Category: Cryptocurrency News

According to multiple reports, iToken, formerly known as Huobi Wallet, fell victim to a crypto heist in the last week, leading to the loss of $263,000 worth of users’ assets. The incident draws much attention following recent police investigations into some of Huobi’s former staff. Related Reading: TRON’s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent $263,000 Drained From Huobi Wallet – Could There Be An Internal Involvement? Providing more insight on this latest exploit, prominent security firm Peckshield reported that this event occurred on October 3, with the drainer stealing a total of $263,000 USDT and 92 TRX minted on the Tron network. Thereafter, the bad actor proceeded to swap these stolen funds for approximately 2.9 million TRX, of which 1.4 million TRX was transferred to the ChangeNOW exchange, and 1.5 million TRX was moved to Binance.  Currently, there are speculations that this heist was orchestrated by the internal staff of Huobi as such development would be unprecedented. In September, the Chinese Police were reported to have arrested a former Huobi team member for implanting a Trojan horse virus that resulted in the exposure of the private keys and mnemonic phrases of some iToken users. Launched in 2018, iToken functions as a professional DeFi wallet, which enables the storage of various digital assets across multiple networks. It was initially known as the Huobi wallet, as earlier stated, but was rebranded iToken in 2022, following a $200 million investment from the Huobi Group. Related Reading: Tron’s Justin Sun Mulls Over Making A Move On FTX’s Crypto Stash, Here’s Why Growing Controversy Around Huobi?  In addition to speculations of insider involvement in this recent heist, Huobi, now rebranded as HTX, has been in the news recently and not for positive reasons. On September 25, the exchange fell victim to a hack that drained 5,000 ETH worth $7.9 million. However, the exchange’s advisor and Tron founder, Justin Sun, soon came out to assure users of total asset recovery and security of the exchange’s operation.  However, this week, crypto expert Dylan LeClair wrote a thread on X accusing the Tron Visioneer of creating a “web of deception.” This marks the second time in recent weeks Justin Sun has been accused of malicious dealings involving users’ assets on Huobi. According to LeClair, ever since Sun acquired a controlling stake in Huobi in late 2022, the amount of USDT held on the exchange has been gradually replaced by stUSDT, a receipt token for staking USDT. The stUSDT token is controlled by Justin Sun and is supposedly designed to invest in real-world assets such as US government bonds. However, LeClair stated that on-chain analysis and transactions show no such investment.  The crypto analyst also drew attention to “worrying” transactions by Justin Sun involving JustLend, a Tron-based DeFi lending platform,  and other stablecoins, including USDT and USDC, before concluding that the Tron Founder is maliciously moving USD liquidity out of the crypto space.  At the time of writing, HTX’s native token, HT, hovers around $2.36 with a 0.74% gain in the last day, according to data from CoinMarketCap. Meanwhile, HT’s daily trading volume is up by 10.64% and is valued at $3.47 million HT trading at $2.34 on the hourly chart | Source: HTUSDT chart on Tradingview.com Featured image from Bloomberg, chart from Tradingview

Following the announcement that the AMM functionality would be proposed as an amendment under the latest rippled version, many in the XRP community have continued to wonder how soon it could be implemented if passed. As a result, Ripple’s Chief Technology Officer (CTO) David Schwartz has provided some answers to the community to quench speculations. How Soon The AMM Implementation Could Happen   In response to a tweet asking how soon the AMM will go live on the ledger after voting, Schwartz stated that it should be enabled on the XRP Ledger (XRPL) “in about two weeks” if most validators vote yes to the proposal.   The voting process kickstarted on September 7 following the announcement by Ripple’s developers. However, it seems that validators haven’t looked through the proposal yet or taken action. To the best of his knowledge, Schwartz mentioned that no validator has voted yes to the proposal yet, and 80% of validators need to vote yes for the amendment to be passed.  Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? He further gave his opinion on how the process should go, as he believes “validators shouldn’t vote yes individually.” Rather, the decision should lie with the community, with the validators voting in favor of the amendment if they “believe” the community supports it.  Contrary to what many may think, the amendment process isn’t “supposed to be a governance mechanism,” according to Schwartz. Instead, the aim of the voting process is to “coordinate activation and prevent activation if a problem is discovered.” He emphasized that validators should be guided by the community’s decision, not what “they think is best.” Bitcoin approaching the $28K level on the weekly chart: TradingView.com Schwartz’s Role In Ensuring Amendment Is Passed In a subsequent tweet, the Ripple CTO mentioned that he was going to review the performance testing results in the next few days and run a “few code checks” using feedback that he had gotten from several people. If everything works out fine and no “new objections surface,” Schwartz mentioned that he will “start asking people to consider voting yes.” 1/ Extensive performance testing of the XLS-30 #AMM has now been completed. XLS-30 is a proposed amendment as part of the rippled 1.12.0 upgrade. If adopted, it will bring automated swap, trading, and liquidity provisioning capabilities to the #XRPLedger.https://t.co/Cz1w76uc8c — RippleX (@RippleXDev) October 6, 2023 Meanwhile, Ripple’s developers confirmed in a tweet that they have completed the extensive performance testing of the AMM feature. If adopted, this AMM functionality will bring “automated swap, trading, and liquidity provisioning capabilities to the ledger.” Community members also have a chance to earn passive income by acting as liquidity providers (LPs) to the ecosystem.  Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? Many in the XRP community seem to have welcomed the idea of a novel AMM feature on the XRPL, as it could help improve liquidity on the network and enhance faster and seamless trading.  However, the same cannot be said about the ‘Clawback feature,’ another proposed amendment under the latest rippled version. Despite Schwartz defending the feature, many in the community argue that it undermines the essence of blockchain technology and decentralization. Featured image from CoinCodex

The letter follows the unveiling of Huawei Technologies’ Mate 60 Pro smartphone, which incorporated advanced chips manufactured by China’s Semiconductor Manufacturing International Corporation.

In a recent development, Bitcoin proponent and crypto advisor to El Salvador’s President Max Keiser has made a future prediction for the Bitcoin price, joining the ranks of analysts who have made bold assertions about the flagship cryptocurrency’s trajectory.  Keiser Says Bitcoin Price To $220,000 In a tweet shared on his X (formerly Twitter) platform, Keiser stated that the Bitcoin price will experience an explosive rise to $220,000 in the short term. However, he didn’t specify how soon the crypto token would see such a rally. He made this assertion in response to a CNBC article about the current decline in the financial market amid economic and inflation concerns. Related Reading: 39-Month Cycle Says XRP Price Is Poised For Breakout To $1,000, Here’s When In a subsequent tweet, Keiser once again reiterated that Bitcoin would rise to $220,000 as he claims that “Central banks will print a wall of money visible from outer space.” His belief seems to stem from the fact that many will be looking to use Bitcoin as a hedge against rising inflation.  He even alluded to the fact that the US dollar was losing its purchasing power “at a very rapid pace.” He gave an instance of how paying $100 for hamburgers years ago looked like a joke, but he had just spent “$84 for a very ordinary hamburger.”  For the longest time, Keiser has been bullish on the foremost cryptocurrency. In 2011, he called Bitcoin the “currency of the resistance” and the “biggest story of the decade.” Additionally, he always touted a financial collapse as what would spark a massive rally in the Bitcoin price. Then, he stated that Bitcoin’s adoption and price will increase as banks collapse.  Arthur Hayes, the co-founder of BitMEX, also shares similar sentiments with Keiser. He recently stated that the government would likely resort to money printing to save the bond market, which could lead to a meteoric rise in Bitcoin’s price and other cryptocurrencies.  BTC bulls struggle to maintain control | Source: BTCUSD on Tradingview.com Is Inflation Good Or Bad For Crypto? There seem to be divergent views on how rising inflation could affect Bitcoin and the crypto market by extension. While people like Keiser and Hayes see rising inflation as bullish for Bitcoin, others like Crypto analyst Nicholas Merten believe that inflation could spell more trouble for Bitcoin’s price.  Related Reading: Ripple Vs. SEC: Crypto CEO Predicts SEC Will Drop Charges Against Executives According to Merten, the Federal Reserve needs to keep hiking interest rates to bring down the inflation rate as there is excess money in the system due to the “excess printing of money.” Meanwhile, Bloomberg analyst Mike McGlone warned that the rising interest rates could cause a further decline in the Bitcoin price.  There also seems to be a correlation between the stock and crypto markets. As such, it doesn’t seem like Bitcoin and the crypto market exist in isolation, as any financial crisis could significantly impact it.  Featured image from The Face, chart from Tradingview.com

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Crypto Eri, a prominent figure in crypto, contacted Elon Musk on X, seeking clarification about the account suspension.