Monat: Oktober 2023

• Bitget has announced the delisting of TokenFi (TOKEN), the token of an asset tokenization platform launched by Floki.
• The exchange accuses the team behind TOKEN of potential market manipulation and opaque vesting schedule.
• The price of TOKEN was $0.01806395 at the time of writing, having surged by 258% in the past 24 hours.

Bitget has announced the delisting of TokenFi (TOKEN), the tokenization platform recently launched by the team behind the meme cryptocurrency Floki.

The price of TOKEN on exchanges is currently $0.01806395, about 258% up in the past 24 hours. Bitget announced the listing of TokenFi on October 27.

Why did Bitget delist TOKEN

According to details in an announcement published on Tuesday, 0ctober 31, the decision to delist TOKEN relates to potential market manipulation by the project’s team.

“After the trading service of TokenFi (TOKEN) began, significant price fluctuations have been noticed. It was also found that the project team only added less than $2,000 in tokens to the liquidity pool of DEXes, and was suspected of market manipulation by maliciously controlling the initial liquidity,” Bitget wrote.

Other than the accusation of market manipulation via malicious compression of liquidity, the exchange also noted other possible issues around TokenFi. These include an opaque token economy and undisclosed vesting schedule.

TOKEN buyback launched

On top of halting deposit and trading for TokenFi (TOKEN) on October 31, Bitget has also canceled all pending orders. 

The exchange also announced a TOKEN buyback program to be implemented before November 7, with an automatic swap of TOKEN into USDT undertaken.

 “To be responsible for our users, after comprehensive consideration, Bitget has decided to delist TokenFi (TOKEN) and launch a buyback plan for users who hold the token on Bitget,” the crypto exchange added.

The swap price will be 1 TOKEN = 0.00605002 USDT, which is based on the highest closing price the token had in the five days after trading opened in the innovation zone.

Floki launched its tokenization platform on October 26, with the project aimed at capitalizing on the growing traction of an industry projected to hit $16 trillion by 2030. TOKEN has a total supply of 10 billion tokens, with 5 billion a piece on the BSC and ETH chains.

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• Spain fast-tracks MiCA Act to December 2025, ahead of EU deadline.
• Spain aims to boost legal security and protection for Spanish crypto investors.
• Leading global exchanges have secured regulatory green light in Spain.

Spain is set to take the lead in implementing the European Union’s comprehensive cryptocurrency regulatory framework, the Markets in Crypto-Assets (MiCA) Act, ahead of the general deadline for all 27 EU member states.

This bold move aims to provide legal certainty and enhanced protection for Spanish investors involved in cryptocurrencies.

Spain to implement MiCA by December 2025

The Spanish Ministry of Economy and Digital Transformation announced that the MiCA Act will come into force at a national level in December 2025. This is six months earlier than the EU’s general deadline of July 2026.

The accelerated timeline will reduce the transitional period from 36 months to just 18 months for Spain.

The decision was made following a meeting between Spain’s first vice president, Nadia Calviño, and the president of the European Securities and Market Authority, Verena Ross. Spain’s goal is to expedite the implementation of MiCA, ensuring Spanish investors enjoy increased security and regulatory oversight in the crypto sector.

Crypto exchange developments in Spain

In parallel to this regulatory move, several international cryptocurrency exchanges have made significant strides in Spain.

Coinbase secured an Anti-Money Laundering compliance registration from Spain’s central bank, adding an extra layer of scrutiny and security for its operations.

Kraken also obtained a virtual asset service provider registration, reinforcing the exchange’s commitment to regulatory compliance. These actions demonstrate Spain’s dedication to ensuring robust AML and investor protection measures in the cryptocurrency space.

Moreover, Spain’s central bank, Banco de España, has joined other European financial institutions in exploring the advantages of a digital euro.

The central bank has expressed its belief that the digitalization of the economy and society requires a digital currency to fully exploit its benefits. This aligns with the broader trend of central banks worldwide exploring digital currencies as a means to stay relevant and efficient in an increasingly digital financial landscape.

The post Spain to implement MiCA six months ahead of EU deadline appeared first on CoinJournal.

• UniBot, a popular Telegram bot used for Uniswap trading, was exploited.
• UNIBOT token price plummets.
• User compensation has been promised.

UniBot, a popular Telegram bot used for sniping trades on Uniswap, has fallen victim to a significant exploit, causing a sharp decline in the value of the UNIBOT token.

Exploitation of UniBot’s new contract

In a surprising turn of events, UniBot, the widely used Telegram bot for decentralized exchange Uniswap trading, recently experienced a security breach.

The breach occurred in a newly deployed contract, resulting in the theft of approximately $560,000 worth of various meme coins from users. The company identified the issue as a “token approval exploit” originating from their new router, prompting them to temporarily pause the router to mitigate the situation.

Although investigations are still underway, blockchain security firm Scopescan advised affected users to revoke approvals for the exploited contract and transfer their funds to a more secure wallet.

Impact on UNIBOT token price

The repercussions of this breach have been swift and substantial. The UNIBOT token, which is closely tied to the UniBot ecosystem, saw an immediate 42.7% drop in its price within a single hour. It plummeted from $57.56 to $32.94, leaving investors and token holders concerned about their assets.

However, at the time of reporting, there were indications of a recovery in the token’s price, but the incident undeniably rattled the market.

Compensating affected users

UniBot responded to the situation by pledging to compensate users who suffered losses due to the contract exploit.

We experienced a token approval exploit from our new router and have paused our router to contain the issue.

Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe.

We will release a detailed response after investigations conclude.

— Unibot (@TeamUnibot) October 31, 2023

Cryptocurrencies such as JOE, UNIBOT, and BCAT were among the digital assets that were part of the loot. Notably, the hacker involved in the breach was observed converting the stolen meme coins into Ethereum (ETH), causing further concern among users.

The post New UniBot contract exploited, UNIBOT token crashes appeared first on CoinJournal.

• Andreessen Horowitz (a16z) is planning to raise $3.4 billion for its next early and seed-stage fund.
• The fundraising is reportedly set to start by the end of year.

Andreessen Horowitz (a16z), a crypto-friendly venture capital firm based in Silicon Valley, is targeting approximately $3.4 billion for the next early-stage and seed-stage funds, according to Axios.

According to the report, the core fund will represent a slight increase for a16z when compared to previous efforts.

New growth, crypto and bio vehicles

Andreessen Horowitz is one of the bullish VCs on AI, an area that’s seeing a significant uptick in investments. But as artificial intelligence projects prove a big hit for VC fundraising, the broader landscape is seeing notable declines.

The fundraising that reportedly is marked to start towards the end of the year eyes “new growth, crypto and bio vehicles in 2025.” Per Axios, the VC giant “will ask, although not require, limited partners to invest via a new master vehicle that would feed into sub-funds (including some of its sector-specific vehicles).”

In May 2022, a16z announced a $4.5 billion fund that targeted projects in crypto and blockchain. Earlier this year, Andreessen Horowitz outlined its bullish outlook on generative AI, noting the industry’s massive potential and impact. 

That perspective adds to its footprint in the crypto space, with high profile investments including those in Coinbase, Dapper Labs, Avalanche and MakerDAO.

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