Ethereum News by Thebittimes.Com

Bankrupt cryptocurrency exchange FTX is liquidating assets to repay customers, abandoning plans for a restart due to financial and legal difficulties. This decision was announced by FTX’s attorney, Andy Dietderich, during a bankruptcy court hearing in Delaware. FTX filed for bankruptcy in November 2022 and has been embroiled in several controversies and legal challenges. Its founder, Sam Bankman-Fried, has faced fraud charges linked to his company management. According to Dietderich, efforts to find investors or buyers for FTX were unsuccessful, highlighting the company’s lack of sustainable technology and administration. Dietderich labeled FTX as an “irresponsible sham” created by Bankman-Fried. Despite these setbacks, FTX has reportedly recovered over $7 billion in assets to repay customers. The repayment plan has been agreed upon with various government regulators, who will wait until customers are fully compensated before seeking approximately $9 bill...

Gate Charity is marking its first anniversary today, January 31, 2024. Gate Charity delivered 123 charitable events, impacting over 141,000 individuals across 16 countries and regions. The organization attributes its success to blockchain tech and NFT implementation. Gate Charity, a blockchain-powered philanthropic organization founded by the crypto exchange Gate.io, is marking its first anniversary today, January 31, 2024. According to the organization, this anniversary concludes a year of an impressive track record with the delivery of 123 charitable events. On its first anniversary, Gate Charity noted that its events impacted over 141,000 individuals across 16 countries and regions. It also acknowledged the impact of blockchain technology in enabling the achievement of its charity goals in the past year. According to the organization, blockchain technology has opened new doors for charitable fundraising that are transparent, open, and accessible to all. ...

Shiba Inu, the widely recognized meme coin, recently underwent a three-day decline, reflecting the overall sentiment in the broader market. Despite this period of decline, the coin demonstrated a modest recovery, accompanied by an enhancement in its burn rate. As of the latest update, Shiba Inu (SHIB) is currently trading at $0.000008807, indicating a weekly decrease exceeding 7%. Amidst these market fluctuations, investors are contemplating the potential for achieving millionaire status should SHIB reach the $0.01 milestone. Calculating the required quantity of SHIB tokens to reach $5 million at a $0.01 valuation involves a fundamental calculation. Multiplying the existing quantity of SHIB (500,000,000) by the current price results in $5450. This calculation is applicable not only to those aiming for $1 million but also to those with a $2 million target once SHIB reaches the $0.01 price threshold. While attaining Shiba Inu millionaire status through long-term trading is feasible, it...

Effective Ventures Foundation, a charity that focuses on effective altruism causes, has agreed a settlement with the bankruptcy estate of FTX which will see it repay the approximately $26.8 million in donations it received from the defunct crypto enterprise.  Effective Ventures has been under investigation by the Charity Commission in the United Kingdom.  This investigation by regulators is separate from an internal investigation conducted by Effective Ventures . Zachary Robinson, the interim CEO of Effective Ventures US, provided a statement to Civil Society in which he claimed that the internal investigation found no evidence that trustees of the Charity knew that Sam Bankman-Fried was engaged in criminal fraud . FTX funded this UK charity, now it’s under investigation Read more: Where in the world is Sam Trabucco? FTX victims launch manhunt However, the Charity isn’t revealing additional information about this investigation, citing fears that “doing...

Cryptocurrency exchange Binance has allowed large traders to store their assets in other banks . According to the Financial Times, before this, Binance users had to store their assets on the exchange or with its custodial partner, Ceffu. Following the changes, exchange clients can are now able to use crypto-friendly institutions such as Swiss banks Sygnum or FlowBank. The publication notes that the decision may reflect user concerns about Binance’s regulatory dispute in the U.S., which resulted in the company being fined $4.3 billion in November, adding to fears caused by the bankruptcy of rival exchange FTX a year earlier. Thus, one head of a trading firm cited by the FT noted that he prefers to keep his money in a Swiss bank than in Binance. “Our banking triparty solution paves the way for greater adoption among institutional investors, as this long-standing model allows investors to manage risk while maximizing their capital efficiency by pledging collateral in th...

According to Wu Blockchain, Grayscale holds 496,573.8166 BTCs as of January 29. Lookonchain cites a Grayscale deposit of $4.91 billion of BTCs to Coinbase. Grayscale’s GBTC outflow is also slowing down, with today’s mark of $191.7 million. The latest data revealed that the financial giant Grayscale holds 496,573.8166 Bitcoins as of January 29. According to the Chinese reporter Wu Blockchain, Grayscale has sold a staggering 120,500 BTC, equivalent to almost $5.508 billion, since the Spot Bitcoin ETF approval on January 11. As of January 29, 2024, the number of Bitcoins held by Grayscale was 496,573.8166. Additionally, GBTC’s AUM is approximately $21.431 billion. After the spot ETF passed, Grayscale users sold a total of 120,500 BTC, which is equivalent to approximately $5.508 billion.… — Wu Blockchain (@WuBlockchain) January 30, 2024 Reportedly, Grayscale’s sell-offs are slowing down after the giant deposited a total of $4.91 billion worth of Bitco...

Johannesburg, South Africa, January 29th, 2024, Chainwire VALR, a global crypto exchange serving professional traders and over half a million retail traders worldwide, is pleased to announce the listing of PayPal USD (PYUSD) against USDT and the South African Rand (ZAR) on its platform, effective Tuesday, January 30, 2024. This strategic move by VALR aims to empower users to easily transition between fiat, crypto markets and networks, and the vast PayPal ecosystem while promoting the usage of crypto assets in the everyday economy. In August 2023, PayPal introduced PYUSD, its own stablecoin, sending ripples through the digital asset landscape. This dollar-denominated stablecoin, the first initiative of its kind by a major U.S. financial institution, is fully backed by U.S. dollar deposits, U.S. Treasuries, and other cash equivalents, ensuring a one-to-one redemption ratio in U.S. dollars. The PayPal stablecoin is compatible with the Ethereum network, emphasizing ...

Conflux Network’s CFX token gained over 13% amid a ‘ strategic partnership’ agreement with Asia-based venture studio BlockBooster. In an X thread, Conflux Network said the latest deal with the Asia-based venture studio will focus on identifying “web3 incubation opportunities within the Conflux ecosystem,” as the project wants to facilitate “major events for Conflux builders.” Conflux is excited to announce a strategic partnership with the emerging Asia-based venture studio @0xBlockBooster! pic.twitter.com/iqzBB3QWgW — Conflux Network Official (@Conflux_Network) January 26, 2024 While no other details have been released, the news was enough to impact the CFX token, which gained over 13% surging to $0.24, according to CoinGecko data. BlockBooster, commenting on the agreement, expressed its intent to support web3 infrastructure, social initiatives, and gaming projects through the partnership with Conflux. CFX price in USD | Sou...

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. We should not underestimate the power of narrative s in the blockchain space. So much so that it has almost assumed a “chicken and egg” dynamic, where project teams seek to captivate the public’s imagination with a company vision to attract investment and adoption before the product is developed. It is more prevalent during bullish market phases, marked by an influx of investor funding, euphoria, and substantial price appreciation based on preliminary valuations. You might also like: Web3 breaks ground with the convenience of a consumer-centric approach | Opinion When a narrative eclipses actual product development, it often results in disappointment and economic downfall, as evidenced by many blockchain projects during the late 2021 crypto bull run. Nobel laureate Daniel Kahneman, a leader in behavioral economics, warn...

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. In the past twenty years, the banking sector has undergone a transformation in fraud detection and prevention. Initially, fraud analysts acted as old-style investigators, relying on intuition and direct communication, often collaborating with law enforcement to identify and address fraud. With fewer payment options like bank transfers, credit cards, and checks, fraud was simpler to detect and control. Merchants employed secure transaction services to verify cardholder identity, while banks often used blunt, rules-based mechanisms to tackle fraud, ignoring the nuances of cardholder profiles and behavior. You might also like: Scammers on the rise: three on-chain cybersecurity predictions for 2024 | Opinion Fast forward to today, and the landscape is dramatically different. The transition to EMV chip cards for Card Present ...

As the market shows signs of recovery, investors are eager to seize opportunities for potential gains by focusing on affordable tokens. Identifying these coins, priced under 1 Dollar, necessitates thorough research. This article highlights assets that could emerge as significant players in the crypto market’s future. 5 Best Cheap Crypto to Buy Now Under 1 Dollar Investors are drawn to the thrill of finding the next big thing in the crypto market, especially when priced under 1 Dollar. Tokens like TRON, Conflux, and Bitcoin Minetrix have caught attention recently due to their low prices and promising performance. In other news, Dogecoin surged 18% on rumors of X enabling DOGE payments, reaching a 7-day high. 1. Conflux (CFX) Conflux Network has unveiled the EVM-compatible Bitcoin Layer 2 (BTC L2) solution. This solution aims to harness Bitcoin’s robustness to enhance the Conflux Network’s capabilities. Furthermore, the newly introduced Bitcoin L2 solution is design...

The SatoshiVM price has plummeted by 62% in the last 24 hours to trade at $3.93 as of 1:00 a.m. EST.  This comes amid scam allegations from the community after a rollercoaster ride since the launch of the new Layer 2 network for the Bitcoin blockchain.  ❤💛💚💙 🇺🇸 In recent news, it was revealed that $SAVM is owned by Scam Influencer 'MacnBTC'. He dumped $20 MILLION worth of tokens with 250 paid influencers. Innocent people's money have been stolen, as they were lied to. Many other influencers caught. SAVM -55% in 24hrs pic.twitter.com/cRMQNdvGZD — yourfriendSOMMI ❤️💛💚💙 (@yourfriendSOMMI) January 25, 2024 SatoshiVM Price Prediction Analyzing 1-hour SatoshiVM/USDT charts, we see that the market is in a downtrend, as indicated by the price being consistently below the moving average (orange line) and the Bollinger Bands (BB) widening, which suggests increasing volatility ...

China’s sinking economy is reportedly leading investors to buy crypto.  China’s economy has made investment on the mainland “risky,” according to a senior executive.  Decrease in crypto activities in Eastern Asia is due to China’s crypto ban.  The downturn in the Chinese economy and the plummeting of the Chinese stock markets are leading investors to move their money into cryptocurrencies, according to Reuters.  A recent report highlighted Finance Senior Executive Dylan Run, who started to add more cryptocurrencies to his investment portfolio in early 2023 upon realizing that the Chinese economy was “going downhill.”  Run reportedly used bank cards issued by small rural commercial banks to buy crypto through gray-market dealers, as crypto trading and mining have been banned in China since 2021.  Moreover, Run’s crypto investments were up 45%, and he owned approximately 1 million yuan worth of crypto. The report claimed that Run’s crypto ...

Amidst the rising market volatility impacting meme coins, there is a noticeable change in investor sentiment, marked by a prevailing bearish outlook. Dogecoin, a trailblazer in the meme coin sector, has adopted a neutral position, undergoing a slight correction of under 2% in its value. Nevertheless, the cryptocurrency arena recently experienced a prominent disclosure as entrepreneur and Tesla CEO Elon Musk provided insights into the eagerly awaited X Payments feature in a conversation with Ben Shapiro. Elon Musk sits down with @benshapiro and discusses the future of X, the everything app, what PayPal should’ve been.@elonmusk said payments are scheduled to launch this year pic.twitter.com/Q9tYSjqkA2 — Doge Whisperer 🐕 (@TDogewhisperer) January 25, 2024 X Payments LLC: Paving the Path Forward X Payments LLC is actively obtaining money transmission licenses and receiving approval in 14 states for the payments feature. The recent creation of a dedicated X payment...

The Bitcoin price printed a slight gain over the past 24 hours to trade at $39,940.67 as of 11:55 p.m. EST as investors start to slowly buy back into BTC. Grayscale Outflows Surpass $1 Billion A Day Investors are trying their best to keep BTC above $40,000 in the face of intense selling pressure from Grayscale’s Bitcoin Trust (GBTC). Data from Arkham reveals that GBTC moved 19,000 BTC from its publicly known wallet on Wednesday morning. Following this transfer, GBTC’s total outflows since spot Bitcoin ETFs (exchange-traded funds) started trading on Jan. 11 has reached nearly 113,000 BTC. The rapid transfers have also impacted Grayscale’s assets under management (AUM), which have fallen more than $1 billion each day this week. The Bitcoin Price Stays Within A Negative Channel 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded from the lower barrier of a descending price channel over the past 24 hours. As a result, the leading cryptocu...