Category: Cryptocurrency News

The trial of former FTX CEO Sam Bankman-Fried started on October 3. Four witnesses explained to jurors how $8 billion in funds from customers went missing.

Tx: 0xf842b0c9e2a8e310632655324345c99d68bc14e8135efb797afc7c8b67d99b03 Bought 0.02eth of telegram erc20 shit coin, but i only show 111 of the token in my metamask, where is the other 1.3million? submitted by /u/acidburn3006 [link] [comments]

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I've been debating with lawyers in this space substantially in regard to whether the entire industry is going to switch to fully permissionless frontends- The consensus with them and other dev's is yes -but It isn't enough, it simply isn't. First we have to understand enforced compliance comes in two versions, overt and covert, overt…
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Solana (SOL), a layer 1 proof-of-stake blockchain, has introduced version 1.16, which enhances user privacy through “Confidential Transfers.” This update includes encrypted Solana Program Library (SPL) token transactions, ensuring confidentiality rather than anonymity.  The adoption of version 1.16 by Solana’s network of validators has reached a majority after ten months of development and an audit by Halborn, a blockchain security firm. Solana Labs Rolls Out Privacy-Enhancing Update According to the announcement made by Solana’s infrastructure provider Helius, The update has undergone rigorous testing, with v1.16 running on testnet since June 7, 2023.  Volunteer and canary nodes have reportedly played a crucial role in identifying and resolving issues during the testing phase. Solana Labs has also deployed canary nodes on mainnet-beta to monitor the stability of v1.16 under real-world conditions. Related Reading: Chainlink To Go “Parabolic” After Breaking 28-Month Downtrend? Solana employs a feature gate system to prevent consensus-breaking changes, ensuring that validators running older versions do not fork off the canonical chain.  What’s more, Consensus-breaking changes now require a Solana Improvement Document (SIMD) and greater transparency through documentation. Confidential Transfers, introduced by Token2022, utilize zero-knowledge proofs to encrypt balances and transaction amounts of  SPL tokens, prioritizing user privacy.  Looking ahead, Solana Labs plans to adopt a more agile release cycle, targeting smaller releases approximately every three months.  Room For Growth According to a Nansen report, Solana has witnessed a significant surge in its Total Value Locked (TVL) throughout this year, nearly doubling since the beginning of 2023, and currently boasting a TVL of 30.95 million SOL.  Monthly transactions on the Solana network have remained relatively stable, with an increase in vote transactions, encompassing both vote and non-vote transactions. Furthermore, Nansen highlights that Solana has implemented innovative solutions such as state compression and isolated fee markets to address prominent issues within its tech stack. One notable solution, state compression, has substantially reduced the cost of non-fungible token (NFT) minting on Solana more than 2,000 times.   State Compression Unleashes Affordable NFT Minting For instance, the cost of minting 1 million NFTs before the introduction of state compression would have amounted to approximately $253,000. In contrast, with state compression enabled, the cost is significantly reduced to just $113.  In comparison, minting a similar collection size on Ethereum would cost approximately $33.6 million, and on Polygon, it would amount to around $32,800. Furthermore, the liquid staking landscape on Solana is experiencing rapid growth, with leading platforms like Marinade Finance, Lido Finance, and Jito taking the forefront.  Related Reading: Ripple Vs. SEC: Crypto CEO Predicts SEC Will Drop Charges Against Executives However, despite this growth, the current amount of staked SOL in Solana’s liquid staking protocols accounts for less than 3% of the total staked SOL, indicating substantial room for expansion. It is worth noting that the report by Nansen raises concerns about the uncertainty surrounding FTX/Alameda’s SOL holdings, as FTX holds over 71.8 million SOL, representing approximately 17% of the circulating supply and 13% of the total supply.  While this situation may present temporary risks to Solana’s growth trajectory, it is essential to monitor its impact closely. On the other hand, the native token of the protocol, SOL, continues to exhibit substantial gains across all timeframes. The token is trading at $23.68, reflecting an increase of over 4% in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com 

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A crypto analyst has presented a 39-month analysis that could determine when the XRP price will rally to a new all-time high. The analysis marks a return of this trend, which could see XRP rise as high as $1,000. The 39-Month Cycle Pseudonymous crypto analyst NeverWishing on TradingView has presented a rather convincing 39-month cycle trend that often ends with the XRP price seeing a significant rise. The last time this trend was completed was back in mid-2020 just before the 2020/2021 bull market began. When this trend was marked three years ago, it ended with the XRP price rallying from $0.17 in June to $2 in April 2021. Since then, another 39-month cycle began counting and once again, it has reached the point where a surge usually occurs. In the chart presented by NeverWishing, the expected price jump this time around will be less like the 2020-2021 trend and more like the 2017-2018 jump. In 2017 when the 39-month cycle jump took place, XRP went from $0.005 to $3.3 at its peak, meaning a 66,000% jump in price. However, the analyst expects even more explosive growth with the XRP price going from around $0.53 to $1,000 by the time the rally is complete. This means a more than 188,000% rise from the current price levels. XRP nosedive to $0.51 as bears take control | Source: XRPUSD on Tradingview.com When Will The XRP Price Reach $1,000? The previous 39-month cycle jumps outlined by the crypto analyst both hit their peak a little less than a year later. The 2017-2018 rally was 11 months and the 2020-2021 rally was 10 months, so it is expected that it will stick close to this timeframe this time around. NeverWishing’s chart shows the rally starting in November and hitting $2 in the next four months. From then on, there are multiple important price levels outlined including $16 by the end of April 2024 and $118 by June 2024. Roadmap to $1,000 | Source: Tradingview.com Then for the grand prize of $1,000, the crypto analyst sets a target date for December 2024, around 13 months from the rally’s start. So if this prediction does come to pass, the XRP price could be trading between $869-$1,000 in a little over a year. The 39-month cycle trend looks similar to the four-year Bitcoin cycle. However, unlike Bitcoin whose four-year cycle is characterized by the infamous halving event, the XRP 39-month cycle does not have a significant event. Instead, it looks to just follow work mainly on a timeframe basis. Nevertheless, some recent developments could lend credence to a bull rally such as Ripple’s multiple wins over the US Securities and Exchange Commission (SEC) just this year alone. Additionally, Ripple has been expanding its footprint globally as it looks to take a big chunk of the payments sector for itself. Featured image from Bitcoinist, chart from Tradingview.com

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