Following all the card / earn reductions it all makes so much more sense now that a firm as big as FTX has gone insolvent. I wasn’t too phased at the time of the reductions despite it being poorly communicated as it appears now that updating benefits quickly was more important that communicating them. The…
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Last Friday, the FTX drama took a new turn when it became known that some of the remaining customer funds were stolen by a hacker. According to current knowledge, it must have been an inexperienced insider who gained access to FTX’s wallets. Hacken CEO and co-founder Dyma Budorin stated that the hacker was able to steal more than $450 million from FTX hot wallets. However, he made a fatal mistake by using his verified personal account on crypto exchange Kraken to send some of the stolen funds in Tether (USDT) on the Tron blockchain. Kraken has already traced the person’s identity, after which Tether and Paxos blacklisted some of the assets. “We know the identity of the user,” Kraken CSO Nick Percoco said on Friday. Related Reading: Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble Ryne Miller, general counsel for FTX’s U.S. subsidiary, confirmed Saturday on Twitter that FTX US and FTX.com had moved all of their digital assets to cold storage, where they are better protected from attack, following Friday’s bankruptcy. “Process was expedited this evening – to mitigate damage upon observing unauthorized transactions,” Miller said. In a statement, FTX Chief Restructuring Officer and CEO John Ray said that in response to the hack, “an active fact review and mitigation exercise was initiated immediately in response. We have been in contact with, and are coordinating with law enforcement and relevant regulators.” FTX Hacker Becomes A Ethereum Whale While prosecutions have already been initiated, the hacker nevertheless began swapping large amounts of his stolen crypto in the European morning hours today. As reported by the security company PeckShield Alert, several addresses associated with the hacker have made massive movements today. Thus, the hacker made the following transactions: Swapped 7,420 BNB on BSC into 1,500 ETH. Converted $48 million in DAI into 37,000 ETH Exchanged 3,500 BNB for 962,071.43 BSC USD Exchanged 3,500 BNB for 958,560.13 BSC-USD Traded 15,000 BNB for 3,899,020.38 BSC-USD Subsequently, the hacker bridged around 3.9 million exchanged BSC-USD to Ethereum via the Celer Network, to cBridge and Stargate Finance, and exchanged them for 5,564.83 ETH. In total, the hacker is now said to own 217,000 ETH, making him the 35th largest Ethereum (ETH) owner. BREAKING:The FTX hacker is dumping tokens for $eth. The hacker currently holds 217,000 ETH making him one of the largest holders. — Satoshi Stacker (@StackerSatoshi) November 15, 2022 In his latest move, the hacker has withdrawn 25.000 ETH, about $31.6 million from Aave Protocol V2. Related Reading: Ethereum Price Near Make-or-Break Levels, Can ETH Start Steady Recovery At press time, ETH was unfazed by the news. ETH was trading at $1266, above the 50 and 100 SMA on the 1-hour chart. In order to initiate a further uptrend, the resistance at $1289 needs to be surpassed. If Ethereum fails to break above this level, it perhaps could see a further decline. An important support is located at the $1170 mark.
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ETH’s price reclaims its demand zone of $1,200 as price bounces to a region of $1,250 despite market turmoil. ETH’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors. ETH’s price bounces from a low of $1,100 on the daily timeframes as the price aims for a recovery toward the 50 Exponential Moving Average (EMA) In the last few days, the crypto market has seen some drastic shift in sentiment, with Ethereum (ETH) and the price of other altcoins battling for survival after the news that Binance would not be taking over FTX after conducting due diligence. Previous weeks saw the price of Ethereum (ETH) perform well, rallying from a low of $1,300 to a high of $1,680. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance) Related Reading: PAX Gold (PAXG) Leads Weekly Gainers Among Top Coins Ethereum (ETH) Price Analysis On The Weekly Chart The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline. The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon. The news of Binance rescuing the situation by taking over FTX led to so much tension as the crypto space remains unsettled, leading to most altcoins suffering in price, including the price of ETH. The price of ETH saw its price decline to a weekly low of $1,100 before bouncing off this region, showing some great strength to a region of $1,300 as the price aims to break higher. The price of ETH needs to rally to a region of $1,450, acting as a demand zone to remain safe from sell-off. Weekly resistance for the price of ETH – $1,500. Weekly support for the price of ETH – $1,100. Price Analysis Of ETH On The Daily (1D) Chart The price of ETH remains considerably strong in the daily timeframe as the price trades above $1,200 support after bouncing off from the region of $1,100, which saw ETH losing its demand zone to the bears. If the price of ETH breaks above $1,500, we could see more rallies for ETH price; a break below a region of $1,100 would lead to more sell-offs for ETH. Daily resistance for the ETH price – $1,500. Daily support for the ETH price – $1,100. Related Reading: Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble Featured Image From zipmex, Charts From Tradingview
The FTX controversy has pulled the entire crypto market down, with top tokens struggling to stay afloat. Despite the bearish sentiment, PAX Gold (PAXG) has continued to trade in the green zone, keeping substantial intraday and one-week gain. The gold-backed crypto was trading at $1,762, a 2.17% intraday increase and a 5.80% week-on-week gain at press time. However, trading activity on PAX Gold has decreased in the past 24 hours. Specifically, the gold price-pegged crypto saw trading volume down 16% in the 24 hours. At the same time, PAXG gained1.78% and 1.90 against BTC and ETH respectively. However, PAXG is positioned to retain its gains for quite some time. Related Reading: Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble PAX Gold Adds Over 2,600 New Wallets In The Last Six Months Even though most cryptocurrencies have recently seen a downturn, Pax Gold has maintained consistent weekly and monthly growth. Furthermore, its network has experienced rapid growth during the past several months. In particular, over 2,600 additional wallet addresses have been introduced to the network during the previous three months. The numbers came from the cryptocurrency market statistics platform CoinMarketCap. This was a considerable increase from May, when there were just 18,000 distinct wallet addresses on the PAX Gold ecosystem. It had around 13,000 unique addresses at the start of the year. As shown by the data, the gold-backed cryptocurrency saw growth of over 13% during that period. What The Charts Say About PAX Gold Although the short-term price action for PAX GOLD – PAXG/USD is corrective, the underlying trend is positive. The underlying trend remains unaffected for the time being; this is only a technical correction. Any reversal would be validated if prices dropped below $1,676.61, which served as support earlier. Then, the next support would be at $1,658.52, where selling would be encouraged. If the bears manage to get beyond it, they might aim for $1,618.80. But as of writing, bullish momentum is still strong as the coin trades above $1,740. The subsequent targets for the bulls are $1,790.27 and, farther out, $1,804.42. The 1H chart for PAX GOLD/USD reveals a positive technical outlook. The bullish indications from moving averages make up 67.86% of all signals. This bullish trend may lose speed as short-term moving averages flash somewhat negative indications. Neither the price nor any of the moving averages cross over each other or any of the other moving averages. Given the current trajectory of the technical indicators, additional price growth is likely but still needs to be determined. Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum What To Know About PAX Gold PAX Gold is a bridge between crypto and gold, uniting the best features of both. Each PAXG token is backed by at least one troy ounce (t oz) of 400-ounce London Good Supply gold bar stored in Brinks Safety vaults in London. PAXG is pegged to the price of gold and backed by gold bars authorized by the London Bullion Market Association (LBMA). Featured image from Pixabay and chart from TradingView.com
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Renault, one of the biggest automakers in the world, has announced it has built the first industrial metaverse, with all its production lines supplying data to this world. According to the company, this digital twin replica will allow it to save $330 million by 2025, diminishing warranty expenses, delivery times, and the carbon footprint of […]
Let me say this first: Nobody here wants to see crypto fail. Little more than a week ago posts and comments here about FTX having liquidity or solvency issues were mass downvoted. They were labelled as FUD, Binance plants and crypto haters. Then FTX failed. Several months before that, posts and comments about Celsius being…
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Liquid Exchage, a licensed Japanese exchange acquired by FTX, has announced that it will stop any withdrawals, including fiat and cryptocurrencies. As per their tweet "Due to the Chapter 11 filing by FTX Trading International the ultimate beneficial owner of Quoine Pte. Ltd, Liquid Exchage (Quoine Pte.) is halting all withdrawals – both fiat and…
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An exodus from centralized cryptocurrency exchanges after FTX’s collapse appears to be the primary reason behind Trust Wallet Token’s massive rally.
