Category: Cryptocurrency News

Finality ensures irreversible transactions — crucial for trust and security — prevents double-spending and fraud, and keeps blockchain records immutable.

A bearish Ethereum fractal meets lower network activity as Ether’s price struggles to break above $2,000.

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On day four of the criminal trial of former FTX CEO Sam Bankman-Fried, Gary Wang, who co-founded the now-bankrupt crypto exchange and served as its former chief technology officer (CTO), testified. During his testimony, the former FTX executive revealed details about the connection between the cryptocurrency exchange and Alameda Research. FTX’s Sam Bankman-Fried Allegedly Gave Alameda Research ‘Special Privileges’ According to various reports, on Friday, October 6, Wang appeared again in court and testified that Alameda Research’s account on FTX was allowed to trade more funds than it had available. The former FTX CTO reportedly said that Sam Bankman-Fried authorized the integration of a “allow negative” feature, which afforded Alameda “special privileges” on FTX. Wang reportedly revealed that the “allow negative” feature enabled Alameda to hold a negative balance more than FTX’s revenue at some point in 2020 ($200 million against $150 million). According to reports, Wang claimed that he increased Alameda’s line of credit several times and up to $65 billion under Bankman-Fried’s instructions. Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? When the government’s prosecutors questioned where the money came from, Wang reportedly affirmed that it came from FTX’s customers’ funds. Based on the co-founder’s testimony, Bankman-Fried claimed that the “allow negative” feature was all about FTT, a native cryptocurrency “created to act as equity in FTX.” Wang reportedly acknowledged that the customers never authorized their funds to be used by Alameda Research. “The customers did not give us permission to use their accounts like this,” the former FTX chief technology officer allegedly said. Did SBF Repeatedly Lie About Connections With Alameda? During his testimony, Wang was asked whether he remembered Bankman-Fried making public statements about Alameda’s unusual connections with the FTX exchange. “Yes, he (SBF) said they (Alameda Research) were treated equally and didn’t use FTX funds,” the FTX cofounder allegedly affirmed. Furthermore, the prosecutors showed Wang – and the court – a 2019 tweet from SBF claiming that Alameda was not using funds from FTX. Interestingly, Wang affirmed that Bankman-Fried ordered the addition of “allow negative” in the exchange’s codebase on the same day the tweet was made. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? It appears that is not the only time Bankman-Fried lied about Alameda’s activities on the FTX exchange. The former FTX CTO testified that Bankman-Fried subsequently claimed on Twitter (now X) and on phone calls that customer funds were kept safe. On Thursday, October 5, Gary Wang reportedly admitted to committing fraud-related crimes while at the FTX exchange alongside Sam Bankman-Fried, former Alameda CEO Caroline Ellison, and former engineering director Nishad Singh. With the trial expected to continue till November, it remains to be seen whether or when the other former top FTX and Alameda executives will take the stand. FTT price trading at $1.188 on the daily timeframe | Source: FTTUSDT chart on TradingView Featured image from Vox, chart from TradingView

Disclaimer: only invest what you can afford to lose. So here's a mini review of PancakeSwap's new-ish “Degen Mode” available at 500x or 750x leverage: https://preview.redd.it/w1arsu1vhssb1.png?width=2525&format=png&auto=webp&s=d9d7760049e38be822bd6c018fd0c90f9fb54431 750x Leverage?! Why not? …good thing I only put in $20 USDT as a test. You can choose your Take Profit with the predefined +50%, +100%, +200%, +300% or…
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Solana experienced a significant surge of approximately 20% during the last few days of September and into the first week of October. This sudden price increase has piqued the interest of investors and enthusiasts alike, sparking discussions about its underlying causes. One prominent question on people’s minds is whether this uptick in SOL’s value is directly correlated with Bitcoin’s performance during the same period or if there are distinct factors driving SOL’s price rise independently of Bitcoin’s movements. Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? Before this increase, SOL had a tough time because a U.S. court allowed the sale of $1.3 billion worth of SOL from the bankrupt exchange FTX. So, there’s curiosity about whether SOL’s recent price jump is connected to Bitcoin or if there are other factors behind it. Solana: Challenges And Market Allure The Solana (SOL) blockchain network has seen recent difficulties, however it has garnered significant attention and demand in the market. Despite the lackluster price performance of its native token, the proof-of-stake (PoS) network has utilised the bear market to improve its technological capabilities and forge important alliances with prominent entities in the realm of traditional banking. Source: Coingecko The bankruptcy court has implemented mechanisms to mitigate the potential adverse impact of FTX asset liquidation on the cryptocurrency market. These measures involve mandating the sale of assets through a financial advisor in weekly installments, adhering to predetermined regulations. At the time of writing, SOL was trading at $23.43, down a measly 0.3% in the last 24 hours, but gained sustained an 18% rally in the last seven days, data from crypto market tracker Coingecko shows. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? SOL Liquidity Soars With Network Stability Nansen, an on-chain analytics firm, recently published a report on Solana, highlighting its key strengths and potential. Solana is known for its cost-efficiency and high-speed transactions, earning it the nickname “The Ethereum Killer.” It boasts a transaction processing speed of over 3,000 transactions per second, which is nearly 30 times faster than Ethereum. The chain’s liquidity improved as a result of the dramatic increase in network stability. At press time, the TVL in terms of SOL was $27.12 million, more than double what it was at the start of the year. SOL market cap currently at $9.7 billion. Chart: TradingView.com Solana’s Rise Fueled by DApps And NFTs, Targets 5th-Largest Crypto Spot The surge of SOL was further bolstered by the expansion in the adoption of decentralized applications (DApps) and the rise in nonfungible token (NFT) volumes on the Solana blockchain. The current price of SOL is now making efforts to establish a support level at $23, aiming to solidify its position as the fifth-largest cryptocurrency (excluding stablecoins) in terms of market capitalization. In the recent Epoch 512, 19.637 million SOL were unstaked, with a net unstake of 16.516 million SOL (about $372 million). Most belonged to a16z and the previous Alameda (now or ftx estate). a16z: BZpEFk…oPPBm7 unstaked 5.006 million SOL, a16z-2: GCmFQL…ozXMwY unstaked 2.033… — Wu Blockchain (@WuBlockchain) October 6, 2023 Meanwhile, recent updates to Solana Compass have revealed details about recent activities on the Solana network, particularly during the 512 epoch. The website that keeps tabs on SOL staking activity suggests that there were around 19.637 million SOL coins that were unstaked during this time. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock

Crypto and governments that just never went well with those two opposing forces together, also one reason that we barely got any Crypto regulations until now. Even though the European Union has been miles ahead of Crypto regulations in front of the US actually, still many of those regulations were rather against Crypto. Their main…
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Stars Arena, a decentralized social media platform built on the Avalanche network, has suffered a major security breach, resulting in the loss of a significant amount of cryptocurrency. This comes barely a day after the decentralized application (dApp) reportedly fixed a loophole in its smart contract. On Thursday, October 5, the Stars Arena team said – via a post on X (formerly Twitter) – that it has averted a security exploit, which could have led to the loss of over $1 million worth of funds.  Stars Arena Loses $2.9 Million To Attack, PeckShield Reveals On Saturday, October 7, a pseudonymous X user raised the alarm about the suspicious movement of Avalanche (AVAX) tokens from the Stars Arena contract.  A few minutes after this, the protocol’s team confirmed – via a post on X – that there has been a “major security breach with its smart contract.”  Related Reading: Celsius Commits To Massive Crypto Repayment: $2 Billion To Creditors By 2023’s End This exploit has also been flagged by blockchain security firm PeckShield, who disclosed that around $2.9 million in AVAX has been drained from the decentralized social media application.  An initial breakdown by the security company identified a reentrancy issue on the Stars Arena Shares contract. “The reentrancy is abused to update the weight when the share/ticket is issued so that 1 share can be sold at a much higher price of approximately 274,000 AVAX,” PeckShield said. As earlier noted, Stars Arena has been gaining some popularity in the past few days. In fact, the recent activity uptick on the Avalanche network has been attributed to the rise of the decentralized social application. However, this latest hack represents a significant deterrent to Stars Arena’s growth. According to data from DeFiLlama, the protocol’s total value locked has plummeted from $1.26 million to $0.47 in the past day, reflecting a 100% decline. Stars Arena went live on Avalanche C-Chain – the blockchain component specifically designed for running smart contracts on Avalanche – in late September. Although the Friend.tech-like platform experienced some traction after launch, recent security concerns seem to be stirring skepticism around its growth. $900 Million Lost To Bad Actors In 2023 Q3 This latest exploit will serve as an unfriendly reminder of the growing security concerns in the crypto space. Particularly, the cryptocurrency industry saw a significant surge in exploits and security breaches in the third quarter of 2023. According to a quarterly report by blockchain security firm Beosin, the losses incurred only in Q3 2023 were larger than the total for the year’s first half. A total of $889.26 million was lost to various attacks in the last quarter, compared to the $663 million lost in 2023’s first six months. Related Reading: Twitter IPO: Dogecoin Takes Center Stage In Elon Musk’s X IPO Rumors Source: Beosin/X Beosin’s report revealed that $540.1 million was lost to hacks, with decentralized finance (DeFi) accounting for 18% of this value. Notably, DeFi peer-to-peer service Mixin Network lost $200 million due to a compromise in its cloud service provider database. AVAX price facing resistance at $11 on the daily timeframe | Source: AVAXUSDT chart on TradingView Featured image from Shutterstock, chart from TradingView