Author: Coindesk
According to the filing, in January 2021, Meerun began accumulating a position in BTMX, an illiquid token, eventually holding around half the supply, and helping drive up the price by over 10,000% in three months. He then allegedly exploited a flaw in FTX’s margin trading rules by using his stake as collateral to borrow tens of millions of dollars from the crypto exchange. Read the full article here
Mt. Gox was once the world’s top crypto exchange, handling over 70% of all bitcoin transactions in its early years. In early 2014, hackers attacked the exchange, losing an estimated 740,000 bitcoin (more than $15 billion at current prices). The hack was the biggest of the many attacks on the exchange in the years 2010-13. Read the full article here
ENS’ decision to go ahead with ENSv2 follows a series of other announcements of major crypto firms coming out with their own layer-2 projects. Recently, teams behind decentralized finance project Uniswap, crypto exchange Kraken and Sony’s Blockchain Labs unveiled plans to launch their own rollup networks. Instead of ZK rollups, however, those projects use layer-2 Optimism’s technology, known as the OP Stack, which allows developers to clone its code to create their own blockchains. Read the full article here
Dogecoin (DOGE) and shiba inu (SHIB) led gains among majors with a price jump of as much as 30%, with DOGE flipping xrp (XRP) and stablecoin USDC late Sunday to become the sixth-largest token. DOGE has jumped on renewed endorsements by technology entrepreneur Elon Musk, pushing it 88% in the past 30 days. Read the full article here
Solana achieved a remarkable comeback after the collapse of Sam Bankman-Fried’s FTX and Alameda Research in 2022, which was a key backer of the budding smart contract platform. The chain emerged as the go-to ecosystem for retail crypto users and a hotbed of this cycle’s memecoin craze, hosting for example the popular pump.fun protocol. Resurging decentralized finance (DeFi) activity also benefitted the network, making Solana’s on-chain trading ecosystem the third-most-profitable sector in crypto, a recent Coinbase report noted. The solana token was a standout among altcoins over the past year’s mostly bitcoin-dominated bull market, appreciating 275% year-over-year. Read the full…
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By the numbers: Tether’s USDT and Circle’s USDC stablecoins have produced $93 million and $28 million in revenue, respectively, in the last seven days, according to DefiLlama data, while the Ethereum, Tron and Solana networks saw $19 million, $11 million and $9.6 million. Solana-based protocols and trading bots, meanwhile, are right behind. Trading bot platform Photon and memecoin powerhouse pump.fun have both generated over $6 million in the last seven days, exceeding Ethereum-based decentralized finance, or DeFi, heavyweights such as Maker, Lido or Aave in terms of revenue. Read the full article here
ETH, the world’s second-largest cryptocurrency by market value, surged past $3,000 on Saturday, reaching the highest since Aug. 2, according to CoinDesk data. Prices have risen 23.39% this week, the biggest gain since May, outperforming BTC’s 11.2% gain by a significant margin. The total crypto market capitalization has increased by 13.5% to $2.5 trillion. Read the full article here
While crypto assets booked double-digit gains during this week, with BTC sitting at record highs, funding rates for perpetual swaps on crypto exchanges are much closer to neutral levels than the market top in early March, CoinGlass data shows. Funding rate refers to the amount long traders pay shorts to take the opposite side of a trade. When funding rates are negative, shorts pay the fee to longs, as this relationship often occurs during bearish periods. Read the full article here
“This transaction marks the beginning, as we look to support a broader range of commodities and industries,” Tether CEO Paolo Ardoino said in a statement. “With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures.” Read the full article here