Author: Crypto News

Jump Crypto launched Wormhole in 2021- a protocol that enables transfers of data and tokens between blockchains. It consists of components like Wormhole Queries, Wormhole ZK, and Wormhole Gateway, all running on the Wormhole Core Contract alongside Guardian nodes and Emitter contracts. The uses of Wormhole span across areas such as finance (DeFi), Non Fungible Tokens (NFTs), governance, and shared liquidity. The W token is pivotal in allowing chain transfers and interoperability, promoting the smooth exchange of assets and data among different blockchain networks. Currently, the price of Wormhole stands at $0.7483 after experiencing a 15% increase over the last…

Last updated: May 2, 2024 13:43 EDT | 2 min read The US Treasury’s Office of Foreign Assets Control (OFAC) took action against a developer at OKO Design Bureau on May 1, a Russia-based drone maker. OFAC sanctioned the developer and added three crypto addresses associated with the firm to the Specially Designated Nationals (SDN) list.According to OFAC’s press release, the OKO Design Bureau developer is one of the 300 individuals and entities sanctioned to limit Russia’s access to the global financial system and disrupt its influence in the war against Ukraine, as the country is reportedly using cryptocurrency to…

Last updated: May 2, 2024 12:56 EDT | 2 min read The Binance Nigerian money laundering trial against the crypto exchange and its two executives, Nadeem Anjarwalla and Tigran Gambaryan, has been postponed to May 17, Thursday media reports confirm.According to Reuters, a lawyer for Binance requested the delay during a court appearance Thursday, claiming he had yet to receive necessary proof of evidence related to the case.Binance’s attorney was then allegedly served with the 300-page document in court and allowed to review its contents.Binance Execs Nadeem Anjarwalla and Tigran Gambaryan’s Legal SagaGambaryan and Anjarwalla were originally detained in late…

Last updated: May 2, 2024 11:10 EDT | 2 min read Senator Cynthia Lummis (R-WY) criticized the U.S. Department of Justice (DOJ) on Wednesday for its controversial stance on self-custody wallets after unlicensed money-transmitting charges were brought against crypto mixers Tornado Cash and Samourai Wallet.“I am deeply troubled by the Department of Justice’s hyper-aggressive argument that non-custodial software can constitute a money transmission service,” Lummis Tweeted. “This stance contradicts existing Treasury guidance, common sense and violates the rule of law.”Cynthia Lummis Slams DOJ Over Self-Custody Wallet Controversy I am deeply concerned by the Biden administration criminalizing core tenants of the Bitcoin…

Last updated: May 2, 2024 10:19 EDT | 4 min read As the market recovers by 2.5% in the past 24 hours, we run through the best crypto to buy today, covering Pepe (PEPE), dogwifhat (WIF) and Optimism (OP).All three of these coins have outperformed the market as a whole, which has rebounded today after a very disappointing start to the week.Its losses stemmed in part from negativity surrounding the possibility that the Federal Reserve would hold rates as they are or even raise them, largely because inflation still remains relatively high. Crypto is bouncing on news the FED kept…

Last updated: May 2, 2024 10:13 EDT | 3 min read The Solana price has gained 10% in valuation today, with the SOL price moving to $137.28 as the cryptocurrency market as a whole posts a 2% increase in 24 hours.This move comes after a bad start to the week for the entire market, with SOL still down by 5% in the last seven days and by 23% in a month.However, the coin still sits on a 525% appreciation in the past year, and with it retaining plenty of medium- and long-term momentum, today’s recovery could easily continue over the…

After the recent meme coin boom, crypto whales are cashing out. Many believe that meme coins could crash following Bitcoin’s halving. As a result, they’re using their profits to accumulate utility tokens such as Cosmos and Rollblock. These utility tokens have great potential to soar in 2024. Here’s why. Cosmos Approves Proposal 897The Cosmos Hub recently approved proposal 897. This is a huge milestone for the utility coin, and will implement a new security measure into the Cosmos ecosystem. Known as ICS 2.0: Partial Set Security, this update will offer greater validator flexibility and autonomy. Over the last six months, Cosmos has…

Last updated: May 2, 2024 08:19 EDT | 1 min read In April 2024, Web3 saw a loss of over $53 million to hackers across 21 incidents, a 46% decrease when compared with the previous period, found the latest report by the crypto-focused bug bounty platform Immunefi.To be more precise, $53,074,827 was lost to hacks and frauds this past month.Notably, in April 2023, this number stood significantly higher, at $98,610,392.The attack on Hedgey Finance accounts for most of the past month’s loss: $44.6 million was stolen.This demonstrates that decentralized finance (DeFi) continues to be the main target for exploiters.Other high-profile…

Last updated: May 2, 2024 04:25 EDT | 6 min read The TOKEN2049 conference in Dubai saw numerous builders, traders, investors, and curious TradFi folks in attendance.What’s more, many renowned and wealthy locals were there, eager to learn about and invest in crypto.Cryptonews was there for the second day as well, talking to industry insiders about decentralized AI, DePIN, RWAs, and incoming regulations.The attendees discussed the crypto market branching off into two streams, as well as tokenizing trade, uniting Layer 2s, resolving network congestion, and much more. There were also plenty of impressive shows happening all around the event. Like…

Last updated: May 2, 2024 03:10 EDT | 2 min read Bitcoin mining firm Riot Platforms has announced a remarkable net income of $211.8 million for the first quarter of 2024, a staggering 1,000% increase compared to the same period last year. However, despite this impressive performance, Riot Platforms fell short of analyst revenue estimates.Riot Platforms released Q1 results on May 1, revealing that mining revenue experienced a significant 55.4% year-on-year surge, reaching $74.6 million.This growth was primarily attributed to a remarkable 131% increase in the price of Bitcoin. While the total revenue of the company amounted to $79.3 million, it fell approximately 14%…