Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Research Firm Issues Warning For Bitcoin And ETH Investors Over DCG Situation

Renowned crypto firm Arcane Research has issued a warning to Bitcoin (BTC) and Ethereum (ETH) investors in light of the escalating events surrounding Digital Currency Group (DCG), Genesis, and Grayscale. In an article by analyst Vetle Lunde, the firm warns: Investors should pay attention to the ongoing financial distress related to Digital Currency Group (DCG) as the outcome could severely impact crypto markets. In the reasoning behind the warning, Arcane Research states that if DCG goes bankrupt, it could be forced to liquidate its assets. “This could force DCG into selling its sizable positions in GBTC and unknown positions in ETHE and other Grayscale trusts,” Lunde said. Further, the analyst argues that a “natural, less liquidity-constrained” solution could be a Reg M solution that allows holders of Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETH), and the other trusts to redeem shares at net asset value. This would resolve the near-record NAV – the value by which the fund trades below the Bitcoin spot price. GBTC was trading at -45.35% yesterday, while ETH was at a NAV of -55.83%. Dissolution of the trust via Reg M would trigger tangible impacts on crypto markets, as GBTC comprises about 3.3% of the circulating BTC supply and 2.5% of the ETH supply. Related Reading: These Altcoins Will Be Hit The Hardest If DCG And Grayscale Fall Arcane describes the threat to the market in the massive arbitrage opportunities: A Reg M would cause a massive arbitrage strategy of selling crypto spot versus buying Grayscale Trust shares. If this scenario plays out, crypto markets could face further downside. In the long run, however, Arcane Research calls this scenario a positive event, as the crypto market is “finally relieved of the huge burden” caused by the “Grayscale widowmaker trade.” According to Lunde, this could even be the potential final market bottom event. Bitcoin Facing Final Intrinsic Shock? As NewsBTC BTC reported, the pressure on DCG is growing day by day. Earlier this week, Gemini founder Cameron Winklevoss published an open letter claiming that Barry Silbert’s DCG was using stalling tactics in bad faith. Winklevoss gave Silbert a deadline of January 8 to return the $900 million in Gemini Earn client funds. Related Reading: Billion-Dollar Hedge Fund Is Betting Against Bitcoin And Grayscale, Not Just USDT If Silbert does not comply, this could culminate in the coordination of a voluntary DCG Chapter 11 filing, according to Arcane Research. In addition, Valkyrie Investments and $3.5 billion asset manager Fir Tree also took the stage. Valkyrie made an offer to become the new sponsor and manager of GBTC while announcing the launch of an opportunistic fund to take advantage of GBTC discounts. Fir Tree has filed a lawsuit, presumably in a tactical move to hurt DCG’s valuation and reduce the likelihood of investment by third parties. At press time, the Bitcoin price stood at $16,817, still lacking volatility. Featured image from iStock, Chart from TradingView.com

For The U.S., Bitcoin Is A National Security Opportunity, Not A Threat

submitted by /u/ahabraken [link] [comments]

Protecting Your Crypto Assets: The Importance of Private Keys

Cryptocurrencies offer a world of opportunities. Quick and easy payments, innovative financial services, and inclusivity to previously unbanked regions in the world are all made possible by the crypto ecosystem. But with these opportunities come challenges and risks. Many crypto platforms lack strong operational, governance, and risk practices. These problems have emerged with huge ramifications in 2022 with the collapse of Terra Luna — one of the biggest stablecoins — and FTX — the second biggest exchange that filed for bankruptcy. Beyond these collapses, there are also several high-profile cases of hacking-related theft of customer funds on centralized and DeFi platforms. These problems have reinforced the debate about the importance of private keys. We recently caught up with Georgios Kalmpazidis, co-founder and CEO of Swaps.app, who shared his thoughts on the topic. Q — What do you think about the current security problems plaguing the blockchain industry? Talking about blockchains, maybe this is the most transparent, secure and democratic technology and system humanity has ever created. It’s getting increasingly popular over the years, and today besides crypto, it is widely used in many other fields, such as health care, property, smart contract, etc. Blockchain is a relatively new technology that currently meets several security challenges, but I would like to look at those challenges from two perspectives – blockchain and users. From the blockchain perspective, most vulnerabilities are related to the sybil, 51% and routing attacks, which are common issues, are successfully taken care of by cyber security professionals. Regarding the user side, the main challenges are phishing attacks and the security of private keys, which are some of the top issues. When we look deeper, the problems here are similar to the ones in traditional financing, and consistently guiding and educating the users is the key to protecting their funds and fighting fraudsters.  It should be one of the top priorities for the companies. Above all the mentioned factors, there is another major problem, which is the biggest roadblocker for the industry’s organic development. I call it an irresponsible and immature business strategy, which misleads and mistreats the users bringing them enormous losses. Unfortunately, we have several similar cases in the industry that we all can recall. Q — Do you think the collapse of major crypto platforms threatens crypto adoption? The drop in market capitalization and what happened with some of the major crypto platforms during 2022 led to a sense of uncertainty regarding the crypto adoption rate. Past events have eroded trust in the industry and affected the market, raising the urgency over keeping private keys independently and securely. At Swaps.app we are optimistic that the industry will survive after all those collapses. Definitely, the pace would be different, but through more comprehensive regulation, the industry will become much healthier, more trustworthy and more consistent. Q — How important is it for users to hold their private keys? As I mentioned earlier, the security of private keys remains one of the top issues, especially amid the current market situation. It’s the main key to the users’ funds and should be owned and kept by them. Of course, it also depends on the users’ needs and trading behaviour. Many crypto platforms offer custodial wallet services that offer high-level security and protection of the wallet and are convenient for those who actively trade crypto. In this case, users must be picky when choosing between public custodial wallets. Nevertheless, we advise always keeping most of your funds on your private key. Q —- How can crypto users best protect their private keys from being guessed or hacked? When protecting private keys, I always compare it with the situation when we lock the front door after leaving home. We never keep it open or leave the key on the lock. It’s the same with the private keys.  If it is weak or unprotected, your funds are at risk. The first step, maybe a trivial one, for users to protect their private keys is to keep their credentials private from others. I call it trivial because it sounds basic, but in most cases, users mistakenly share it with hackers during phishing attacks. Also, it’s vital to use keep the two-factor authentication on, avoid simple combinations of passwords, don’t save your password in the browsers, regularly clear the cookies and caches of your browser, and save your credential in a safe way where no one, even a close friend or a family member, has access, use malicious link detection software or apps, improve device security with antivirus software, keep the device system and browser up to date, avoid connecting to the open or public WiFi networks. We constantly remind our users of these simple rules and encourage them to keep their personal information and credentials safe when they buy crypto at Swaps.app. Q —-  What are the security features that crypto platforms need to incorporate to prevent high-profile hacks and scams Security is the cornerstone of the crypto industry, and while platforms compete over price, rates, speed and other important parameters, security wins the competition. After it comes the rest. A cryptocurrency system requires secure creation of cryptographic keys and seeds. Companies shoul examine their organization’s security measures in this area, paying close attention to confidentiality and unguessable numbers. Maintaining cryptocurrency wallet/key usage integrity is also critical. Risks such as lost or stolen keys or unintentional disclosure of the wallet holder’s identity can be avoided with best practices such as key storage and more firm ongoing assessments. Q —-   What do you think will be the biggest trend in blockchain for the next 12 months? There are many blockchain trends to look out for in 2023, but the biggest one for me is the wide usage of CBDCs, as more governments will introduce their digital assets. At Swaps.app, we look forward to supporting CBDCs for users and business partners whenever they are public. The rising investment in stablecoins and more interest towards DeFi will be blockchain trends, too, during the next 12 months. Q  —-  What has been the toughest challenge you’ve faced in our industry so far? High velocity and trust issues in the industry were our toughest challenges. I can proudly notice that due to the consistent improvements and updates Swaps.app succeeds in providing high-quality and seamless crypto purchases for customers and quick and secure crypto and fiat payment processing for online businesses. Also, we are very careful and selective about choosing liquidity, fraud-prevention and payment partners, making us a secure crypto platform. During the last 12 months, we’ve finished our integration with industry-leading companies, including TrueLayer, Stripe, Sumsup, and Binance, updated our services, and introduced new coins and features, making a big leap to the next chapter of the company’s history. Swaps.app is a fully compliant and regulated European crypto company which effectively combines industry-leading security with a blazingly fast and incredibly easy-to-use platform to bring buying and selling crypto to everyone, beginner or expert, company or individual.   Image: Swaps.app blog

FTX's former top lawyer cooperated with the US in Sam Bankman-Fried case

FTX’s former compliance chief Daniel Friedberg started working for Sam Bankman-Fried in 2017 and resigned from FTX days before the exchange collapsed.

Lido Token Spikes, Are Whales Actively Accumulating LDO?

Following Ethereum whale interest in the Lido Finance token, LDO has gained massive momentum over the past week, up by 20%. Whalestats recently reported LDO was one of the most used smart contract tokens among the top 5,000 ETH investors.   While the reason for the token adoption may be quite glaring, its recent spike has begged questions from individuals wondering if whales are actively accumulating the Lido Finance token. Whales Accumulating LDO? According to on-chain data, whales are interested in LDO. LookOnChain reported earlier today some investors received a massive amount of LDO tokens. As on-chain data reveals, 3.5 million tokens were received by an investor, and almost half a million were sold on the market at an average selling price of $1.37. 9 hours ago, when the price of $LDO rose from $1.24 to $1.42, an $LDO investor received 3.5M $LDO ($4.8M) and sold 500,000 $LDO ($685,000) out, with an average selling price of ~$1.37.https://t.co/FNpLOXv8Ad pic.twitter.com/23vrf7KBOb — Lookonchain (@lookonchain) January 5, 2023 Though the sum was large enough to move the LDO market, given the token is not the most liquid asset, LDO survived the massive sell-off, remaining at a solid price.   Related Reading: Lido DAO Shows Strength To Breakout; Will The Downtrend Line Be Invalidated? Aside from that, the rapid increase in trading volume is also a point worth noting on the accumulation of the liquid staking token. LDO trading volume has gone from $9.3 million at the beginning of this year to $85 million at present.  LDO Gaining Momentum Just a few days ago, Lido Finance TVL (total value locked) overtook Maker DAO emerging as the largest DeFi protocol in terms of total value locked. The Liquid staking protocol’s TVL went from a ranging $5 billion to $5.99 billion. Alongside the protocol TVL increase, Lido’s LDO token also surged amid its TVL rise up by almost 20% in the past week. The reason behind the rapid increase in the momentum of Lido is the Ethereum Merge, which triggered the popularity of liquid staking protocols such as Lido Finance. Following the merge, the total ETH stake in Lido increased 10% from 4.43 million ETH on September 15, 2022, the date of the merge, to 4.9 million ETH today. Related Reading: The Ethereum Merge: What Is Trading Headed Towards? LDO and Crypto Market Overview As of now, the momentum on LDO still seems to be solid, sitting at a trading price of $1.39 with a trading volume of $83 million. Regardless, LDO is still down from its historical all-time high of $11.  LDO price trending at $1.384 | Source: LDOUSDT on TradingView.com Overall, LDO is not the only token in the market gaining upward momentum. Major cryptocurrencies like Bitcoin and Ethereum have also gained a few percent to the upside.  As of the time of writing, Bitcoin is currently trading at $16,819, with a 24-hour trading volume of $15 billion. In contrast, Ethereum currently trades for $1,251, up by 0.25%, with a trading volume of $4.9 billion in the past 24 hours.  Featured image from iStock, chart from TradingView

A dive into Stellar Lumens (XLM)

I’ve noticed Stellar Lumens is hardly posted about on this sub. I’ve been a long time hodler of XLM and I think it’s time for some informative Stellar diving on this sub. Therefore I have tried to take a dive into it and present my findings and conclusions to you: History: XLM is a cryptocurrency…
Read more

Silvergate sold assets at loss and cut staff to cover $8.1B in withdrawals: Report

Silvergate has reportedly laid off 200 members of its staff, which is around 40% of its total number of employees.

Crypto Exchange Upbit Logo to Appear on Italian Soccer Club Napoli’s Jerseys

Shirts worn by the players of the Italian soccer team Napoli will display the logo of cryptocurrency exchange Upbit. The arrangement is part of a sponsorship deal with Dunamu, the company that operates the coin trading platform, which is one of the largest in South Korea. Italian Serie A Leader Napoli Secures Crypto Sponsorship From […]

Scalpers struggling to sell RTX 4080 cards, now ‘graciously’ offering them at MSRP

submitted by /u/XnoonefromnowhereX [link] [comments]

Twitter is full of false traders

So lately I've come across loads of twitter accounts doing supposed 1k to 10k challenge or something similar. Some of these accounts have hundreds of thousands of followers. All would be fine if ANY of them provided any actual evidence of their trading skills. As a "proof" they post an excel screenshot…. Some provide some…
Read more