

Bakkt navigates strategic uncertainties and potential divestiture; 5thscape emerges as a stable and promising investment in the cryptocurrency market. With its innovative integration in the VR/AR gaming sector, attractive staking rewards, and optimistic growth projections, 5thScape offers a compelling alternative for investors seeking stability and long-term growth in a rapidly evolving digital landscape.

The post Bakkt Eyes Sale, 5thScape Emerges as Stable Crypto Bet appeared first on Coinfomania.

Floki (FLOKI), a rising cryptocurrency rivaling Dogecoin (DOGE) and Shiba Inu, experienced a significant price surge following a substantial $12 million investment from DWF Labs.

This influx of capital aims to bolster Floki’s ecosystem, propelling it towards becoming a formidable contender in the digital assets sector. The announcement, made on social media platform X, highlighted the forthcoming launches within the Floki ecosystem that promise to solidify its market position.

DWF casually buying 12M in $FLOKI tokens, while the chart is working out like we planned it way earlier New highs again after a break-out of this consolidation phase, send muh doggo! https://t.co/SVYIEfOqzh pic.twitter.com/VS9oCA1ioW

— Phoenix (@Phoenix_Ash3s) June 5, 2024

Strategic Product Launches Set to Propel Floki

Floki is gearing up to release several key products, which are anticipated to significantly impact its market trajectory. Among these is Valhalla, Floki’s flagship metaverse game, set to launch its mainnet version soon. This release is expected to drive substantial engagement and adoption, capitalizing on the growing interest in metaverse platforms. 

Besides Valhalla, Floki plans to introduce a trading bot, a decentralized domain name and website service (.Floki), and other utility products in the coming months. These strategic additions aim to enhance the functionality and appeal of the Floki ecosystem, making the FLOKI token more useful and widely adopted.

Enhanced Market Presence and Robust Performance

The partnership between Floki and DWF Labs, which began in May 2023, has been instrumental in boosting the token’s adoption and market presence. DWF Labs had previously committed to purchasing $10 million worth of FLOKI tokens, underscoring their confidence in Floki’s long-term potential.

This continued support has facilitated key exchange listings, established strategic partnerships, and consistently propelled Floki’s progress. Consequently, this collaboration has significantly elevated Floki’s status in the cryptocurrency sector.

Following the recent $12 million investment announcement, the price of Floki surged by over 30%, reaching $0.00034 before stabilizing around $0.00030. As of now, FLOKI is trading at $0.000276, marking a decrease of 11.25%. Over the past week, the token has grown by 5.87%, and over the past month, it has surged by an impressive 62.30%. This remarkable increase has boosted FLOKI Inu’s market capitalization to $2.6 billion.

Market Dynamics and Future Outlook

Floki’s surge in market cap and trading activity has positioned it among the top cryptocurrencies. This milestone signals robust market confidence and investor enthusiasm. In contrast, Dogecoin’s performance has been relatively slow. Currently trading at $0.145937, Dogecoin has seen a 9.56% decline over the past day. Its mid- and long-term performance has been stagnant, with an 8.45% decline over the past week and a slight increase over the past month. This comparison underscores Floki’s impressive trajectory and potential for continued growth in the competitive cryptocurrency landscape.

The post Floki Gets $12M DWF Labs Investment Surging Ahead of Dogecoin and Shiba Inu appeared first on Coinfomania.

Meme coin PEPE/USDT also indicates some consolidation at the moment, trading around $0.000014; the focus turns to 5thScape, which has gained much attention from the market. PEPE has undoubtedly had its share of an uptrend, but now, it hovers slightly above the Ichimoku Cloud’s baseline at $0.000012, critical support.

 On the other hand, 5thScape keeps climbing higher, attracting investors searching for stability and returns. The market’s eyes shift to 5thScape as it performs better than the rest, making it the better investment. This dynamic suggests that there might be a change in the preference of the traders, and thus, 5thScape might be a better option in the current market environment.

5thScape (5SCAPE): VR/AR Titan Aims For 100x Leap In 2024!

In 2024, 5thscape stands on the brink of a major breakthrough, with projections suggesting an astonishing 100-fold expansion in the VR/AR sector. Renowned for its cutting-edge technology and innovative strategies, 5thscape is poised to transfigure the digital landscape with immersive experiences that captivate audiences worldwide. 

Investors and tech aficionados are closely observing the platform’s imminent releases of groundbreaking games and interactive VR content. This anticipated surge emphasizes 5thscape’s capacity to emerge as a frontrunner in the VR/AR market, positioning 2024 as a pivotal year for the industry.

>>Click Here To Visit 5thScape Presale Page  Exploring The Mysteries Of PEPE’s Volatile Journey

As PEPE experiences price consolidation, its market undergoes a period of stability and balance after recent fluctuations. Chart analysis reveals a narrowing trading range and decreased volatility, indicating a potential accumulation phase. 

Traders closely monitor key technical indicators, such as moving averages and trading volume, to gauge the strength of the consolidation and anticipate potential breakout or breakdown patterns. The Ichimoku Cloud pattern could be a significant support level for PEPE. 

The EMAs indicate a bullish trend shaping PEPE’s price movements above $0.000014. Investors should exercise caution and remain vigilant during this period as the market prepares for its next directional move.

5thScape’s Avant-Garde VR Technology

A novel startup, 5thScape represents a cutting-edge venture in the realm of virtual and augmented reality (VR/AR). It strives to pioneer immersive virtual environments beyond conventional VR and AR applications. The company integrates Artificial Intelligence (AI), the Internet of Things (IoT), and blockchain technology to amplify interactivity, realism, and user involvement.

Distinguishing Features: 5thScape distinguishes itself from competitors through its immersive gaming experiences, augmented learning opportunities, and decentralized streaming capabilities. These attributes elevate user engagement and impeccably blend physical and virtual kingdoms.

Revolutionary Software Offerings: 5thScape’s software lineup encompasses a wide variety of VR experiences spanning entertainment, education, and beyond. It also plans to develop two pivotal VR sports games and release trailers for three additional titles. To learn more about the gaming titles and their release dates, refer to its whitepaper.

Exclusive VR/AR Hardware: 5thScape is in the process of crafting its own high-resolution VR Ultra Headset and SwiftScape motion-supported VR chair. These devices aim to deliver unparalleled immersion with precise motion tracking and high-fidelity visuals.

Groundbreaking Innovations Primed For A 100x Price Leap

The year 2024 has witnessed a breakthrough in the VR realm. Numerous cryptos have emerged to amass the industry’s potential. 5thScape is one of them. The project is ready to uncover a series of VR games and video content to reshape the VR/AR domain. 5SCAPE, its digital currency, is the heart of this ecosystem.

Token holders stand a chance to dive into a virtually immersive world with powerful music, engaging sound effects, and unique narratives. As players indulge in games on 5thScape’s platform, the 3D VR games come to life and let you experience thrill and adventure like never before. Investors can double the fun with a comfortable ergonomic chair and high-tech VR headgear as they teleport you to the thrill-packed ride.

By directing its efforts toward the burgeoning VR market and advancing its hardware offerings, 5thScape positions itself to seize opportunities arising from the rapid expansion of VR technology.

Moreover, the real-world applications of 5thScape’s projects span various sectors. The platform footholds its immersive VR realm in the gaming sector while it expands to the brimming world of academics, revolutionizing learning across diverse fields.

Exclusive Early Bird Opportunities

Crypto presale defines the success of an upcoming project. Moreover, it shows investor confidence in the token and heightened growth potential. 5thScape presale has made it to the headlines after amassing an enormous $6.5 million through fundraising. Early supporters will receive promising returns if they have been a part of 5thScape since its birth. 

Tokens are presently offered at reduced rates, with an anticipated listing value suggesting potential profits exceeding 166%. Early investors can secure their position in the gaming future with 5thScape’s presale. Priced at a mere $0.00376 per token and with an expected listing rate of $0.01, the chance for significant returns is extensive.

Poised For Exponential Growth: 5SCAPE

Market projections indicate a substantial surge in the virtual landscapes, with global estimates foreseeing a robust 8.97% growth by 2029, reaching a market volume of $62 billion. The VR gaming segment is up-and-coming, with a projected CAGR of 22.7%. Amidst this promising growth, 5thscape stands out, strategically positioned to capitalize on the booming VR gaming industry. 

With exciting VR games like Cage Conquest, Thrust Hunter, and Immersive Kickoff generating buzz among gamers, 5thScape’s potential for growth is significant, making it an attractive investment opportunity in the expanding VR/AR landscape.

Summing Up!

As 5thScape gears up for the big picture, the prospect of a 1000-fold expansion in the VR/AR sector is swiftly materializing. Fueled by its pioneering technology, strategic initiatives, and escalating investor enthusiasm, 5thScape is on the brink of transforming the digital realm. 

By seamlessly blending cutting-edge VR/AR solutions with Artificial Intelligence, the Internet of Things, and blockchain, 5thScape is primed to assert its dominance in the market, heralding 2024 as a transformative year for the platform and the entire VR industry.

The post As PEPE Consolidates, 5thScape Captures the Market: Why It’s the Winning Choice! appeared first on Coinfomania.

The 5thScape (SCAPE) presale is generating a lot of interest due to the possibility of a 100X return on investment. First investors are given a unique chance. It gives its holders access to high-quality VR content and a passionate community. With more people getting interested, 5thScape can be easily distinguished amid the numerous competitors in the crypto market. The success of the presale shows that there is a great potential for future expansion. 

This has created much interest among investors wanting to seize this opportunity. As it stands, 5thScape is gradually emerging onto the scene with its unique features in the crypto world. Do not lose this chance to invest in something that can give a good return on investment. Hurry up and become a member of the 5thScape ecosystem.

Innovative Integration of VR and Blockchain

One of the standout features of 5thScape is its innovative approach to integrating VR technology with blockchain. Unlike traditional cryptocurrencies, 5thScape offers immersive virtual experiences that appeal to both tech enthusiasts and gamers. The platform allows users to explore virtual worlds, participate in VR events, and interact with other users in a way that has never been seen before in crypto space. This blend of cutting-edge technology and user engagement is set to redefine how we perceive digital assets.

>>Click Here To Visit 5thScape Presale Page  Experienced Development Team

Moreover, 5thScape’s development team comprises industry veterans with a proven track record in both blockchain and VR technologies. Their expertise ensures that the project is built on a solid foundation, promising reliability and continuous innovation. 

The team’s vision extends beyond just creating a cryptocurrency; they aim to build a thriving ecosystem where users can benefit from both financial gains and exceptional virtual experiences.

Transparent Roadmap and Strategic Planning

Investors are also drawn to 5thScape due to its transparent roadmap and clear milestones. The presale funds are allocated strategically to enhance platform development, marketing, and community engagement. 

This meticulous planning instills confidence among investors, assuring them that their contributions are paving the way for a groundbreaking project with long-term viability.

Growing Community Support

Furthermore, the growing 5thScape community plays a crucial role in its success. Enthusiasts and early adopters are not only investing in SCAPE tokens but also actively participating in community events, forums, and discussions. 

This vibrant community support acts as a catalyst for the project’s growth, fostering a sense of ownership and collaboration among its members.

A Golden Opportunity

In summary, the 5thScape (SCAPE) presale presents a golden opportunity for investors to get in on the ground floor of a revolutionary project with the potential for massive returns. With its unique blend of VR and blockchain technology, a dedicated development team, and a supportive community, 5thScape is poised to make significant waves in the crypto market. 

Don’t miss out on this chance to be part of a transformative journey that promises both financial rewards and unparalleled virtual experiences.

The post Get in Early: 5thScape (SCAPE) Presale Offers a Once-in-a-Lifetime 100X Gain Potential! appeared first on Coinfomania.

Former President Donald Trump recently positioned himself as a strong advocate for cryptocurrency at a high-profile San Francisco fundraiser. 

The event, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya in the affluent Pacific Heights neighborhood, raised an impressive $12 million for his campaign. Trump criticized Democratic efforts to regulate the industry, portraying himself as the “crypto president” and promising a more supportive stance towards digital assets.

Trump’s Crypto Stance and Industry Response

Trump’s declaration of support for cryptocurrency comes when the industry faces increased regulatory scrutiny. The past year saw several high-profile bankruptcies among major crypto firms, which led to significant investor losses and exposed numerous cases of fraud and misconduct. Despite these challenges, Trump emphasized the importance of the crypto sector and expressed his strong backing, though he did not provide specific details about his proposed policies.

The crypto industry, eager to influence U.S. political discourse, welcomed Trump’s statements. Republican National Committeewoman Harmeet Dhillon highlighted Trump’s commitment to halting what he called the “Biden-Gensler crusade against crypto.” This refers to SEC Chair Gary Gensler’s efforts under the Biden administration to implement stricter regulations on the industry.

High-Profile Support and Biden’s Regulatory Approach

The fundraiser attracted notable crypto world figures, including Coinbase executives and prominent investors like Tyler and Cameron Winklevoss. Their attendance underscores a growing trend among Silicon Valley venture capitalists and crypto investors who favor Trump’s less regulatory approach. This support contrasts sharply with the predominantly liberal leanings of San Francisco.

Under President Joe Biden, the White House has taken steps to ensure the responsible development of digital assets. An executive order signed in 2022 directed agencies like the SEC and the Commodity Futures Trading Commission to develop rules addressing risks in the crypto ecosystem. White House spokesperson Robyn Patterson stated that the administration supports innovation while also aiming to protect consumers from the potential dangers associated with new technologies.

Trump’s promise to curb regulatory efforts resonates with industry leaders who are concerned about what they perceive as excessive regulation. Figures like Jacob Helberg, an adviser to Palantir, voiced strong support for Trump’s commitment to swiftly ending stringent regulatory measures.

The post Trump pitches himself as ‘crypto president’ at San Francisco tech fundraiser appeared first on Coinfomania.

Toncoin (TON) has been attracting the attention of investors due to the appreciation of its price, which increased by nearly 7% in the last week and 16% in the previous month. This positive pressure, combined with optimistic analysts’ recommendations, makes TON likely to break through. As of now, TON has been trading at $6. 75, with a 24-hour trading volume of $183. 38 million and a market capitalization of $23. 46 billion. 

The excitement around TON is still growing; in the last 24 hours alone, there was a 36% increase. Amidst this optimism, investors are now turning their eyes to 5thScape for potentially bigger and better returns than some other cryptos in the market.

Investors Turn to 5thScape for Multiple Earning Options

As the crypto market evolves, investors are seeking new opportunities. While Toncoin (TON) has garnered attention with its recent price surge, 5thScape is emerging as a promising alternative for potentially higher returns.

5thScape isn’t just another cryptocurrency; it’s a virtual universe offering diverse earning options. This innovative project blends VR crypto gaming, community development participation, and staking, creating a unique investment opportunity.

VR Crypto Gaming: 5thScape leads the VR crypto gaming revolution, allowing investors to earn rewards through gameplay, enhancing their returns.

Community Development Participation: Investors can actively contribute to 5thScape’s growth and earn rewards, fostering a strong community and providing another earning avenue.

Staking: Investors can stake their tokens to earn passive income, adding to gaming and community participation returns.

>>Click Here To Visit 5thScape Presale Page 

While Toncoin (TON) continues to attract interest, 5thScape’s multifaceted earning options and innovative approach position it as a compelling choice for investors seeking bigger and bolder returns in the evolving crypto landscape.

5thScape’s Unique Value Proposition

5thScape is a revolutionary Metaverse GameFi project redefining the VR gaming landscape. It offers a comprehensive VR experience with a diverse library of 3D VR games spanning various genres, including MMA, cricket, soccer, and archery. But what truly sets 5thScape apart is its innovative features and the role of its utility token, 5SCAPE.

Beyond gaming, 5thScape envisions a thriving VR ecosystem, complete with a decentralized marketplace for developers and content creators, streaming, and learning opportunities. This fosters a community-driven environment where knowledge and entertainment intertwine, enriching the user experience.

Role of 5SCAPE Utility Token

The 5SCAPE token serves as the backbone of the 5thScape ecosystem. Holding 5SCAPE grants access to various features and benefits, including playing VR games, participating in the marketplace, staking, and earning rewards.

The presale of 5thScape was split into 12 stages, with an initial price of $0.00187 and a final price of $0.0087. As of the end of 2024, the highest value of 5thScape is predicted to reach $0.0135. This demonstrates the potential real value the 5SCAPE token can provide investors.

5thScape’s unique value proposition lies in its innovative features and the role of its utility token. By offering a diverse VR gaming experience and multiple earning options, 5thScape is not just a cryptocurrency but a comprehensive VR ecosystem that provides real value to its users and investors. With its unique concept and multiple utilities, 5thScape is poised to redefine the VR gaming landscape and the crypto market.

5thScape’s Market Positioning

5thScape is positioning itself as a leader in the crypto gaming niche by offering a comprehensive VR experience with a diverse library of 3D VR games. It has quickly become a star in the crypto world, crafting a niche among leading crypto tokens such as Pepe (PEPE), Toncoin (TON), and Retik Finance (RETIK). With its innovative approach to VR entertainment, 5thScape is grabbing attention among investors and entertainment seekers alike.

Toncoin Price Prediction TON Poised for Breakout

Toncoin (TON) has been performing well in the market recently, with a price increase of nearly 7% in the last week and 16% in the previous month. Currently, TON is trading at $6.75, with a 24-hour trading volume of $183.38 million and a market capitalization of $23.46 billion. The last 24 hours have seen a 36% increase in trading volume, indicating growing investor interest.

Analysts are optimistic about TON’s future, predicting a potential breakout due to the positive market pressure and the coin’s recent performance. However, crypto whales have also started to feel skeptical about their investment due to fluctuating markets, as there are potential limitations and risks that investors need to consider.

Below are some factors that are bothering them: 

Market Volatility: Cryptocurrency markets are known for their volatility, and Toncoin is no exception. While the recent price increase is encouraging, investors must be prepared for potential fluctuations. Moreover, it becomes alarming as Toncoin needs a tangible utility. 

Competition: The crypto market is highly competitive, with new coins and technologies constantly emerging. Toncoin faces competition from other established cryptocurrencies and new entrants like 5thScape.

Sustainability: For long-term success, Toncoin needs to demonstrate sustainability. This includes the ability to maintain its technological edge, adapt to market changes, and continue to attract investors.

At the same time, 5thScape offers several advantages over Toncoin. It provides stability through unique earning options, including VR crypto gaming, community development participation, and staking. These features offer the potential for higher returns and foster a sense of community involvement, making 5thScape a more sustainable and diversified investment option.

While Toncoin shows promise, investors must consider potential limitations and risks. On the other hand, 5thScape, with its innovative approach and multiple earning options apart from utility, presents a compelling alternative for crypto investors. 

Expert Opinions on Long-term Viability of 5thScape 

Mike Novogratz, CEO of Galaxy Digital, stated that better regulations could open up more market possibilities, thus making a venture like 5thScape, which utilizes VR/AR, a viable bet on the emerging market. Other experts predict that 5thScape has a potential 600x investment opportunity.

Concluding Thoughts 

While Toncoin’s recent performance and potential breakout have caught the attention of investors, it’s 5thScape that stands out as a game-changer in the crypto market. With its innovative VR gaming platform, community development participation, and staking options, 5thScape offers a unique value proposition and multiple earning avenues. 

Experts’ optimistic predictions and the potential 600x investment opportunity further underscore 5thScape’s promising future.

The post Toncoin Price Prediction TON Poised for Breakout: Investors Turn to 5thScape for Bigger, Bolder Returns! appeared first on Coinfomania.

New York Attorney General Letitia James has filed a lawsuit against the crypto trading firm NovaTech, the defunct digital asset company AWS Mining, and at least two major promoters, accusing them of defrauding investors out of $1 billion, according to court documents dated June 6.

New York Attorney General Sues Crypto Firms

The lawsuit targets a fraudulent scheme perpetrated by AWS Mining between 2017 and 2019. During this period, the company, along with a married couple, Cynthia and Eddy Petion, and several associates, allegedly promised investors a 200% return on their investments in cryptocurrency mining.

 The lawsuit claims these promises were deceptive and that the scheme was doomed to fail because, as stated by defendant Cynthia Petion, AWS Mining had been paying excessively high returns and bonuses for an extended period.

By April 2019, AWS Mining collapsed, leaving most investors without their funds. In August of the same year, the Petions, along with some previous AWS Mining promoters, established NovaTech. 

The new platform reportedly received over $1 billion in deposits, yet less than $26 million was actually traded.

Targeted Fraud Against Haitian Investors

The legal action brought by James details how the Petions and their associates orchestrated pyramid schemes specifically targeting investors of Haitian descent, who were desperate for income and could ill-afford losses. 

The lawsuit alleges that the defendants exploited these investors by promising them financial freedom and subsequently recruited the same victims from AWS Mining for NovaTech, leveraging their lack of access to traditional financial markets.

In a damaging revelation, the lawsuit also accuses Cynthia Petion of assuming the title of “Reverend CEO” and deceitfully proclaiming NovaTech as “God’s vision.” 

NovaTech, AWS Mining Lawsuit

She is alleged to have promoted these schemes in Creole, exploiting the religious faith of investors. In private communications, she reportedly described her victims as akin to members of a cult and herself as a zookeeper, noting their mindless following and unquestioning agreement with everything she proposed.

By 2022, the Petions had clandestinely moved to Panama. It is reported that they joked with another promoter that U.S. officials could not serve them if they were unable to find them. As of May 2023, NovaTech had shut down, and the Petions, along with their fellow promoters, had absconded with millions in recruitment payments and profits. 

The Aftermath and Ongoing Legal Challenges 

The lawsuit asserts that NovaTech failed to return the cryptocurrencies deposited by investors, resulting in tens of thousands of investors suffering losses amounting to hundreds of millions of dollars.

 Although the Petions, AWS Mining, and NovaTech have been recently targeted by a $2 billion class action lawsuit filed in February of the current year, no criminal charges have been initiated. The Petions have not yet officially responded to the allegations publicly.

In a related legal matter, Attorney General Letitia James continues her legal battle against the Digital Currency Group (DCG), its founder and CEO Barry Silbert, and Soichiro “Michael” Moro, the former CEO of DCG’s crypto trading arm, Genesis. On Tuesday, James’ office filed a motion opposing the dismissal of a case against DCG, Silbert, and Moro initiated in March. 

The lawsuit accuses Genesis, DCG, Silbert, and Moro, along with the crypto exchange Gemini, of defrauding investors by concealing a significant $1 billion deficit in Genesis’ balance sheet following the collapse of the Singapore-based crypto hedge fund Three Arrows Capital, which was Genesis’ second-largest borrower at the time.

 According to the allegations in James’ October suit, Genesis and DCG misled investors with false assurances on Twitter that DCG had absorbed the losses of Genesis. Instead of covering these losses, DCG is alleged to have merely issued a promissory note to Genesis, pledging to pay $1.1 billion over ten years at 1% interest, merely to give an illusion of liquidity. 

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Why did the crypto market crash today? The global crypto market has experienced a very sharp decline in one hour as over $300 million gets liquidated within this time. At the time of writing, the total crypto market cap has dropped by 3.9% to $2.53 trillion.

Breaking: The #crypto market is plummeting. Over $300 million liquidated in one hour.#cryptonewstoday #fridayfeeling #bitcoin #cryptocurrency

— 36crypto – Crypto News (@36Crypto2) June 7, 2024

The trading volume however has surged by 43% to $103 billion according to data from CoinMarketCap. Stablecoin trading volume makes up more than 94% of the total trading volume. In this post, we will focus on the prices of top coins like Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin. Let us take a look.

Top Crypto Price Update

The price of Bitcoin (BTC), the flagship cryptocurrency, has dropped by 2.75% over the last 24 hours to trade at $68,154. Additionally, its trading volume within the recorded time has surged by 48% to $36.6 billion. Bitcoin has traded between the lows and highs of $68,856.25 and $71,931.28 in the last 24 hours with a live market cap of $1.36 trillion.

On the altcoin front, the price of Ethereum (ETH) has plummeted by 3.87% in the last 24 hours, changing hands at $3,692. Just like BTC, the 24-hour trading volume of ETH has jumped by 39.95% to $18.3 billion with a live market cap of $443.5 billion. Notably, ETH has traded within the range of $3,642.09 – $3,844.40.

Trending coin XRP has joined the nosedive according to the latest data. The price of XRP at the time of writing is $0.49, representing a 5.87% drop over the last day. XRP’s trading volume has skyrocketed by 100% within this time to $2.3 billion. Also, XRP has changed hands between $0.4762 and $0.5281 in the last 24 hours.

Leading the memecoin market, the price of Dogecoin (DOGE) has crashed by 9.11% to trade at $0.14. Interestingly, the trading activity surrounding DOGE has frown by 78% to $1.5 billion following heightened whale activities over the last day. DOGE has sold between $0.146 and $0.1621 in the last 24 hours representing a 79.7% decline from its all-time high of $0.73 reached in May 2021. Dogecoin has recorded the most losses among the top 10 cryptocurrencies by market cap.

Other coins like Shiba Inu (SHIB) and Binance Coin (BNB) have plummeted by 5.95% and 3.09% to trade at $0.00002366 and $677 respectively. This recent sharp bloodbath in the crypto market has raised concerns about the possible reason behind the crash.

Top Trending Gainers

Meanwhile, while the majority of the coins in the market are trading in the red zone, some tokens are recording impressive gains. Some of these tokens are;

Ponke (PONKE), a novel digital gaming asset created on the Solana network, has skyrocketed by 18% to trade at $0.43.

Ultiverse (ULTI), an AI-based gaming token has grown by 7.6%, changing hands at $0.06.

Highstreet (HIGH), the native token of a decentralized commerce-centric play-to-earn metaverse, has jumped by 18.12% to $8.48.

The post Crypto Price Update June 7: Bitcoin Drops to $68k, ETH Dips to $3,600, XRP and Dogecoin Crash appeared first on Coinfomania.

As the United States gears up for its upcoming Presidential election, the intersection of politics and cryptocurrency is increasingly evident. Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized the pivotal role of the cryptocurrency community’s participation in this electoral process.

Call to Action for the Crypto Community

Alderoty has been vocal in urging the crypto community to participate in the November elections. In a post on June 7 on X (formerly Twitter), he stressed that without the support of crypto voters, other advocacy efforts, such as calls, letters, and emails to lawmakers, would be dismissed as mere noise. 

This rallying cry has resonated positively within the crypto community, with many users expressing similar views and pledging to support candidates who advocate for favorable policies toward the sector. 

This year, donations to crypto Political Action Committees (PACs) have reached $100 million, with significant contributions from industry executives. Companies like Coinbase have shown their commitment to regulatory clarity by donating to Super PACs to further the sector’s interests in the upcoming elections.

Stuart Alderoty on X

The push for pro-crypto legislation has intensified in Congress, with lawmakers striving for bipartisan efforts to bring about market clarity. Notably, pro-Biden legislator Rep. Ro Khanna has backed the Financial Innovation and Technology for the 21st Century Act (FIT21) legislation, calling on the White House to support the bill.

Khanna acknowledged the concerns about the Administration’s perceived negativity towards blockchain and mentioned that both he and Speaker Pelosi supported Patrick McHenry’s recent bill aimed at providing regulatory clarity, suggesting it would be beneficial for the White House to endorse it as well. 

Progress Amidst Obstacles 

Despite facing obstacles, the crypto market has made significant strides this year, particularly as the U.S. elections approach. In recent years, the industry has criticized the lack of regulatory clarity and the Securities and Exchange Commission’s (SEC) approach. 

Last month, lawmakers voted to overturn the SEC’s Staff Accounting Bulletin 121, although it was vetoed by President Biden. Nevertheless, the House passed the FIT21 legislation, with market participants urging the Senate to support the bill to establish clearer guidelines.

The FIT21 bill, if enacted, would significantly reshape the regulatory frameworks governing crypto businesses and operations in the U.S. However, the likelihood of any bill moving through the Senate remains slim due to the complexities of the legislative process. 

According to House Majority Whip Tom Emmer, the Senate might opt to start from scratch on a market structure bill, which would require going through a full committee process. 

Even if the current version of the bill reaches the Senate floor, it is expected that provisions or other aspects of the bill will be altered, necessitating its return to the House. Emmer expressed hope that the bill could be passed during the lame-duck session, once the political dust settles. 

Optimism and Engagement from Key Lawmakers

Rep. Patrick McHenry, who chairs the Financial Services Committee, remains optimistic about the bill’s prospects, pointing to the substantial support FIT21 received in the House, with 279 votes in favor. 

He noted that the absence of a veto threat from the White House on FIT21 was encouraging, indicating a willingness to engage in policy discussions.

 McHenry acknowledged the Senate’s complexity but emphasized the next step for the bill’s proponents is to engage Senators about the legislation. He believes that if two-thirds of the House can support the bill, the Senate should be able to achieve a similar level of backing.

Sen. Ron Wyden, a Democrat who voted to overturn the SEC’s Bulletin 121, emphasized the need for a regulatory framework, aligning with McHenry’s efforts. 

Wyden highlighted the importance of being tough on scammers and fraudsters within the industry, recognizing McHenry’s initiative to establish a regulatory framework and enhance the focus on combating fraud and ripoff artists.

As the political landscape evolves, the crypto community remains vigilant, recognizing the pivotal role that regulatory clarity will play in the industry’s future. The upcoming elections will serve as a critical juncture for the sector, with the potential to shape the regulatory environment for years to come.

The post Ripple’s CLO Calls for Voting Power in U.S. Elections appeared first on Coinfomania.

Dogecoin has dropped by 9%, joining the broader crypto market in a sharp value decline in the last hour. Over $300 million has reportedly been liquidated within this period triggering a massive drop across the global market.

Amid this development, whale activities surrounding the leading memecoin DOGE have increased significantly defying brewing negative sentiments. The activity surge follows a period of consolidation experienced by the memecoin near the $0.16 price level. Consequently, the future outlook of DOGE has been thrown into question as investors speculate a possible reversal.

Dogecoin Whale Activity on the Rise

According to a recent report shared by expert analyst Ali Martinez on X (formerly Twitter), the number of DOGE transactions exceeding $1 million has skyrocketed in the last 24 hours. Per his report, the total number of $1 million and above Dogecoin transactions within this time has jumped to 150.

#Dogecoin whale activity is on the rise! Over 150 $DOGE transactions, each exceeding $1 million, have been recorded in the past 24 hours. pic.twitter.com/04duEybvio

— Ali (@ali_charts) June 7, 2024

The notable surge in whale activity over a short time has triggered positive sentiment among Dogecoin investors even though the price of the token has nosedived significantly in the last hour. These large transactions could signal a growing confidence in the project as large investors accumulate massively.

A closer look at the Santiment chart shows that the uptick in whale activity began after June 2 when the price of the coin dropped to $0.135. Following this, the whale activity continued an upward trend until the price crossed the $0.16 mark earlier today. Investors’ views of this have varied, with some advising caution. But given the increased on-chain activity, the general market sentiment is still bullish.

Dogecoin Price Movements

As earlier mentioned, the price of DOGE has crashed sharply at the time of writing. According to data from CoinMarketCap, Dogecoin is currently trading at $0.146, representing a 9.10% decline in the last 24 hours.

Source: CoinMarketCap

Meanwhile, the activities surrounding the coin as portrayed in its 24-hour trading volume have surged by 94.90% to $1.5 billion. Notably, DOGE has traded between the range of $0.146 and $0.1621 in the last 24 hours, signifying a 79.9% decline from its all-time high of $0.73 reached on May 8, 2021.

According to Coinglass analytics, derivatives volume surged 20.11% today while DOGE’s futures OI fell 2.73%. The data also suggests that speculative trading and decreased investor interest may be contributing to the token’s fluctuating movement.

The post Dogecoin Experiences Heightened Whale Activities as Price Plummets by 9% appeared first on Coinfomania.

XRP Whales enters the weekend on a high note as several substantial transactions have been recorded in the last 24 hours. These large transactions have caught the attention of investors and market participants.

According to a recent report, over 226 million XRP coins have been transferred in volume within the past day. Interestingly, more than half of the amount was moved by the blockchain company Ripple from its reserve, raising speculations about the future price movement of the coin. Let us look at these transactions in detail.

Over $115.2 Million in XRP Transferred

A recent report from Whale Alert, a prominent crypto large transaction tracker, points to several huge transactions carrying XRP between wallets and crypto exchanges over the last day. Per the data provided, Ripple, the issuing company and the largest XRP holder globally, shifted 150 million coins from its reserve to a wallet labeled ‘unknown.’

At the time, the transaction was valued at $78.2 million. This movement follows its previous transfer of 3 billion XRP (valued at $1.5 billion) through eight transactions on June 4.

150,000,000 #XRP (78,209,179 USD) transferred from #Ripple to unknown wallethttps://t.co/lPfylIvDdm

— Whale Alert (@whale_alert) June 7, 2024

Meanwhile, Ripple is not the only entity to have shifted a significant amount of XRP within the last day. Whale Alert also reported that approximately 10 hours ago from the time of writing, two transfers were initiated from the exchange giant Binance to unidentified wallets. The first one moved exactly 26,284,136 XRP (worth $13.7 million), and the second one carried 25,419,259 XRP (worth $13.3 million).

Shortly after, another large investor sent 25.2 million XRP coins (approximately $13.2 million) from the same Binance exchange to another anonymous wallet. Collectively, the total value of XRP transferred by these entities is equal to $115.2 million.

25,212,264 #XRP (13,272,387 USD) transferred from #Binance to unknown wallethttps://t.co/PrdvtERllO

— Whale Alert (@whale_alert) June 7, 2024

XRP Price Declines Amid Large Transactions

According to data provided by CoinMarketCap, XRP has declined notably in the last 24 hours. At press time, XRP is changing hands at $0.48 representing a 7.96% drop. However, the trading volume within the recorded time has surged by 50.90% to $1.7 billion, representing heightened activities surrounding the coin.

What is more, XRP has traded between the lows and highs of $0.4849 and $0.5281 in the last 24 hours which is still about 84.9% below its all-time high of $3.40 reached on January 7, 2018. Ultimately, the price of XRP has dropped by 14.8% over the last 30 days. The sharp decline in XRP value has raised concern about the stability of the project and its future outlook.

The post XRP Large Transactions: More Than 226 Million Coins Transferred in a Day, Sends Price Crashing by 8% appeared first on Coinfomania.

Cryptocurrency data aggregator CoinGecko recently disclosed a data breach affecting its third-party email management service, GetResponse. This incident, confirmed on June 5, led to unauthorized access and export of personal information for over 1.9 million users from CoinGecko’s database.

Compromised Data and CoinGecko’s Reassurance

The breach was a result of a compromised account belonging to a GetResponse employee, which was first brought to light in a company announcement on June 7. 

The compromised data included users’ names, email addresses, IP addresses, locations of email opens, and other metadata such as sign-up dates and subscription plans. Despite this breach, CoinGecko assured its users that their accounts and passwords remained secure and uncompromised.

CoinGecko disclosed that while their main email domain remained secure, the attackers managed to send 23,723 phishing emails. The phishing emails were sent from another GetResponse client’s account, identified as alj.associates. 

These phishing attacks aim to steal sensitive information such as cryptocurrency wallet private keys. Some attacks, known as address poisoning scams, trick investors into sending funds to fraudulent addresses resembling those they have previously interacted with.

CoinGecko Announcement

Hakan Unal, a senior blockchain scientist at on-chain security firm Cyvers, advised users to double-check the authenticity of emails and ensure two-factor authentication (2FA) is enabled on all crypto platforms. 

He emphasized the immediate risk to individuals receiving these compromised emails and recommended robust verification and security measures to safeguard against such phishing attempts. 

Rising Threat of Phishing and Private Key Leaks

In the first quarter of 2024, hackers stole digital assets valued at $542.7 million, a 42% increase compared to the same period in 2023. Mriganka Pattnaik, co-founder and CEO of crypto risk and intelligence platform Merkle Science, noted that hackers continually shift their attack vectors and seek easier targets. 

He highlighted that while smart contract vulnerabilities remain a concern, hackers increasingly target areas outside smart contracts, such as private key leaks. These leaks, often due to phishing attacks or insecure storage practices, have resulted in significant losses.

Phishing attacks, specifically designed to steal sensitive information like crypto wallet private keys, continue to pose a severe threat. Address poisoning scams, another form of phishing, aim to deceive investors into sending funds to fraudulent addresses resembling legitimate ones they have interacted with previously.

In May, a high-profile phishing attack resulted in a trader losing $71 million worth of cryptocurrency. The attacker managed to deceive the trader into sending 99% of their funds to the attacker’s address. 

Interestingly, the unknown thief returned the $71 million to the victim over a week later, after the incident attracted the attention of blockchain investigation firms and the attacker’s location was eventually identified. 

Decline in Smart Contract Vulnerabilities 

Historically, smart contract vulnerabilities were among the most targeted infrastructures by hackers. However, the Merkle Science 2024 HackHub report revealed a significant decrease in funds lost to smart contract vulnerabilities, dropping 92% to $179 million in 2023, down from $2.6 billion in 2022. 

This shift indicates that private key and personal data leaks have become the primary reason behind cryptocurrency-related hacks.

Private key leaks remain the biggest vulnerability in the crypto space. According to Merkle Science’s 2024 HackHub report, over 55% of hacked digital assets were lost to private key leaks during 2023. 

Crypto hacks in May 2024. Source: PeckShield

Pattnaik reiterated that the rapid increase in losses due to private key leaks is the most significant security concern. He explained that hackers may be looking for easier targets requiring less technical knowledge to exploit, such as stealing private keys.

In response to these evolving threats, the cryptocurrency community is urged to enhance security measures. This includes enabling multi-factor authentication, regularly updating security protocols, and educating users about the risks associated with phishing attacks and private key leaks.

 The recent CoinGecko breach serves as a stark reminder of the persistent threats in the cryptocurrency space and the need for vigilant security practices to protect valuable digital assets. 

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